'Uuid'|'Title'|'Text'|'Site'|'SiteSection'|'Url'|'Timestamp' '851832b877c770634589560e657625c0ce943ef2'|'Glencore sticks with 2017 production targets'|'Business News - Thu Feb 2, 2017 - 8:20am GMT Glencore sticks with 2017 production targets The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo LONDON Glencore ( GLEN.L ) stuck with its target for broadly higher output in 2017 on Thursday after reporting falls in copper and zinc which led overall production lower last year. The Swiss-based company said fourth-quarter copper production fell 3 percent and for the full year was down 5 percent at 1.4 million tonnes reflecting the closure of some African operations. Glencore''s steepest fall in output came in zinc which was down 24 percent in 2016 despite finishing the year with an 8 percent quarter-on-quarter rise to 304,900 tonnes. Zinc prices CMZN3 rallied 60 percent last year, making them the best performing metal on the London Metals Exchange in 2016, helped partly by Glencore''s production cuts. The company has said capacity for zinc will stay shut until market conditions allow for extra supply without pushing down prices. (Reporting by Zandi Shabalala; editing by David Goodman and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-production-idUKKBN15H0PA'|'2017-02-02T15:20:00.000+02:00' '3729996d87909df950d9f93c71378757fd76097e'|'Vanguard Natural becomes latest oil firm to file for bankruptcy'|'Oil and natural gas explorer Vanguard Natural Resources LLC ( VNR.O ) filed for bankruptcy protection, adding to a long list of energy firms that have succumbed to weak oil prices.The company said it signed an agreement with certain bondholders that includes a $19.25 million equity investment, with some debtors backing a $255.75 million rights offering.Vanguard also said it had obtained a $50 million debtor-in-possession financing facility, underwritten by Citibank NA, JPMorgan Securities LLC and Wells Fargo Bank NA.The financing, which is subject to court approval, combined with Vanguard''s cash from operations, is expected to give the company sufficient liquidity during the Chapter 11 process.Paul Hastings LLP is serving as Vanguard''s legal counsel and Evercore Partners is the company''s financial adviser. Opportune LLP is the restructuring adviser.(Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vnr-bankruptcy-idINKBN15H1FP'|'2017-02-02T09:51:00.000+02:00' '9788185ca6692a9c78ef0bc1d90da35b661bb485'|'Fitch Rates BAWAG''s Senior Debt ''A-''; Subordinated Notes ''BBB+'''|'Financials 53am EST Fitch Rates BAWAG''s Senior Debt ''A-''; Subordinated Notes ''BBB+'' (The following statement was released by the rating agency) LONDON, February 02 (Fitch) Fitch Ratings has assigned Austrian bank BAWAG P.S.K. Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse Aktiengesellschaft''s (BAWAG) senior unsecured notes and subordinated notes ratings of ''A-'' and ''BBB+'', respectively. KEY RATING DRIVERS SENIOR DEBT The bank''s senior debt ratings are driven by and equalised with BAWAG''s Long-Term Issuer Default Rating (IDR). In Fitch''s view, the likelihood of default on senior unsecured notes reflects the likelihood of default of the bank. BAWAG''s Viability Rating and IDRs reflect the bank''s successful management track record, and improved financial profile post-restructuring, as well the bank''s effective risk management and generally conservative risk appetite. The ratings also reflect BAWAG''s planned significant growth in the medium term, especially through further opportunistic acquisitions, which could also result in a moderate dilution of the bank''s strong capital ratios. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BAWAG''s Tier 2 subordinated debt is rated one notch below the Viability Rating to reflect below-average recovery prospects. These securities are subordinated to all senior unsecured creditors. No notching is applied for incremental non-performance risk because write-down of the notes will only occur once the point of non-viability is reached and there is no coupon flexibility prior to non-viability. RATING SENSITIVITIES SENIOR DEBT BAWAG''s senior debt ratings are sensitive to changes in the bank''s Long-Term IDR and hence Viability Rating. An upgrade of the Viability Rating would require a longer track record of generating resilient earnings and maintaining sound asset quality or successful expansion and diversification of the bank''s asset base while maintaining a conservative risk appetite. A downgrade of the Viability Rating could arise from excessive, capital-eroding growth, deterioration in the bank''s risk profile or material increase in risk appetite. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated notes'' ratings are sensitive to changes in BAWAG''s Viability Rating. The ratings are also sensitive to a widening of notching if Fitch''s view of the probability of non-performance on the bank''s subordinated debt relative to the probability of the bank failing, as measured by its Viability Rating, increases or if Fitch''s view of recovery prospects changes. Contact: Primary Analyst Krista Davies Director +44 203 350 1579 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Christian Schindler Associate Director +44 203 530 1323 Committee Chairperson Olivia Perney Guillot Senior Director + 33 1 44 29 91 74 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018500 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988458'|'2017-02-02T20:53:00.000+02:00' 'ef23799ea9d2b6bfc025d2026106562791f0910c'|'Futures rise ahead on jobs data; bank shares gain'|'Business News - Fri Feb 3, 2017 - 7:24am EST Futures rise ahead on jobs data; bank shares gain Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures were up on Friday as investors awaited a crucial employment report to get a steer on the economy, while bank shares added to the upside. * Bank stocks were up in premarket trading on reports that President Donald Trump was preparing to scale back the Dodd-Frank Wall Street reform law. * Citigroup ( C.N ) and Bank of America''s ( BAC.N ) shares climbed more than 1 percent, while Goldman Sachs ( GS.N ) and JPMorgan ( JPM.N ) gained about 0.7 percent. * Hiring in the private and public sectors in the United States in January is expected to have risen to 175,000 from 156,000 the previous month, a report by the Labor Department will show at 8:30 a.m. ET (1330 GMT). * Wall Street ended little changed on Thursday as Trump''s policy plans remained sketchy, nearly two weeks after he took office. * Still, the indexes are not far away from their record levels, and the nonfarm payrolls report and further clarity on bank regulatory reforms could be catalysts for the market after weeks of range-bound trading. * Other data vying for attention include the ISM non-manufacturing index report, which is likely to indicate continued strength in U.S. services sector activity. The data is due at 10:00 a.m. ET. * Chicago Federal Reserve President and voting member Charles Evans is scheduled to speak on current economic conditions at 9:15 a.m. ET, and could provide insight on when the central bank is likely to raise interest rates. * Among stocks, Amazon.com ( AMZN.O ) fell 3.8 percent to $808.23 after the world''s largest online retailer forecast a surprise dip in operating profit for the current quarter. * Dow component Visa ( V.N ) rose 4 percent to $85.63 following quarterly profit and revenue that beat analysts'' expectations. * Apparel and footwear maker Deckers Outdoor ( DECK.N ) dropped 21.4 percent to $43.64 after missing quarterly revenue estimates. * Cyber security firm FireEye ( FEYE.O ) reported its first-ever drop in quarterly revenue on Thursday, sending its shares down nearly 19 percent. Futures snapshot at 7:19 a.m. ET: * Dow e-minis 1YMc1 were up 40 points, or 0.2 percent, with 18,193 contracts changing hands. * S&P 500 e-minis ESc1 were up 3.5 points, or 0.15 percent, with 92,249 contracts traded. * Nasdaq 100 e-minis NQc1 were up 4.75 points, or 0.09 percent, on volume of 18,386 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15I1KS'|'2017-02-03T19:24:00.000+02:00' 'e7d5e95f50f0689fc3cad3c10adea2d3b63e99e4'|'TREASURIES-Yields fall as tepid wage growth points to low inflation'|'Company News - Fri Feb 3, 2017 - 8:59am EST TREASURIES-Yields fall as tepid wage growth points to low inflation * Tepid wage growth eases inflation concerns * Bonds rally after jobs report By Karen Brettell NEW YORK, Feb 3 U.S. Treasury yields fell on Friday after a jobs report for January showed disappointing wage growth, indicating inflation is not rising at a pace that would lead the Federal Reserve to raise rates in the near-term. Nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, the Labor Department said. Average hourly earnings, however, increased only three cents or 0.1 percent last month. December''s wage gain was revised down to 0.2 percent from the previously reported 0.4 percent increase. "Most of the disappointment is really focused around the inflation pressures that would presumably force the Fed to act," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. "The whole narrative behind the pressure in rates is you might get to a situation where labor markets are really tight and the incremental gain for any additional stimulus would be to push up wages and trigger inflation. In this case you see that is likely not materializing," Kohli said. Benchmark 10-year notes gained 6/32 in price to yield 2.45 percent, down from a high of 2.49 percent before the report was released. The yield curve between 5-year notes and 30-year bonds steepened to 119 basis points, the widest since Dec. 14. The Fed on Wednesday said job gains remained solid, inflation had increased and economic confidence was rising, although it gave no firm signal on the timing of its next rate move. (Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-bonds-idUSL1N1FO0PZ'|'2017-02-03T20:59:00.000+02:00' '667bb05ac7334ebd2b94b072a961fc5b57b3cf67'|'SK Innovation acquires Dow Chemical''s ethylene acrylic acid business'|'SEOUL South Korea''s SK Innovation ( 096770.KS ) said on Thursday it will acquire Dow Chemical Co''s ( DOW.N ) ethylene acrylic acid (EAA) business in a bid to boost its efforts to lead high-value added chemical markets.SK Global Chemical Co Ltd, a unit of SK Innovation, signed the acquisition deal worth $370 million, SK Innovation said in a filing to the stock exchange.Under the deal, SK Global Chemical will take over Dow Chemical-owned assets and the EAA business in the United States and Spain, the company said.(Reporting by Jane Chung; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sk-innovation-dow-idINKBN15H01Q'|'2017-02-01T21:30:00.000+02:00' '0dfda9d8490837d87e5943c72aedc2abc643dd93'|'Drug maker Sobi eyes sale of Partner Products unit'|'STOCKHOLM Swedish drug maker Swedish Orphan Biovitrum (Sobi) ( SOBIV.ST ) said on Friday it was in talks with a private equity firm regarding a possible sale of its Partner Products business area."We have noted specific information in the market regarding a possible sale of Sobi Partner Products. We confirm that we are in discussions which may or may not lead to an agreement," Sobi CEO Geoffrey McDonough said in a statement.Sobi, which has Investor AB ( INVEb.ST ) as its biggest owner, said the talks did not include drugs Kineret and Orfadin.Partner Products had sales of 617 million Swedish crowns ($70 million) in the January-September period 2016, while Sobi''s total sales were 3.9 billion crowns.Sobi rose 2.1 percent at 1402 GMT after an earlier trading halt was lifted. The share was flat before the trading halt.(Reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-swedish-orphan-m-a-idUSKBN15I1VO'|'2017-02-03T17:13:00.000+02:00' 'dae6e3c44a69e0025dba20cf4ac41e8906b87388'|'UK''s Premier Oil agrees debt restructuring deal after months of wrangling'|'LONDON North Sea-focused Premier Oil ( PMO.L ), which has struggled to contain its $2.8 billion debt pile, has agreed further terms with lenders to stretch out repayment of its debt after months of wrangling.Premier has agreed to pay an additional 1.5 percent interest on debt repayments and to issue equity warrants to lenders equivalent to around 15 percent in the company''s issued shares, the company said.The restructuring deal is expected to complete by the end of May by which time negotiations will have taken more than one year.Premier''s debt rose after it bought the North Sea assets of German energy company E.ON last year and after weak oil prices ate into revenue streams. Its debt reached $2.8 billion in December."What today is about, although we''re not quite done, is that we can get on with the business of running the company," Premier Chief Executive Tony Durrant told Reuters."We can get back to making some interesting decisions on the 700 million barrels of oil and gas we''ve got sitting underground, awaiting development."Premier''s Catcher oil field in the North Sea is expected to start producing the first oil before the end of the year, which will add another 50,000 barrels of oil to Premier''s production once it is fully operational.Analysts welcomed the progress on Premier''s restructuring."Resolving corporate negotiations will allow greater focus on delivering the Catcher project on time and below budget in the second half of 2017," said analysts at Bernstein, who rate Premier''s stock as ''outperform''.Premier''s shares were trading up 0.6 percent at 1200 GMT, underperforming the sector index .SXEP which was trading 1.1 percent higher.(Reporting by Karolin Schaps; Editing by Adrian Croft)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-premier-oil-restructuring-idUSKBN15I1J5'|'2017-02-03T15:08:00.000+02:00' '415357a53443aa16b51f615e76511c6ddf8b0621'|'UPDATE 1-Private equity executive Feinberg in talks to join Trump administration'|'(Adds background on Feinberg)By Greg RoumeliotisFeb 2 Cerberus Capital Management LP''s chief executive, Stephen Feinberg, is in talks to join U.S. President Donald Trump''s administration in a senior role, the private equity firm said on Thursday.Feinbeg''s move would make him the latest Wall Street veteran to serve under Trump. U.S. Treasury Secretary nominee Steven Mnuchin, U.S. Commerce Secretary designate Wilbur Ross, and Gary Cohn, director of the White House National Economic Council, are just some of the high-profile financiers who have agreed to join Trump''s administration.It is not clear what role Feinberg is discussing with Trump''s senior team. His appointment would require him to provide "voluminous information" and disclosures to the Office of Government Ethics and comply with all applicable conflict-of-interest rules and regulations, Cerberus told its investors earlier on Thursday in a letter seen by Reuters.Cerberus also told its investors that it has a succession plan in place that would result in minimal changes to the current management and operation of the firm.Feinberg, who served as one of Trump''s economic advisers during his U.S. election campaign, co-founded Cerberus in 1992.A Princeton graduate, he previously worked at bond trader Drexel Burnham Lambert. Forbes Magazine currently pegs 56-year-old Feinberg''s net worth at $1.25 billion.Cerberus became well known for a $7.4 billion deal it struck in 2007, along with co-investors, to buy an 80 percent stake in car maker Chrysler and its financing arm Chrysler Financial.Chrysler was pushed to the brink of liquidation in 2009 before a bailout that was the subject of intense debate within the administration of former U.S. President Barack Obama. Cerberus lost control of the automaker during its restructuring.In December 2010, Cerberus struck a deal to sell Chrysler Financial to Toronto-Dominion Bank for $6.3 billion. A source close to Cerberus said at the time that deal meant the private equity firm would end up close to break-even on its investment in Chrysler as a whole.Feinberg attracted more controversy in 2012, when a gunman killed 20 children and six adults at Sandy Hook Elementary School in Newtown, Connecticut, using a Bushmaster rifle made by Freedom Group Inc, an arms manufacturer owned by Cerberus.Following unease by Cerberus investors, the New York-based buyout firm sought to sell Freedom Group, but could not sell it for the $1 billion price tag it expected. Instead, Feinberg came up with a mechanism for Cerberus fund investors to sell their stakes in Freedom Group. (Reporting by Greg Roumeliotis in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-feinberg-idINL1N1FN1F2'|'2017-02-02T15:54:00.000+02:00' 'db8ce213b5349f5af7e2f712c2db5b008cd246e1'|'Shell says renegotiating Permian JV with Anadarko'|'By Ron Bousso - LONDON LONDON Royal Dutch Shell ( RDSa.L ) and Anadarko Petroleum ( APC.N ) are renegotiating their five-year-old joint venture in the Permian shale basin in Texas, Shell Chief Financial Officer Simon Henry said on Thursday.The 50-50 JV in the Delaware basin, which expires this year, will likely see the operatorship of the asset "consolidated in a different way", Henry said in an earnings presentation to analysts.Henry also said that Shell''s position in the Haynesville basin to the east of the Permian, which it acquired through its takeover of BG Group last year, "won''t necessarily stay in our portfolio."The Anglo-Dutch oil and gas company is in the midst of a $30 billion global asset disposal program and has previously said it has put up for sale two assets in its U.S. shale portfolio.Shell plans to make its shale operations in North America and Argentina a major production growth engine in the 2020s.On Thursday it said it plans to grow its production in the Permian and Fox Creek basin in Canada by some 140,000 barrels per day of oil equivalent in the near-term.Oil majors including Exxon Mobil ( XOM.N ) and Statoil ( STL.OL ) have significantly increased their stakes in U.S. shale in recent months as they seek to profit from the relatively short time and low spending it takes to ramp up production.(Reporting by Ron Bousso and Karolin Schaps; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-anadarko-petrol-idINKBN15H24Y'|'2017-02-02T13:59:00.000+02:00' '0f978c307456ba6d62a6df32750dd351a96454a8'|'Starbucks to speed up hiring of veterans amid refugee blowback'|'Thu Feb 2, 2017 - 4:59pm GMT Starbucks to speed up hiring of veterans amid refugee blowback A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson Starbucks Corp ( SBUX.O ), facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018. Chief Executive Howard Schultz announced on Sunday the company''s plans to hire 10,000 refugees over the next five years, two days after U.S. President Donald Trump''s executive order put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries. It was one of the strongest commitments from a CEO of a major U.S. company against Trump''s order, after several other corporate bosses have stayed silent on Trump''s immigration curbs though the president is likely to face questions when he meets some of them on Friday. As part of the refugee hiring plan, Schultz said the Starbucks would initially focus on hiring those who have served with U.S. troops as interpreters and support personnel abroad. The world''s largest coffee chain soon after faced backlash on social media with several people using #BoycottStarbucks to urge customers to stay away from its stores. Some users also posted screenshots of them deleting the company''s app on their phones. However, users including actor Jessica Chastain tweeted in support of the company after it announced its refugee hiring plans. The world''s largest coffee chain said on Thursday it had already hired over 8,800 veterans and spouses so far and pledged to "keep going". Starbucks, along with former Secretary of Defense Robert Gates, had announced plans in 2013 to hire 10,000 veterans and military spouses over the next five years. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-immigration-starbucks-idUKKBN15H24F'|'2017-02-03T00:12:00.000+02:00' '17733a3c53421452a52620c7fce67242801ecfd7'|'Rates revaluation could finish off high street, warn small businesses - Guardian Small Business Network'|'The situation faced by author Jeanette Winterson, who is planning to close her delicatessen cafe Verde in London because of escalating business rates, will be familiar to small business owners around the country who are facing their own hikes.Jeanette Winterson to close London shop due to business rates surge Read moreBusiness rates are based on the value of commercial property and, according to analysis by CVS Business Rent & Rates Specialists , shops in 791 villages, towns and cities in England and Wales will see their rateable values rise from 1 April. Overall, rateable values between the last property assessment in 2010 (based on 2008 figures) and today, have risen by £654m.The coastal town Southwold in Suffolk is top of the list. The town’s 79 shops (which excludes department stores, supermarkets and superstores) are facing a rateable value rise of 152%. Rates are rising by 136% for retailers in Blaenavon in south-east Wales, and Port Isaac in north Cornwall is expecting average rises of 121%. In contrast, rateable values in Merthyr Tydfil near the Brecon Beacons National Park, are due to decrease by 43% from April and Yeovil’s 313 shops will see a drop of almost 25%.It''s a massive increase for me. Because I''m above the threshold, I''m now reclassified as a medium-sized businessRebecca BishopSouthwold resident Rebecca Bishop has run The Two Magpies bakery on the town’s high street for four years. She says while her rent has remained stable over that time, she is now surrounded by chains, which has pushed the shop’s valuation up from £9,200 to £25,500 per year. It also makes her ineligible for small business rate relief, the threshold for which has been increased . Chancellor Philip Hammond revealed in the Autumn budget that properties that fall under £12,000 will pay no business rates from 1 April, with tapered relief to £15,000. There is also likely to be some transitional relief , spread over the next five years.“It’s a massive increase for me,” Bishop says. “Because I’m above the threshold, I’m now reclassified as a medium-sized business. I’ve still got the same amount of staff, I’ve got the same turnover, I’ve got the same footprint, nothing has changed except [the property value].“We are the victims of our own success in Southwold,” she adds. “We’re known as this high street of lovely independent shops that are now being squeezed [out] … Shops aren’t just shops so they can be there to make a profit, they’re what makes the local community. The government need to do a fundamental review into how the rates are calculated.”Fellow resident Irena Sibrijns, who runs a 30-year-old gallery and shop for a cooperative of artists nearby, has started a petition online , calling for the government to reconsider rate rises. A dramatic review of the business rates system was promised by the then chief secretary to the Treasury, Danny Alexander, in 2015. But it fell short of the revolution promised. In a summary of the responses [pdf] collected from the review, the majority were in favour of retaining a property-based tax. Of the 269 parties consulted, 38% were local authorities or their representatives. Under the current rules, local authorities retain 50% of the value of business rates, with the other half going to the Treasury. Only 15% of the respondents to the review were small businesses and the Federation of Small Businesses (FSB), which replied on behalf of its thousands of members, only counted as one response.Rateable values are based on a site’s potential rental value per square metre, which considers the rents paid by surrounding businesses, rather than those currently paid by the occupier. These are then multiplied by the shop’s size, and by a central government multiplier, that is set annually (this was 48p for small businesses [pdf] in 2015) to calculate the bill owed by occupiers of the shop. Rateable values are also added together for those retailers that have multiple stores , pushing even more entrepreneurs above the threshold for small business relief.Business rate hike may force UK''s shops to raise prices Read moreAccording to the FSB , 7% of small firms pay more in business rates than they do in rent. For others, business rates are the third highest cost for any entrepreneur, after rent and staff costs. UK entrepreneurs pay more in business rates than any other country in Europe , and more than France and Germany combined.While business rates are usually reassessed every five years, the government delayed the most recent review for two years. At the time, it was claimed this would protect businesses from volatility, although many believe it would have brought some welcome relief to small businesses in areas where property values have fallen. “The result of not having revalued business rates over such a long, and economically volatile, period has left the landscape of UK business rates at its most complex phase yet,” says a report by real estate lender Colliers International [pdf]. John Webber, head of rating at the firm believed doomed retailer BHS lost £60m in its last two years because rates were not revised on time.The most recent figures suggest 15 independent stores are closing on the UK’s high streets every day, driven away by falling demand and rising overheads. Many are abandoning their physical stores to go online, where business rates do not apply. Gareth Jones, who runs artisan chocolatier Alexeeva & Jones in Notting Hill, says escalating costs have made running a profitable shop impossible. His rateable value is due to increase by 46% to £87,500.“We are retreating because the council is helping to kill the high street,” he says. “It’ll just be chains, estate agents and banks. They’re the only ones who can sustain it. Every week we have people coming in, saying this is their favourite shop. People love it but it’s been an uphill struggle all the way.”When Jones moved into the shop in 2012, he appealed the current business rate, which had increased from £35,000 to £46,750 in 2010. The council took him to court when he refused to pay, and he eventually settled, rather than commit to a lengthy court battle.Overall, business rates are expected to rise in London by 42% in 2017, but there are pockets where the rate is higher, CVS figures show. Westminster city council, for example, will see an increase of 66%, and Southwark and Tower Hamlets businesses are facing rises of 56%. The London chapter of the FSB has surveyed its members and found that nearly two thirds (63%) of central London small businesses will miss out on business rate exemption (because they are over the threshold), and a further 18% are unsure if they’ll be exempt.Facebook Twitter Pinterest Rosie Wolfenden (left) of Tatty Devine and co-founder Harriet Vine are facing a £20,000 rateable value increase at their East London store. Photograph: Gareth Cattermole/Getty ImagesTower Hamlets entrepreneur Rosie Wolfenden says the rateable value of her shop, Tatty Devine has increased from £12,000 to £32,000 per year. Her second store, in Covent Garden, has also increased in value. She is finding the uncertainty of the government’s plans frustrating.“We don’t know yet what the multiplier is and we don’t know if there’s going to be transitional relief. All we know is the rateable value. If [what we pay] does triple to £1,500 a month, that’s a really serious increase in costs that we will struggle with. We’ve been here since 2000 and we’ve never seen an increase quite so steep.”Wolfenden is a member of the East End Trades Guild (EETG), led by Krissie Nicolson, and founded by Paul Gardner who runs the 146-year-old Gardners Bags , Spitalfields’ oldest family business. Gardner was recently invited to Downing Street to meet business minister Margot James, as one of the Small Business Saturday 100. He hand delivered a letter from the EETG to Theresa May (via James), objecting to the impact rising rates are having on the East End.“We’ve had a response back, which we feel is inadequate,” Nicolson says. “So we’re organising next steps. We think it’s ridiculous, because on the one hand, [the government] is saying small businesses are the lifeblood of our economy and welcoming them to Downing Street. And on the other hand, [these] policies will destroy them.”The EETG, which has 150 members, is proposing replacing business rates with a land value tax, which would put the burden on the owner, rather than the occupier of the property. Nicolson has also worked closely with the London branch of the FSB to lobby the local authorities to do more to protect retailers in their areas and is planning a meeting between Hackney and Islington councils in the coming weeks.Devolve power to London as a blueprint for other major UK cities – report Read moreSmall business owners are able to appeal to the Valuation Office Authority (VOA) from 1 April, once the new rateable values come into effect. According to government figures [pdf], the VOA received 900,000 appeals per five-year assessment window. The Department for Communities and Local Government also confirmed that local authorities have the discretion to provide discounts [pdf] for ratepayers. This power should increase with government plans to devolve fiscal responsibility to local government from 2020 , meaning local councils will keep 100% of business rates. Pilots in Greater Manchester, Liverpool City Region, West of England, West Midlands and Cornwall will start in 2018. London is also piloting retaining an increased share of business rates to cover capital funding for Transport for London.For those who cannot appeal, or who are unsuccessful, Julian Hindmarsh, partner and chairman of real estate at law firm Howard Kennedy, says landlords may be able to help. “If renewing a lease, an option may be a rent-free period, which are becoming increasingly common. Ultimately the landlord does not want an empty property. Business rate relief is only available for three months, after which landlords will have to pay business rates themselves.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/small-business-network/2017/feb/02/rates-revaluation-could-finish-off-high-street-warn-small-businesses'|'2017-02-02T20:19:00.000+02:00' '3327d82d8cad3b2269c86c72d58206e86ba35efc'|'Argentina plans to issue $1.5 bln-$2 bln in Swiss franc bonds - govt'|'BUENOS AIRES Feb 2 Argentina plans to issue $1.5 billion-$2 billion of Swiss franc bonds in two to three issuances this year, one of which will be in the first quarter, Finance Minister Luis Caputo said on Thursday.Caputo has previously said a total of $3 billion in non-dollar bonds will be issued this year, following the sale of $7 billion in dollar bonds last month. (Reporting by Luc Cohen; Writing by Caroline Stauffer; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1FN1E0'|'2017-02-02T15:22:00.000+02:00' '0f478f5fd93ee68f6b9112cdfe2dc3fd37cfb229'|'New York Times reports 28.1 percent fall in quarterly profit'|'The New York Times Co reported a 28.1 percent fall in quarterly profit, hurt by higher operating costs as the newspaper publisher ramps up its digital business.Net income attributable to the company fell to $37.1 million, or 24 cents per share, in the fourth quarter, from $51.7 million, or 31 cents per share, a year earlier.The company''s revenue fell to $439.7 million from $444.7 million.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/new-york-times-results-idINKBN15H1L5'|'2017-02-02T10:43:00.000+02:00' 'aea6690f5819e4bd9879155613577d4c13d1c1b8'|'Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources'|' 40pm GMT Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook, January 5, 2017. REUTERS/Darren Staples By Jessica DiNapoli Struggling British sportswear retailer Sports Direct ( SPD.L ) is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. The sportswear chain, founded and controlled by Chief Executive Mike Ashley, is Britain''s largest sporting goods retailer with about 700 stores there and in the rest of Europe and has been looking for ways to expand in the United States. A regulatory filing to the London Stock Exchange on Thursday also revealed that Sports Direct had taken a 11.2 percent stake in troubled UK fashion retailer French Connection ( FCCN.L ), through contracts for difference. A spokesman for Sports Direct declined to comment on its intentions in either situation. The firm had a disastrous 2016. British lawmakers condemned it for "Victorian" working conditions, investors and media criticised its corporate governance and trading was poor with a series of profit warnings issued. It bid for the intellectual property of bankrupt U.S. retailer Sports Authority last year, but lost out to Dick''s Sporting Goods Inc ( DKS.N ). Sports Direct is now in talks with Eastern Outfitters about becoming a stalking horse bidder in a bankruptcy auction for the company, the people familiar with the matter said on Wednesday. That would set the price floor for more bids in the auction. Shares in Sports Direct, down 24 percent over the last year, were up 1.7 percent at 303.5 pence at 1505 GMT. Meriden, Connecticut-based Eastern Outfitters has hired law firm Cole Schotz PC to prepare for a Chapter 11 bankruptcy filing, expected in the coming days, the people said. Together, Bob''s and Eastern Mountain Sports have a total of close to 90 stores in the United States. Sports Direct has expressed interest in preserving at least some of them, according to the sources who asked not to be identified because the negotiations are confidential. Eastern Outfitters and Cole Schotz did not immediately return requests for comment. Eastern Outfitters is owned by private equity firm Versa Capital Management LLC, which acquired Bob''s and Eastern Mountain Sports through the bankruptcy last year of the store chains'' then holding company, Vestis Retail Group LLC. Versa said at the time that Eastern Outfitters had more than $400 million in annual revenue. The U.S. sporting goods sector is being tested by the advent of internet shopping and discount chains. Sports Authority, speciality golf retailer Golfsmith International Holdings Inc and sporting goods manufacturer Performance Sports Group Ltd are among companies that filed for bankruptcy in 2016. Sports Direct''s brands include boxing-inspired line Everlast and fitness label LA Gear. It sold the Dunlop brand to Sumitomo Rubber Industries for $137.5 million (£109.66 million) in December. (Reporting by Jessica DiNapoli, additional reporting by James Davey; Editing by Chris Reese and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easternoutfitters-m-a-sports-direct-idUKKBN15H228'|'2017-02-02T23:40:00.000+02:00' 'd9eb59b6875bd2f082d3289de834bed6b5f781f6'|'Bank of England jacks up 2017 growth forecast, most rate-setters calm on inflation'|' 34pm IST Bank of England jacks up 2017 growth forecast, most rate-setters calm on inflation FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo By William Schomberg and David Milliken The Bank of England boosted its forecast for British growth in 2017 and some rate-setters were more nervous about rising inflation, but the Bank overall seemed in no rush to raise interest rates as the economy adjusts to the prospect of Brexit. In a sign of a developing split, the BoE said some of its rate-setters had "moved a little closer" to their limits for tolerating an overshoot of the Bank''s 2 percent inflation target, caused by sterling''s slide since June''s Brexit vote. But the BoE, announcing its latest quarterly thinking on Britain''s economy on Thursday, sent broader signals that it was comfortable with its record low interest rates. It said it now expected inflation would be slightly lower in two years'' time than it did in November, a key yard-stick. Significantly, the BoE also said its rate setters now believed the unemployment rate could fall to 4.5 percent - down from its previous estimate of 5 percent and below the current rate - before it starts to push up inflation. That could give the Bank more margin to keep rates at their record low for longer and may be useful as it announced the second big increase in three months to its forecast for economic growth in 2017. BoE Governor Mark Carney and his fellow policymakers were wrong-footed by the resilience of Britain''s economy last year following the referendum decision in June to take the country out of the European Union. Britain''s growth in 2016 was stronger than in any other Group of Seven big rich economy, confounding the BoE''s pre-referendum warnings of a quick Brexit hit to the economy. The BoE said on Thursday it now expected economic growth of 2.0 percent this year, higher than economists had predicted and up a lot from its previous forecast of 1.4 percent. The new 2017 outlook towered above the forecast of 0.8 percent growth made by Bank in the weeks after the Brexit vote, when the economy seemed to be heading for a recession and the BoE cut interest rates to a record low of 0.25 percent. Since then, Britain''s consumers have carried on spending and finance minister Philip Hammond has relaxed the country''s austerity drive, something noted by the BoE on Thursday. "The upgraded outlook ... reflects the fiscal stimulus announced in the chancellor''s Autumn Statement, firmer momentum in global activity, higher global equity prices and more supportive credit conditions," the Bank said. Growth forecasts for 2018 and 2019 were raised by a moderate 0.1 percentage points in each year, and the Bank said it still expected rising inflation to cause household living standards to start stagnating at the end of this year. The outlook for Britain''s economy remains highly uncertain for political reasons too. Prime Minister Theresa May has said she wants to take the country out of the EU''s single market when it leaves the bloc and the trade policies of new U.S. President Donald Trump are likely to put strains on the world economy. Carney was due to give a news conference to explain the Bank''s latest Inflation Report at 1230 GMT. RATES ON HOLD, NO NEW QE The BoE said on Thursday its policymakers had voted 9-0 to keep rates on hold at 0.25 percent, in line with economists'' expectations in a Reuters poll. The Monetary Policy Committee also decided unanimously to let its latest, 60 billion-pound phase of British government bond purchases close on schedule later this month. It made no change to its smaller corporate bond buying programme. The BoE to stuck to its announcement in November that it its next policy move could be a rate hike or a cut, reflecting the uncertain outlook for the economy. Before Thursday''s announcement, financial markets had been pricing in a roughly 50-50 chance of a rate hike by the BoE this year. But most economists said it would probably not happen until mid-2019, when Britain is likely to have left the EU. By contrast, the U.S. Federal Reserve suggested on Wednesday it was ready to raise interest rates for a third time since the financial crisis later this year as it noted improvements in the U.S. economy. Until last year''s Brexit vote, the BoE had been expected to follow the Fed closely with rate increases of its own. The Bank reiterated its view that there were limits to how much it would tolerate inflation shooting temporarily above its 2 percent target. It has said it will keep rates at their record low in order to reduce the risk of choking off the economy''s momentum. But some MPC members appeared to be getting more anxious about the building inflation pressures. "For some members, the risks around the trade-off embodied in the central projection meant they had move a little closer to those limits," the Bank said in a sum-up of the most recent debate amongst its policymakers. The BoE now expects inflation to peak at 2.75 percent in mid-2018 although many economists say it will exceed 3 percent. Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-boe-idINKBN15H1AB'|'2017-02-02T19:04:00.000+02:00' 'a83a121a2c02a16214aef0825dcf87692ecc670a'|'Uber says will suspend its ride-hailing service in Taiwan from Feb. 10'|'Company News - Thu Feb 2, 2017 - 12:34am EST Uber says will suspend its ride-hailing service in Taiwan from Feb. 10 TAIPEI Feb 2 Uber Technologies Inc said it will suspend its service in Taiwan from Feb. 10, the latest salvo in the wrangle between the island''s authorities and the global ride-hailing service company. Late last year, Taiwan''s legislature finalised regulations raising fines against unlicensed ride-sharing services, targeted at Uber, which said at the time that was the highest level for such fines globally. "Today, we are announcing our intention to pause our Taiwan service starting Friday 10th February. We hope that pressing pause will reset the conversation and inspire President Tsai (Ing-wen) to take action," Uber said in a statement on its website. The statement did not specify what action Uber wanted the president to take. (Reporting by J.R. Wu; Editing by Muralikumar Anantharaman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/taiwan-uber-idUSL4N1FN17B'|'2017-02-02T12:34:00.000+02:00' 'a9220bc4cbce47db28f64731d8a0ab36b17746e0'|'QE-Driven European Corporate Issuance Shrugs off Political Risk'|'Financials - Thu Feb 2, 2017 - 6:04am EST QE-Driven European Corporate Issuance Shrugs off Political Risk (The following statement was released by the rating agency) LONDON, February 02 (Fitch) Fitch Ratings says that bond sales by European corporates and financial institutions in all currencies reached EUR130 billion in January 2017, broadly matching the volume a year ago, despite heightened political risk manifesting in wider sovereign spreads. Such apparent calm in European credit markets is aided by the ECB''s various bond-buying programmes and their capacity to compress spreads and distort risk-pricing. Corporate euro-denominated bond issuance jumped almost 4x to EUR26 billion, as utilities and telecoms-sectors rebounded from very low levels in January 2016, reflecting strong technical conditions in the European credit market. Notable issues include those by Italgas S.p.A and Deutsche Telekom AG. The automotive sector was also active, raising a total of EUR4.5 billion. We expect bond issuance by automotive manufacturers to pick up this year after a decrease in 2016, primarily due to the absence of emission crisis-stricken Volkswagen, which more than offset the increase in issuance from companies such as BMW and Daimler AG. Despite the recovery of euro-denominated issuance in certain sectors, much of the surge in corporate supply was magnified by low base effects, as January 2016 volume was the lightest start to a year since the financial crisis, at a time when global growth concerns and doubts over the effectiveness of QE hit sentiment. Total corporate issuance in all currencies declined by a quarter to EUR39 billion, heavily skewed by AB Inbev SA''s record January 2016 EUR44 billion offering in the US bond market, related to its acquisition of SABMiller Plc.