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| 2 | '98f2adcbcfacefd5de0d4287cc5d521d863c343c' | 'US STOCKS-Wall Street hit by ABC report on Flynn' | '* ABC reports Flynn to say Trump told him to talk to Russians* Shares trim losses as McConnell says has votes for tax bill* Dow, S&P, down 0.5-0.7 percent, Nasdaq off 1 percent (Adds details from White House, more analyst comment)By Sruthi ShankarDec 1 (Reuters) - U.S. stocks fell on Friday after ABC News reported former national security adviser Michael Flynn was prepared to tell investigators that Donald Trump directed him to make contact with Russians during last year’s presidential elections.Wall Street’s main indexes all fell by more than 1 percent after the report, which cited an unnamed Flynn confident and added to concerns about President Trump’s exposure to a probe into Russian meddling in last year’s campaign.But investors quickly took back some of those losses, buoyed by a promise by Senate leader Mitch McConnell that he had enough votes to pass the Republicans signature tax bill, which includes major incentives for corporate America.By 12.17 p.m. ET (1717 GMT), the Dow Jones Industrial Average and the S&P 500 were down 0.5 percent and 0.7 percent, respectively, on the day.“We have to point to something that is new and that would be the Flynn announcement,” Art Hogan, chief market strategist with Wunderlich Securities in New York.“The problem is we don’t know exactly what he’s going to say. That’s the unknown and the market doesn’t like to try to price unknowns. We have an information vacuum.”U.S. stocks have been rising all year, helped by hopes that Trump and a Republican-controlled Congress would pass business-friendly measures to free up more growth and investment in an economy already growing solidly.A fall back in major tech stocks on Wednesday, however, added to hints that a long-awaited halt to the market’s eight-year long rally could also be in the offing.The S&P 500 has posted a 1-percent daily loss only four times in 2017.All the major S&P sectors barring energy were down. The CBOE Volatility index, Wall Street’s fear gauge, jumped to its highest in more than three months.“They (investors) read those headlines and immediately you got massive activity coming through - it’s not low volume, it’s high volume,” said Joe Saluzzi, co-manager of trading at Themis Trading in New Jersey.“You are seeing gold markets react the other way, you are seeing the safety bets come on.”Declining issues outnumbered advancers on the NYSE by 1,815 to 1,057. On the Nasdaq, 2,150 issues fell and 727 advanced.The Dow Jones Industrial Average was down 136.01 points, or 0.56 percent, at 24,136.34 and the S&P 500 19.06 points, or 0.72 percent, at 2,628.52.The Nasdaq Composite fell 74.00 points, or 1.08 percent, at 6,799.97. (Reporting by U.S. stocks team; editing by Patrick Graham and Bernard Orr) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/usa-stocks/us-stocks-wall-street-hit-by-abc-report-on-flynn-idINL3N1O14LC' | '2017-12-01T14:45:00.000+02:00' |
| 3 | '3e929f93a4925c59ca4549ccf6c943e2ce5e7f9c' | 'French retailers Carrefour and Fnac Darty form purchasing partnership' | 'PARIS (Reuters) - French retailers Carrefour ( CARR.PA ) and Fnac Darty ( FNAC.PA ) will team up for purchases of domestic appliances and consumer electronics in France as Carrefour seeks to cut costs and boost earnings, the companies said on Tuesday.The purchasing agreement will take effect for supplier negotiations in 2018 but Carrefour and Fnac Darty stressed they would maintain independent commercial policies.Supermarket operator Carrefour, the world’s largest retailer after Wal-Mart ( WMT.N ), hired Chief Executive Alexandre Bompard in July from Fnac Darty, France’s largest electronics retailer.The tie-up follows a similar partnership sealed last year between domestic rival Casino ( CASP.PA ) and furniture chain Conforama.French retailers are intensely aware of the threat posed by Amazon ( AMZN.O ), whose acquisition of U.S. food retail chain Whole Foods has triggered speculation the online giant is looking to crack the European market next.Casino last week agreed to use British online retailer Ocado’s platform to expand its e-commerce grocery business in a deal that analysts say will allow Casino to outpace domestic rivals.CARREFOUR‘S COST CUTSFnac Darty shares initially rose to a record high of 94.51 euros, before settling back to trade up 0.6 percent at 91.50 euros by 0925 GMT. Shares in Carrefour, which issued a profit warning in August, were flat.“This partnership will allow both companies to achieve cost savings, while the tie-up is also complementary as Fnac shops are mainly in town centers while Carrefour outlets tend to be in the suburbs,” said Roche Brune Asset Management fund manager Gregoire Laverne, whose firm owns shares in both companies.Bompard is expected to back a far-reaching restructuring that some analysts estimate could involve a billion euros ($1.2 billion) of cost cutting. Carrefour is due to unveil its strategic plan on Jan. 23.Investors want Bompard to boost the performance of the group’s France-based hypermarkets, a goal that has eluded several predecessors amid competition online and price discounting from rivals such as unlisted Leclerc.They also want him to catch up as more shoppers go online for their goods.Bernstein analysts estimated the deal with Fnac Darty would generate 90 million euros of savings for Carrefour or 25 basis points of French margin, which would give it “additional firepower to be invested in the French business”.On Monday Fnac Darty said it was banking on merger synergies and its ability to deliver sales growth above that of its markets in order to nearly double its operating margin mid-term.Fnac shares are up around 40 percent since the start of 2017, while Carrefour shares are down around 20 percent.($1 = 0.8429 euros)Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon and Keith Weir ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-fnac-carrefour/french-retailers-carrefour-and-fnac-darty-form-purchasing-partnership-idINKBN1DZ0LW' | '2017-12-05T04:01:00.000+02:00' |
| 4 | 'bfb5e299c1e9443a043c4d787e2f7379c28c205a' | 'Lighting maker Zumtobel reports second-quarter loss, weak UK business weighs' | 'December 5, 2017 / 7:57 AM / Updated 43 minutes ago Lighting maker Zumtobel reports second-quarter loss, weak UK business weighs Reuters Staff 2 Min Read VIENNA (Reuters) - Austrian lighting maker Zumtobel ( ZUMV.VI ) reported a second-quarter loss on Tuesday due to increased pricing pressure, a weak UK performance and higher warranty provisions. The logo of Austrian lighting group Zumtobel is pictured at the door of an office in Vienna, Austria, February 11, 2016. REUTERS/Heinz-Peter Bader It fell to a net loss of 2 million euros ($2.37 million) for the three months through October from a profit of 15 million a year earlier. Revenue fell 10.1 percent to 307.3 million euros, hurt partly by a stronger euro versus the British pound and the Swiss franc, the group said. Revenue in northern Europe, which includes Zumtobel’s largest single market Britain, fell 26.2 percent. Its British lighting unit saw revenue fall by nearly 35 percent, Zumtobel said. The group, whose business lines range from electronic components to large lighting installations, operates three sites in Britain: a lighting plant and a components facility in Spennymoor in northeast England and a production site close to Manchester. Zumtobel confirmed its recently lowered forecast and still expects adjusted earnings before interest and tax to reach 50-60 million euros and revenue to fall about 5 percent in its 2017/18 financial year. Reporting by Kirsti Knolle; editing by Jason Neely' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-zumtobel-group-results/lighting-maker-zumtobel-reports-second-quarter-loss-weak-uk-business-weighs-idUKKBN1DZ0QW' | '2017-12-05T09:56:00.000+02:00' |
| 5 | 'f1bfd5b25eb6fc0248b3978f03e5c0bf31a00a7e' | 'Nigerian lawmakers vote to investigate suspension of SEC boss' | 'ABUJA (Reuters) - Nigeria’s lower house of parliament passed a motion on Tuesday to investigate the suspension of the Securities and Exchange Commission’s chief by the finance minister.Lawmakers in the House of Representatives plan to investigate the suspension and report their findings to parliament within two weeks, a motion paper seen by Reuters stated.Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Alexis Akwagyiram/Mark Heinrich ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/us-nigeria-sec-investigation/nigerian-lawmakers-vote-to-investigate-suspension-of-sec-boss-idUSKBN1DZ2KJ' | '2017-12-05T19:34:00.000+02:00' |
| 6 | '2a64cb7aeba1b0d94d25993c887005d11f8e47aa' | 'Commentary: Goldilocks markets show 2017 was no year to be a bear' | 'LONDON (Reuters) - A year ago, the consensus view of the world economy and markets coming into 2017 was for a Goldilocks mix of strong growth, decent corporate profits, low volatility, a gradual drift higher in bond yields, and a continued “melt up” in stocks.Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 1, 2017. REUTERS/Staff/Remote If anything, 2017 has proved even more resilient than many had hoped for. World stocks rose 20 percent, global growth was its strongest since 2010, market volatility fell to its lowest on record and “junk” bond yields hit all-time lows.It didn’t pay to be a contrarian in 2017.Just ask Scottish hedge fund manager Hugh Hendry, who closed his fund Eclectica Asset Management after losing 9.4 percent in the first eight months of 2017 and 4 percent loss in 2016. He had sold Italian government bonds as part of a wider bet on the break-up of the European Union.Equity hedge funds with a short-selling bias have been the worst-performing hedge funds this year, down 9.22 percent January-October, according to data from industry tracker Hedge Fund Research. The wider equity hedge fund total index is up around 11 percent and the S&P 500 is up 18 percent.At the start of the year, “secular stagnation”, “political risk” and “weak recovery” were the Cassandras’ popular tropes, but they quietly faded from the wider market discourse as, frankly, global growth and markets boomed.Continued central bank largesse and a surprisingly rosy economic backdrop, particularly in Europe, anchored market volatility, which provided the springboard for the global and cross-asset rally.A year ago, Reuters outlined some of the most contrarian market predictions for the year ahead, covering specific trades and broader political and economic risks that could throw markets a curve ball.Unsurprisingly, most of them failed to materialize. But a few did come up trumps.One was the UBS call for the euro to rise. At the time, the politics didn’t auger well - Europe’s electoral calendar was loaded, populism was on the rise and there was widespread concern that anti-euro parties such as France’s Front National would gain power.The euro opened the year only a few cents above parity with the dollar and the consensus was that it would struggle to rebound much, if at all.Swiss bank UBS predicted a rise to $1.20, a level that was breached in August. Right now, the euro is up 13 percent on the dollar this year, well on course for its best year since 2003.DOLLAR THE NEW VIX Another was HSBC rate strategist Steven Major’s prediction that 10-year U.S. bond yields would rise to 2.5 percent in the first quarter, then fall as low as 1.35 percent. Well, sort of.The yield rose to what turned out to be a high for the year of 2.6 percent in March then came close to breaking below 2 percent in September.The following chart from Deutsche Bank’s Torsten Slok shows how consistently wrong analysts have got their U.S. bond yield forecasts down the years. Major’s 1.35 percent call (which would have been a new low) proved a stretch, but he got closer than most.Tighter Fed policy was expected to deliver a stronger dollar and higher U.S. bond yields, an unpalatable cocktail for emerging markets. Unsurprisingly, most analysts were bearish on emerging markets at the start of the year.That’s not how it played out. With the dollar on track for its worst year since 2003 and the U.S. yield curve its flattest in a decade, emerging markets have boomed.Emerging-market stocks are up 30 percent and on course for their best year since 2009, local currency debt is up 13 percent and dollar-denominated EM bonds are up 9 percent.The Bank for International Settlements has been a leading voice arguing that the dollar has replaced the VIX index of implied volatility on Wall Street as the best barometer of global investor risk appetite and financial market leverage.“When the dollar is strong, risk appetite is weak. Given the dollar’s role as barometer of global appetite for leverage, there may be no winners from a stronger dollar,” said Hyun Song Shin, head of research at the BIS, in a speech last November.Luckily for emerging markets and world markets more broadly, the dollar is down 9 percent so far this year.One indicator of how much of a consensus year 2017 has been is the surge of inflows at passive investment vehicles exchange-traded funds (ETFs), which track the ups and downs of major equity indices.Assets under ETF management are expected to have grown by more than a quarter this year to $4.4 trillion from $3.5 trillion last year, according to a recent report by Ernst & Young Global.Reporting by Jamie McGeever, editing by Larry King ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-global-markets-2017review/commentary-goldilocks-markets-show-2017-was-no-year-to-be-a-bear-idINKBN1DZ1OH' | '2017-12-05T09:26:00.000+02:00' |
| 7 | '36f5b22631d46d7580a17f93562301c2ab46883b' | 'Singapore''s Pavilion Energy hires Gazprom executive as CEO' | 'SINGAPORE, Dec 5 (Reuters) - Singapore’s Pavilion Energy has appointed Gazprom executive Frederic Barnaud as its new chief executive, effective from February next year, the company said on Tuesday.Barnaud, a French national, is currently the chief commercial officer of liquefied natural gas, oil and shipping for the Gazprom Marketing and Trading Group based in London.He will replace Seah Moon Ming as chief executive of Pavilion Energy and its subsidiary Pavilion Gas.Earlier this year, Seah was appointed chairman of Singapore’s SMRT Corp.Pavilion Energy was set up in April 2013 by Temasek Holdings , Singapore’s sovereign wealth fund, and is focused on LNG investment. (Reporting by Jessica Jaganathan; Editing by Sherry Jacob-Phillips) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/pavilionenergy-ceo/singapores-pavilion-energy-hires-gazprom-executive-as-ceo-idINL3N1O536E' | '2017-12-05T06:51:00.000+02:00' |
| 8 | '3384a2cf2552493625e1914fdddb7c4186e6bf5b' | 'Nissan, DeNA schedule public tests of self-driving car service in Japan next year' | 'December 5, 2017 / 3:45 AM / Updated 14 minutes ago Nissan, DeNA schedule public tests of self-driving car service in Japan next year Reuters Staff 3 Min Read TOKYO (Reuters) - Nissan Motor Co ( 7201.T ) and Japanese gaming software maker DeNA Co ( 2432.T ) said on Tuesday they would begin public tests of their self-driving ride-sharing service in Japan next year. FILE PHOTO: A man walks under the logo of Nissan Motor Co at the company''s showroom in Yokohama, south of Tokyo February 8, 2013. REUTERS/Toru Hanai/File Photo The two companies join a growing number of global car makers and tech firms leveraging automated driving technology into new mobility services. Nissan and DeNA said they would hold public tests over a two-week period in Yokohama in March, under which riders can use an app developed by DeNA to summon self-driving versions of Nissan’s Leaf electric cars to travel to pre-mapped destinations and pay fares. The duo, which have been conducting field tests of their “Easy Ride” system since joining hands earlier this year, said the tests were the first step towards their goal of launching a full-service, self-driving ride-sharing service in the country in the early 2020s. Global automakers are looking beyond making and selling cars to survive an industry which is being quickly transformed by new services, and a growing number including General Motors Co ( GM.N ) are applying their expertise in automated driving functions for mass-market cars to develop mobility services. The fast-growing “pay-per-ride” market is becoming a battleground between automakers, tech firms such as Alphabet Inc ( GOOGL.O ) and Uber Technologies Inc [UBER.UL] and a barrage of start-ups as ride-sharing services threaten to hit demand for car ownership. While companies continue to pursue development of safe self-driving functions which can ferry riders to their destination of choice, they also face regulatory hurdles, as most global jurisdictions do not expressly authorise vehicles to operate on regular roads without a driver. In Japan, Nissan and DeNA will face competition from Japanese robotics maker ZMP Inc, which is working with a Tokyo taxi operator to develop a self-driving taxi service it hopes to have up and running during the 2020 Tokyo Olympics. DeNA has been trialling self-driving services across the country, including shuttle buses for elderly residents in rural communities which are struggling with fewer bus and taxi services as the country’s population ages and shrinks. Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-nissan-dena-robotaxi/nissan-dena-schedule-public-tests-of-self-driving-car-service-in-japan-next-year-idUKKBN1DZ09D' | '2017-12-05T05:44:00.000+02:00' |
| 9 | '2d8134813f9edebca60549b615008d2c623aa094' | '''No evidence'' to justify extraditing Mallya to India, UK court hears' | 'LONDON (Reuters) - The Indian government’s fraud case against tycoon Vijay Mallya is baseless and politically motivated, his defense lawyer told a London court on Tuesday as she battled to prevent his extradition to his home country.Vijay Mallya arrives at Westminster Magistrates Court in London, Britain, December 4, 2017. REUTERS/Simon Dawson Mallya, who lives in Britain, stands accused in India of fraudulently palming off losses from his now defunct Kingfisher Airlines onto banks by taking out loans he had no intention of repaying.His defense team argue that he is being used as a scapegoat by Indian politicians of all stripes to deflect public anger at the accumulation of bad debts by state-owned banks.The 61-year-old, nicknamed “the King of Good Times” after the slogan on bottles of one of his premium beers and his hard partying lifestyle, had business interests ranging from aviation to liquor.He is also the co-owner of Formula One motor racing team Force India.The case against him centers on a series of loans Kingfisher obtained from Indian banks, especially state-owned lender IDBI. The banks want to recover a total of about $1.4 billion that the state says the defunct airline owes.Mallya’s British defense lawyer, Clare Montgomery, told Westminster Magistrates Court that India had made a series of serious allegations against him and others that did not have “a shred of evidence” to back them up.She also said that the Indian government’s case revealed a “shocking” lack of appreciation of how companies function and of basic realities such as the effects of incorporation and the rights of shareholders.“Economically and legally, it is impossible to palm off losses onto banks by borrowing to pass on the cost of failure,” she said.Vijay Mallya arrives at Westminster Magistrates Court in London, Britain, December 4, 2017. REUTERS/Simon Dawson Montgomery said she would call witnesses later in the two-week hearing to give evidence on what she called the “political ramifications” of the case.She accused several Indian parties including the ruling BJP of “making political capital from the Mallya case on the assumption there was a fraud”.Montgomery said India’s Central Bureau of Investigation, which is prosecuting the case, had a “long and inglorious history of being politically motivated in the cases it brings”.She also criticized prison conditions in India, saying that they were worse than in Russia, a country to which British courts have on several occasions refused to extradite suspects for that reason.Montgomery said there were competing narratives, fraud versus business failure, and that no reasonable jury would be able to reach a safe conclusion that there had been a deliberate intent to defraud.Mallya, the focus of intense media interest in India, arrived wearing a dark suit and yellow tie and was mobbed by cameramen as he walked into the building.Inside the courtroom he spoke only to confirm his name and age, before sitting quietly in the glass-walled dock as Montgomery spoke.She said that the government’s allegation that Mallya had deliberately misled banks by overstating Kingfisher’s projected profits was “a false premise”.That was because airlines were subject to many unpredictable factors beyond their control, such as fuel cost fluctuations and the global economic climate, so to make entirely accurate projections several years in advance was unrealistic.The judge, England’s Chief Magistrate Emma Arbuthnot, will have to decide whether there is a prima facie case against Mallya and whether the alleged crimes would be offences in Britain as well as India.Editing by Stephen Addison ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-india-mallya-britain/no-evidence-to-justify-extraditing-mallya-to-india-uk-court-hears-idUSKBN1DZ1J3' | '2017-12-05T13:41:00.000+02:00' |
| 10 | '3213def1b13a84794f9a9714c56633264c233b1c' | 'Samsung to chase big M&A deals on three fronts, says strategy chief' | 'HELSINKI (Reuters) - Samsung Electronics’ $8 billion purchase of automotive and audio electronics company Harman has given the technology conglomerate confidence to chase more big deals, its strategy chief said on Friday.Samsung Electronics Chief Strategy Officer Young Sohn poses for a picture at Slush startup event in Helsinki, Finland December 1, 2017.REUTERS/Tuomas Forsell Young Sohn, the South Korean company’s Silicon Valley-based president and chief strategy officer, said he was keen for world’s top maker of memory chips, smartphones and televisions to expand in automotive markets, digital health and industrial automation.Samsung, which this year surpassed Intel to become the world’s biggest semiconductors manufacturer, has signaled its appetite for dealmaking over the past year, saying it was seeking businesses to build software and services to further differentiate its products.However, it has provided few details on sectors it is targeting in its push for mergers and acquisitions.“We are committed to using M&A as our tool, (and) I think the Harmon acquisition helped us to have more confidence,” Sohn told Reuters on the sidelines of the Slush tech start-up festival in Helsinki.“I believe we can do lot more going forward.”FILE PHOTO - Young Sohn, president and chief strategy office of device solutions for Samsung Electronics, speaks during a news conference for the Samsung Strategy and Innovation Center in Menlo Park, California, February 4, 2013. REUTERS/Beck Diefenbach Sohn appeared to dismiss the potential for Samsung to take part in further consolidation in semiconductors or the smartphone markets, where it is also a leading player, suggesting the company is focused on organic growth strategies in these areas.In September Sohn said Samsung aimed to become a major player in autonomous driving, building on its acquisition of auto parts supplier Harman and its pole position in mobile communications markets.Asked to spell out Samsung’s potential dealmaking priorities for 2018, he said the company would continue to invest in expanding its automotive business.Another category he singled out as “an area of opportunity” was digital health, specifically preventive health and related technologies.Finally, in business software, he said Samsung is looking at companies in the areas of industrial internet, automation, networking, data transmission and security.“We are a very careful and conservative company, so we will do it where it makes sense,” Sohn said, adding that it would also look for smaller bolt-on technology deals.Reporting by Tuomas Forsell and Eric Auchard; Editing by David Goodman ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-samsung-elec-strategy-m-a/samsung-to-chase-big-ma-deals-on-three-fronts-says-strategy-chief-idINKBN1DV5UZ' | '2017-12-01T17:10:00.000+02:00' |
| 11 | '92e76491684432db2fa5fb997787344e606c3cce' | 'Fiat Chrysler CEO says in talks with Hyundai on tech partnership' | 'December 2, 2017 / 3:55 PM / Updated 4 hours ago Fiat Chrysler CEO says in talks with Hyundai on tech partnership Agnieszka Flak 3 Min Read ARESE, Italy (Reuters) - Fiat Chrysler Automobiles ( FCHA.MI ) ( FCAU.N ) is in talks with South Korea’s Hyundai ( 005380.KS ) about a technical partnership, but there are no merger talks between the two, FCA Chief Executive Sergio Marchionne said on Saturday. FILE PHOTO: FCA group CEO Sergio Marchionne speaks during the Alfa Romeo Sauber F1 Team presentation in Arese, near Milan, Italy December 2, 2017. REUTERS/Alessandro Garofalo FCA is often the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with larger U.S. rival GM ( GM.N ). Its share price jumped to record highs in August after reports of interest from China and Hyundai. “We already buy components from (Hyundai) .... let’s see if we can agree on other points, especially for the development of transmissions and hydrogen,” Marchionne told journalists, adding there was “nothing to announce for the moment”. Asked whether this collaboration could turn into a merger, Marchionne said: “I don’t believe so”. The 65-year-old chief executive, whose mandate ends in April 2019, is working on a new business plan to 2022, which he said should be presented in the second quarter of next year. As part of that strategy and to simplify its portfolio, FCA is working on separating two of its three components businesses. Marchionne said the spin-offs of Magneti Marelli - which makes components for lighting, engines, electronics, suspension and exhausts - and robotics maker Comau would be separate operations, “especially given Comau’s potential development in artificial intelligence or robotics”. “Whether it happens as a spin-off or a distribution to shareholders, or whether we will raise some money in the process -- all things to be discussed with the board, we haven’t made up our mind,” he said. These discussions include a potential listing for either company as happened with other units FCA spun off in the past, such as tractor maker CNH Industrial ( CNHI.MI ) ( CNHI.N ) or luxury sportscar group Ferrari ( RACE.MI ) ( RACE.N ), which are quoted in Milan and New York. Marchionne added that he would like to complete the separations by the end of 2018. The transaction could help boost FCA’s finances at a time when it is aiming to become cash-positive by the end of next year. A separation of castings firm Teksid, the smallest of FCA’s parts makers, was not on the table, Marchionne said, adding that any spin-off of the Alfa Romeo and Maserati brands would not happen “for many years”. Asked about possible fines over diesel emissions, Marchionne said he did not believe there was any legal base in recent allegations raised by French authorities. He added that separate discussions with U.S. authorities were ongoing and he expects “there will be a cost but it will be something manageable”. Reporting by Agnieszka Flak; editing by Alexander Smith' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-fiatchrysler-spinoffs/fiat-chrysler-ceo-says-in-talks-with-hyundai-on-tech-partnership-idUKKBN1DW0JQ' | '2017-12-02T17:52:00.000+02:00' |
| 12 | 'aab4ebd8a33b13bbdaea19824055ae6463db6b0d' | 'Apple''s Tim Cook says developers have earned $17 billion from China App Store' | 'December 3, 2017 / 4:41 AM / in 12 hours Apple''s Tim Cook says developers have earned $17 billion from China App Store Reuters Staff 2 Min Read WUZHEN, China (Reuters) - Apple Inc’s chief executive Tim Cook said developers using its platform in China number 1.8 million and have earned a total 112 billion yuan ($16.93 billion), representing roughly a quarter of total global App Store earnings. Apple CEO Tim Cook arrives before the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 2, 2017. REUTERS/Aly Song Cook shared the data on Sunday during a speech at China’s top public cyber policy forum, organized by the Cybersecurity Administration of China (CAC), which oversees internet regulation including censorship. Earlier this year, Apple said that developers had earned roughly $70 billion in total revenue through the store. Apple is facing criticism from local users and rights groups for bowing to pressure from Beijing cyber regulators after it decided to remove hundreds of apps from its Chinese store this year, including messaging apps and virtual private network (VPN) services, which help users subvert China’s Great Firewall. FILE PHOTO: A attendee uses a new iPhone X during a presentation for the media in Beijing, China October 31, 2017. REUTERS/Thomas Peter/File Photo Apple counts China as its third-largest region by sales but it has lost market share in recent years as high-end handsets from local rivals continue to gain traction. The firm is hoping to regain momentum following the release of its iPhone 8 and iPhone X models which shipped in November. The U.S. tech giant said earlier it had moved its Chinese cloud data onto the servers of a local partner in the Chinese province of Guizhou. Cook has come to China several times this year, including an October visit where he was among executives that met with President Xi Jinping, who also had prepared remarks read at the conference on Sunday. Cook’s attendance is conspicuous at the conference, marking the first high-level executive to attend in the event’s four-year history. Others included Google chief executive Sundar Pichai, who is also attending the conference for the first time. Reporting by Cate Cadell; Editing by Jacqueline Wong' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-apple-china/apples-tim-cook-says-developers-have-earned-17-billion-from-china-app-store-idUKKBN1DX04J' | '2017-12-03T06:34:00.000+02:00' |
| 13 | '3cad88e117c7619301eb4dd369f09f0b9e7ad413' | 'U.S. judge rejects delay of foreign entrepreneur immigration rule' | 'WASHINGTON, Dec 1 (Reuters) - A federal judge on Friday ordered the Department of Homeland Security (DHS) to rescind its delay of a rule that allows some foreign entrepreneurs to stay in the United States to grow their companies, court documents show.Judge James Boasberg of U.S. District Court for the District of Columbia ruled in favor of a lawsuit filed by a U.S. venture capitalist group in September challenging a delay by DHS of the International Entrepreneur Rule. (file:///C:/Users/U8007446/Downloads/IER-SJ-opinion.pdf)In the lawsuit, the National Venture Capital Association argued that the Trump administration bypassed proper procedures when it delayed the International Entrepreneur Rule, which had been due to go into effect in July 2017.The trade group was later joined by several tech start-ups active in the United States that were founded by foreign entrepreneurs who wanted to stay in the country and work with their businesses through the entrepreneur rule but are now unable to.The rule, proposed by the administration of President Barack Obama, would allow some foreign start-up founders to stay in the United States for up to five years to develop their businesses.Instead, in July the administration of President Donald Trump pushed back implementation to March 2018, and said it was “highly likely” to ultimately rescind the rule.Boasberg, in his ruling issued on Friday, agreed with the lawsuit’s claim that the government’s actions violated the Administrative Procedure Act, which requires advance notice of new rules.“This decision is an important reminder that this administration must comply with the law and allow the public to have a voice during the agency rule-making process,” Leslie Dellon, an attorney at the American Immigration Council, said in a statement. (Reporting by Eric Walsh; Editing by Leslie Adler)Our Standards: The Thomson Reuters Trust Principles.' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/usa-immigration-entrepreneurs/u-s-judge-rejects-delay-of-foreign-entrepreneur-immigration-rule-idINL1N1O202J' | '2017-12-01T23:00:00.000+02:00' |
| 14 | 'eb00038e4a84022c30f86053f593f12f457105e3' | 'Fiat Chrysler CEO says in talks with Hyundai on tech partnership' | 'December 2, 2017 / 3:53 PM / Updated 16 minutes ago Fiat Chrysler CEO says in talks with Hyundai on tech partnership Agnieszka Flak 3 Min Read ARESE, Italy (Reuters) - Fiat Chrysler Automobiles is in talks with South Korea’s Hyundai about a technical partnership, but there are no merger talks between the two, FCA Chief Executive Sergio Marchionne said on Saturday. FCA group CEO Sergio Marchionne gestures as he talks next to an Alfa Romeo Stelvio at the Alfa Romeo museum in Arese, near Milan, Italy December 2, 2017. REUTERS/Alessandro Garofalo FCA is often the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with larger U.S. rival GM. Its share price jumped to record highs in August after reports of interest from China and Hyundai. “We already buy components from (Hyundai) .... let’s see if we can agree on other points, especially for the development of transmissions and hydrogen,” Marchionne told journalists, adding there was “nothing to announce for the moment”. Asked whether this collaboration could turn into a merger, Marchionne said: “I don’t believe so”. The 65-year-old chief executive, whose mandate ends in April 2019, is working on a new business plan to 2022, which he said should be presented in the second quarter of next year. As part of that strategy and to simplify its portfolio, FCA is working on separating two of its three components businesses. Marchionne said the spin-offs of Magneti Marelli - which makes components for lighting, engines, electronics, suspension and exhausts - and robotics maker Comau would be separate operations, “especially given Comau’s potential development in artificial intelligence or robotics”. “Whether it happens as a spin-off or a distribution to shareholders, or whether we will raise some money in the process -- all things to be discussed with the board, we haven’t made up our mind,” he said. These discussions include a potential listing for either company as happened with other units FCA spun off in the past, such as tractor maker CNH Industrial or luxury sportscar group Ferrari, which are quoted in Milan and New York. Marchionne added that he would like to complete the separations by the end of 2018. The transaction could help boost FCA’s finances at a time when it is aiming to become cash-positive by the end of next year. A separation of castings firm Teksid, the smallest of FCA’s parts makers, was not on the table, Marchionne said, adding that any spin-off of the Alfa Romeo and Maserati brands would not happen “for many years”. Asked about possible fines over diesel emissions, Marchionne said he did not believe there was any legal base in recent allegations raised by French authorities. He added that separate discussions with U.S. authorities were ongoing and he expects “there will be a cost but it will be something manageable”. Reporting by Agnieszka Flak; editing by Alexander Smith' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-fiatchrysler-spinoffs/fiat-chrysler-ceo-says-in-talks-with-hyundai-on-tech-partnership-idUKKBN1DW0JS' | '2017-12-02T17:52:00.000+02:00' |
| 15 | 'eded8691e77e1e01ea060ad54c6653febb012a9d' | 'UPDATE 1-Russia''s November oil output edges up' | '* Output 10.94 mln bpd vs 10.93 mln bpd in Oct * Moscow complying with global deal (Adds detail) MOSCOW, Dec 2 (Reuters) - Russian oil output rose to 10.94 million barrels per day (bpd) in November from 10.93 million bpd in October, energy ministry data showed on Saturday. In tonnes, oil output fell to 44.782 million versus 46.23 million in October, and Russia remains in compliance with a global deal to curb production aimed at reducing inventories and supporting oil prices. The latest figures show Russia cut its oil output by around 307,000 bpd from the 11.247 million bpd in produced in October 2016, the baseline for the global agreement to reduce output. Russia agreed to reduce its oil output by 300,000 bpd from that level as part of a pact led by producers from the Organization of the Petroleum Exporting Countries to jointly cut output by 1.8 million bpd. OPEC and non-OPEC producers agreed on Thursday to extend their output cuts until the end of 2018. Russian Energy Minister Alexander Novak has said that Russian oil production would remain flat at 547 million tonnes in 2018 if output cuts were maintained for the whole of the year. Russian oil pipeline exports fell to 4.347 million bpd in November from 4.627 million bpd in October. Output at projects run by foreign majors under production sharing agreements (PSA) rose by 8.3 percent in November from October. Output at Rosneft , Russia''s largest oil producer, fell by 0.3 percent in November while output at No.2 oil company Lukoil rose by 0.1 percent. Gas production in November fell to 60.56 billion cubic metres (bcm), or 2.02 bcm per day, from 62.67 bcm in October. (Reporting by Polina Devitt and Natalia Chumakova; editing by Jason Neely) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/russia-energy-production/update-1-russias-november-oil-output-edges-up-idINL8N1O2070' | '2017-12-02T06:56:00.000+02:00' |
| 16 | 'a7590a0d7792321548bd1a96436a1add789e6d9f' | 'India''s Infosys appoints outsider Parekh as CEO' | 'MUMBAI (Reuters) - Infosys, India’s No.2 IT services company, named Salil S Parekh as chief executive on Saturday, picking an outsider for the job a second time and handing him the twin challenges of reviving growth and making peace between its founders and board.FILE PHOT: The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren Parekh, who will join from consultancy firm Capgemini where he is currently an executive, has been given a 5-year term effective Jan.2, an Infosys filing to exchanges showed.U.B. Pravin Rao who was serving as the interim CEO has been re-designated as chief operating officer from Jan. 2, Infosys said.“After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD,” said Kiran Mazumdar-Shaw, chairperson of the nomination & remuneration committee at Infosys.“He was the top choice from a pool of highly qualified candidates. With his strong track record and extensive experience, we believe, we have the right person to lead Infosys.”Former CEO Vishal Sikka announced a sudden exit in August after a protracted public spat with the company’s founding executives, led by Narayana Murthy, over strategy and alleged corporate governance lapses.Sikka, who joined from German software maker SAP SE in 2014, was the first outsider to be appointed CEO of the Bengaluru-headquartered company.His exit and the prolonged public row led to a reshuffling of the Infosys’ board with Nandan Nilekani, a co-founder and former CEO, returning as non-executive chairman.Nilekani, credited with four-fold growth in Infosys’ revenue to $2 billion during his tenure as CEO, had said at the time that cultural fit would be an important criteria for the top job, making internal candidates “very strong contenders”.Reporting by Suvashree Dey Choudhury and Sankalp Phartiyal; editing by Rafael Nam and Jason Neely ' | 'reuters.com' | 'https://in.reuters.com/finance' | 'https://in.reuters.com/article/us-infosys-ceo/indias-infosys-names-outsider-parekh-as-chief-executive-statement-idINKBN1DW0A7' | '2017-12-02T07:34:00.000+02:00' |
| 17 | '546f464db91eeca6bd31cc679727dd52e562e42e' | 'Shareholder in Brazil''s Oi requests Aurelius be barred from debt restructuring' | 'BRASILIA (Reuters) - Societe Mondiale, a shareholder in Brazilian telecoms company Oi SA ( OIBR4.SA ) affiliated with Brazilian investor Nelson Tanure, filed a complaint with the nation’s telecoms regulator on Friday seeking to limit the actions of a key bondholder.In the complaint, seen by Reuters, Societe Mondiale asks the competition unit of telecoms regulator Anatel to prohibit the company from signing any contract or engaging in negotiations that “may give legal substance to a deal implying transfer of control to any fund” related to Aurelius Capital Management LP.The move represents the first attempt by Oi’s board to regain power after a judge on Wednesday effectively removed it from ongoing negotiations to restructure the carrier’s debt.Representatives for Anatel and Aurelius did not immediately respond to requests for comment.Oi, which filed for bankruptcy protection a year and a half ago, is riven by divisions between creditors, the board, and management.Aurelius is spearheading a group of creditors known as the International Bondholders Committee, which is in turn part of an alliance of funds and banks holding about 22 billion reais ($6.75 billion) on Oi’s debt.Those bondholders have been working for several weeks with Oi’s management to bang out a restructuring accord that would take the carrier out of bankruptcy protection.However, the board of the company - over which Tanure holds sway - has held firm against bondholder proposals, and has promoted a plan that would be more favorable to equity holders.In the complaint, Societe Mondiale says that under the restructuring proposal pushed by bondholders, Aurelius would become a co-controller of Oi. The complaint also says that Aurelius holds almost 17 percent of competing telecoms operator Nextel Communications Inc through intermediaries.According to the complaint, Aurelius - due to its indirect stake in Nextel - would break Brazilian anti-trust rules if its debt restructuring proposal for Oi were to go into effect.On Wednesday, the judge overseeing the Oi bankruptcy case gave Chief Executive Eurico Teles power to draft the restructuring plan and submit it to the bankruptcy court without board approval, effectively removing power from the Tanure-led body.Reporting by Leonardo Goy; additional reporting by Gram Slattery in Sao Paulo; Editing by Susan Thomas ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-oi-sa-restructuring/shareholder-in-brazils-oi-requests-aurelius-be-barred-from-debt-restructuring-idINKBN1DV5YX' | '2017-12-01T18:15:00.000+02:00' |
| 18 | '4adf3f297e1422730d01f0617cfa9f87ec032081' | 'Major automakers post mixed November U.S. sales results' | 'December 1, 2017 / 3:09 PM / Updated 4 minutes ago November mixed for U.S. sales as automakers hike discounts Nick Carey 5 Min Read DETROIT (Reuters) - Major automakers posted mixed U.S. November new vehicle sales on Friday and predicted a competitive December as they rush to sell vehicles and boost their 2017 numbers before the year comes to an end. FILE PHOTO - Cars are seen in a parking lot in Palm Springs, California, U.S. on April 13, 2015. REUTERS/Lucy Nicholson/File Photo Automakers are trying to sell down 2017 model year vehicles, offering high discounts to consumers as the year-end nears. In 2016, the industry reported record annual sales of 17.55 million units. The seasonally adjusted annualized rate of U.S. car and light truck sales in November fell to 17.48 million vehicles, down from 17.71 million vehicles a year earlier, according to Autodata Corp, which tracks industry sales. This was roughly in line with the 17.5 million predicted by analysts polled by Thomson Reuters. According to consultancies J.D. Power and LMC, discounts have been above 10 percent of the average transaction price for 16 of the last 17 months, a level experts say is unhealthy and unsustainable. The November sales results come as the National Automobile Dealers Association said on Friday it expects new vehicle sales to decline to 16.7 million units in 2018, after dropping to 17.1 million for the full year in 2017. If that forecast comes true, the race to move new vehicles off dealers’ lots will only intensify next year. Brandon Mason, a director at PwC’s automotive practice, said a worrying trend for the industry was a rising number of subprime loans. He said subprime levels are at just over 20 percent of originations, against more than 30 percent prior to the Great Recession, but recent increases remain a concern. “That’s a bit of a red flag,” Mason said. “It’s something to keep an eye on as we move into 2018.” No. 1 U.S. automaker General Motors Co ( GM.N ) said its sales fell 2.9 percent in November, with sales to consumers flat against the same month in 2016. Much of the decrease was driven by lower fleet sales to rental agencies, businesses and government agencies. GM said strong SUV and crossover sales pushed its average transaction price for the month above $37,000 for the first time. The company’s level of unsold cars, which has been a concern for analysts and the industry, rose slightly to 83 days supply, from 80 days at the end of October. “More vehicles are sold in December than any other month and we are very well positioned because we have momentum in so many segments, but especially in crossovers,” said Kurt McNeil, U.S. vice president of sales operations. FILE PHOTO: The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook Fleet sales are a low-margin business for automakers. Fiat Chrysler Automobiles NV (FCA) ( FCHA.MI ) in particular has targeted a significant reduction in this type of sale in 2017. The automaker posted a 4 percent overall decrease in sales for November, but said fleet sales were down 25 percent while sales to consumers were up 2 percent on the year. FILE PHOTO: An airplane flies above a Ford logo in Colma, California, U.S., October 3, 2017. REUTERS/Stephen Lam/File Photo No. 2 U.S. automaker Ford Motor Co ( F.N ) reported a 6.7 percent increase in sales in November, with fleet sales up nearly 26 percent and retail sales 1.3 percent higher than in November 2016. Ford said SUV sales rose 13.3 percent in November, while its pickup truck sales were up 4.1 percent. “November and December over the last few years has become a very big merchandising window for the industry,” Ford’s U.S. sales chief Mark LaNeve told reporters on a conference call. He said price competition between automakers should continue into 2018, but it “should not be too disruptive.” Toyota Motor Corp ( 7203.T ) said its sales were down 3 percent, while Honda Motor Co Ltd ( 7267.T ) sales rose 8.3 percent. Volkswagen AG ( VOWG_p.DE ) said its sales were down 1.6 percent. Nissan Motor Co Ltd ( 7201.T ) said in a statement a systems outage meant it would not post official November results until Dec. 4, but estimated its U.S. sales rose 14 percent versus November 2016. GM shares closed down 30 cents at $42.79, FCA was off a penny at $17.09 and Ford ended up 8 cents at $12.58. Reporting by Nick Carey; editing by Phil Berlowitz and Tom Brown' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews' | 'https://www.reuters.com/article/us-usa-autos-sales/major-automakers-post-mixed-november-u-s-sales-results-idUSKBN1DV54J' | '2017-12-01T17:08:00.000+02:00' |
| 19 | '6549309ffa0f5c18fc289a8bdf93a3aa2772a20e' | 'Brexit buys bruised London Stock Exchange time' | 'December 1, 2017 / 6:14 PM / in 3 hours Brexit buys bruised London Stock Exchange time Huw Jones , Ben Martin 5 Min Read LONDON (Reuters) - Bruised by the collapse of its merger with Deutsche Boerse ( DB1Gn.DE ) and battered by the abrupt departure of its CEO, the London Stock Exchange (LSE) ( LSE.L ) may find Brexit buys it time get its house in order. FILE PHOTO: Chief Executive of the London Stock Exchange Xavier Rolet speaks at the annual CBI conference in central London, November 4, 2013. REUTERS/Olivia Harris/File Photo The turbulence at the top of the 300-year-old City of London institution has triggered another round of speculation that large U.S. rivals such as ICE ( ICE.N ) or CME ( CME.O ) could become predators. While London is Europe’s biggest financial market, Britain is due to leave the European Union in just over a year’s time and it is far from clear what trading relations it will have with the bloc when it comes to cross-border financial services. “I see (a bid from a U.S. rival) as doubtful as ICE especially, in my eyes, wants to see more substance on Brexit negotiations before pulling their cheque book out,” said a top-20 LSE shareholder, who declined to be named. What’s more, while the London exchange’s LCH division dominates the clearing of financial contracts in euros now, some EU policymakers insist the business should move within the currency bloc once Britain quits the EU. “For anyone stepping in and thinking about acquiring the LSE, the big risk for them is Brexit,” said an analyst at an investment bank, who added that LSE shares looked expensive given the uncertain outlook. “ICE and CME would be foolish not to look at LSE as this is one where you want to strike when the iron’s hot. But because of Brexit, it just seems that 22 times next year’s earnings in this environment is a risk,” the analyst said. ICE declined to comment. CME had no immediate comment. VINEYARD CALLING? Before quitting this week after more then eight years at the helm, CEO Xavier Rolet turned the LSE into a diversified exchange group by expanding its activities in stock indexes and buying a controlling stake in LCH Group. Under the former investment banker, the LSE’s share price increased fivefold and a successful merger with Deutsche Boerse would have added a significant futures business to its portfolio to catch up with U.S. rivals. But the deal to create Europe’s biggest stock exchange started to unravel after the Brexit vote as politicians bickered over whether the seat of power should be in London or Frankfurt. EU regulators killed the deal off in May. In October, the LSE announced that Rolet would step down at the end of 2018 but days later, activist investor TCI Fund Management said the Frenchman was being forced out and it should be LSE Chairman Donald Brydon going instead. According to a person close to TCI, the hedge fund started to have misgivings about Rolet’s departure when it spoke to him the day after the 2018 succession plan was announced. Asked whether he planned to spend more time at his family’s vineyard in France, Rolet said he’d barely been to the winery in a decade and didn’t care about it, according to the person, who said it was clear Rolet wanted to stay. “When people answer questions in a certain way, it gives away their true feelings and thought processes,” the person said, adding that Rolet declined to say why he was leaving. A month of messy public wrangling followed, exposing a deep rift between the chairman and the CEO and dragging in the Bank of England. Rolet quit on Wednesday and TCI again called for Brydon to go. On Thursday, the LSE said it would hold a shareholder meeting on Dec. 19 to decide if Brydon should be removed as demanded by TCI, the fourth-biggest LSE shareholder with a 5 percent holding. SENDING MESSAGE An adviser to the LSE said he was confident the vote would go against TCI. The hedge fund believes there is enough shareholder support to back its resolution. Another hedge fund investor who plans to back TCI, accepted it was unclear if it would be successful. “I still think it’s important to send a message even if the vote is lost,” the hedge fund investor said. But even though Brydon’s fate hangs in the balance and the row has shone a light on the breakdown in relations at the top of the LSE, its share price has held firm, meaning there is no quick bargain for a deep-pocketed predator. Coupled with the uncertainty over Brexit and the risk that any merger might run into antitrust difficulties, the London exchange should have time to get back on its feet before any large rival swoops. “We’ve still got a board, we’ve still got the executive team. They may launch a bid but the board is never going to recommend something unless it represents proper fundamental value and I think in the current regulatory environment I don’t know if something will get through,” said the adviser to the LSE. Additional reporting by Maiya Keidan, Simon Jessop and Noor Zainab Hussain; editing by David Clarke' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-lse-ceo/brexit-buys-bruised-london-stock-exchange-time-idUKKBN1DV5OS' | '2017-12-01T20:15:00.000+02:00' |
| 20 | '1da784647afc610bf45a88705c9053ab154494de' | 'Alaska Air investigating sexual harassment claim by Randi Zuckerberg' | 'NEW YORK, Nov 30 (Reuters) - Alaska Airlines is investigating a sexual harassment claim by Randi Zuckerberg, a Silicon Valley executive and sister of Facebook Inc Chief Executive Mark Zuckerberg.Zuckerberg wrote on social media late on Wednesday that she boarded the first-class cabin on a flight from Los Angeles to Mazatlan, Mexico, when a passenger in a seat near her began making lewd and explicit sexual remarks to her.“Feeling furious, disgusted and degraded,” Zuckerberg wrote in a post detailing her experience. She said her complaints were dismissed by flight attendants.“The safety and well-being of our guests on Alaska Airlines is our number one priority,” Alaska said. “We’re fully investigating this situation and will take appropriate steps, as needed.”The incident comes after a string of high-profile men in film, media and politics have been accused of sexual harassment or assault. (Reporting by Alana Wise; Editing by Bill Rigby) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/alaska-airlines-zuckerberg/alaska-air-investigating-sexual-harassment-claim-by-randi-zuckerberg-idINL1N1O02QU' | '2017-11-30T20:14:00.000+02:00' |
| 21 | '26811b407ab605ad5aae07d154f9b294e4f82497' | 'Beauty contest: China make-up brands rein in South Korea rivals' | 'December 1, 2017 / 5:01 AM / Updated 3 hours ago Beauty contest: China make-up brands rein in South Korea rivals Reuters Staff * Chinese cosmetics close gap on Korean rivals * China brands lure skilled S.Korean talent - sources * S.Korean firms suffered during THAAD anti-missile dispute By Hyunjoo Jin and Adam Jourdan SEOUL/SHANGHAI, Dec 1(Reuters) - As a diplomatic spat between Beijing and Seoul raged this year, many South Koreans felt decidedly unwelcome in China. South Korean businesses were shunned, K-pop concerts were canceled and tourist trade dried up. But one group of South Koreans have been very much in demand: the executives and employees of South Korea’s cosmetics companies, who are being lured by Chinese rivals as a battle for China’s huge beauty market heats up. Chinese make-up brands including Jala, Proya and Suhu - which have long trailed Korean rivals in terms of quality - are hiring South Korean executives as well as spending up on research and buying overseas firms, industry executives and headhunters say. The moves seem to be helping. Chinese brands, which compete with Korea names from top-rated Amorepacific to nimble budget makers such as Clio, are gaining market share in the mid-range and premium cosmetics sector where South Korea has traditionally had strength in China. While Chinese companies have been gaining ground for some time, the trend appears to have accelerated this year after Seoul’s decision to install a U.S. anti-missile system against Beijing’s wishes sparked a backlash against Korean companies. At stake is a bigger chunk of China’s $50.2 billion beauty and personal care market, which research firm Euromonitor projects will grow to $61.9 billion by 2020. Jason Yu, Shanghai-based General Manager of market research firm Kantar Worldpanel, said mid-tier or “masstige” Korean brands were most exposed to Chinese brands improving their offering. High-end brands from France’s L‘Oreal and Japan’s Shiseido tended to attract wealthier buyers. “In terms of the price position, they will be more in direct competition with the emerging Chinese brands who are moving up the price ladder,” said Yu, adding Chinese firms were “catching up very fast”. HIRING SPREE There are signs that recent diplomatic tensions have played into the hands of local Chinese brands in their battle with Korean rivals. Amorepacific’s sales fell 8 percent in the January to September period from a year earlier, while operating profit skidded 30 percent. Smaller, budget makers were hit harder, with Clio’s operating profit falling nearly 70 percent. While some Chinese make-up brands use South Korean stars or highlight Korean links, others are playing up Chinese elements such as using traditional medicine ingredients or use slogans about suiting Chinese skin. Zoe Zhuang, 24, an engineer in Nanjing, said she used to use cushion foundations and eye pencils from South Korea’s Etude brand. She now uses more Chinese to “support local brands”, she said, without referring to the dispute over the THAAD missile system. “I actually don’t think Chinese makeup is that good yet, there is plenty of room for improvement,” she said. Chinese cosmetics firms have been trying to close the quality gap by aggressively targeting South Korean executives. “(Chinese cosmetics brands) are recruiting Koreans in almost all areas, including brand managers, packaging design, store interiors, purchasing and marketing,” Choi Sun-hee, head of South Korean recruiting firm HR Biz Korea, told Reuters. Some Chinese brands are willing to offer 50 percent higher wages, help with rents and flights home to woo Korean workers, Choi added. Guangzhou-based Suhu plans to double the number of its South Korean employees to 40, Choi said. It recently hired an executive from Korea’s Nature Republic to oversee the recent launch of its Rojank brand, he added. Suhu declined to comment. Chinese brand Proya, which owns the Uzero and Cats & Roses brands, hired South Korean Kim Hoi-joon from Clio in 2014 to launch its Hapsode brand, Kim told Reuters. Another former Amorepacific official said Kim had lured him to Proya last year with a salary hike of about 50 percent. He said he was one of over 10 Korean employees hired by Proya. Proya declined to comment. Meanwhile, Jala, one of China’s leading cosmetics firms, hired a Korean executive earlier this year to revamp its mainstay Chando brand, two people familiar with the matter told Reuters. Jala also hired the former head of Amorepacific’s Etude brand, Kim Dong-young, they added. Kim, reached by phone, confirmed he had been working at Jala for about a year, but declined to comment further. Jala’s press office was not available for comment. The approach is not limited to cosmetics. Chinese firms from carmakers to flatscreen producers to smartphone vendors have recently opened up more to hiring foreign talent to help them gain a competitive edge, often taking market share from South Korean rivals as they move up the value chain and their industries mature. But Korean brands aren’t going down without a fight. Amorepacific said it was working with experts in seven Chinese cities to study local skin characteristics and develop products for the local market. “It is not that we are not worried about Chinese competition,” Rho Jee-hye, an Amorepacific senior vice president told Reuters. “As there is Estee Lauder in the United States, L‘Oreal in France and Amorepacific in Korea, an innovative Chinese company could emerge.” (Reporting by Hyunjoo Jin in SEOUL and Adam Jourdan in SHANGHAI; Additional reporting by Joyce Lee in SEOUL, Editing by Soyoung Kim and Lincoln Feast)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/southkorea-china-companies/beauty-contest-china-make-up-brands-rein-in-south-korea-rivals-idUSL3N1NT2RX' | '2017-12-01T07:00:00.000+02:00' |
| 22 | '95bba9b3842180b671176a800865a725d8001b9a' | 'Greece, lenders reach deal on reforms under bailout review' | 'December 2, 2017 / 7:57 PM / in 17 minutes Greece, lenders reach deal on reforms under bailout review Reuters Staff 2 Min Read ATHENS (Reuters) - Greece and official creditors on Saturday concluded talks on the review of its bailout progress, reaching agreement on fiscal issues, energy and labour market reforms, bad loans and privatisations, the country’s finance minister said. FILE PHOTO - Greek Finance Minister Euclid Tsakalotos gestures during a news conference with Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem (not pictured) at the Finance ministry in Athens, Greece September 25, 2017. REUTERS/Costas Baltas A deal between Greek officials and European Union and International Monetary Fund representatives on the country’s compliance with reforms and future commitments must be approved by euro zone finance ministers, scheduled to meet on Dec. 4. “The institutions’ visit is completed, we closed the staff level agreement,” Finance Minister Euclid Tsakalotos told reporters. “We will present the agreement to Monday’s Eurogroup meeting.” Once concluded, the review will release about five billion euros in loans from Greece’s 86 billion euro bailout programme, its third since 2010. Athens and its lenders had been exchanging drafts on agreed and proposed reforms for days. After seven years of austerity and rescue loans amounting to about 270 billion euros 238.3 billion pounds), Greece hopes its third bailout will be its last. The government has been keen to swiftly conclude the review, which started in October, to begin talks on debt relief and the terms of the country’s exit from the bailout programme which ends in August next year. On Friday Greece’s energy minister finalised a deal with creditors on the coal-fired plants the country will sell to comply with an EU court ruling. Reporting by George Georgiopoulos; Editing by Stephen Powell' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-eurozone-greece-review/greece-lenders-reach-deal-on-reforms-under-bailout-review-idUKKBN1DW0P3' | '2017-12-02T21:57:00.000+02:00' |
| 23 | '636cc2ae56412df8ca5d266f1079cf044b1d7d53' | 'European stocks dip as financials wilt on U.S. tax bill disappointment' | 'December 1, 2017 / 8:47 AM / Updated an hour ago European stocks dip as financials wilt on U.S. tax bill disappointment Reuters Staff 2 Min Read LONDON, Dec 1 (Reuters) - Europe’s financial stocks wilted after a delayed vote on tax reform in the U.S. deflated a rally in the sector, driving regional benchmarks to start December with a dip. Euro zone stocks fell 0.6 percent while Britain’s FTSE, which has suffered from a strong sterling this week, slid 0.1 percent. Financials were the biggest weight after the U.S. Senate delayed a vote on a tax reform bill that investors anticipate will be beneficial for banks. Lloyds, Barclays, and BNP Paribas led the index down. Oil and gas stocks stayed buoyant, with Shell, Total and BP leading sector gains as OPEC’s extension of supply cuts continued to boost crude prices. Healthcare stocks outperformed thanks to a Morgan Stanley upgrade boosting UCB by 3.3 percent while Novo Nordisk , flagged as one of the strategists’ favourites in the pharma space, gained 2.8 percent. British pharma company Indivior also shot up 11.7 percent after its opioid addiction drug got approved by the U.S. Food and Drug Administration. Struggling French telecom company Altice - whose shares sank 59 percent in November after disappointing results - rose 4.6 percent after the company said it would sell data centre and Swiss telecoms businesses in a bid to reduce its 50 billion euro debt pile. Meanwhile shares in Dialog Semiconductor, hammered on Thursday by a press report Apple would in-source its power chip design, removing a crucial supplier relationship for the German firm, recovered to trade up 4 percent. Reporting by Helen Reid; Editing by Georgina Prodhan' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/europe-stocks/european-stocks-dip-as-financials-wilt-on-u-s-tax-bill-disappointment-idUSL8N1O116F' | '2017-12-01T10:47:00.000+02:00' |
| 24 | 'cf04ab1056a1684e124e7ba98ab6a565a9593e2b' | 'Asian manufacturing expands further, but China remains a risk' | 'LONDON (Reuters) - In 2014, a few days after she took over as chair of the U.S. Federal Reserve, Janet Yellen admitted that she could not fathom the “very worrisome” trend of weak wage growth for American workers.Pedestrians pass a sign advertising a sale and a job opening at a shop on Newbury Street in Boston, Massachusetts, U.S., October 11, 2017. REUTERS/Brian Snyder/Files Now, as she nears the end of her four-year term, the problem remains a mystery, and not only in the United States.In many countries, more people are in work than before the global financial crisis as the world economy racks up its strongest growth since 2010.But pay, which would normally rise more quickly as employers compete for staff, is rising painfully slowly for many.The living standards hit has big implications, fuelling the frustration of many voters who have dealt stinging rebukes to establishment candidates in elections around the world, most notably the victory of U.S. President Donald Trump last year.And if the pattern doesn’t change soon, it’s likely to take its toll on many of the world’s advanced economies in 2019 just as they finally emerge from the hangover of the financial crisis, the Organisation for Economic Co-operation and Development says.U.S. data due on Friday is expected to show another solid month for job creation in November but more attention is likely to be on workers’ earnings which showed the weakest rise in a year-and-a-half in October, up by an annual 2.4 percent.That’s an improvement from growth of less than 2 percent as recently 2015 but before the financial crisis, American wages were growing by as much as 3.6 percent a year.The weak wage numbers raise big questions about how fast inflation is likely to pick up - it has undershot the Fed’s target for more than five years - and how many more interest rate hikes the U.S. central bank is likely to make in response.The Fed is widely expected to raise rates for the third time in 2017 on Dec. 13 and investors are more on edge about what message it will send about its plans 2018.If wage growth is weak in the United States, the picture is bleaker for workers in many other countries.In Britain, workers are facing the prospect of nearly two lost decades for earnings growth, taking inflation into account, according to new official forecasts.For OECD economies overall, real wage growth is projected to remain moderate, barely picking up speed over the next couple of years, the Paris-based organization says.Andrew Milligan, head of global strategy at Aberdeen Standard Investments in Edinburgh, said there were signs that some U.S. employers were starting to raise their pay.U.S. retailer Target Corp said in September it would increase its minimum hourly wage this year by a dollar to $11 and to $15 an hour by the end of 2020.“But the uptrend is very gentle,” Milligan said.Economists think the cause of the global earnings slowdown, at least in part, has to do with escalating competition in the world economy, and the rise of giant online corporations such as Amazon and Uber, which is squeezing many employers.Yellen has said she thinks America’s tight labour markets will ultimately lead to rising prices. But her successor Jerome Powell, who replaces her in February, has yet to show how convinced he is.While the Fed is likely to have to wait longer than its meeting in December for signs of a sustained pickup in pay growth, it will have a good sense of the fate of President Trump’s plans to cut corporate and individual taxes which have the potential to speed up growth and inflation more quickly.Politics are key to the economic outlook in Europe too, especially with the Brexit negotiations entering a key phase.British Prime Minister Theresa May is due to meet European Commission President Jean-Claude Juncker and his chief Brexit negotiator, Michel Barnier, in Brussels on Monday.After long-awaited signs of progress on key issues such as the size of Britain’s Brexit divorce bill, sterling has risen in recent days, hitting a two-month high against the U.S. dollar.If Monday’s meeting is deemed by Brussels to have produced sufficient progress, then EU leaders could give a green light to trade talks at a summit on Dec. 14-15, reducing the risk of a chaotic British departure from the bloc.Britain’s economy is growing more slowly than most of its European peers and investors are watching for signs that the euro zone recovery can keep up its recovery.Hetal Mehta, an economist at Legal & General Investment Management, said German factory orders data on Wednesday would give a forward-looking signal of whether exporters are continuing to cope with the rise in the euro currency.Writing by William Schomberg; Editing by Toby Chopra ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/global-economy/asian-manufacturing-expands-further-but-china-remains-a-risk-idINKBN1DV3OE' | '2017-12-01T06:51:00.000+02:00' |
| 25 | 'f6fdd11472d3abb3441b56fe9e015f70b2ea08c3' | 'Aetna''s board set to approve $68 sale to CVS Health: sources' | '(Reuters) - Aetna Inc’s ( AET.N ) board of directors approved on Sunday the U.S. health insurer’s sale to drugstore chain operator CVS Health Corp ( CVS.N ) for approximately $207 per share in cash and stock, according to people familiar with the matter.People walk by a CVS Pharmacy store in the Manhattan borough of New York City, New York, U.S., November 30, 2017. REUTERS/Shannon Stapleton The $69 billion deal will be this year’s largest corporate acquisition. It will combine one of the nation’s largest pharmacy benefits managers (PBMs) and pharmacy operators with one of its oldest health insurers, whose far-reaching business ranges from employer healthcare to government plans nationwide.According to the agreed terms, Aetna shareholders stand to receive $145 per share in cash and 0.8378 CVS Health shares for each Aetna share, the sources said. The companies will announce the deal later on Sunday, the four sources added.Aetna shareholders will own about 22 percent of the combined company, while CVS shareholders will own the remainder, the sources said. Three Aetna directors, including Aetna’s Chairman and CEO Mark Bertolini, will join CVS’s board of directors, the sources added.The sources requested not to be identified because the deal has not yet been announced. CVS and Aetna did not immediately respond to requests for comment.The deal comes as healthcare payers and pharmacies are responding to factors including the Affordable Care Act, rising drug prices and the threat of competition from online retailers such as Amazon.com Inc ( AMZN.O ).CVS plans to use its low-cost clinics to eventually save more than $1 billion per year on health care costs for Aetna’s roughly 23 million medical members, sources have said.A combined insurer and PBM will also likely be better placed to negotiate lower drug prices, and the arrangement could boost sales for CVS’s front-of-store retail business.The company expects to invest billions of dollars in the coming years to add clinics and services, largely financed by diverting funds away from other planned investments.That could eventually cut costs substantially, with the clinics serving as an alternative to more expensive hospital emergency room visits.Meanwhile, deeper collaboration between Aetna’s insurance business and CVS’s PBM division could drive down drug costs by adding clients and boosting the PBM’s leverage with drugmakers.Independent PBMs have long been criticized for potential conflicts of interest with insurance company clients, because they could potentially keep cost savings from drug negotiations rather than passing them on to patients.FILE PHOTO: Mark Bertolini, Chairman and CEO of Aetna, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco, California November 3, 2015. REUTERS/Elijah Nouvelage/File Photo Aetna patient visits to CVS stores for health care and prescriptions could also boost front-of-store sales, which like those at many retailers have fallen in recent quarters amid competition from online sellers.Health insurers meanwhile have sought to cut costs amid steep prescription drug price rises and requirements to care for even the sickest patients under the Affordable Care Act.Aetna last year tried to buy rival Humana Inc ( HUM.N ) to gain leverage to control costs, but U.S. antitrust regulators shot down that transaction and a proposed merger between Anthem Inc ( ANTM.N ) and Cigna Corp ( CI.N ).Analysts have said the CVS-Aetna deal could prompt other healthcare sector mega-mergers, as rivals scramble to emulate the strategy.It could spur a merger between Walgreens Boots Alliance Inc ( WBA.O ) and Humana Inc ( HUM.N ), or between Humana and Wal-Mart Stores Inc ( WMT.N ), Ana Gupte, analyst at Leerink Partners, said recently.VERTICAL MERGER Although CVS and Aetna’s planned merger does not directly consolidate the health insurance or pharmaceutical industries, the U.S. Department of Justice has been taking a closer look at so-called vertical mergers, where the companies are not direct competitors.Last month, the Justice Department sued to block AT&T Inc’s ( T.N ) planned $85.4 billion merger with Time Warner Inc ( TWX.N ), saying the integration of a content producer with a distributor could reduce consumer choice.The CVS-Aetna deal could attract similar scrutiny if regulators feared it could block Aetna customers from frequenting other pharmacies or contracting with other PBMs, several investors said, asking not to be named because they were not authorized to talk to the press.But four antitrust experts said there is little doubt the deal will be approved, although it might need to meet conditions to convince antitrust enforcers to sign off.It is unclear whether it would be evaluated by the U.S. Federal Trade Commission or the Justice Department but that decision might be made based on which agency is less busy, said Matthew Cantor of law firm Constantine Cannon.“(The companies) want the FTC to get it. The reason that the FTC is better at this point is that the Justice Department has just broken with decades of precedent of how to deal with vertical mergers,” said Cantor, referring to the decision to refuse conduct remedies and file a lawsuit to stop AT&T from buying Time Warner.Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Additional reporting by Caroline Humer in New York and Diane Bartz in Washington; Editing by Meredith Mazzilli and Lisa Shumaker ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-aetna-m-a-cvs-health/aetnas-board-set-to-approve-68-billion-sale-to-cvs-health-sources-idINKBN1DX0NC' | '2017-12-03T13:13:00.000+02:00' |
| 26 | 'ac0f8e3bb4012652fdde7e4bf7c68b9181117040' | 'Aetna''s board set to approve $68 billion sale to CVS Health - sources' | 'December 3, 2017 / 4:31 PM / Updated 24 minutes ago CVS Health to acquire Aetna for $69 billion in year''s largest acquisition Carl O''Donnell , Caroline Humer 7 Min Read (Reuters) - U.S. drugstore chain operator CVS Health Corp ( CVS.N ) said on Sunday it had agreed to acquire U.S. health insurer Aetna Inc ( AET.N ) for $69 billion (51.36 billion pounds), seeking to tackle soaring healthcare spending through lower-cost medical services in pharmacies. FILE PHOTO: People walk by a CVS Pharmacy store in the Manhattan borough of New York City, New York, U.S., November 30, 2017. REUTERS/Shannon Stapleton/File Photo This year’s largest corporate acquisition will combine one of the nation’s largest pharmacy benefits managers (PBMs) and pharmacy operators with one of its oldest health insurers, whose national business ranges from employer healthcare to government plans. The deal comes after Aetna’s $37 billion plan to acquire smaller U.S. health insurance peer Humana Inc ( HUM.N ) was blocked in January by a U.S. federal judge over antitrust concerns. A proposed combination of peers Anthem Inc ( ANTM.N ) and Cigna Corp ( CI.N ) was also shot down. Aetna shareholders stand to receive $207 per share in the deal with CVS, the companies said. The consideration comprises $145 per share in cash and 0.8378 CVS shares for each Aetna share. Reuters first reported the terms of the deal earlier on Sunday. Aetna shareholders will own about 22 percent of the combined company, while CVS shareholders will own the remainder. The companies said that cost synergies in the second full year after the transaction closes -- 2020 if the deal closes in the second half of 2018 as they expect -- would amount to $750 million. They foresee it adding to adjusted earnings per share by the low- to mid-single digit percentage points. Their vision expands beyond capitalizing on CVS’ existing MinuteClinic structure, which largely offers preventative services like flu shots, the companies’ chief executives said in an interview. “When you walk into CVS there’s the pharmacy. What if there’s a vision and audiology centre, and perhaps a nutritionist, and some sort of care manager?” CVS CEO Larry Merlo said. Aetna will be operated as a separate unit and Aetna’s existing leadership is expected to run the Aetna businesses, Merlo said. Aetna will have two of its directors, in addition to Aetna CEO Mark Bertolini join the board of CVS. The deal comes as healthcare payers and pharmacies are responding to a shifting landscape, including changes in the Affordable Care Act, rising drug prices and the threat of competition from online retailers such as Amazon.com Inc ( AMZN.O ). CVS plans to use its low-cost clinics to provide medical services to Aetna’s roughly 23 million medical members. In addition to health clinics and medical equipment, CVS could provide assistance with vision, hearing and nutrition. A combined insurer and PBM will also likely be better placed to negotiate lower drug prices, and the arrangement could boost sales for CVS’s front-of-store retail business. The company expects to invest billions of dollars in the coming years to add clinics and services, largely financed by diverting funds away from other planned investments. That could eventually cut costs substantially, with the clinics serving as an alternative to more expensive hospital emergency room visits. A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. Health insurer Aetna Inc said on Monday that it would buy rival Coventry Health Care Inc for $5.6 billion to increase its share of the fast-growing, U.S. government-backed Medicare and Medicaid programs. REUTERS/Brendan McDermid Meanwhile, deeper collaboration between Aetna’s insurance business and CVS’s PBM division could drive down drug costs by adding clients and boosting the PBM’s leverage with drugmakers. Independent PBMs have long been criticized for potential conflicts of interest with insurance company clients, because they could potentially keep cost savings from drug negotiations rather than passing them on to patients. Health insurers meanwhile have sought to cut costs amid steep prescription drug price rises and requirements to care for even the sickest patients under the Affordable Care Act. Large corporate customers of Aetna are taking a wait-and-see attitude regarding the impact on costs, benefits experts have said. Analysts have said the CVS-Aetna deal could prompt other healthcare sector mega-mergers, as rivals scramble to emulate the strategy. FILE PHOTO: Mark Bertolini, Chairman and CEO of Aetna, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco, California November 3, 2015. REUTERS/Elijah Nouvelage/File Photo It could spur a merger between Walgreens Boots Alliance Inc ( WBA.O ) and Humana Inc ( HUM.N ), or between Humana and Wal-Mart Stores Inc ( WMT.N ), Ana Gupte, analyst at Leerink Partners, said recently. VERTICAL MERGER Although CVS and Aetna’s planned merger does not directly consolidate the health insurance or pharmaceutical industries, the U.S. Department of Justice has been taking a closer look at so-called vertical mergers, where the companies are not direct competitors. Last month, the Justice Department sued to block AT&T Inc’s ( T.N ) planned $85.4 billion merger with Time Warner Inc ( TWX.N ), saying the integration of a content producer with a distributor could reduce consumer choice. The CVS-Aetna deal could attract similar scrutiny if regulators feared it could block Aetna customers from frequenting other pharmacies or contracting with other PBMs, several investors said, asking not to be named because they were not authorized to talk to the press. But four antitrust experts said there is little doubt the deal will be approved, although it might need to meet conditions to convince antitrust enforcers to sign off. It is unclear whether it would be evaluated by the U.S. Federal Trade Commission or the Justice Department but that decision might be made based on which agency is less busy, said Matthew Cantor of law firm Constantine Cannon. “(The companies) want the FTC to get it. The reason that the FTC is better at this point is that the Justice Department has just broken with decades of precedent of how to deal with vertical mergers,” said Cantor, referring to the decision to refuse conduct remedies and file a lawsuit to stop AT&T Inc ( T.N ) from buying Time Warner Inc ( TWX.N ). Barclays and Goldman Sachs served as financial advisers to CVS, and Centerview Partners also provided financial advice to CVS’s board. Shearman & Sterling LLP, Dechert LLP, and McDermott Will & Emery LLP were legal advisers to CVS. Lazard Ltd and Allen & Company LLC were financial advisers to Aetna and Evercore served as independent financial adviser to Aetna’s board. Davis Polk & Wardwell LLP was Aetna’s legal adviser. Reporting by Carl O''Donnell and Carl Humer in New York; Additional reporting by Greg Roumeliotis in New York and Diane Bartz in Washington; Editing by Meredith Mazzilli and Lisa Shumaker' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-aetna-m-a-cvs-health/aetnas-board-set-to-approve-68-billion-sale-to-cvs-health-sources-idUKKBN1DX0NM' | '2017-12-03T18:31:00.000+02:00' |
| 27 | '4286585c15bdee02b53e23acd03c383b3f8efac8' | 'Nikkei slips as tech shares follow U.S. counterparts down' | 'December 5, 2017 / 6:27 AM / Updated 30 minutes ago Nikkei slips as tech shares follow U.S. counterparts down Reuters Staff 1 Min Read TOKYO, Dec 5 (Reuters) - Japan’s Nikkei share average dropped on Tuesday with semiconductor equipment manufacturers’ stocks hit by weakness in U.S. tech shares overnight, undercutting gains for banks and brokerages. The Nikkei ended 0.4 percent lower at 22,622.38, but the broader Topix added 0.2 percent to 1,790.97. . Manufacturers of chip-manufacturing equipment lost ground, with Tokyo Electron sliding 2.8 percent and Advantest Corp shedding 1.8 percent. Silicon wafer maker Sumco Corp tumbled 4.1 percent. Banks and brokers, like their U.S. counterparts overnight, gained. Sumitomo Mitsui Financial Group advanced 1.0 percent and Nomura Holdings climbed 1.6 percent. Reporting by Ayai Tomisawa; Editing by Richard Borsuk' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/japan-stocks-close/nikkei-slips-as-tech-shares-follow-u-s-counterparts-down-idUSL3N1O52BU' | '2017-12-05T08:27:00.000+02:00' |
| 28 | '9c79fc12889ffbbbe7c3e73ca6115021659c7791' | 'Singapore''s Pavilion Energy hires Gazprom executive as CEO' | 'SINGAPORE, Dec 5 (Reuters) - Singapore’s Pavilion Energy has appointed Gazprom executive Frederic Barnaud as its new chief executive, effective from February next year, the company said on Tuesday.Barnaud, a French national, is currently the chief commercial officer of liquefied natural gas, oil and shipping for the Gazprom Marketing and Trading Group based in London.He will replace Seah Moon Ming as chief executive of Pavilion Energy and its subsidiary Pavilion Gas.Earlier this year, Seah was appointed chairman of Singapore’s SMRT Corp.Pavilion Energy was set up in April 2013 by Temasek Holdings , Singapore’s sovereign wealth fund, and is focused on LNG investment. (Reporting by Jessica Jaganathan; Editing by Sherry Jacob-Phillips) ' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/pavilionenergy-ceo/singapores-pavilion-energy-hires-gazprom-executive-as-ceo-idUSL3N1O536E' | '2017-12-05T17:49:00.000+02:00' |
| 29 | 'eb39a151fd9cae8ffa6e98b8dca5e17d8cadf0a2' | 'British outsourcer Mitie takes property management unit off the market' | 'December 5, 2017 / 10:58 AM / in 27 minutes British outsourcer Mitie takes property management unit off the market Reuters Staff 1 Min Read (Reuters) - British outsourcing company Mitie Group said it would not sell its property management unit, as it saw “greater shareholder and strategic value in keeping the business”. “Mitie’s Board considered all indicative offers received for this profitable business, and concluded that none were at a sufficient level with which to proceed,” the company said on Tuesday. The provider of pest control, cleaning, security and healthcare services is restructuring after a string of profit warnings, which it has blamed on rising costs and uncertainty surrounding Britain’s planned exit from the European Union. Britain’s Financial Reporting Council is also examining how Mitie’s 2015-16 financial statements were prepared and approved. Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-mitie-group-restructuring/british-outsourcer-mitie-takes-property-management-unit-off-the-market-idUKKBN1DZ1D6' | '2017-12-05T12:57:00.000+02:00' |
| 30 | '26d881ddf3d4e2508ee11ff38dec0906fed697ff' | 'Thyssenkrupp chairman rejects investor call for breakup - Handelsblatt' | 'December 5, 2017 / 7:24 AM / in 10 minutes Thyssenkrupp chairman rejects investor call for breakup - Handelsblatt Reuters Staff 2 Min Read BERLIN (Reuters) - Thyssenkrupp ( TKAG.DE ) Chairman Ulrich Lehner has rejected investor calls to break up the industrial group and backed top management’s plan to transform the firm into a technology group, Germany’s Handelsblatt reported, citing an interview. ThyssenKrupp supervisory board chairman Ulrich Lehner addresses the company''s annual shareholders meeting in Bochum, Germany, January 27, 2017. REUTERS/Thilo Schmuelgen “Breaking up the group is not at all an issue,” Lehner was quoted as saying by the business daily in an interview published on Tuesday. Chief Executive Heinrich Hiesinger, who has run the group since 2011, is steering the firm away from the volatile steel sector and aims to transform it into a technology group focused on car parts and elevators. It has struck a deal to combine its European steel businesses with that of India’s Tata Steel ( TISC.NS ) next year and is facing pressure over the planned merger from its labour unions. Cevian Capital, which holds around 18 percent in Thyssenkrupp, has criticized the management’s transformation course for failing to boost profitability and called for structural changes to the group to help it become more agile. “If an investor positions itself publicly in such a way, then this hurts the company,” Lehner said. The head of Thyssenkrupp’s supervisory board gave his backing to Hiesinger ahead of a meeting with the CEO and Cevian founder Lars Foerberg on Tuesday, according to Handelsblatt. “The team around Heinrich Hiesinger is doing an excellent job,” Lehner said. “It has the full support of the supervisory board and I appreciate the cooperation very much.” “A breakup is not an optional issue that one can deal with carelessly,” Lehner said. “If there was need to take action on that front, then this would also be addressed and discussed within the supervisory board.” Reporting by Andreas Cremer; Editing by Amrutha Gayathri' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-thyssenkrupp-chairman/thyssenkrupp-chairman-rejects-investor-call-for-breakup-handelsblatt-idUKKBN1DZ0NY' | '2017-12-05T09:23:00.000+02:00' |
| 31 | 'c0ccc7caf572a57c4aa7b5c74553305d10cc834c' | 'ECB to supervise Barclays'' German branch after jump in assets' | 'December 5, 2017 / 10:11 AM / Updated 28 minutes ago ECB to supervise Barclays'' German branch after jump in assets Reuters Staff 1 Min Read FRANKFURT (Reuters) - The German branch of UK bank Barclays will come under European Central Bank’s supervision from next year due to an increase in bank’s size, the ECB said on Tuesday. FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo Barclays already has banks that are directly supervised by the ECB in France and Italy, as well units overseen by local regulators in Ireland, Spain and The Netherlands. SEB AG and Raiffeisen-Holding Niederösterreich-Wien were meanwhile no longer deemed significant banks so the ECB will hand direct supervision over to local authorities, the ECB said. Reporting by Balazs Koranyi; Editing by Francesco Canepa' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-barclays-ecb/ecb-to-supervise-barclays-german-branch-after-jump-in-assets-idUKKBN1DZ15I' | '2017-12-05T12:11:00.000+02:00' |
| 32 | '7691831f105cfcce575a12ec97c763bfb3065499' | 'India says debt rollover risk in next five years low' | 'MUMBAI (Reuters) - The Indian government’s debt rollover risk in the next five years is low given the amount of domestic debt that needs to be repaid every year is an average of 5.3 percent of its outstanding stock, it said in a report on Tuesday.FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo The rollover risks will get further mitigated through buyback or switching of short-end bonds with longer tenure papers by the government in the market, it said in its quarterly debt management report.“The implementation of budgeted buyback/switches in coming period is expected to reduce rollover risk further,” the finance ministry said.India bought back 170.16 billion rupees worth of bonds maturing in 2017/18 and sold in its place 2024/25 and 2029/30 papers to a bank in June under one of its switches, it said in the report.The government also bought back 277.67 billion rupees of short-dated securities last week as a part of its debt management operation to reduce risks of bulk payouts next year.Meanwhile, banks’ holding of government debt as of end-March eased to 40.5 percent of outstanding stock from 41.8 percent a year ago, while insurers increased their holdings to 22.9 percent from 22.2 percent in March 2016.The central bank’s holding of sovereign debt also went up to 14.7 percent of the total stock as of March 2017 from 13.5 percent a year ago.Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/india-govt-debt/india-says-debt-rollover-risk-in-next-5-years-low-idINKBN1DZ117' | '2017-12-05T11:32:00.000+02:00' |
| 33 | '322fe2aa7f334ab6473cd34ff7c7990d5e471076' | 'CANADA STOCKS-TSX slips as miners, banks weigh' | '* TSX down 40.69 points, or 0.25 percent, at 15,928.34* Six of the TSX’s 10 main groups move higherTORONTO, Dec 5 (Reuters) - Canada’s main stock index edged lower on Tuesday, as mining stocks weighed with lower commodity prices and banks pulled back at the end of their earnings season while consumer, technology and telecom shares ticked up.* At 10:01 a.m. ET (1501 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 40.69 points, or 0.25 percent, at 15,928.34. Six of its 10 main groups were higher while decliners were outnumbering advancers by more than 2-to-1.* Licensed marijuana producer Aphria Inc surged 19.5 percent to C$13.88 after saying it had reached a deal to supply medical cannabis to Loblaw Cos Ltd’s pharmacy chain Shoppers Drug Mart.* Bombardier Inc rose 1 percent to C$3.17 after two sources said Aeromexico has held preliminary talks to take some of its CSeries jets orders from Delta Air Lines Inc, which owns a stake in the Mexican carrier, to avoid possible U.S. trade duties levied on the planes.* The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5 percent as miners of copper, nickel, zinc and other base metals were hit hard by falling commodity prices.* First Quantum Mineral Ltd fell 3.9 percent to C$14.64 and Lundin Mining Corp lost 2.6 percent to C$6.875 as copper prices declined 3.5 percent to $6,588 a tonne, the lowest level in nearly two months.* The heavyweight energy group was little changed, while Kinder Morgan Canada Ltd fell 1.1 percent to C$16.87 after saying late on Monday that the start-up of its Trans Mountain pipeline expansion could be delayed past September 2020.* The financials group slipped 0.3 percent as bank earnings season wrapped up, with Bank of Montreal slipping 0.7 percent to C$98.88 despite reporting adjusted profit that beat analysts’ estimates and Bank of Nova Scotia down 0.9 percent to C$80.91 after its bid for a majority stake in BBVA Chile was formally accepted. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli) ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-slips-as-miners-banks-weigh-idUSL1N1O511L' | '2017-12-05T23:13:00.000+02:00' |
| 34 | '21ef39d428e6257511edacdcbaf4a710899cd2e4' | 'China''s Sinochem seeking to sell logistics unit for $530 million' | 'HONG KONG (Reuters) - Sinochem International Corp ( 600500.SS ) said it has put up its logistics unit for sale by public auction, aiming to raise about 3.5 billion yuan ($530 million) - part of the Sinochem conglomerate’s efforts to respond to Beijing’s push for a slimmer state sector.A logo of Sinochem is seen outside an office building of Sinochem in Beijing, China, February 21, 2017. REUTERS/Damir Sagolj Bidders for Sinochem International Logistics - also China’s largest liquid chemicals vessel owner with nearly 80 tankers - include a consortium comprised of Ordos City Junzheng Energy & Chemical Co Ltd and two other firms, the logistics firm’s parent company said in a filing late on Monday.The auction was launched in early November.Some Chinese private equity firms are also interested in the logistics unit, sources with knowledge of the talks said, adding that a deal is likely to be finalised before the end of the year.Sinochem is leaning towards picking the consortium over other suitors, said one source with direct knowledge of the matter. The other two firms in the consortium are Beijing Chunguang Land Real Estate Development Co Ltd and Beijing Huatai Xingnong Agriculture Science & Technology Co Ltd.Sinochem Group did not respond to a request for comment. The sources declined to be identified as they were not authorized to speak to the media.Beijing is keen to improve the efficiency of the state sector by injecting private capital and has launched so-called mixed-ownership reforms.Sinochem aims to abandon what its chairman, Frank Ning, recently described as “scattered resource allocation” and transform itself into a conglomerate with a strong foundation in petrochemicals but with growth driven by its material science and life science businesses.Sinochem is also reviewing its struggling oil exploration and other less key businesses in what would amount to a major transformation for the oil and chemicals behemoth, sources have said previously.China’s State-Owned Asset Supervision and Administration Commission is pressuring all state-owned firms to concentrate on where they are most competitive, said one of the sources with knowledge of the talks.“The diversified conglomerates will probably start to shrink closer to their core businesses,” said the source.Reuters reported in October that Sinochem had tapped three banks including Morgan Stanley ( MS.N ) to work on a possible Hong Kong listing of its best oil assets.Sinochem International Logistics logged 4 billion yuan in revenue last year while net profit jumped 10 percent to 435 million yuan, its parent firm said in a filing last month.Established in 2010, the logistics unit is responsible for storing and transporting fuel and chemical goods including potentially flammable and dangerous ones.($1 = 6.6115 Chinese yuan)Reporting by Julie Zhu and Kane Wu; Additional reporting by Matt Miller and Chen Aizhu in Beijing; Editing by Edwina Gibbs ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-sinochem-logistics/chinas-sinochem-seeking-to-sell-logistics-unit-for-530-million-idINKBN1DZ0NW' | '2017-12-05T04:26:00.000+02:00' |
| 35 | 'f9ef7d7e07d3d85aa0c5a296200efa365bebd13b' | 'CANADA STOCKS-TSX flat as miner losses offset by energy, bank gains' | 'December 1, 2017 / 1:13 PM / Updated 35 minutes ago TSX slips as miners weigh; energy stocks and CIBC shine Reuters Staff 1 Min Read TORONTO (Reuters) - Canada’s benchmark stock index ended lower on Friday, weighed by losses among gold miners and other materials stocks while shares in energy companies rose with higher crude oil and Canadian Imperial Bank of Commerce ( CM.TO ) extended gains after earnings. The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren The Toronto Stock Exchange''s S&P/TSX composite index .GSPTSE unofficially closed down 28.51 points, or 0.18 percent, at 16,038.97. It lost 0.4 percent over the course of the week. Reporting by Alastair Sharp' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/us-canada-stocks/canada-stock-futures-little-changed-ahead-of-economic-data-idUSKBN1DV4VJ' | '2017-12-01T16:43:00.000+02:00' |
| 36 | 'e5fe907022e3c00b4b96ad9cc2db5429f790eba5' | 'Exclusive - More Chinese lenders plan to pursue Reliance Communications in insolvency court: sources' | 'HONG KONG/MUMBAI/BEIJING (Reuters) - Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter.A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, November 3, 2015. REUTERS/Shailesh Andrade/Files Last month, CDB began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap. Now, Industrial and Commercial Bank of China (ICBC), the country’s biggest-listed lender by assets, and Export-Import Bank of China, plan to back CDB, the sources said.The combined effort would be a rare tilt against an Indian conglomerate by a group of Chinese lenders, keen to boost their presence in India.And it would also further jeopardize Anil Ambani-controlled RCom’s efforts to restructure out of court. RCom last week said the majority of its creditors will oppose CDB’s insolvency bid.With total debt of 457.33 billion rupees ($7.1 billion) as of end March, RCom is the most-leveraged of all listed telecoms carriers in India. The company has not reported its debt level since then.The CDB petition seeking insolvency proceeding against RCom is not on behalf of all three Chinese banks, but the banks are “on the same page”, said one of the people with knowledge of the development.If needed, the other two banks will file their own petitions at India’s National Company Law Tribunal, which hears bankruptcy cases in the country, the person said.Two other people with knowledge of the Chinese banks’ plans also confirmed that ICBC and Export-Import Bank would seek to join the insolvency bid unless the parties reach an out-of-court settlement.The people spoke to Reuters on condition they not be named due to the sensitivity of the matter.RCom did not immediately respond to a request for comment.ICBC declined to comment, while the other two Chinese banks and the mobile carrier’s top Indian lender, State Bank of India, did not immediately respond to requests for comment.DEBT RESTRUCTURING There has not been any consensus yet on whether Indian banks would oppose the CDB petition as the Joint Lenders’ Forum, that comprises all banks that have lent to RCom, is yet to meet following the filing of the insolvency plea, according to two sources.The sources also said that there is no concrete mechanism for other lenders to block insolvency proceedings initiated against a creditor by one of their peers.An out-of-the-court settlement between RCom and the Chinese lenders would be “very difficult” from the Chinese banks’ perspective as they were frustrated that RCom had not kept promises it made previously on debt repayment, one of the people said.In June, RCom’s group of largely domestic lenders agreed to restructure its debt under the Indian central bank’s Strategic Debt Restructuring (SDR) rule that allows banks to own a majority stake in a company by swapping part of their loans for equity.That plan hinged on two deals that RCom hoped would cut its debt load by 60 percent, but both deals fell apart after months of talks.Since then, RCom has pledged to do a new asset sales programme to repay debt. Bankers have also held off on the debt-equity swap with RCom’s stock falling to less than half of the agreed swap price.RCom said last week the lenders who planned to oppose the CDB insolvency bid had appointed Indian law firm J. Sagar Associates to represent them.But Dina Wadia, joint managing partner at the law firm, told Reuters that her firm’s mandate, as of Saturday, was only to act for the group of lenders in the SDR process.RCom did not respond to Wadia’s statement.Reporting by Julie Zhu, Devidutta Tripathy, Shu Zhang; Editing by Euan Rocha and Martin Howell ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/rcom-debt-banks/exclusive-more-chinese-lenders-plan-to-pursue-reliance-communications-in-insolvency-court-sources-idINKBN1DZ1T0' | '2017-12-05T15:13:00.000+02:00' |
| 37 | 'de79a99d84672e05e06d50baeb16c6fee2492490' | 'London Stock Exchange Group appoints Val Rahmani to male-majority board' | 'December 5, 2017 / 3:56 PM / Updated 2 hours ago London Stock Exchange Group appoints Val Rahmani to male-majority board Reuters Staff 2 Min Read (Reuters) - London Stock Exchange Group said on Tuesday Val Rahmani would join the company as an independent non-executive director on Dec. 20. A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville Rahmani has previously been a non-executive director of Aberdeen Asset Management and is currently a non-executive director of RenaissanceRe Holdings Ltd and Computer Task Group Inc. Rahmani has held various positions at IBM, and LSE said in a statement her “considerable technology knowledge and expertise” was a significant benefit. Rahmani’s appointment will take place a day after LSE shareholders are scheduled to meet to decide if chairman Donald Brydon should be removed, as demanded by activist hedge fund TCI. Women directors are still relatively few in Britain despite government efforts to encourage companies to appoint more. During 2016, LSE signed Britain’s Women in Finance Charter, looking to ensure equality in the workplace. Currently, LSE’s ten-member board seats only one female. Last year, Virgin Money’s CEO Jayne-Anne Gadhia oversaw the drawing up of the Charter, which had 162 signatories as of November, including Bank of America Merrill Lynch and Deutsche Bank. Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-lse-director/london-stock-exchange-group-appoints-val-rahmani-to-male-majority-board-idUKKBN1DZ2AP' | '2017-12-05T18:07:00.000+02:00' |
| 38 | '9c366eca36c648600ab7ae0b24d748a9497e982a' | 'UPDATE 2-Icahn steps up attack on SandRidge, seeks executive pay records' | '(Recasts; adds comment by SandRidge)By Gary McWilliamsHOUSTON, Dec 1 (Reuters) - Activist investor Carl Icahn has stepped up his attack on SandRidge Energy Inc’s proposal to buy a rival oil-and-gas producer, taking aim at the company’s top executives and calling for a release of records on the deal and executive pay, according to a regulatory filing on Friday.The document request came a day after Icahn called the company’s $746 million offer for Bonanza Creek Energy Inc “value-destroying,” and said he may solicit other holders to help overturn the company’s board of directors.Icahn wants to investigate the compensation of SandRidge''s senior management, including Chief Executive James Bennett, the deliberations involving its proposed acquisition of Bonanza Creek, and the recent poison pill plan laid out by SandRidge, according to the filing. ( bit.ly/2zIYusA )“These requests are common in these types of situations and we will address it in due course,” Oklahoma City-based SandRidge said in a statement on Friday.In a letter to SandRidge''s board on Thursday, Icahn said the shareholder rights plan adopted earlier this week was designed to prevent large shareholders from campaigning against the deal. ( bit.ly/2nllDjs )Icahn has accused the company’s management of reneging on a pledge not to “overpay for assets, overleverage itself or overcompensate its managers” and said a better use for its cash would be to buy back its own shares.The largest shareholder of SandRidge with an about 13.5 percent stake, Icahn had said he was prepared to begin litigation against the company.Several other SandRidge holders including Fir Tree Partners, which holds an about 8.3 percent stake, and Susquehanna Advisors Group with about 4 percent, have come out against the purchase.SandRidge has said its cash-and-stock offer for Bonanza Creek would expand its presence in the Denver-Julesburg Basin of Colorado, “adding a deep inventory of drill-ready locations” in an area where it already has substantial assets.SandRidge’s shares were up 1.2 percent at $18.83 in trading late on Friday, while Bonanza Creek was up 0.7 percent at $27.96. (Reporting by Yashaswini Swamynathan and Ahmed Farhatha in Bengaluru; additional reporting by Gary McWilliams in Houston; editing by Martina D‘Couto and Tom Brown) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/sandridge-carl-icahn/update-1-icahn-wants-to-probe-sandridge-books-records-idINL3N1O14NE' | '2017-12-01T14:30:00.000+02:00' |
| 39 | '8f26bae5126ce1ba204e9b454d7830401295ad14' | 'JGBs slip following retreat by U.S. Treasuries' | 'TOKYO, Dec 1 (Reuters) - Japanese government bond prices slipped on Friday with the market tracking an overnight retreat by U.S. Treasuries.The benchmark 10-year yield rose half a basis point to 0.035 percent and the 30-year yield was 1 basis point higher at 0.830 percent.JGB losses were limited as Tokyo’s Nikkei pared all its gains after rising as much as 1.1 percent early in the session.The Bank of Japan also offered to buy 960 billion yen ($8.53 billion) of 1- to 10-year JGBs at its regular debt-purchasing operation, helping to limit market losses.U.S. Treasury prices fell sharply on Thursday on news that Senator John McCain had endorsed the U.S. Senate tax bill, potentially easing challenges to its eventual passage in Congress.$1 = 112.5300 yen Reporting by the Tokyo markets team; Editing by Eric Meijer ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/japan-bonds/jgbs-slip-following-retreat-by-u-s-treasuries-idINL3N1O11QY' | '2017-12-01T00:09:00.000+02:00' |
| 40 | 'fff7312cec1a562ddc6613a6fc86115472f5b8cc' | 'Venezuela bondholders meeting ended without pact on strategy -sources' | 'Dec 1 (Reuters) - A meeting of Venezuelan bondholders on Thursday to discuss how to handle the government’s request to restructure $60 billion in outstanding bonds has yielded no clear strategy, sources with direct knowledge of the meeting told Reuters on Friday.The meeting in London, organized by UK-based hedge fund MacroSynergy Partners, was attended by about 60 creditors in person and 40 who listened in over the phone, the sources said.The group represents an estimated 75 to 80 percent of the institutions that hold debt from cash-strapped Venezuela and its state-run oil company, PDVSA.Attendees said the consensus was that it was too early to form an official committee since the country has continued paying its debt, even while missing some deadlines.“There are a bunch of guys who prefer to be behind the scenes, but there are people who believe that we should start to have a dialogue with the Venezuelans,” said one bondholder who was at the meeting and spoke on condition of anonymity.Among those in attendance were lawyers from Cleary Gottlieb Steen & Hamilton LLP, including Lee Buchheit, a partner who specializes in sovereign debt restructurings, sources said.Rothschild, the Paris-based global advisory firm, also participated, two sources familiar with the meeting said, a sign that top financial firms are interested in advising on what could be one of the world’s most complex sovereign debt solutions ever negotiated.Another source, who listened to the meeting via telephone and also requested anonymity, said more meetings are expected before any kind of consensus is reached.“Bondholders have no clear strategy,” the source said. “Usually it takes three to five meetings for something to come together.”The creditors are seeking to overcome the dual problems of U.S. sanctions imposed on Venezuela and a lack of any concrete economic program from the government. Venezuela owes a substantial amount of debt to the Chinese and Russian governments, inhibiting their ability to free up cash for creditors.Venezuelan bonds were trading mostly in negative territory, with its 2019 $2.5 billion sovereign bond down more than 3 percent in price to 24.25. The PDVSA 2022 bond fell 2.7 percent to 27.30, with a yield of 79.2 percent. (Reporting by Dion Rabouin; Additional reporting by Sujata Rao in London and Paul Kilby in New York; editing by Grant McCool) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/venezuela-debt/venezuela-bondholders-meeting-ended-without-pact-on-strategy-sources-idINL1N1O11OD' | '2017-12-01T16:30:00.000+02:00' |
| 41 | '13984c10081826e79d5697204c6f131c425b2657' | 'Altice to sell Swiss telecom solutions, data centre businesses' | 'PARIS (Reuters) - Altice ( ATCA.AS ) has agreed to sell its Swiss telecommunications solutions business and Data Center operations, the telecoms and cable company said on Friday, as it seeks to reduce its 50 billion euro ($59.6 billion) debt burden.The deal to sell Green.ch AG and Green Datacenter AG to InfraVia Capital Partners valued the business at around 214 million Swiss francs ($217.5 million), or 9.9 times long-term adjusted EBITDA, and is expected to close in early 2018, it said in a statement.Altice’s share price has halved since it reported disappointing quarterly results in France last month.Patrick Drahi, its billionaire founder and majority owner, fired CEO Michel Combes and pledged last month that Altice would shift away from acquisitions and focus on cutting its debt.Altice had said it had identified assets that could be sold, including its portfolio of telecoms towers.($1 = 0.8391 euros)($1 = 0.9838 Swiss francs)Reporting by Dominique Vidalon; editing by Jason Neely ' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/us-altice-divestiture/altice-to-sell-swiss-telecom-solutions-data-centre-businesses-idUSKBN1DV422' | '2017-12-01T15:56:00.000+02:00' |
| 42 | '32b5ebe1f788f44a6fd83f5aba02afe8052f00af' | 'Italy''s Prysmian lines up binding bid for General Cable: sources' | 'LONDON/MILAN (Reuters) - European cable firm Prysmian ( PRY.MI ) is finalizing an all-cash binding bid for General Cable ( BGC.N ) which could be worth more than $1.1 billion, sources familiar with the matter said.The Milan-based firm is hoping to beat rival bidders and enter exclusive talks to buy Kentucky-based General Cable by mid December, the sources told Reuters.Prysmian is widely seen as a frontrunner, ahead of France’s Nexans ( NEXS.PA ), Denmark’s NKT ( NKT.CO ) and potential Chinese bidders, with binding bids due in the coming days, the sources added.Italy’s Prysmian and Nexans declined to comment, while General Cable and NKT were not immediately available to comment. General Cable has a market capitalization of around $1 billion and specializes in aluminum, copper and fiber optic wire and cable products.It hired JPMorgan in July to kick off a strategic review and identify a possible merger partner to boost growth and maximize shareholder value.One of the sources said Prysmian is willing to stretch its balance sheet for the right deal as it sees mergers and acquisitions as critical to its growth.Shares in General Cable rose as much as 4.4 percent on the news while Prysmian climbed 2 percent. Prysmian, which has a market value of 6 billion euros ($7.1 billion), is also working on a parallel bid to buy Nokia’s Alcatel Submarine Networks (ASN), two of the sources said.The division, valued at about 800 million euros, is one of the top suppliers of undersea cable networks and was bought by the telecom equipment maker last year as part its 15.6 billion euro purchase of French rival Alcatel.Nokia declined to comment on the sale.Prysmian has the financial muscle to take control of both General Cable and Alcatel Submarine Networks, but is expected to prioritize General Cable as it sees North America as a strategic market for growth, the sources said.Prysmian is working flat out to get the General Cable deal done and will then shift its attention to ASN, depending on the outcome of the auction, they added.Prysmian had revenues of 7.5 billion euros in 2016 and does not need to raise cash to finance these deals, the sources said.One of the sources said Prysmian is a natural buyer for General Cable, but there is only a certain price its boss Valerio Battista is willing to pay.Battista said in July that the possible sale of General Cable could accelerate sector consolidation and Prysmian was hoping to be part of this.It bought Dutch rival Draka in 2011 and since then has focused on purchasing small and medium-sized companies in a bid to gain scale in a fragmented market.Additional reporting by Stephen Jewkes; Editing by Alexander Smith and Susan Fenton ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-general-cable-m-a-prysmian/italys-prysmian-lines-up-binding-bid-for-general-cable-sources-idINKBN1DV5AC' | '2017-12-01T12:55:00.000+02:00' |
| 43 | '7c285d24daa04c9de2ac141e3032b995779c9004' | 'Cambodian garment makers seek continued support after EU trade access threat' | 'December 1, 2017 / 6:55 AM / Updated 27 minutes ago Cambodian garment makers seek continued support after EU trade access threat Prak Chan Thul 3 Min Read PHNOM PENH (Reuters) - Cambodian garment makers on Friday urged international buyers not to turn away from the country amid concerns that its access to vital EU trade preferences could be under threat after the main opposition party was dissolved last month. FILE PHOTO: Men work in the W & D Cambodia Co. Limited garment factory in Phnom Penh July 12, 2010. REUTERS/Chor Sokunthea/File Photo The United States stopped election support for Cambodia and the European Union threatened trade preferences after the main opposition Cambodia National Rescue Party was dissolved at the request of the government of authoritarian Prime Minister Hun Sen on Nov. 16. Garment and textile exports generate $6 billion annually and are the country’s biggest export by far, fuelling years of growth. EU countries accounted for around 40 percent of Cambodia’s exports in 2016 while the United States accounted for a further 20 percent. China took little over 6 percent. Garment Manufacturers Association in Cambodia (GMAC), a representative of 600 factories that employ around 700,000 workers, appealed to foreign buyers to continue supporting Cambodian factories. “GMAC appeals to all of our international buyers to continue their support (for) Cambodia and our member factories to materialise our economic goal which is the improved wellbeing of all the Cambodian people,” GMAC said in a statement. GMAC said that factory work had “lifted millions of people out of poverty” in the Southeast Asian nation. Hun Sen, who has been courting garment workers in the leadup to the 2018 general election, has said that workers would be the ones to suffer if the EU withdraws preferential trade terms. China, a longtime supporter of Hun Sen, has poured money into infrastructure and other investments in Cambodia that has emboldened Hun Sen to brush off criticism from Western donors. But the importance of the European Union and United States for Cambodia’s exports ultimately gives them major leverage. Global brands have also come under greater scrutiny over their supply chains. “We are concerned about the recent developments in the country,” Iñigo Sáenz Maestre, press officer of Sweden’s H&M group, one of the biggest buyers from Cambodia, told Reuters last month. Kaing Monika, deputy secretary general of the GMAC, said he was unaware of any buyers turning away from Cambodia and factories said they were not concerned about any possible withdrawal of trade preferences. “We just got new orders for next year,” said an executive at the Malaysian-owned 8 Star Sportswear Ltd factory who declined to be identified. The factory produces garments for Gap Inc ( GPS.N ), among other customers. But workers told Reuters that they were worried about job security. “Only workers will be affected,” said Dork Sovann, 35, a Phnom Penh factory worker. “The risk is high for us.” Additional reporting by Amy Sawitta Lefevre in BANGKOK; Editing by Amy Sawitta Lefevre and Nick Macfie' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-cambodia-garments/cambodian-garment-makers-seek-continued-support-after-eu-trade-access-threat-idUKKBN1DV3WH' | '2017-12-01T08:54:00.000+02:00' |
| 44 | 'dc18de91d45cbde5bd65d713d434ee1c19777b5b' | 'Take Five - World markets themes for the week ahead' | 'December 1, 2017 / 5:26 PM / Updated 28 minutes ago Take Five - World markets themes for the week ahead Reuters Staff 9 Min Read LONDON (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, December 1, 2017. REUTERS/Staff/Remote 1/ PUT UP OR SHUT UP It is not only Donald Trump’s tax cut plans, various White House scandals and non-farm payrolls that will keep markets focused on the United States next week. On Friday there is also the small matter of an expiring deadline on funding needed to keep the government open. Congress can either approve a huge bill which would see Washington though until Sept. 30, 2018, pass a shorter extension of current funding, or do nothing at all and risk a partial shutdown. The U.S. Treasury also hits its limit on borrowing and although it is likely to take steps to postpone the immediate need for Congress to take action, it all points to yet more U.S. debt. These rows can also do serious damage. The United States lost its prized triple-A credit rating in 2011 in the aftermath of one such showdown and history shows the uncertainty they cause can have an impact, albeit short-term, on consumer confidence and the jobs numbers. Graphic - U.S. debt ceiling strains 2/ MUSCLES FROM BRUSSELS There’s one thing and one thing only that’s driving sterling these days: Brexit. Look at its gyrations this week. it chalked up its biggest rise in over seven months on Wednesday after EU diplomats said Britain had moved “close” to EU demands over Brexit. It hit a two-month high above $1.35 the following day. On Friday though, it had its biggest fall in three weeks on concerns about the Irish border and media reports that London’s Brexit negotiator David Davis could resign over an internal party issue. Next week, the Brexit negotiations enter a key phase. Prime Minister Theresa May is due to meet European Commission President Jean-Claude Juncker and his chief Brexit negotiator, Michel Barnier, in Brussels for lunch on Monday. If that meeting is deemed by Brussels to have produced sufficient progress, EU leaders could give a green light to trade talks at a summit on Dec. 14-15, reducing the risk of a “hard Brexit”. Watch the pound. Brexit minister Davis in threat to quit over Damian Green storm -Evening Standard bit.ly/2j5fEuk 3/ WE HAVE LIFT-OFF South Korea became the first major Asian central bank since 2014 to hike interest rates this week. It is a sign the ‘great unwinding’ of crisis-era low interest rates is spreading and resurgent growth in Europe and the United States is benefiting Asia too. U.S. President Donald Trump speaks about tax reform legislation during a visit to St. Louis, Missouri, U.S. November 29, 2017. REUTERS/Kevin Lamarque So who is next? Further south, Australia is expected to keep rates on hold next week but there will be focus on whether there is any hint of a possible hike next year. Malaysia and the Philippines could well nudge rates up next year too, as their booming economies see higher inflation which is pushing ‘real’ interest rates further into the dirt. There is also China trade data which will provide the latest pulse reading for Asia’s industrial powerhouse. Asian manufacturing expands further, but China remains a risk 4/ BUBBLES BREWING? Skittishness on tech stocks as bubble fears gain more traction and high expectations for a U.S. tax reform bill have sparked a rotation from the ubiquitously popular tech sector into banks which stand to gain from lower tax rates. Inflows to U.S. financials stocks hit a 21-week high, Bank of America Merrill Lynch said on Friday, while global tech funds, which have drawn some of the biggest flows this year, saw their first outflows in eight weeks after hovering up $6 billion (£4.44 billion) in the past six weeks. Tech stocks have a fairly low tax rate already, so they’re among the sectors seen as benefiting the least from any tax cuts that eventually materialise. Tech is also being impacted by fears that valuations, which have reached dizzying heights this year, are floating into bubble territory. And it is not only stocks. Bitcoin is the other big imponderable. The cryptocurrency smashed through $10,000 and then $11,000 this week, before promptly plunging 20 percent. Who knows what will happen if this particular bubble bursts. 5/ TALKING TURKEY Turkey will be in the spotlight again next week as investors await fresh revelations from a U.S. trial involving a Turkish-Iranian gold trader. Reza Zarrab, who is cooperating with U.S. prosecutors in the criminal trial of a Turkish Halkbank executive accused of helping to launder money for Iran, has already implicated President Tayyip Erdogan. Turkey has dismissed the accusations of sanctions-busting as politically-motivated, with the aim of “cornering” Turkey and its economy. The trial is threatening funding for Turkey’s dollar-dependent banks, with investors fretting about potential fines or even sanctions from U.S. regulators. Markets will also be watching Turkey’s November inflation print, due on Monday. After a battering for the lira it could easily breach 12 percent and that would crank up the pressure for action from the country’s central bank.' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-global-markets-themes/take-five-world-markets-themes-for-the-week-ahead-idUKKBN1DV5JS' | '2017-12-01T19:27:00.000+02:00' |
| 45 | '25215b54a36fbbf009e9634d3c103994759a58f5' | 'Adidas expects big boost from soccer World Cup' | 'December 2, 2017 / 12:11 PM / Updated 8 hours ago Adidas expects big boost from soccer World Cup Reuters Staff 2 Min Read BERLIN (Reuters) - Adidas ( ADSGn.DE ) expects a big increase in sales of soccer jerseys from the 2018 World Cup in Russia helped by its sponsorship of three of the top teams, the German sportswear maker’s chief executive was quoted as saying on Saturday. The logo of Adidas is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle “In football, we are the clear market leader worldwide and are sponsoring 11 teams at the World Cup next year,” Kasper Rorsted told the Rheinische Post newspaper in an interview. “Overall, I expect a big increase in Adidas jersey sales in 2018 because of the World Cup. I hope that our teams go as far as possible. After all, we are kitting out three of the favourites with Germany, Spain and Argentina.” Adidas is the official sponsor of the World Cup and has long been the top supplier of soccer shirts, shoes and balls. But at the 2014 World Cup in Brazil, arch rival Nike ( NKE.N ) sponsored more teams for the first time, including the hosts, and signed more of the most marketable players. Adidas has since enjoyed a big comeback, taking market share from Nike in the United States, and revamping its soccer business. It is back in the lead with the most teams sponsored at the World Cup, including hosts Russia. Nike’s top teams at the World Cup include France and Brazil, which is joint favourite with Germany to win, while sportswear firm Puma ( PUMG.DE ) has only two sides in the tournament - Uruguay and Switzerland, down from eight in 2014. Rorsted said Adidas should not focus too much on Nike. “This is not a tennis match with two players, where only one can be victorious. We are focusing on our own business and always improving. It makes no sense to declare our main goal as beating Nike,” he said. Reporting by Emma Thomasson; editing by Jason Neely' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-soccer-worldcup-adidas/adidas-expects-big-boost-from-soccer-world-cup-idUKKBN1DW0D5' | '2017-12-02T14:10:00.000+02:00' |
| 46 | 'eea83b5dec5438efae4551862f0a7be070d34abd' | 'U.S. tax bill delivers shot in the arm for European shares' | 'December 4, 2017 / 8:53 AM / in 14 minutes U.S. tax bill delivers shot in the arm for European shares Reuters Staff 3 Min Read LONDON (Reuters) - European stocks rallied strongly on Monday after the U.S. Senate passed a tax package delivering significant fiscal stimulus, which investors have been anticipating would give extra legs to the bull run in equity markets. Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall The tax overhaul delivered some relief in early European trading after benchmarks hit multi-week lows on Friday. Strong gains in the U.S. dollar helped Germany''s dollar-exposed DAX .GDAXI shoot up from a two-month low, last up 1.1 percent. The euro''s strengthening has weighed on earnings expectations for stocks across the euro zone this quarter. Bank stocks .SX7P, seen as the biggest beneficiaries of tax cuts, led gains, up 0.9 percent on the day. The pan-European STOXX 600 gained 0.7 percent while euro zone blue chips .STOXX50E jumped 0.8 percent, set for their best gains in five weeks. Autos stocks .SXAP, which also have large exposures to the U.S., shot higher with Fiat Chrysler ( FCHA.MI ) leading Italy’s FTSE MIB, up 3.2 percent. Elsewhere dealmaking moved some stocks. Denmark’s largest insurer Tryg ( TRYG.CO ) jumped 3.9 percent after agreeing to buy unlisted competitor Alka Forsikring. Italian cable maker Prysmian ( PRY.MI ) meanwhile fell 2.9 percent after agreeing a $30 per share all-cash deal to buy Kentucky-based rival General Cable ( BGC.N ). Chipmaker ams ( AMS.S ) led European gains, up 4 percent after Barclays raised the stock to ‘overweight’. Peer Dialog Semiconductor ( DLGS.DE ) however slipped 4.1 percent after the iPhone supplier said top customer Apple could be working on building its own power-management chips rather than procuring them from the German microchip maker. (For graphic on Euro weighs on earnings expectations, click reut.rs/2zZtWXL ) Reporting by Helen Reid, Editing by Kit Rees' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-europe-stocks/u-s-tax-bill-delivers-shot-in-the-arm-for-european-shares-idUKKBN1DY0T4' | '2017-12-04T10:52:00.000+02:00' |
| 47 | '5271036f3d81788be0c961909c4ba59fc5c4a188' | 'GM venture to recall nearly a million vehicles in China - quality watchdog' | 'December 1, 2017 / 4:55 AM / Updated an hour ago GM venture to recall nearly a million vehicles in China - quality watchdog Reuters Staff 2 Min Read BEIJING (Reuters) - One of General Motors Co’s ( GM.N ) China ventures will recall nearly a million vehicles due to fuel tank problems, the country’s quality watchdog said on Friday, the latest in a spate of major auto recalls in China over the last few months. SAIC-GM-Wuling Automobile Co Ltd is a three-way tie-up between SAIC Motor Corp Ltd ( 600104.SS ), General Motors and Guangxi Automobile Group, formerly known as Wuling Motors. The recall of the 938,686 vehicles involves two models of the venture’s popular Baojun cars, a high-volume, entry-level brand for the Chinese market, which sold more than 2 million vehicles last year. GM did not immediately respond to a request for comment. This year has seen a number of major car recalls in China, the world’s biggest auto market. China’s quality watchdog said in September GM and its China ventures would recall over 2.5 million vehicles over airbag issues. That followed a similar 4.86 million vehicle recall by Volkswagen AG ( VOWG_p.DE ) and its Chinese joint ventures. GM produces vehicles in China through a joint venture with SAIC, the country’s largest automaker, as well as the three-way venture that is now working on an electric battery car called the Baojun E100 to help meet strict new-energy vehicle quotas. Reporting by Beijing Monitoring Desk and Adam Jourdan in SHANGHAI; Editing by Muralikumar Anantharaman' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-china-autos-recall/gm-venture-to-recall-nearly-a-million-vehicles-in-china-quality-watchdog-idUKKBN1DV3OT' | '2017-12-01T06:55:00.000+02:00' |
| 48 | 'b780c5244c5cd46a6b50f68e7abd710b57667d4d' | 'Altice to sell Swiss telecom solutions, data centre businesses' | 'PARIS (Reuters) - Altice ( ATCA.AS ) has agreed to sell its Swiss telecommunications solutions business and Data Center operations, the telecoms and cable company said on Friday, as it seeks to reduce its 50 billion euro ($59.6 billion) debt burden.The deal to sell Green.ch AG and Green Datacenter AG to InfraVia Capital Partners valued the business at around 214 million Swiss francs ($217.5 million), or 9.9 times long-term adjusted EBITDA, and is expected to close in early 2018, it said in a statement.Altice’s share price has halved since it reported disappointing quarterly results in France last month.Patrick Drahi, its billionaire founder and majority owner, fired CEO Michel Combes and pledged last month that Altice would shift away from acquisitions and focus on cutting its debt.Altice had said it had identified assets that could be sold, including its portfolio of telecoms towers.($1 = 0.8391 euros)($1 = 0.9838 Swiss francs)Reporting by Dominique Vidalon; editing by Jason Neely ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-altice-divestiture/altice-to-sell-swiss-telecom-solutions-data-centre-businesses-idINKBN1DV422' | '2017-12-01T04:54:00.000+02:00' |
| 49 | '647b9cc3a01045bd8e24743a6175e385ec48859c' | 'U.S. factory activity cools, with employment index edging lower' | 'December 1, 2017 / 4:10 PM / Updated 4 hours ago U.S. factory activity cools, with employment index edging lower Jason Lange 3 Min Read WASHINGTON (Reuters) - A measure of U.S. factory activity fell more than expected in November as a gauge of employment cooled, but the index continued to point to strengthening manufacturing conditions. The Institute for Supply Management (ISM) on Friday said its index of national factory activity slipped to a reading of 58.2 last month from 58.7 in October. Even with the decline, the index pointed to growth ahead and was only marginally below a September reading that was the highest since May 2004. But the ISM’s employment index slipped unexpectedly to 59.7 from 59.8, which could point to less strength in manufacturing hiring this month than analysts had expected. “(The ISM reading is) consistent with robust growth in output, exports, capital spending and employment,” said Ian Shepherdson, an economist at Pantheon Macroeconomics. U.S. Treasuries yields edged down from session highs after the data, while the dollar and stocks were trading slightly higher. Even with cooler growth in factory activity, strength in the sector as well as in the broader labor market appear likely keep the Federal Reserve on track to increase interest rates later this month. A reading above 50 in the ISM index indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Reuters had expected the index to slip to 58.4 last month, edging lower from a surge posted after hurricanes disrupted supply chains earlier in the year. The ISM’s new orders index rose to 64 in November from 63.4 a month earlier. Other data on Friday showed U.S. construction spending rising more quickly than expected in October as public construction outlays surged and investment in private projects increased for the first time in four months. The Commerce Department said that construction spending increased 1.4 percent to a record high $1.24 trillion, the swiftest advance in five months. Economists polled by Reuters had forecast construction spending to increase 0.5 percent. Construction spending increased 2.9 percent on a year-on-year basis. Outlays on public construction projects jumped 3.9 percent, the largest gain since 2014. Spending on state and local government construction projects climbed 3.3 percent. Federal government construction spending soared 11.1 percent. Construction spending outlays were revised higher for both August and September, which could affect the government’s estimate for third-quarter gross domestic product growth. On Wednesday, the government said in its second estimate of the economy’s July-September performance that GDP advanced 3.3 percent. Investment in both residential and non-residential structures subtracted from GDP in the quarter. Reporting by Jason Lange; Editing by Andrea Ricci' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/usa-economy/u-s-factory-activity-cools-with-employment-index-edging-lower-idINKBN1DV5AU' | '2017-12-01T18:07:00.000+02:00' |
| 50 | 'f4d9e827996814a90c576860c4e03c329644240b' | 'Airbus''s Bregier sees 2017 aircraft deliveries topping 700' | 'December 3, 2017 / 9:06 PM / in 8 minutes Airbus''s Bregier sees 2017 aircraft deliveries topping 700 Reuters Staff 1 Min Read PARIS (Reuters) - Airbus ( AIR.PA ) planemaking chief Fabrice Bregier said the company still expects to deliver more than 700 aircraft to customers in 2017, a production record, despite delays in deliveries of engines from suppliers, according to an interview in Monday’s Les Echos newspaper. FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/File Photo Bregier said slightly fewer than 600 aircraft had been delivered by the end of November. “That will require a repeat of the effort made in December 2016, but we’re prepared for that,” he said. “The technical problems on the new A320 engines are now solved. So we’re hopeful production will ramp up as expected in 2018.” Asked about rumours of the departure of Airbus CEO Tom Enders, who has faced pressure over the conduct of an internal investigation into inaccuracies in filings with U.S. regulators over arms technology sales, Bregier said: “Let’s leave the board to take decisions.” Reporting by Michel Rose; editing by Andrew Roche' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-airbus-deliveries/airbuss-bregier-sees-2017-aircraft-deliveries-topping-700-idUKKBN1DX0U2' | '2017-12-03T23:09:00.000+02:00' |
| 51 | '3b6839dcda7b69143d1a338ebda97198ad6ae799' | 'Aluminium producer seeks Q1 premium of $110/T from Japan buyers -sources' | 'TOKYO, Dec 1 (Reuters) - A global aluminium producer has offered Japanese buyers a premium of $110 per tonne for primary metal shipments during the January to March period, as much as 17 percent above the current quarter, three sources directly involved in pricing talks said on Friday.Japan is Asia’s biggest aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.For the October-December quarter, Japanese buyers agreed to pay a premium of $94-$95 per tonne PREM-ALUM-JP, down as much as 21 percent from the prior quarter to reflect a slide in local spot premiums. (Reporting by Yuka Obayashi; editing by Richard Pullin) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/japan-aluminium-premiums/aluminium-producer-seeks-q1-premium-of-110-t-from-japan-buyers-sources-idINL3N1O11IX' | '2017-11-30T23:19:00.000+02:00' |
| 52 | '565c037fa6126942455f5bbf574eab5fe9d28a18' | 'Rio Tinto appoints Simon Thompson as new chairman' | 'December 3, 2017 / 9:46 PM / Updated 6 minutes ago Rio Tinto appoints Simon Thompson as new chairman Reuters Staff 1 Min Read (Reuters) - Rio Tinto Ltd ( RIO.AX ) said on Monday it has appointed Simon Thompson as its next chairman, succeeding Jan du Plessis, who will step down after serving almost nine years as chair. FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo Thompson, who is the present chairman of the company’s remuneration committee, will become Rio Tinto’s chairman on March 5, 2018, the Anglo-American mining company said in a statement. Reporting By Shashwat Pradhan in Bengaluru, editing by Larry King' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-rio-tinto-chairman/rio-tinto-appoints-simon-thompson-as-new-chairman-idUSKBN1DX0VA' | '2017-12-03T23:44:00.000+02:00' |
| 53 | 'aa978f64eae45ca93ba6d349665a8e39f744e6f8' | 'Asian shares muted as tech blues offset U.S. tax cut optimism' | 'December 5, 2017 / 12:45 AM / Updated 2 hours ago Asian shares muted as tech blues offset U.S. tax cut optimism Hideyuki Sano 5 Min Read TOKYO (Reuters) - Asian shares were subdued on Tuesday as investors’ rotation out of technology shares took a toll on some of the region’s tech heavyweights although hopes of a major tax cut in the United States underpinned risk sentiment. FILE PHOTO - A woman walks in strong wind caused by Typhoon Lan, past an electronic board showing the graphs of the recent movements of Japan''s Nikkei average outside a brokerage in Tokyo, Japan, October 23, 2017. REUTERS/Issei Kato MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS were little changed, with a fall in semi-conductor shares offset by gains in telecom and financial shares. Japan''s Nikkei .N225 fell 0.5 percent, led by declines in high-flying technology shares. “I would say the market is hitting a speed bump after a strong rally so far this year,” said Yukino Yamada, senior strategist at Daiwa Securities. MSCI’s ex-Japan Asia-Pacific index is up almost 30 percent so far this year, and is on course to mark its best year since 2010. On Wall Street, the benchmark S&P 500 .SPX finished lower on Monday after setting a record intraday high earlier as the technology sector .SPLRCT, which has led Wall Street''s record-setting rally this year, tumbled 1.9 percent. The tech index hit a five-week low and was down 4.3 percent from its record peak hit a week ago although it still remained the best performer of the year with year-to-date gains of 33 percent. Investors switched to banks and retailers, which are seen benefitting from the expected corporate tax cuts. President Donald Trump’s goal of slashing taxes on businesses cleared an important hurdle at the weekend when the U.S. Senate narrowly approved the Republican’s tax overhaul plan. The S&P 500 banks index .SPXBK surged 2.3 percent while battered department store shares also jumped. “Some high-tech shares’ valuations are getting stretched. For the entire market to keep rallying, we needed a sector rotation,” said Nobuyuki Kashihara, head of research at Asset Management One. “On the whole, the world’s shares are supported by a synchronised growth in the global economy,” he added. FILE PHOTO - A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo U.S. tax cut optimism supported the dollar in the currency market, particularly against the yen. Yet, concerns about the ongoing investigation into contacts between Trump’s election campaign and Russia sapped some of the market’s enthusiasm. The dollar fetched 112.48 yen JPY= , little changed in Asia after a brief foray to 113.09 on Monday, which was its highest level in more than two weeks. The euro EUR= was steadier at $1.1875, sitting comfortably in its familiar trading range between $1.1810-1.1960, as the common currency was helped by hopes the two major German parties will form a grand coalition. The British pound GBP=D4 stood at $1.3475, off last week''s two-month high of $1.3550, after European Commission President Jean-Claude Juncker and British Prime Minister Theresa May failed to reach an agreement on a divorce deal. The Australian dollar gained 0.6 percent to $0.7637 AUD=D4 following better-than-expected domestic retail sales for October. Bitcoin BTC=BTSP ticked down 1.3 percent to $11,470, still hovering near its record high of $11,800 set on Sunday. Oil gained slightly after falling more than 1 percent on Monday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week’s deal between OPEC and other crude producers to extend output curbs U.S. West Texas Intermediate futures CLc1 traded at $57.55 per barrel, up 0.1 percent for the day. International benchmark Brent futures LCOc1 inched up 0.1 percent to $62.52 a barrel. Some market players fear the killing of former Yemeni president Ali Abdullah Saleh on Monday may destabilise the impoverished, and worn-torn country even further, threatening the safety of a major shipping route through the Strait of Bab al-Mandeb straight on the Red Sea off the Yemeni coasts. Editing by Simon Cameron-Moore and Jacqueline Wong' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-global-markets/asian-shares-subdued-as-tech-blues-offset-u-s-tax-cut-hopes-idUKKBN1DZ02D' | '2017-12-05T05:31:00.000+02:00' |
| 54 | '19f6ee392f730d2405796833ec6b380261805785' | 'Fine art to topple fine wine in 2017 luxury investment league - Business' | 'Art is expected to overtake wine as the best-performing luxury investment asset this year as a growing number of millionaires snap up contemporary masterpieces for their mansions.Rich people, hit by a collapse in art pricesafter the 2007-2008 financial crisis, have returned to the market, according to high end estate agent Knight Frank. Art sold at auction increased in value by 16% over the 12 months to the end of September, slightly behind fine wines which rose by 17%, its luxury investment index revealed. “We are predicting that art will comfortably overtake wine as the best-performing asset class this year,” Andrew Shirley, a partner at Knight Frank and author of the luxury index. “Prior to the global financial crisis, art was one of the top performing assets in the index, but growth slowed considerably over the past five or so years. However, confidence seems to have returned to the art market in 2017, highlighted spectacularly by the recent record-breaking sale of Leonardo da Vinci’s Salvator Mundi for $450m [£333m]. Contemporary artists like Basquiat are also seeing higher and higher prices paid for their works.”Shirley said the record sum paid for Salvator Mundi was a spectacular one-off “but there are plenty selling for $50m, $100m, $200m – the confidence is definitely back”. Facebook Twitter Pinterest Leonardo da Vinci’s Salvator Mundi painting, a real steal at $450m Photograph: Drew Angerer/Getty Images Rich art buyers are most interested in modern contemporary art, according to Knight Frank, with works by Andy Warhol and Lucian Freud attracting considerable attention. Shirley said most buyers are from North America or Europe, but wealthy Chinese are increasingly interested in western art. “As the developing world becomes more mature, and people send their children to school in the UK they start to become more exposed to art and become wine connoisseurs,” he said.Shirley said the vast majority of rich people insist they are buying art for pleasure, “but they have the investment in the back of their minds”. He added: “Art is a lot more tangible than stocks and shares; you can’t hang them on your wall. There is also the status element. They like to show off to their friends and say: ‘I bought the most expensive painting.’”Other assets in Knight Frank’s luxury index include cars (up 7% so far this year), watches (up 5%), coins (up 4%). The poorest performing luxury asset class was Chinese ceramics, which fell by 7% in value. Over the past 10 years, collectable cars have risen in value by 363%, but Shirley said the market for classic cars had fallen away recently. Fine wine values increased by more than 200% over the past decade, with coins not far behind at 182%.Topics Investing The art market Investments Art Painting Luxury goods sector news' | 'theguardian.com' | 'http://www.theguardian.com/business/rss' | 'https://www.theguardian.com/business/2017/dec/04/art-set-to-become-best-performing-luxury-investment-asset-of-2017' | '2017-12-05T01:01:00.000+02:00' |
| 55 | '7ac7ab6106df85b8498a2407efc0fb7276bbf60a' | 'Exclusive: Trade union sets deadline in talks over Thyssen-Tata venture' | 'DUESSELDORF (Reuters) - German labor union IG Metall has given Thyssenkrupp until Dec. 22 to agree guarantees on jobs, plants and investment if the company is to get the union’s backing for its deal with Tata Steel to merge their European steel operations.A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen The deadline puts further pressure on Thyssenkrupp Chief Executive Heinrich Hiesinger, who has said he wants the approval of shop stewards for the plan to merge the group’s European steel business with that of India’s Tata Steel.Hiesinger, in the job since 2011, is trying to transform Thyssenkrupp into a technology group focused on car parts and elevators and workers say the company is shirking its responsibilities towards them by hiving off the steel business.“We are putting an end to this process of playing for time. We will negotiate until Dec. 22 and that will be the end,” labor representative Detlef Wetzel, who is also deputy supervisory board chairman of Thyssenkrupp Steel Europe, told Reuters on Monday.“If there is an outcome to negotiations by then we will let IG Metall members vote on it.”Thyssenkrupp has said the steel business needs an external partner to cope with continued pressure from cheap Chinese imports and has warned that dropping the Tata Steel deal would result in even bigger cutbacks.In contrast, demand for Thyssen’s new generation of elevators and car components helped take new orders in the year ended Sept. 30 to the highest level in five years.Hiesinger hopes to reach a final deal with Tata Steel in early 2018 but that depends on whether he can get it passed by Thyssenkrupp’s supervisory board, where workers’ representatives have called for jobs and plants to be secure for 10 years.Labour leaders hold half of the 20 seats on Thyssenkrupp’s supervisory board, and while a deal can still be pushed through without their consent, their approval could significantly smooth the transaction.Writing by Christoph Steitz; Editing by Ludwig Burger, Greg Mahlich ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-thyssenkrupp-tata-steel-workers-exclu/exclusive-trade-union-sets-deadline-in-talks-over-thyssen-tata-venture-idINKBN1DY1QB' | '2017-12-04T11:10:00.000+02:00' |
| 56 | '82b0a1cf6a4cebcb6d24c76090348be925a8e0b2' | 'BlackBerry, Qualcomm expand partnership to connected automotive' | 'Dec 7 (Reuters) - BlackBerry Ltd said on Thursday it would partner with Qualcomm Inc to use the chipmaker’s hardware platform to expand in the fast-growing connected automotive industry.BlackBerry said it would use Qualcomm’s hardware platform in areas such as virtual cockpit controllers, telematics, electronic control gateways and infotainment systems.The automotive industry is one of the fastest-growing segments of the technology market, as automakers race to add more autonomous features and ultimately seek to build self-driving cars.The companies have a relationship for over a decade. (Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/blackberry-autos-qualcomm/blackberry-qualcomm-expand-partnership-to-connected-automotive-idINL3N1O7493' | '2017-12-07T10:57:00.000+02:00' |
| 57 | 'a474b9546b1a62b107b3309b2df452e96b8cd068' | 'GRAPHIC-Foreigners pare holdings in Asian equities in November' | 'Dec 6 (Reuters) - Foreigners trimmed their holdings in most Asian stocks markets in November as investors started to book profits after this year’s solid rally.November data from seven Asian exchanges showed foreign investment for the month totalled about $400 million, down 90 percent compared to flows in October.Khoon Goh, head of Asia research at ANZ, said some profit taking in Asian equities caused inflows to slow down last month.“While we expect portfolio flows into the region to stay positive, the amount will likely moderate from this year’s levels,” said Goh.In November, India led the region with over $3 billion of inflows, driven by a sovereign rating upgrade by Moody‘s, a $32 billion funding plan for state-owned banks, and a strong rupee.Taiwan and Indonesian equities saw over $1 billion of outflows each, while South Korea and Vietnam had inflows of about $400 million and $500 million, respectively.MSCI’s broadest index of Asia-Pacific shares outside Japan reached a decade high last month, however it has fallen nearly 4 percent in the last two weeks. The price-to-earnings ratio of MSCI Asia-ex-Japan stood at 13.4, still less than MSCI United States’ 18.7 and MSCI World’s 16.3.Robust foreign flows in the first half of the year started to slow in the second half as U.S. Treasury yields rose sharply, reducing the appeal of Asian shares.The two-year Treasury yield hovered near a nine-year high on Thursday, driven by the Fed’s monetary tightening plans and hopes tax reform will boost the economy.Recent Reuters polls showed a majority of economists expect another three Fed rate hikes next year and the ECB to shut the door on its monthly asset purchases by the end of next year.“Global liquidity is set to ease next year, driven by a decline in major central bank balance sheets, wider credit spreads and an expected pick-up in volatility,” said ANZ’s Goh.“We expect more volatile capital flows into the region(in 2018).”Reporting By Patturaja Murugaboopathy; Editing by Kim Coghill ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/asia-stocks/graphic-foreigners-pare-holdings-in-asian-equities-in-november-idINL3N1O64OZ' | '2017-12-07T04:51:00.000+02:00' |
| 58 | '9b8d7d53cad7ee0c06273692fba190240b1527b8' | 'BOJ chief says current policy framework is ''sustainable''' | 'Reuters TV United States December 7, 2017 / 3:49 AM / in a few seconds BOJ chief says current policy framework is ''sustainable'' Reuters Staff 2 Min Read TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank’s yield curve control was a “sustainable” framework that can push down long-term interest rates efficiently, brushing aside criticism that its huge bond buying was nearing a limit. Bank of Japan Governor Haruhiko Kuroda makes a speech at the University of Zurich in Zurich, Switzerland November 13, 2017. REUTERS/Arnd Wiegmann Kuroda said the BOJ’s massive stimulus program has ended deflation and boosted the economy and that he expects firms will start to increase wages and help inflation accelerate to the central bank’s 2 percent target. He said he was aware of concerns among some market players that the BOJ’s huge bond buying could dry up market liquidity and make it difficult for the BOJ to control long-term rates. “In this respect, the BOJ’s bond buying has been conducted in a smooth manner so far. The risk of us facing problems in terms of buying bonds will be small for the time being,” he said in a speech at a seminar on Thursday. Kuroda reiterated that the BOJ will continue to “persistently pursue powerful monetary easing” to achieve a well-balanced economic recovery accompanied by stable prices. Reporting by Stanley White and Leika Kihara; Editing by Minami Funakoshi and Sam Holmes' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-japan-economy-boj/boj-chief-says-current-policy-framework-is-sustainable-idUKKBN1E10CG' | '2017-12-07T05:41:00.000+02:00' |
| 59 | '6087108a5d6e8165495905fd1928871fd0ff7773' | 'Nippon Life to buy 25 percent of U.S. asset manager TCW from Carlyle' | 'TOKYO (Reuters) - Nippon Life Insurance Co has reached a deal to acquire 24.75 percent of U.S. investment firm TCW Group Inc from U.S. asset manager Carlyle Group LP ( CG.O ), the companies said on Friday.A man walks past a logo of Japanese life insurer Nippon Life at the company''s headquarters in Tokyo April 21, 2011. REUTERS/Yuriko Nakao While terms were not disclosed, a person with direct knowledge of the matter said the company, Japan’s biggest private-sector life insurer, would pay about 55 billion yen ($488.37 million). Nippon Life and Carlyle declined to comment on the price.Nippon Life, which will have two seats on TCW’s board, said the transaction should close this month, pending regulatory approval.The insurer is the latest Japanese company to increase its presence in asset management, which is seen as a promising way to accelerate growth amid low interest rates and stricter capital regulations at home.Mitsubishi UFJ Financial Group Inc ( 8306.T ) has said it is ready to spend up to 1 trillion yen ($8.88 billion) in acquisitions.Yet many officials at Japanese companies acknowledge difficulties in asset management deals, with retention of fund managers the biggest challenge.”It’s risky to buy asset management companies outright,“ said a president of a major banking group who requested anonymity. ”What happens if fund managers leave after acquiring control?“We’d be best starting with a minority stake and building it up after we gain the trust of key staff,” the executive said.Los Angeles-based TCW provides products in fixed income, equities, emerging markets and alternative investments. It had $191.6 billion in assets under management as of the end of 2016, with slightly more than 80 percent in U.S. bonds.After Nippon Life’s investment, staff will hold 44.1 percent of TCW.Carlyle will retain a 31.2 percent stake through Carlyle Global Partners, a $3.6 billion private equity long-duration fund that invests beyond the industry’s traditional 10-year time frame.U.S. rival Blackstone Group LP ( BX.N ) and European peer CVC Capital Partners Ltd are among the major private equity firms that are also opting to hold assets for a longer period.Such moves are gaining traction because keeping portfolio companies longer can boost returns by eliminating the recycling of capital, as one asset gets sold and another is acquired. By avoiding such periods when investors’ capital sits idle, private equity firms can promise lucrative and steady profits.Reporting by Taiga Uranaka; Additional reporting by Joshua Franklin in New York; Editing by Lisa Von Ahn ' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/us-tcw-group-m-a-nippon-life-ins/nippon-life-says-it-will-buy-25-percent-stake-in-u-s-asset-manager-tcw-idUSKBN1DV424' | '2017-12-01T15:57:00.000+02:00' |
| 60 | 'fb307df749a4a24ba0fd3717248646315162e90b' | 'Sale of the century? $300-billion Saudi state sell-off moves slowly' | 'DUBAI/RIYADH (Reuters) - Saudi Arabia’s $300-billion privatization program was billed as the sale of the century when Crown Prince Mohammed bin Salman unveiled his plan to great fanfare. Nineteen months later, it is moving at a snail’s pace, bankers, investors and analysts familiar with the process say.Saudi Arabia''s King Salman bin Abdulaziz Al Saud attends the 28th Ordinary Summit of the Arab League at the Dead Sea, Jordan March 29, 2017. REUTERS/Mohammad Hamed The main problems they cite are heavy bureaucracy, an inadequate legal framework, frequent changes of priority in government departments and fatigue among investors. (Graphic - Saudi economy: tmsnrt.rs/2AspssP )Some also blame a wait-and-see approach among many investors due to uncertainty about the fallout from an anti-corruption campaign in which dozens of royal family members, ministers and senior officials were rounded up in early November.The centerpiece listing of state oil company Saudi Aramco [IPO-ARMO.SE] - expected alone to raise up to $100 billion - is on track to go ahead next year, Prince Mohammed told Reuters in October. However, Riyadh has yet to select any exchange abroad that will handle - along with the Saudi market - what would be the biggest share flotation in history.Sectors where the privatization process has been slow include grains, the postal service and healthcare.“It’s going to take longer (than many expected),” a Saudi banker who has worked on transactions told Reuters. “There are headwinds from the shifting of priorities in government and at a micro-level as these are old institutions that have often never kept books and are not up to the rigors of privatization.”The sell-off is a cornerstone of Prince Mohammed’s Vision 2030 plan to bring in fresh revenue and diversify the economy - which is recession and blighted by high unemployment - away from energy exports in an era of low oil prices.But the bankers, investors and analysts are expressing concerns including over the lack of a regulatory framework to assure would-be shareholders about how much control foreign companies could gain as a result of the stake sales, including the right to lay off staff.Vice Minister for Economy and Planning Mohammed al-Tuwaijri told Reuters in April that, excluding Aramco, the government aimed to make $200 billion by putting large parts of the Saudi economy in private hands.The Ministry of Economy and Planning did not immediately reply to a Reuters request for comment.FACTBOX - Saudi Arabia’s privatization plansPATCHY PROGRESS The selloff, including five percent of Aramco, is intended to improve state finances. The government posted a $79 billion deficit last year.However, the record is patchy in the four sectors that Tuwaijri had highlighted as priorities for this year: grain silos, sports, electricity generation and water provision.Banks recently submitted bids to advise on the privatization of Saline Water Conversion Corporation’s $7.2 billion Ras Al Khair desalination and power plant. But there has been less progress in the other three sectors.Saudi Arabia’s deputy electricity minister said in October he aimed for progress in privations the power sector in 2018, after “some developments required us to wait”.FILE PHOTO: A view shows Saudi Aramco''s Abqaiq oil facility in eastern Saudi Arabia in this undated handout photo. Courtesy Saudi Aramco/Handout via REUTERS Prospective bidders for the kingdom’s state-owned grain mills have complained of an unwieldy sale process and onerous ownership rules.Elsewhere, the Ministry of Health has put on hold its tender seeking financial advisers for the privatization of 55 primary healthcare units in Riyadh, after receiving their bids in April, a financial source familiar with the matter said.It then issued a new tender to seek a technical adviser on the expected costs and demand linked to the privatization, the source said.The Ministry of Health did not immediately reply to a Reuters request for comment.“Compared with many of its neighbors, Saudi Arabia has only limited experience in terms of privatizations, and still lacks an adequate regulatory framework,” said Raphaele Auberty, a BMI Research risk analyst for the Middle East and Africa.Shortcomings include the absence of a framework for large-scale public-private partnership projects and a bankruptcy law, said Karen Young, a senior resident scholar at the Arab Gulf States Institute in Washington.Saudi Post Corp’s privatization, which had at one stage been earmarked to begin early this year, has been shelved for the time being.Abdullah Alswaha, Minister of Communications and Information Technology, told Reuters last month that Saudi Post would enter a five-year “corporatisation phase”. This would turn it into a state-run company with a profit and loss responsibility before a sale to the private sector.“It makes sense to focus more on putting that corporate DNA, leadership and resources, then think about a complete privatization,” said Alswaha.Uncertainty has surrounded a plan to privatize soccer clubs. Earlier this year Jadwa Investment was appointed to advise on the sale of up to five soccer clubs in the Saudi Professional League, sources told Reuters in February.The General Sports Authority did not immediately reply to a request for comment.“At one stage it was looking like the bidding process could start as early as 2018 but recent indications perhaps suggest 2019-20 is more likely,” said Steven Bainbridge, head of sports law and events management at Al Tamimi & Company, who has been fielding interest from potential clients on the process.Confusion has been created about an airport privatization process after some local media reported that the government intended to privatize 27 of them by the middle of 2018, a target analysts said was unrealistic.But in an emailed reply to questions from Reuters, Faisal Hamad al-Sugair, Chairman of Saudi Civil Aviation Holding Company, said the goal was for the airports to be “corporatised”, or turned into private companies, by that date. Privatization would follow later.“Various challenges have arisen and have been resolved. The deadline of mid-2018 is reachable,” he said.(This version of the story was refiled to fix garble in the third paragraph)Additional reporting by Reem Shamseddine in Khobar and Alex Cornwell in Dubai; editing by Timothy Heritage and David Stamp ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-saudi-privatisation/sale-of-the-century-300-billion-saudi-state-sell-off-moves-slowly-idINKBN1DV45J' | '2017-12-01T05:45:00.000+02:00' |
| 61 | '88ee47acf1b9ec409ca5927542ec2ad8d4fb68f4' | 'UPDATE 2-Hedge fund Hutchin Hill shuts down after three bad years' | '(Adds details from letter, background on firm and founder)By Svea Herbst-BaylissBOSTON, Nov 30 (Reuters) - Hedge fund manager Neil Chriss said on Thursday he is closing his $2.2 billion firm Hutchin Hill Capital LP after three years of poor performance.Chriss, whose firm is made up of teams that trade different strategies, wrote to clients that the best way forward is to “proactively return capital as expeditiously as possible.”“We fought hard, but did not deliver the performance that you expected from us,” Chriss wrote in the letter dated Nov. 30 and seen by Reuters on Thursday.Hutchin Hill, founded in 2007, is the latest high-profile casualty in the ravaged hedge fund industry. One-time stars Eric Mindich and Richard Perry made headlines when they shuttered their once-prominent firms earlier this year and in 2016, respectively.“This decision is not about one year of performance, which has been disappointing,” Chriss wrote. “We have not delivered on our performance goals for three years in a row.”The firm lost roughly 5.5 percent in the January-November period after having been up 4.7 percent in 2016. At one point, the firm managed more than $5 billion in assets.Chriss had for some time tried to salvage the firm by cutting costs and refocusing resources.Earlier this year, he began shuttering the firm’s credit portfolio and shifted resources to trading stocks. He also focused more on macroeconomic and quantitative investing. A year ago, Chriss shut the firm’s Hong Kong office.Despite the efforts, Chriss wrote that it does not make sense to continue with a smaller team and less money under management. He said he expects all investors to get their money back by the end of the first quarter of 2018.Chriss, who earned a doctorate in mathematics from the University of Chicago, previously worked for Morgan Stanley, Goldman Sachs and legendary trader Steven Cohen’s SAC Capital, where he headed SAC’s quantitative strategies division.In the letter he discussed Hutchin Hill’s legacy and said he was “extremely proud” of the 83.2 percent net cumulative return his firm returned and its 6.6 percent annual returns.Hutchin Hill is shutting down just as the hedge fund industry breathes a cautious sigh of relief as many managers are performing better and taking in new money after years of lagging behind stock market gains and taking criticism for high fees.The HFRI Fund Weighted Composite Index, which tracks hedge fund performance, has gained 7.2 percent in the first 10 months of 2017, marking its best return since 2013, data from Hedge Fund Research show. (Reporting by Svea Herbst-Bayliss; editing by Andrew Hay and Bill Rigby) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/hedgefunds-hutchinhill/update-1-hedge-fund-hutchin-hill-shutting-down-letter-idINL1N1O02IT' | '2017-11-30T18:39:00.000+02:00' |
| 62 | 'aa63ce3b56cea5951fc9c66916e46f7cbea4f717' | 'Australia''s GetSwift shares surge after deals with Amazon.com, Yum Brands' | '(Reuters) - An Australian software startup said it signed global deals with Amazon.com Inc ( AMZN.O ) and Yum! Brands Inc ( YUM.N ), sending its shares soaring and enriching its ex-footballer founders amid hopes the firm would benefit from its clients’ vast reach.GetSwift Ltd ( GSW.AX ), based in Melbourne city, where Amazon located its first Australian distribution warehouse, said in a short statement on Friday that it “signed a global agreement with Amazon” without offering more details.In a separate statement, it said it signed a multi-year partnership with the operator of KFC, Taco Bell and Pizza Hut fast food restaurants, allowing them to use its software in 20 countries in the Middle East and Asia Pacific.The deals, and the market’s reaction to them, mark a stratospheric rise for a logistics software company which listed less than a year earlier, formed from the bones of a liquor delivery service started by three recently retired footballers.Shares of GetSwift leapt 84 percent to be trading at A$3.60 by mid-session, compared to a 20 cent issue price before listing in December 2016. The broader Australian market was up 0.4 percent.Its A$282 million market capitalization on Friday compared to a value of about A$25 million upon listing, and suggested a windfall for one-quarter shareholder and managing director Joel Macdonald, 33, who retired from Australian Rules football in 2013.Macdonald was not immediately available for comment.“There’s really been no modern I.T. brought to bear in last-mile logistics, and these guys are doing it,” said Neil Carter, head of active equities at pension fund investor IFM Investors, which owns 5.3 percent of GetSwift.Last mile refers to the supply chain step between a package arriving at the post office or warehouse and the recipient’s address.GetSwift Executive Chairman Bane Hunter said in the Yum! Brands statement the company was “extremely pleased to be partnering with one of what is indisputably a global icon”.The Australian company said it expected the Yum! deal would result in more than 250 million deliveries a year being made through its platform. Yum could not be immediately reached for comment.It said it signed the Amazon deal just as the global retailer continued an order-taking trial ahead of opening for business in Australia. An Amazon spokesman was not immediately available for comment.Ben McCallum, portfolio manager of Regal Funds Management Pty Ltd - GetSwift’s second-biggest shareholder with 9.8 percent - said GetSwift stands to be a significant beneficiary of e-commerce growth.“They will ultimately become one of the great Australian technology stories,” he said.($1 = 1.3217 Australian dollars)Reporting by Byron Kaye; Additional reporting by Shashwat Pradhan; Editing by Richard Pullin and Christopher Cushing ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-australia-amazon-com-getswift/australias-getswift-shares-surge-after-deals-with-amazon-com-yum-brands-idINKBN1DV3BG' | '2017-11-30T21:29:00.000+02:00' |
| 63 | 'd2d872352b9fac21a3985e903eefcebe65426324' | 'US STOCKS-Deficit doubts on tax bill cool Wall Street rally' | '* Futures down: Dow 82 pts, S&P 12.5 pts, Nasdaq 48 ptsBy Sruthi ShankarDec 1 (Reuters) - U.S. stock futures pointed to a reversal of some of this week’s gains for Wall Street on Friday as a delay in voting on a Republican tax overhaul kept investors on edge about its passage.* Dow, S&P 500 and Nasdaq futures pointed to falls of between a third and three-quarters of a percent.* The U.S. Senate debated the bill late into Thursday and adjourned as fiscal conservatives were unsettled about the effect on the deficit of the bill. It was unclear if a decisive vote on the bill would occur then.* A surprise endorsement by Republican Senator John McCain had added momentum to the bill on Thursday, pushing the S&P 500 to close at a record high and the Dow Jones index to break above the 24,000 mark for the first time.* New York Fed President William Dudley said in an interview with the Wall Street Journal that it was probably not the best time to apply fiscal stimulus when the economy was already close to full employment.* Among early movers, Ulta Beauty fell 6.12 percent in premarket trading after the cosmetic retailer’s profit and sales forecast fell below estimates, prompting at least three brokers to cut price targets on the stock.* Blue Apron rose 3 percent after the meal-kit delivery company said its co-founder and chief executive Matt Salzberg would give up the role to be replaced by its chief financial officer.* Oil prices edged higher, a day after OPEC and other major producers agreed to extend output curbs until the end of 2018.* Dallas Fed President Robert Kaplan, St. Louis chief James Bullard and Philadelphia counterpart Patrick Harker are all expected to speak at events later in the day.* The Institute for Supply Management’s index of national factory activity is expected to have dropped slightly to a reading of 58.4 in November from 58.7 the last month. The report is due at 10:00 a.m. ET (1500 GMT)Futures snapshot at 6:56 a.m. ET:* Dow e-minis were down 82 points, or 0.34 percent, with 43,981 contracts changing hands.* S&P 500 e-minis were down 12.5 points, or 0.47 percent, with 258,339 contracts traded.* Nasdaq 100 e-minis were down 48 points, or 0.75 percent, on volume of 49,408 contracts. (Reporting by Sruthi Shankar in Bengaluru) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/usa-stocks/us-stocks-deficit-doubts-on-tax-bill-cool-wall-street-rally-idINL3N1O13XH' | '2017-12-01T09:29:00.000+02:00' |
| 64 | '7357d7ef2cc6d3422fb124bef49cf5c0fb132d01' | 'Airbus''s Bregier sees 2017 aircraft deliveries topping 700' | 'December 3, 2017 / 9:07 PM / Updated 6 minutes ago Airbus''s Bregier sees 2017 aircraft deliveries topping 700 Reuters Staff 1 Min Read PARIS (Reuters) - Airbus ( AIR.PA ) planemaking chief Fabrice Bregier said the company still expects to deliver more than 700 aircraft to customers in 2017, a production record, despite delays in deliveries of engines from suppliers, according to an interview in Monday’s Les Echos newspaper. The logo of Airbus is pictured at the company''s headquarters in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau Bregier said slightly fewer than 600 aircraft had been delivered by the end of November. “That will require a repeat of the effort made in December 2016, but we’re prepared for that,” he said. “The technical problems on the new A320 engines are now solved. So we’re hopeful production will ramp up as expected in 2018.” Asked about rumors of the departure of Airbus CEO Tom Enders, who has faced pressure over the conduct of an internal investigation into inaccuracies in filings with U.S. regulators over arms technology sales, Bregier said: “Let’s leave the board to take decisions.” Reporting by Michel Rose; editing by Andrew Roche' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-airbus-deliveries/airbuss-bregier-sees-2017-aircraft-deliveries-topping-700-idUSKBN1DX0U4' | '2017-12-03T23:06:00.000+02:00' |
| 65 | '4b632d9e6b67accf4d5dc3802401d303998b9cce' | 'Qatar riyal stabilising in offshore market after c.bank pledge on dollar supply' | 'December 3, 2017 / 11:40 AM / Updated 10 hours ago Qatar riyal stabilising in offshore market after c.bank pledge on dollar supply Hadeel Al Sayegh 3 Min Read DOHA, Dec 3 (Reuters) - Qatar’s riyal is stabilising in offshore trade, recovering from several weeks of increasing volatility, after the central bank pledged to ensure liquidity in the foreign exchange market, commercial bankers said on Sunday. Some currency traders said they believed the central bank had sold U.S. dollars offshore in significant amounts during recent days, but this could not be confirmed. Until late November, the riyal swung widely between its peg of 3.64 to the U.S. dollar, widely used onshore, and much weaker offshore rates. On Nov. 21, it traded as low as 3.8950 on the Reuters conversational dealing platform. Commercial bankers blamed the volatility on poor market liquidity in the wake of a decision by Saudi Arabia and three other Arab states to cut diplomatic and trade ties with Doha in June. After the diplomatic rift, Qatar’s central bank and big state-owned Qatari banks became reluctant to supply dollars to the market when they believed the supply might be used for speculation against the riyal. One foreign banker said there was “rationing” of dollars by the central bank. On Nov. 22, equity index compiler MSCI cited poor currency market liquidity when it said it might shift to using offshore exchange rates to value Qatar’s equities market - a move that could potentially lead to cuts in the weighting of Qatari stocks in MSCI’s emerging market index. In an effort to avoid this, the central bank responded by saying it was committed to providing all the currency requirements of investors, including local and foreign individuals and institutions, at onshore exchange rates. Since then, the riyal has gradually become less volatile, commercial bankers said. Most recently, it has been trading on the Reuters conversational dealing platform between 3.6404 and and 3.6950, a much smaller range than previously. Some commercial bankers doing business in Qatar said the central bank appeared to have increased its supplies of dollars to the market after making its pledge. Others said it was not clear that supplies had actually increased, but agreed the pledge was having an impact. The bankers also said that if the central bank did not ultimately follow through on its pledge to improve liquidity, the offshore market could soon resume testing the riyal’s lows. MSCI said it would take feedback from the investment community on the proposed currency shift until Dec. 1, and would announce its final decision by Dec. 5. Qatar’s stock market dropped last week because of worries about the MSCI decision but rebounded modestly on Sunday, climbing 0.6 percent. (Additional reporting by Saeed Azhar; Writing by Andrew Torchia)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/gulf-qatar-riyal/qatar-riyal-stabilising-in-offshore-market-after-c-bank-pledge-on-dollar-supply-idUSL8N1O30AS' | '2017-12-03T13:35:00.000+02:00' |
| 66 | '25d9a2793d096a414b0929384fac540400cacb67' | 'Polish bourse targets retiring business owners to boost listings' | 'December 3, 2017 / 7:07 PM / Updated 14 minutes ago Polish bourse targets retiring business owners to boost listings Agnieszka Barteczko , Anna Koper 2 Min Read WARSAW (Reuters) - The Warsaw Stock Exchange GPW.WA will try to persuade dozens of retiring business owners to sell their companies via the bourse as it strives to attract new listings, its chief executive said. FILE PHOTO - A man passes in front of the WSE logo at the Warsaw Stock Exchange, Poland, March 6, 2012. REUTERS/Kacper Pempel/File Photo The state-controlled bourse has seen a decline in new listings in recent years, in part because low interest rates have allowed companies to raise money cheaply without the regulatory obligations that come with a stock market listing. “We identified around 50 private companies, which in our view should be listed on the WSE,” Marek Dietl told Reuters in an interview approved for publication on Sunday. Dietl, approved as CEO at the end of September, said the bourse would argue a listing - as opposed to a sale to another private investor - would allow retiring business owners to sell down their stakes gradually and would guarantee a market price. “We would like to convince at least some of these companies’ owners to list them on the WSE,” said Dietl, the WSE’s fifth CEO since 2013 and the third since the nationalist Law and Justice party (PiS) won elections in 2015. A generation of entrepreneurs who founded businesses in the 1990s after the collapse of communism are nearing retirement in Poland and other eastern European countries, with their children often not interested in taking on their work. The WSE, which is working on a strategy update, also wants to launch its products and technologies abroad, but rules out takeovers due to the cost of buying rivals, Dietl said. The WSE made an unsuccessful attempt in 2014 to merge with the Vienna bourse and some analysts have been wondering whether a similar project could be revived given the WSE’s cash pile. Dietl said the WSE was sticking to its policy of paying out at least 60 percent of annual net profit in dividends, as well as its targets for core earnings of 288 million zlotys (60.2 million pounds) in 2020 and average annual revenue growth of 7 percent in 2014-2020. Reporting by Agnieszka Barteczko and Anna Koper; Editing by Mark Potter' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-poland-bourse/polish-bourse-targets-retiring-business-owners-to-boost-listings-idUKKBN1DX0S7' | '2017-12-03T21:06:00.000+02:00' |
| 67 | '4db80fc581146200bb682b6af9dad36f952742f0' | 'Aetna''s board set to approve $68 billion sale to CVS Health: sources' | '(Reuters) - Aetna Inc’s board of directors was meeting on Sunday to approve the U.S. health insurer’s sale to U.S. drugstore chain operator CVS Health Corp for approximately $207 per share in cash and stock, according to people familiar with the matter.FILE PHOTO: People walk by a CVS Pharmacy store in the Manhattan borough of New York City, New York, U.S., November 30, 2017. REUTERS/Shannon Stapleton/File Photo The $68 billion deal will be this year’s largest corporate acquisition. It will combine one of the nation’s largest pharmacy benefits managers (PBMs) and pharmacy operators with one of its oldest health insurers, whose far-reaching business ranges from employer healthcare to government plans nationwide.CVS plans to pay for the deal mostly with cash, but it will also use its own stock to pay for around 30 percent of the purchase price, the sources said. The announcement of the deal could come as early as Sunday, the sources added.The sources requested not to be identified because the deliberations are confidential. CVS and Aetna did not immediately respond to requests for comment.The deal comes as healthcare payers and pharmacies are responding to factors including the Affordable Care Act, rising drug prices and the threat of competition from online retailers such as Amazon.com Inc.CVS plans to use its low-cost clinics to eventually save more than $1 billion per year on health care costs for Aetna’s roughly 23 million medical members, sources have said.A combined insurer and PBM will also likely be better placed to negotiate lower drug prices, and the arrangement could boost sales for CVS’s front-of-store retail business.The company expects to invest billions of dollars in the coming years to add clinics and services, largely financed by diverting funds away from other planned investments.That could eventually cut costs substantially, with the clinics serving as an alternative to more expensive hospital emergency room visits.Meanwhile, deeper collaboration between Aetna’s insurance business and CVS’s PBM division could drive down drug costs by adding clients and boosting the PBM’s leverage with drugmakers.Independent PBMs have long been criticized for potential conflicts of interest with insurance company clients, because they could potentially keep cost savings from drug negotiations rather than passing them on to patients.Aetna patient visits to CVS stores for health care and prescriptions could also boost front-of-store sales, which like those at many retailers have fallen in recent quarters amid competition from online sellers.Health insurers meanwhile have sought to cut costs amid steep prescription drug price rises and requirements to care for even the sickest patients under the Affordable Care Act.Aetna last year tried to buy rival Humana Inc to gain leverage to control costs, but U.S. antitrust regulators shot down that transaction and a proposed merger between Anthem Inc and Cigna Corp.Analysts have said the CVS-Aetna deal could prompt other healthcare sector mega-mergers, as rivals scramble to emulate the strategy.It could spur a merger between Walgreens Boots Alliance Inc and Humana Inc, or between Humana and Wal-Mart Stores Inc, Ana Gupte, analyst at Leerink Partners, said recently.VERTICAL MERGER Although CVS and Aetna’s planned merger does not directly consolidate the health insurance or pharmaceutical industries, the U.S. Department of Justice has been taking a closer look at so-called vertical mergers, where the companies are not direct competitors.Last month, the Justice Department sued to block AT&T Inc’s planned $85.4 billion merger with Time Warner Inc, saying the integration of a content producer with a distributor could reduce consumer choice.The CVS-Aetna deal could attract similar scrutiny if regulators feared it could block Aetna customers from frequenting other pharmacies or contracting with other PBMs, several investors said, asking not to be named because they were not authorized to talk to the press.But four antitrust experts said there is little doubt the deal will be approved, although it might need to meet conditions to convince antitrust enforcers to sign off.It is unclear whether it would be evaluated by the U.S. Federal Trade Commission or the Justice Department but that decision might be made based on which agency is less busy, said Matthew Cantor of law firm Constantine Cannon.“(The companies) want the FTC to get it. The reason that the FTC is better at this point is that the Justice Department has just broken with decades of precedent of how to deal with vertical mergers,” said Cantor, referring to the decision to refuse conduct remedies and file a lawsuit to stop AT&T from buying Time Warner.Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Additional reporting by Caroline Humer in New York and Diane Bartz in Washington; Editing by Meredith Mazzilli and Lisa Shumaker ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/aetna-m-a-cvs-health/aetnas-board-set-to-approve-68-billion-sale-to-cvs-health-sources-idINKBN1DX0RL' | '2017-12-03T20:31:00.000+02:00' |
| 68 | 'd324eab10ceece02bc1063dcaa2e8e73444fb7d4' | 'Danish insurer Tryg in talks to buy peer Alka' | ' 52 PM / Updated 24 minutes ago Danish insurer Tryg in talks to buy peer Alka Reuters Staff 1 Min Read COPENHAGEN (Reuters) - Denmark’s largest insurance company Tryg ( TRYG.CO ) said on Saturday it was in talks about a possible acquisition of its unlisted competitor Alka. “Tryg is in a dialogue concerning a potential acquisition of Alka,” the company said in a short statement following a report in Danish newspaper Berlingske. The deal could be worth around 6 billion Danish crowns ($960 million), according to the newspaper. Tryg did not comment on the size of the deal. Reporting by Teis Jensen; Editing by Andrew Heavens' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-tryg-m-a/danish-insurer-tryg-in-talks-to-buy-peer-alka-idUKKBN1DW0J0' | '2017-12-02T16:55:00.000+02:00' |
| 69 | '47aa289142e045e645444c8bb79594e114234ba0' | 'Irish manufacturing growth surges to 18-year high - PMI' | 'December 1, 2017 / 6:10 AM / Updated 10 minutes ago Irish manufacturing growth surges to 18-year high - PMI Reuters Staff 2 Min Read DUBLIN (Reuters) - Growth in Ireland’s manufacturing sector surged to an 18-year high in November, a survey showed on Friday, with strong new orders at home and abroad defying fears Brexit would trigger a slowdown in Britain’s closest neighbour. Ireland is widely seen as the European Union country most exposed to Britain’s decision to leave the bloc, but after the muted initial impact of the Brexit vote, Dublin this year raised its economic growth forecasts for 2017 and 2018. The Investec Purchasing Managers’ index indicated strong growth is likely to continue, climbing to 58.1 in November, its highest level since December 1999, from 54.4 in October. It has remained above the 50 mark separating growth from contraction for over four years. “Irish manufacturing businesses remain very upbeat about the prospects for the sector, with only one in 16 panelists expecting to see a reduction in production over the coming 12 months,” said Investec Ireland chief economist Philip O‘Sullivan. “We believe that manufacturers here are right to feel confident,”he said, citing the country’s open economy and the International Monetary Fund’s forecast for global economic growth to hit a seven year high of 3.7 percent next year. The expansion in the new business subindex was the fastest since the end of 1999 and one of the steepest in the survey’s history, the survey’s authors said. Those questioned linked higher output to new order growth in both domestic and export markets. New export orders have now risen in each of the past 15 months. Employment has risen in each of the past 14 months, with growth strongest in consumer and investment goods. Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence. To subscribe to the full data, click on the link below: www.markit.com/Contact-Us For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com Reporting by Conor Humphries; Editing by Toby Chopra; conor.humphries@thomsonreuters.com; +35315001518; Reuters; Messaging: conor.humphries.thomsonreuters.com@reuters.net' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-ireland-economy-pmi/irish-manufacturing-growth-surges-to-18-year-high-pmi-idUKKBN1DV3TB' | '2017-12-01T08:10:00.000+02:00' |
| 70 | '88471fce924033e82afd1372132d81882baeb8c6' | 'Nestle, Stada prepare rival bids for Germany''s Merck consumer health - sources' | 'December 1, 2017 / 7:15 PM / in 7 minutes Nestle, Stada prepare rival bids for Germany''s Merck consumer health - sources Pamela Barbaglia , Ludwig Burger , Patricia Weiss 4 Min Read LONDON/FRANKFURT (Reuters) - Swiss food giant Nestle ( NESN.S ) and the private equity owners of German drug firm Stada ( STAGn.DE ) are both preparing tentative bids for Merck KgaA’s ( MRCG.DE ) consumer health unit, several sources told Reuters. FILE PHOTO - A Nestle logo is pictured on the company headquarters in Vevey, Switzerland, October 20, 2016. REUTERS/Denis Balibouse Merck’s financial adviser JPMorgan has invited bids for the business, which is valued at about 4 billion euros (£3.5 billion), ahead of a Dec. 15 deadline, the sources said. Nestle is widely seen as a natural buyer for the maker of Seven Seas vitamins and Bion nutritional supplements, after previous talks to set up a consumer joint venture with Merck fell through over the summer. Bain and Cinven, who earlier this year took control of Germany’s Stada, are hoping to use the Merck unit as a buy-and-build platform for Stada, which makes generic drugs and consumer care products and had annual revenues of more than 2 billion euros in 2016, the sources said. The private equity firms are making an opportunistic move on Merck consumer health as they want to have options to build on the business they have with Stada, one of the sources said. Other buyout funds which do not have a presence in the consumer and healthcare industries and would not be able to use existing portfolio companies as an acquisition vehicle have been advised against entering the process, they said. Merck, which declined to comment, has seen enough interest from industry buyers, they said, pointing to takeover appetite from emerging markets. Nestle, Stada, Cinven and Bain all declined to comment. Merck’s vitamins and nutritional supplements would fit Nestle’s ambition to expand in consumer healthcare, a fast-growing area CEO Mark Schneider has made a priority. Nestle has also been offered the $20 billion (£14.83 billion) consumer health business that U.S. drug giant Pfizer ( PFE.N ) is selling, the sources said. But Merck’s portfolio is smaller and less diversified than Pfizer’s and would keep Nestle closer to its core strength in packaged food, the sources said. Nestle, which wants to become a “nutrition, health and wellness company,” promised shareholders in September that moving into consumer health would not be “a carte blanche for reckless diversification.” Consumer health is a fragmented sector ranging from over-the-counter medicines and vitamins to sports nutrition products and condoms. It has proved fertile ground for deals in recent years, as ageing populations and health-conscious consumers drive demand. Stada’s owners are also mulling bids for the generic drug business being sold by Sanofi ( SASY.PA ), the sources said, and might favour this combination over Merck as generic drugs are typically valued at a cheaper multiple. Merck said in September that it would consider selling the $1 billion-a-year consumer health unit to help fund more research into prescription drugs. Additional reporting by Arno Schuetze, Ben Hirschler, Dasha Afanasieva and Ben Martin; writing by Martinne Geller; editing by Alexander Smith' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-merck-m-a-nestle/nestle-stada-prepare-rival-bids-for-germanys-merck-consumer-health-sources-idUKKBN1DV5RK' | '2017-12-01T21:13:00.000+02:00' |
| 71 | '83691ea41d0dcf0718d35bb4b15132dc811c26bb' | 'UK new car sales on course for first annual drop since 2011' | 'LONDON, Dec 5 (Reuters) - British new car registrations dropped 5 percent in the year to date, putting them on track for the first annual fall since 2011, hit by weaker consumer confidence and uncertainty over the future of diesel, an industry body said on Tuesday.Sales slumped 11.2 percent in November to 163,541 cars, according to data from the Society of Motor Manufacturers and Traders (SMMT), with demand falling among business, fleet and individual buyers.Diesel has been particularly hit this year, with registrations declining 16.1 percent between January and November, while petrol rose 3.1 percent in the same period.“An eighth month of decline in the new car market is a major concern, with falling business and consumer confidence exacerbated by ongoing anti-diesel messages from government,” said SMMT Chief Executive Mike Hawes.Britain will increase the tax paid by those driving new diesel cars that do not meet the latest emissions standards from next year, finance minister Philip Hammond said last month, in the latest blow to the segment.Since the 2015 Volkswagen emissions cheating scandal, a number of major cities including Madrid, Paris and Athens have announced plans particularly focused on cutting diesel emissions including bans, fines and restrictions. (Reporting by Costas Pitas, editing by Andy Bruce) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/britain-economy-autos/uk-new-car-sales-on-course-for-first-annual-drop-since-2011-idINL9N1M1024' | '2017-12-05T06:16:00.000+02:00' |
| 72 | '9322c0d9a19d3f3407e393e7e70b5a7d4b353bc7' | 'Four Seasons owner asks bondholders to take over care homes group' | 'December 4, 2017 / 10:28 AM / in 33 minutes Four Seasons owner asks bondholders to take over care homes group Reuters Staff 2 Min Read LONDON (Reuters) - The owner of British care homes operator Four Seasons has offered to hand over the business to its bondholders for a nominal sum, days before an interest payment deadline that could push Four Seasons into administration. Private equity group Terra Firma said on Monday it had offered to transfer its interest in the company that runs 343 care homes with immediate effect. The offer comes ahead of a Dec. 15 deadline for Four Seasons to make an interest payment on bonds, which the board of the company has said it might not be able to meet. U.S. investor H/2 Capital Partners owns the majority of the bonds, having bought into the debt at a discounted price since 2015. It was not immediately available to comment. Terra Firma, founded by financier Guy Hands, is locked in a legal dispute with H/2, with court hearings scheduled for 2018, about the future of 24 care homes that sit outside Four Seasons. Terra Firma said on Monday its offer related to Four Seasons was subject to assurances from bondholders that these 24 homes would be protected. H/2 Capital Partners is an institutional investment manager focussed on credit, real estate and related markets, with approximately $14 billion (£10.42 billion) in assets under management. Reporting by Dasha Afanasieva; Editing by Simon Jessop and Mark Potter' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-four-seasons-bondholders/four-seasons-owner-asks-bondholders-to-take-over-care-homes-group-idUKKBN1DY127' | '2017-12-04T12:28:00.000+02:00' |
| 73 | '13b6ee0d3989d8dc6d6ab701bd3433b69067f4ba' | 'Insurer Hartford to sell life, annuity unit in $2.05 billion deal' | '(Reuters) - Insurer Hartford Financial Services Group ( HIG.N ) said on Monday it would sell its Talcott Resolution unit in a deal valued at $2.05 billion, completing its exit from the life and annuity business.Hartford decided to offload annuities in 2012 after the business took a massive hit during the financial crisis, a major reason for the company''s $3.4 billion government bailout. reut.rs/2BxzK7h“...(The sale of Talcott) is the final step in our journey begun in March 2012, to exit the life insurance and annuity market,” Chief Executive Christopher Swift said.The sale is expected to improve future return on capital, the company said.Talcott is a low-ROE business compared with the company’s other businesses and an exit is likely a favorable outcome, Barclays’ analyst Jay Gelb wrote in a note.An investor group including Cornell Capital and Atlas Merchant Capital will buy Talcott and operate it as a standalone company, Hartford said.The deal consists of $1.44 billion in cash, a pre-closing cash dividend from Talcott, the unit’s debt and a 9.7 percent ownership in the new company, Hartford said.The company estimates a GAAP after-tax net loss of about $3.2 billion from the sale that will be recorded in the fourth quarter.The sale is expected to close in the first half of 2018, the company said.J.P. Morgan Securities and Goldman Sachs were financial advisers to Hartford, while Sidley Austin LLP provided legal counsel.BofA Merrill Lynch is the financial adviser to the investor group.Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila and Anil D''Silva ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-hartford-fin-ser-divestiture-talcott/hartford-to-sell-talcott-resolution-in-deal-valued-at-2-05-billion-idINKBN1DY18V' | '2017-12-04T08:40:00.000+02:00' |
| 74 | '4db447e2b5d4217623d49665c81721c4ebc3ad66' | 'LPC-Altice loans drop further as concerns grow' | 'LONDON, Dec 4 (Reuters) - French telecom group Altice’s recently refinanced leveraged loans dropped further in the secondary loan market on Monday, as shares in the group fell below €6.50, before rebounding slightly.The Patrick Drahi-controlled business’s €300m term loan was Quote: d at 98.25% of face value on Monday, a 62.5bp drop on last Monday’s price and a drop of more than 200bp in the last month, according to Thomson Reuters LPC data.Shares in the group fell to €6.87 on Monday afternoon, from €17.40 in mid-October, following a profit warning issued in early November and mounting concerns about the group’s €51bn debt pile.The group announced a deal to sell Swiss businesses green.ch and Green Datacenter for €183.5m on Monday, having previously said it plans to divest certain non-core businesses.“It’s a massive structure and I think it makes sense to divest some assets,” a senior investor said.Pricing on Altice’s majority owned telecoms company SFR Group’s term loan B11 and B12 term loans also fell notably on Monday to 98% of face value each, losing around 75bp since the end of last week, Thomson Reuters LPC data shows.The senior investor said it was to be expected the loans would fall in secondary, given the pressure on Altice’s share price.While debt investors hold some concerns as most of Altice’s senior debt is held in its two operating companies, leverage feels manageable at around 4.0x Ebitda and they are unlikely to experience big losses, the investor said.“There’s unlikely to be any material value loss to debt investors. It’s mainly an equity issue from our point of view.”Altice said on November 2 that it lost about 75,000 broadband customers in France, its biggest market, in the third quarter, with some lured by heavy promotions on offer at rivals.CEO Michel Combes resigned from the firm shortly after, prompting Drahi to re-instate himself to everyday handling of the business as president.Altice finalised its cross-border loan refinancing in October to lower the cost of its borrowings and extend maturities. The €300m tranche and US$900m, 8.25-year tranches closed to pay 275bp over Euribor/Libor, with a 0% floor, 25bp tighter than initial guidance of 300bp over Euribor/Libor.Editing by Claire Ruckin ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/altice-leveraged-loans/lpc-altice-loans-drop-further-as-concerns-grow-idINL8N1O45FP' | '2017-12-04T14:50:00.000+02:00' |
| 75 | 'f5e0cc8ae3fe71cef31b597a08fc6b979c991cdc' | 'BNDES participations arm to announce divestment plan in 2018' | 'December 6, 2017 / 5:52 PM / Updated 13 minutes ago BNDES participations arm to announce divestment plan in 2018 Reuters Staff 1 Min Read RIO DE JANEIRO, Dec 6 (Reuters) - The participations arm of Brazil’s development bank BNDES will announce early in 2018 a plan to sell some of the shares it owns in several companies, the bank’s president said on Wednesday. BNDES Participações SA, as the unit is known, has yet to decide on the total amount of shares to be sold, BNDES President Paulo Rabello de Castro said. (Reporting by Rodrigo Viga Gaier; Writing by Bruno Federowski Editing by Chizu Nomiyama)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/bndes-divestiture/bndes-participations-arm-to-announce-divestment-plan-in-2018-idUSE6N1NE000' | '2017-12-06T19:50:00.000+02:00' |
| 76 | '949a7cc42141455f2f4b4712b2d4fde6c64a783f' | 'Thyssenkrupp chairman rejects investor call for breakup - Handelsblatt' | 'BERLIN (Reuters) - Thyssenkrupp Chairman Ulrich Lehner has rejected investor calls to break up the industrial group and backed top management’s plan to transform the firm into a technology group, Germany’s Handelsblatt reported, citing an interview.ThyssenKrupp supervisory board chairman Ulrich Lehner addresses the company''s annual shareholders meeting in Bochum, Germany, January 27, 2017. REUTERS/Thilo Schmuelgen “Breaking up the group is not at all an issue,” Lehner was Quote: d as saying by the business daily in an interview published on Tuesday.Chief Executive Heinrich Hiesinger, who has run the group since 2011, is steering the firm away from the volatile steel sector and aims to transform it into a technology group focused on car parts and elevators.It has struck a deal to combine its European steel businesses with that of India’s Tata Steel next year and is facing pressure over the planned merger from its labour unions.Cevian Capital, which holds around 18 percent in Thyssenkrupp, has criticized the management’s transformation course for failing to boost profitability and called for structural changes to the group to help it become more agile.“If an investor positions itself publicly in such a way, then this hurts the company,” Lehner said.The head of Thyssenkrupp’s supervisory board gave his backing to Hiesinger ahead of a meeting with the CEO and Cevian founder Lars Foerberg on Tuesday, according to Handelsblatt.“The team around Heinrich Hiesinger is doing an excellent job,” Lehner said. “It has the full support of the supervisory board and I appreciate the cooperation very much.”“A breakup is not an optional issue that one can deal with carelessly,” Lehner said. “If there was need to take action on that front, then this would also be addressed and discussed within the supervisory board.”Reporting by Andreas Cremer; Editing by Amrutha Gayathri ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/thyssenkrupp-chairman/thyssenkrupp-chairman-rejects-investor-call-for-breakup-handelsblatt-idINKBN1DZ0NK' | '2017-12-05T09:21:00.000+02:00' |
| 77 | '301c4e5ee00707119552d749c45d194a099d8ec1' | 'EU to decide on tax haven blacklist, assess U.S. tax reform' | 'BRUSSELS (Reuters) - European Union finance ministers adopted a blacklist of 17 jurisdictions deemed as tax havens on Tuesday, in an unprecedented step to counter worldwide tax avoidance, although they did not agree on financial levies for the listed countries.FILE PHOTO: European Commissioner for Economic and Financial Affairs Pierre Moscovici presents the EU executive''s autumn economic forecasts during a news conference at the EU Commission headquarters in Brussels, Belgium November 9, 2017. REUTERS/Yves Herman To discourage the use of shell structures abroad - which in many cases are legal but may hide illicit activities - the EU in February began screening 92 jurisdictions seen as possible tax havens. The move came in the wake of numerous disclosures of offshore tax avoidance schemes used by companies and wealthy individuals.EU finance ministers approved a common blacklist on Tuesday made up of American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates (UAE).South Korea, which has a comprehensive free trade deal with the EU, was listed because it has “harmful preferential tax regimes,” while the UAE does not apply minimum global standards against tax avoidance, the EU said in a document.“This list represents substantial progress. Its very existence is an important step forward. But because it is the first EU list, it remains an insufficient response to the scale of tax evasion worldwide,” EU tax commissioner Pierre Moscovici said after the meeting.A second public “gray” list, or “watchlist”, of 47 jurisdictions that have committed to changing their tax rules to abide by EU standards on transparency and cooperation was also adopted. It includes Switzerland, Turkey and Hong Kong.Morocco and Cape Verde were moved from the blacklist to the watchlist at a late hour after making last-minute commitments to tax reforms, officials said.The lists will be updated regularly.Blacklisted countries may no longer be used by EU institutions for international financial operations, and transactions involving them could be subject to closer scrutiny.These penalties may have little effect in persuading the wealthiest tax havens to change course, however.“Stronger countermeasures would have been preferable,” EU Commission Vice-President Valdis Dombrovskis told a news conference after the meeting. Some states, like Luxembourg and Malta, opposed stricter sanctions, officials said.The ministers ruled out imposing a common withholding tax on transactions to tax havens as well as other coordinated financial sanctions, but could do so at national level.Britain had shown reticence over the process, EU officials said. No British overseas territories such as the Cayman Islands or Bermuda, nor the Channel Islands were put on the blacklist, in what was seen as a diplomatic victory for London. They were put on the gray list instead.Bermuda was at the center of the most recent large disclosure of offshore financial documents, the Paradise Papers.Eight Caribbean islands recently hit by hurricanes, including Anguilla and the Bahamas, were given until March to comply with EU standards before a decision is made on their listing.EU states have not been screened and will not be on the list. The commission said none of the 28 members of the bloc can be classified as a tax haven, as all have agreed to respect EU tax standards.But anti-poverty and fair tax groups said that if screened against EU criteria, countries like Luxembourg, Malta, the Netherlands and Ireland would all be on the EU list.“The list cannot just comprise third countries but must also contain EU jurisdictions,” the German conservative vice-chair of the European Parliament’s economic affairs committee, Markus Ferber, said in a statement on Tuesday.TECH FIRMS, U.S. REFORM EU ministers also adopted a common position on taxation of tech corporations like Amazon ( AMZN.O ) or Facebook ( FB.O ), which have been accused of paying too little tax in the EU. Such firms reroute the booking of their profits to low-tax nations where they have headquarters, like Luxembourg and Ireland.The common text, watered down after pressure from some countries, calls for considering a new corporate taxation system based on the “virtual” presence of a firm in a country. The system would allow for the taxation of online business where the companies have activities and not only where they are headquartered.The commission is expected to present proposals in the coming months, which could include “temporary measures” like targeted taxes on transactions carried out by digital firms.Temporary levies could be adopted before a global deal on taxing the digital economy. The EU would prefer tax reforms were coordinated with international partners.The ministers also agreed on new rules forcing online shopping firms such as Amazon, Google ( GOOGL.O ) and Alibaba ( BABA.N ) to collect the value-added tax (VAT) on sales on their platforms, to counter possible tax fraud by firms using such platforms.At the meeting, finance ministers also assessed the impact of reform in the United States that will slash corporate tax from 35 percent to 20 percent.France, Germany, Italy, Britain and Sweden raised concerns about the U.S. move, an official who attended the meeting said. Ministers discussed whether some of the measures introduced in the overhaul were in line with World Trade Organisation (WTO) rules and treaties to avoid corporate double taxation.EU states agreed to continue studying the measures and to decide “weather to react,” the official said, without detailing which measures could be adopted.Dombrovskis said EU ministers wanted to look into the “potential effect on trade” of the planned overhaul, echoing concerns raised on Monday by EU officials.Reporting by Francesco Guarascio; Additional reporting by Julia Fioretti and Jan Strupczewski; Editing by Janet Lawrence and Hugh Lawson ' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/us-eu-ecofin-tax/eu-to-decide-on-tax-haven-blacklist-assess-u-s-tax-reform-idUSKBN1DZ172' | '2017-12-05T18:14:00.000+02:00' |
| 78 | 'd0ab25b1bcc86016b559ef5985c4e480152e3bb8' | 'Decade in the making - post-crisis banking rules finally signed' | 'December 7, 2017 / 5:39 PM / Updated 17 minutes ago Decade in the making - post-crisis banking rules finally signed Balazs Koranyi , Francesco Canepa 5 Min Read FRANKFURT (Reuters) - Financial regulators reached a long-sought deal on Thursday to harmonize global banking rules, capping a decade of effort to make banks more resilient even if they fell short of their own initial hopes. European Central Bank (ECB) President Mario Draghi attends a news conference at the ECB headquarters in Frankfurt, Germany, December 7, 2017. REUTERS/Ralph Orlowski Facing fierce opposition from the banking industry and calls from the U.S. administration to backtrack on some measures, policymakers struck a compromise agreement on rules forcing banks to hold more capital and cash to avoid a repeat of the 2008 financial crash. Conceived in the aftermath of the global financial crisis when taxpayers had to rescue some of the world’s biggest lenders, the rules, known as Basel III, aim to shield governments by having private investors suffer losses first. “The focus of the reforms was to reduce regulatory uncertainty,” European Central Bank President Mario Draghi, the chairman of Basel’s oversight body, said. “Now it’s time is for implementation and not further design,” Draghi told a news conference. The final step in the deal will be for legislators around the globe to ratify the agreement, another potentially time consuming exercise, especially after some U.S. lawmakers have argued for relaxing financial regulation. Thursday’s compromise focused on when banks would have to increase capital on their trading books and on the way large lenders self-assess the risks they take - two issues that divided countries on either side of the Atlantic. U.S. banks have resisted the trading book proposal and as a compromise, regulators agree that the new rules would take effect in 2022, later than previous expectations for 2019, in part after the U.S. Treasury asked for a delay. With regards to risk assessment, European banks complained that the compromise proposal would put them at a disadvantage to their U.S. rivals by requiring bigger capital buffers against mortgages. The Americans argued that they have done more to repair their balance sheets after the crisis so they are not weighed down by poor legacy assets like the Europeans. French banks in particular resisted and Paris finally relented only when a long phase-in period was proposed, putting the rules into full force only by the start of 2027. In addition, local supervisors will have the power to mitigate the impact of these new measures during the phase-in period. The European Banking Authority said that the total capital shortfall created by these reforms would amount to 39.7 billion euros ($46.82 billion) for the biggest banks in the region. “This deal will make corporate financing in Europe more expensive and this is bad news for the real economy,” Markus Ferber, a German and a conservative member of the European Parliament, said SHORTCOMINGS The reforms do have their shortcomings, however. The ‘bailing in’ of private investors has not worked as intended so far, a reduction in banks’ heavy exposure to government debt has not been tackled and loosely regulated investment funds are turning into “shadow banks” by slowly taking business away from regular lenders. The Basel reforms have been a particular boost for shadow banking - financial intermediaries ranging from hedge funds to special purpose vehicles - because financial firms are facing easier regulation and lower liquidity requirements just as their banking rivals adjust to costly new rules. Shadow banks have outpaced regular lenders in international credit growth for most of the past decade. In the European Union alone they have assets of more than 40 trillion euros, the European Systemic Risk Board said earlier. “It’s high time to extend some of this regulation to the shadow banking sector,” Draghi said. Bail-ins, where bond- and shareholders and possibly depositors take losses before governments, have also been a problem, particularly in the failure of two Italian banks earlier this year, when a loophole in euro zone rules was utilized to channel state funds to them. The state support raised questions about the viability of bail-in and whether governments could in the worst case hit large depositors. Another issue not tackled is the so-called “doom loop” between banks and governments. In need of safe assets, banks often hold lots of government debt, which is generally deemed risk free. But if a sovereign were to fail, such a tight-knit relationship would inevitably bring down banks as well, exacerbating any crisis. Draghi said many if not most countries on the committee opposed introducing risk weights on government bonds. Timing has also been an issue. Many of the Basel rules are implemented with big lags and will not take effect for years to come, well over a decade after the start of the original crisis.($1 = 0.8479 euros) Editing by Matthew Mpoke Bigg' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-basel-banks/decade-in-the-making-post-crisis-banking-rules-finally-signed-idUKKBN1E12JZ' | '2017-12-07T19:38:00.000+02:00' |
| 79 | 'cced93e0104b3d73e437028e77b7d41c31dc1750' | 'Iraq says Russian energy minister did not discuss operations in Kurdistan with Iraqi officials' | 'December 7, 2017 / 11:31 AM / in 7 minutes Iraq says Russian energy minister did not discuss operations in Kurdistan with Iraqi officials Reuters Staff 1 Min Read BAGHDAD (Reuters) - Russian Energy Minister Alexander Novak did not discuss operations by Russian oil companies in Iraq’s Kurdistan region with the Iraqi prime minister or oil minister during his trip to Iraq, the Iraqi oil ministry said on Thursday. FILE PHOTO - Iraqi Oil Minister Jabar al-Luaibi and Russian Energy Minister Alexander Novak and Alexander Dyukov, head of Russian oil producer Gazprom Neft walk during tour at the Badra oilfield in Kut province, Iraq December 6, 2017. REUTERS/Thaier Al-Sudani “At a time when the oil ministry welcomes all international oil companies to invest and work in Iraq, it also affirms that oil is a sovereign resource, and therefore all contracts ... should be signed with the federal government and the oil ministry,” it said in a statement. “Anything contrary to that means these entities are liable for all the consequences, legal and financial responsibilities, and damages resulting from that.” Novak had tweeted on Wednesday that the government of Iraq had no objections regarding operations by Russian oil companies in the semi-autonomous Kurdistan region of northern Iraq. Reporting by Ahmed Aboulenein; Editing by Mark Potter' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-russia-oil-iraq-kurdistan/iraq-says-russian-energy-minister-did-not-discuss-operations-in-kurdistan-with-iraqi-officials-idUKKBN1E11G6' | '2017-12-07T13:31:00.000+02:00' |
| 80 | 'c48a3771040b5c8193064295cc73aa452b38d331' | 'Qatar flexes financial muscle with 12 billion euros of French deals' | 'December 7, 2017 / 12:10 PM / a minute ago Qatar flexes financial muscle with 12 billion euros of French deals Hadeel Al Sayegh 3 Min Read DOHA (Reuters) - Qatar will buy fighter jets and armored vehicles as part of 12 billion euros worth of commercial contracts it agreed with France on Thursday, bolstering its military capability and its international ties as it faces a boycott by other Arab states. The latest contracts underscored how Doha can use the wealth it has accumulated as the world’s biggest exporter of liquefied natural gas to defy some of the largest and wealthiest Arab countries. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade relations with the emirate almost six months ago. They accuse the Qataris of backing terrorism, which Qatar denies. “Our position on this blockade was very clear. Qatar’s position was very clear - to resolve this problem, if we saw problems between us and our neighbors - we should be at a table and speak honestly,” Emir Sheikh Tamim bin Hamad al-Thani said at a news conference alongside French President Emmanuel Macron. Macron, who has tried to play a mediation role between the sides, was in Doha to discuss how to combat the financing of terrorism at a time when the Middle East is locked in a regional power struggle between Sunni Saudi Arabia and Shi‘ite Iran. “Restoring stability to the Gulf is a priority for us because we have a lot of friends here,” Macron said. “Our wish is that we find a quick resolution to today’s situation.” French President Emmanuel Macron with Emir of Qatar Sheikh Tamim bin Hamad al-Thani leave after they have finished their news conference in Doha, Qatar December 7, 2017. REUTERS/Naseem Zeitoon Paris has strong commercial and political ties with Qatar. It has promoted deeper business interests in the country and encouraged Qatari investment in France, where the Gulf state already has assets of about $10 billion. Macron said some 12 billion euros ($14.13 billion) worth of deals were agreed on Thursday. They included Qatar’s taking up an option from 2015 to buy 12 more Dassault Aviation-made Rafale fighters, and saying it could purchase a further 36. It has already bought 24 planes for about 6 billion euros, including missiles. Slideshow (4 Images) It also committed to buying 490 armored vehicles from defense firm Nexter. Doha has repeatedly called for dialogue with its neighbors, although it has strengthened its military as relations with them have deteriorated. It has secured this year alone military equipment deals with the United States, Russia and Britain. “In total, it amounts to nearly 12 billion euros which was signed today and which underlines the closeness of our economic cooperation,” Macron said. Among other deals signed, Suez SEVI.PA will dredge and clean Qatar’s lagoon and a rail consortium of RATP and SNCF will build and operate a metro system in the Qatari capital. Qatar Airways also placed a new order for Airbus A321neo civilian aircraft to replace an earlier A320neo order. The new deal for larger planes is worth an extra $930 million at current list prices for Airbus and involves a switch of engine supplier to a French-American venture co-owned by Safran ( SAF.PA )< and General Electric ( GE.N ). Additional reporting by Jean-Baptiste Vey and Tim Hepher, writing by John Irish, editing by Richard Lough, Larry King' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-qatar-france-contracts/qatar-flexes-financial-muscle-with-12-billion-euros-of-french-deals-idUKKBN1E1162' | '2017-12-07T15:45:00.000+02:00' |
| 81 | 'bc520fecf5779baf033f01b0cd25d27798b2fff7' | 'Alibaba must face renewed lawsuit over IPO: U.S. appeals court' | 'NEW YORK (Reuters) - A U.S. appeals court on Tuesday revived a lawsuit accusing Alibaba Group Holding Ltd ( BABA.N ) of defrauding shareholders by concealing a regulatory warning about counterfeiters that the Chinese online retailer had received shortly before going public.FILE PHOTO: A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song The 2nd U.S. Circuit Court of Appeals in Manhattan ruled 3-0 that a lower court judge erred in dismissing claims by holders of Alibaba’s American Depositary Shares and ADS call options against Alibaba, Executive Chairman Jack Ma and others.Alibaba said it was disappointed by the decision but that the ruling did not determine that Alibaba had violated U.S. securities law.“We believe our behavior was entirely appropriate, and we intend to defend ourselves vigorously as this litigation progresses,” it said in a statement.The appeals court in the Tuesday opinion said the plaintiffs adequately alleged that Alibaba intended to defraud them but did not rule on the merits of the case.Alibaba has long faced accusations that its websites are a haven for counterfeiters, including of luxury goods.Shareholders accused Alibaba of concealing a meeting on July 16, 2014, two months before its $25 billion initial public offering, in which China’s powerful State Administration for Industry and Commerce threatened huge fines if Alibaba failed to suppress counterfeiting.The price of Alibaba’s ADS fell 12.8 percent on Jan. 28 and 29, 2015 after the SAIC revealed its concerns about products that were banned, fake or substandard, or infringed trademarks.In June 2016, Chief Judge Colleen McMahon of the U.S. District Court in Manhattan dismissed the nationwide lawsuit, saying Alibaba had flagged the regulatory risks in its IPO materials.The appeals court called the SAIC threat “highly material” to investors because it “required Alibaba to choose between giving up an important source of its revenue or risking enormous fines,” either of which could hurt results or the IPO’s success.“Given the eventual market reaction to revelation of the information that was concealed at the time of the IPO, its revelation would likely have had a multi-billion dollar negative effect,” the appeals court said.The lawsuit was returned to McMahon for further proceedings.Robert Kry, a partner at MoloLamken representing the plaintiffs, said: “We’re pleased with the decision, and look forward to proving our claims.”The case is Christine Asia Co et al v Ma et al, 2nd U.S. Circuit Court of Appeals, No. 16-2519.Reporting by Jonathan Stempel in New York. Additional reporting by Peter Henderson in San Francisco.; Editing by Chizu Nomiyama and David Gregorio ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-alibaba-decision/alibaba-must-face-renewed-lawsuit-over-ipo-u-s-appeals-court-idINKBN1DZ24E' | '2017-12-05T12:07:00.000+02:00' |
| 82 | 'ba0a2f28338e5024e687bca1d09a02481e1d1061' | 'BASF agrees oil unit merger with Fridman''s DEA to spur expansion' | 'December 7, 2017 / 7:15 PM / in a few seconds BASF agrees oil unit merger with Fridman''s DEA to spur expansion Dmitry Zhdannikov , Ron Bousso , Ludwig Burger 3 Min Read FRANKFURT/LONDON (Reuters) - Chemical giant BASF agreed to merge its oil and gas unit Wintershall with DEA, a vehicle of Russian billionaire Mikhail Fridman, to create one of the largest independent oil and gas firms in Europe, the companies said. FILE PHOTO - Flags of the German chemical company BASF are pictured in Monheim, Germany April 20, 2012. REUTERS/Ina Fassbender/File Photo Fridman and his partners in the LetterOne investment vehicle made billions by selling their Russian oil empire in 2013 but have since struggled to expand in the United States and Britain due to sanctions imposed on Moscow despite not being under sanctions themselves. By folding DEA into Wintershall and creating Germany’s first oil champion, cash-rich Fridman could create new opportunities for growth in large Western markets. For BASF it represents a second chance to diversify outside Russia where it is heavily present via ventures with gas monopoly Gazprom. BASF already tried to buy DEA in 2014 from German utility RWE but lost the race to Fridman. “Wintershall DEA will be one of Europe’s largest independent exploration and production companies, with the scale needed to generate sustainable growth long into the future,” said Lord John Browne, the executive chairman of LetterOne Energy. “Wintershall DEA, will be a German and European energy champion which can compete with those in France, Italy, and Spain. Very rarely do you have the opportunity to create a company of this type,” Browne, a former chief of BP, said in a statement. The new company will produce around 590,000 barrels per day from fields mainly in the North Sea, Africa and Russia and have combined proven reserves of 2.1 billion barrels of oil equivalent. BASF will control 67 percent of the new firm while Fridman’s LetterOne will own the remaining 33 percent. BASF could increase its stake in the company at a later stage by folding into it its pipeline business, which was left outside the initial merger. The new group would consider an initial public share offering (IPO) upon completion of the merger, which is expected in the second half of 2018. In May, Kurt Bock, BASF chief executive, said profit contributions from its oil and gas unit were diminishing further amid weak oil prices. As a result, the group would focus on boosting profitability at its chemicals and crop protection businesses. The drop in profits came amid a slump in oil prices and turmoil in Libya, one of Wintershall’s key sources of oil, following the fall of late dictator Muammar Gaddafi. DEA became a growth platform for Fridman and his partner BP sold Russian oil venture TNK-BP for $55 billion in 2013 to state-controlled oil major Rosneft. DEA’s expansion in Britain and the United States has been hampered by Western sanctions on Russia with DEA unable to close a deal to buy gas fields in Britain’s North Sea as well as shale oil and gas companies in Texas. German daily Handelsblatt had earlier reported a deal was imminent. Editing by Adrian Croft' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-basf-letterone-oil-report/basf-agrees-oil-unit-merger-with-fridmans-dea-to-spur-expansion-idUKKBN1E12SU' | '2017-12-07T21:03:00.000+02:00' |
| 83 | '7b64eeda91d408ae4191b2282df12cabacfb2db3' | 'China''s Fosun International plans $500 million IPO of tourism business: IFR' | 'HONG KONG (Reuters) - Chinese conglomerate Fosun International ( 0656.HK ) is in talks with banks to list its tourism business, which includes French resort chain Club Med, to raise at least $500 million, IFR reported on Thursday, citing people familiar with the situation.A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo Fosun Tourism & Culture Group includes a Chinese joint venture with tour operator Thomas Cook Group and a luxury hotel in Hainan province as well as Club Med, according to IFR, a Thomson Reuters publication.Shanghai-based Fosun is considering spinning off the unit as early as next year and is likely to pick Hong Kong as the listing venue, according to the people. Two sources said the deal would raise at least $500 million, according to IFR.Fosun declined to comment when contacted by Reuters.Fosun, co-founded by Chinese billionaire Guo Guangchang, was in the vanguard of China’s global dealmaking spree over the past few years, snapping up assets including a Portuguese insurer, and stakes in Greek jewelry retailer Folli Follie and Cirque du Soleil. It bought Club Med for $1 billion in 2015 after a protracted bid battle.The float of Fosun’s tourism unit is one of several expected from China’s largest dealmakers as they rationalize portfolios and seek to boost their finances. Last week, fellow conglomerate HNA said it was considering listing Gategroup, the Swiss airline caterer, in Zurich next year and signaled it was looking at other asset sales.Fosun itself announced plans last year to list Ironshore, its reinsurance unit, but was stalled by a U.S. review of its two-stage acquisition of the Bermuda-based group. It sold the company to U.S. insurer Liberty Mutual for $3 billion last December.In September, it listed Israeli subsidiary Sisram Medical in Hong Kong through a HK$ 977 million ($125.06 million) IPO. Sisram is a producer of medical aesthetics devices.Fosun divides its businesses into “Health”, or pharmaceutical and medical-related, “Wealth” for its financial operations, and “Happiness” for its tourism, leisure and consumer units. In the first half of this year, the Happiness unit reported profits of 516 million yuan ($78.01 million) from sales of 6.53 billion yuan.Fosun shares were trading at HK$15.78 on Thursday afternoon, giving the company a market capitalization of HK$135 billion.($1 = 6.6148 Chinese yuan renminbi)($1 = 7.8124 Hong Kong dollars)Reporting by Jennifer Hughes; Editing by Muralikumar Anantharaman ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-fosun-tourism-ipo/chinas-fosun-international-plans-500-million-ipo-of-tourism-business-ifr-idINKBN1E10PY' | '2017-12-07T04:31:00.000+02:00' |
| 84 | '69e8e262e61baab872997e3b5d7ef5f56d9b87fc' | 'US STOCKS-Whipsawed by Washington, Wall St ends modestly lower' | '* Former adviser Flynn reportedly ready to testify against Trump* U.S. Senate Republicans claim votes to pass tax bill* Oil price gains underpin strength in energy shares* Indexes down: Dow 0.17 pct, S&P 0.20 pct, Nasdaq 0.38 pct (Updates with close with latest volume, adds dateline)By Lewis Krauskopf and April JoynerNEW YORK, Dec 1 (Reuters) - Wall Street fell on Friday, whipsawed by developments with a probe into Russia’s alleged involvement in the U.S. election as well as with progress on a tax bill in Congress.Major indexes ended lower after an ABC News report that former national security adviser Michael Flynn was prepared to testify that before taking office President Donald Trump had directed him to make contact with Russians.The benchmark S&P 500 was down as much as 1.6 percent following the report. Flynn pleaded guilty on Friday to lying to the FBI about contacts with Russia’s ambassador.But stocks recouped the bulk of their initial losses, after U.S. Senate Republicans said they had enough support to pass a sweeping tax overhaul.The Senate news was the latest sign of progress for a tax bill being closely watched by investors, with hopes that significant corporate tax cuts will further fuel Wall Street’s record-setting rally.“This Flynn thing threw everything for a loop. We had that still against the backdrop of tax reform,” said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago.“We are at all-time highs so sometimes when you do get news that’s of a nature where people want to sell, it gets a little bit overdone,” Kinahan said.The Dow Jones Industrial Average fell 40.76 points, or 0.17 percent, to 24,231.59, the S&P 500 lost 5.36 points, or 0.20 percent, to 2,642.22 and the Nasdaq Composite dropped 26.39 points, or 0.38 percent, to 6,847.59.Steep sell-offs have been a rarity on Wall Street this year. The S&P 500 has closed down by at least 1 percent only four times in 2017.Progress with the tax legislation in the Senate had helped buoy stocks this week, as well as drive a rotation into those areas that seem poised to benefit from lower corporate taxes.“We’ve kind of had a slow-growth economy in the last 18 to 24 months. The market piled into the faster-growing companies out there,” said Gary Bradshaw, portfolio manager at Hodges Capital in Dallas.“Now we have an economy that’s accelerated in growth...A lot of the stocks that have been ignored in the last couple of years could become bargains,” Bradshaw said.The S&P has rallied 18 percent this year, boosted by solid global economic data and strong U.S. corporate earnings. But with investors optimistic about some aspects of Trump’s domestic agenda, especially tax cuts, news involving his administration has periodically rattled markets.“We’ve kind of gotten used to the drama in the White House,” said Rob Stein, CEO of Astor Investment Management in Chicago. “Whether or not they prove that there are Russian relationship ties, that doesn’t have a long-term effect on the value of the stock market.”Indeed, the initial abrupt selloff prompted Wall Street’s favorite reaction in recent months: “Buy the dip.”Energy was the best-performing sector, rising 0.8 percent. Oil prices settled up slightly, the day after OPEC and other crude producers agreed to extend output cuts until the end of 2018 to tighten global supplies and support prices.Advancing issues outnumbered declining ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored decliners.About 8.2 billion shares changed hands on U.S. exchanges, well above the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data. (Additional reporting by April Joyner in New York and Sruthi Shankar in Bengaluru; editing by Bernard Orr and Chizu Nomiyama) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/usa-stocks/us-stocks-whipsawed-by-washington-wall-st-ends-modestly-lower-idINL1N1O12CZ' | '2017-12-01T19:20:00.000+02:00' |
| 85 | '3de83beb547bbff786254b39a0ef02695499486c' | 'EU could give the nod next week to trade talks with Britain' | 'December 1, 2017 / 9:49 PM / in 9 hours EU could give the nod next week to trade talks with Britain Gabriela Baczynska , Jan Strupczewski 5 Min Read BRUSSELS (Reuters) - The European Union expects to offer a first signal next week that enough progress has been made in Brexit talks to warrant opening new negotiations with London in December on future trade relations, diplomats said. Anti-Brexit protesters wave EU and Union flags outside the Houses of Parliament in London, Britain, November 14, 2017. REUTERS/Peter Nicholls The sources saw that happening even though no detailed agreements are likely to have been made by then on the post-Brexit Irish border, a key outstanding issue after what diplomats in Brussels describe as a breakthrough on the divorce bill London will pay the EU as it leaves. Instead, a document the EU and Britain are due to sign after British Prime Minister Theresa May and Jean-Claude Juncker, the head of the bloc’s executive Commission, meet in Brussels on Monday will spell out both sides’ commitment to sorting out the Irish border conundrum, as well as some rules to follow on that. “We are all optimistic. The signals we are getting are that we are getting there. There will be more contacts over the weekend,” a senior EU diplomat said. “Sometimes you think you have it and then things go wrong at the last minute but right now it seems we are almost there. Everyone wants to make it happen now, both we and the Brits.” Another EU diplomat also said the 27 remaining EU states were willing to give Britain what it had been asking for a long time -- a start to negotiations on a future trade pact -- after the makings emerged of a deal on the “divorce bill”. The EU and Britain this week agreed on a financial settlement under which London would pay a set share of the bloc’s budgets after it has left. “Everyone knows we have to honour politically what the Brits have accepted on money,” a second senior EU diplomat said. “So on Monday they will sign this document.” “And then on Wednesday (27 EU envoys) will say it’s good enough and start working towards ‘sufficient progress’ at the December summit and short guidelines for trade talks.” The guidelines is a term the 27 EU states use to describe their unified stance on Brexit matters, which they prepare between themselves in advance before engaging with London. Diplomats have described intense behind-the-scenes talks in recent days, although nothing is yet set in stone. The other potential spoiler for the Monday document is agreeing on the exact wording on the role of the EU’s top court, the European Court of Justice, whose jurisdiction Britain wants to escape while the bloc insists it is essential. “It’s not unknown in European Union business for deadlines to slip a bit. Clearly there would be great anxiety on the part of all involved if the situation wasn’t clear by (the end of) next week,” said a fourth EU diplomat. “But there’s a keen enthusiasm to get it all sorted.” IRISH BORDER If things go according to the plan, 27 EU leaders will officially open trade talks with Britain at their final meeting this year in Brussels on Dec. 15. In a series of steps leading up to that decision, Juncker’s European Commission is also due to give its own view next Wednesday on whether “sufficient progress” has been made in Brexit talks, which started last June. After that and the Wednesday talks among EU ambassadors in Brussels, the sherpas -- the EU negotiators of the 27 bloc’s leaders -- will also meet to discuss the topic on Dec. 11. The EU has made covering enough ground on the divorce a precondition to discussing future trade arrangements. Another EU diplomat on Friday stressed the vague concept of “sufficient progress” did not stipulate a comprehensive or exhaustive deal. Ireland’s Foreign Minister Simon Coveney signalled separately on Friday there was still some time to iron out details on what will become the new EU’s external border before December’s top-level summit. The chairman of EU leaders meetings, Donald Tusk, visited Dublin on Friday to reassure Ireland of its right to veto any deal it finds unacceptable. The history of violence on the island of Ireland makes the future border arrangements particularly sensitive. Both sides’ desire to avoid putting physical border infrastructure on the island is complicated by the fact that Britain will be leaving the EU’s single market and customs zone. For its part, Britain says the border deal cannot erect new divisions within the country. May’s government also depends on the backing of Northern Ireland’s pro-Brexit Democratic Unionist Party, which has hinted at limits to concessions to Dublin. One of the sources stressed the “basic concept of no regulatory divergence” between Northern Ireland and EU member Ireland was crucial for the bloc to have in the Monday document, while another said it would have to be quite specific on what sort of money London will pay on leaving. Additional reporting by Padraic Halpin; Writing by Gabriela Baczynska; Editing by Catherine Evans' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-britain-eu-progress/eu-could-give-the-nod-next-week-to-trade-talks-with-britain-idUKKBN1DV60P' | '2017-12-01T23:49:00.000+02:00' |
| 86 | 'b8d6b417744517c53da507f2531d1a721671ccc1' | 'Three Uber security managers resign after CEO criticises practices' | 'December 1, 2017 / 7:29 PM / Updated an hour ago Three Uber security managers resign after CEO criticises practices Joseph Menn , Dustin Volz 3 Min Read SAN FRANCISCO/WASHINGTON (Reuters) - Three senior managers in Uber Technologies Inc’s security unit resigned on Friday, an Uber spokesperson said, days after the company’s new chief executive officer disclosed a massive data breach and criticised past practices. FILE PHOTO - Uber''s logo is pictured at its office in Tokyo, Japan, November 27, 2017. REUTERS/Kim Kyung-Hoon Uber’s CEO, Dara Khosrowshahi, who was installed in the top job in August, disclosed the data breach last month after learning of it himself, saying that “none of this should have happened.” Uber’s security practices are also under fire in a high-stakes legal battle with rival self-driving car company Waymo, an Alphabet Inc ( GOOGL.O ) subsidiary. Uber last week said it fired its chief security officer, Joe Sullivan, over his role in the 2016 data breach, which compromised data belonging to 57 million customers. The three managers who resigned were Pooja Ashok, chief of staff for Sullivan; Prithvi Rai, a senior security engineer; and Jeff Jones, who handled physical security, the Uber spokesperson said. Ashok and Jones will remain at the company until January to assist in transition, the spokesperson said. A fourth individual, Uber’s head of Global Threat Operations, Mat Henley, began a three-month medical leave, said a separate source familiar with the situation. None immediately responded to requests for comment. Emails in connection with the departures, described by the separate source, complained of emotional and physical strain from the past year. Sullivan in August told Reuters that his security team totalled around 500 employees. Leadership in the unit has been in turmoil since the termination last week of Sullivan and a deputy, as well as Uber’s admission that it paid $100,000 to hackers to keep secret the 2016 data breach while failing to warn customers that their phone numbers and other data had been exposed. Multiple countries have launched investigations into the delayed disclosure. In the Waymo case, testimony at a pretrial hearing this week focussed on a former employee’s claims that Uber had a special unit within its security team that tried to obtain programming code and other trade secrets from rivals. Additional reporting by Heather Somerville and Dan Levine in San Francisco; Editing by Lisa Von Ahn and Leslie Adler' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-uber-executives/uber-security-executives-depart-after-ceo-criticises-practices-idUKKBN1DV5SH' | '2017-12-01T22:39:00.000+02:00' |
| 87 | '9fa2ff1a0491595813c82f4b90a371f583325086' | 'UK ship insurer Britannia to set up EU subsidiary in Luxembourg due to Brexit' | 'December 1, 2017 / 3:29 PM / Updated 2 hours ago UK ship insurer Britannia to set up EU subsidiary in Luxembourg due to Brexit Reuters Staff 1 Min Read LONDON (Reuters) - Specialist British ship insurer Britannia plans to set up a subsidiary in Luxembourg in the wake of Britain’s decision to leave the European Union, it said on Friday. “With the advice of third-party consultants and having engaged with various EU regulators, Britannia’s board has now instructed the managers, Tindall Riley (Britannia) Ltd, to focus on Luxembourg as the preferred option,” it said in a statement. Reporting by Jonathan Saul; Editing by Susan Fenton' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-britain-eu-britannia/uk-ship-insurer-britannia-to-set-up-eu-subsidiary-in-luxembourg-due-to-brexit-idUKKBN1DV57O' | '2017-12-01T17:28:00.000+02:00' |
| 88 | '31372b8512385281aaf4de4591361c9245de5167' | 'PRESS DIGEST- Financial Times - Dec 4' | 'Dec 4 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* CVS Health to buy Aetna for $68 bln on.ft.com/2jbGEbL* UK government to bolster support for nuclear power on.ft.com/2jcPiGJ* Australia launches inquiry into market power of Facebook, Google on.ft.com/2jbp6fC* Rio Tinto appoints Simon Thompson as new chairman on.ft.com/2jaYR9iOverview- America’s biggest drugstore chain CVS Health agreed to acquire the insurer Aetna for about $68 bln. Aetna Inc will be offered about $207 a share, comprising $145 in cash and $62 in stock.- This week, UK ministers will renew their support for nuclear power with measures to strengthen the industry’s supply chain and develop a new generation of small-scale reactors.- A formal inquiry into the market power of Facebook, Google and other digital platforms has been initiated by Australia’s competition regulator to determine if it is negatively affecting the media and advertising industries.- Simon Thompson was appointed as Rio Tinto’s new chairman ending a nine-month search. Thompson will take up the position in March, when Jan du Plessis steps down. (Compiled by Bengaluru newsroom; Editing by Peter Cooney) ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-dec-4-idUSL3N1O40IB' | '2017-12-04T03:02:00.000+02:00' |
| 89 | 'd41cfc03060f8d1163ce638b5c44473431438ce0' | 'Swiss review Saudi bank account information, no action so far' | 'December 4, 2017 / 12:51 PM / Updated an hour ago Swiss review Saudi bank account information, no action so far Reuters Staff 2 Min Read ZURICH, Dec 4 (Reuters) - Swiss authorities are reviewing information submitted by banks about potentially suspicious transactions linked to Saudi accounts but have not frozen funds or launched criminal investigations, federal prosecutors said on Monday. They were responding to a report by the Financial Times that cited unnamed sources saying banks had begun reporting suspicious account activity among some Saudi clients amid a corruption crackdown in the oil-rich kingdom. The report highlights Swiss private banks’ sensitivity to their handling of vast wealth for clients from Saudi Arabia, an important market for them. “Information coming in is being reviewed, as is standard practice. At this stage assets have not been frozen nor criminal investigations opened in this regard,” a spokeswoman for the Office of the Attorney General said in an emailed statement. She said the information included data that banks had submitted to the national money-laundering reporting centre as part of their standard due diligence obligations. Separately, the Federal Office for Justice said Saudi Arabia had not asked it for legal assistance in investigating 19 leading figures linked to the corruption allegations. Dozens of royal family members, high-ranking officials and senior businessmen were rounded up last month in a crackdown on graft that has strengthened the power of Crown Prince Mohammed bin Salman. The Swiss scrutiny of Saudi accounts comes as parliament reviews whether to approve the automatic exchange of banking data with Saudi Arabia, one of 41 additional countries supposed to start receiving such information from Switzerland from 2019. The lower house of parliament in September narrowly opposed sharing data with the Saudis, the only country other than New Zealand among the 41 that did not win approval. The upper house is due to consider the Saudi matter this week. (Reporting by Angelika Gruber and Brenna Hughes Michael Shields; editing by Mark Heinrich)' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/swiss-saudi/swiss-review-saudi-bank-account-information-no-action-so-far-idUSL8N1O42JF' | '2017-12-04T20:51:00.000+02:00' |
| 90 | '284678a73431fb9f8126376d823e6ce9fc83d65c' | 'CME Group to launch bitcoin futures contract on Dec. 18' | 'December 1, 2017 / 1:25 PM / in 4 hours CME Group to launch bitcoin futures contract on Dec. 18 Reuters Staff 1 Min Read (Reuters) - CME Group Inc ( CME.O ) on Friday said it will launch its bitcoin futures contract on Dec. 18 to provide a regulated trading platform for the cryptocurrency futures market. FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo The bitcoin futures, available for trading on the CME Globex electronic trading platform, will be cash-settled, CME said. reut.rs/2BqxD59 CME and Cboe Global Markets Inc ( CBOE.O ) received approval from the U.S. derivatives regulator to list bitcoin futures earlier in the day, after the rival bourses were able to show their proposed contracts and trading arrangements met the necessary regulatory requirements. Nasdaq Inc ( NDAQ.O ) also plans to launch a futures contract based on bitcoin in 2018, according to a Reuters report. Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard Orr' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-cme-bitcoin/cme-group-to-launch-bitcoin-futures-contract-on-dec-18-idUSKBN1DV4WC' | '2017-12-01T15:24:00.000+02:00' |
| 91 | '3c2ea70bb890b6f500c62d17ae48b135c199c901' | 'MIDEAST STOCKS-Yemen helps Saudi rise for eighth day, Qatar rebounds on FX' | '* Former Yemen president Saleh offers hope for peace* Saudi market also buoyed by easing concern about graft probe* Index rises above 200-day average* Cement shares lead market up* Qatar market hopes for positive MSCI decisionBy Andrew TorchiaDUBAI, Dec 3 (Reuters) - Saudi Arabia’s stock market rose for an eighth straight day in active trade on Sunday, climbing above technical resistance, as sentiment was helped by hopes for an end to the conflict in Yemen. A stabilising currency helped Qatar rebound.Former Yemeni president Ali Abdullah Saleh said on Saturday he was ready for a “new page” in ties with the Saudi-led coalition fighting in Yemen if it stopped attacks on his country, in a move that could pave the way to end nearly three years of war.The Saudi stock index gained 1.2 percent to 7,089 points. It rose above resistance around 7,000 points, which has capped the market since mid-October and roughly coincides with the 200-day average, now at 7,014 points.A clean break of the resistance - two straight daily closes - would point up to around 7,250 points, according to the height of the former downtrend channel dating back to mid-October.“Recently the main force affecting the market has been geopolitics - it’s not surprising that the market rises when the outlook appears to improve,” said Hisham Tuffaha, vice-president for asset management at Mulkia Investment in Riyadh.Rising stocks outnumbered losers by 173 to nine. Four of the 10 biggest percentage gainers were cement stocks, long beaten down by the slump in the Saudi construction industry; they could benefit if Yemen starts to rebuild, fuelling demand for cement.The Saudi market has also been buoyed in recent days by easing worries about the impact of authorities’ crackdown on corruption, as some detained suspects reach settlements with the government and the number of frozen bank accounts falls after exceeding 2,000 at one stage.A monthly Reuters poll of leading Middle East fund managers, published on Thursday, showed them on balance positive towards Saudi Arabia; 46 percent now expect to raise allocations to Saudi stocks in the next three months and none to cut them, the most bullish bias since July.Meanwhile, Qatar’s index rose 0.6 percent with drilling rig provider Gulf International Services jumping 4.7 percent.Real estate firm Ezdan Holding, which has plunged this year and is rated junk by credit rating agency Standard & Poor‘s, continued a rebound that began in late November, surging 6.3 percent.The stock market dropped last week after equity index compiler MSCI said that because of poor liquidity in the foreign exchange market, it might shift to using offshore exchange rates to value Qatari equities - which could potentially lead to cuts in weightings of Qatari stocks in MSCI’s emerging market index.MSCI said it would take feedback from the investment community on the proposed currency shift until Dec. 1, and would announce its final decision by Dec. 5.Qatar’s central bank responded by saying it was committed to providing all the currency requirements of investors at onshore rates, and in recent days the riyal has begun to stabilise offshore, raising hopes that the central bank has done enough to prevent MSCI from making the change.Egypt’s index gained 0.9 percent as real estate firm Talaat Mopstafa surged 2.8 percent to 10.25 Egyptian pounds. The company said it expected sales of 13 billion pounds ($735 million) this year and record sales in 2018; Naeem Brokerage kept a “buy” rating on the stock with a target price of 11.40 pounds.United Arab Emirates and Omani markets were closed for public holidays.HIGHLIGHTS SAUDI ARABIA * The index climbed 1.2 percent to 7,089 points.QATAR * The index rose 0.6 percent to 7,757 points.EGYPT * The index gained 0.9 percent to 14,714 points.KUWAIT * The index gained 0.3 percent to 6,214 points.BAHRAIN * The index fell 0.3 percent to 1,280 points. ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/mideast-stocks/mideast-stocks-yemen-helps-saudi-rise-for-eighth-day-qatar-rebounds-on-fx-idINL8N1O30D3' | '2017-12-03T09:43:00.000+02:00' |
| 92 | 'f59847191d59ba5b4f6a24ed2b42efcc2f140878' | 'South Korea''s AJ Networks considers rental car company stake sale' | 'SEOUL (Reuters) - South Korea’s AJ Networks Co ( 095570.KS ) said on Friday it was considering the sale of its stake in rental car company AJ Rent A Car ( 068400.KS ) and other options to beef up its competitiveness.AJ Networks owns a 39.80 percent stake in AJ Rent A Car, according to Thomson Reuters Eikon data.South Korea’s Maeil Broadcasting Network said on Friday Hyundai Motor ( 005380.KS ) has early this week entered detailed talks with AJ Networks to buy the rental car firm, citing unidentified investment banking and company officials.A Hyundai Motor spokeswoman said the company does not comment on market speculation.Reporting by Hyunjoo Jin; Editing by Gopakumar Warrier ' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/us-aj-rent-a-car-sale/south-koreas-aj-networks-considers-rental-car-company-stake-sale-idUSKBN1DV44U' | '2017-12-01T16:27:00.000+02:00' |
| 93 | '2fffc609c42c8dc03fc18147b780361b39b5dd0e' | 'Macau casino revenue rises 23 percent on year in November' | 'December 1, 2017 / 5:13 AM / Updated 42 minutes ago Macau casino revenue rises 23 percent on year in November Reuters Staff 3 Min Read Casinos in the world’s biggest gambling hub of Macau posted a 22.6 percent revenue jump in November from a year earlier, marking the sixteenth consecutive month of growth, government data showed on Friday. FILE PHOTO: Casinos of Wynn and SJM Holdings are seen in a general view of Macau, China October 8, 2015. REUTERS/Bobby Yip/File Photo Revenue reached 23 billion patacas (£2.12 billion), data from Macau’s Gaming Inspection and Coordination Bureau showed, the second highest monthly tally this year and compared with analysts’ growth estimates of 16 to 22 percent. The result reflects continued recovery for casinos in the only Chinese territory where casino gambling is legal. Revenue dropped to five-year lows during a central government campaign from 2014 against shows of wealth among public officials, at a time when China’s economic growth was also slowing. While revenue is recovering, it is still below the all-time highs hit in the run-up to the government campaign, hovering around 2011 levels, showed data from Thomson Reuters Datastream. Analysts estimate full-year revenue growth of 18 to 20 percent for 2017, at $33 billion to $34 billion, mainly due to the lucrative but highly volatile, big-spending VIP segment. That would mark the first annual growth in three years. Revenue growth has been stronger for operators of casinos on Macau’s Cotai Strip, such as Sands China Ltd ( 1928.HK ), Wynn Macau Ltd ( 1128.HK ), Galaxy Entertainment Group Ltd ( 0027.HK ) and Melco Resorts & Entertainment Ltd ( MLCO.O ). On the other hand, SJM Holdings Ltd ( 0880.HK ) and MGM China Holdings Ltd ( 2282.HK ) have seen their market share erode while their Cotai Strip resorts have been under development. MGM’s venue is due to open in January while SJM’s is not likely to open until closer to 2019, analysts said. Revenue this year has been boosted by the return of so-called whales who wager around 1 million yuan ($151,308) per bet. But sustainability of the VIP segment’s strength is uncertain, analysts said, citing macro-economic factors such as a slowdown in money supply growth and real estate pricing. Meanwhile, pressure on casino operators to develop non-gaming attractions - favoured by a government keen to diversify Macau’s economy - is increasing as authorities start to determine what will happen to the six operating casino licenses once they start to expire in 2020. The government is yet to disclose the nature or timing of any bidding process. Macau Chief Executive Fernando Chui has said mid-2018 would be a suitable time to provide more details. Tighter regulation is also likely to create uncertainty for casino operators, said analysts, as the government streamlines and strengthens the gaming industry. Reporting by Farah Master; Editing by Sunil Nair and Christopher Cushing' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-macau-gambling-revenues/macau-casino-revenue-rises-22-6-percent-on-year-in-november-idUKKBN1DV3PW' | '2017-12-01T07:25:00.000+02:00' |
| 94 | '31e3c55770265db38fb04155b5b19f1b1d4f2f72' | 'UPDATE 1-U.S. regulator to allow CME, CBOE to list bitcoin futures' | '(Adds bitcoin price move, new comment, background)By Michelle Price and John McCrankWASHINGTON, Dec 1 (Reuters) - The U.S. derivatives regulator said on Friday it would allow CME Group Inc and CBOE Global Markets Inc to list bitcoin futures, after the rival bourses showed their proposed contracts and trading arrangements met necessary requirements.The announcement by the Commodity Futures Trading Commission paves the way for CME and CBOE to become the first traditional U.S. regulated exchanges where bitcoin-related financial contracts can trade, a move that will lead to increased regulatory scrutiny of the biggest and best-known digital currency.CME said on Friday it would list its bitcoin futures contract, which like CBOE’s will be priced against and settled in the cash bitcoin market, on Dec. 18. CBOE has not yet set a launch date but has said it plans its listing by year-end.Bitcoin soared above $11,000 for the first time this week, up tenfold year-to-date and prompting multiple warnings of a bubble.To guard against volatility, CME and CBOE will enact stricter-than-usual risk-management safeguards, including initial margin requirements of between 35 percent and 40 percent.“This is a tacit approval for the industry as a whole; digital assets are now mainstream,” said Charles Hayter, chief executive officer of interactive cryptocurrency platform CryptoCompare. “This opens up the doors to exchange traded funds and institutional money.”The virtual currency, which had been trading at around $10,150 on the Luxembourg-based Bitstamp exchange before the news, jumped to as high as $10,513 in the 20 minutes that followed, leaving it up more than 5 percent on the day. It was last up 6.6 percent at $10,600.CME and CBOE have also agreed to enter into information-sharing agreements and to send the CFTC data on the settlement process so the regulator can conduct its own surveillance.CFTC Chairman Christopher Giancarlo warned investors, however, that the nascent underlying bitcoin cash markets remained largely unregulated and mostly beyond the commission’s purview.The futures exchanges must coordinate to help spot market manipulation, flash rallies, trading outages and other problems on the unregulated exchanges where bitcoin is traded, as they could affect futures prices, he said in a statement.”Nevertheless,“ Giancarlo added, ”investors should be aware of the potentially high level of volatility and risk in trading these contracts.”Under CFTC regulations, designated contract exchanges such as CME and CBOE’s CFE do not need prior approval from the commission to list products for trading. Instead, they only have to file a written self-certification with the regulator.Under the self-certification process, which is a quirk of the futures market, an exchange confirms that the product complies with the Commodity Exchange Act and CFTC regulations, including a key provision that requires the contract is not susceptible to manipulation.CME has been vying with CBOE to introduce the first bitcoin-related financial product.Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported earlier this week. (Reporting by Michelle Price and John McCrank; Additional reporting by Jemima Kelly and Gertrude Chavez-Dreyfuss; Editing by Leslie Adler and Lisa Von Ahn) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/markets-bitcoin/update-1-u-s-regulator-to-allow-cme-cboe-to-list-bitcoin-futures-idINL1N1O10UO' | '2017-12-01T12:35:00.000+02:00' |
| 95 | '2d422187e6665d45aa8317e9bf79228ead328bc0' | 'Danish insurer Tryg to buy Alka for $1.3 billion' | 'December 4, 2017 / 6:27 AM / Updated 4 minutes ago Denmark''s Tryg''s $1.3 billion Alka deal to boost market share Thyagaraju Adinarayan 3 Min Read (Reuters) - Denmark’s largest insurance company Tryg ( TRYG.CO ) said on Monday it agreed to buy unlisted competitor Alka Forsikring for 8.2 billion Danish crowns ($1.31 billion) strengthen its presence in the property and casualty (P&C) insurance markets. Alka, founded in 1944, is the eighth largest P&C insurer in Denmark. Two analysts said the deal could boost Tryg’s market share to about 22 percent from 18 percent now, cementing its place as market leader. Topdanmark ( TOP.CO ) is second with 17 percent. Shares in Tryg rose as much as 4.9 percent, reaching levels last seen in April 2015. By 0928 GMT, they were up 3.7 percent. KBW analyst Michele Ballatore, who has a “market perform” rating on the stock, said the deal would mean Tryg could apply its “superior cost efficiency” skills to Alka, adding that she had a positive long-term view of the deal. Tryg said it has identified 300 million crowns per annum in merger benefits to be delivered by 2021. It said it expected the deal to add to earnings from 2019 with a high single-digit contribution to earnings by 2021. Ballatore said Alka’s ties with Danish trade unions would help Tryg, which said it expected to benefit from Alka’s partnerships with unions to open up “significant opportunities to expand the business.” Alka is owned by Danish trade union movement, companies affiliated with the unions, Folksam and its employees. RBC Capital and UBS analysts said the price of the deal was justified by Alka’s strong capital levels. Excess capital that comes as part of the deal could be used to help finance the transaction, RBC Capital analysts said in a note. The total deal value includes excess capital of 2.5 billion crowns, valuing Alka’s operations at 5.7 billion crowns, Tryg said. Tryg also plans an equity placement of up to 10 percent of its outstanding shares to fund the deal. Tryg’s majority owner TryghedsGruppen will subscribe to 60 percent of the shares. Reporting by Thyagaraju Adinarayan; Editing by Stephen Coates and Edmund Blair' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/us-alka-m-a-tryg/danish-insurer-tryg-to-buy-alka-for-1-3-billion-idUKKBN1DY0GS' | '2017-12-04T08:22:00.000+02:00' |
| 96 | '04a63ea57fe15fec83ba2533bb6b93c7c2de0f24' | 'CANADA STOCKS-TSX rises as financial and industrial shares rally' | 'December 4, 2017 / 1:18 PM / Updated 4 minutes ago TSX near flat as oil drop offsets U.S. tax bill boost Reuters Staff 2 Min Read TORONTO (Reuters) - Canada’s main stock index dipped on Monday as energy and mining shares tracked commodity prices lower, offsetting gains for financial and industrial shares after the U.S. Senate’s approval of a tax overhaul bill boosted investor sentiment. FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo Energy shares declined 0.9 percent as oil fell. U.S. crude CLc1 prices were down 1.3 percent at $57.61 after U.S. shale drillers added more rigs last week, though prices remained in sight of recent two-year highs. Suncor Energy Inc ( SU.TO ) fell 1.5 percent to C$43.87. Still, the largest percentage gainer on the TSX was uranium producer Cameco Corp ( CCO.TO ), which surged 15.8 percent to C$13.94. Analysts said plans by Kazakhstan’s state-run uranium mining company to cut production could boost the price of the metal. The largest percentage decliner on the index was Shopify Inc ( SHOP.TO ), down 6.1 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent. Gold futures GCc1 fell 0.4 percent to $1,273.8 an ounce and copper prices CMCU3 declined 0.4 percent to $6,803.5 a tonne. [MET/L][GOL/] At 10:57 a.m. ET (1557 GMT), the Toronto Stock Exchange''s S&P/TSX composite index .GSPTSE fell 9.44 points, or 0.06 percent, to 16,029.53. Seven of the index’s 10 main groups were lower. The financials group, which accounts for 35 percent of the index’s weight, gained 0.3 percent. Some of Canada’s major banks have operations in the United States and could benefit if U.S. tax cuts boost economic growth. Industrials rose 0.98 percent, led by a 1.4 percent gain for Canadian National Railway Co ( CNR.TO ) to C$101.26. The TSX posted 9 new 52-week highs and one new low. Reporting by Fergal Smith; Editing by Meredith Mazzilli' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/us-canada-stocks/canada-stock-futures-indicate-higher-start-for-tsx-idUSKBN1DY1K2' | '2017-12-04T16:54:00.000+02:00' |
| 97 | '4e6b4241819d040975aa8854e7ff515ff088fb1e' | 'Saga says tour business hurt by Monarch Airlines collapse' | 'Reuters TV United States December 6, 2017 / 7:33 AM / Updated 5 minutes ago UK''s Saga shares plunge after cuts profit forecasts (Reuters) - Britain’s Saga Plc ( SAGAG.L ) said it expected its underlying pretax profit to grow by just 1-2 percent in the current year and fall five percent next year, sending its shares 20 percent lower. Monarch airplanes are parked on the runway after the airline went into administration at Newquay airport, Newquay, Britain, October 26, 2017, REUTERS/Toby Melville In an unscheduled trading update, the provider of travel and insurance services for people aged 50 and over said more challenging trading in insurance broking and the collapse of Monarch Airlines would limit profit growth in the year to the end of January 2018. An investment of 10 million pounds ($13.4 million) to take on more customers, a fall in earned profit and lower reserve releases would push underlying pretax profit 5 percent lower in the the year to January 2019. Saga shares tumbled 20 percent to 144.1 pence by 0825 GMT, taking them to the bottom of the FTSE Midcap Index .FYMC. They were priced at 185 pence when the company listed in 2014. Saga said its tour business would see one-off cost of about 2 million pounds ($2.7 million) hurt by Monarch going into administration. Saga also said it had completed a review of its operating structure and would see about 10 million pounds of annualized savings next year. The company said written profit for its retail broking business in the year ending Jan. 1 was expected to be ahead of a year earlier, but added that strong performance in motor insurance was partially offset by a challenging trading in home and travel insurance. The average price of motor insurance in Britain has been rising, partly in response to new rules for personal injury claims. The drop in the pound since the Brexit vote has hit many British consumers’ spending power, but Saga said its travel segment is expected to perform strongly ahead of a year earlier. Saga said in September that older Britons are still going on holiday despite a squeeze in incomes but some are opting for shorter or lower-star vacations. ($1 = 0.7462 pounds)' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/us-saga-outlook/saga-says-tour-business-hurt-by-monarch-airlines-collapse-idUKKBN1E00NU' | '2017-12-06T09:29:00.000+02:00' |
| 98 | 'b2b2e7fe6542cc830e881bbc4a02f428055cfb65' | 'Whitbread shares jump after activist investor declares stake' | 'December 6, 2017 / 4:16 PM / Updated an hour ago Whitbread jumps after hedge fund Sachem Head declares stake Martinne Geller 2 Min Read LONDON (Reuters) - Whitbread shares jumped more than 7 percent on Wednesday after U.S.-based hedge fund Sachem Head Capital Management said it owns a 3.4 percent stake in the hotel and coffee chain operator. Whitbread, owner of Costa Coffee and Premier Inn, has been the subject of break-up speculation in the past. Before Wednesday’s jump, Whitbread shares were down nearly 2 percent this year, having risen in part on hopes that Premier Inn’s domestic hotels would benefit from foreign visitors cashing in on the weak pound. They fell back when those benefits turned out to be smaller than expected. The company warned in April of a tougher consumer environment, as rising inflation and muted wage growth forced consumers to rein in spending. The shares closed about 7.5 percent higher at 3,990 pence. Sachem Head, with about $4 billion (£3 billion) in assets under management, was founded in 2013 by Scott Ferguson, one of a number for former partners at Bill Ackman’s Pershing Square Capital Management who have launched their own funds. The New York-based firm has been very popular with investors, both because of its steady run of positive returns and the fact Ferguson largely stays out of the headlines. While Ferguson shies away from being called an activist investor, the firm has taken activist positions and pushed for change at some companies it has invested in. Ferguson took a board seat at software maker Autodesk, and has held sizeable stakes in CDK Global and Zoetis. Its current UK holdings include Worldpay Group and Shire. A spokeswoman for Whitbread was not immediately available for a comment. A spokesman for Sachem Head declined to comment beyond Wednesday’s regulatory filing, which declared contracts for difference over 6.2 million shares expiring July 2020. Additional reporting by Svea Herbst-Bayliss in Boston; Editing by Mark Potter and Jane Merriman' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-whitbread-stake/whitbread-shares-jump-after-activist-investor-declares-stake-idUKKBN1E0294' | '2017-12-06T18:15:00.000+02:00' |
| 99 | '4cbbd38a6960648e4e2fe260b5efd72e94f0078a' | 'Bitcoin extends gains, rises above $12,000 to record high' | 'December 6, 2017 / 3:29 AM / Updated 18 minutes ago Bitcoin zooms above $13,000 to record high on relentless demand Shinichi Saoshiro , Saqib Iqbal Ahmed 3 Min Read TOKYO/NEW YORK (Reuters) - Bitcoin extended its rally on Wednesday, breaking above $13,000 to a record high despite questions about the cryptocurrency’s real value and worries about a dangerous bubble. Bitcoin received a boost after Friday’s announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts. The move opens the door to added regulation but also more mainstream adoption, as bitcoin futures and other derivatives would make it easier to trade the new asset class. “Simply the perception in households around the world that the CME and the CBOE are providing legitimacy to bitcoin is really what is driving the massive rally here,” said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto. Bitcoin’s ascent of over 10-fold from below $1,000 at the start of the year has drawn regulatory scrutiny around the world. Some high profile individuals such as Nobel Prize-winning economist Joseph Stiglitz have said the cryptocurrency should be outlawed. FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo “It took a long time to establish the methodology and the way bitcoin was traded. The original appeal came from the fact they were unregulated. However it’s clearly moved out of those shadows and into center stage,” said Mick McCarthy, CMC Markets’ chief market strategist in Sydney. “We are in the throes of a bubble market, and one of the characteristics of a bubble market is that there is no way to know when the bubble will burst.” The current craze for bitcoin, and cryptocurrencies in general, have been likened by some to the 17th century Dutch tulip mania and more recently the dotcom bubble. “If you look at this sort of pattern it has repeated itself many, many times. The only way it ends is when sentiment shifts and that’s a deeply unpredictable thing,” Cambridge Global Payments’ Schamotta said. Bitcoin was up 12.42 percent at $13,127.01 on the Luxembourg-based Bitstamp exchange BTC=BTSP after surging to the record peak of $13,127.01. “There is a lot of money flowing into bitcoin right now, mostly motivated by ”fear of missing out“ and greed,” said Leonhard Weese, president of the Bitcoin Association of Hong Kong. Reporting by Shinichi Saoshiro; Additional reporting by Michelle Chen in Hong Kong; Editing by Sam Holmes, Shri Navaratnam and Susan Thomas' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/us-markets-bitcoin/bitcoin-extends-gains-rises-above-12000-to-record-high-idUSKBN1E0094' | '2017-12-06T11:29:00.000+02:00' |
| 100 | '2067b2dfb50a687ddcb8d9489e7a813eae718ffe' | 'U.S. unit labor costs decline for two straight quarters' | 'WASHINGTON (Reuters) - U.S. unit labor costs were much weaker than initially thought, declining both in the second and third quarters of this year, pointing to very benign inflation pressures in the near term even as the labor market is close to full employment.FILE PHOTO: Workers build the roof of a single axel towable Pioneer traditional recreational vehicle at the Thor Industries Heartland RV Assembly Plant in Elkhart, Indiana, U.S. on June 13, 2017. REUTERS/Joshua Lott/File Photo Other data on Wednesday showed private-sector employment increasing at a solid clip in November, with the manufacturing sector adding the most jobs in at least 15 years.The signs of soft wage growth and tightening labor market conditions could further intensify inflation debate at the Federal Reserve’s policy meeting next week. Economists, however, believe that wage growth is being understated.“The weakness in unit labor costs will undoubtedly be cited by many as evidence that worries about the economy overheating due to a tightening labor market are misplaced,” said Jim O‘Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York.“But we believe that the official wage income data being used for calculations have been distorted recently by income reporting being delayed in anticipation of tax cuts, and Commerce Department analysts may be misinterpreting information from quarterly tax records.”The Labor Department said unit labor costs, the price of labor per single unit of output, dropped at a 0.2 percent annualized rate in the last quarter instead of rising at a 0.5 percent pace as reported last month.That followed a 1.2 percent rate of decline in the second quarter, which was previously reported as a 0.3 percent pace of increase. It was the first time since 2014 that unit labor costs recorded two straight quarterly declines.The downward revisions would suggest that inflation could struggle to rise toward the Fed’s 2 percent target. The U.S. central bank’s preferred inflation measure is currently at 1.4 percent and has been below the Fed’s target for nearly 5-1/2 years.COMPENSATION REVISED DOWN Prices for U.S. Treasuries were trading higher and the dollar rose marginally against a basket of currencies. Stocks on Wall Street were little changed in volatile trade.“Low unit labor cost growth keeps a lid on consumer inflation, but should be a boon for corporate profitability,” said Scott Anderson, chief economist at Bank of the West in San Francisco.Compared to the third quarter of 2016, unit labor costs declined at a 0.7 percent rate. The increase in average hourly compensation was revised to down to a 2.7 percent rate from the previously reported 3.5 percent rate in the third quarter.Separately, the ADP National Employment Report showed private employers added 190,000 jobs last month, though this was down from 235,000 jobs in October. The report is jointly developed with Moody’s Analytics.Services-sector employment gains led the advance, with the largest increase coming in education and health services at 54,000, followed by professional and business services at 47,000. Manufacturing payrolls increased by 40,000 jobs, the most in the ADP series history dating back more than 15 years, while construction shed 4,000.“The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement. “There is a mounting threat that the job market will overheat next year.”The ADP figures come ahead of the U.S. Labor Department’s more comprehensive non-farm payrolls report on Friday, which includes both public- and private-sector employment.Economists polled by Reuters expect the government report to show U.S. private payroll employment grew by 190,000 jobs in November, down from 252,000 the month before. Total non-farm employment is forecast to have risen by 200,000.Reporting by Lucia Mutikani; Additional reporting by Dan Burns in New York; Editing by Andrea Ricci ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-usa-economy-productivity/u-s-third-quarter-unit-labor-costs-revised-sharply-down-idUSKBN1E01T1' | '2017-12-06T16:54:00.000+02:00' |
| 101 | '0ce5aa2f52302af7aa403f916cb4537043a2d965' | 'Hong Kong''s premium office space ranked world''s most expensive' | 'HONG KONG (Reuters) - Hong Kong’s premium office space has topped the charts as the world’s most expensive for the second consecutive year, outpacing prices in No. 2 Midtown New York by 66 percent, according to property consultancy JLL. FILE PHOTO: Office buildings are seen at the financial Central district in Hong Kong, China September 6, 2017. REUTERS/Bobby Yip/File Photo Offices at the top end of the Hong Kong market command an average of US$323 per square foot (psf) per year in occupancy costs, which include rent, service charges and government taxes, according to the report released on Wednesday. In Midtown New York, the costs are $194 psf, while London’s West End is $193 psf. A separate report published by property consultancy Cushman & Wakefield last week also ranked Hong Kong in the No. 1 spot for the world’s most expensive prime office space, with an occupancy cost per desk space of $27,432, followed by London’s West End at $22,665. “For the same cost of accommodating 100 staff in a Hong Kong office, 300 can be accommodated in Toronto, 500 in Madrid and 900 in Mumbai,” the report said. Supply shortages and high demand from mainland Chinese firms help fuel Hong Kong’s premium office rents, but the city also has the world’s steepest rental discounts in non-core business districts, according to JLL. “Yes, Central is the most expensive, but if you look a bit further out of the CBD in Hong Kong, it’s 64 percent cheaper,” said JLL Hong Kong’s head of research, Denis Ma, referring to the prime Central district. “It is still very competitive.” Office rents in Central rose 5.2 percent in the first 11 months of this year, Ma said, while the rents on the opposite end of Hong Kong Island edged up 2.6 percent. The city’s commercial property and land market has seen a series of record-breaking deals so far this year. Hong Kong’s richest man Li Ka-shing’s CK Asset Holdings Ltd ( 1113.HK ) in November announced the city’s biggest real estate deal when it said it would sell its majority stake in a 73-storey office tower for a record-breaking HK$40.2 billion ($5.14 billion). In May, another major developer Henderson Land Development ( 0012.HK ) shattered previous records for commercial land sales in terms of price per square foot when it agreed to pay about HK$50,000 ($6,397.71) per square foot for a rare commercial site in the heart of Central. ($1 = 7.8147 Hong Kong dollars) Reporting by Venus Wu; Editing by Kim Coghill ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-hongkong-property-office/hong-kongs-premium-office-space-ranked-worlds-most-expensive-idUSKBN1E010G' | '2017-12-06T11:33:00.000+02:00' |
| 102 | 'efa8c582a992ae8a3a3b39e041067dd86f2b2e44' | 'Deutsche Boerse chairman considering early departure: Handelsblatt' | 'BERLIN (Reuters) - Deutsche Boerse ( DB1Gn.DE ) Chairman Joachim Faber is considering quitting as head of the exchange operator’s supervisory board as early as in 2019, Handelsblatt reported, citing sources in the finance industry.FILE PHOTO - Joachim Faber, chairman of the supervisory board of Deutsche Boerse AG is recorded by a TV camera as he holds a speech at the New Year reception of the German stock market in Eschborn near Frankfurt, Germany, January 16, 2017. REUTERS/Kai Pfaffenbach Faber, who has chaired the company’s 12-member controlling panel since May 2012, used a meeting with investors in London to discuss the possibility of an early departure, the German business daily reported late on Wednesday.Frankfurt-based Deutsche Boerse declined to comment.Faber has been criticized by investors for the failed merger with the London Stock Exchange ( LSE.L ) and a compensation program awarded to Carsten Kengeter who resigned as chief executive in late October, Handelsblatt said, adding several large investors were refusing to re-elect him at the annual shareholders’ meeting next May.No decisions have been taken yet and Faber plans further talks with investors in January, the newspaper said, citing the unidentified finance industry sources.Reporting by Andreas Framke Writing by Andreas Cremer; Editing by Mark Potter ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-deutsche-boerse-chairman/deutsche-boerse-chairman-considering-early-departure-handelsblatt-idUSKBN1E02M7' | '2017-12-06T20:34:00.000+02:00' |
| 103 | 'c886b1952d08a9559069d801c3ab9db14e665b82' | 'Volkswagen executive faces sentencing in U.S. emissions fraud case' | 'December 6, 2017 / 2:13 PM / in 8 minutes Volkswagen executive sentenced to seven years for U.S. emissions fraud Nick Carey 4 Min Read DETROIT (Reuters) - A U.S.-based Volkswagen AG ( VOWG_p.DE ) executive who oversaw emissions issues was sentenced to seven years in prison and fined $400,000 by a judge on Wednesday for his role in a diesel emissions scandal that has cost the German automaker as much as $30 billion. FILE PHOTO: A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. on May 2, 2016. REUTERS/Mike Blake/File Photo The prison sentence and fine for the executive, Oliver Schmidt, were the maximum possible under a plea deal in August the German national made with prosecutors after admitting to charges of conspiring to mislead U.S regulators and violate clean-air laws. “It is my opinion that you are a key conspirator in this scheme to defraud the United States,” U.S. District Judge Sean Cox of Detroit told Schmidt in court. “You saw this as your opportunity to shine ... and climb the corporate ladder at VW.” Schmidt read a written statement in court acknowledging his guilt and broke down when discussing his family’s sacrifices on his behalf since his arrest in January. “I made bad decisions and for that I am sorry,” he said. U.S. Department of Justice trial attorney Benjamin Singer argued in court that Schmidt was “part of the decision making process” at VW to hide a scheme to fake vehicle emissions results and had opportunities tell regulators the truth. “Every time he chose to lie,” Singer said. In March, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve U.S. charges that it installed secret software in vehicles in order to elude emissions tests. FILE PHOTO: Volkswagen executive Oliver Schmidt, charged with conspiracy to defraud the United States over the company''s diesel emissions scandal is shown in this booking photo in Fort Lauderdale, Florida, U.S., provided January 9, 2017. Courtesy of Broward County Sheriff''s Office/Handout via REUTERS U.S. prosecutors have charged eight current and former Volkswagen executives. Five of those remain at large. Volkswagen rebounded from the scandal during the past year. Chief Executive Matthias Mueller last month predicted record deliveries of vehicles for the company this year, and the Volkswagen car brand has said it expects record deliveries for 2017, and raised its midterm profitability outlook. At the Los Angeles auto show last week, the head of Volkswagen’s U.S. operations declared, “we’re back,” citing improved U.S. vehicle sales. Schmidt was charged with 11 felony counts and federal prosecutors said he could have faced a maximum of up to 169 years in prison. As part of his guilty plea, prosecutors agreed to drop most of the counts and Schmidt consented to be deported at the end of his prison sentence. Schmidt was in charge of the company’s environmental and engineering office in Auburn Hills, Michigan, until February 2015, where he oversaw emissions issues. He returned to Germany the same month where he was told about the existence of the software. According to Schmidt’s guilty plea, later that year he conspired with other executives to avoid disclosing “intentional cheating” by the automaker in a bid to seek regulatory approval for its model 2016 VW 2 liter diesels. The auto industry is still feeling the repercussions of Volkswagen’s diesel cheating. Regulators in the United States and Europe are investigating other automakers for potential violations of diesel emissions rules. On Wednesday, German prosecutors said they had begun an initial inquiry into accusations by an environmental group that BMW AG is selling a vehicle that emits up to seven times the allowed levels of smog-forming nitrogen oxides. Reporting by Nick Carey; Editing by Peter Cooney and Grant McCool' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews' | 'https://www.reuters.com/article/us-volkswagen-emissions/volkswagen-executive-faces-sentencing-in-u-s-emissions-fraud-case-idUSKBN1E01W1' | '2017-12-06T16:12:00.000+02:00' |
| 104 | 'f015e4ee4457d509542dab28dccb7fe3f39beca2' | 'Oil falls as U.S. fuel stock build signals easing demand' | 'December 6, 2017 / 2:07 AM / in 21 minutes Oil falls as U.S. fuel stock build signals easing demand David Gaffen 3 Min Read NEW YORK (Reuters) - Oil fell 2 percent on Wednesday after a sharp rise in U.S. inventories of refined fuel suggested demand may be flagging, while U.S. crude production hit another weekly record. A worker prepares to label barrels of lubricant oil at the state oil company Pertamina''s lubricant production facility in Cilacap, Central Java, Indonesia November 6, 2017 in this photo taken by Antara Foto. Picture taken November 6, 2017. Antara Foto/Rosa Panggabean/ via REUTERS Government data showed that U.S. crude stocks fell 5.6 million barrels, more than expected, though that was partially the result of the closure of the Keystone pipeline after a leak in South Dakota in mid-November, which cut flows to Cushing, Oklahoma. That line reopened Tuesday. However, gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, both exceeding expectations in a Reuters poll. That hit prices of both crude and products in a market which is already heavily tilted bullish and thus potentially vulnerable to a selloff, analysts said. Gasoline stocks tend to build in December, but at 221 million barrels of inventory, stocks are slightly above the five-year average for this time of year. U.S. crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s. That increase may undermine efforts by global producers to cut supply. Supply cuts by the Organization of the Petroleum Exporting Countries, Russia and other producers that were extended at a meeting last week for the whole of 2018 have helped lift Brent prices by more than 40 percent since June. Prices have slipped from November’s peak, which represented two-year highs. “The sentiment-driven support to crude oil prices has somewhat dissipated as market participants look beyond last week’s OPEC meeting,” said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London. Brent crude futures LCOc1 were down $1.23, or 2 percent, at $61.63 a barrel by 11:21 a.m. EST (1621 GMT), after reaching a session high of $62.93, while U.S. crude futures CLc1 dropped $1.29, or 2.3 percent, to $56.33. Russian Oil Minister Alexander Novak said it was too early to talk about exiting the OPEC agreement, and that the process would be gradual. Analysts such as Goldman Sachs have said that the expected rise in demand in 2018 would mostly be offset by U.S. and Canadian supply growth. U.S. oil production C-OUT-T-EIA has climbed by 15 percent since mid-2016 to 9.7 million bpd, close to levels of top producers Russia and Saudi Arabia. “With U.S. production, we’re still in the throes of seeing that go ever higher. There’s only going to be more production coming which is very problematic for OPEC non-OPEC deal adherence,” said John Kilduff, partner at Again Capital in New York. Additional reporting by Scott DiSavino and Julia Simon in New York; Henning Gloystein and Keith Wallis in Singapore; Editing by David Evans and Marguerita Choy' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/us-global-oil/oil-dips-on-rising-u-s-fuel-stocks-but-opecs-supply-cuts-offer-support-idUKKBN1E005Q' | '2017-12-06T18:27:00.000+02:00' |
| 105 | '6823de00e8506576d4951622ff857cd74a47bba5' | 'EU executive to propose deeper euro zone integration to unite EU on Wednesday' | 'December 5, 2017 / 11:06 PM / in 12 minutes EU executives propose deeper euro zone integration to unite EU Jan Strupczewski , Francesco Guarascio 4 Min Read BRUSSELS (Reuters) - The European Commission proposed on Wednesday ideas for deeper euro zone integration in an effort to help unite the broader European Union, as eurosceptic sentiment grows across the EU and Britain prepares to leave the EU in 2019. European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 14, 2017. REUTERS/Francois Lenoir The Commission, the EU’s executive arm, presented a package of proposals aimed at giving the 19 countries sharing the euro better protection against future financial crises. But plans to tighten cooperation among the 19 euro countries have sparked concern among the eight non-euro countries that they will become second-class members of the EU, with less say - and less funds - in the future. To alleviate those fears, the Commission proposals stressed that all their proposals were open to all EU members, even though that clashes with the thinking of some euro zone leaders, such as French President Emmanuel Macron. Macron has called for creating a euro zone budget of several hundred billion euros, a euro zone finance minister and a euro zone parliament. But instead, the Commission proposed creating cash incentives for countries that embark on structural reforms. It also proposed helping financially the economies of non-euro countries, all of which - except Denmark - are obligated to adopt the single currency at some point. The Commission also backed the idea of setting up what it calls a euro zone “stabilisation function”, because the monetary policy of the European Central Bank cannot deal with economic crises that hit only one or a few countries in the euro zone. That proposal calls for a pool of money to protect investment in the event of shocks to a few euro zone countries. The Commission did not say how big the fund should be. Instead of a euro zone finance minister, the Commission called for naming a pan-European Minister of Economy and Finance, who would also be a senior member of the European Commission and chair meetings of euro zone finance ministers. The job might be created when the next European Commission starts work in November 2019, the Commission said. Under the current arrangement, the chair of the euro zone finance ministers, the closest thing the bloc now has to a single finance minister, often testifies before the parliament’s economic committee, but it has no power over him or her. Euro zone finance ministers have little enthusiasm for allowing the Commission, which is only an observer at their monthly meetings, to chair the talks. Other euro zone integration ideas, floated by Germany, include transforming the euro zone’s government-owned and run bailout fund into a European Monetary Fund. The Commission backed that idea, but said the EMF should become an EU institution, which would be overseen by the European Parliament -- an idea officials have said would not fly with governments. The EMF would also provide a 60 billion-euro backstop for the bank-funded Single Resolution Fund. The Commission did not address the proposal of Germany and backed by Slovakia and the Netherlands to create a sovereign insolvency mechanism that would put pressure on governments to conduct prudent fiscal policy. Reporting By Jan Strupczewski; Editing by Hugh Lawson, Larry King' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-eurozone-integration-commission/eu-executive-to-propose-deeper-euro-zone-integration-to-unite-eu-on-wednesday-idUKKBN1DZ38O' | '2017-12-06T01:05:00.000+02:00' |
| 106 | '80c04a7ad2ec50891cc07b880ade015e8521e965' | 'Nippon Life to buy 25 percent of U.S. asset manager TCW from Carlyle' | 'TOKYO (Reuters) - Nippon Life Insurance Co has reached a deal to acquire 24.75 percent of U.S. investment firm TCW Group Inc from U.S. asset manager Carlyle Group LP, the companies said on Friday.A man walks past a logo of Japanese life insurer Nippon Life at the company''s headquarters in Tokyo April 21, 2011. REUTERS/Yuriko Nakao/File Photo While terms were not disclosed, a person with direct knowledge of the matter said the company, Japan’s biggest private-sector life insurer, would pay about 55 billion yen ($488.37 million). Nippon Life and Carlyle declined to comment on the price.Nippon Life, which will have two seats on TCW’s board, said the transaction should close this month, pending regulatory approval.The insurer is the latest Japanese company to increase its presence in asset management, which is seen as a promising way to accelerate growth amid low interest rates and stricter capital regulations at home.Mitsubishi UFJ Financial Group Inc has said it is ready to spend up to 1 trillion yen ($8.88 billion) in acquisitions.Yet many officials at Japanese companies acknowledge difficulties in asset management deals, with retention of fund managers the biggest challenge.”It’s risky to buy asset management companies outright,“ said a president of a major banking group who requested anonymity. ”What happens if fund managers leave after acquiring control?“We’d be best starting with a minority stake and building it up after we gain the trust of key staff,” the executive said.Los Angeles-based TCW provides products in fixed income, equities, emerging markets and alternative investments. It had $191.6 billion in assets under management as of the end of 2016, with slightly more than 80 percent in U.S. bonds.After Nippon Life’s investment, staff will hold 44.1 percent of TCW.Carlyle will retain a 31.2 percent stake through Carlyle Global Partners, a $3.6 billion private equity long-duration fund that invests beyond the industry’s traditional 10-year time frame.U.S. rival Blackstone Group LP and European peer CVC Capital Partners Ltd are among the major private equity firms that are also opting to hold assets for a longer period.Such moves are gaining traction because keeping portfolio companies longer can boost returns by eliminating the recycling of capital, as one asset gets sold and another is acquired. By avoiding such periods when investors’ capital sits idle, private equity firms can promise lucrative and steady profits.($1 = 112.6200 yen)Reporting by Taiga Uranaka; Additional reporting by Joshua Franklin in New York; Editing by Lisa Von Ahn ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/tcw-group-m-a-nippon-life-ins/nippon-life-to-buy-25-percent-of-u-s-asset-manager-tcw-from-carlyle-idINKBN1DV5KS' | '2017-12-01T14:55:00.000+02:00' |
| 107 | '28981d93ada4df0eb146f6628f6230915d61eec3' | 'For security agencies, blockchain goes from suspect to potential solution' | 'December 3, 2017 / 3:02 AM / Updated 14 hours ago For security agencies, blockchain goes from suspect to potential solution Jeremy Wagstaff , Byron Kaye 6 Min Read (Reuters) - Police and security agencies have so far only taken an interest in blockchain - the distributed ledger technology behind cryptocurrencies like bitcoin - for tracking criminals hiding illegal money from banks. Adrian Kemp of HoustonKemp Economists speaks to Reuters in their office in Singapore November 24, 2017. Picture taken November 24, 2017. REUTERS/Edgar Su But that’s changing as some civilian, police and military agencies see blockchain as a potential solution to problems they have wrestled with for years: how to secure data, but also be able to share it in a way that lets the owner keep control. Australia, for example, has recently hired HoustonKemp, a Singapore-based consultancy, to build a blockchain-based system to record intelligence created by investigators and others, and improve the way important information is shared. “They’ve been trying for years to come up with a centralized platform, but people are reluctant to share information,” said Adrian Kemp, who runs the consultancy, which was awarded a A$1 million ($757,500) grant by AUSTRAC, Australia’s financial intelligence agency, and the Australian Criminal Intelligence Commission. Blockchain’s appeal for data sharing is threefold. Its ledger, or database, is not controlled by any single party and is spread across multiple computers, making it hard to break. Once entered, any information cannot be altered or tampered with. And, by using so-called smart contracts, the owner of information can easily tweak who has access to what. It’s a sign of how far blockchain technology has come within a decade since the publication of a pseudonymous paper describing bitcoin and the blockchain ledger that would record transactions in it. Bitcoin has since become the preferred currency not only of libertarians and speculators, but also of criminal hackers. The bitcoin price is volatile, and hit record peaks late last month. Governments are already exploring ways to store some data, such as land records, contracts and assets, in blockchains, and the financial industry, too, has experimented with blockchain technologies to streamline transactions and back-office systems, though with limited success. SECURING SHARED DATA The closest most law enforcement agencies have come to the blockchain has been working with start-up firms to analyze it for evidence of criminal deals. But in the past year or so that attitude has begun to change. The United States Air Force (USAF) has funded research into how blockchain could ensure its data isn’t changed. In May, the Defence Advanced Research Projects Agency (DARPA) awarded a grant to the company behind an encrypted chat program to make a secure messaging service based on the blockchain. Amendments to a recent U.S. Senate defense bill require the government to report back on “the potential offensive and defensive cyber applications of blockchain technology and other distributed database technologies” and how foreign governments, extremists and criminals might be using them. Adrian Kemp of HoustonKemp Economists poses for a picture in Singapore November 24, 2017. Picture taken November 24, 2017. REUTERS/Edgar Su Britain, too, is exploring several uses of the blockchain, say consultants and companies working for several departments. Cambridge Consultants, a UK-based consultancy, said it had worked with the Defence Science and Technology Laboratory, a UK Ministry of Defence (MoD) agency, on using a blockchain to improve the trustworthiness of a network of sensors on, for example, security cameras. The UK’s justice ministry is looking at proving that evidence - video, emails, documents - hasn’t been tampered with by registering it all on a blockchain, according to a blog post on its website. Marcus Ralphs, a former soldier and now CEO of ByzGen Ltd, which makes blockchains for the security sector, said he was working on projects with the MoD using blockchain to track the status and level of individuals’ security clearance. Other work included helping the Foreign and Commonwealth Office (FCO) improve the way work permits are issued and records stored. “PASSING THE BUCK” Adrian Kemp of HoustonKemp Economists speaks to Reuters in their office in Singapore November 24, 2017. Picture taken November 24, 2017. REUTERS/Edgar Su These are early days. Kemp says there’s no guarantee his project will be deployed more widely. And some who have worked with AUSTRAC are skeptical, saying such projects have more to do with agencies turning to the private sector because they’re running low on resources and ideas. “The government is just looking to pass the buck on to private industry,” said Simon Smith, a cyber private investigator who has worked on cases involving AUSTRAC. Many police forces and armies aren’t ready for the technological and mental leap necessary. The Police Foundation, a UK think-tank focusing on policing and crime, is pushing British police to explore the blockchain, but its director, Rick Muir, said “we are still at the stage of ‘what is blockchain?''.” Neil Barnas, a USAF major who last year wrote a thesis on the potential of blockchain in defense, said U.S. military and security agencies were slowly waking up. The problem, he says, is that military minds are more inclined towards centralized systems than the decentralized ones that blockchain’s distributed ledger embraces. That said, blockchain’s association with the criminal underworld has not dented its appeal to those who see its potential, said ByzGen’s Ralphs. “The negative narrative around it has not at all watered down or diluted interest of the people we’ve been engaging with,” he said. ($1 = 1.3201 Australian dollars)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-tech-blockchain-security/for-security-agencies-blockchain-goes-from-suspect-to-potential-solution-idUKKBN1DX01A' | '2017-12-03T04:05:00.000+02:00' |
| 108 | '6852c16e983457d40b914afaee7a9b5867df4d90' | 'Asian shares edge up with U.S. tax bill in focus' | 'NEW YORK (Reuters) - U.S. stocks, the dollar and Treasury yields sank on Friday after an ABC report said former national security adviser Michael Flynn was prepared to testify that Donald Trump instructed him to make contact with Russians during the presidential campaign.Traders watch, as a television displays the news about former U.S. national security adviser Michael Flynn, at the New York Stock Exchange, (NYSE) in New York, U.S., December 1, 2017. REUTERS/Brendan McDermid The sharp moves partially reversed after U.S. Senate Republicans said they had enough support to pass a tax overhaul bill later in the day.The S&P 500 closed at a record high on Thursday partly on hopes of passage of the Senate bill, expected to cut corporate taxes.“It looks like (the moves in markets are) a reaction to news that Flynn is prepared to testify against Trump,” said William Delwiche, investment strategist at Robert W. Baird in Milwaukee.“You step back and look over the move we have had over the last week and a half, you could argue we are due for some sort of pull back or consolidation.”Reuters could not immediately verify the ABC News report on Flynn’s testimony, which would put the Republican president in an uncomfortable spot after he has denied any collusion between his campaign team and Moscow.Flynn also pleaded guilty to lying to the FBI about contact with Russian officials. His reported decision to cooperate with the investigation led by Special Counsel Robert Mueller marked a major escalation in a probe into Russia’s alleged attempts to influence the 2016 U.S. presidential election.If the Russia probe derails the tax legislation, it could hurt the chances of Republicans retaining their majorities in the House and Senate as voters go to the polls next year.The Dow Jones Industrial Average .DJI fell 79.9 points, or 0.33 percent, to 24,192.45, the S&P 500 .SPX lost 10.36 points, or 0.39 percent, to 2,637.22 and the Nasdaq Composite .IXIC dropped 43.26 points, or 0.63 percent, to 6,830.71.The S&P earlier fell as much as 1.6 percent.Demonstrators gather outside the U.S. Capitol to protest the Republican tax plan as it works through the Senate in Washington November 30, 2017. REUTERS/James Lawler Duggan The pan-European FTSEurofirst 300 index .FTEU3 lost 0.74 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.38 percent.Emerging market stocks lost 0.34 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.08 percent lower, while Japan''s Nikkei .N225 rose 0.41 percent.The dollar index .DXY fell 0.15 percent, with the euro EUR= down 0.1 percent to $1.189.“To the extent that this (Flynn) headline further ensnares this administration into this investigation or suggests a widening of the Special Counsel’s probe I think that it is certainly a key concern for global investors and that’s why we are seeing the dollar come off,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.The Japanese yen strengthened 0.40 percent versus the greenback at 112.10 per dollar, while sterling GBP= was last trading at $1.347, down 0.41 percent on the day.Benchmark 10-year notes US10YT=RR last rose 15/32 in price to yield 2.3615 percent, from 2.415 percent late on Thursday.The 30-year bond US30YT=RR last rose 49/32 in price to yield 2.7546 percent, from 2.831 percent late on Thursday.Crude futures rose a day after OPEC and other major producers agreed to continue reining in output until the end of 2018 to try to reduce a global oil glut and boost prices.U.S. crude CLcv1 rose 1.52 percent to $58.27 per barrel and Brent LCOcv1 was at $63.63, up 1.6 percent on the day.Spot gold XAU= added 0.6 percent to $1,281.91 an ounce. U.S. gold futures GCcv1 gained 0.63 percent to $1,284.80 an ounce.Copper CMCU3 rose 0.81 percent to $6,816.50 a tonne.Reporting by Rodrigo Campos; Additional reporting by April Joyner, Saqib Iqbal Ahmed, Sinead Carew, Scott DiSavino, Chuck Mikolajczak, Caroline Valetkevitch and Lewis Krauskopf; Editing by Bernadette Baum and Chizu Nomiyama ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/INbusinessNews' | 'https://in.reuters.com/article/global-markets/asian-shares-edge-up-with-u-s-tax-bill-in-focus-idINKBN1DV3E9' | '2017-12-01T02:58:00.000+02:00' |
| 109 | 'b034028320bfaa65fb372dffec19825db3cfb877' | 'Unilever CEO defends balance between growth, margin' | '(Reuters) - Unilever ( ULVR.L ) ( UNc.AS ) Chief Executive Paul Polman on Thursday defended his balancing of growth and margin, weighing in passionately after a weak third quarter on a debate sparked by this year’s unwanted approach from Kraft-Heinz ( KHC.O ).FILE PHOTO - Paul Polman, CEO of Unilever delivers a speech during the Concordia Summit in in Manhattan, New York, U.S., September 19, 2017. REUTERS/Jeenah Moon Under pressure to show he could speed up returns as a standalone company after rebuffing a $143 billion bid, the maker of Dove soap and Magnum ice cream in April pledged to lift its operating margin to 20 percent by 2020. Investors applauded the goal, but some analysts worried that marketing would be cut, which could hurt longer term sales growth.A surprise slowdown in the third quarter fanned those fears.On Thursday evening, at the end of a two-day investor conference in New Jersey, Polman stressed that Unilever was not doing anything that would hurt volume growth, and that margin benefits were the result of prior investments.Polman said reductions in absolute marketing spending were due to efficiencies and criticized shareholders for pushing for margins but then changing their tune.“Here you are all saying ‘I want shareholder value, I want you to drive it,’ and you’re pissing it away by not even asking us to give it,” Polman said. “To me that’s incomprehensible.”Unilever’s shares remain 24 percent higher than before the Kraft approach, but are down more than 8 percent since last month’s results.“The fiery finish might have been an expression of frustration with the perceived fickleness of investor appetite towards growth vs. margin, a debate which has been imbued with additional urgency following the slow Q3,” said Jefferies analyst Martin Deboo, who has a Buy rating on the stock.Polman, in the top job for nearly nine years, also acknowledged the eventual end of his tenure on Thursday, a week after Britain’s Sky News reported that Unilever had hired an executive search firm to help find a successor.When asked what characteristics his successor should have, Polman said the main skill was “being able to see and drive change and certainly feel very comfortable in a digital environment”.He said Unilever’s next chief must also have a vision to evolve the company’s commitments around sustainability, which Polman has put at the heart of the Anglo-Dutch company.“I have my opinions as long as I‘m here, but the next person would definitely have to bring that to the next level, as I would have to do if I would stay for the next ten years, which I‘m not,” Polman said.The company’s presentations at the investor event were largely about Unilever’s plans to grow its business by reinvigorating its core brands and buying and creating new ones, expanding its distribution to new channels like drug stores and online, and making itself leaner and more agile.Reporting by Martinne Geller; Editing by Tom Brown ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-unilever-nv-strategy/unilever-ceo-defends-balance-between-growth-margin-idUSKBN1DU37P' | '2017-12-01T01:32:00.000+02:00' |
| 110 | '7e5bc4aa4d2b318c0fb80f403e41f591f87e366d' | 'Denmark''s Tryg''s $1.3 billion Alka deal to boost market share' | 'December 4, 2017 / 6:23 AM / Updated 13 minutes ago Denmark''s Tryg''s $1.3 billion Alka deal to boost market share Thyagaraju Adinarayan 3 Min Read (Reuters) - Denmark’s largest insurance company Tryg ( TRYG.CO ) said on Monday it agreed to buy unlisted competitor Alka Forsikring for 8.2 billion Danish crowns (975.05 million pounds) strengthen its presence in the property and casualty (P&C) insurance markets. Alka, founded in 1944, is the eighth largest P&C insurer in Denmark. Two analysts said the deal could boost Tryg’s market share to about 22 percent from 18 percent now, cementing its place as market leader. Topdanmark ( TOP.CO ) is second with 17 percent. Shares in Tryg rose as much as 4.9 percent, reaching levels last seen in April 2015. By 0928 GMT, they were up 3.7 percent. KBW analyst Michele Ballatore, who has a “market perform” rating on the stock, said the deal would mean Tryg could apply its “superior cost efficiency” skills to Alka, adding that she had a positive long-term view of the deal. Tryg said it has identified 300 million crowns per annum in merger benefits to be delivered by 2021. It said it expected the deal to add to earnings from 2019 with a high single-digit contribution to earnings by 2021. Ballatore said Alka’s ties with Danish trade unions would help Tryg, which said it expected to benefit from Alka’s partnerships with unions to open up “significant opportunities to expand the business.” Alka is owned by Danish trade union movement, companies affiliated with the unions, Folksam and its employees. RBC Capital and UBS analysts said the price of the deal was justified by Alka’s strong capital levels. Excess capital that comes as part of the deal could be used to help finance the transaction, RBC Capital analysts said in a note. The total deal value includes excess capital of 2.5 billion crowns, valuing Alka’s operations at 5.7 billion crowns, Tryg said. Tryg also plans an equity placement of up to 10 percent of its outstanding shares to fund the deal. Tryg’s majority owner TryghedsGruppen will subscribe to 60 percent of the shares. Reporting by Thyagaraju Adinarayan; Editing by Stephen Coates and Edmund Blair' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-alka-m-a-tryg/danish-insurer-tryg-to-buy-alka-for-1-3-billion-idUKKBN1DY0GM' | '2017-12-04T12:05:00.000+02:00' |
| 111 | 'cb3f0385fe007d0a6f194187fb9849e2f6506b2f' | 'Rio Tinto changes its designated driver' | 'C ongratulations, Simon Thompson, current non-executive director of Rio Tinto , you are deemed sufficiently safe to step up to the chairmanship. The world’s second biggest mining company didn’t describe the appointment in this way, of course – but nor did it refer to the extraordinary behind-the-scenes lobbying that killed the hopes of the board’s original preferred candidate, Sir Mick Davis.It was already known that the process had been hijacked by big shareholders, who had written to Rio to say they weren’t keen on Davis, the former boss of Xstrata and the current chairman of the Conservative party. But the blistering tone of the now-leaked letter is worth noting. It is hard to recall a similar instance of a board of a large FTSE 100 company being read the riot act over the appointment of a chairman.Here’s an extract: Andy Griffiths, executive director of the Investor Forum, which represents big fund management groups, said he was relating the views of 13 shareholders representing 20% of the London investor base and wrote on 21 November: “While these long-term shareholders are supportive of the company and its operational strategy, given the challenges facing the organisation, they are of the strong opinion that the individual currently being identified in the media as a potential chairman is not an acceptable candidate.“The clear position of these shareholders would suggest that the company should expect a very hostile audience should it choose to pursue this course of action.”Davis’s business career has always divided opinion. Some fund managers applaud the deal-making that built Xstrata into a $50bn company at the moment he was taken over by Glencore. Others can’t stomach the personal rewards for Xstrata’s top brass, including the £140m retention package that executives were offered to stay after the takeover. But, remember, Davis had been interviewed and picked by the board of Rio as the frontrunner. A U-turn in these circumstances is unusual.A welcome victory for shareholder power? Up to a point. Almost everybody is in favour of big investors engaging actively with companies and, in this case, there’s a fair argument that Rio doesn’t need a swashbuckling, deal-making chairman at a moment when it is preaching a gospel of disciplined capital allocation. That, as it happens, was this column’s view a few weeks ago.But, in Davis’s shoes, you would also want to know why the Investor Forum mentioned “high personal integrity” as one of three “key investor considerations for this appointment”. That could be read as a general comment. But, in the context of the letter, it could also be taken as personal, nasty and below the belt. Davis, a well-known philanthropist, is entitled to an explanation.Stock market highs are just a sugar rush Another day, another record for Wall Street , and another chance for Donald Trump to spin the shallow idea that his presidency must be successful because stock prices are rising.The notion is shallow because cutting corporate taxes – and thereby delivering an instant boost to companies’ earnings – was always likely to push the stock market higher. The process is almost mechanical, especially for big US-focused companies such as banks and energy companies.But, once the sugar rush fades, expect investors question the long-term economic benefits of cutting corporate taxes. If investors truly believed that the US economy was now set on a course towards higher growth, you would expect a reaction in the market for US government debt. Investors might start to predict higher inflation, for example.But that is not happening. Instead, short-dated and long-dated US Treasury stocks are trading at very similar yields, which traditionally signals economic trouble ahead. Funnily enough, Trump never tweets about that.Topics Rio Tinto Nils Pratley on finance Mining US economy Donald Trump Trump administration Stock markets comment' | 'theguardian.com' | 'http://www.theguardian.com/business/rss' | 'https://www.theguardian.com/business/nils-pratley-on-finance/2017/dec/04/rio-tinto-changes-designated-driver-sir-mick-davis' | '2017-12-05T01:47:00.000+02:00' |
| 112 | '687e37ce081613451d1303a6e8c4658953d6ee0f' | 'Carvana raises cash without scrutiny' | 'Dec 4 (IFR) - Fast-growing used car retailer Carvana raised US$100m through the private sale of convertible preferred securities on Monday, a deal that allowed the listed company to avert public scrutiny.The sale - which clearly cheered the markets, sending Carvana’s shares up nearly 11% to US$19.84 - came after the company went public in April with 15m shares at US$15 each.Some 10.3m of the shares floated on the IPO are on loan to short-sellers, however. A regular follow-on offering would have required an SEC filing and a two-day viewing period.“No stock-borrow - it would have been hard to do a regular-way public (convertible bond),” said one banker close to the situation.“It’s one of those things that makes sense in a private context.”The convertible bond was sold under section 4(a)(2) exemption of registration requirements, similar to Rule 144 but placing more responsibility on buyers.Dundon Capital Partners, the private-equity firm headed by former Santander Consumer USA chief executive Tom Dundon, was the sole purchaser.Citigroup and Wells Fargo advised Carvana.The convertible preferred carries a 5.5% dividend and is convertible at a 10% premium, the minimum threshold required to make it distinct from the underlying common shares.The CB is eligible to convert at US$19.69 – expensive, given a break-even period of just 1.8 years, but highlighting the benefit of eliminating market risks.Carvana can force conversion after one year, but only if its shares are trading above US$29.54, a 150% premium to the base conversion price.THE HIGH ROAD Carvana has repeatedly defied the market’s expectations since going public.Growth has been faster than planned - it recently opened its 40th location.That expansion is causing operating losses to mount, and Carvana is now guiding toward negative adjusted Ebitda this year of 16.4%–17%, from 14%–16% ahead of the Q3 earnings November 7.In the third quarter, it reported negative US$35.8m of adjusted Ebitda on revenue of US$225.4m, a minus 15.9% margin and up from negative US$33.4m and US$209.4m, respectively, in the second quarter.“This is effectively an equity raise at a much more attractive level than feared by some, and well above the company’s $15 IPO price earlier this year,” said Wedbush analyst Seth Basham in a note to clients, noting that the raise “likely is leading to short covering”.“The fresh capital removes a key growth constraint but does not likely give the company a pass in the minds of investors to show much less progress on the path to profitability,” said Basham, who increased his price target from $14 to $19 but maintained a neutral rating.The sizable cash burn has drawn the ire of short-sellers – on Basham’s estimates (and consensus), Carvana is not expected to post break-even Ebitda until the first quarter of 2019.Carvana finished the third quarter with US$103.5m of unrestricted cash, down from US$144.4m at the end of the second quarter.Since then, however, it inked an increase to its auto finance receivables facility by US$1.4bn to US$2bn and entered into a sale-leaseback on auto vending machines of up to US$75m.“From my perspective they are more likely to break even with this (financing) and the other forms of financing they have in place,” Basham told IFR.“They are creating a frictionless environment for consumers to purchase cars. They offer a lot of the same elements as CarMax but without salespeople.”Carvana allows customers to buy cars online, finance the purchase online and receive delivery or pickup from vending machine-like towers. (Reporting by Stephen Lacey; Editing by Marc Carnegie) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/carvana-raises-cash-without-scrutiny/carvana-raises-cash-without-scrutiny-idINL1N1O41JN' | '2017-12-04T17:00:00.000+02:00' |
| 113 | '6facddc3a97718d12ceb14b38ae14292130ab8fa' | 'Exclusive - VW in talks to buy stake in Russia''s GAZ: sources' | 'December 1, 2017 / 5:00 PM / Updated 16 minutes ago Exclusive - Volkswagen in talks to buy stake in Russian light vehicle maker GAZ: sources Gleb Stolyarov , Tatiana Voronova 3 Min Read MOSCOW (Reuters) - German carmaker Volkswagen ( VOWG_p.DE ) is in talks to buy a stake in GAZ ( GAZA.MM ), a Russian manufacturer of light commercial vehicles, sources familiar with the talks said. A Volkswagen Golf GTE is being charged during a workshop prior to Auto Guangzhou in Guangzhou, China November 16, 2017. REUTERS/Bobby Yip GAZ is part of the Basic Element group that holds the assets of Russian businessman Oleg Deripaska and already has a partnership with Volkswagen. It was not immediately clear how big a stake VW was talking about taking, or the value of the potential deal and a decision on size has yet to be made, one of the sources said. Both GAZ and Basic Element declined to comment, while a spokesman said VW does not comment on market speculation. “There are talks, they are trying to reach an agreement. Deripaska has long been looking for a partner and VW does not have a Russian partner,” one car industry source said. A source close to VW also confirmed that talks were in progress, but said the possibility of the carmaker taking a stake in GAZ is not the only matter under consideration. The stake deal, if it goes ahead, would show that major Western companies are forging ahead with investments in Russia despite political tensions over Ukraine and allegations, denied by Moscow, of Russian meddling in foreign elections. Other global automakers have already taken stakes in major Russian vehicle manufacturers. Russia’s biggest carmaker, Avtovaz ( AVAZ.MM ) is controlled by the Renault-Nissan ( 7201.T )( RENA.PA ) alliance, while Russian truck maker Kamaz is part-owned by Daimler ( DAIGn.DE ). Sollers, a Russian firm which manufactures light commercial vans, has no global automaker as a shareholder, though it has a joint venture with Ford ( F.N ) Russian car sales, which shrank from 2015 as the economy slowed sharply, have recovered this year and new car sales rose 17.3 percent year-on-year in October to 148,597 units, the Association of European Businesses (AEB) lobby group said this month. It was the eighth consecutive month of sales growth. VW is already a major investor in Russia, having sunk 1.75 billion Euros (1.5 billion pounds) into its operations. It has a vehicle plant and an engine plant in Kaluga, 150 km south of Moscow. Under its existing partnership with GAZ, the Russian firm assembles VW brand and Skoda cars, while VW supplies 2.0 litre diesel engines for light commercial vehicles made by GAZ. Addional reporting by Katya Golubkova, Polina Devitt and Jack Stubbs in Moscow and Andreas Cremer in Berlin; Editing by David Goodman and Alexander Smith' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-volkswagen-russia-gaz-exclusive/exclusive-vw-in-talks-to-buy-stake-in-russias-gaz-sources-idUKKBN1DV5H5' | '2017-12-01T19:00:00.000+02:00' |
| 114 | '1368cbefbb8359c1f1ee4f0874c8636305f5419a' | 'LPC: Loan market turns to term trust structure as investors search for yield' | 'NEW YORK, Dec 1 (Reuters) - US credit managers are looking at new shorter-dated term trust structures as investors continue to target leveraged loans as a hedge against further interest rate rises by the Federal Reserve.Leveraged loans, which typically finance private equity buyouts, offer some protection against rising interest rates as interest payments float over the benchmark Libor rate, which rises as rates increase.Investment firms First Trust Advisors and Eaton Vance have raised term trust funds in the last 12 months to invest in the US$939bn US leveraged loan market, according to deal documents.Octagon Credit Investors teamed up with XA Investments for a term trust fund that may invest in first- and second-lien loans, and hold as much as 50% of its portfolio in the debt and equity of Collateralized Loan Obligation (CLO) funds.Term trusts have a set maturity unlike closed-end funds that remain outstanding in perpetuity. This mitigates investors’ concerns about typical closed-end funds, such as the possibility for large swings between discounts and premiums, according to William Housey, a senior portfolio manager at First Trust.“The transactional closed-end term trust seems like the next evolution and I do believe it’s a very viable structure for a number of asset classes,” he said.Open-end mutual funds, which allow holders to make daily redemptions, are common investments in retirement accounts and college saving plans. Open-end loan funds had US$156.5bn in assets in October, a small part of the overall US$18.9trn of assets held in 2016 by US mutual funds and exchange-traded funds, according to data from Thomson Reuters LPC and the Investment Company Institute.Term trusts have a set maturity date to repay shareholders, unlike perpetual closed-end funds.PREMIUM TRADES Term trusts have traded well in the secondary market to date, whereas closed-end funds have historically traded at a discount to net asset value, a measure of mutual funds’ price per share.Funds will trade better if investors know that they can be repaid at up to 100 cents on the dollar on a specific date, which eliminates the concern of being stuck in a fund indefinitely, said Nathan Greene, head of law firm Shearman & Sterling’s registered funds and investment adviser regulatory group.“When a new structure comes out and performance to-date has been pretty good, that is usually a precondition for that type of product development to continue,” said Alex Reiss, a closed-end fund analyst at Stifel. “Nothing succeeds like success.”US closed-end loan funds were trading at an average discount of 6.9 percent on November 24, according to the trade group Closed-End Fund Center citing Lipper data. The average discount in December 2016 was as high as 5.3 percent and the average discount at the end of 2015 was 9.5 percent. The XAI Octagon Floating Rate & Alternative Income Term Trust was trading at a premium of US$10.026 November 28.“It’s hard to bring new-issue closed-end funds [to market] when discounts are so wide in the secondary market,” said Jeff Margolin, a closed-end fund analyst at First Trust.Target term trusts “trade at smaller discounts and the likelihood of a return at a specific price does have an appeal to investors,” he added.Investors are increasingly seeking protection from rising rates via leveraged loans and CLO investments where yields increase as rates rise, according to Kimberly Flynn, a managing director at XA Investments. The Fed has increased rates four times in the last two years and JP Morgan forecasts four additional hikes in 2018.Term trusts also offer investors exposure to leveraged loans without the worry of new open-end mutual fund regulations that require compliance by next year.As interest rates rise, interest in the funds continues to grow and more loan term trusts are expected in the future.“I think term trusts have shown some staying power it solves for a number of key problems,” said Christopher Remington, an institutional portfolio manager at Eaton Vance. (Reporting by Kristen Haunss; Editing by Tessa Walsh) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/termtrust-loans/lpc-loan-market-turns-to-term-trust-structure-as-investors-search-for-yield-idINL1N1O10SU' | '2017-12-01T12:25:00.000+02:00' |
| 115 | 'c016a9d56c208bacafc268dc0946e236801b88db' | 'Bitcoin rebounds to $10,500 after U.S. regulator approves futures' | 'December 1, 2017 / 1:36 PM / in 30 minutes Bitcoin rebounds to $10,500 after U.S. regulator approves futures Reuters Staff 2 Min Read LONDON (Reuters) - Bitcoin rebounded on Friday to hit the day’s highs above $10,500, recovering from an earlier dip below $9,500, after the U.S. derivatives regulator said it would allow CME Group and CBOE Global Markets to list bitcoin futures. A Bitcoin logo is displayed at the Bitcoin Center New York City in New York''s financial district, U.S. on July 28, 2015. REUTERS/Brendan McDermid/File Photo The announcement by the Commodity Futures Trading Commission (CFTC) paves the way for CME and CBOE to become the first traditional U.S. regulated exchanges to launch trading in bitcoin-related financial contracts, a watershed moment for the cryptocurrency that could lead to greater regulatory scrutiny. Bitcoin, which had been trading at around $10,150 on the Luxembourg-based Bitstamp exchange before the news, jumped to as high as $10,513 in the 20 minutes that followed, leaving it up more than 5 percent on the day. It has been a volatile week for the biggest and best-known cryptocurrency. On Wednesday, bitcoin smashed through $10,000 before rocketing past $11,000 less than 12 hours later to an all time-high of $11,395, and then plunging around 20 percent in the hours that followed. Reporting by Jemima Kelly; Editing by Saikat Chatterjee and Alison Williams' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-global-markets-bitcoin/bitcoin-rebounds-to-10500-after-u-s-regulator-approves-futures-idUKKBN1DV4XI' | '2017-12-01T15:38:00.000+02:00' |
| 116 | 'b45883e037d39806b7b726f0c6f8f3215558ecb6' | 'Brazil''s Oi hopes to advance in talks to settle regulatory debts' | 'RIO DE JANEIRO (Reuters) - Oi SA ( OIBR4.SA ), the Brazilian telephone carrier operating under bankruptcy court protection, hopes to advance in talks with the country’s solicitor general (AGU) on an agreement to repay the company’s regulatory debts, chief executive Eurico Teles Neto said on Thursday.The logo of Brazilian telecoms company Oi SA is pictured on a payphone in Rio de Janeiro, Brazil November 1, 2017. REUTERS/Ricardo Moraes The company is proposing to pay 1.7 billion reais ($518.9 million) in cash to settle debts with regulator Anatel, and an additional 6.8 billion reais in 239 installments, the executive told reporters in a press conference.($1 = 3.2761 reais)Reporting by Rodrigo Viga Gaier; Writing by Ana ManoEditing by Chizu Nomiyama ' | 'reuters.com' | 'https://www.reuters.com/finance/deals' | 'https://www.reuters.com/article/us-oi-restructuring-regulator/brazils-oi-hopes-to-advance-in-talks-to-settle-regulatory-debts-idUSKBN1DU2NW' | '2017-12-01T02:50:00.000+02:00' |
| 117 | '89e31b6b9cbc406aed0bbc5a2ad052ec3e839d11' | 'U.S. regulator says it will allow CME Group, CBOE to list bitcoin futures' | 'WASHINGTON, Dec 1 (Reuters) - The U.S. derivatives regulator said on Friday it would allow CME Group Inc. and CBOE Global Markets Inc. to list bitcoin futures, after the rival bourses were able to show their proposed contracts and trading arrangements met the necessary regulatory requirements.The announcement by the Commodity Futures Trading Commission (CFTC) paves the way for CME and CBOE to become the first traditional U.S. regulated exchanges to launch trading in bitcoin-related financial contracts, in a watershed moment for the cryptocurrency that should lead to greater regulatory scrutiny.Trading in the CME and CBOE bitcoin futures contracts, which will be priced against and settled in the cash bitcoin market, should begin by year end, a CFTC official said.Bitcoin soared above $11,000 for the first time this week, up 10-fold year-to-date and prompting multiple warnings of a bubble.To guard against volatility, CME and CBOE will put in place stricter than usual risk-management safeguards, including initial margin requirements of between 35 percent and 40 percent.The exchanges have also agreed to enter into information sharing agreements and to send the CFTC data on the settlement process so the regulator can conduct its own surveillance.CFTC Chairman Christopher Giancarlo warned investors, however, that the nascent underlying bitcoin cash markets remain largely unregulated and mostly beyond the CFTC’s purview.“We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts’ price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes, and trading outages,” he said in a statement.”Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts.”CFTC regulations allow designated contract exchanges such as CME to list products for trading without prior CFTC approval by filing a written self-certification with the regulator.Under the self-certification process, which is a quirk of the futures market, the exchanges file a submission to the CFTC confirming the product complies with the Commodity Exchange Act and CFTC regulations - including a key provision that requires the contract is not susceptible to manipulation.The CFTC has the power to block the contract but will not do so in this instance.CME has been vying with CBOE to launch the first bitcoin-related financial product. Nasdaq OMX Group is also eyeing a contract launch before year end, Reuters reported this week. (Reporting by Michelle Price and John McCrank; Editing by Leslie Adler) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/markets-bitcoin/u-s-regulator-says-it-will-allow-cme-group-cboe-to-list-bitcoin-futures-idINL3N1O066D' | '2017-12-01T10:00:00.000+02:00' |
| 118 | '7a578902ce7d1174e98b64ec2bca70957bd05ceb' | 'In a push upmarket, Wells Fargo gives top brokers raises in 2018' | 'NEW YORK, Dec 1 (Reuters) - Wells Fargo & Co is giving its top brokers and advisory teams as much as a $40,000 raise next year in a broad strategy to go after wealthier clients, company executives said Friday.The changes to Wells Fargo Advisors’ 2018 compensation plan, which were sent to the firm’s 14,500 brokers on Friday, also mean that the firm will pay more brokers a top tier salary than ever before because teams can also qualify for the benefits.“This is a big thing for us culturally to encourage people to continue to evolve their practices as we march toward the next stage of the advice business,” Rich Getzoff, head of Wells Fargo Advisors’ east coast business, said by phone.Wells Fargo’s bank and retail brokerage have traditionally served Main Street customers. But as regulatory costs, increased competition and changing customer preference have weighed on firms’ profits, brokers have had to seek wealthier clients whom they say benefit more from their advice.“Clients who have more wealth have more complicated needs,” said John Alexander, Wells Fargo Advisors. “But we’re not just a high net worth firm.”Some top banks, such as Morgan Stanley and Bank of America’s Merrill Lynch, require new clients to have at least $250,000.Wells Fargo Advisors has no such minimum. But brokers are encouraged to refer clients with less than $200,000 to brokers at bank branches or call centers, or Wells Fargo’s robo-advisor platform, Intuitive Investor, which accepts clients with at least $10,000.The new compensation plan rewards top advisers by paying them half of the revenue they generate for the brokerage if, in 2017, they made at least $2 million in revenue, and if more than three-quarters of their clients have over $750,000 with them. The broker must also be part of an internal coaching program called DELTA.The brokerage will extend the same offer - a 50 percent pay out rate - to teams of brokers if they generated $2 million in combined revenue, and if each broker managed at least $800,000 in assets.Brokerages traditionally pay employees a percentage of the annual revenues they make.Wells Fargo has historically paid all its brokers based on two percentage rates of revenue that combined make up their monthly salary. The new plan makes both of those rates 50 percent for top brokers.Reporting by Elizabeth Dilts; Editing by Susan Thomas ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/wells-fargo-wealth-compensation/in-a-push-upmarket-wells-fargo-gives-top-brokers-raises-in-2018-idINL1N1O10WB' | '2017-12-01T14:25:00.000+02:00' |
| 119 | '00bc7a839b7bb9b2cd61e7e134c0a1a3fe74a51c' | 'UPDATE 1-Macau casino revenue rises 23 pct on year in November' | 'December 1, 2017 / 5:22 AM / Updated an hour ago UPDATE 1-Macau casino revenue rises 23 pct on year in November Reuters Staff (Adds full-year estimate, industry context) * Revenue rise second biggest this year * Analysts had estimated growth of 16-20 pct * Analysts expect first full-year growth in 3 years Dec 1 - Casinos in the world’s biggest gambling hub of Macau posted a 22.6 percent revenue jump in November from a year earlier, marking the sixteenth consecutive month of growth, government data showed on Friday. Revenue reached 23 billion patacas ($2.87 billion), data from Macau’s Gaming Inspection and Coordination Bureau showed, the second highest monthly tally this year and compared with analysts’ growth estimates of 16 to 22 percent. The result reflects continued recovery for casinos in the only Chinese territory where casino gambling is legal. Revenue dropped to five-year lows during a central government campaign from 2014 against shows of wealth among public officials, at a time when China’s economic growth was also slowing. While revenue is recovering, it is still below the all-time highs hit in the run-up to the government campaign, hovering around 2011 levels, showed data from Thomson Reuters Datastream. Analysts estimate full-year revenue growth of 18 to 20 percent for 2017, at $33 billion to $34 billion, mainly due to the lucrative but highly volatile, big-spending VIP segment. That would mark the first annual growth in three years. Revenue growth has been stronger for operators of casinos on Macau’s Cotai Strip, such as Sands China Ltd, Wynn Macau Ltd, Galaxy Entertainment Group Ltd and Melco Resorts & Entertainment Ltd. On the other hand, SJM Holdings Ltd and MGM China Holdings Ltd have seen their market share erode while their Cotai Strip resorts have been under development. MGM’s venue is due to open in January while SJM’s is not likely to open until closer to 2019, analysts said. Revenue this year has been boosted by the return of so-called whales who wager around 1 million yuan ($151,308) per bet. But sustainability of the VIP segment’s strength is uncertain, analysts said, citing macro-economic factors such as a slowdown in money supply growth and real estate pricing. Meanwhile, pressure on casino operators to develop non-gaming attractions - favoured by a government keen to diversify Macau’s economy - is increasing as authorities start to determine what will happen to the six operating casino licenses once they start to expire in 2020. The government is yet to disclose the nature or timing of any bidding process. Macau Chief Executive Fernando Chui has said mid-2018 would be a suitable time to provide more details. Tighter regulation is also likely to create uncertainty for casino operators, said analysts, as the government streamlines and strengthens the gaming industry. $1 = 8.0260 patacas Reporting by Farah Master; Editing by Sunil Nair and Christopher Cushing' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/macau-gambling-revenues/update-1-macau-casino-revenue-rises-23-pct-on-year-in-november-idUSL3N1O129N' | '2017-12-01T07:21:00.000+02:00' |
| 120 | '1f9a5d5f1a1442be86b8dc44ae7590c7ddae041c' | 'Big U.S. banks in last-ditch push on regulatory relief bill' | 'November 30, 2017 / 10:37 PM / in 4 minutes Big U.S. banks in last-ditch push on regulatory relief bill Pete Schroeder , Michelle Price , Olivia Oran 5 Min Read WASHINGTON (Reuters) - Wall Street banks and big regional lenders are scrambling to secure changes to a U.S. Senate bill easing rules on smaller banks ahead of a key lawmaker meeting next week, several bank lobbyists told Reuters. People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar The effort underscores how a year into the presidency of Republican Donald Trump, who pledged to slash financial red tape, the largest U.S. banks are still struggling to secure the regulatory relief they had hoped for. The bill offers little relief for many bigger lenders but lifts a significant burden for smaller banks and custodians. Large lenders are pushing for tweaks to help narrow that gap, multiple people with knowledge of their strategies said. Democrats and Republicans on the Senate Banking Committee this month reached a tentative deal that would more than halve the number of banks labelled systemically risky, freeing them from stricter oversight from the Federal Reserve. The bipartisan bill would mark the first major easing of financial regulations introduced following the 2007-2009 financial crisis. But it has disappointed many of the largest U.S. banks, which under the bill are still big enough to be lumbered with the costly systemically risky label, and for which the bill currently offers few other compensations. That group includes JPMorgan Chase & Co ( JPM )N>, Goldman Sachs Group Inc ( GS.N ) and Citigroup Inc ( C.N ), which are global banks, as well as U.S. Bancorp ( USB.N ), PNC Financial Services Group Inc ( PNC.N ) and Capital One Financial Corp ( COF.N ), which are domestic. Senate Republicans spent months winning support of at least eight Democrats needed to pass the bill, resulting in a compromise that raises the threshold at which lenders are deemed systemically risky to $250 billion from $50 billion. That would put the so-called super-regional banks like U.S. Bancorp, Capital One and PNC, which are above the new threshold but not global, at a disadvantage to their smaller regional competitors freed from the extra regulatory burden. “We are disappointed. We would rather see no bill than this bill,” said one super-regional bank lobbyist, adding that regardless his institution would not oppose the bill. “Plan B ... is to fix it on the margins.” Senators will formally discuss any potential changes to the bill next week. A trader works inside the Goldman Sachs stall on the floor at the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid While there is little prospect of shifting the asset threshold, the super-regionals hope to win tweaks to other areas of the bill that would reduce the operational burden associated with some capital calculations and give the Federal Reserve more freedom when applying the systemically risky rules, three people with knowledge of the strategy said. The bill also makes life much easier for custody banks like BNY Mellon ( BK.N ) and State Street Corp ( STT.N ) by exempting the customer deposits they place with central banks from a stringent capital calculation requirement. The rest of the global U.S. banks are hoping to persuade lawmakers to put them on an equal footing with the custodians, three other people with knowledge of the discussions said. FILE PHOTO - The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren Any of those changes will likely be a tough sell. Senator Mark Warner, one of bill’s Democratic co-sponsors, said the bill had struck a delicate balance between Democrat and Republican priorities. “Both sides are at their breaking point,” he said. But lobbyists believe they will have another opportunity to push for changes when the Republican-dominated U.S. House of Representatives considers the Senate bill once it passes. Some lobbyists believe they can garner enough support from House Republicans to have their changes incorporated into a final compromise package. Tom Quaadman, an executive vice president with the U.S. Chamber of Commerce, said it was “disappointing” Congress simply raised the threshold. But the business group broadly supports the bill as a step towards easing rules it says are suffocating small business lending. “We think that Congress in the end is going to have to do more to get to a solution,” Quaadman added. Reporting by Pete Schroeder and Michelle Price in Washington and Olivia Oran in New York; Editing by Lauren Tara LaCapra and Meredith Mazzilli' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-usa-banks-lobbyists/big-u-s-banks-in-last-ditch-push-on-regulatory-relief-bill-idUKKBN1DU34B' | '2017-12-01T00:36:00.000+02:00' |
| 121 | 'f588466b36cfe8bd6b02718b9a3e57c70fcb354c' | 'BlackBerry to pay Nokia $137 mln in payment dispute' | 'HELSINKI/TORONTO (Reuters) - An arbitration court ordered smartphone pioneer BlackBerry Ltd to pay $137 million to Nokia to settle a payment dispute and the Canadian company said it would pursue a separate patent infringement case against the Finnish firm.FILE PHOTO - A banner for BlackBerry Ltd hangs to celebrate the company''s transfer trading to the New York Stock Exchange (NYSE) in New York, U.S., October 16, 2017. REUTERS/Brendan McDermid The International Court of Arbitration ruled earlier this week that BlackBerry had failed to make certain payments to Nokia under a patent licence contract, BlackBerry said on Friday.The ruling, in a previously undisclosed disagreement over a smartphone technology licensing deal signed in 2012, highlights the financial risks technology companies face from disputes over intellectual property, which are sometimes resolved through confidential arbitration processes unknown to investors.BlackBerry won a $940 million payout from chipmaker Qualcomm Inc earlier this year in a similar case of disputed payments.BlackBerry has previously said it is looking to generate more revenue from its portfolio of some 40,000 patents by licensing them to other technology companies, and in November said that U.S.-based Marconi Group would help it license out a broad range of its patents.It is often difficult for investors to value a company’s patent portfolio given the opaque nature of licensing deals and disputes.FILE PHOTO - A Nokia logo is seen at the company''s headquarters in Espoo, Finland, May 5, 2017. REUTERS/Ints Kalnins “Patent issues are going to come up from time to time and as one-offs,” said Todd Coupland, an analyst at CIBC World Markets. “Getting in front of them, unless there is some detail, is going to be tough.”BlackBerry shares were down 1.9 percent in midday Toronto trading, Nokia closed 2 percent lower in Helsinki.BlackBerry disclosed in February that it had filed separate patent infringement complaints against Nokia, alleging that several of the Finnish network equipment maker’s base stations and related software infringed on 11 of its patents.Nokia, which sells these products to telecom operators, said in a statement on Friday that it believes those infringement claims “are without merit.”BlackBerry said it would take a GAAP charge on its results, but did not say when the ruling would hit its financials.Nokia said a significant portion of the amount awarded had already been recognised in its financials.Nokia sold its once-dominant phone business in 2014, sticking to its network equipment business and broad patent portfolio. It has licensed technology to smartphone makers Samsung Electronics, Apple, Xiaomi Technology and LG Electronics.Reporting by Alastair Sharp in Toronto and Jussi Rosendahl in Helsinki; Additional reporting by Ahmed Farhatha in Bengaluru; Editing by Jim Finkle and Grant McCool ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/us-blackberry-nokia-patents/blackberry-to-pay-nokia-137-million-in-payment-dispute-idUSKBN1DV517' | '2017-12-01T16:26:00.000+02:00' |
| 122 | '120b06ffd509003f96f8938c0f68b3148876ca04' | 'At North Korean hub in China, uncertainty looms for Pyongyang-backed businesses' | 'December 1, 2017 / 6:50 AM / Updated 25 minutes ago At North Korean hub in China, uncertainty looms for Pyongyang-backed businesses Sue-Lin Wong 6 Min Read SHENYANG, China (Reuters) - North Korean-owned businesses such as the Chilbosan Hotel in Shenyang, the biggest city in northeastern China, face an uncertain future as United Nations sanctions against Pyongyang-owned overseas businesses loom. People walk past the Chilbosan Hotel in Shenyang, Liaoning province, China November 1, 2017. REUTERS/ Sue-Lin Wong For now, the hotel is a slice of North Korea: it is mostly staffed by North Koreans, some of whom perform songs and dances catering to their mostly Chinese customers, often in private rooms at the hotel restaurant. Perched at a main intersection in Shenyang, a hub for North Korean businesses in China, the hotel is North Korea’s largest overseas investment, according to Lu Chao, an expert in China-North Korea relations at the Liaoning Academy of Social Sciences, a Chinese government think-tank in Shenyang. The hotel rooms feel much like typical Chinese business hotels except that guests can watch North Korean television and anyone flying to North Korea on Air Koryo - the country’s national airline - can pick up their tickets at the airline’s office in the lobby. The building is clad in both Chinese and Korean name signs. Shenyang, just over an hour by fast train from the North Korean border, is home to Xita, a district known as “Korea Town”, dotted with North Korean restaurants, hotels, shops and art galleries. At Xita’s North Korean Department Store, North Koreans wander in small groups looking at clothes, toys and linen, mostly from South Korea, according to vendors and labels on products for sale. On the top floor, Li Xinwei runs a nail salon where one third of her customers who have loyalty cards are big-spending North Koreans. “Most of my Chinese customers chose the 100 yuan ($15) nail package but my North Korean customers often spend about 300 yuan to get their nails done,” said Li. “Most North Koreans come to this department store to shop, the store owners get their clothes from South Korea. But they have to cut the labels off the clothes before they bring them back to North Korea,” she said, chuckling. However, the number of North Korean shoppers has been declining, said Li, and local Chinese businessmen say the number of Pyongyang-owned businesses has shrunk in recent years as tensions between China and North Korea have grown. “A lot of Chinese-North Korean trading companies have already closed shop,” said one Chinese businessman in Shenyang who used to trade North Korean coal until it was sanctioned by the United Nations. “Now we’re extremely restricted by the types of trade we can do with North Korea. I’ve just purchased an order of cobblestones because they haven’t been sanctioned,” he said, speaking on condition of anonymity because of the sensitivity of the situation. The Mudan Restaurant is pictured in Shenyang''s Xita District, Liaoning province, China November 4, 2017. REUTERS/ Sue-Lin Wong Two North Korean restaurants in Xita - Pyongyang Restaurant and Mudan Restaurant - serve North Korean cuisine and host nightly performances by North Koreans who sing mostly popular Chinese classics and double as waitresses. But come early January, North Korean firms or joint ventures in China will be shut down in accordance with UN Security Council sanctions passed on Sept. 12, according to China’s commerce ministry. A woman who answered the phone at the North Korean consulate in Shenyang said she didn’t know what would happen to North Korean businesses and joint ventures in China once UN sanctions kicked in. Everyone at the consulate who was in a position to know was away on business trips, she added, declining to give her name. At the Pyongyang Restaurant, one North Korean waitress who had just finished performing and was helping pack up takeaway said she was just over one year into a three year internship, after graduating from university. Slideshow (10 Images) “We aren’t going back (to North Korea), business here is good,” she replied, when asked about whether they would leave soon because of UN sanctions. Staff at the reception desk at the Chilbosan, who confirmed the hotel was North Korean-owned, said they had no plans to close because of the sanctions. According to official Chinese company records, the hotel is 70 percent owned by North Korea’s Liujing Economic Exchange and 30 percent owned by Hongxiang, a Chinese industrial machinery company sanctioned by the U.S. last year for channelling U.S. dollars to North Korea for its nuclear weapons programme. Liujing Economic Exchange and Hongxiang could not be reached for comment. One option for North Korean partners of joint ventures in China is to sell out ahead of when sanctions take effect in January. “The problem is that January isn’t that far away so it doesn’t give the North Korean partners much time to sell off their portion of the company,” said Cheng Xiaohe, a North Korea specialist at Beijing’s Renmin University. Recent sanctions are squeezing North Korean businesses overseas which have to send some of their profits back to the state, according to Cheng. If the businesses don’t achieve their targets, the head of the business in China gets sent back to North Korea and a new person is sent to replace them, Cheng said. “The North Korean government has been upping the target payments because they have fewer ways to earn hard currency now,” said Cheng. Reporting by Sue-Lin Wong; Additional reporting by Se Yong Lee and the Beijing Newsroom; Editing by Lincoln Feast' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-northkorea-missiles-china-shenyang/at-north-korean-hub-in-china-uncertainty-looms-for-pyongyang-backed-businesses-idUKKBN1DV3S4' | '2017-12-01T08:49:00.000+02:00' |
| 123 | '0e4a3bf41fe249879d6486f1fa30efb5c271cf96' | 'RBS axes further 259 British branches as expands e-banking' | 'December 1, 2017 / 7:00 AM / Updated 7 hours ago RBS to close a quarter of its UK branches, drawing criticism Emma Rumney 4 Min Read LONDON (Reuters) - British state-owned Royal Bank of Scotland (RBS) said on Friday it will close around a quarter of its branches and cut 680 jobs as it cuts costs and encourages customers to use digital services, drawing criticism from lawmakers. The latest round of 259 branch closures by the Edinburgh-based bank follow 180 announced in March, putting 1,000 jobs at risk, and a similar move by Lloyds Banking Group which said on Wednesday it would close 49 branches. The RBS cuts mean British banks are set to close more than 1,000 branches this year, a record according to a Reuters analysis of previous announcements and academic studies. Britain’s largest banks are disproportionately closing branches in the lowest-income areas while expanding in wealthier ones, taking bricks-and-mortar services away from communities where they are arguably needed most, Reuters reported in June last year. British opposition lawmakers took to Twitter to rebuke RBS for the move, which they said would leave some areas without any branches. “Bailed out by the taxpayer and they repay our communities by withdrawing from them,” tweeted Ian Blackford, a lawmaker from the Scottish National Party. “This has to be stopped.” Jane Howard, RBS’s managing director of branch banking, told Reuters by telephone that customers are increasingly using mobile and online channels rather than bricks-and-mortar branches, and RBS had to react to that. “There will be some customers that will be really disappointed we are closing branches ... and I understand why. But it’s important that we do respond.” RBS is investing in its remaining branches and its digital offering, Howard said, adding: “Given what we know, we’ve got the right shape of network.” People walk past a branch of the Royal Bank of Scotland in London, Britain December 1, 2017. REUTERS/Peter Nicholls Unite, a labour union that represents staff at RBS, said the bank was “decimating” its branch network. “This announcement will forever change the face of banking in this country resulting in over a thousand staff losing their jobs and hundreds of high streets without any banking facilities,” Rob MacGregor, Unite national officer, said. The latest closures will affect the bank’s RBS and Natwest brands in England, Wales and Scotland, leaving it with around 744 branches - down from 2,278 in 2007. It did not say how much it expects to save thanks to the latest closures. Slideshow (11 Images) The Federation of Small Businesses’ (FSB) National Chairman Mike Cherry said cash and face-to-face support is still critical for many local businesses, and owners need to be provided with sustainable alternatives. “What we can’t have is banks shutting branches on a whim,” he said. Low interest rates and increasing competition from start-up banks have eaten into profits at many of Britain’s banks, prompting them to cut costs and RBS Chief Executive Ross McEwan has cut thousands of jobs. The bank reported a stronger-than-expected operating profit for the third quarter of this year after keeping expenses under control and avoiding any misconduct charges, which, along with restructuring costs, have dogged the bank’s return to profitability since the financial crisis. RBS hopes to post its first annual profit since 2007 in 2018, but that depends on when it reaches a multi-billion pound settlement with the U.S. Department of Justice over the mis-selling of toxic mortgage backed securities in the United States. It finalised the closure of its “bad bank”, set up to sell unwanted assets nearly a decade after it was rescued in a 45-billion pound bailout, on Thursday and this month the British government said it plans to start selling 15 billion pounds of shares in RBS next year. additional reporting by Lawrence White, Editing by Alexander Smith and Adrian Croft' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-rbs-branch-closures/rbs-axes-further-259-british-branches-as-expands-e-banking-idUKKBN1DV3XO' | '2017-12-01T09:00:00.000+02:00' |
| 124 | 'e60b46d965b3aa09e289dbdd79bfaa6740624b57' | 'Oil prices steady after OPEC extension of production cut' | 'December 1, 2017 / 1:05 AM / Updated 13 minutes ago Oil prices steady after OPEC extension of production cut Aaron Sheldrick 2 Min Read TOKYO (Reuters) - U.S. oil held steady on Friday after OPEC and other major producers agreed to extend production curbs in a widely expected move aimed at ending a persistent glut in global supplies. FILE PHOTO - The Odebrecht Oil and Gas drillship is seen in the Guanabara bay in Rio de Janeiro, Brazil October 20, 2017. REUTERS/Bruno Kelly The Organization of the Petroleum Exporters (OPEC) and non-OPEC producers led by Russia on Thursday agreed to maintain the output cut until the end of 2018, while also signalling a possible early exit from the deal if the market overheats. U.S. crude futures CLc1 were down 2 cents at $57.38 by 0120 GMT. On Thursday they rose 10 cents or 0.2 percent to $57.40 a barrel. The contract gained about 5.6 percent in November, the third month of gains. Brent February crude futures LCOc1 rose six cents to $62.69. In the previous session, the most active Brent contract settled up 46 cents or 0.7 percent. Brent rose for a third consecutive month in November, gaining about 3.6 percent. Analysts said the nine-month extension was already priced in. The current deal cuts 1.8 million barrels from the market in an attempt to tackle the oversupply and bolster prices. Saudi oil minister Khalid al-Falih said it was premature to talk about exiting the cuts at least for a couple of quarters as the world was entering a season of low winter demand. He added OPEC would examine progress at its next regular meeting in June. OPEC and Russia together produce over 40 percent of global oil. Moscow’s first real cooperation with OPEC, put together with the help of President Vladimir Putin, has been crucial in roughly halving an excess of global oil stocks since January. OPEC is showing “a strong commitment to normalizing inventories and also to remain data dependent, which reduces the risk of both unexpected supply surprises and excess stock draws,” Goldman Sachs said in a note. Reporting by Aaron Sheldrick; editing by Richard Pullin' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-global-oil/u-s-oil-steady-after-opec-extension-of-production-cut-idUKKBN1DV3ED' | '2017-12-01T03:34:00.000+02:00' |
| 125 | 'f61502ad980fd60a316e4d1bda4971c59e81b136' | 'Qualcomm files new patent infringement complaints against Apple' | 'December 1, 2017 / 3:56 AM / Updated 23 minutes ago Qualcomm files new patent infringement complaints against Apple Stephen Nellis , Ankit Ajmera 3 Min Read (Reuters) - Qualcomm Inc ( QCOM.O ) said on Thursday it filed three new patent infringement complaints against Apple Inc ( AAPL.O ), saying there were 16 more of its patents that Apple was using in its iPhones. FILE PHOTO: A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake/File Photo The new complaints represent the latest development in a long-standing dispute and follows Apple’s countersuit on Wednesday against Qualcomm, which alleged that Qualcomm’s Snapdragon mobile phone chips infringed on Apple patents. Apple declined to comment on the new cases, referring to its earlier claims in its Wednesday filing that the company has developed its own technology and patents to power its iPhones. Qualcomm in July accused Apple of infringing several patents related to helping mobile phones get better battery life. That case accompanied a complaint with the U.S. International Trade Commission seeking to ban the import of Apple iPhones that use competing Intel Corp ( INTC.O ) chips because of the alleged patent violations. The three cases filed Thursday were all filed in U.S. District Court for the Southern District of California in San Diego. One of the cases is a companion civil lawsuit to a new complaint also filed Thursday with the ITC that seeks the same remedy of banning iPhones with Intel chips. The other two cases are civil patent infringement lawsuits. The dispute between Apple and Qualcomm over patents is part of a wide-ranging legal war between the two companies. In January, Apple sued Qualcomm for nearly $1 billion (£740.25 million) in patent royalty rebates that Qualcomm allegedly withheld from Apple. In a related suit, Qualcomm sued the contract manufacturers that make Apple’s phones, but Apple joined in to defend them. Qualcomm in November sued Apple over an alleged breach of a software agreement between the two companies. Apple emailed Qualcomm to request “highly confidential” information about how its chips work on an unidentified wireless carrier’s network, Qualcomm alleged, but Apple had copied an Intel engineer in the email for information. Separately, Qualcomm is facing a lawsuit from the U.S. Federal Trade Commission over many of the same pricing practices Apple names in its complaints. Reporting by Ankit Ajmera in Bengaluru and Stephen Nellis in San Francisco; Editing by Sai Sachin Ravikumar and Chris Reese' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-apple-qualcomm/qualcomm-files-new-patent-infringement-complaints-against-apple-idUKKBN1DU35Z' | '2017-12-01T05:55:00.000+02:00' |
| 126 | 'dd07e8a44ae1ca7c7560bc91fadbfdcd101b5ddd' | 'Ryanair seeks aircraft slots at Berlin-Tegel airport' | 'December 1, 2017 / 5:06 PM / Updated 39 minutes ago Ryanair seeks aircraft slots at Berlin-Tegel airport Reuters Staff 2 Min Read FRANKFURT (Reuters) - Ryanair has applied for slots to base nine aircraft at Berlin-Tegel airport to cement its position in the German capital and compete with rival easyJet which has taken over parts of Air Berlin’s business. Ryanair commercial passenger jet takes off in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau - Ryanair’s Chief Executive Michael O‘Leary has criticised as a “stitch-up” the way that Air Berlin was carved up after it filed for insolvency, with Lufthansa buying the bulk of its operations and easyJet getting some business at Tegel. An investment by Ryanair at Tegel “would allow Berlin’s residents and visitors to avoid higher fares expected from a duopoly of Lufthansa and easyJet,” Chief Commercial Officer David O‘Brien said in Friday’s statement. Unlike Lufthansa’s deal, easyJet’s purchase of some Air Berlin business has so far not raised notable competition concerns in Germany or by the European Commission. “EasyJet looks forward to providing passengers with low fares to a wide range of destinations to and from Tegel,” a spokeswoman for the British carrier said in response to Ryanair’s statement. Ryanair said the slots at Tegel would allow it to make up for around 30 percent of capacity lost when Air Berlin ceased operations in October. The carrier already has nine aircraft at Berlin’s other airport, Schoenefeld. Reporting by Maria Sheahan; Additional reporting by Alistair Smout; Editing by Andrea Shalal and Elaine Hardcastle' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-ryanair-hldgs-germany/ryanair-seeks-aircraft-slots-at-berlin-tegel-airport-idUKKBN1DV5I4' | '2017-12-01T19:05:00.000+02:00' |
| 127 | '68745535a695984684b98f7274b2f717b83206bc' | 'Markets watchdog investigates D. Boerse''s handling of new CEO hire' | 'December 1, 2017 / 10:02 AM / Updated 9 minutes ago Markets watchdog investigates D. Boerse''s handling of new CEO hire Reuters Staff 2 Min Read FRANKFURT, Dec 1 (Reuters) - Germany’s financial markets watchdog BaFin is questioning Deutsche Boerse over how it communicated the appointment of Theodor Weimer as chief executive, the regulator said on Friday. The stock exchange last month named UniCredit banker Weimer as CEO-designate. BaFin has asked Deutsche Boerse for information on the timing of the disclosure, a spokeswoman for the regulator said, confirming a report by weekly Wirtschaftswoche. The appointment was previously reported by several media outlets, including Reuters. A fine for delayed disclosure could be up to 2 percent of annual sales, or 48 million euros ($57.16 million), Wirtschaftswoche said. The watchdog said it was also looking into Deutsche Boerse potentially misleading the public on an investigation by prosecutors into the allegations of insider trading by outgoing Chief Executive Carsten Kengeter. Deutsche Boerse in July flagged a deal with Frankfurt prosecutors under which Kengeter would be cleared of personal wrongdoing and Deutsche Boerse would be fined 10.5 million euros ($12 million). But within days, it emerged that Kengeter had not yet been exonerated. Kengeter has denied any wrongdoing. Deutsche Boerse declined to comment. ($1 = 0.8397 euros) (Reporting by Ludwig Burger and Andreas Framke. Editing by Jane Merriman)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/deutsche-boerse-ceo-bafin/markets-watchdog-investigates-d-boerses-handling-of-new-ceo-hire-idUSL8N1O11SZ' | '2017-12-01T12:01:00.000+02:00' |
| 128 | '1cccebea8193736f7e7189ffe91f3ac6bd9df9dd' | 'Shell, PetroChina jv to go ahead with big gas development in Australia' | 'December 1, 2017 / 12:34 AM / Updated 3 minutes ago Shell, PetroChina jv paves way towards big gas development in Australia Reuters Staff 1 Min Read MELBOURNE (Reuters) - Royal Dutch Shell ( RDSa.L ) and PetroChina ( 601857.SS ) have taken a big step towards a long awaited gas development in Australia, signing a 27-year deal to supply Shell’s Queensland Curtis Liquefied Natural Gas project. FILE PHOTO - The Shell logo is seen on a pump at a Shell petrol station in London January 30, 2014. REUTERS/Suzanne Plunkett The deal would bring to market about 5 trillion cubic feet of gas held by Shell and PetroChina’s Arrow Energy in the state of Queensland, Arrow said. “Collaboration will accelerate first gas production to approximately 2020, bringing an additional 240 petajoules per year ... of gas to the Queensland market at peak production,” Arrow Energy CEO Qian Mingyang said in a statement. (This version of the story corrects paragraphs one and two to clarify that final decision yet to be made) Reporting by Sonali Paul; editing by Richard Pullin' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-shell-australia-gas/shell-petrochina-jv-to-go-ahead-with-big-gas-development-in-australia-idUKKBN1DV3BR' | '2017-12-01T02:33:00.000+02:00' |
| 129 | 'aa9944709c5252033cc65d72763a250d69ea8076' | 'This week in sports: Tiger Woods’ triumphant return - Reuters' | 'Listen to this week’s Keeping Score podcast:A wrap-up of the week in sports news:Tiger comes roaring back: Tiger Woods performed well in his much-anticipated return from injury in the Hero World Challenge, where he mixed five birdies with two bogeys for a three-under-par 69.Cup runneth over: The 2018 World Cup draw placed 32 countries into their first-stage groups. Check out Reuters graphic of the draw for 2018 and from past tournaments.Manning down: Giants quarterback Eli Manning was benched this week in favor of former Jets quarterback Geno Smith. Social media briefly lost its mind over the decision.Atlanta Hawks guard Kent Bazemore is striped of the ball by Cleveland Cavaliers forward Kevin Love and guard JR Smith. Dale Zanine-USA TODAY Sports View more of Reuters best sports photographyOur Standards: The Thomson Reuters Trust Principles.' | 'reuters.com' | 'https://www.reuters.com/finance' | 'https://www.reuters.com/article/us-weekinsports-1dec2017/this-week-in-sports-tiger-woods-triumphant-return-idUSKBN1DV5R6' | '2017-12-02T03:03:00.000+02:00' |
| 130 | 'bbdb5c67f6e6abd9f127f1dd0be25b10abf0253a' | 'China, France pledge fair trade, reciprocal benefits' | 'BEIJING (Reuters) - China and France agreed on Friday to support free and fair trade, and for the first time pledged “reciprocal” treatment in their trade relations, they said after ministerial economic talks.French Economy Minister Bruno Le Maire and Chinese Vice Premier Ma Kai speak during a meeting at the High Level Economic and Financial Dialogue at Diaoyutai State Guesthouse in Beijing, China December 1, 2017. REUTERS/Fred Dufour/Pool French Finance Minister Bruno Le Maire said progress had been made in the food, aerospace, nuclear and finance sectors, while China recognised that government subsidies can lead to overcapacity in the steel sector.“We discussed (reciprocity) for a long time, and I think we managed to make China see the importance of this notion and its importance in commercial ties”, Le Maire told a news conference in Beijing, adding that it was the first time the term was included in a statement after the meetings.The two sides said they “reiterate their support for free and fair trade, based on principles of reciprocal and mutual benefits and non-discrimination”, according to the joint statement after the China-France High-Level Economic and Financial Dialogue in Beijing.China this year has pledged to further open its economy to foreign firms as it looks to kickstart new growth areas and amid complaints from foreign businesses about market access, with the idea of reciprocity of benefits becoming a focus of trade discussions.“Protectionism develops when there is no fair trade and no rules of reciprocity. That’s why France insists on global commerce being based on rules of reciprocity,” Le Maire said.Chinese vice finance minister Shi Yaobin said reciprocity was a relative concept, not an absolute.“Different countries have different levels of development, so in the process of opening up, achieving absolute reciprocity ... can’t be achieved. In the whole world it doesn’t exist,” Shi told reporters.Chinese Vice Premier Ma Kai shakes hand of French Economy Minister Bruno Le Maire at the High Level Economic and Financial Dialogue at Diaoyutai State Guesthouse in Beijing, China December 1, 2017. REUTERS/Fred Dufour/Pool Chinese vice premier Ma Kai made similar comments in opening remarks, noting that the Chinese economy was developing in a stable way but developed and emerging economies had differences.He also said that protectionism and terrorism were uncertainties for the recovery of the global economy.Slideshow (3 Images) The two sides said they would work to eliminate trade distortions, increase communication on trade barriers, and increase trade in the tech-tech sector, according to the statement.China, the world’s top consumer of pork, is set to approve more imports of French pork, processed meat and infant formula after passing inspections, Le Maire said.“In the sectors of infant formula, pork, and charcuterie products, the publication of audit results that we were waiting for will allow us to export more easily these products as well as beef,” Le Maire said.The two sides will encourage Chinese and French firms to issue yuan bonds in both countries, while China agreed to increase France’s Renminbi Foreign Institutional Investor quota at an appropriate time, they said in their joint statement.China recently pledged wider access to its massive financial services sector by raising the limit on foreign ownership in banks, securities and insurance firms, though some of the changes will not take effect for several years.“We would always like things to go faster, but the key thing is the direction, and the direction that came out of this dialogue is the right one,” said Le Maire.Reporting by Dominique Patton; Writing by Elias Glenn; Editing by Robert Birsel ' | 'reuters.com' | 'https://in.reuters.com/finance' | 'https://in.reuters.com/article/china-france-trade/china-france-pledge-fair-trade-reciprocal-benefits-idINKBN1DV4L4' | '2017-12-01T08:15:00.000+02:00' |
| 131 | 'd1e3ba99c16616c5ef227c7046a734cae60abff3' | 'Lufthansa offers EU concessions over Air Berlin asset buy' | 'December 1, 2017 / 8:12 AM / Updated 16 minutes ago Lufthansa offers EU concessions over Air Berlin asset buy Reuters Staff 1 Min Read BRUSSELS (Reuters) - German airline Lufthansa ( LHAG.DE ) has offered concessions to allay competition concerns about its plan to buy Air Berlin assets, EU antitrust regulators said on Friday. Lufthansa Boeing 747-400 jumbo jet is seen at Tegel airport in Berlin, Germany, November 2, 2017. REUTERS/Axel Schmidt The European Commission, which is concerned about Lufthansa’s dominance as a result of the deal, extended its deadline for a decision on the deal to Dec. 21 from Dec. 7. It did not provide details of Lufthansa’s concessions. The airline is willing to cede slots belonging to Air Berlin businesses Niki and LG Walter, a source has told Reuters. Reporting by Foo Yun Chee; editing by Alastair Macdonald and Jason Neely' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/us-airberlin-m-a-lufthansa-eu/lufthansa-offers-eu-concessions-over-air-berlin-asset-buy-idUKKBN1DV439' | '2017-12-01T10:09:00.000+02:00' |
| 132 | 'df157b714f0e022519adb5cce0bef236b2bd4834' | 'Exclusive: China''s Xiaomi seeks bank pitches for 2018 IPO - sources' | 'HONG KONG (Reuters) - Chinese smartphone maker Xiaomi Inc has asked banks to pitch next Friday for an initial public offering in 2018, people familiar with the plan told Reuters.Xiaomi was valued at $46 billion in a 2014 funding round completed before its sales stagnated. More recently it has seen expectations of its value pick up following strong results this year.Its float could be the world’s “largest technology IPO” next year, according to one of the people.“It is huge,” said another source, adding that a valuation of $100 billion would “not be a crazy number”.The world’s most valuable startup for a brief period in 2014 was worth about $55 billion at the end of June, according to one person close to the company.But two other people familiar with the company’s discussions said it should be worth much more based on its expected earnings.Xiaomi declined to comment.The maker of budget smartphones saw sales stall in 2016 as it attempted to expand internationally while battling intense competition from Chinese rivals Huawei Technologies Co Ltd [HWT.UL], Vivo and Oppo.FILE PHOTO: Attendants are silhouetted in front of Xiaomi''s logo at a venue for the launch ceremony of Xiaomi''s new smart phone Mi Max in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo At the time it pulled back from several overseas markets including Brazil and Indonesia, but this year it has launched and re-launched sales in dozens of countries such as Indonesia, Vietnam, Russia, the United Arab Emirates and Ukraine.It has overtaken Apple Inc ( AAPL.O ) to become China’s fourth-largest smartphone vendor by sales, driven in part by a focus on offline stores, according to research firm Canalys.Slideshow (2 Images) MORE TO COME The smartphone group’s listing plan comes on the heels of a slew of successful Chinese tech and fintech IPOs in recent months.Already a strong pipeline is building for 2018, with public floats expected from Meituan-Dianping, an online local services group valued at $30 billion, and Lufax, a wealth management platform worth $18.5 billion as of its last funding round.Xiaomi’s founder, Lei Jun, had said the company would not go public until 2025, but a bull run in the stock market and its promising financial numbers have sped up the IPO plan, according to the people.Xiaomi was expected to choose either Hong Kong or the United States as its listing venue, according to the people, who declined to be named as the discussions are confidential.In early November, Xiaomi launched in Spain - its first foray into Western Europe as it revives a stalled global push into other developed markets around Europe and the United States.Reporting by Kane Wu and Julie Zhu; Additional reporting by Jennifer Hughes; Editing by Stephen Coates ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-xiaomi-ipo/exclusive-chinas-xiaomi-seeks-bank-pitches-for-2018-ipo-sources-idINKBN1E00IK' | '2017-12-06T03:28:00.000+02:00' |
| 133 | '3cdfe2d1a28b3f68cb3f0d95e14f9d08434c03d6' | 'U.S. shale eases into detente with OPEC as supply cut extended' | ' 26 PM / Updated 25 minutes ago U.S. shale eases into detente with OPEC as supply cut extended Ernest Scheyder 5 Min Read VIENNA (Reuters) - U.S. shale oil producers and OPEC appear to have called a truce of sorts even though there is no sign the U.S. industry will do anything to help reduce the global oil supply glut. FILE PHOTO: Dead sunflowers stand in a field near dormant oil drilling rigs which have been stacked in Dickinson, North Dakota January 21, 2016. REUTERS/Andrew Cullen/File Photo U.S. producers applauded Thursday’s decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia to extend output cuts until the end of 2018. Texas and North Dakota - the two largest U.S. shale-producing states - described it as a boon for their producers. Their appreciation was in contrast to a more combative style in recent years, when shale states seemed to relish openly bashing the group. “Now that it seems prices are looking to stabilise with this OPEC deal around $60 (per barrel), I think that’s going to be a very nice price environment for folks around the state,” Ryan Sitton, one of three commissioners on the Texas Railroad Commission, said in a phone interview from Austin. The commission regulates the Texas oil industry, which pumps over 3 million barrels per day, more than some OPEC members. Sitton forecast output would grow by an additional 2 million barrels per day within a decade. Unlike the last OPEC meeting in May, when frustration with shale producers boiled over into public view more than once, members in Vienna this week took a more conciliatory tone. “Shale is an important parameter, and complementing to the production of the world,” United Arab Emirates Energy Minister Suhail al-Mazroui told reporters on the sidelines of the talks. “We cannot ignore it, but we need to apply the right weight for that contributor without exaggerating the effect if it.” Tommy Nusz, chief executive of North Dakota shale producer Oasis Petroleum Inc, told Reuters OPEC members “have demonstrated that they have a difficult time understanding the U.S. shale plays, but I suspect that is improving.” One reason for the change in OPEC’s tone may be a greater confidence that U.S. shale producers will never be able to match its clout especially with the global appetite currently growing by some 1.5 million barrels per day (bpd). OPEC supplies roughly a third of the world’s crude. U.S. antitrust law prevents U.S. producers from joining the group. “There was a lot of fear-mongering about shale before 2017. The contribution by shale in 2017 (to global oil supply) will be manageable and quite moderate” and should be the same in 2018, Saudi Energy Minister Khalid al-Falih said in Vienna. Some members noted that optimistic output forecasts have rarely been met. U.S. shale production had been expected to grow roughly 1 million barrels per day last year, but managed only to rise by about half that, Kuwaiti Oil Minister Essam al-Marzouq said. “They have a limited quantity that they can grow in,” he said. PRODUCTION LEAPS Even data from the U.S. Energy Information Administration on Thursday showing oil production rose 3 percent in September to nearly 9.5 million bpd, for a rise of more than 25 percent so far this year, failed to dampen the mood. The jump surprised markets and highlighted how quickly shale producers have responded to rising prices with higher production, following a pattern that has dogged the oil industry throughout its history. Nearly all of the increases in U.S. oil production in recent years have come from shale, which in total accounts for nearly two-thirds of the nation’s existing output. Scott Sheffield, executive chairman of Pioneer Natural Resources Co, one of the largest producers in the Permian Basin of Texas and New Mexico, the largest U.S. oilfield, said extra cash from higher prices should go to shareholders, not fresh drilling. “If producers in the U.S. increase their rig count over the next few months due to higher prices then I expect another price collapse by the end of 2018,” he said. “I hope that all U.S. shale companies will maintain their current rig counts and use all excess cash flow to increase dividends back to their shareholders,” he said. Ann-Louise Hittle, an oil market analyst for Wood Mackenzie who attended the Vienna meeting, said Sheffield was trying to send a clear signal to the industry. “He’s emphasizing value over volume, which is reassuring and shows that he’s trying to influence other shale producers,” she said. Nigerian Oil Minister Emmanuel Ibe Kachikwu said he’s far more worried about his costs than U.S. shale producers, and has been pushing Halliburton Co, Schlumberger NV and other service providers not to hike their rates. “Those guys (shale producers) will be emboldened by any deal we make,” he said. “I worry less about shale than my costs.” If the shale industry focuses more on profits, it could help its members thrive for the long term in the relationship with OPEC, analysts have told Reuters. Additional reporting by Ahmad Ghaddar, Rania El Gamal, Shadia Nasralla, Alex Lawler and Vladimir Soldatkin; Editing by Sonya Hepinstall' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-opec-meeting-shale/u-s-shale-eases-into-detente-with-opec-as-supply-cut-extended-idUKKBN1DV57A' | '2017-12-01T17:41:00.000+02:00' |
| 134 | '699f704b6c79f05f188306e6c502e9157fe885d0' | 'Icahn seeks to inspect SandRidge Energy books, records' | 'December 1, 2017 / 5:14 PM / Updated 20 minutes ago Icahn steps up attack on SandRidge, seeks executive pay records Gary McWilliams 3 Min Read HOUSTON (Reuters) - Activist investor Carl Icahn has stepped up his attack on SandRidge Energy Inc’s proposal to buy a rival oil-and-gas producer, taking aim at the company’s top executives and calling for a release of records on the deal and executive pay, according to a regulatory filing on Friday. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York, U.S., February 11, 2014. REUTERS/Brendan McDermid/File Photo The document request came a day after Icahn called the company’s $746 million offer for Bonanza Creek Energy Inc “value-destroying,” and said he may solicit other holders to help overturn the company’s board of directors. Icahn wants to investigate the compensation of SandRidge''s senior management, including Chief Executive James Bennett, the deliberations involving its proposed acquisition of Bonanza Creek, and the recent poison pill plan laid out by SandRidge, according to the filing. ( bit.ly/2zIYusA ) “These requests are common in these types of situations and we will address it in due course,” Oklahoma City-based SandRidge said in a statement on Friday. In a letter to SandRidge''s board on Thursday, Icahn said the shareholder rights plan adopted earlier this week was designed to prevent large shareholders from campaigning against the deal. ( bit.ly/2nllDjs ) Icahn has accused the company’s management of reneging on a pledge not to “overpay for assets, overleverage itself or overcompensate its managers” and said a better use for its cash would be to buy back its own shares. The largest shareholder of SandRidge with an about 13.5 percent stake, Icahn had said he was prepared to begin litigation against the company. Several other SandRidge holders including Fir Tree Partners, which holds an about 8.3 percent stake, and Susquehanna Advisors Group with about 4 percent, have come out against the purchase. SandRidge has said its cash-and-stock offer for Bonanza Creek would expand its presence in the Denver-Julesburg Basin of Colorado, “adding a deep inventory of drill-ready locations” in an area where it already has substantial assets. SandRidge’s shares were up 1.2 percent at $18.83 in trading late on Friday, while Bonanza Creek was up 0.7 percent at $27.96. Reporting by Yashaswini Swamynathan and Ahmed Farhatha in Bengaluru; additional reporting by Gary McWilliams in Houston; editing by Martina D''Couto and Tom Brown' | 'reuters.com' | 'http://feeds.reuters.com/reuters/businessNews?format=xml' | 'https://www.reuters.com/article/us-sandridge-carl-icahn/icahn-seeks-to-inspect-sandridge-energy-books-records-idUSKBN1DV5IM' | '2017-12-01T19:14:00.000+02:00' |
| 135 | '048268cb84e698839a3d293d48d856527d31c43f' | 'China''s debt crackdown hits cash loan firms' | 'December 1, 2017 / 2:23 AM / Updated 38 minutes ago China''s debt crackdown hits cash loan firms Shu Zhang , Elias Glenn 7 Min Read BEIJING (Reuters) - Executives from Chinese companies specialising in offering consumers small, easy-to-get loans became something of a fixture on Wall Street this year. The Qudian app logo is seen on a smartphone in an illustration photo taken in Beijing, China December 1, 2017. REUTERS/Jason Lee/Illustration Led by companies like Qudian Inc ( QD.N ) and PPDAI Group Inc ( PPDF.N ), the Chinese micro-lenders raised $1.2 billion with splashy U.S. listings, cashing in on a boom in borrowing by consumers in China with little access to traditional banks. However, the fortunes – and share prices – of the micro-lenders have slumped in the past week as Beijing clamped down on risks in the financial system, zeroing in on the fast-growing and loosely-regulated market for unsecured “cash loans”. A notice last week announcing the suspension of approvals for new micro-lenders and restrictions on business across regions highlighted the growing risks Beijing sees in the industry, estimated to be worth 1 trillion yuan (£111.95 billion), according to state media. China has long been known as a nation of savers, but consumers are rapidly embracing debt from non-bank online platforms. And the numbers of those taking out cash loans from the lenders is growing at an unprecedented rate, according to the companies and the government. For borrowers, the easy loans can be a risky proposition – especially if they fall behind on payments. The loans are usually in the range of 1,000 yuan; interest is typically about 36 percent annually, and penalty charges and compound interest can quickly add up, according to borrowers. The number of repeat borrowers is rising, which could signal financial stress on borrowers, analysts say. The companies, however, say the repeat lending is just a sign of the attractiveness of their platforms. Sources close to the central bank say more unspecified measures aimed at restricting the industry are on the way. The People’s Bank of China and the China Banking Regulatory Commission did not respond to faxed requests for comment. Angel Xiao, 23, who lives in the southern boomtown of Shenzhen and does not own a credit card, said she borrowed 10,000 yuan last year from two online lenders, PPDAI and Flower Wallet, to attend a jewellery design class. But after she lost her job as a tutor, she found herself unable to pay back the initial loans. With interest piling up, Xiao eventually took out a series of new loans, with an average maturity of 14 days, from more than 30 other lenders. “I didn’t have money to repay loans coming due,” she said in an exchange on WeChat, a messaging service. “So I took out more loans. Every time when I didn’t have money, I used new loans to repay old loans. That’s how I got trapped deeper and deeper.” China Rapid Finance Ltd ( XRF.N ), an online micro-lender that raised $60 million in an April listing on the New York Stock Exchange, defended its cash loan business. The Qudian application is shown on a smartphone in an illustration photo taken in Beijing, China December 1, 2017. REUTERS/Jason Lee/Illustration In a statement, it said that its target customers have little or no history with China’s credit bureau, but that they “are prime and near-prime borrowers”, and that the rates the company charges are affordable. BOOMING MARKET Online consumer lending in China, of which cash loans are a significant portion, dwarfs similar activity in the rest of the world combined, accounting for over 85 percent of all such activity globally last year, according to a recent report by the Cambridge Centre for Alternative Finance. The boom in micro-lending comes as lenders seek to cash in on rising incomes in a country where credit card penetration remains at about one-third of the population, according to data from the central bank, which says about half a billion consumers don’t have a credit score. And the online cash loan sector is projected to reach 2.3 trillion yuan by 2020, according to the research firm iResearch. China Rapid Finance in November reported a 514 percent year-on-year increase in short-term consumer lending in the third quarter to $908 million. PPDAI‘S “handy cash loans”, with maturities of one to six weeks, increased more than 10 fold year-on-year to 1.98 billion yuan in the second quarter, it said. Qudian recorded a 695 percent increase in net income for the first six months this year, it said in its listing prospectus. Qudian and PPDAI declined to comment. In addition to the companies that have already listed on U.S. markets, another Chinese lender, LexinFintech Holdings Ltd ( LX.O ), filed for a Nasdaq listing in mid-November hoping to raise $500 million. LexinFintech did not respond to an emailed request for comment. LOW-INCOME HOUSEHOLDS The explosion in online lending to those without access to traditional banks has raised concerns about the risks of default. Outstanding household debt in China equalled 45.5 percent of gross domestic product at the end of the first quarter, according to the Bank of International Settlements, compared to 27.9 percent five years ago. ( tmsnrt.rs/2iuXWTT ) But that total doesn’t include most online consumer lending, analysts say. “It is entirely fair to say household debt is much higher than is understood,” Professor Christopher Balding at the Peking University HSBC School of Business in Shenzhen said. He estimated that household debt could be over 100 percent of household income in China. And nearly 40 percent of Chinese households lack savings, higher than even the U.S. rate, meaning their cash buffer to pay off debt is limited, said Lu Xiaomeng, a researcher at the Survey and Research Center for China Household Finance at the Southwestern University of Finance and Economics. The cash loan industry is largely “supply-driven”, said Johnson Zhang, chief financial officer at the Chinese peer-to-peer lender Hexindai Inc ( HX.O ). “Whether there is real demand and whether borrowers will be able to pay them back are questionable,” he said, emphasizing that his company only accepted borrowers with credit cards. Reporting by Shu Zhang and Elias Glenn; Beijing newsroom; Editing by Philip McClellan' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/uk-china-economy-loans/chinas-debt-crackdown-hits-cash-loan-firms-idUKKBN1DV3HI' | '2017-12-01T04:22:00.000+02:00' |
| 136 | '100b8daea703a726325112b9c363462cfcc867c1' | 'Hammerson snaps up shopping mall rival to become UK''s top property firm - Business' | 'The owner of Birmingham’s Bullring shopping centre has agreed to buy the company behind Manchester’s Trafford centre in a deal that will create Britain’s biggest property company worth £21bn.Hammerson , which also owns the Brent Cross shopping centre in London, is acquiring smaller rival Intu in a £3.4bn deal that highlights the increasingly tough retail environment.The trend for online shopping is prompting many retailers to close stores and focus their property portfolio on the top tier of the most popular malls. Rents in the premium shopping centres are holding up or rising, while less popular malls and some high streets are struggling to survive. Marks & Spencer , Debenhams and Toys R Us have all announced plans to close stores this year while the collapse of BHS last year has also left shops empty.The cost of living squeeze caused by inflation outpacing wage growth has forced companies such as Hammerson and Intu into action, according to Jasper Lawler, head of research at London Capital Group.“Online shopping means shopping centres and high street shopping are in a long-term malaise,” he said. “Shareholders will want to see assets sold down in the merged company to help fund the deal and to reflect the lower demand for bricks and mortar stores.”The merged Intu and Hammerson group plans to sell at least £2bn of assets to strengthen its balance sheet and allow it to reinvest in other, higher return opportunities. Analysts said the merged company was likely to focus efforts on its supermalls, where shoppers and retailers most want to be. The new group will own 12 of the country’s 20 supermalls, including Birmingham’s Bullring and Manchester’s Arndale centre, according to retail analyst GlobalData.“As clothing and footwear retailers focus on supermalls to create large-scale, experience-led stores, physical retail spend will move away from town centres towards destination shopping centres, ensuring supermall space is hot property,” said Sofie Willmott, senior retail analyst at GlobalData.“The proposed deal will net the group a stake in almost 60% of all UK supermall space, making it a force in the retail landscape, well placed to benefit from retail spend shifting across locations.”Hammerson, which also owns Bicester Village, will pay 253.9p a share in a deal that values Intu at £3.4bn.It will hand Hammerson Intu’s porfolio of shopping centres in the UK and Spain, including Lakeside in Essex and the Metrocentre in Gateshead. Hammerson also owns property in Ireland and France.John Strachan, chairman of Intu, said the deal between the two companies would “present a highly attractive proposition for retailers and shoppers in Europe’s leading cities”.He added: “A combination of both Intu and Hammerson will create a more resilient, diversified and stronger group.”The combined group will retain the Hammerson name and be led by the firm’s chief executive, David Atkins. He said the deal would strengthen its portfolio and opportunities for growth, including in Spain and Ireland, two of Europe’s fastest growing economies .“The acquisition creates a leading pan-European platform of desirable retail and leisure destinations which are better positioned to serve the needs of our retailers, excite our customers and support our partners and communities,” Atkins said.Shares in Hammerson closed down more than 6% at 501.5p, while Intu shares were up nearly 14% at 226p. On Tuesday, the day before the deal was announced, Intu shares had fallen 27% since the beginning of the year. Hammerson said it expected the deal to generate £25m of annual pre-tax savings by the end of the second year, as a result of lower office costs and by combining support functions such as IT and digital operations. The company expects a one-off cost of about £40m as the two businesses are integrated.The deal would result in Hammerson shareholders owning about 55% of the enlarged company, with the remaining 45% owned by Intu shareholders.Hammerson, a FTSE 100 company, has received backing from investors who hold 50.6% of Intu shares – including from Peel, the property firm founded by John Whittaker, currently deputy chairman of Intu. Whittaker will retain the same role in the combined company.David Tyler, chairman of Hammerson, will become chairman of the new company.Topics Hammerson Intu Properties Mergers and acquisitions Real estate Retail industry news' | 'theguardian.com' | 'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss' | 'https://www.theguardian.com/business/2017/dec/06/hammerson-snaps-up-shopping-mall-rival-to-become-uks-top-property-firm' | '2017-12-06T02:00:00.000+02:00' |
| 137 | '14c102d410289ae0ad79b7fa11b1ec4ca7b9a64e' | 'Volkswagen executive faces sentencing in U.S. emissions fraud case' | 'December 6, 2017 / 3:11 PM / Updated 40 minutes ago Volkswagen executive faces sentencing in U.S. emissions fraud case Nick Carey 3 Min Read DETROIT (Reuters) - Volkswagen AG executive Oliver Schmidt will be sentenced in federal court in Detroit on Wednesday for his part in a diesel emissions scandal that has cost the German automaker as much as $30 billion (£22.5 billion). FILE PHOTO: A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. on May 2, 2016. REUTERS/Mike Blake/File Photo Under a plea agreement, Schmidt, a German national, will face up to seven years in prison and a fine between $40,000 and $400,000 after admitting to conspiring to mislead U.S regulators and violating clean-air laws. He pleaded guilty to those charges in August. In a sentencing memorandum submitted to U.S. District Judge Sean Cox, U.S. prosecutors argued Schmidt should be sentenced to the full seven years in prison. “The defendant had a leadership role within VW, and as a consequence of that role, was literally ‘in the room’ for important decisions during the height of the criminal scheme, including when decisions were made to continue to hide the fraud from U.S. regulators and the U.S. public,” prosecutors argued. Schmidt’s attorney, David DuMouchel, asked that the judge impose a sentence of no more than 40 months and a $100,000 fine in line with his client’s “limited role” in the scheme. “Mr. Schmidt is substantially less culpable than... the numerous senior-level VW executives (most of whom will never appear in a U.S. courthouse) who initiated, designed, implemented, and refined the defeat device over nine years before Mr. Schmidt became involved,” DuMouchel wrote. FILE PHOTO: Volkswagen executive Oliver Schmidt, charged with conspiracy to defraud the United States over the company''s diesel emissions scandal is shown in this booking photo in Fort Lauderdale, Florida, U.S., provided January 9, 2017. Courtesy of Broward County Sheriff''s Office/Handout via REUTERS In March, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve U.S. charges that it installed secret software in vehicles in order to elude emissions tests. U.S. prosecutors have charged eight current and former Volkswagen executives so far. Earlier this year, Schmidt was charged with 11 felony counts and federal prosecutors said he could have faced a maximum of up to 169 years in prison. As part of his guilty plea, prosecutors agreed to drop most of the counts and Schmidt consented to be deported at the end of his prison sentence. Schmidt was in charge of the company’s environmental and engineering office in Auburn Hills, Michigan, until February 2015, where he oversaw emissions issues. After being informed of the existence of the emissions software in the summer of 2015, according to his guilty plea, Schmidt conspired with other executives to avoid disclosing “intentional cheating” by the automaker in a bid to seek regulatory approval for its model 2016 VW 2 litre diesels. In a letter to Cox originally published by Germany’s Bild am Sonntag newspaper on the weekend, Schmidt said he had agreed to follow a script, or talking points, agreed on by VW management and a high-ranking lawyer at a meeting with a California Air Resources Board executive. “I must say that I feel misused by my own company in the diesel scandal or ‘Dieselgate,''” Schmidt wrote. Reporting by Nick Carey; Editing by Peter Cooney' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-volkswagen-emissions/volkswagen-executive-faces-sentencing-in-u-s-emissions-fraud-case-idUKKBN1E0226' | '2017-12-06T17:11:00.000+02:00' |
| 138 | '20baf0725fc53e3faaffa59ab27ba7fb581c8563' | 'Tanzania-Zambia railway halts copper transportation after strike' | 'LUSAKA, Dec 6 (Reuters) - The Tanzania-Zambia Railway Authority (TAZARA) has suspended all train services, including the transportation of copper following a strike by workers in Africa’s No. 2 producer of the metal, the company’s spokesman said on Wednesday.The line is an important route for copper exports from Zambia and the Democratic Republic of Congo, Africa’s top copper producer, but the firm transporting the metal struggles to pay its workers, prompting strikes.TAZARA spokesman Conrad Simuchile said train services between Zambia and Tanzania were suspended indefinitely after unionized employees in Zambia went on strike, demanding payment of their unpaid salaries for October and November 2017. (Reporting by Chris Mfula; Editing by James Macharia) ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/zambia-mining-strike/tanzania-zambia-railway-halts-copper-transportation-after-strike-idINL8N1O628B' | '2017-12-06T07:04:00.000+02:00' |
| 139 | '3c9633a62162900d937da82cb60b3aee8e21c94b' | 'Britain pushes back date for provisional findings on Sky-Fox deal' | 'December 6, 2017 / 11:23 AM / Updated 2 hours ago Britain pushes back date for provisional findings on Sky-Fox deal Kate Holton 3 Min Read LONDON (Reuters) - Britain’s competition watchdog will give its initial verdict on Rupert Murdoch’s bid to buy Sky ( SKYB.L ) next month, later than expected, due to the vast number of responses it has received on the deal. FILE PHOTO: The Sky logo is seen outside of an entrance to offices and studios in west London, Britain June 29, 2017. REUTERS/Toby Melville/File Photo Murdoch’s $15 billion bid to buy the 61 percent of Sky it does not already own is being watched closely in the United States where Walt Disney Co ( DIS.N ) is in the lead to acquire much of his Twenty-First Century Fox Inc’s ( FOXA.O ) media empire, including Sky. Britain’s Competition and Markets Authority (CMA), which has been inundated with submissions from interested parties over the high profile takeover, said on Wednesday it would make its provisional findings public in January rather than the week of Dec. 18. “It is not unusual for us to update our timetables,” a spokeswoman said. “In this case, we have received a large body of evidence – including numerous face-to-face hearings and more than 12,000 submissions - so it is vital that we spend the time to reach an informed and considered provisional view.” The regulator is still due to give its final findings in March, 15 months after Murdoch’s Fox agreed in December 2016 to buy the European pay-TV group, reigniting a row over whether the media mogul has too much influence in Britain. Murdoch failed in a 2011 attempt to buy Sky when a phone-hacking scandal at his News of the World forced him to drop a previous attempt. Since then he has split his companies into two to separate the newspapers from the TV businesses. Fox said when it agreed the deal it did not foresee any regulatory difficulties but the government has taken a strong line against the takeover. The media minister, Karen Bradley, asked the regulator in September to examine whether Murdoch had a genuine commitment to broadcasting standards following concerns about the running of his U.S. Fox News network. Bradley also asked the regulator to scrutinize whether the deal would give him too much influence at the heart of the British media. Fox anticipates that its deal to buy the remaining shares in Sky will be approved in the first half of 2018. Any deal for Fox would include the remaining stake in Sky, sources have told Reuters. Analysts and competition lawyers have told Reuters they expect the CMA to continue reviewing the Fox-Sky deal even if a third party makes a bid for Fox. Reporting by Kate Holton; Editing by Costas Pitas and Edmund Blair' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/us-sky-m-a-fox/britain-pushes-back-date-for-provisional-findings-in-sky-fox-deal-idUKKBN1E01CN' | '2017-12-06T18:59:00.000+02:00' |
| 140 | '6711a4137120736d14ea4c7768c19fe9c5bb86be' | '''Swiss-made'' label lacks precision for watch industry' | 'December 6, 2017 / 2:44 PM / Updated 15 minutes ago ''Swiss-made'' label lacks precision for watch industry Silke Koltrowitz 6 Min Read ZURICH (Reuters) - If you buy a “Swiss-made” watch thinking it’s almost entirely produced in Switzerland, you might be mistaken. FILE PHOTO: Women work at their desk in a workshop of independent dial supplier Singer, overlooking the city of La Chaux-de-Fonds, Switzerland, April 7, 2016. The sites of La Chaux-de-Fonds and Le Locle are listed in the UNESCO World Heritage for their watchmaking town-planning. REUTERS/Denis Balibouse/File Photo The manufacture of components including dials, sapphire glass and cases is flourishing in China, Thailand and Mauritius and many of these end up in watches designated as “Swiss-made”. Stricter rules came into force this year for watches bearing the coveted label on their dial and for which consumers are prepared to pay a premium. The key requirement is that 60 percent of the manufacturing costs occur in Switzerland, up from a previous 50 percent threshold that applied only to the movement -- the core mechanism. The new rules were meant to make the label more credible in the eyes of consumers and to shield the industry from Asian competition. But the change has made it difficult for the makers of cheaper Swiss watches to cut costs and weather a harsh industry downturn. And at the same time it has left the makers of more expensive brands enough leeway to shift a chunk of component supplies to Asia to protect their profit margins. “Since the Swiss-made rules were tightened, we have fewer orders, not more,” said Alain Marietta of dialmaker Metalem, based in Swiss watchmaking hub Le Locle. “Some customers ask us to produce half of the components in China so we can be cheaper.” He said he was concerned about losing customers but had stuck to his principles. “We want to offer a real Swiss made in Switzerland, otherwise for the people working in the watch industry here, it’ll mean slow death.” COST PRESSURES Affordable brands struggle to make money in Switzerland, where labour costs are high, margins are low and intense foreign competition, including from smartwatches, means they can’t raise prices. Citychamp’s Rotary brand, which had used the label for decades, offers no “Swiss-made” pieces in its latest collections, saying the new rules made it hard to deliver value and quality. Swatch Group, whose watches span all price points and which has extensive production facilities in Switzerland, said it was benefiting from the new rules it advocated. Chief Executive Nick Hayek said in a recent newspaper interview the group might soon be without competition in affordable “Swiss-made” watches. Mondaine Group’s Ronnie Bernheim said the group’s brands, which include popular Swiss railways watch Mondaine, had also abandoned some models that would not have met the new criteria. National Watch Federation (FH) statistics show the value of exported watches with a retail price of up to 600 Swiss francs (£453.3), fell by more than 11 percent in the first 10 months of 2017, versus an overall rise of 2.4 percent for all price tags. FILE PHOTO: Oscillating weights made by independent watch industry supplier Horlyne are pictured in a display in Le Locle, Switzerland, April 7, 2016. REUTERS/Denis Balibouse/File Photo Watches account for roughly 10 percent of overall Swiss exports and almost 57,000 people work in the industry. Specialist companies have sprung up that offer brands the optimum product mix that will qualify for the “Swiss-made” tag. EOS Watch Development, for example, promises on its website to deliver “Swiss-made” products that will help customers save money by combining Swiss and Far East suppliers. TOUGH AT THE TOP At the top end of the market where timepieces sell for thousands of francs, a severe downturn in demand translated into sharply lower profits in recent years. Slideshow (2 Images) Profitability at luxury group Richemont and more diversified Swatch Group is recovering now, helped by improving sales, but a tight focus on costs remains vital. “Some brands in the high end would up to now never have considered buying components abroad for ethical reasons, but also because their excessive retail prices and resulting margin levels allowed it,” said a Swiss dialmaker who asked to remain anonymous. “The slowing demand forced almost all brands to reposition their products and they benefit from the new law, which is very explicit, to improve their margins by partly sourcing abroad.” He said his own dial company was mainly producing in Mauritius, where salaries are much lower, but a technical bureau performing some operations in Switzerland meant the dials qualified as “Swiss made”. Several sources said almost all watch case makers now imported sapphire glass from Asia. Luxury watchmakers generally keep their suppliers secret, but recently there have been some initiatives denouncing this lack of transparency. Francois Aubry, a supplier turned watchmaker, recently launched a timepiece with “99.99 percent Swiss production”, publishing the list of all its suppliers, while the Swiss CODE41 watch project raised 543,000 francs on crowdfunding platform kickstarter with a concept of total transparency on the mostly Chinese origin of its components. Industry body FH said it was its task to intervene if “Swiss-made” rules were not respected. It has decided to set up a task force to make sure everybody plays by the new rules, especially once a transition period expires at the end of 2018. However, some watchmakers have already lost patience with the system. High-end brand H.Moser & Cie this year dumped the “Swiss made” label while declaring its own watches over 95 percent Swiss. It denounced the official rules as “too lenient, providing no guarantee, creating confusion and encouraging abuses.” Editing by Keith Weir' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/uk-swiss-watches/swiss-made-label-lacks-precision-for-watch-industry-idUKKBN1E01ZB' | '2017-12-06T16:43:00.000+02:00' |
| 141 | 'b3880673f68191d3804cabfed0313970a4589ce8' | 'U.S. urges judge to reject AT&T/Time Warner court date proposal' | 'December 6, 2017 / 4:02 AM / Updated 2 hours ago U.S. urges judge to reject AT&T/Time Warner court date proposal Reuters Staff 1 Min Read WASHINGTON (Reuters) - The U.S. government on Tuesday urged a federal judge to reject the February court date sought by AT&T ( T.N ) and Time Warner ( TWX.N ) in a dispute over the firms’ proposed merger, arguing the companies are rushing to meet an April 22 closing deadline for their $85.4 billion deal. FILE PHOTO: An AT&T logo and communication equipment is shown on a building in downtown Los Angeles, California, U.S. on October 29, 2014. REUTERS/Mike Blake/File Photo The U.S. Justice Department last month sued to block AT&T’s planned acquisition of Time Warner, saying the combination could raise prices for rivals and pay-TV subscribers while hampering the development of online video. AT&T CEO Randall Stephenson had called the companies’ requested court date of Feb. 20 a “reasonable ask.” The government had requested that proceedings start on May 7. AT&T will have to pay Time Warner $500 million if the merger is not consummated by April 22. Reporting by Eric Beech; Editing by Tim Ahmann and Christopher Cushing' | 'reuters.com' | 'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml' | 'https://uk.reuters.com/article/us-time-warner-m-a-at-t/u-s-urges-judge-to-reject-att-time-warner-court-date-proposal-idUKKBN1E00A2' | '2017-12-06T05:59:00.000+02:00' |
| 142 | 'bb7992f3a95df5d9bc91c912f1d6feed3afb070e' | 'Intel cuts stake in ASML to below 5 pct' | 'AMSTERDAM (Reuters) - Chipmaker Intel ( INTC.O ) has cut its stake in Dutch semiconductor equipment supplier ASML ( ASML.AS ) to 4.96 percent, according to a filing published by the Dutch Financial Markets Authority on Friday.The Intel logo is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake Intel took a 15 percent stake in ASML in 2012 as part of a program to help the company invest in new technology needed to build the next generation of smaller, faster chips. With ASML’s new machines now beginning to enter commercial production, that investment program is winding down.In its most recent previous report in June, ASML had reported a 9.96 percent stake in ASML.Samsung ( 005930.KS ) and TSMC 233O.TW, which also took stakes in ASML in 2012 have also been gradually selling down their shares.Reporting by Toby Sterling. Editing by Jane Merriman ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-asml-holding-intel-stake/intel-cuts-stake-in-asml-to-below-5-pct-idINKBN1DV42G' | '2017-12-01T05:04:00.000+02:00' |
| 143 | '9b14c046f00def1c0d1b15e0c018afc18fa097da' | 'BRIEF-India''s TVS Motor Co Nov Total Sales Up 12 Pct' | 'Dec 1 (Reuters) - TVS Motor Company Ltd:* SAYS NOV TOTAL SALES OF 251,965 VEHICLES VERSUS 224,971 VEHICLES LAST YEAR* SAYS NOV TWO-WHEELER SALES OF 243,323 VEHICLES VERSUS 219,088 VEHICLES LAST YEAR* SAYS NOV EXPORT SALES OF 47,207 VEHICLES VERSUS 32,829 VEHICLES LAST YEAR* SAYS NOV THREE-WHEELER SALES OF 8,642 VEHICLES VERSUS 5,883 VEHICLES LAST YEAR Source text - bit.ly/2BDzWmj ' | 'reuters.com' | 'https://in.reuters.com/finance' | 'https://in.reuters.com/article/brief-indias-tvs-motor-co-nov-total-sale/brief-indias-tvs-motor-co-nov-total-sales-up-12-pct-idINFWN1O10FK' | '2017-12-01T08:39:00.000+02:00' |
| 144 | 'effaa60042862d398ea85bcf74464c1fe5139a54' | 'Tencent Music, Spotify in talks to swap stakes: WSJ' | '(Reuters) - The music group of China’s Tencent Holdings Ltd and Sweden’s Spotify AB are in talks to swap stakes up to 10 percent in each other’s businesses ahead of their expected public listings next year, the Wall Street Journal reported on Friday.Earphones are seen on a tablet screen with a Spotify logo on it, in Zenica, Bosnia and Herzegovina, February 20, 2014. REUTERS/Dado Ruvic/File Photo - S1BETDCCQSAB The deal would align the two services in future licensing negotiations with major music labels, the WSJ reported, citing people familiar with the matter. ( on.wsj.com/2kf7uTG )Sources told Reuters in September that Spotify was aiming to file its intention to float with U.S. regulators in order to list in the first half of 2018.Spotify and Tencent declined to comment when contacted by Reuters.Reporting by Bhanu Pratap and Ishita Chigilli Palli in Bengaluru; Editing by Shounak Dasgupta ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-spotify-tencent-holdings-stake-swap/tencent-music-spotify-in-talks-to-swap-stakes-wsj-idINKBN1DV4HH' | '2017-12-01T07:43:00.000+02:00' |
| 145 | 'b1449e8db87e15d723cdd8cf8a581962e9720e16' | 'Factbox: Saudi Arabia''s privatization plans' | 'DUBAI (Reuters) - Saudi Arabia has said it aims to raise around $200 billion in the next several years through privatization programs in 16 sectors ranging from oil to healthcare, education, airports and grain milling. It separately wants to raise another $100 billion through the sale of a five percent stake in Saudi Aramco.Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed Following is a list of major privatization plans underway.SAUDI ARAMCO. The government has said it plans to sell close to 5 percent of the national oil giant next year through an initial public offering. Initially, officials said the shares would be listed in Riyadh and at least one foreign exchange, but in recent weeks some officials have suggested Riyadh might be the only venue. Officials have said the sale will value Aramco at $2 trillion or more, though many private analysts estimate a lower range.SAUDI POSTAL CORP. In February, Riyadh invited banks to pitch for an advisory role in the sale of the government-owned postal service, sources said. But since then it is unclear whether any banks have been mandated and Abdullah Alswaha, Minister of Communications and Information Technology, told Reuters last month that Saudi Post would enter a five-year “corporatisation phase”, which would turn it into a state-run company before a private sector sale.SAUDI GRAINS ORGANIZATION. State-owned Saudi Grains Organization, which handles the kingdom’s grains purchases, is preparing to sell off its milling operations by placing them in four specially-formed corporate entities while retaining other functions. The sale had attracted interest from agribusiness giants U.S. Archer Daniels Midland Co ( ADM.N ) and Bunge ( BG.N ). But prospective investors have fretted about the ownership limits and structure of the sale process, sources have told Reuters.SPORTS. Saudi Arabian investment bank Jadwa Investment was appointed to advise on the privatization of as many as five soccer clubs in the Saudi Professional League, sources told Reuters in February.AIRPORTS. Faisal Hamad al-Sugair, Chairman of Saudi Civil Aviation Holding Company, told Reuters it was on track to “corporatize”, or turn into private companies, 27 airports by the middle of 2018. Goldman Sachs was hired to manage the sale of a minority stake in Riyadh’s King Khalid International Airport, the first major privatization of an airport in the kingdom, Reuters reported in July. In April, Singapore’s Changi Airport Group was awarded in April a contract to operate the King Abdulaziz International Airport in Jeddah for up to 20 years.SAUDI ARABIAN AIRLINES. The airline has started the sale of its medical services business in Jeddah, valued at around $500 million, sources said in May. The sale is on hold or has seen little progress, people familiar with the matter said.HEALTHCARE. One of the first assets to be privatized is one of Saudi Arabia’s top hospitals, King Faisal Specialist Hospital and Research Centre in Riyadh, an official said previously. The process was in a “very advanced stage”, Vice Minister for Economy and Planning Mohammed al-Tuwaijri told Reuters last in April. Also, the Ministry of Health received at least six bids to act as financial adviser for the privatization of 55 primary healthcare centers in Riyadh, sources said earlier this year.EDUCATION. Saudi Arabia hired HSBC as financial adviser to privative construction and management of school buildings, the chief executive of Tatweer Buildings Co, a state firm affiliated with the Ministry of Education, said in January.SAUDI ELECTRICITY CO. Riyadh plans to split state-controlled utility Saudi Electricity Co (SEC) 5110.SE into separate companies that would be offered either to local citizens through IPOs or to local or international corporate partners. Riyadh-based ACWA Power chief executive Paddy Padmanathan told Reuters in March he expects the first of four power generation companies owned by Saudi Electricity will be offered by the year-end. But a source familiar with the process has since told Reuters they were not aware of SEC yet posting requests for qualifications for the process.SALINE WATER CONVERSION CORP. Officials last year outlined plans to privative Saline Water Conversion Corp, which desalinates water and produces electricity. It would be transformed into a joint-stock holding company served by local production units; investment partners for the units would then be sought, followed by an IPO for the holding company. Banks recently submitted bids to advise on the privatization of the company’s $7.2 billion Ras Al Khair desalination and power plant.Reporting by Tom Arnold and Saeed Azhar; editing by David Stamp ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-saudi-privatisation/factbox-saudi-arabias-privatization-plans-idINKBN1DV45V' | '2017-12-01T05:45:00.000+02:00' |
| 146 | '312346d8ddc3da8a392f7f1a7a27a820b55849f4' | 'U.S. drillers add oil rigs for 2nd week in a row -Baker Hughes' | '(Reuters) - U.S. energy companies this week added oil rigs for a second week in a row as crude prices traded near their highest levels since the summer of 2015 as major oil producing countries extended a global deal to limit supply.Drillers added two oil rigs in the week to Dec. 1, bringing the total count up to 749, the highest since September, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.U.S. producers applauded Thursday’s decision by the Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia to extend oil output cuts of about 1.8 million barrels per day beyond March until the end of 2018 as they try to finish clearing a global glut of crude.Rising U.S. production, however, has been a thorn in OPEC’s side, undermining the impact of its output curbs.U.S. production rose to 9.5 million bpd in September, its highest monthly output since reaching 9.6 million bpd in April 2015, according to federal energy data going back to 2005. On an annual basis, U.S. output peaked at 9.6 million bpd in 1970.The U.S. rig count, an early indicator of future output, is still much higher than a year ago when only 477 rigs were active after energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash around the same time OPEC agreed to production cuts a year ago.The increase in U.S. drilling lasted 14 months before stalling in August, September and October as some producers started trimming their 2017 spending plans after prices turned softer over the summer. Energy firms started adding rigs again in November as crude prices rose.U.S. crude futures rose 5.5 percent in November amid talk of extending the OPEC-led deal to cut global supply, and so far in 2017 since the agreement kicked in, have averaged over $50 a barrel, easily topping last year’s $43.47 average.This week, futures climbed over $58 a barrel, near their highest since June 2015.Looking ahead, futures were trading near $57 for calendar 2018 and $54 for calendar 2019.In anticipation of higher prices than in 2016, exploration and production (E&P) companies increased their spending on U.S. drilling and completions in 2017 by about 53 percent over 2016, according to U.S. financial services firm Cowen & Co.In addition, Cowen said 14 of the 64 E&Ps they track have already provided capital expenditure guidance for 2018 indicating a 9 percent increase in planned spending over 2017.Cowen, which has its own U.S. rig count, said it expects a gradual decline in rigs in the fourth quarter of 2017 and in2018. There were 929 oil and natural gas rigs active on Dec. 1. The average number of rigs in service so far in 2017 was 872. That compares with 509 in 2016 and 978 in 2015. Most rigs produce both oil and gas.Reporting by Scott DiSavino; Editing by Marguerita Choy ' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-drillers-add-oil-rigs-for-second-week-in-a-row-baker-hughes-idUSKBN1DV5PF' | '2017-12-01T20:05:00.000+02:00' |
| 147 | 'f7b1921192d07531d15eb9d5fa5d52e9516b1b5d' | 'Macau casino revenue rises 22.6 pct on year in November' | 'December 1, 2017 / 5:06 AM / Updated an hour ago Macau casino revenue rises 22.6 pct on year in November Reuters Staff 1 Min Read Dec 1 - Casinos in the world’s biggest gambling hub of Macau posted a 22.6 percent revenue jump in November from a year earlier, marking the sixteenth consecutive month of growth, government data showed on Friday. Revenue reached 23 billion patacas ($2.87 billion), data from Macau’s Gaming Inspection and Coordination Bureau showed. That compared with analyst growth estimates of 16 to 22 percent. ($1 = 8.0260 patacas) (Reporting by Farah Master; Editing by Sunil Nair)' | 'reuters.com' | 'http://feeds.reuters.com/reuters/companyNews' | 'https://www.reuters.com/article/macau-gambling-revenues/macau-casino-revenue-rises-22-6-pct-on-year-in-november-idUSENNHBO0S6' | '2017-12-01T07:04:00.000+02:00' |
| 148 | '465cda07a1919e45beb2ebe87fc7fd56454368a5' | 'Exclusive: Mednax fielding takeover interest from buyout firms - sources' | '(Reuters) - Mednax Inc, a U.S. healthcare network operator targeted by activist hedge fund Elliott Management Corp, is fielding acquisition interest from several private equity firms, according to people familiar with the matter.Elliott disclosed a 7 percent stake in Mednax last month and said it would discuss several options to boost value for shareholders, including a sale of the company.Mednax is working with Bank of America Corp to handle the approaches by Carlyle Group LP and other private equity firms, the sources said this week.Mednax has not yet started the process of selling itself, and there is no certainty any deal will occur, the sources added, requesting anonymity because the discussions are confidential.“We have not hired an adviser with regards to approaches by private equity firms,” a Mednax spokesman said. He would not say whether such overtures had occurred or whether the company had retained Bank of America in any capacity. He also declined to elaborate on the company’s plans.Bank of America and Carlyle declined to comment.Mednax shares rose as much at 5 percent on the news but were up only 1.2 percent at $50.40 by the afternoon. At that price, the company’s market capitalization was around $4.66 billion.A deal for Mednax would be the latest in a string of acquisitions of physician networks, a business that has struggled in recent years to adapt to changes in how U.S. health insurers reimburse providers.Federal reimbursement programs such as Medicare and Medicaid, for example, have been trying to shift to a “value-based” payment model, where providers sometimes receive fixed payments to encourage them to control costs.Last week, Reuters reported that kidney care provider DaVita Inc was exploring a potential sale of its own physician network business, DaVita Medical Group, for up to $4 billion.Earlier in November, another physician services provider, Envision Healthcare Corp, announced plans to explore strategic alternatives. Previously, it had attracted investments from activist hedge funds Starboard Value and Corvex Management.Last year, Blackstone Group LP acquired hospital staffing provider Team Health Holdings Inc for $6.1 billion.Fort Lauderdale, Florida-based Mednax provides neonatal and radiology services through a network of more than 4,075 physicians in all 50 states and Puerto Rico. Its nine-month earnings before interest, taxes, depreciation and amortization have declined to $431 million at the end of September from $493 million a year earlier.In response, Mednax has announced a series of efforts to boost profits, including a new focus on radiology and a long-term goal to slash general and administrative expenses by around 10 percent.Reporting by Carl O''Donnell and Liana B. Baker in New York; Editing by Andrew Hay and Lisa Von Ahn ' | 'reuters.com' | 'https://in.reuters.com/finance/deals' | 'https://in.reuters.com/article/us-mednax-m-a-exclusive/exclusive-mednax-fielding-takeover-interest-from-buyout-firms-sources-idINKBN1DV5HF' | '2017-12-01T14:00:00.000+02:00' |
| 149 | '4f48b131750c53d35b586a80eaa3be08cb1eb436' | 'Bitcoin pauses below record peak; gained 55 percent in November' | 'December 1, 2017 / 3:03 AM / in 2 minutes Bitcoin pauses below record peak; gained 55 percent in November Swati Pandey 3 Min Read SYDNEY (Reuters) - Bitcoin hovered around $9,600 in volatile trade on Friday, after tumbling about 15 percent from an all-time high hit this week as some money managers warned ominously of a bubble and further falls in the stratospheric cryptocurrency. FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo Bitcoin was last down around 3.4 percent at $9,612.60 on the Luxembourg-based Bitstamp exchange, from a record peak of $11,395 set on Wednesday. On Thursday, it went as low as $9,000. BTC=BTSP . The latest slide has tempered an astronomical rise in recent months: Bitcoin had jumped almost 1,100 percent year-to-date on Wednesday. As of 0200 GMT, it was still up around 915 percent. One wealth manager said technical chart analysis was predicting deeper falls. “A correction could bring bitcoin back to its previous level of chart support of around $7,500. That’s over a 20 percent drop from its current price,” said Shane Chanel, equities and derivatives adviser at ASR Wealth. “Without everyday utility, pure speculation is driving prices at the moment. Traders are forced to use technical indicators to make buy and sell decisions.” Despite its massive fall this week, bitcoin still ended November 54.6 percent higher, its best monthly performance since a near 66 percent gain in August. The cryptocurrency has posted monthly losses only three times in 2017. Bitcoin’s rise has been fueled by signs that the digital currency is slowly gaining traction in the mainstream investment world, as well as by increasing public awareness. Several large market exchanges including Nasdaq, CBOEHoldings and CME Group -- the world’s largest derivativesexchange -- have said they are planning to provide futurescontracts based on bitcoin. Bitcoin’s rapid ascent has prompted warnings from a streamof prominent investors that it had reached bubble territory. The deputy governor of the Bank of England on Wednesday said investors should “do their homework” before investing in the digital currency. Bitcoin investments are seen as mere speculation because demand has skyrocketed without fundamentals backing the cryptocurrency, said Jin Yong-jae, a Seoul-based economist at HI Investment & Securities. That has made the price of bitcoin “very much volatile,” Jin added. “There are people who invest in bitcoin for its future value, but most seem to be just jumping on the bandwagon, without being fully aware of the structure or how it will replace actual currencies in the future.” Others are unfazed by talks of a bubble, though, predicting still further gains. “The number of bitcoins that can be mined is limited to 21 million, of which 16.5 million bitcoins are already in circulation,” said Siddharth Agarwal, lead financial analyst at research firm GlobalData. “As bitcoin mining becomes increasingly difficult, this could further drive bitcoin prices upwards.” Reporting by Swati Pandey; Additional reporting by Dahee Kim in SEOUL and Abhinav Ramnarayan in LONDON; Editing by Kim Coghill' | 'reuters.com' | 'http://feeds.reuters.com/reuters/UKBusinessNews/' | 'https://uk.reuters.com/article/us-markets-bitcoin/bitcoin-pauses-below-record-peak-gained-55-percent-in-november-idUKKBN1DV3J5' | '2017-12-01T04:57:00.000+02:00' |
