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| 2 | 'f71a50eeaf3af28bb4ee5a0f333d2d069ba7e21e' | 'Microsoft to reorganize sales and marketing teams' | 'Technology News - Mon Jul 3, 2017 - 2:35pm EDT Microsoft to reorganize sales and marketing teams The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake By Salvador Rodriguez - SAN FRANCISCO SAN FRANCISCO Microsoft will undergo a reorganization that will impact its sales and marketing teams, company executives told employees on Monday. The re-shuffling will impact those under Microsoft Chief Marketing Officer Chris Capossela, Executive Vice Presidents Judson Althoff and Jean-Philippe Courtois, all of whom sent messages to their teams describing how the structure redesign will work. The memos did not mention layoffs. <20>Microsoft is implementing changes to better serve our customers and partners,<2C> a Microsoft spokeswoman told Reuters. Media reports have said layoffs are in order with as many as <20>thousands<64> of Microsoft employees set to be affected. News of a reorganization was first reported by the Puget Sound Business Journal. The reorganization come about a year after Courtois and Althoff were promoted to lead the company''s global sales and marketing operations and its worldwide commercial business following the departure of former Chief Operating Officer Kevin Turner. Since then, Althoff has said it is his plan to make Microsoft''s Azure cloud-computing service a focal point of the company''s sales strategy. (Reporting by Salvador Rodriguez; Editing by Andrew Hay)' | 'reuters.com' | 'http://www.reuters.com/finance' | 'http://www.reuters.com/article/us-microsoft-layoffs-idUSKBN19O290' | '2017-07-03T22:35:00.000+03:00' |
| 3 | 'd4e6d2ff0268ac623fb5e7036e016d4e72bf3f3d' | 'Sterling dips after weak UK manufacturing data' | 'Business News - Mon Jul 3, 2017 - 9:48am BST Sterling dips after weak UK manufacturing data FILE PHOTO: An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, March 25, 2008. REUTERS/Luke MacGregor/File Photo LONDON Sterling dipped against the dollar and euro on Monday, after data showed British factory activity grew more slowly than expected in June as export orders rose at the weakest pace in five months. In a purchasing managers'' index (PMI) for the manufacturing sector that could make Bank of England officials think twice about raising interest rates, activity fell to 54.3 from a downwardly revised 56.3 in May. That was a three-month low and below all forecasts in a Reuters poll. [nL9N1BR00R] Sterling dipped to the day''s low of $1.2970, down from $1.2987 just before the data release and having traded above $1.30 half an hour earlier. Against the euro, it dipped to 87.74 pence, having earlier hit a 10-day high of 87.565 pence. Britain''s main shares index shrugged off the data, trading broadly unchanged, up 0.5 percent, while mid-caps held on to their 0.2 percent gains. Gilts were little changed.' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-britain-markets-pmi-idUKKBN19O0TX' | '2017-07-03T11:48:00.000+03:00' |
| 4 | 'f26fb88e553a47908b77bf3c12394815f5bec1f7' | 'Financial Conduct Authority offers a plaster instead of an antidote - Gina Miller' | 'Nothing in the FCA report into asset management gives investors assurance that the daily theft and duping will stop View more sharing options Close Saturday 1 July 2017 07.00 BST T he Financial Conduct Authority is finally pursuing a pro-consumer agenda <20> but it is disappointing that it still appears to be dragging its feet on some key aspects. The UK investment industry has been ripping off the consumer for decades, and it is time for the UK regulator to act rather than have further consultations with the industry and its deeply conflicted trade bodies. Millions of people in the UK depend on the services of the fund management industry for their long-term financial needs. With an ageing population, and the fact that no government will be able to fund a demographic shift which will see the proportion of 65-year-olds rise from 14% in 1975 to a predicted 20% by 2025, investing takes on a vital role, as does the stewardship of the industry. Yet the eagerly awaited FCA report into asset management published this week, that we had hoped would be an antidote to the industry<72>s ills, is yet another plaster. There was nothing final about it, nothing that will give investors assurance that their hard-earned money will achieve better outcomes, or that they can be assured that fund managers will be <20>clear, fair and not misleading<6E> <20> the FCA<43>s own overarching principle. Regulation is still being replaced with more empty promises, more consultations, more working groups, more fudging It is particularly striking that the problems of cost opacity and cost control, which are both widespread and long-standing, will continue to be kicked down the road. How many more consultations and working groups do you need to add up costs and produce it as a single number, and in pounds and pence? Especially when you consider that a report in 2000 by the regulator<6F>s earlier incarnation, the Financial Services Authority, found that as much as 50% of costs were being hidden from investors. And in 2002 the Sandler report on the UK retail investment market found <20>the reporting of product charges is typically neither clear nor consistent<6E>. In terms of price competition there simply cannot be any genuine competition if the consumer does not know the price. This is why, as the most recent FCA report reveals, the asset management industry makes 36% profit margins that are more than double the operating margins of the FTSE pharmaceutical and biotechnology sector (14%), which is based on intellectual capital and saving and extending lives. In terms of the numerous consultations and working groups, some appear unnecessary and rules should be brought in straight away to protect savers. More consultations open the FCA to more self-interested lobbying from the industry and its anti-consumer trade bodies. However, we welcome the announcement of an investigation into the UK platform market, as many retail investors and advisers have substantial sums invested where in some cases the fees appear excessive. [These so-called <20>platforms<6D> are companies such as Hargreaves Lansdown, where investors hold their shares and funds.] We also welcome the decision to ignore the attempts by pension consultants to avoid a formal investigation. I believed the regulator would finally do its job and ensure hugely improved stewardship of the industry, and that the daily theft and duping of the public would finally end. But courage and conviction appear to be lacking in the face of shameful lobbying by the deep-pocketed industry and its trade body. Instead, the better outcomes and improved investor protection [promised by the regulators] are being replaced with more empty promises, more consultations, more working groups and more fudging. Lack of competition, cartel-like behaviour, fee opacity and poor performance reporting are still set to plague the industry and diminish the honesty and respect with which UK investors are treated. Topics ' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/money/2017/jul/01/financial-conduct-authority-report-assest-management' | '2017-07-01T03:00:00.000+03:00' |
| 5 | '05c5aa3694c1439f47dbde74911ac683aaf131ff' | 'CANADA STOCKS-TSX hits near 7-month low as gold and tech shares retreat' | ' 13pm EDT CANADA STOCKS-TSX hits near 7-month low as gold and tech shares retreat TORONTO, July 4 Canada''s main stock index fell on Tuesday to its lowest close in nearly seven months, as precious metal miners and technology shares led a retreat in lighter than usual trading volumes with U.S. markets closed for Independence Day. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 51.58 points, or 0.34 percent, at 15,130.61. Seven of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; editing by Diane Craft)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/canada-stocks-close-idUSL1N1JV0U3' | '2017-07-04T23:13:00.000+03:00' |
| 6 | 'c29e218456be38994cc4c39e0565a1d77fd68c3d' | 'Exclusive - Saba Capital, famed for ''London Whale'' bet, to shut London office: sources' | 'Tue Jul 4, 2017 - 7:03pm BST Exclusive: Saba Capital, famed for ''London Whale'' bet, to shut London office - sources Boaz Weinstein, founder and chief investment officer at Saba Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian By Maiya Keidan - LONDON LONDON New York-based Saba Capital Management, famed for its winning bet against the JPMorgan Chase trader known as the ''London Whale'', is closing its office in London''s Mayfair district, two sources close to the situation told Reuters. The $1.8 billion hedge fund firm will move European trading operations to New York, said one of the sources with direct knowledge of the matter, becoming the second U.S. fund firm to do so this year after Goldman Sachs Investment Partners. The reason for Saba Capital''s move was not clear although it comes at a time of uncertainty for fund firms based in Britain as talks begin on the country''s exit from the European Union. It is also not clear whether the three individuals at the London office currently registered with the British regulator will relocate to the U.S. office or find new jobs. Saba founder Boaz Weinstein made his name from the bet against JPMorgan, linked to corporate default rates. That helped assets at the firm - housed in New York''s art deco Chrysler Building - peak in 2012 at $6 billion. A subsequent period of underperformance saw a number of investors pull their money, only for Saba to bounce back and attract fresh capital with a market-beating 3 percent gain in 2015 and returns of 22 percent in 2016, one of the sources said. The source also said the firm''s performance was flat in the in the first four months of this year. It has had an office in London since early 2012, according to the filings from Britain''s Financial Conduct Authority. Weinstein, a former Deutsche Bank trader, started Saba in 2009. (Additional reporting by Lawrence White. Editing by Jane Merriman)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/us-hedgefunds-saba-exclusive-idUKKBN19P29M' | '2017-07-04T20:50:00.000+03:00' |
| 7 | '9703c0a3f43ff1d109a1ef37f4baa0f9678d819f' | 'Samsung Electronics to launch refurbished Note 7 phones in South Korea from July 7' | 'Business News - Sun Jul 2, 2017 - 3:57am BST Samsung Electronics to launch refurbished Note 7 phones in South Korea from July 7 FILE PHOTO: A customer uses his Samsung Electronics'' Galaxy Note 7 as he waits for an exchange at company''s headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd ( 005930.KS ) said on Sunday it will start selling a refurbished version of the recalled Galaxy Note 7 smartphone in South Korea on July 7, using batteries different from those that caused some handsets to catch fire last year. Samsung said in a statement it will offer 400,000 phones, dubbed the Galaxy Note 7 Fan Edition, in its home country priced 699,600 won ($611) - about 30 percent lower than the Note 7''s original launch price. The devices will be made from recalled, unsealed Note 7 handsets and unused Note 7 components. Batteries for the refurbished devices will have a lower capacity than those of the original Note 7s, but have passed new safety measures implemented following the recall, Samsung said. The world''s biggest smartphone maker by volume was forced to halt sales of the Note 7 in October, roughly 2 months after its launch, due to fire-prone batteries from two different suppliers. The incident cost Samsung over $5 billion in operating profit and damaged its reputation, though the firm has since recovered with the successful launch of the Galaxy S8. The firm said earlier this year it planned to sell refurbished Note 7s after investigations by Samsung and independent firms concluded the batteries were solely responsible for the fires. Samsung also plans to hold a launch event for the Note 8 in the second half of August, a source told Reuters last month. [L3N1JH2YO] The firm said it will decide whether to sell the refurbished Note 7s in other markets at a later date. It has said it does not plan to offer the device in the United States or India. ($1 = 1,144.4300 won) ' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-samsung-elec-smartphone-idUKKBN19N02K' | '2017-07-02T05:57:00.000+03:00' |
| 8 | 'e2fdffd5974b1a0613899db1b7ebca95733330ca' | 'CANADA STOCKS-TSX slips as gold miners weigh, energy stocks gain' | ' 48am EDT CANADA STOCKS-TSX slips as gold miners weigh, energy stocks gain (Adds details on specific stocks, updates prices) * TSX down 57.5 points, or 0.38 percent, at 15,124.69 * Nine of the TSX''s 10 main groups move lower TORONTO, July 4 Canada''s main stock index fell on Tuesday as precious metal miners led a retreat that was limited by gains for shares of some energy names. The most influential movers on the index included major gold miners Barrick Gold Corp, which fell 1.8 percent to C$20.25, and Goldcorp, which lost 2.2 percent to C$16.36. The slips among bullion producers came despite the precious metal getting a bump from safe-haven buying after a North Korean missile launch. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.1 percent, with First Majestic Silver Corp down 5.2 percent to C$10.20. Two major fertilizer producers gained, with Potash Corp of Saskatchewan up 1.3 percent at C$21.42 and Agrium Inc adding 1.3 percent to C$119. At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 57.5 points, or 0.38 percent, at 15,124.69. Nine of the index''s 10 main groups were in negative territory, with declining issues outnumbering advancers at a 2.20-to-1 ratio. The Canadian market was closed for a public holiday on Monday, while U.S. indices are closed Tuesday. The energy group climbed 0.4 percent, as crude prices inched higher to add to eight days of gains. Pipeline operator Enbridge Inc rose 0.7 percent to C$52.04 and Cenovus Energy Inc added 1.2 percent to C$9.67. The financials group slipped 0.1 percent, as Brookfield Asset Management lost 1.2 percent to C$50.27. The company on Monday placed a formal bid for control of a Brazilian renewable energy company, two people with knowledge of the situation said. Some of the country''s biggest banks notched small gains, with Canadian Imperial Bank of Commerce up 0.4 percent to C$105.78 and Bank of Montreal adding 0.2 percent to C$95.41. They have risen recently as the Bank of Canada has taken a more hawkish stance and investors have bet on rate hikes coming sooner than previously anticipated. In an interview with a German newspaper published on Tuesday, the central bank''s governor, Stephen Poloz, said inflation in Canada should be well into an uptrend by the first half of 2018 and policy normalization must begin before price growth hits its target. Canadian National Railway Co fell 0.4 percent to C$104.81 after one of its trains derailed and spilled about 20,000 gallons of crude oil in Illinois. (Reporting by Alastair Sharp; Editing by Chris Reese)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/canada-stocks-idUSL1N1JV0HH' | '2017-07-04T17:48:00.000+03:00' |
| 9 | 'c7e0e48d11743220102f1c09012eb213d2a88d89' | 'Exclusive: Saba Capital, famed for ''London Whale'' bet, to shut London office - sources' | 'July 4, 2017 / 5:55 PM / 20 minutes ago Exclusive: Saba Capital, famed for ''London Whale'' bet, to shut London office - sources By Maiya Keidan 2 Min Read LONDON (Reuters) - New York-based Saba Capital Management, famed for its winning bet against the JPMorgan Chase trader known as the ''London Whale'', is closing its office in London''s Mayfair district, two sources close to the situation told Reuters. The $1.8 billion hedge fund firm will move European trading operations to New York, said one of the sources with direct knowledge of the matter, becoming the second U.S. fund firm to do so this year after Goldman Sachs Investment Partners. The reason for Saba Capital''s move was not clear although it comes at a time of uncertainty for fund firms based in Britain as talks begin on the country''s exit from the European Union. It is also not clear whether the three individuals at the London office currently registered with the British regulator will relocate to the U.S. office or find new jobs. Saba founder Boaz Weinstein made his name from the bet against JPMorgan, linked to corporate default rates. That helped assets at the firm - housed in New York''s art deco Chrysler Building - peak in 2012 at $6 billion. A subsequent period of underperformance saw a number of investors pull their money, only for Saba to bounce back and attract fresh capital with a market-beating 3 percent gain in 2015 and returns of 22 percent in 2016, one of the sources said. The source also said the firm''s performance was flat in the in the first four months of this year. It has had an office in London since early 2012, according to the filings from Britain''s Financial Conduct Authority. Weinstein, a former Deutsche Bank trader, started Saba in 2009. Additional reporting by Lawrence White. Editing by Jane Merriman 0 : 0' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'http://in.reuters.com/article/hedgefunds-saba-idINKBN19P28V' | '2017-07-04T20:50:00.000+03:00' |
| 10 | 'b5fd6b7edb973ba7d7695305c7d9ad639ef760ee' | 'Awards' | 'Adrian Wooldridge, who wrote the Schumpeter column from its inception until the end of last year, won the commentary category at the 2017 Gerald Loeb awards in New York. Anton La Guardia, Edward McBride, Zanny Minton Beddoes, Chris Lockwood, Nick Pelham and Henry Tricks won the breaking-news category for their exclusive on Saudi Arabia<69>s plans to float Aramco. 30 38 ' | 'economist.com' | 'http://www.economist.com/sections/business-finance/rss.xml' | 'http://www.economist.com/news/business/21724467-awards?fsrc=rss' | '2017-07-01T08:00:00.000+03:00' |
| 11 | '0fcd31c34be132deee86a738b8fd28ad0ef348f2' | 'Brookfield places formal bid for Brazil''s Renova, sources say' | 'SAO PAULO Brookfield Asset Management Inc ( BAMa.TO ) placed on Monday a formal bid for control of Renova Energia SA ( RNEW11.SA ), which would include 800 million reais ($242 million) in fresh capital for the Brazilian renewable energy company, two people with knowledge of the situation said.Under terms of the bid, a Brookfield-led group would buy the 16 percent stake that Light SA ( LIGT3.SA ) has in Renova at an equivalent of 9 reais per unit of Renova, the people said. A unit is a blend of Renova''s common and preferred shares.The buyout would allow Light to exit Renova''s controlling bloc, which is also formed by Cia Energ<72>tica de Minas Gerais SA ( CMIG4.SA ) and RR Participa<70><61>es SA. The Brookfield-led group would then pour 800 million reais into Renova, effectively diluting RR and the utility known as Cemig, the people said.Brookfield, with massive infrastructure and real estate investments in Brazil, is also demanding full management rights over Renova, said the people, who requested anonymity to discuss terms of the proposal, which remains private.The Canadian investment firm''s interest in Renova signals how foreign investors have grown convinced about the resilience of Brazil''s renewable electricity industry even as the consumption falls due to the country''s harshest recession ever.Renova, Light, Brookfield''s media representatives in S<>o Paulo and the other companies all declined to comment. Reuters reported on May 12 that talks between Renova and Brookfield were at an advanced stage.Units of S<>o Paulo-based Renova have gained 18 percent this year, on optimism a buyer will pull the company from a severe two-year cash crunch.Financing conditions for Renova, which was founded in 2001, worsened significantly when a partnership with SunEdison Inc ( SUNEQ.PK ) collapsed weeks before the latter filed for Chapter 11 bankruptcy protection in the United States.($1 = 3.3015 reais)(Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/us-renova-energia-m-a-brookfield-asset-idUSKBN19P01D' | '2017-07-04T03:31:00.000+03:00' |
| 12 | 'cf29baffbe2159441afee781525926c723380ab3' | 'Toshiba Could Net Billions Selling Lesser-Known Assets' | 'Toshiba Could Net Billions Selling Lesser-Known Assets Company has a hodgepodge of 37 other holdings By @sbanjo More stories by Shelly Banjo Toshiba Corp. is in the process of selling its prized chips business for $20 billion in badly needed funds, having already hived off a medical device unit and nuclear power. The Japanese company also owns shares in a hodgepodge of 37 companies, involved in everything from vacuum cleaners to airport souvenir shops. Bloomberg Gadfly columnist Shelly Banjo says Toshiba should sell those too. Before it''s here, it''s on the Bloomberg Terminal. ' | 'bloomberg.com' | 'https://www.bloomberg.com/businessweek' | 'https://www.bloomberg.com/news/articles/2017-07-04/toshiba-could-net-billions-selling-lesser-known-assets' | '2017-07-04T08:40:00.000+03:00' |
| 13 | '580b3621acd6189ae8bbcdc0df76c088a830967f' | 'PRESS DIGEST- British Business - July 4' | 'July 4 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* American International Group Inc has ousted British company Aviva Plc to become the sole seller of life insurance for Royal Bank of Scotland. ( bit.ly/2skceGQ )* The chief executive officer of AstraZeneca Plc sought to threaten and punish a key lieutenant by enforcing a 12-month notice period when his protege tried to defect to its rival GlaxoSmithKline Plc, according to court documents. ( bit.ly/2tJPMv0 )The Guardian* Carlsberg said it would buy Hackney-based London Fields Brewery, which has been up for sale since its founder was charged with tax fraud. ( bit.ly/2tFqMEm )* Bank of England''s Threadneedle Street headquarters faces the first strike in its history after members of the Unite union voted for four days of industrial action in a dispute over pay. ( bit.ly/2sjFn4N )The Telegraph* Four former Barclays Plc directors, including ex-Chief Executive Officer John Varley, have been released on bail after they made their first court appearance over the criminal charges for the actions they took during the financial crisis. ( bit.ly/2uDADI0 )* French state-owned utility EDF has reignited fears over its troubled new nuclear project at Hinkley Point C after admitting it will cost the company over 20 billion pounds ($25.88 billion) and could be delayed by almost two years to 2027. ( bit.ly/2sDZp9K )Sky News* Greg Clark, the business secretary, will hold talks with the new boss of Vauxhall''s parent company this week as it prepares to finalise a takeover by France''s PSA Group that will create Europe''s second-largest car maker. ( bit.ly/2tKlyId )* More than half of UK firms do not think the government is prioritising their needs ahead of Brexit negotiations. ( bit.ly/2tKoKDJ )*Concerns have been raised about confidence among UK firms as a report highlighted the biggest slowdown in new manufacturing orders for almost a year. The closely watched Markit/CIPS UK Manufacturing purchasing managers'' index (PMI) for June showed output at a three-month low as the country went to the polls for the snap general election. ( bit.ly/2ujnIM2 )The Independent* British energy regulator Ofgem is considering extending a price cap on bills to more households across the United Kingdom in a bid to crack down on the most vulnerable customers being overcharged for gas and electricity. ( ind.pn/2ugtLko )* Post Holdings Inc on Monday completed its takeover of British breakfast cereal brand Weetabix, giving it full control of one of the world''s most popular breakfast foods. The company paid $1.7 billion to buy the brand from China-based Bright Food and private equity firm Baring Private Equity Asia. ( ind.pn/2uhVgKk )($1 = 0.7727 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/britain-press-business-idUSL3N1JU57E' | '2017-07-04T02:32:00.000+03:00' |
| 14 | 'bcc0aa976f8ee56fc7d59a1692844f1c5a6600cd' | 'Russia''s Gazprom Neft to create joint venture with Spain''s Repsol' | 'MOSCOW Russia''s oil producer Gazprom Neft ( SIBN.MM ) said on Monday it would create a joint venture with Spanish energy company Repsol ( REP.MC ) in Russia.Gazprom Neft acquired a 25.02 percent stake with the right to increase it to 50 percent in Evrotek-Yugra, which is owned by Spain''s Repsol and holds exploration and production rights to seven license blocks in West Siberia, Gazprom Neft said.(Reporting by Katya Golubkova; writing by Maria Tsvetkova; editing by Vladimir Soldatkin)' | 'reuters.com' | 'http://www.reuters.com/finance/deals' | 'http://www.reuters.com/article/us-russia-spain-oil-gazprom-neft-repsol-idUSKBN19O1JC' | '2017-07-03T17:42:00.000+03:00' |
| 15 | '054a6d3ca70c5837a54bd742eac65210314381b6' | 'US STOCKS SNAPSHOT-Dow, S&P climb on energy, financials lift' | 'Market 1:06pm EDT US STOCKS SNAPSHOT-Dow, S&P climb on energy, financials lift NEW YORK, July 3 The S&P 500 and Dow Industrials moved higher on Monday, with the Dow hitting an intraday record as energy and bank stocks gained, but continued weakness in the technology sector pulled the Nasdaq lower. The Dow Jones Industrial Average rose 129.77 points, or 0.61 percent, to 21,479.4, the S&P 500 gained 5.61 points, or 0.23 percent, to 2,429.02 and the Nasdaq Composite dropped 30.36 points, or 0.49 percent, to 6,110.06. (Reporting by Chuck Mikolajczak; Editing by Chris Reese)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/usa-stocks-idUSL1N1JU0YC' | '2017-07-03T20:06:00.000+03:00' |
| 16 | '502968e2f0a2a035ac2ca06771f2480209d8f15a' | 'HSBC completes first trade on Hong Kong-China bond connect scheme' | 'Business News - Mon Jul 3, 2017 - 2:29am BST HSBC completes first trade on Hong Kong-China bond connect scheme FILE PHOTO: People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip/File Photo HONG KONG HSBC Holdings ( HSBA.L ) said it had completed its first trade on the long-awaited Hong Kong-China bond connect scheme, which went live on Monday. The scheme links China''s $9 trillion bond market with overseas investors, the latest step in the opening of the country''s capital markets. (Reporting by Umesh Desai; Editing by Anne Marie Roantree and Joseph Radford) ' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-hongkong-bondconnect-hsbc-idUKKBN19O030' | '2017-07-03T04:15:00.000+03:00' |
| 17 | '8c11c29f13e66566241dae006cdaa8c5e55bb994' | 'Summer sunshine spurs sales surge for Sainsbury''s - Business' | 'Demand for fresh fruit and veg and a dash for paddling pools, summer clothes and fans helped Sainsbury<72>s deliver its strongest sales growth in more than four years. Sales at stores open more than a year, excluding fuel, rose by 2.3% in the 16 weeks to 1 July, up from 0.3% in the previous three months partly thanks to the warm start to the summer. It was the strongest pace of growth since March 2013.Mike Coupe, the Sainsbury<72>s group chief executive, said: <20>We have delivered a strong performance, driven by our differentiated strategy, offering customers quality, value and choice across food, general merchandise, clothing and financial services.<2E>The group, which also owns Argos, was partly helped by the timing of Easter and Mother<65>s Day, which it said had contributed about 0.3 percentage points of the growth. Excluding that factor, the pace was still slightly ahead of City expectations of 1.9% growth.Coupe said shoppers were snapping up Sainsbury<72>s own-label products after it had implemented hundreds of quality improvements and held prices on basics including milk, chicken breast and eggs.He said inflation, which is now running at more than 2.5% according to the CPI index, had started to hit towards the end of the period but Sainsbury<72>s had <20>managed to keep a control over prices and the impact on customers<72>. Fresh produce performed particularly well, outperforming the market with volume growth of 1% as Sainsbury<72>s cut the price of summer favourites including Jersey Royal potatoes and British strawberries. That helped boost total grocery sales by 3% compared to 0.3% growth in the previous three months. Coupe played down the impact of the weather. He said that the number of warm days over the whole period was <20>not far off the same<6D> as last year. He pointed to Sainsbury<72>s improvement in price position relative to its competitors for the group<75>s step up in performance. Coupe also said there were signs that shoppers were choosing to eat at home rather than go out for meals as disposable income came under pressure from rising inflation.But he said: <20>We are not seeing a massive change in consumer behaviour.<2E>Online grocery sales rose by 8%, Sainsbury<72>s convenience store sales were up by 10% and clothing sales rose by 7.2%.All the supermarkets have been lifted by a combination of a warm start to the summer and rising inflation .Sainsbury<72>s said the number of transactions carried out in its stores rose by 2%.Coupe said that Sainsbury<72>s general merchandise and clothing ranges, including Argos, outperformed the market, as its fast track delivery and collect-from-store services recorded a <20>stellar performance<63> during the quarter, particularly during the warm weather when customers wanted items such as paddling pools and electric fans on the day.Total sales rose 1% despite the closure of dozens of Argos and Habitat outlets in Homebase stores after the takeover of the DIY chain buy Australian firm Bunnings.Sainsbury<72>s said it had opened 10 convenience stores in the period but made no mention of Nisa, the wholesale buying group with which it is understood to be in exclusive talks .Coupe said: <20>Lots of conversations are had and there is lots of speculation but lots of things don<6F>t come off.<2E>The supermarket is thought to be considering a <20>130m takeover of Nisa, which supplies and provides marketing support to thousands of small independent stores.Nisa<73>s 1,400 members, which include the McColl<6C>s convenience store chain, operate 2,500 shops. They would have to approve any takeover and many are fiercely protective of their independence.Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the bigger picture remained challenging for UK supermarkets: <20>Weaker sterling is pushing up food prices and putting a dent in consumers<72> purses, while the trading environment remains as competitive as ever. <20>Indeed the turf war the big supermarkets have been fighting against the discounters may start to look like a schoolyard skirmish if Amazon decides it wants a piece of the UK grocery market.<2E> David Alexander, the lead analyst at GlobalData, said: <20>With Sainsbury<72>s receiving a significant helping hand from the upturn in fortunes for the wider grocery sector, it is too soon to judge whether this quarter represents a more positive new chapter for the grocer. That said, the change in tone is promising.<2E>Topics J Sainsbury Retail industry Supermarkets Weather news' | 'theguardian.com' | 'https://www.theguardian.com/uk/business' | 'https://www.theguardian.com/business/2017/jul/04/summer-sunshine-spurs-sales-surge-for-sainsburys' | '2017-07-04T14:53:00.000+03:00' |
| 18 | 'd5a2b24e47e1eb46446f183167118f630b79202e' | 'Meister''s Corvex Management targets Clariant - Bloomberg' | 'Business News - Mon Jul 3, 2017 - 11:28pm BST Meister''s Corvex Management targets Clariant - Bloomberg Hedge fund Corvex Management LP, run by activist investor Keith Meister, has built a stake in Clariant AG ( CLN.S ) to undo the Swiss speciality chemical maker''s $6.4 billion (5 billion pounds) planned takeover of Huntsman Corp ( HUN.N ), Bloomberg reported on Monday, citing people with knowledge of the matter. The fund, which has built a stake exceeding the threshold of 3 percent, plans to push Clariant to explore alternatives to the Huntsman deal, including a potential sale, Bloomberg said. ( bloom.bg/2sklMRU ) Corvex believed the Huntsman acquisition lacked strategic rationale, Bloomberg reported, citing the unidentified sources. Clariant and Corvex Management were not immediately available for a comment. (Reporting by Mekhla Raina; Editing by Dan Grebler) Bank of England staff vote for first strike in 50 years LONDON Bank of England staff have voted to hold their first strike in more than 50 years in a push for higher pay, a union said on Monday, adding to pressure for an end to tight controls on public sector wages in Britain. Spain''s Santander launches Popular rights issue at 19 percent discount MADRID Spain''s Banco Santander on Monday launched a 7.1 billion euros ($8.07 billion) rights issue at a price of 4.85 euros per share, a move it had flagged last month when it took over rescued peer Banco Popular for a nominal euro. LONDON Feted by some British newspapers as proof of a Brexit vote windfall, Britain''s recent export recovery ranks as the worst among Europe''s major economies, according to one closely-watched measure. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/uk-clariant-corvex-idUKKBN19O2LP' | '2017-07-04T01:28:00.000+03:00' |
| 19 | 'd11808a8b96579cd69cf7006d79a23fdb2d2e845' | 'Spain''s Santander launches 7 bln euros rights issue at 4.85 eur/share' | 'MADRID, July 3 Spain''s Banco Santander on Monday launched a 7 billion euros ($7.95 billion) rights issue at a price of 4.85 euros per share, a move it had flagged a month ago when it took over rescued peer Banco Popular for a nominal euro.It also said its net profit for the first half of the year would be 3.6 billion euros, up 24 percent from last year. ($1 = 0.8800 euros) (Reporting by Jesus Aguado; Editing by Julien Toyer)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/popular-ma-santander-equity-idUSL8N1JU59S' | '2017-07-04T00:06:00.000+03:00' |
| 20 | '12024491e2b56cf759f87525d1c563aa0a13df17' | 'Lloyds and the FCA should go public over HBOS Reading fraud' | 'A nother day, another round of apologies and expressions of deep regret from Lloyds for the victims of the HBOS Reading fraud . The occasion this time was the publication of a few passages from a 2012 regulator<6F>s report that had previously been redacted while police investigated the scandal.The relevant paragraphs show that Reading alone was responsible for <20>240m of the provisioning in HBOS<4F>s accounts in 2007. The figure tallies with sums that emerged during this year<61>s court case that led to the jailing of six individuals. But the timing of the <20>240m provision is interesting. It suggests that Lloyds, which bought HBOS in January 2009, would have known the size of the mess in Reading on day one of its ownership.It may be true that, at that stage, Lloyds viewed the affair as merely a case of bad lending by HBOS<4F>s out-of-control operations. But, given the size of the provision, the complaints of fraud by the small business customers were plainly worthy of investigation. How were those complaints handled, and by whom?The allegation <20> heard consistently over the years, and very loudly since sentences were passed in February <20> is that Lloyds tried to cover up the fraud and was deaf to the victims<6D> arguments. The bank argues its hands were tied once police started to investigate in 2010 and that, in any case, fraud was only established in court. But, at the conclusion of the trial, it appointed Dame Linda Dobbs , a retired high court judge, to review the complaints of a cover-up.The important thing now is that the Dobbs review is published in full. As things stand, Lloyds has merely committed to share the findings with the Financial Conduct Authority . That is how the regulatory system works but, between them, Lloyds and the FCA need to find a way to get the findings in the public domain. A decade on, only the full story will do.Worldpay should be predator, not prey Damn. Royal Bank of Scotland <20> the 72% state-owned bank <20> sold Worldpay for <20>2bn to a private equity crew in 2010. Now the card processor, a member of the FTSE 100 index these days, is worth <20>8bn as US bidders loom .Actually, the tale isn<73>t quite so simple. RBS was under orders to sell Worldpay as a condition of the 2008 taxpayer-funded bailout. The bank held an auction and got the best price at the time. Besides, one suspects the business would have been starved of investment if it had remained within RBS. The idea that <20>6bn has been <20>lost<73> to RBS is about three-quarters illusion.Can Worldpay itself resist <20>8bn-plus offers, assuming Vantiv and JP Morgan convert their approaches into real bids? Well, it shouldn<64>t surrender its independence without a fight. Card processing, we<77>re told, is a business that is going global and, in that context, Worldpay has strategic value. It has 40% of the UK market and can operate in 126 currencies in 140 countries. By rights, it ought to be predator rather than prey.In the real world, investors whose Worldpay shares were worth 320p on Monday will want to look at any bid above 400p. But the directors should push hard. Card processing enjoys fat profit margins <20> the fees are tiny in percentage terms but add up to a big figure <20> and the growth of ecommerce makes the long-term outlook stable.Chairman Sir Mike Rake should not feel compelled to enter negotiations unless he thinks he can get at least 450p a share. RBS was a forced seller. Worldpay is not.Nisa business if you can get it It was the <20>best sales performance in years,<2C> said Sainsbury<72>s chief executive, Mike Coupe. Really? The 2.3% like-for-like improvement in the first quarter may be the highest figure in ages but, if we<77>re talking <20>best,<2C> one should adjust for the inflationary breezes now blowing through grocery-land.Sainsbury<72>s didn<64>t quantify the contribution from higher prices but a reasonable estimate is about 2%. If so, the first-quarter sales performance looks commendably solid <20> but no more so than in the periods when Sainsbury<72>s did well to stand still when others, including Tesco, were going backwards.In the end, the spin is irrelevant. What matters more is that Argos has been digested smoothly, the store-in-store openings are happening and the eventual cost savings are still promised to be <20>160m. The deal now looks smart.Would a purchase of convenience store operator Nisa also fit the bill? Coupe wouldn<64>t comment on the talks but the commercial logic looks fine. Sainsbury<72>s would bring its buying power to the party and some of the Nisa store owners would probably improve their sales by converting their shops to Sainsbury<72>s Locals.The objection that Nisa would be a distraction feels wrong. Supermarkets, knowing the old profits margins are never coming back, are obliged to find new tricks. Nisa, from the point of view of Sainsbury<72>s, looks a low-risk adventure.Topics HBOS Nils Pratley on finance Lloyds Banking Group Financial Conduct Authority Banking Regulators comment' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jul/04/lloyds-and-the-fca-should-go-public-over-hbos-reading' | '2017-07-04T03:00:00.000+03:00' |
| 21 | '1339161843d0a21320682fc7873cb6bc7270fc2f' | 'MIDEAST STOCKS-Gulf may move sideways, global environment mixed' | ' 37am EDT MIDEAST STOCKS-Gulf may move sideways, global environment mixed DUBAI, July 4 Gulf stock markets look set to move sideways on Tuesday with the international environment mixed and uncertainty prevailing over the diplomatic dispute around Qatar. Brent oil jumped 3.7 percent on Monday, its biggest one-day gain since December 2016, but has fallen back 0.5 percent to $49.41 in Tuesday''s Asian trade. MSCI''s broadest index of Asia-Pacific shares outside Japan is down 0.6 percent. Foreign ministers from the four Arab countries sanctioning Qatar will meet in Cairo on Wednesday to discuss the dispute. Kuwaiti state media reported Qatari foreign minister Sheikh Mohammed bin Abdulrahman al-Thani had submitted to Kuwait Doha''s formal response to the Arab states'' demands, but the contents of the response have not been revealed. Recent comments by Qatari officials suggest it is unlikely to acquiesce to enough of the demands by the late Tuesday deadline to avoid further sanctions. But Monday''s buying by foreign investors in the Qatari stock market suggests some funds do not think the additional sanctions would be crippling and there is now value in the market. Dubai-listed GFH Financial said it had obtained approval from the central bank of Bahrain to buy back up to 5 percent of its issued treasury shares. Much of this good news may already be reflected in the share price, however; the stock jumped 6.3 percent on Monday. (Reporting by Andrew Torchia)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/mideast-stocks-idUSL8N1JV0GF' | '2017-07-04T08:37:00.000+03:00' |
| 22 | 'c1fe7b566745ed6613aaf7a41250f171a8a6dd17' | 'Lagerfeld parades Chanel models under mini Eiffel Tower' | 'PARIS Karl Lagerfeld presented Chanel''s haute couture collection under a scaled-down version of the Eiffel Tower on Tuesday.Haute couture fashion week is open to an exclusive club of designers who make bespoke collections by hand and includes Chanel, Dior and Jean-Paul Gaultier.Lagerfeld has a history of eye-catching set designs for his runway shows and models have previously weaved through an airport departure lounge, a supermarket and a busy brasserie.This season it was back to basics with the mock-up tower straddling a catwalk inside the Grand Palais.Models paraded in demure A-line skirts, hooded coats and wide-legged jumpsuits in classic Chanel tweed.They were crowned with matching bowler-style hats in keeping with the collection''s vintage feel, although their transparent low block heels added a modern twist.Another of Lagerfeld''s labels, Fendi, is set to close the Paris fashion week on Wednesday. (Reporting by Johnny Cotton; Editing by Richard Lough and Alexander Smith)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/us-fashion-paris-couture-chanel-idUSKBN19P1K5' | '2017-07-04T15:40:00.000+03:00' |
| 23 | '5b9a0605ef890e77413d526823cc348b3d56f098' | 'PRESS DIGEST- Financial Times - July 4' | 'July 4 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesBain and Cinven prepare for fresh 4.1 bln euros Stada bid( on.ft.com/2tDaGM5 )Repsol and Gazprom set up joint venture( on.ft.com/2ti9tXQ )EDF warns Hinkley Point could cost extra 1.5 bln stg( on.ft.com/2t8WTvC )OverviewPrivate equity groups Bain Capital and Cinven are preparing to submit a fresh offer for German generic drugmaker Stada for about 4.1 billion euros ($4.66 billion) as early as this week, reviving what would be Europe''s largest buyout in four years just days after their previous offer of 5.3 billion euros fell through.Spanish energy company Repsol SA established a joint venture with Russia''s Gazprom Neft after selling a 25 percent stake in its Evrotek-Yugra project of seven oil blocks in western Siberia to the Russian oil company. Gazprom Neft has an option to increase its stake in the venture to 50 percent.Hinkley Point C nuclear power station in Britain could cost 1.5 billion pounds ($1.94 billion) more than initially expected, according to a review by French state-owned utility EDF that come less than a year after the project received final approval.($1 = 0.8796 euros) ($1 = 0.7727 pounds) (Compiled by Bengaluru newsroom; Editing by Peter Cooney)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/britain-press-ft-idUSL3N1JU5GD' | '2017-07-04T02:34:00.000+03:00' |
| 24 | 'b8dd3d1e05d690db3b575e4f20772a162acc41bf' | 'German firms operating abroad see better business despite risks - DIHK' | ' 8:25am BST German firms operating abroad see better business despite risks - DIHK The skyline of the banking district is pictured in Frankfurt, October 21, 2014. REUTERS/Ralph Orlowski BERLIN A majority of German firms operating abroad are more optimistic about their business than they have been in a long time, a survey of the DIHK chambers of commerce showed on Tuesday. Some 56 percent of the 4,000 firms surveyed by DIHK said they expected better business over the next 12 months and more than a third said they expect the economies in their host countries to improve. Despite the optimism, a record high of 50 percent said they considered political risks as a top threat to their business over the next 12 months. Britain''s divorce negotiations with the European Union, U.S. trade policies and protectionism were named as major risks. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/uk-germany-economy-dihk-idUKKBN19P0QC' | '2017-07-04T10:25:00.000+03:00' |
| 25 | '7d2e1c0830df401f77ebe690b82c2b53088f9f4c' | 'Public sector pay: why workers are squeezed more than private sector' | 'Monday 3 July 2017 18.54 BST Last modified on Monday 3 July 2017 21.42 BST When Theresa May took the stage at the Conservative party conference last autumn she reprised her pledge for a fairer economy. Specifically, she homed in on pay growth, or the lack of it. <20>Our economy should work for everyone, but if your pay has stagnated for several years in a row and fixed items of spending keep going up, it doesn<73>t feel like it<69>s working for you,<2C> the prime minister declared. Fast-forward to this summer and the one in six workers who ply their trade in the public sector will know exactly what she is talking about. Living costs are rising at an increasingly rapid pace and, thanks to a cap imposed by May<61>s government, public sector pay is falling behind. Under the Conservatives<65> austerity drive, a large part of the pain has been borne by public sector workers <20> a broad cohort ranging from low-paid NHS workers to high-paid civil servants. Their pay was frozen in the financial years 2011-12 and 2012-13 <20> except for the lowest earners. Rises were then limited to an average of 1% from 2013-14 to 2015-16, and then capped at 1% again for the next four years. It remains to be seen if May and her cabinet colleagues, weakened by last month<74>s election shock, will soften that stance. The current squeeze on public sector workers is in stark contrast to the years of the global financial crisis. Their pay was relatively protected after the crash while earnings in the private sector fell. Average weekly earnings for the public sector were <20>479 in 2011, up 9% from <20>439 in 2008. In the private sector, average weekly earnings were up just 3% over the same period to <20>448 in 2011, and that was before taking into account inflation. But thanks to government-set pay restraint, public sector workers have missed out on the recovery in wage growth in recent years. Average weekly earnings Now that the pound<6E>s sharp drop since the Brexit vote is pushing up import costs and stoking inflation, that pay restraint is being felt even more acutely. Wages are falling in real terms for many public sector workers or, in other words, the cost of many goods and services is rising faster than their pay packets. That is also the case for private sector workers , but their real wages are falling at a slower pace. As the Resolution Foundation thinktank recently noted : <20>The scale of the current public sector pay squeeze is much tighter than in the private sector, and will continue for some time too. <20>While real growth up to the end of 2016 was 1.6% for the private sector, it had fallen to 0.3% for the public sector.<2E> Official figures for April , when inflation was 2.7% , showed that average weekly earnings were rising 1.2% on a year ago in the private sector and just 0.8% in the public sector. For public sector employers that squeeze is causing serious problems when it comes to recruiting and retaining workers, as shown by the news that more nurses and midwives are now leaving the profession than joining it . That has knock-on costs for the public sector when hospitals and other places of work are forced to rely on agency staff to fill the gaps. Looking into what is pushing people to leave the public sector, the TUC says many workers cannot make ends meet any more. It points to polling of 21,000 health service members last year by the public sector union Unison , which found that one in 10 had pawned possessions to ease their cashflow problems, and a similar proportion had used payday loans. The TUC<55>s own analysis suggests there is worse to come. It calculated that nurses, firefighters and border guards will all see their real pay drop by more than <20>2,500 by 2020 if the government sticks to its 1% cap. It is worth noting that going by simple sector-wide averages, those employed by the state are still earning more than those in the private sector. Public sector workers earn about <20>25,000 a year on average and for the private sector it is <20>22,500, says Jonathan Cribb at the Institute for Fiscal Studies thinktank. <20>But once you control for education, age, where people live and their experience, the difference is quite small,<2C> he adds. Furthermore, the gap is narrowing. Based on current plans and on forecasts from the Office for Budget Responsibility, the government<6E>s independent economic forecaster, the IFS says private sector pay will rise six percentage points faster than public sector pay between 2016-17 and 2020-21. That would reduce the average difference between public and private sector pay to a level not seen in at least the last 20 years and to one that is <20>well below the level seen in the early 2000s when there were shortages of nurses,<2C> notes Cribb. But the government will be wary of rushing into any big policy changes to fix its recruitment troubles. John Hawksworth, the chief economist of accountancy group PwC, says the public sector pay bill was about <20>180bn last year. <20>So if you were to raise the public sector pay rise to 3% for the next three years it would cost you an extra <20>10bn by 2020 compared with current plans,<2C> he adds. <20>So I guess there<72>s a clear case for doing it in terms of recruitment and retention and fairness <20> but on the other hand it is a significant amount and has to be weighed in the overall fiscal balance against other priorities.<2E> Topics ' | 'theguardian.com' | 'http://www.guardian.co.uk/business/economics/rss' | 'https://www.theguardian.com/society/2017/jul/03/public-sector-pay-workers-conservatives-cap-inflation' | '2017-07-03T20:54:00.000+03:00' |
| 26 | '2002b3281f8f40378921cdb87a009c88c97adf54' | 'VW to start importing cars to Iran in August with partner Mammut Khodro' | 'Tue Jul 4, 2017 - 12:18pm BST VW to start importing cars to Iran in August with partner Mammut Khodro FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) will start importing cars to Iran next month, returning to the resurgent Middle Eastern market after 17 years in a move that may help the German group trim reliance on volatile overseas markets such as China and Brazil. Volkswagen (VW) has signed an agreement with Iran''s Mammut Khodro to import VW brand models Tiguan and Passat via eight dealerships, focusing on the greater Tehran area, VW said on Tuesday. (Reporting by Andreas Cremer)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/us-volkswagen-iran-idUKKBN19P1C7' | '2017-07-04T14:14:00.000+03:00' |
| 27 | 'fa083f3f52437743b6a566b5ff006673dce006de' | 'EU antitrust regulator raids Irish car insurers' | 'Business News - Tue Jul 4, 2017 - 4:24pm BST EU antitrust regulator raids Irish car insurers BRUSSELS The EU antitrust regulator raided on Tuesday several car insurers which may have taken part in a cartel, the European Commission said. The EU competition enforcer did not name the companies in line with its policy. The raids were carried out together with officials from the Irish Competition and Consumer Protection Commission. Companies found guilty of fixing prices and abusing their market power can be fined up to 10 percent of their global revenues. (Reporting by Foo Yun Chee, editing by Julia Fioretti)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-eu-insurance-auto-antitrust-idUKKBN19P1XV' | '2017-07-04T18:24:00.000+03:00' |
| 28 | '037da855961b665eb2a3aa103adcc53d6e3cd7a9' | 'UK Stocks-Factors to watch on July 4' | 'July 4 Britain''s FTSE 100 index is seen opening 13 points lower on Tuesday, according to financial bookmakers. * ASTRAZENECA: High Court papers indicate a dispute between drug companies AstraZeneca Plc and GlaxoSmithKline Plc after AstraZeneca CEO Pascal Soriot sought to impose a 12-month notice period on a key lieutenant when he tried to join its rival GlaxoSmithKline, according to court documents, The Times reported on Monday. bit.ly/2tJPMv0 * BARCLAYS: Four former Barclays Plc directors have been released on bail after appearing in court in London on Monday to face charges that they conspired to commit fraud during the bank''s 12 billion pound ($15.56 billion)emergency fundraising in 2008, The Telegraph reported on Monday. bit.ly/2uDADI0 * BRITAIN-EU: The British government sought to reassure drug companies and biotech firms on Monday by calling for continued co-operation with the European Union over drug regulation after Brexit. * BANK OF ENGLAND: One of the Bank of England''s interest rate-setters said on Monday he favoured keeping borrowing costs at their historic low, despite a shift among some of his peers at the central bank in favour of a first hike in a decade. * GOLD: Gold edged higher early Tuesday, supported by an easing dollar, but was still near seven-week lows hit in the previous session when it posted its biggest one-day percentage loss since November. * OIL: Oil prices retreated in early Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a relentless rise in U.S. crude production is running out of steam. * The UK blue chip index closed 0.9 percent higher at 7,377.09 points on Monday, bolstered by strong gains among financials, miners and energy companies as oil prices firmed. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Solid State Full Year 2017 Earnings Release RM Half Year 2017 Earnings Release Imagination Technologies Full Year 2016 Earnings Release St. Modwen Properties Half Year 2017 Earnings Release J Sainsbury Q1 Trading Statement Release Staffline Interim Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin Varghese; Editing by Sunil Nair)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JV29G' | '2017-07-04T08:35:00.000+03:00' |
| 29 | '28397ff64f2895c52f926e31db1936883de849ee' | 'Indian diesel imports intensify, may be curbed by monsoon' | 'July 4, 2017 / 11:19 AM / 7 hours ago Indian diesel imports intensify, may be curbed by monsoon 3 Min Read A vehicle waits to be filled up with diesel at a petrol station in New Delhi, January 5, 2016. Anindito Mukherjee/Files SINGAPORE (Reuters) - India''s diesel imports have intensified with a state-owned refiner entering the spot market on Tuesday to seek its seventh cargo of the fuel for July, trade sources said. But imports could slow as monsoon season starts in India, they added. India Seeks More The Hindustan Petroleum Corp (HPCL) is seeking 60,000 tonnes of 40ppm sulphur gasoil for delivery into Vizag over July 20-25 in a tender that closes on July 5. This is the state-owned company''s seventh cargo requirement for July, though it was not clear if all previous tenders have been awarded. The HPCL-Mittal Energy Ltd (HMEL) was expected to start up its 230,000 barrels per day Bathinda refinery in Punjab after it shut for planned maintenance in late April, but the refinery is still not back in operation, an industry source said, though this could not immediately be confirmed. Monsoon Could Curb India''s diesel demand has been strong despite the start of monsoon season due to several power outages which has boosted diesel demand in back-up power generators, an industry source said. It is still early days in India''s monsoon season. Once rains intensify, demand for the fuel in the agriculture sector could slow, the source added. New Load Point Oil pricing agency S&P Global Platts said on Tuesday it will include Singapore''s Jurong Aromatics Corp as a loading point in its pricing process known as Market on Close for gasoil and jet fuel from Aug. 1. Sellers in the MOC process will be able to nominate JAC as a loading point for cargoes traded on a FOB Straits basis, it said, following a review last month. Myanmar Demand Myanmar''s refined fuel consumption growth is set to outperform the rest of Asia from 2017 to 2026 due to factors including strong economic growth, a rapid rise in car ownership and a surge in aviation traffic, BMI Research said in a note. Already the sixth-largest net fuel importer in Asia, Myanmar''s imports are expected to grow to over 345,000 barrels per day (bpd) by 2026 from an estimated 212,000 bpd in 2017, it added. Singapore Cash Deals One gasoil and two jet fuel deals reported. Reporting by Jessica Jaganathan, editing by David Evans 0 : 0' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'http://in.reuters.com/article/markets-distillates-asia-idINKBN19P1BK' | '2017-07-04T14:18:00.000+03:00' |
| 30 | '19942d7a6a5c265d256924fa800fc8169ffdb906' | 'Barclays former CEO and three bankers in court to face fraud charges - Business' | 'John Varley, the former chief executive of Barclays , will be among three former bankers to appear at Westminster magistrates court on Monday to face charges of fraud for events that took place at the height of the financial crisis.Varley is scheduled to appear along with Roger Jenkins, Tom Kalaris and Richard Boath following the announcement by the Serious Fraud Office last month that they were to be prosecuted over the way Barclays raised billions of pounds from Qatar in 2008. They are the first senior bankers to face criminal charges for events dating back to the banking crisis almost a decade ago, when Barclays avoided a taxpayer bailout by raising <20>11.8bn in emergency funds from a number of major investors, including Qatar. The four are charged alongside Barclays itself.The charges relate to the two fundraisings Barclays embarked on in June and October 2008 with two investment vehicles related to Qatar, including one used by the prime minister at the time, Sheikh Hamad bin Jassim bin Jaber al-Thani, and a $3bn (<28>2.3bn) loan advanced to Qatar in November 2008.The four individuals and the bank are charged with conspiracy to commit fraud by false representation in relation to a fundraising in June 2008. Varley, Jenkins and the bank are also charged with conspiracy to commit fraud by false representation in relation to the fundraising that took place in October 2008. Varley, Jenkins and the bank face a further charge of providing unlawful financial assistance through the loan.Jenkins and Boath both said they would contest the charges; there has not been any comment from Varley and Kalaris. Barclays has said it is considering its position.' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/business/2017/jul/02/barclays-former-ceo-and-three-bankers-in-court-to-face-charges' | '2017-07-02T03:00:00.000+03:00' |
| 31 | '5ab35cbfc09b0eb3c4c9279a0a9b3ac0a6b36d8b' | 'UPDATE 1-Regulators step in to save Etisalat Nigeria from collapse' | '(Adds further details, comment by Etisalat, board changes)By Chijioke OhuochaLAGOS, July 4 Nigeria''s central bank and its telecoms industry regulator have intervened to save the country''s fourth largest telecoms firm from collapse after talks with local banks to renegotiate a $1.2 billion loan failed, a regulatory source said on Tuesday.Etisalat Nigeria is the biggest foreign-owned victim of dollar shortages plaguing the country due to lower oil prices and economic recession, leaving the company struggling to make repayments to lenders and suppliers.The Nigerian Communication Commission (NCC) said Etisalat Nigeria and its creditors have reached a resolution on key issues on the indebtedness and that a transition process was continuing on mutually agreed terms.It said the resolution would ensure that Etisalat Nigeria was maintained as a going concern regardless of changes in the company''s shareholders.As a result the company has appointed the central bank''s deputy governor Joseph Nnanna as chairman, Boye Olusanya as chief executive and Funke Ighodaro as chief financial officer, Etisalat Nigeria''s vice president for regulatory affairs, Ibrahim Dikko, told Reuters.The regulatory source said the central bank had provided assurances to lenders but had not invested any funds, adding that the company''s minority owner, Abu Dhabi''s Etisalat , has indicated it may pull out of Nigeria following the debt crisis but has not made a decision on the use of its brand in the country.On June 23 the central bank said Abu Dhabi state investment fund Mubadala, which had a 40 percent stake in Etisalat Nigeria, had already pulled out of the company and the debt negotiations.The 13 lenders involved in the $1.2 billion loan deal arranged for Etisalat four years ago, have been under pressure to avoid loan-loss provisions and were pushing to finalise a restructuring before half-yearly audits due in June.With central bank involvement, the lenders could get some foreberance on provisions pending when the debt crisis is resolved or the company is sold to new investors, the regulatory source said.On Monday Chief Executive Matthew Wilsher resigned after chairman Hakeem Belo-Osagie departed.Last month lenders initiated changes in Etisalat Nigeria''s shareholding structure to enforce their rights under the loan default agreement. UAE''s Etisalat has said it is carrying its 45 percent stake in the Nigerian arm at nil value.A source at the telecoms industry regulator said the new interim board made up of six members will operate for six months and will include a member representing the shareholders.Regulators have said they want to protect Etisalat Nigeria''s 4,000 workers and are seeking to prevent lenders placing the telecoms firm in receivership in order to avoid a wider debt crisis. They held talks with Etisalat''s lenders last week, the regulatory source said.Etisalat Nigeria has a 14 percent share of the country''s mobile market, behind MTN with 47 percent, Globacom with 20 percent and Airtel, a subsidiary of India''s Bharti Airtel, with 19 percent. (Additional reporting by Camillus Eboh in Abuja; Editing by Greg Mahlich)' | 'reuters.com' | 'http://www.reuters.com/finance/deals' | 'http://www.reuters.com/article/etisalat-group-nigeria-regulators-idUSL8N1JV2IE' | '2017-07-04T16:18:00.000+03:00' |
| 32 | '3a7afaf883e617cae5208103e8e662109f661de8' | 'UK''s Hunting says U.S. shale boom helping business' | ' 7:55am BST UK''s Hunting says U.S. shale boom helping business Oilfield services company Hunting Plc ( HTG.L ) said on Tuesday its revenue for the first half was boosted by onshore drilling in the United States, particularly in shale oil regions such as the Permian basin in West Texas. The company, which provides drilling and infrastructure support to oil explorers, said it had recommissioned a previously mothballed facility and added personnel to its perforating systems unit to meet the increased demand. Hunting, however, said U.S. offshore and international drilling markets remained weak due to low oil prices, and that drilling budgets continued to be reduced by oil companies, hurting the prospects of oil services firms. U.S. oil drillers cut two rigs last week, the first time since January, to 756 and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut. Shale oil producers in the United States, however, plan to keep drilling new wells despite a drop in crude prices CLc1 this month but expect to revisit spending should pricing remain below $45 a barrel for several months. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/uk-hunting-shale-idUKKBN19P0NX' | '2017-07-04T09:55:00.000+03:00' |
| 33 | 'f39ca8c481a766cae6e1cdfbdf72828830be0e68' | 'Exclusive - Dropbox seeks to hire IPO underwriters: sources' | 'Business News - Sat Jul 1, 2017 - 3:39am BST Exclusive - Dropbox seeks to hire IPO underwriters: sources By Liana B. Baker and Lauren Hirsch Data-sharing business Dropbox Inc is seeking to hire underwriters for an that could come later this year, which would make it the biggest U.S. technology company to go public since Snap Inc ( SNAP.N ), people familiar with the matter said on Friday. The IPO will be a key test of Dropbox''s worth after it was valued at almost $10 billion in a in 2014. Dropbox will begin interviewing investment banks in the coming weeks, the sources said, asking not to be named because the deliberations are private. Dropbox declined to comment. Several big U.S. technology companies such as Uber Technologies Inc and Airbnb Inc have resisted going public in recent months, concerned that stock market investors, who focus more on profitability than do private investors, would assign lower valuations to them. Snap, owner of the popular messaging app Snapchat, was forced to lower its IPO valuation expectations earlier this year amid investor concern over its unproven business model. Its shares have since lingered just above the IPO price, with investors troubled by widening losses and missed analyst estimates. It has a market capitalisation of $21 billion. Still, for many private companies, there is increasing pressure to go pubic as investors look to cash out. Proceeds from technology IPOs slumped to $6.7 billion in2015 from $34 billion in 2014, and shrunk further to $2.9 billion in 2016, according to Thomson Reuters data. Dropbox''s main competitor, Box Inc ( BOX.N ), was valued at roughly $1.67 billion in its IPO in 2015, less than the $2.4 billion it had been valued at in previous s. San Francisco-based Dropbox, which was founded in 2007 by Massachusetts Institute of Technology graduates Drew Houston and Arash Ferdowsi, counts Sequoia Capital, T. Rowe Price and Greylock Partners as investors. Dropbox started as a free service for consumers to share and store photos, music and other large files. That business became commoditised though, as Alphabet Inc''s ( GOOGL.O ) Google, Microsoft Corp ( MSFT.O ) and Amazon.com Inc ( AMZN.O ) started offering storage for free. Dropbox has since pivoted to focus on winning business clients, and Houston, the company''s CEO, has said that Dropbox is on track to generate more than $1 billion in revenue this year. The company has expanded its Dropbox Business that requires companies to pay a fee based on the number of employees who use it. The service in January began offering Smart Sync, which allows users to see and access all of their files, whether stored in the cloud or on a local hard drive, from their desktop. (Additional reporting by Heather Somerville, Salvador Rodriguez and Stephen Nellis Leslie Adler and Stephen Coates)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-dropbox-ipo-exclusive-idUKKBN19M32W' | '2017-07-01T05:39:00.000+03:00' |
| 34 | '618b5932174264f5d0e56916335ad40c4c3a2560' | 'Bangladesh foreign exchange reserves hit record at end-June' | 'July 2, 2017 / 6:55 AM / 33 minutes ago Bangladesh foreign exchange reserves hit record at end-June 1 Min Read DHAKA (Reuters) - Bangladesh''s foreign exchange reserves hit a record $33.49 billion at the end of June, the central bank said on Sunday, up $1.24 million from the previous month. The reserves are sufficient to cover about 10 months'' worth of imports for the country of 160 million people, and are $3.45 billion higher than a year ago. Steady garment exports and remittances from Bangladeshis working overseas, the key drivers of the country''s more than $200 billion economy, have helped foreign exchange reserves grow steadily in recent years. Reporting by Ruma Paul' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'http://in.reuters.com/article/bangladesh-economy-reserves-idINKBN19N061' | '2017-07-02T09:52:00.000+03:00' |
| 35 | 'dad99287b0078348ad9a92cc340e849dbcac1cc6' | 'NordLB drops plans to sell shipping loans to KKR' | 'FRANKFURT German lender NordLB [NDLG.DE] has abandoned efforts to sell a 1.3 billion euro ($1.5 billion) portfolio of shipping loans to KKR ( KKR.N ), a spokesman for NordLB said on Monday.NordLB had said in April it hoped to complete a deal by the end of June, following about a year of negotiations.The failure to reach a deal is a blow to German banks trying to offload billions of euros in shipping loans as a sale of NordLB''s portfolio would have been seen as an indicator for interest in such types of debt.Other banks, including fellow state owned HSH Nordbank, have also had limited success in selling shipping loans in recent months.Earlier this year, financial sources told Reuters that KKR had already put the deal on the back burner, partly due to a lack of progress in talks over pricing for the assets.NordLB also said on Monday that a sale of individual ship loans was more profitable than a sale of portfolios.It added that even without the KKR deal it would meet its goal of reducing its shipping loan exposure to 12 to 14 billion euros by year-end, a year ahead of target.KKR declined to comment.NordLB remains in contact with KKR about potential cooperations, the public-sector bank said.(Reporting by Arno Schuetze, Alexander H<>bner and Jonathan Saul; Editing by Maria Sheahan)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/us-nordlb-shipping-kkr-idUSKBN19O1NE' | '2017-07-03T19:17:00.000+03:00' |
| 36 | 'fbd4dcab1e017ff55aeaf38a65bcc014d918b0d3' | 'BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock' | 'United States 13am EDT BRIEF-Delcath Systems says on June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock July 3 Delcath Systems Inc * Delcath Systems - On June 29, board authorized establishment of new series of preferred stock designated as Series A preferred stock, $0.01 par value Source text: [ bit.ly/2sEN30W ] * Toyota Motor North America reports U.S. sales for June 2017 and first half MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/brief-delcath-systems-says-on-june-29-bo-idUSFWN1JU0GS' | '2017-07-03T16:13:00.000+03:00' |
| 37 | '3f3f19f6dfabad71ce0bb79d65b7406bfccc8525' | 'Moscow, Beijing to inject additional $1 billion into Russia-China Investment Fund' | ' Moscow, Beijing to inject additional $1 billion into Russia-China Investment Fund MOSCOW Russian and Chinese sovereign wealth funds, the Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC), will inject an additional $1 billion (<28>773 million)into the capital of their joint fund, the Russia-China Investment Fund, RDIF said on Tuesday. RDIF added in a statement that another up to $2 billion could be provided by new investors which the fund did not name. In a separate statement, RDIF said it had agreed with China Development Bank to establish Russia-China Investment Cooperation Fund in yuan worth 68 billion yuan or $10 billion, for direct investments in national currencies both in Russia and China. (Reporting by Katya Golubkova; Editing by Dmitry Solovyov)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-russia-china-funds-idUKKBN19P1QF' | '2017-07-04T16:43:00.000+03:00' |
| 38 | 'bec92093eb9af43e30cd1e5c5cc4f7c5d4c2db7b' | 'Germany''s VTG buys NACCO for around 780 million euros to expand fleet' | 'Business News - Sat Jul 1, 2017 - 10:30am BST Germany''s VTG buys NACCO for around 780 million euros to expand fleet FRANKFURT Germany''s VTG ( VT9G.DE ) said on Saturday it had agreed to buy NACCO Group, Europe''s fourth-largest private rail car rental company, from U.S.-based financial holding company CIT Group ( CIT.N ), for around 780 million euros (676 million pounds) to grow its fleet. The deal to buy Paris-based NACCO will add 14,000 freight cars to VTG''s fleet of more than 80,000 rail cars and expand its footprint in Europe, VTG said in a statement on Saturday. In addition to the purchase price, VTG said it would reimburse financial holding company CIT Group for up to 140 million euros ($159.89 million) that NACCO plans to invest in rail cars this year. VTG said it would finance the acquisition via a senior loan of up to 500 million euros, a privately placed hybrid bond of around 300 million euros and the assumption of around 120 million euros of debt. It said it would refinance the hybrid bond via the capital market, possibly via a rights issue. Depending on the investments NACCO makes this year, the purchase will add around 120 million euros to annual sales in 2018 and around 100 million euros to earnings before interest, tax, depreciation and amortisation (EBITDA), before transaction and integration costs and including synergies, VTG said. CIT said in a separate statement that NACCO was its last remaining ongoing business outside North America. The sale of NACCO does not affect its rail business in the United States, Canada or Mexico, CIT said. ($1 = 0.8756 euros)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-vtg-ag-acquisition-idUKKBN19M3A4' | '2017-07-01T12:30:00.000+03:00' |
| 39 | '313d856446325739ba8acc62f43d5810bca60dc8' | 'Forget austerity, here<72>s who is to blame for your empty pockets - Patrick Collinson' | 'It<49>s less to do with government cuts and more to do with profiteering by private companies View more sharing options Close Saturday 1 July 2017 07.00 BST T he mood of the country, we are told, is turning against years of government-imposed austerity. We are fed up with being squeezed by spending cuts; we are rebelling against 1% pay caps <20> and we are absolutely right to do so. But the real reason the average household feels so badly off is less to do with government cuts and more to do with profiteering by private companies. Research this week by Santander blows the whistle on the ever-growing portion of our monthly pay that goes on largely unavoidable household bills. It looked at bills for gas, electricity, water, TV, phone and so on <20> and found they have escalated in price far, far ahead of average wage rises. Since 2006, average pay packets in Britain have gone up by 19% in pounds and pence terms (in other words, not adjusting for inflation). Meanwhile, the average gas bill has gone up 73%, electricity 72%, and water 41%. SSE boss gets 72% pay rise weeks after arguing against cap on bills Read more These are extraordinarily large real rises, and all the grimmer for families and pensioners on very tight budgets. These are the bills that simply have to be paid, leaving families with harsh choices about what to cut elsewhere. For those on average incomes, it means the axe falls on the nicer things in life, such as the annual holiday or the occasional meal out. At the bottom of the income scale, already suffering from cuts to welfare benefits, the <20>choice<63> is not between an iPhone 5 or 6, but between shivering or eating. At the top of the utility companies the view is very different. Just weeks after arguing against consumers having their bills capped to save them <20>100 a year, the boss of one utility, SSE, was given a 72% pay rise to <20>2.92m after this <20>robust performance<63>. The reward comes after years of bumper dividend payouts which have doubled from 32.7p a share 10 years ago to 62.5p most recently. The water companies have also been fabulous performers <20> for the stock market, not you. As a study by the University of Greenwich found last month, consumers are paying around <20>2.3bn more a year in water and sewerage bills to the privatised companies than if they had remained in state ownership. It found they have invested no significant new shareholder equity, but have managed to extract nearly all of their post-tax profit as dividends. The report calculated that every household is worse off by around <20>100 a year as a result. The Santander research into household costs found that it wasn<73>t just the energy and water companies stiffing us with rising bills. Council tax has risen by 27% since 2006, while TV, phone and broadband prices are up 24%. Every bill that Santander looked at had risen faster than wages. What<61>s more, its research didn<64>t include the biggest bill for most young adults <20> the rent. These are extraordinarily large real rises, and all the grimmer for families and pensioners on very tight budgets Is the rise in bills a failure of privatisation? Mostly. But it<69>s also a failure of the sector regulators who are immersed in the neoliberal consensus that private markets and competition always provide the best outcomes for consumers. They can <20> but very often do not. In my column last week I asked why Britain<69>s smart meter rollout was costing <20>11bn and France<63>s just <20>4bn. One industry insider contacted me to say that it was partly because France<63>s <20>Linky<6B> programme is for electricity meters only, whereas the UK<55>s is both electricity and gas. But it<69>s also because France does not have competition among utility providers, and we do. Here, each supplier has to install smart meters only for their own customers, which means they can<61>t just go <20>street to street<65> <20> they have to contact individual customers wherever they live, agree for them to allow access and organise engineers around that. The result is that we will be wasting billions in duplicated activity, with the bill passed on to consumers to satisfy the rules on <20>competition<6F> <20> and also ensuring shareholders continue to receive those dividends. Topics ' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/money/blog/2017/jul/01/forget-austerity-government-cuts-profiteering-private-companies' | '2017-07-01T03:00:00.000+03:00' |
| 40 | '60e6d2b74c67038fac458f64c7478e6c91cde940' | 'Spain''s Popular seeks partners for 30 billion euro bad debt portfolio' | 'Deals - Sat Jul 1, 2017 - 11:22am BST Spain''s Popular seeks partners for 30 billion euro bad debt portfolio People walk past a Banco Popular branch in Madrid, Spain, June 6, 2017. REUTERS/Juan Medina - RTX399G8 BARCELONA Spain''s Banco Popular will start looking for partners to buy some 30 billion euros ($34.29 billion) in repossessed assets and non-performing real estate loans as it strives to bolster its books following last month''s takeover by Santander ( SAN.MC ), it said late on Friday. Struggling under the weight of risky property assets, Popular was taken over by Spain''s largest bank for the symbolic price of one euro after European authorities stepped in to prevent its collapse. Following a review of the banks assets, the new chair of the board of directors Rodrigo Echenique said in a statement that Popular would seek partners for assets with a total gross book value of about 30 billion euros. He also announced plans to replace board members of companies in which Popular holds stakes. Meanwhile, Popular said it would buy back 51 percent of Aliseda Servicios, which carries out real estate servicing, from the funds Varde Partners and Kennedy Wilson by the third quarter of 2017. The agreed price for the stake was 180 million euros and will entail a capital consumption for Banco Popular of 302 million euros, the bank said. Morgan Stanley will advise Popular as new owner Santander attempts to meet its declared goal of reducing the volume of bad assets by half in 18 months and completely in three years. Popular said earlier on Friday that normal business operations have been restored in branches and other customer contact centers following last month''s takeover. (Reporting by Sam Edwards; Editing by Helen Popper)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/us-banco-popular-es-m-a-idUKKBN19M3BV' | '2017-07-01T13:05:00.000+03:00' |
| 41 | 'cd31e5cfec1cc799daa2ab217b760ef8207305fe' | 'VW recalls 385,000 cars in Germany for brake system update' | 'Autos 18am EDT VW recalls 385,000 cars in Germany for brake system update A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song FRANKFURT Volkswagen ( VOWG_p.DE ) is recalling 385,000 cars in Germany for a software update to their anti-lock brake systems, news agency DPA reported, citing a spokesman for the automaker. Volkswagen''s VW, Audi and Skoda brands were affected, it said. According to DPA, the braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes. Volkswagen had no immediate comment. (Reporting by Andreas Cremer; writing by Maria Sheahan; editing by Jason Neely)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews' | 'http://www.reuters.com/article/us-volkswagen-recall-idUSKBN19M3KV' | '2017-07-01T18:18:00.000+03:00' |
| 42 | '98aa99ebebbe03a9914a34430ad892dc6a9c9738' | 'Horror stories told by central bankers will not end in an interest rate shock' | 'W herever investors looked last week, the picture was rosy. The eurozone, for so long the laggard in the global growth league, could be seen zipping along following first-quarter GDP growth that hit 0.6%.German business confidence hit a record high, and France and Italy finally joined the party with higher than expected output. In the US, official estimates upgraded growth for the first quarter to an annualised 1.4% from an initial estimate of 0.7%. Even Japan, the standard-bearer for more than 20 years of economic stagnation, is due to exceed expectations this year as exports soar.The post-crash years of political upheaval and the threat of nations going bankrupt are long gone. The upbeat global outlook prompted central bankers to allow talk of a subject that has always caused turmoil on global markets whenever it is mentioned, namely higher interest rates. Last week was no exception.When Bank of England governor Mark Carney discussed how business investment, productivity and wages would soon begin to rise, the pound jumped past $1.30. Investors, interpreting Carney as a not-so-secret hawk who would gladly increase the cost of credit, bought the pound in droves, pushing up its value against the dollar.Mario Draghi, the boss of the European Central Bank , spoke in a similar vein. He considered the day when the ECB might begin to withdraw some of the monetary stimulus that has done so much to keep the single currency and its member states afloat.The governor of the Bank of Canada joined the frenzy of hawkish comments in an interview that had him saying low rates had <20>done their job<6F>.Federal Reserve chair Janet Yellen, in London for a speech at the Royal Academy, pledged the US central bank to raising rates in accordance with its stated policy, despite some forecasts showing that recent growth upgrades could prove to be a false dawn.Bond dealers listened to all these comments and went into meltdown. Could it be, they asked, that the years of cheap and plentiful central bank funds were coming to an end? Within minutes a bond sell-off was in full swing.Fortunately, a more considered position eventually held sway and the markets settled down. A closer look at Carney, Draghi and Yellen<65>s comments showed that little had changed.Britain is still in the grip of uncertainty <20> political and economic <20> as the early skirmishes in a two-year battle over Brexit have clearly shown. Carney<65>s almost academic discussion of when rates could rise was heavily caveated with doom about Brexit and its potential for harm. Draghi was essentially restating his existing position and Yellen was doing the same.To emphasise the point, Japan<61>s central bank governor, Haruhiko Kuroda, said he would maintain Tokyo<79>s loose monetary policy and low interest rates for the foreseeable future.And a look at the economic data shows there is a more mixed picture than the bald GDP numbers would have investors believe. As one leading economic consultancy said, as the stock- and bond-market gyrations eased, rising inflation and sluggish wage growth, among other things, means that UK growth is expected to deteriorate this year. <20>As with Draghi<68>s comments, we think investors have misinterpreted Carney<65>s message, and a rate hike this year is not the most likely outcome.<2E>Meanwhile a GfK survey of UK consumer confidence fell to within touching distance of its post-referendum low, as households face a squeeze on their real incomes.Essentially, Europe still has its problems, as the Italian bank bailouts last week illustrated. The Nordic countries have high household debt ratios and the French are only at base camp in the long climb to economic credibility. These are not overheating economies that need cooling with interest rate rises. They are economies bedevilled by the legacies of the last crisis, many of which still need to be dealt with.End of the line for heads-I-win-tails-you-lose rail franchising Whatever the fate of the east coast rail franchise, Virgin Trains has at least shown some staying power. On a line that promised easy pickings, first GNER and then National Express each lasted only 18 months before announcing they couldn<64>t make it work. The present incumbent has managed two years before confirming it would be seeking some form of bailout , demanding that the Department for Transport renegotiate with preferential terms for the Stagecoach-Virgin partnership.The east coast line was reprivatised in 2015 after more than five years in the public sector. It had returned more than <20>1bn in premiums to the Treasury, with dividends on top <20> a figure that Stagecoach confidently asserted it would trump. It may still do so. But the bulk of the promised <20>3.3bn was due towards the end of the eight-year franchise <20> and it is already balking.What has reprivatisation brought? Some investment in customer service: <20>21m spent on train interiors and ticketing innovations. But Virgin wasted no time in making passengers pay even more: its stealth rises alone doubled the average rail fare increase across Britain in 2016.Rail franchising has teetered on the brink since the fiasco that saw Virgin and Stagecoach being left to run the other London to Scotland mainline, west coast, in 2012. Genuine competition on UK railways has been the exception ever since the network was privatised.Now there is the unedifying prospect of the government funnelling more money into the pockets of two of Britain<69>s richest men, Brian Souter and Richard Branson, who have made a fortune in dividends since privatisation. The DfT must not perpetuate the scandal of heads-I-win-tails-you-lose franchising, where business wants the taxpayer <20> and fare-paying passenger <20> to underwrite its losses.The government should not expend energy and money trying to bail out another private firm. Rather, it should call its bluff, harness the public mood, and nationalise east coast now.Doing the maths matters, even at miserably low interest Andy Haldane, chief economist of the Bank of England , made an interesting observation last week. <20>For whatever reason,<2C> he said, <20>there is far less of a social stigma attached to failings in maths than there is to reading and writing. It<49>s socially acceptable not to have a head for figures, not to have a maths brain.<2E>Haldane was speaking in his role as trustee of charity National Numeracy , and he is quite right. Indeed, it can be a badge of honour to admit that a working out a percentage is too hard. Haldane, however, demonstrated his own prowess by calculating that <20>8,400 of savings at a 2.5% rate of interest would generate <20>210 in the first year. That was a hypothetical example, obviously, given that data from Moneyfacts shows a third of savings accounts now earn less than the 0.25% base rate. Even so, Haldane should keep banging on about numeracy.Topics Interest rates Business leader Economics Bank of England European Central Bank Virgin Trains Rail industry comment' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/business/2017/jul/02/horror-stories-of-central-bankers-have-no-interest-rate-shock' | '2017-07-02T03:00:00.000+03:00' |
| 43 | 'a82aeec31c0c2510c0ab55069234e77c8a79cc3c' | 'Nikkei turns negative after report N.Korea to make major announcement' | ' 11am EDT Nikkei turns negative after report N.Korea to make major announcement TOKYO, July 4 Japan''s Nikkei share average turned negative in early afternoon trade on Tuesday, after market sentiment soured on a report North Korea would make a major announcement later in the day. South Korea''s Yonhap news agency reported that North Korea said it would make a major announcement at 3:30 p.m. (0630 GMT) on Tuesday. Earlier in the day, North Korea test-launched an intermediate-range ballistic missile into the sea off its east coast, South Korean and U.S. officials said. The Nikkei dropped 0.1 percent to 20,041.97 at 0459 GMT, moving away from an intraday high of 20,197.16 reached in the morning. The broader Topix also shed 0.2 percent to 1,610.54. (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/japan-stocks-afternoon-idUSL3N1JV270' | '2017-07-04T08:11:00.000+03:00' |
| 44 | '2d46c61ec2cfe71fd0cf7ab109700ab4d559f8b4' | 'Trouble in the Dales as holiday homes become the new buy-to-let' | 'B ainbridge is one of the prettiest villages in the Yorkshire Dales, with its wide open village green, ancient stocks and shady trees. But it is also at the heart of what many expect to be the next boom in property investment, as speculators deterred from traditional buy-to-let by new taxes and lending criteria pour into holiday lets instead.Since April buy-to-let investors have faced new taxes on their rental revenue, while at the same time the Bank of England has enforced stricter lending requirements on the banks issuing the loans <20> with the result that buy-to-let lending is down by half this year.Now investors are turning to furnished holiday lets, which enjoy an abundance of tax benefits that no longer apply to traditional buy-to-let. The companies promoting holiday lets as an investment say that while Cornwall and Devon remain firm favourites, the best value is to be found in the Yorkshire Dales, in Wensleydale villages such as Bainbridge, Askrigg and Hawes.The tax treatment of furnished holiday lets is startlingly generous. If you buy a property and let it out for holiday use, you can still set your full mortgage interest repayments against tax, unlike under the rules that have hit buy-to-let. You can also kit out the cottage to a luxury standard and deduct the entire cost from your pre-tax profits. A major tax loophole means you also don<6F>t have to pay council tax on the property, and can almost certainly avoid local business rates. You can even run the income into your pension and obtain tax relief. And when you come to sell it you can qualify for a whole range of reliefs that mean any capital gains tax is minimised. About the only tax barrier for investors is the 3% additional stamp duty that applies to any second home purchase.Alistair Malins runs Second Estates, which promotes holiday lets as an investment. <20>It<49>s very buoyant at the moment. A lot of attention has moved away from buy-to-let because of the tax changes, with people investing in holiday lets as an alternative. People who have in the past invested in city centre flats for buy-to-let are also finding that prices have plateaued and are now looking at places further afield, particularly in areas where there is limited stock and prices are resilient. The fall in the pound has also helped as it is encouraging people to go on holiday in the UK.<2E>He points to Newquay in Cornwall where he has let a three-bed holiday home close to the beach for <20>1,900 a week across the entire peak summer period. <20>We<57>re currently looking at properties where the gross yield is around 12%,<2C> he says. But unlike standard buy-to-lets, holiday homes also come with high costs, as they have to be managed for regular visitors. Malins<6E> rule of thumb is that as much as half the annual income can be swallowed up with costs, but that still leaves investors earning about 6% a year <20> far more than most other property investments.Facebook Twitter Pinterest Councilllor for Bainbridge Yvonne Peacock<63>In Cornwall you get very high peak prices in summer, but it trails off a lot in winter. In the Yorkshire Dales we find that properties get booked up all year round. There are still some pockets of value in south-west England, but you get fantastic value in places such as Hawes and Askrigg.<2E>But the view from Bainbridge, almost equidistant between those villages, is rather different. Yvonne Peacock is from a family of Bainbridge farmers and is the local councillor and leader of Richmondshire district council. She says that 4,000 out of the 20,000 properties in the Yorkshire Dales are second homes. <20>This is a big problem for us. People who want to live here and work here can<61>t afford to buy a home. And the level of rents are also so high that our young people can<61>t even afford to rent.<2E>But while investors are driving up property prices, she draws a distinction between holiday lets and second homes. <20>Holiday cottages are important for business as they bring tourists in. But second homes are left empty for much of the year and don<6F>t bring any benefit.<2E>Peacock is closely watching developments in St Ives, Cornwall,regarded as the frontline in the battle over second homes . Following a poll supported by 83% of local residents, St Ives banned outsiders from buying newly built homes in the area. A legal challenge by property developers was fought off, and several other Cornish villages are now seeking to impose similar bans.At Second Estates, Malins says: <20>The number of second homes in the UK is just 1% of the overall housing stock. There are certain areas such as St Ives which are putting limits on new homes sold to second home buyers <20> and that<61>s entirely fair. What we are doing is making sure that our properties are filled with holidaymakers and therefore they have a positive impact on local businesses and jobs.<2E>Mortgage brokers say that the take-up of loans for holiday lets is increasing fast, albeit from a low base. Interest rates charged are also generally higher than on standard buy-to-let loans.Leeds building society is the biggest lender in the holiday let market. It says: <20>Since we launched our holiday let range in July 2013 we have seen a year-on-year increase in demand. Rental yields can be significantly higher when compared with buy-to-let, but location is very important, the cost to purchase may be high and there are some additional costs that you wouldn<64>t get with a buy-to-let <20> for example, a weekly cleaner, loo rolls and, potentially, managing agents<74> fees.<2E>Leeds charges 2.59% interest on its two-year fixed holiday let mortgage, rising to 3.3% on its five-year deal, plus a <20>999 product fee. That compares with the 1.54% for the current lowest rates on buy-to-let two-year fixes, and 2.29% on five-year deals.Anyone buying a holiday let also has to put down a hefty deposit of at least 30% of the purchase value of the home. Leeds will also want proof that the holiday rental income will be equal to at least 140% of the interest payable on the mortgage, and you will have to prove that you can afford the loan even if the interest rate rises to 5.5%.Facebook Twitter Pinterest St Ives, in Cornwall, has become the frontline in the battle over second homes. Photograph: Matt Cardy/Getty ImagesIf someone was to take out a <20>200,000 holiday home loan from Leeds BS, its criteria suggest that the borrower would have to achieve an annual rental income of more than <20>15,000 a year to have any chance of obtaining a loan.David Hollingworth of mortgage broker London & Country says other lenders granting holiday let loans include Principality building society, which has rates starting at 2.2%, Furness building society and Monmouthshire.Most buy-to-let lenders won<6F>t consider holiday lets, he says, because they require that the property is let on an assured shorthold tenancy of between six and 12 months, which clearly doesn<73>t work for holiday lets. He adds that lenders will also want to ensure that the home is a standard property, so will not consider those in holiday parks.<2E>We<57>ve seen quite a big increase in holiday home mortgages, but from a low level,<2C> says Ray Boulger of broker John Charcol. <20>The financial situation has changed significantly in favour of this type of property in the past year, and if you are prepared to put in the extra work it requires, then holiday lets are clearly more attractive than buy-to-lets.<2E>To qualify for all the tax advantages, holiday home owners must follow a number of rules. HM Revenue & Customs says the property must be available for letting for at least 210 days in the year, and be let for at least 105 days. But unlike conventional buy-to-lets, an investor in a holiday home can also use it for their own holidays for as much as 20 weeks a year.Leaping through tax loopholes A legal loophole means that holiday home owners avoid paying both council tax and business rates, depriving local authorities of much-needed cash.A furnished holiday home let for at least 140 days a year is regarded as a business, so there is no council tax to pay. But owners are also entitled to 100% relief on business rates if the property has a rateable value of less than <20>12,000. Consultants Colliers International analysed the potential rate bill of 7,300 holiday homes in Cornwall and found that more than 7,150 of those second home owners had properties with a rateable value of less than <20>12,000, so were paying no business rates.Colliers calculates that the loophole means holiday home owners are subsidised in Cornwall alone by about <20>13.2m (if they were forced to pay business rates) or <20>14.6m (if they were required to pay council tax).John Webber, head of rating at Colliers, said: <20>It<49>s a scandal that those who have holiday homes and rent them out are able to take advantage of the small business rates relief and so pay less tax, putting the burden of the rates bill on to other businesses who are struggling to pay their bills.<2E>We do not criticise second home owners who take advantage of this tax break <20> that could be considered sensible tax planning. But we do criticise that the government has allowed this situation to happen and has ignored the rating industry<72>s calls for root-and-branch reform of the business rates system.<2E>Topics Property Buying to let Yorkshire Investments features' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/money/2017/jul/01/holiday-homes-new-buy-to-let-property-investors' | '2017-07-01T03:00:00.000+03:00' |
| 45 | '4faf20813e5774cd31cd701090dd818a514f4260' | 'Exclusive: Five companies eye Brazil''s Cemig Telecom, sources say' | 'Deals - Fri Jun 30, 2017 - 3:28pm EDT Exclusive: Five companies eye Brazil''s Cemig Telecom, sources say By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Brazil''s No. 1 wireless carrier Telef<65>nica Brasil SA ( VIVT4.SA ) and fiber-optic service provider Globenet Inc are among at least five industry players looking at the fiber-optic arm of Cia Energ<72>tica de Minas Gerais SA ( CMIG4.SA ), which put the unit on the block to cut debt, three people with direct knowledge of the process said. Other companies looking at assets of Cemig Telecom, whose fiber optic network stretches 9,500 km (5,900 miles) across five Brazilian states, are Vogel Solu<6C><75>es SA, Algar Telecom SA and infrastructure funds managed by UBS AG ( UBSG.S ), the people said. The sale could close as early as October, two of the sources said. Parent company Cemig has hired the investment banking unit of Banco Bradesco SA ( BBDC4.SA ) to conduct the auction, the people said. The sources, who requested anonymity because the process remains private, did not give an estimate for the value of Cemig Telecom. The sale is part of parent Cemig''s plan to divest 6.5 billion reais ($2 billion) in assets and refinance 4.8 billion reais of debt by year-end. The potential bidders and Cemig had no immediate comment. Bradesco declined to comment. For a year, Cemig has struggled to decide what assets to sell, underscoring the difficulties of downsizing after growing rapidly. Some of the conglomerate''s acquisitions over the past decade, ranging from gas distribution to information technology, have underperformed. LOOMING DEBT Cemig''s preferred shares reversed early gains, shedding 0.4 percent to 8.06 reais on Friday, paring back year-to-date gains to about 7.4 percent. The power utility, Brazil''s third-largest, is controlled by the state of Minas Gerais. Reuters first reported discussions about selling Cemig Telecom in December. Cemig''s outstanding bank loans and other obligations have tripled to 13 billion reais since 2012, when a federal government decision to renegotiate power contracts depressed the value of electricity assets and hampered returns. Eighty percent of Cemig''s debt comes due by 2019. Buying Cemig Telecom could provide a fiber-optic service company with a foothold in one of the world''s most populous countries and negotiate better fees with large users, the people said. Telef<65>nica Brasil and other carriers have doubled down bets on fiber optic players in recent years as demand for data packages surged. (Editing by Lisa Von Ahn and Richard Chang) ' | 'reuters.com' | 'http://www.reuters.com/finance/deals' | 'http://www.reuters.com/article/us-cemig-divestiture-cemig-telecomunica-idUSKBN19L2Q0' | '2017-06-30T23:28:00.000+03:00' |
| 46 | 'f73f42bd030effe8888c6d4ee1953e47cabc71bb' | 'Germany''s Aldi to invest 5 billion euros in stores - Bild am Sonntag' | 'Business News - Sun Jul 2, 2017 - 11:54am BST Germany''s Aldi to invest 5 billion euros in stores - Bild am Sonntag FRANKFURT German discount grocery chain Aldi North is planning to spend more than 5 billion euros (4.39 billion pounds) to revamp its stores around the world, which would be its biggest investment project ever, German weekly Bild am Sonntag reported, citing company sources. Aldi and its German discounter rival Lidl have become giants in European retail, upending Britain''s grocery retail market, and are challenging U.S. retailers as well. Aldi North''s sister chain Aldi South announced plans last month to invest $3.4 billion to expand its U.S. store base to 2,500 by 2022, raising the stakes for rivals caught in a price war. Bild am Sonntag said on Sunday that Aldi North planned to finance its multi-billion-euro investment from existing cash rather than by taking on debt. But the paper said the project still needed the approval of one of the three foundations that control the company, which has been the subject of a family feud. Aldi North was not immediately available for comment. German brothers Karl and Theodor Albrecht pioneered the discount store concept, setting up two sister businesses serving north and south Germany in 1962 and then expanding to much of Europe as well as the United States and Australia. Theodor had placed control of Aldi North in the hands of three foundations, all of which must approve any strategic decisions. Aldi North most recently said it had just over 4,800 stores in Europe, in addition to more than 460 more upmarket Trader Joe''s stores it operates in the United States. (Reporting by Maria Sheahan; Editing by Elaine Hardcastle)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-aldi-strategy-idUKKBN19N0DW' | '2017-07-02T13:54:00.000+03:00' |
| 47 | 'f034d61615afc11d8b9e6f41ad188002b0e6655f' | 'Stada CEO, CFO resign with immediate effect' | 'FRANKFURT German generic drugmaker Stada ( STAGn.DE ) said on Tuesday both its chief executive and its finance chief had resigned from their posts with immediate effect, ahead of a possible fresh takeover bid by buyout groups Bain Capital and Cinven.Chief Executive Matthias Wiedenfels will be replaced by former Boehringer Ingelheim board member Engelbert Tjeenk Willink and CFO Helmut Kraft by Bernhard Duettmann, formerly finance chief at Beiersdorf ( BEIG.DE ) and then Lanxess ( LXSG.DE ).Both managers are appointed until the end of 2017, Stada said in a statement.(Reporting by Maria Sheahan; Editing by Victoria Bryan)' | 'reuters.com' | 'http://www.reuters.com/finance/deals' | 'http://www.reuters.com/article/us-stada-arzneimitt-m-a-ceo-idUSKBN19P1EJ' | '2017-07-04T15:40:00.000+03:00' |
| 48 | 'b33d457bc6a6227f56e03da9d92a49b9772fef64' | 'Spain''s Popular seeks partners for 30 billion euro bad debt portfolio' | 'Banks - Sat Jul 1, 2017 - 11:05am BST Spain''s Popular seeks partners for 30 billion euro bad debt portfolio FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo BARCELONA Spain''s Banco Popular will start looking for partners to buy some 30 billion euros (26.31 billion pounds) in repossessed assets and non-performing real estate loans as it strives to bolster its books following last month''s takeover by Santander ( SAN.MC ), it said late on Friday. Struggling under the weight of risky property assets, Popular was taken over by Spain''s largest bank for the symbolic price of one euro after European authorities stepped in to prevent its collapse. Following a review of the banks assets, the new chair of the board of directors Rodrigo Echenique said in a statement that Popular would seek partners for assets with a total gross book value of about 30 billion euros. He also announced plans to replace board members of companies in which Popular holds stakes. Meanwhile, Popular said it would buy back 51 percent of Aliseda Servicios, which carries out real estate servicing, from the funds Varde Partners and Kennedy Wilson by the third quarter of 2017. The agreed price for the stake was 180 million euros and will entail a capital consumption for Banco Popular of 302 million euros, the bank said. Morgan Stanley will advise Popular as new owner Santander attempts to meet its declared goal of reducing the volume of bad assets by half in 18 months and completely in three years. Popular said earlier on Friday that normal business operations have been restored in branches and other customer contact centres following last month''s takeover. (Reporting by Sam Edwards; Editing by Helen Popper)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'http://uk.reuters.com/article/uk-banco-popular-es-m-a-idUKKBN19M3BG' | '2017-07-01T13:05:00.000+03:00' |
| 49 | '578050784bc15a28acdbe21aa7b32a15b648a166' | 'BRIEF-Trinseo says co''s unit partnered with Advanc3d Materials' | ' 16am EDT BRIEF-Trinseo says co''s unit partnered with Advanc3d Materials July 3 Trinseo SA: * Trinseo SA - co''s consumer essential markets business unit partnered with Advanc3d Materials * Trinseo SA - partnered with Advanc3d to produce filament made of Trinseo resins Source text for Eikon: * Toyota Motor North America reports U.S. sales for June 2017 and first half MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/brief-trinseo-says-cos-unit-partnered-wi-idUSFWN1JU0H6' | '2017-07-03T16:16:00.000+03:00' |
| 50 | '304778d2c7796fcd3102a58f34e7100158ac24bd' | 'Volkswagen recalls 385,000 cars in Germany for brake system update' | 'Sat Jul 1, 2017 - 4:18pm BST VW recalls 385,000 cars in Germany for brake system update A man uses phone under a Volkswagen logo at the Shanghai Auto Show, in Shanghai, China April 20, 2017. REUTERS/Aly Song FRANKFURT Volkswagen ( VOWG_p.DE ) is recalling 385,000 cars in Germany for a software update to their anti-lock brake systems, news agency DPA reported, citing a spokesman for the automaker. Volkswagen''s VW, Audi and Skoda brands were affected, it said. According to DPA, the braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes. Volkswagen had no immediate comment. (Reporting by Andreas Cremer; writing by Maria Sheahan; editing by Jason Neely)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'http://uk.reuters.com/article/us-volkswagen-recall-idUKKBN19M3KV' | '2017-07-01T18:17:00.000+03:00' |
| 51 | '187dc8359889f1fea65e749d1b6250f8ef339c38' | 'Cath Kidston: <20>I''m not someone who wants to be famous'' - Guardian Small Business Network' | 'Had you always wanted to start a business? Totally, I was one of those kids who played shop from as young as I can remember. I was always making a stall in the garden, or trying to sell my mum<75>s grocery cupboard back to her. I started my first business, a design company, with a friend when I was 28. But I didn<64>t open the first Cath Kidston store until I was 34. Before that, I<>d worked in shops and galleries.I had no confidence when I was young; fear held me back for a long time. I was always very creative and thought: <20>If you<6F>re creative, you<6F>re probably not a business brain<69>. But that<61>s such a myth.Who inspired you? When I left school my parents were very unambitious for me. They thought I<>d go to London, work somewhere and then probably marry somebody <20> that<61>s the way it was in the 1970s.But I had a lovely cousin, Belinda Bellville, who was a dress designer. She was very talented and had a cool company called Bellville Sassoon. She was, in a sense, a role model. I used to go and stay with her and watch her go out to work. She was fun, creative and interested in everything. And, when I came to work in London, Belinda was very supportive. She was someone I could aspire to be like.Not on the High Street co-founder: <20>I got an E in A-level business<73> Read moreBut the big turning point came when I got a job working for a decorator called Nicky Haslam . He was just a brilliant, supportive character. He allowed me to do so much stuff, when I hadn<64>t a clue. He is the person I<>m most grateful to, because he gave me some confidence. I needed that, otherwise I would never have started.You<6F>ve spoken publicly about your dyslexia before, did that play a part in your business? For a long time I didn<64>t know I was dyslexic. My mum didn<64>t tell me until I was 24, she said: <20>I didn<64>t want you to think you were odd<64>. I<>d come from a different generation. Now I get contacted by kids who explain their form of dyslexia to me, and often I think: <20>Oh, that<61>s me, I never knew that was dyslexia<69>.At school, I could always manage subjects that I could visualise. In maths, for example, I could visualise fractions but I found algebra complicated because I couldn<64>t understand the purpose of it. When branding a creative business, it<69>s a real advantage to keep one<6E>s eye on the bigger vision. I find the bigger picture exciting and the very small detail exciting, it<69>s the middle bit I struggle with. If you are dyslexic, I think finding the right people to work with is important. I always had a good accountant and I needed people to organise the ideas.What<61>s been your proudest moment? When I started Cath Kidston vintage wasn<73>t fashionable, so my business was out of synch. For five years I ran the interior design business alongside Cath Kidston. That paid all the bills and subsidised my shop. It was a struggle doing both, but there were people whose style and taste I really rated who were supportive of the Cath Kidston brand. I thought: <20>I<93>ve got to hold on to this and hope that the timing [for vintage style] comes through<67>. Then, one day, I was reading the paper and something was described as being <20>very Cath Kidston<6F>. That was surreal, and such a big moment to think: <20>OK, it<69>s something that<61>s defined<65>.I had a very clear understanding that once I<>d sold my business, I<>d sold my nameWhat<61>s it like having a business named after you, particularly when you<6F>re no longer the boss [Kidston remains a shareholder , but no longer has a role in the business]?When I started the business, I never knew it would grow, or I would never have called it Cath Kidston. I<>m not someone who wants to be famous, for me, it<69>s slightly embarrassing. It was before the internet [was widespread] and people looked you up in the phone book, so I used my name because that was linked to my interior design work. But I had a very clear understanding that once I<>d sold my business, I<>d sold my name.Is there anything you<6F>d do differently? I would have been braver younger. It took me a long time to step away from a job and the safety and security of a regular income. There are many more things I<>d like to do in the future and it<69>s a case of fitting everything in.Actually, I quite fancy doing another small business where I can get my hands dirty <20> if I were to start something, it would be in design. I<>m beginning to get itchy now. I miss the routine of work, the office banter, the people <20> it was just such a joy.Do you get lots of requests for advice now? A lot and I like trying to help if I can. I take on about three or four small businesses at a time. Otherwise, I try to do things like today [Kidston was speaking at an event for The Budding Entrepreneur Club ].For me, it<69>s all about the passion for an idea. I do find a lot of people are just excited to try to make a lot of money. If you<6F>re going to do that, you<6F>re likely to be disappointed. When I set out with Cath Kidston, I remember thinking: <20>I will have really done well if I<>m earning <20>30,000 a year<61>, which back in 1992 was quite a lot. So I wanted to earn enough not to be fearful about cash, but my actual goal was to do something original and feel proud of that idea growing.Cath Kidston spoke at an event organised by The Budding Entrepreneur Club .Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Accessing expertise Small business Entrepreneurs Design Home improvements features' | 'theguardian.com' | 'http://www.theguardian.com/business/rss' | 'https://www.theguardian.com/small-business-network/2017/jul/04/cath-kidston-design-business-new-venture' | '2017-07-04T14:00:00.000+03:00' |
| 52 | 'd6c12bad85f1d99155b8debe3a495fca8be0bca4' | 'EMERGING MARKETS-Brazil stocks up as oil lifts Petrobras; political woes linger' | 'Market News - Fri Jun 30, 2017 - 7:37pm EDT EMERGING MARKETS-Brazil stocks up as oil lifts Petrobras; political woes linger (Updates with final prices, Mexican details) SAO PAULO, June 30 Brazilian stocks rose on Friday as shares of state-controlled oil company Petr<74>leo Brasileiro SA followed crude prices higher, though caution due to the country''s political crisis lingered. Mexico''s peso slipped 0.41 percent against the dollar, but posted its second quarterly gain in a row after hitting a record low in January on fears that U.S. President Donald Trump''s protectionist rhetoric could hurt the country''s economy. Those fears have since abated thanks to a more conciliatory tone from U.S. officials, but Trump''s vow to renegotiate or ditch the North American Free Trade Agreement continues to generate uncertainty for the outlook on the Mexican economy. Crude futures rose for a seventh straight session, in their longest bull run since April. Shares of Petrobras rose 1.56 percent, lifting the Bovespa stock index 1 percent. Shares of sewage and water utility Cia de Saneamento B<>sico do Estado de S<>o Paulo SA advanced 2.76 percent after regulators allowed a higher-than-expected increase in tariffs charged by peer Copasa, fueling optimism over the sector. Shares of Cia de Saneamento de Minas Gerais, as Copasa is formally known, jumped 3.36 percent. Still, traders remained fearful of further delays in the implementation of President Michel Temer''s agenda of structural reform amid mounting corruption scandals. The Brazilian real dipped 0.15 percent, weighed down by political concerns that drove its biggest quarterly loss in nearly two years. Most other Latin American currencies seesawed as investors pursued month-end adjustments to their portfolios. Key Latin American stock indexes and currencies at 2250 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1010.80 -0.32 17.23 MSCI LatAm 2544.13 0.49 8.69 Brazil Bovespa 62899.97 1.06 4.44 Mexico S&P/BVM IPC 49857.49 1.34 9.23 Chile IPSA 4747.24 0.36 14.35 Chile IGPA 23787.44 0.34 14.73 Argentina MerVal 21912.63 2.11 29.52 Colombia IGBC 10891.25 0.43 7.54 Venezuela IBC 123355.27 0.1 289.07 Currencies daily % YTD % change change Latest Brazil real 3.3128 -0.15 -1.92 Mexico peso 18.12 -0.41 14.48 Chile peso 663.7 0.2 1.05 Colombia peso 3044.90 0.11 -1.43 Argentina peso (interbank) 16.60 -0.75 -4.37 Argentina peso (parallel) 16.79 0.77 0.18 (Reporting by Bruno Federowski; Editing by Tom Brown and Leslie Adler) ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JR1XO' | '2017-07-01T02:37:00.000+03:00' |
| 53 | 'c35c7e3caa6bfd16e3e9c1c45c9e90dd461b4aee' | 'AT&T expands local television stations on DirecTV Now service' | 'Intel - Fri Jun 30, 2017 - 4:54pm EDT AT&T expands local television stations on DirecTV Now service An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young By Anjali Athavaley - NEW YORK NEW YORK AT&T Inc has expanded the lineup of local channels on its DirecTV Now internet streaming service, it said on Friday, as the No. 2 wireless carrier seeks to win online subscribers who prefer not to pay for a traditional cable package. AT&T, which is in the process of buying Time Warner Inc for $85.4 billion, said the service now offers live local channels to 70 percent of U.S. households, more than double at its launch in November. The number of streaming services is growing rapidly as technology and telecommunications companies target about 20 million U.S. households which have no pay-TV package. Dish Network Corp sells a streaming service called Sling TV. Hulu LLC, owned by Walt Disney Co, Comcast Corp, Time Warner and Twenty-First Century Fox Inc , launched its service in May. New additions to DirecTV Now, which starts at $35 a month, include Disney''s ABC in 30 new markets including Atlanta and Boston. But the lineup does not include CBS Corp, which sells its own streaming service called All Access. Adding more local channels allows AT&T to offer customers a viewing experience more similar to a larger TV bundle. AT&T spokeswoman Erin McGrath said by phone that local news and sports are key considerations for consumers thinking of switching to a streaming service. AT&T has been pushing DirecTV Now by bundling the service with wireless plans and has added support for Roku streaming devices. (Reporting by Anjali Athavaley; Editing by Richard Chang) ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/us-at-t-services-idUSKBN19L2UB' | '2017-06-30T23:38:00.000+03:00' |
| 54 | 'f0e11eccded56fb3a547f910ecd29c03250c275b' | 'America lifts its laptop ban on Etihad' | 'TWO not entirely unrelated pieces of aviation news have come out of the Gulf in the past few days. The first is that America has lifted its laptop restrictions on Etihad. The Department of Homeland Security (DHS) imposed a ban on large electrical devices in the cabins of planes flying from ten Middle Eastern countries in March, including from Abu Dhabi, Etihad<61>s base. Officials, it seemed, had got wind of a specific terrorist threat, possibly similar to the attempted downing of a jet in Somalia in 2016. On that occasion a passenger detonated a small explosive concealed in a laptop that was placed flush against the cabin wall. (Disaster was probably only averted because the man detonated the device too soon after take-off. The terrorist, who was sucked to his death through the resulting hole, was the only casualty.)After months of mixed messages (at one point John Kelly, the homeland security secretary, suggested that the laptop ban was <20>likely<6C> to be extended worldwide) last week the DHS decided instead to put the onus on airports to implement more extensive screening of passengers before they board planes. Abu Dhabi seems to have been the fastest out of the blocks. Others, including Dubai, the world<6C>s most important international hub, will probably not be far behind. The lifting of the ban is welcome news for Etihad, which runs 45 services a week from Abu Dhabi to six American airports. The airline has been having a hard time of it recently: in addition to the laptop ban, the low oil price has hit demand for travel to the Gulf. It is also suffering the financial implications of some dodgy investments, such as its 49% stake in Alitalia, Italy<6C>s now-bankrupt flag-carrier.It is difficult to judge how hard the ban had hit the airline''s traffic. Emirates, its Dubai-based rival, cut flights to America by 20% shortly after restrictions were introduced. The strong dollar and Donald Trump<6D>s mooted travel ban played a part in that decision, but clearly some flyers were spooked by the idea of flying for 14 hours without access to their electronic devices. Lucrative business travellers, who rely on being productive while in the air, seemed particularly reticent.Another troubled operator in the region is Qatar Airways. Not only has it had to deal with America''s laptop ban, it has also faced sanctions from neighbouring Gulf states. They accuse Qatar of supporting terrorism, among other things. As a result much of the airspace around the tiny kingdom has been closed, and many of its short-haul flights to countries such as Saudi Arabia and the United Arab Emirates have been grounded.In a surprising turn of events, Qatar''s loss has been British Airways<79> gain. Some cabin crew at BA are in the midst of a 16-day strike. Recently hired crew are angry that their contracts are stingier than those of their longer-serving colleagues. To minimise disruption BA has <20>wet leased<65> nine planes from Qatar Airways (which owns 20% of IAG, BA<42>s parent) for short-haul services. That involves not only making use of the airline<6E>s planes, but also its crew. It is apparently BA<42>s good fortune that Qatar suddenly had a spare few short-haul jets sitting about.' | 'economist.com' | 'http://www.economist.com/sections/business-finance/rss.xml' | 'http://www.economist.com/blogs/gulliver/2017/07/gulf-news-0?fsrc=rss' | '2017-07-04T22:21:00.000+03:00' |
| 55 | '713465e7099c653306e80ab9f05e9cbcbb026848' | 'PRECIOUS-Gold steady ahead of U.S. Independence day holiday' | 'Market News - Sun Jul 2, 2017 - 9:00pm EDT PRECIOUS-Gold steady ahead of U.S. Independence day holiday BENGALURU, July 3 Gold held steady early Monday, ahead of the U.S. Independence day holiday, as the dollar hovered at near nine-month lows hit last week on signs of monetary tightening by global central banks. FUNDAMENTALS * Spot gold was nearly flat at $1,241.04 per ounce at 0043 GMT. It fell over 2 percent in the month of June, its first monthly decline this year. * U.S. gold futures for August delivery fell 0.1 percent to $1,240.80 per ounce. * The dollar edged off a nine-month low against a basket of currencies early on Monday, but it remained shaky as expectations of central banks in Europe moving away from accommodative monetary policies supported peers like the euro and sterling. * Holdings at the SPDR Gold Trust , the world''s largest gold-backed exchange-traded fund, fell 0.14 percent to 852.50 tonnes on Friday from 853.68 tonnes on Thursday. * Hedge funds and money managers reduced their net long positions in COMEX gold and silver for the third straight week in the week to June 27, U.S. Commodity Futures Trading Commission data showed on Friday. * U.S. Mint American Eagle gold coin sales in the first half of 2017 were the lowest for this period in a decade, while sales of silver in the period were the weakest since 2008, government data showed on Friday. * South African precious metals producer Sibanye Gold said on Friday it would resume production on Monday at its strike-hit Cooke mine, which has been incurring losses amid illegal mining and production interruptions. * The Federal Reserve on Friday awarded $398.88 billion in repurchase agreements at an interest rate of 1.00 percent to 79 bidders, which was the highest amount since $468.36 billion on Dec. 30, the New York Federal Reserve said. * U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year. * Hedge funds and money managers trimmed their bullish bets on U.S. crude oil to the lowest in more than nine months, data showed on Friday, as growing shale production kept inventories well above the five-year average. DATA AHEAD (GMT) 0145 China Caixin manufacturing PMI final June 0750 France Markit manufacturing PMI June 0755 Germany Markit/BME manufacturing PMI June 0800 Euro zone Markit manufacturing PMI final June 0900 Euro zone Unemployment rate May 1400 U.S. ISM manufacturing PMI June 1400 U.S. Construction spending May (Reporting by Nithin Prasad in Bengaluru; Editing by Richard Pullin) ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'http://www.reuters.com/article/global-precious-idUSL3N1JU07A' | '2017-07-03T04:00:00.000+03:00' |
