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ANALYSIS West cautious on Gulf sovereign funds plug gap
Corporate worries oil property cooling demand in Gulf Local sovereign wealth funds helping to fill the gap Short term losses likely longer term prospects better By Carolyn Cohn LONDON July 14 Reuters Western investors have grown wary about investing in the once booming Gulf leaving markets there ...
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UPDATE 1 OECD countries seen losing 30 mln jobs 2007 2010
OECD countries to lose about 30 mln jobs 2007 2010 Job cuts putting a lot of pressure everywhere Gurria Adds OECD comments retail consumer data BRASILIA July 14 Reuters Developed countries will lose about 30 million jobs from the end of 2007 through the end of 2010 the Organization for Economic Coo...
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UK review recommends big changes to bank governance
By Huw Jones LONDON July 16 Reuters Banks who don t comply with what will be the toughest remuneration regime in the world face big trouble the author of a British government sponsored review said on Thursday The worst financial crisis since the 1930s forced Britain to tap 1 3 trillion pounds of taxpayer money...
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FACTBOX UK bank governance review recommendations
July 16 Reuters A review for the British government has made 39 recommendations on how banks and other big financial institutions should be governed in a bid to avoid another credit crunch which has been partly blamed on poor bank governance The review was conducted by David Walker a former chairman of Morgan St...
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UPDATE 2 UK review recommends tougher bank governance rules
UK review recommends bank governance overhaul PM Brown says the recommended changes are needed Banks says many institutions already making changes on pay No new legislation to implement recommendations Adds Myners CBI BBA lawyer comments By Huw Jones LONDON July 16 Reuters Banks in Britain who...
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U S agency to cut mortgage insurance premiums
Reuters The U S Federal Housing Administration will reduce the annual premiums on mortgage insurance on home loans the agency insures by a quarter point on Jan 27 it said on Monday The FHA projected homeowners it insures would save an average of 500 a year with the new premiums The lower premiums will come af...
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JPMorgan s Dimon says strong economy will speed interest rate hikes
SAN FRANCISCO Reuters Strength in the United States economy will drive interest rate hikes more quickly than many people expect JPMorgan Chase Co N JPM CEO Jamie Dimon said on Monday Speaking at his investment bank s annual healthcare conference Dimon also said he anticipates market risk and volatility in 1...
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J P Morgan Securities to pay 900 000 for supervision failures CFTC
WASHINGTON Reuters The U S Commodity Futures Trading Commission said on Wednesday it ordered J P Morgan Securities LLC to pay 900 000 to settle charges it had failed to properly supervise employees over fees charged to customers trading on the Chicago Mercantile Exchange The CFTC said in a statement the company...
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Citi considering sale of Japan retail banking unit WSJ
Reuters Citigroup Inc N C is considering the sale of its retail banking business in Japan the Wall Street Journal said on Wednesday citing people familiar with the matter Citigroup is considering a possible auction for the sale the Journal reported A sale will leave the bank to focus on its corporate banking...
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Citigroup seeks to exit Japanese retail banking source
By Taiga Uranaka TOKYO Reuters Citigroup Inc N C is preparing to sell its Japanese retail banking operations a source with direct knowledge of the matter said on Wednesday as it waves the white flag on a venture plagued by regulatory troubles and anemic lending The company which pioneered 24 hour ATMs in Jap...
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About 25 percent of Detroit s water and sewer bonds tendered so far
Reuters Just over a quarter of Detroit s 5 2 billion of outstanding water and sewer revenue bonds were returned to the city for repurchase on Wednesday 24 hours before the tender offer was due to expire Bondholders have until 5 p m EDT 2100 GMT on Thursday to decide whether to accept repurchase prices offered...
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Citigroup C Banks On Growth Restructure Initiatives
On May 18 we issued an updated research report on Citigroup Inc NYSE C The company exhibits decent fundamentals amid the ongoing issues Notably the New York based bank has recorded positive earnings surprises in the last four quarters with an average of 4 40 We are optimistic about Citigroup s efforts to dri...
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Energy rally fuels FTSE s early 1 4 pct gain
Commodity prices lift miners energy stocks Broad based rally as Q3 gets underway Marks Spencer up on trading news By Simon Falush LONDON July 1 Reuters Robust commodity prices boosted energy and mining stocks which led a broad based rally at the start of the third quarter lifting Britain s top share...
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ANALYSIS New Shell CEO has toughest task in European business
Shell CEO s top challenge growing robust earnings further Investors want new generation of projects Growth beyond 2013 eyed By Tom Bergin LONDON July 1 Reuters The new chief executive of Royal Dutch Shell Plc faces the tallest order in European business to make his company the continent s top e...
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Xstrata Anglo lifts Goldman D Bank in M A tables
By Quentin Webb LONDON July 2 Reuters Xstrata s unwanted approach to rival miner Anglo American led to a late reordering of the world s top mergers advisers in the first half restoring Anglo adviser Goldman Sachs to the No 1 spot above Morgan Stanley Deutsche Bank Lazard and UBS who are also advising on the...
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WRAPUP 1 BoE s Miles sees no rapid return to growth
BoE s Miles says does not see fast return to growth Miles banking sector on life support loan growth weak Miles and Besley no rapid end to QE Banks plan to ease credit conditions see low demand BoE By David Milliken and Fiona Shaikh LONDON July 2 Reuters New Bank of England policymaker Dav...
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Europe stocks lower commods weigh but media rises
FTSEurofirst 300 index down 0 5 percent Commods fall tracking weaker prices Media stocks rise after Credit Suisse upgrade By Joanne Frearson LONDON July 3 Reuters European shares were down by midday on Friday with commodity stocks the main drag on the index as they tracked lower crude and metal prices ...
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UPDATE 3 CNPC eyes 14 5 bln bid for Repsol YPF stake sources
CNPC could pay 14 5 bln for 75 percent of Repsol unit CNPC Repsol executives in talks sources say Joint bid by CNPC CNOOC possible analysts say Repsol shares lag oils sector Adds analyst quotes background By Joseph Chaney and Sui Lee Wee HONG KONG LONDON July 7 Reuters China National Petrol...
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Indonesia bars JPMorgan from next dollar sukuk issuance official
By Hidayat Setiaji and Gayatri Suroyo JAKARTA Reuters Indonesia has barred U S bank JPMorgan Chase Co N JPM from submitting an underwriting proposal for its next issuance of dollar denominated Islamic bonds a finance ministry official said on Monday The government has asked other banks to submit proposals b...
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Bitcoin exchange operator pleads guilty in U S case tied to JPMorgan hack
By Nate Raymond NEW YORK Reuters A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies including JPMorgan Chase Co N JPM Anthony Murgio 33 entered his plea in f...
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U S judge reluctantly approves SEC Citigroup 285 million deal
By Joseph Ax NEW YORK Reuters A U S judge on Tuesday reluctantly approved a 285 million fraud settlement between Citigroup Inc N C and the U S Securities and Exchange Commission two months after an appeals court voided his decision to reject it as inadequate U S District Judge Jed Rakoff said he had little ...
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Argentina bonds stocks firm on possible deal to exit default
By Richard Lough and Jorge Otaola BUENOS AIRES Reuters Argentine bond prices and stocks firmed on Thursday with news that international banks may be close to a deal to buy debt from holdout creditors that would resolve its debt crisis The creditors are considering an offer from Citigroup N C JP Morgan N JPM ...
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Telecom Italia in talks to snap up Vivendi s GVT sources
By Pamela Barbaglia and Sophie Sassard LONDON Reuters Telecom Italia MI TLIT is in talks with Vivendi PA VIV to acquire the French media group s Brazilian broadband unit and trump a recent bid from Spanish rival Telefonica MC TEF sources familiar with the situation said The plan which could be finalised o...
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Telecom Italia CEO to meet Vivendi s Bollore on GVT bid sources
ROME Reuters The head of Telecom Italia is set to meet Vivendi chairman Vincent Bollore on Wednesday or Thursday to discuss an offer for the French group s Brazilian broadband unit GVT two sources with knowledge of the matter said Bollore and Telecom Italia CEO Marco Patuano will meet in Paris today or tomorro...
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Argentina slams U S judge holdouts see no private debt deal
By Hugh Bronstein and Daniel Bases BUENOS AIRES NEW YORK Reuters Prospects for a private sector solution to Argentina s sovereign debt dispute deteriorated on Wednesday after holdout investors said they entertained no realistic offers from bankers while the government dashed hopes it might soon agree to restart tal...
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Cohen Point72 must face SAC insider trading lawsuit judge
By Jonathan Stempel NEW YORK Reuters A federal judge rejected billionaire investor Steven A Cohen s bid to dismiss lawsuits by Elan Corp and Wyeth shareholders who claimed they lost money because his firm SAC Capital Advisors LP conducted insider trading in the drugmakers stocks In a decision made public on Thur...
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Argentina dubs holdouts an international mafia as deal hopes fade
By Hugh Bronstein and Davide Scigliuzzo BUENOS AIRES Reuters Argentina branded the hedge funds suing the country over their debt holdings an international mafia on Thursday after talks to bring a swift end to its latest default collapsed and sent Argentine bond prices tumbling A group of international banks had ...
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Atlas Crumbles Under Weight Of Italian Banks
On April 12 in one of the easiest financial predictions in history I challenged the notion that a 5 billion slush fund dubbed Atlas could possibly prop up 360 billion of non performing loans in Italian banks Less than a month later Atlas is already a notable failure I seek no credit for my call and none is ...
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UPDATE 2 Chemoil in stake sale talks Glencore tipped sources
Glencore frontrunner to buy 51 pct stake valued at 240 mln Family advised by UBS stake sale means offer for firm Chemoil shares up 20 pct on news Adds Itochu comment details link By Luke Pachymuthu and Yaw Yan Chong DUBAI SINGAPORE June 24 Reuters The family of Chemoil Energy founder Robert Chand...
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Financials commodities boost European shares
FTSEurofirst 300 index up 0 6 percent Commodity shares track higher crude metals prices Sanofi tumbles 9 percent on concerns over diabetes drug For up to the minute market news click on By Atul Prakash LONDON June 26 Reuters European shares climbed in morning trade on Friday after slipping in the ...
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Sanofi may suffer whatever final Lantus verdict
Fear that damaging safety analysis will be published soon Potential parallel seen to scare over Glaxo s Avandia Lantus is key driver for Sanofi as other drugs decline Sanofi shares fall 7 percent Novo Nordisk down 4 percent By Ben Hirschler European Pharmaceuticals Correspondent LONDON June 26 Reuter...
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Market Chatter Corporate finance press digest
LONDON June 29 Reuters The following corporate finance related stories were reported by media on Monday Anglo American is building its defences against a 41 billion pound 67 74 billion merger approach from Xstrata by plotting talks about a major Chinese investment the Sunday Telegraph reported Britis...
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Indonesia tries to assure banks they won t be penalized if research is credible
By Hidayat Setiaji and Eveline Danubrata JAKARTA Reuters Indonesia s finance ministry sought on Wednesday to assure banks and research firms that they will not be sanctioned for their assessment of the country as long as it is credible Indonesia cut its business ties with JPMorgan Chase Co N JPM because its ...
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Citi s Banamex regulator clash over who played key role in loan fraud
By Elinor Comlay Alexandra Alper and David Henry MEXICO CITY NEW YORK Reuters Preliminary findings of a probe by Citigroup s Mexican unit Banamex into how it lost more than 500 million in a corporate loan fraud differ markedly from the results of a separate investigation by the Mexican banking regulator Bana...
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Citi to hire 100 bankers in Asia eyes more business from smaller clients
By Lawrence White HONG KONG Reuters Citigroup plans to hire as many as 100 bankers in a renewed push into Asia Pacific commercial banking following in rival HSBC s footsteps with a strategy that focuses on selling smaller corporate clients a wider range of products Global banks like Citi and HSBC are now concentr...
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After China port fraud probe messy legal fight chills metal trade
By Polly Yam and Fayen Wong HONG KONG SHANGHAI Reuters As global banks and trading houses fire off lawsuits over their estimated 900 million exposure to a suspected metal financing fraud in China the tangled legal battle to recoup losses is set to drag on for years and hinder a swift recovery in metal trade HSBC...
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Citigroup loses North America head of Treasury and Trade Solutions
NEW YORK Reuters Citigroup Inc N C North America head of Treasury and Trade solutions Andrew Gelb leaves memo Citigroup Inc N C memo says Gelb will leave Treasury and Trade Solutions at end of this week for outside opportunity Citigroup Inc N C memo says Michael Fossaceca will be interim head of North A...
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Oil Drives Loonie Rally
It s giddy times in Canada with newly installed Prime Minister Justin Trudeau winning rave reviews at home and abroad the nation s economy generating some of the best positive surprises in the world and the domestic stock market soaring again And yet all foreign exchange traders seem to want to know is what s the la...
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European stocks fall energy firms miners weigh
FTSEurofirst 300 falls 0 7 percent at midday Energy firms miners drag index lower UK May retail sales fall unexpectedly By Harpreet Bhal LONDON June 18 Reuters European stocks extended losses to a fifth day at midday on Thursday pressured by falls in energy firms and miners while defensive tobac...
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FTSE down 0 8 pct at midday retail sales disappoint
Stores fall after weak May UK retail sales data Oils miners down as commodity prices dip Banks lower led down by HSBC By Jon Hopkins LONDON June 18 Reuters Britain s leading share index was down 0 8 percent at midday on Thursday weighed on by falls in oils miners and banks with weak retail sales ...
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FTSE tiptoes higher Vodafone tobacco strong
FTSE 100 ends 0 1 percent higher Stores fall after weak May UK retail sales data Oils miners down as commodity prices dip By Simon Falush LONDON June 18 Reuters Strength in Vodafone and defensive tobacco stocks pushed Britain s top share index into positive ground by close on Thursday but gains were ...
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UPDATE 1 JC Flowers Fubon eye bid for AIG Taiwan unit sources
Adds details background By Michael Flaherty and Rachel Lee HONG KONG TAIPEI June 19 Reuters Several U S private equity firms and Taiwanese financial groups are showing early interest in the sale of AIG s Taiwan life insurance unit banking sources said on Friday in a deal the seller hopes could raise around...
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REFILE FTSE tiptoes higher Vodafone tobacco strong
Refiles Thursday s report to make clear in the second paragraph that FTSE closed up not down FTSE 100 ends 0 1 percent higher Stores fall after weak May UK retail sales data Oils miners down as commodity prices dip By Simon Falush LONDON June 18 Reuters Strength in Vodafone and defensive tobacco...
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Banks commodities lift European shares 1 3 pct
FTSEurofirst 300 rises 1 3 percent but down for the week Banks commodity shares gain Volkswagen Porsche fall By Dominic Lau LONDON June 19 Reuters European shares rose on Friday on prospects that the global economic recovery was still on track following recent improving economic data with banks and co...
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UPDATE 2 NAB eyes wealth mgt growth with 660 mln Aviva buy
To buy Aviva s Australia businesses for A 825 mln Sees annual pre tax synergies of A 70 million Price looks OK synergies may be unrealistic analyst NAB shares rise 1 4 pct beating broader market Adds details By Denny Thomas SYDNEY June 22 Reuters National Australia Bank Ltd will pay 660 milli...
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Swiss watchdog fines banks almost 100 million over rate cartels
By Joshua Franklin ZURICH Reuters The Swiss Competition Commission COMCO fined several European and U S banks almost 100 million Swiss francs 97 3 million over interest rate cartels the latest punishment dished out in connection with rate rigging scandals COMCO began its investigation in December 2012 aft...
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Door closing on ultra long euro zone government borrowing
By John Geddie and Abhinav Ramnarayan LONDON Reuters A once in a lifetime opportunity for euro zone governments to borrow for half a century or more at rock bottom interest rates might be coming to an end A chorus of state debt office chiefs bank dealers and investors are warning that sharp rises in long term bon...
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Monte dei Paschi board meets over state aid request
By Silvia Aloisi and Giuseppe Fonte MILAN Reuters The board of Monte dei Paschi di Siena MI BMPS is expected to approve a request for state aid when it meets later on Thursday after Italy s third biggest bank raised less than half of the 5 billion euros 5 2 billion it needs by the end of the year Parliament ...
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U S housing consumer confidence data bolster economic outlook
By Lucia Mutikani WASHINGTON Reuters New U S single family home sales rose more than expected in November and consumer sentiment hovered near a 13 year high this month strengthening the view that the economy will gain further momentum next year President elect Donald Trump s plan to cut taxes and increase infras...
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Why You Should Buy Citigroup C
Citigroup Inc NYSE C is a global financial services company It provides consumers corporations governments and institutions with a broad range of financial products and services including consumer banking and credit corporate and investment banking securities brokerage transaction services and wealth manageme...
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What s Doha Got To Do With FX
By Kathy Lien Managing Director of FX Strategy for BK Asset Management This weekend s meeting of OPEC and non OPEC members in Doha is important for currencies because when oil bottomed at the beginning of the year it set a peak for the U S dollar If you recall the greenback was trading strongly when oil prices hi...
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Morgan Stanley expected to repay TARP on Wednesday
NEW YORK June 16 Reuters Morgan Stanley is expected on Wednesday to begin repaying billions of dollars in bailout funds received from the U S Treasury a person familiar with the situation said Last week Morgan Stanley said it was among ten major banks who would be allowed to repay loans they received from the...
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UPDATE 3 Greece s NBG to propose 1 25 bln eur rights issue
NBG plans 2 for 9 rights issue at 11 3 euros a share Credit Suisse Goldman Sachs are joint global coordinators NBG wants to pre empt possible capital boosts in sector Shares down nearly 10 percent Adds CEO CFO comments paragraphs 3 5 6 7 By George Georgiopoulos ATHENS June 16 Reuters Greece s...
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Europe stocks fall banks slip defensives gain
FTSEurofirst 300 falls 0 1 percent Retailers telecoms healthcare stocks climb Banks sag NBG s rights issue revives concerns For up to the minute market news click on By Brian Gorman LONDON June 16 Reuters European shares fell marginally on Tuesday with weak banking shares offsetting a rise in d...
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Reuters Summit WRAPUP 1 Dollar vulnerable as countries diversify
For other news from the Reuters Investment Outlook Summit click on By Walter Brandimarte NEW YORK June 16 Reuters The U S dollar whose leading role in world currency markets has faced increasing questions will remain under pressure for years as more countries diversify their reserve holdings top analysts...
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HK shares head for third day of losses China stocks slip
Updates to midday HONG KONG SHANGHAI June 17 Reuters Hong Kong shares were headed for a third straight day of losses dropping 1 3 percent by midday Wednesday after a batch of mixed U S economic data stoked investor doubts about an early recovery in the world s largest economy China shares shed 0 7 percent ...
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HK shares drop for third day China stocks bounce back
China banks help HSI off early lows energy stocks drag Ping An drops in HK for 3rd day edges up in Shanghai China property stocks rise on signs of improving sales Updates to close By Parvathy Ullatil Claire Zhang HONG KONG SHANGHAI June 17 Reuters Chinese stocks rose 1 23 percent in light turnove...
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European Markets Continue To Trade Below The Break even Line
The Forex Trader Portal Current Futures Dow 29 00 S P 4 00 NASDAQ 8 25European markets continue to struggle below the break even line as the major indexes from the Euro zone region opened again lower and held lower on Wednesday even though U S futures advanced and Asian markets closed mixed on the Wednesday t...
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American charged in bank hacking turned down Russian asylum lawyer
By Nate Raymond NEW YORK Reuters The Russian government offered asylum to a Maryland born man facing U S charges he was part of a computer hacking scheme targeting financial firms including JPMorgan Chase Co NYSE JPM but he turned down the offer his lawyer said on Thursday Joshua Aaron s lawyer Benjamin Br...
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Monte dei Paschi in last ditch effort to lure retail investors
By Stephen Jewkes and Silvia Aloisi MILAN Reuters Troubled Italian bank Monte dei Paschi di Siena MI BMPS sought on Friday to convince 40 000 retail investors to take part in its last ditch rescue plan warning them they could face bigger losses if they did not convert their bonds into shares Italy s third bigge...
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Italy court acquits four former JPMorgan execs in Parmalat case source
PARMA Italy Reuters An Italian court on Tuesday acquitted four former JPMorgan N JPM executives from accusations of fraudulent bankruptcy in a probe over the U S bank s role in the 2003 collapse of dairy group Parmalat MI PLT a judicial source said A judge in the northern Italian town of Parma where the P...
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Foreign investors shrug off Nigeria security risk Citibank
By Chijioke Ohuocha LAGOS Reuters Worsening security in Nigeria has not deterred foreign investors from buying its assets Citigroup s N C country head said on Wednesday citing 1 1 billion worth of Eurobonds it had traded for three local lenders so far this year But any spread of attacks further south or to th...
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U S Targets Germany s Commerzbank In Latest Sanctions Busting Probe
By The U S is continuing to pursue fines against European banks for continuing to do business with nations it s sanctioned and the latest target id Germany s Commerzbank XETRA CBKG That s the latest from Reuters which on Tuesday cited a source with direct knowledge of the regulatory investigations and said that ...
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U S futures rise as sentiment improves Dow Jones up 0 33
Investing com U S stock futures pointed to a higher open on Monday as markets recovered from the previous week s global sell off due to worries over Portugal s banking sector and as trading volumes were expected to remain thin in the absence of any major U S economic reports Ahead of the open the Dow 30 futures ...
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Citi Agrees To Pay 7 Billion To Settle Securities Investigation
By Citigroup Inc NYSE C said it agreed to pay 7 billion to settle a U S government investigation into mortgage backed securities the bank sold in the run up to the 2008 financial crisis The settlement figure was more that twice what many analysts expected earlier this year but less than the 12 billion the go...
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Citi shares up more than 3 premarket after Q2 earnings beat
Investing com Shares in U S bank Citigroup Inc NYSE C rallied more than 3 in premarket trade on Monday after its latest earnings report showed that the bank achieved larger than expected earnings in the second quarter Citigroup reported earnings of 1 24 per share in the last quarter ahead of forecasts of 1 05...
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Citigroup Earnings Mortgage Settlement Costs Eat Up Profits
By Citigroup Inc NYSE C reported a 96 percent drop in quarterly earnings after taking a charge of 3 8 billion related to a 7 billion settlement with the U S Department of Justice over the sale of shoddy mortgage based securities The settlement figure announced early on Monday was more than twice what many ...
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U S stocks open higher in risk on trade Dow Jones up 0 59
Investing com U S stocks opened higher on Monday as market sentiment improved following the previous week s broad sell off due to concerns over the health of Portugal s banking sector During early U S trade the Dow 30 gained 0 59 the S P 500 advanced 0 49 while the NASDAQ Composite rose 0 35 Concerns over ...
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EMERGING MARKETS Pause as eyes on US yields lat at 1 yr high
Emerging stocks flat after U S Treasury yields rise Lat stays at one year high vs euro in illiquid trade BTA CDS settlement may set stage for big investor haircut By Sujata Rao LONDON June 11 Reuters Emerging stock markets were range bound at slightly weaker levels on Thursday after a sharp rise in U ...
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ANALYSIS Markets addled over central bank exit strategies
By Mike Dolan LONDON June 11 Reuters If you were looking for signs that financial markets have overcooked the economic recovery story one set of prices stands out like a sore thumb Interest rate futures markets were suddenly infected this week by the three month old stock market rally latching on to growing ...
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TOPWRAP 1 China factory output lifts hopes for world economy
China May factory output up 8 9 percent retail sales up Asian shares gain on growing optimism for economy U S retail sales up jobless claims down IMF ups 2010 growth view World Bank cuts it for 2009 By Langi Chiang and Simon Rabinovitch BEIJING June 12 Reuters China s May factory output rose more ...
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INTERVIEW Barclays Joshi says hiring top equities talent
Market turmoil making for attractive hiring environment Demand for structured products picking up strongly Client service levels have dropped By Simon Falush LONDON June 15 Reuters Barclays is taking advantage of the finance sector upheaval to hire the best talent and is quickly building a competitive ...
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Italy regulator only got generic info on Monte dei Paschi s board meeting source
ROME Reuters Italy s market regulator Consob has only received preliminary and generic information regarding Monte dei Paschi s board meeting on Sunday which sought to breathe new life into a privately funded rescue plan a source close to the watchdog said on Monday Italy s third biggest lender said on Sunday ...
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Italy ready to bail out Monte dei Paschi if needed Treasury source
By Giuseppe Fonte ROME Reuters Italy is ready to pump capital into Monte dei Paschi di Siena MI BMPS if the ailing bank fails to get the 5 billion euros 5 3 billion it needs to remain in business from private investors a Treasury source said on Monday Italy s third biggest bank is pressing ahead with a last ...
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Cumulus Media sues JPMorgan over refinancing plan
By Nate Raymond NEW YORK Reuters Cumulus Media Inc O CMLS has sued JPMorgan Chase Co N JPM seeking a court order declaring that the second largest U S radio network is allowed to proceed with a refinancing that it says would deleverage the company by up to 305 million In a lawsuit filed late on Monday in...
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Frustrated SWFs cast eyes over West s plans to upgrade crumbling assets
By Claire Milhench LONDON Reuters Sovereign wealth funds are queuing up to finance the West s overhauls of crumbling roads bridges and ports as public purse strings are loosened after a period of austerity but they still face project delays and fierce competition for deals Offering strong and stable cashflows ge...
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American in Russia returns to face U S charges in JPMorgan hacking case
By Nate Raymond NEW YORK Reuters An American was taken into U S custody on Wednesday after arriving from Russia to face charges that he helped orchestrate a massive computer hacking and fraud scheme that included an attack against JPMorgan Chase Co NYSE JPM prosecutors said Joshua Aaron 32 was arrested at ...
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Exclusive Inside the BOJ rate hikes are back on the radar Really
By Leika Kihara TOKYO Reuters Interest rate hikes are back on the radar at the Bank of Japan for the first time in a decade as the U S Federal Reserve s tightening cycle pushes global bond yields higher heralding a new era for central banks retreating from post crisis stimulus With inflation stubbornly adrift ...
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Italy prepared to pump 15 billion euros into ailing banks sources
By Giuseppe Fonte and Paola Arosio ROME MILAN Reuters Italy s government is ready to pump 15 billion euros into Monte dei Paschi di Siena MI BMPS and other ailing banks sources said as the country s third largest lender pushes ahead with a private rescue plan that is widely expected to fail The world s oldest ...
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US To Sue Citigroup Over Faulty Mortgage Bonds Sources
By The U S Department of Justice is preparing to sue Citigroup Inc NYSE C on charges that the bank defrauded investors on billions of dollars worth of mortgage securities in the run up to the financial crisis after talks to resolve the probe broke down people familiar with the matter said on Friday A lawsuit c...
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After BNP U S targets range of firms in crackdown on illicit money flows
By Aruna Viswanatha WASHINGTON Reuters BNP Paribas guilty plea and agreement to pay nearly 9 billion for violating U S sanctions is part of a larger U S Justice Department shift in strategy that is expected to snare more major banks and other firms across the financial food chain Two other major French banks...
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China s Three Dizzying Factors
It makes for quite the juxtaposition though perhaps not so jarring given that global banks are still enormous and disparate operations On the one hand Citigroup s CEO was eminently confident from within the confines of Davos and The market is adjusting to a series of headwinds that can be overcome Citigroup N...
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Invest With A Telescope Not A Microscope
It was another bloody week in the stock market S P 500 index dropped 3 1 and any half glass full data was interpreted as half empty The week was epitomized by a Citigroup N C report entitled World Economy Trapped in a Death Spiral A sluggish monthly jobs report on Friday which registered a less than anticip...
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European stocks climb led by oils techs
FTSEurofirst up 0 3 percent pares gains after German data Oils advance on strong crude Techs buoyed by Texas Instruments raised outlook For up to the minute market news click on By Brian Gorman LONDON June 9 Reuters European stocks were higher at midday on Tuesday led by energy companies as crud...
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GLOBAL MARKETS Oil tops 72 Asia resource stocks soar
Oil rises to highest since October as commodities climb Australia dollar climbs near 0 81 US Treasury yields tick lower after 10 yr jumps to 4 pct Asia ex Japan resource stocks outperform Corrects to show U S oil stocks drawdown was larger not smaller than expected By Kevin Plumberg HONG KONG June ...
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CORRECTED CORRECTED RPT GLOBAL MARKETS Oil tops 72 Asia resource stocks
Oil rises to highest since October as commodities climb Australia dollar climbs near 0 81 US Treasury yields tick lower after 10 yr jumps to 4 pct Asia ex Japan resource stocks outperform Corrects to show U S oil stocks drawdown was larger not smaller than expected By Kevin Plumberg HONG KONG June ...
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FTSE flat early on miners oils down pharmas up
Miners oils retreat after recent rally Pharmas higher boosted by broker upgrade Invensys lifted By Goldman upgrade By Jon Hopkins LONDON June 11 Reuters Britain s leading share index was flat in early trade on Thursday with weakness in heavyweight oils and miners balanced by gains in pharma issues sup...
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European shares flat trade thin ahead U S data
FTSEurofirst 300 index rises 0 3 percent Trading thin ahead U S data Health care top gainer Morgan Stanley upgrades Glaxo Recent outperformer Rio Tinto down Shanghai copper falls By Peter Starck FRANKFURT June 11 Reuters European shares traded slightly higher early on Thursday led by healthcare ...
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European stocks rise banks gain eyes U S data
FTSEurofirst 300 index up 0 6 percent Banks rise investors focus on U S data Health care stocks gain Morgan Stanley upgrades Glaxo By Farah Master LONDON June 11 Reuters European stocks were up at midday on Thursday with banks bolstered by investor optimism over prospects for economic recovery but...
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FTSE up 0 5 pct banks pharmas higher oils down
Banks rally HSBC upgraded by Credit Suisse Pharmas higher boosted by broker upgrade Miners oils retreat after recent rally By Jon Hopkins LONDON June 11 Reuters Britain s top share index was up 0 5 percent approaching midday on Thursday with gains in banks and pharma issues driven by broker upgrades...
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Philippines outsourcing firms hit by Trump and Trump East
By Neil Jerome Morales and Karen Lema MANILA Reuters When Philippines President Rodrigo Duterte the man dubbed Trump of the East told U S businesses to pack their bags if they didn t like his anti American rhetoric the huge and growing outsourcing industry got a little nervous It s now the real Donald Trump ...
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Italy awaits ECB verdict on Monte Paschi rescue delay
By Silvia Aloisi and Paola Arosio MILAN Reuters The European Central Bank s supervisory board meets again on Friday to discuss Monte dei Paschi di Siena s MI BMPS request for more time to raise capital with banking sources saying its members are split over the decision Should the ECB reject the extension the ...
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Exclusive ECB rejects Monte Paschi s request for more time to raise cash source
By Silvia Aloisi and Paola Arosio MILAN Reuters The European Central Bank has rejected a request by Italy s Monte dei Paschi di Siena MI BMPS for more time to raise capital a source said on Friday a decision that piles pressure on the Rome government to bail out the lender Italy s third largest bank and the w...
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Red means stop Banking app cuts customer spending
By David Henry NEW YORK Reuters Traffic lights don t just work for drivers some bank customers obey them on their smartphones too A transaction tracking app using red yellow and green messages to warn account holders when they are paying out more or less than usual has resulted in some users spending less a pot...
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Monte dei Paschi to press ahead with last ditch private capital increase
By Elisa Anzolin and Silvia Aloisi MILAN Reuters Italy s third biggest lender Monte dei Paschi di Siena said on Sunday it would press ahead with a last ditch plan to raise 5 billion euros on the market by year end after the European Central Bank refused to give it more time to recapitalize The decision by the ECB ...
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Citigroup Cuts Nearly 300 Jobs
By Citigroup Inc NYSE C cut between 200 jobs to 300 jobs in its stock and bond trades division in order to reduce costs news reports said Sunday According to a report by the Wall Street Journal Steve Prince the younger brother of Citi s former CEO Charles Prince who was fired in 2007 was among the nearly 300 p...
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Australian Dollar Hit By Consumer Confidence
The Australian dollar is trading lower today after disappointing local data raised the stakes of another interest rate cut by the RBA At 6 19pm GMT The Aussie dollar was trading at US68 67c down from US69 04c in yesterday s trade The Westpac consumer confidence index from Australia released earlier in the day came ...
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UPDATE 2 German May car sales up 40 pct on tax steroids
Germany sales up 40 percent vs 34 percent decline in U S Car scrappage incentive scheme seen boosting sales Analyst forecasts Germany slump to return in 2010 Recasts adds background detail FRANKFURT June 3 Reuters German auto sales rose 40 percent in May spurred by government scrappage incentives...
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Pharma oil help lift FTSE 0 4 ahead of BoE vote
FTSE gains on oil banks pharma Market eyes BoE policy review British house prices rose 2 6 percent in May Halifax By Catherine Bosley LONDON June 4 Reuters Britain s top share index was up 0 4 percent late Thursday morning helped by oil pharma and banking shares as investors eyed the outcome of ...
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UPDATE 3 J J upbeat on drugs business cites new medicines
To seek approval for HIV hepatitis C drugs by next year To seek U S approvals for 8 drugs between 2011 2013 Wall St counting on pharma to restore profit growth Shares down 0 6 percent Recasts adds details on drug timelines shares By Ransdell Pierson NEW BRUNSWICK N J June 4 Reuters Johnson ...