Financial News from Reuters

  • Wal-Mart replaces China CEO in Asia leadership shuffle Reuters - 53 minutes ago
    Wal-Mart replaces China CEO in Asia leadership shuffle

    U.S. retailer Wal-Mart Stores Inc has appointed a new chief executive for the China region, where the world's largest retailer is battling stiff competition from local rivals. Sean Clarke, a Wal-Mart veteran ...

  • Apple's sales boom in communist Vietnam Reuters - 1 hour 9 minutes ago

    - Communist Vietnam is suddenly Apple Inc's (AAPL) hottest market after sales there tripled in its fiscal first half, a growth rate five times faster than in India where it is spending heavily in a battle for market share. Vietnam has barely received a mention from Apple executives in their regular briefings for financial analysts. Quarterly iPhone sales more than doubled and the strong growth appears likely to continue given Vietnam's predominantly young, tech-savvy population, rapid growth in internet and mobile phone use and a projected doubling of the middle class by 2020.

  • Asian shares, dollar struggle on Ukraine anxiety Reuters - 1 hour 12 minutes ago
    Asian shares, dollar struggle on Ukraine anxiety

    Asian stocks struggled on Friday, as fears of an escalating Ukraine crisis eclipsed upbeat U.S. economic data and robust U.S. tech shares. U.S. Secretary of State John Kerry said on Thursday that time was running out for Moscow to change its course in Ukraine. MSCI's broadest index of Asia-Pacific shares outside Japan erased early modest gains and fell 0.3 percent. Japan's Nikkei stock average took an opposite track and added 0.5 percent in choppy trade, after opening solidly lower amid disappointment over a failed attempt to reach a U.S.-Japan trade pact.

  • GLOBAL MARKETS-Asian shares, dollar struggle on Ukraine anxiety Reuters - 1 hour 22 minutes ago

    * Nikkei shrugs off initial disappointment on lack of U.S.-Japan trade deal TOKYO, April 25 (Reuters) - Asian stocks struggled on Friday, as fears of an escalating Ukraine crisis eclipsed upbeat U.S. economic data and robust U.S. tech shares. U.S. Secretary of State John Kerry said on Thursday that time was running out for Moscow to change its course in Ukraine. Japan's Nikkei stock average took an opposite track and added 0.5 percent in choppy trade, after opening solidly lower amid disappointment over a failed attempt to reach a U.S.-Japan trade pact.

  • KKR, Nasdaq plan market for trading stakes in buyout funds: WSJ Reuters - 1 hour 27 minutes ago
    KKR, Nasdaq plan market for trading stakes in buyout funds: WSJ

    Private equity firms usually buy companies by raising debt from major hedge funds and wealthy individuals. KKR is likely to file for regulatory approval allowing trading of fractional stakes of its funds as soon as this month, according to one of the sources quoted in the report. The report added that other private equity firms are also in talks to sign up for the Nasdaq market and could join before it officially opens. Kristi Huller, a KKR spokeswoman, and Nasdaq spokesman Joseph Christinat declined to comment on the report.

  • Exclusive: Apple, Google to pay $324 million to settle conspiracy lawsuit Reuters - 1 hour 43 minutes ago
    Exclusive: Apple, Google to pay $324 million to settle conspiracy lawsuit

    Four major tech companies including Apple and Google have agreed to pay a total of $324 million to settle a lawsuit accusing them of conspiring to hold down salaries in Silicon Valley, sources familiar with the deal said, just weeks before a high profile trial had been scheduled to begin. Tech workers filed a class action lawsuit against Apple Inc, Google Inc, Intel Inc and Adobe Systems Inc in 2011, alleging they conspired to refrain from soliciting one another's employees in order to avert a salary war. The case has been closely watched due to the potentially high damages award and the opportunity to peek into the world of Silicon Valley's elite. The case was based largely on emails in which Apple's late co-founder Steve Jobs, former Google CEO Eric Schmidt and some of their Silicon Valley rivals hatched plans to avoid poaching each other's prized engineers.

  • Update- Moody's assigns a rating to one class of notes issued by BNPP IP CLO 2014-1, Ltd. Reuters - 1 hour 48 minutes ago

    BNPP IP CLO 2014-1 Ltd For the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_297276&WT.mc_id=NLTITLE_YYYYMMDD_PR_297276

  • Foxconn to decide fate of Indonesia project in Oct-source Reuters - 2 hours 22 minutes ago

    Foxconn Technology Group will decide in October whether to proceed with a planned $1 billion manufacturing project in Indonesia after a new government takes office, a company source said on Thursday. Foxconn, a major supplier to Apple Inc, wants to expand beyond China, where its massive production base has come under fire from international labour groups after a series of suicides and accidents since 2010. It said in February it would submit a concrete proposal to Indonesia's government about the project within three months, but the company source said discussions with the Indonesian authorities had run into difficulties after inconclusive parliamentary elections in April. Indonesia is due to hold presidential elections in July and the new government will not take office until October.

  • Carlos Slim's conglomerate Carso reports higher Q1 profit Reuters - 2 hours 26 minutes ago

    Billionaire Carlos Slim's conglomerate Grupo Carso on Thursday reported a higher first-quarter profit as lower sales and financing costs offset a dip in revenue. The conglomerate's businesses, which include ...

  • New Microsoft CEO Nadella impresses Wall Street, stresses challenges Reuters - 2 hours 29 minutes ago

    Microsoft Corp's (MSFT) new chief executive on Thursday won rave reviews for his first public encounter with Wall Street analysts who said he communicated willingness to transform the world's largest software company as it scrambles to catch up in the mobile-computing era. Marking the first time in five years that a Microsoft chief executive joined a quarterly earnings conference call, veteran insider Satya Nadella, who took over the helm on February 4, said his first weeks in the new job were taken up with getting to know the company afresh. He said he is also dealing with the reality of the new tech marketplace in which Microsoft has ceded its market dominance to Apple Inc (AAPL) and Google Inc (GOOG.O). "What you can expect of Microsoft is courage in the face of reality;

  • Exclusive: JetBlue flight attendants seek to hold unionization vote Reuters - 2 hours 33 minutes ago
    Exclusive: JetBlue flight attendants seek to hold unionization vote

    Flight attendants at JetBlue Airways are pushing for a vote on whether to unionize, marking a second organizing effort at the formerly non-union airline after pilots authorized joining a union on Tuesday. The flight attendants are working with the Transport Workers Union of America (TWU) to sign authorization cards that would let them hold an election under national labor rules, the TWU told Reuters. "We're getting them in very quickly," Thom McDaniel, a TWU International vice president, said of the cards.

  • PRESS DIGEST- Financial Times - April 25 Reuters - 2 hours 51 minutes ago

    The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines BARCLAYS CHAIRMAN SIR DAVID WALKER DEFENDS BONUS RISE AstraZeneca ...

  • Netflix makes deals to appear on first U.S. cable boxes Reuters - 2 hours 59 minutes ago

    LOS ANGELES/NEW YORK, April 24 (Reuters) - Netflix Inc's streaming video subscription service will be integrated into TiVo Inc set-top boxes for customers of three of the smaller U.S. cable operators, the companies said on Thursday. The deals with Atlantic Broadband, Grande Communications and RCN Telecom Services are the first in the United States to bring Netflix as an app to cable set-top boxes. The arrangements make it easier for consumers to access Netflix movies and TV shows on their television sets because they don't have to switch to another device like an Apple TV or Roku box.

  • GLOBAL MARKETS-Asian shares struggle, dollar slips as Ukraine tensions rise Reuters - 3 hours ago

    * Escalating Ukraine tension saps investors' appetite for risk TOKYO, April 25 (Reuters) - Asian stocks struggled to rise on Friday, as the impact of upbeat U.S. economic data and robust U.S. tech shares faced off against fears of an escalating Ukraine crisis that bolstered the safe-haven yen. U.S. Secretary of State John Kerry said on Thursday that time was running out for Moscow to change its course in Ukraine. The two countries made progress in trade talks at a bilateral summit in Tokyo but did not reach the trade deal that they were hoping to seal, Economy Minister Akira Amari said on Friday.

  • Oregon's broken healthcare exchange may move to federal network Reuters - 3 hours ago

    Top officials for Oregon's troubled health insurance network, dogged by technical glitches that have kept a single subscriber from enrolling online, recommended on Thursday dumping the state website in favor of a federally run healthcare exchange. Oregon, a state that fully embraced the Affordable Care Act, has endured one of the rockiest rollouts of President Barack Obama's signature healthcare law, requiring tens of thousands of applicants to apply on paper since launching on Oct. 1. Managers of the state exchange, called Cover Oregon, have determined it would cost about $78 million to fix and continue under the beleaguered system, well above the projected cost of switching over to the federal exchange, spokesman Alex Pettit said. Under the latest proposal, the private insurance plans now offered through Cover Oregon would be moved to the federal website, while individuals seeking coverage under an expansion of Medicaid, a state-federal healthcare plan for the needy, would apply through the Oregon Health Authority, spokeswoman Ariane Holm said.

  • Ukraine forces kill up to five rebels; Russia starts drill near border Reuters - 3 hours ago

    * Putin warns of consequences after "punitive operation" * Kerry says Moscow's window to change course "is closing" SLAVIANSK, Ukraine/ST PETERSBURG, Russia, April 24 (Reuters) - U krainian forces killed up to five pro-Moscow rebels on Thursday as they closed in on the separatists' military stronghold in the east, and Russia launched army drills near the border in response, raising fears its troops would invade. The Ukrainian offensive amounts to the first time Kiev's troops have used lethal force to recapture territory from the fighters, who have seized swaths of eastern Ukraine since April 6 and proclaimed an independent "People's Republic of Donetsk."

  • Brazil central bank indicates it will no longer roll over May FX swaps Reuters - 3 hours ago

    Brazil's central bank did not announce so far on Thursday an expected auction to roll over currency swaps that expire early next month, indicating it will stop renewing those contracts. A central bank spokesman did not confirm whether a roll-over auction would take place on Friday and declined to make further comments. The central bank has already rolled over 74 percent of the $8.7 billion worth of swaps that expire in the beginning of May. Last month, it renewed 75 percent of the swaps that expired in the beginning of April.

  • PRESS DIGEST- British Business - April 25 Reuters - 3 hours ago

    The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Telegraph BARCLAYS IN ROW WITH TOP INVESTOR ...

  • Tokyo core CPI rises to 22-yr high after Japan's April tax hike Reuters - 3 hours ago

    Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 2.7 percent in April from a year earlier to mark the biggest gain in more than two decades, offering the first glimpse on how Japan's sales tax hike is pushing up prices across the board. Nationwide core consumer inflation also matched a five-year high of 1.3 percent in March from a year ago, government data showed on Friday, and is expected to track the Tokyo index's spike next month. Stripping off the impact of the April 1 tax hike, Tokyo core consumer inflation -- available a month earlier than nationwide figures -- rose 1.0 percent year-on-year in April, indicating that Japan is still some way off the central bank's 2 percent price target. "Considering that the sales tax hike boosted prices by 1.7 percentage points, the Tokyo core CPI is steady with the March data and this shows that companies are not fully reflecting the tax hike in prices," said Junko Nishioka, chief economist at RBS Securities in Tokyo.

  • FOREX-Dollar under pressure on rising Ukraine tension Reuters - 3 hours ago

    * Dollar near 1-week low vs yen on rising Ukraine tensions * Euro recovers from low hit on comments by ECB's Draghi TOKYO, April 25 (Reuters) - The dollar came under pressure against the yen on Friday as rising tension in Ukraine undermined optimism about U.S. economic growth following strong U.S. durable goods data. Russia launched army drills near the border in response, raising fears its troops would invade, while U.S. Secretary of State John Kerry said Washington is drawing closer to imposing more sanctions on Russia.

  • Brazil court rules in Vale's favor on foreign taxation Reuters - 3 hours ago

    * Vale had agreed to pay $10 bln in double-taxation dispute * Government says ruling will not change November tax settlement (Adds additional court and finance ministry comment and Vale decision not to comment) RIO DE JANEIRO, April 24 (Reuters) - A Brazilian appeals court on Thursday gave mining company Vale SA a partial victory in its 22.3 billion real ($10 billion) dispute with Brazil's government over the taxation of its foreign units. Brazil's Superior Justice Tribunal, the last court of appeal before the Supreme Court, ruled three to one that Brazilian treaties with Belgium, Luxembourg and Denmark prevent Brazil from taxing the profits of Vale units in those countries, the court's press office said.

  • BOFA names Geoffrey Greener new chief risk officer Reuters - 3 hours ago

    Bank of America Corp named Geoffrey Greener its new chief risk officer following Terry Laughlin's movement to a new role. Greener, an enterprise capital management executive, will now be part of the senior ...

  • Tokyo core CPI rises to 22-yr high after April tax hike Reuters - 3 hours ago

    Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 2.7 percent in April from a year earlier, the fastest gain since 1992 as an increase in Japan's sales tax drove up prices across the board. The increase in the core consumer price index, which excludes volatile fresh food prices but include oil products, was slightly less than economists' median forecast for a 2.8 percent rise and followed a 1.0 percent gain in March. Consumer price data for the Tokyo area is released one month ahead of nationwide data. The Bank of Japan estimates that the sales tax hike - to 8 percent from 5 percent effective April 1 - will add 1.7 percentage points to Japan's consumer inflation in April.

  • Newmont 1st-quarter earnings fall but costs down, output up Reuters - 3 hours ago

    Newmont Mining Corp, which sources have said is in talks with Barrick Gold Corp on a merger, reported a steep drop in first-quarter earnings on Thursday as a result of lower gold and copper prices. Newmont, the world's second-biggest gold producer after Barrick, managed to lower its gold production costs and slightly lift its gold output in the quarter, including a 40 percent increase in production at its Tanami mine in Australia.

  • Insight: Push for tax-avoidance curbs in G-20 threatens Publicis-Omnicom deal Reuters - 3 hours ago
    Insight: Push for tax-avoidance curbs in G-20 threatens Publicis-Omnicom deal

    International pressure to curb corporate tax avoidance is behind delays to a $35 billion merger of French advertising group Publicis and U.S. rival Omnicom, and could even scupper the deal, tax advisers and sources close to the deal said. Last July, Paris-based Publicis and New York-headquartered Omnicom announced plans to create the world's biggest advertising group. The new company would be registered in the Netherlands and tax resident in the UK. However, on Wednesday Omnicom Chief Executive John Wren said the Dutch and British tax authorities had, "unexpectedly" so far failed to approve the arrangements, which Omnicom said last year would save $80 million a year in taxes.

  • Microsoft beats Wall Street on new CEO debut Reuters - 3 hours ago
    Microsoft beats Wall Street on new CEO debut

    Microsoft Corp's (MSFT) new chief executive got off to a winning start with Wall Street on Thursday as the world's largest software company eased past analysts' profit estimates despite the pressure of falling computer sales. Microsoft shares are up about 8 percent since company veteran Satya Nadella took over as CEO in early February, and are up 19 percent since his predecessor Steve Ballmer announced plans to retire last August, easily outpacing the Standard & Poor's 500 (.SPX). Investors are excited about Nadella's focus on mobile and cloud, or Internet-based, computing, designed to take Microsoft beyond its traditional PC-based Windows business. "This quarter is a nice step in the right direction for Nadella and Microsoft," said Daniel Ives, an analyst at FBR Capital Markets.

  • Push for tax-avoidance curbs in G-20 threatens Publicis-Omnicom deal Reuters - 3 hours ago

    International pressure to curb corporate tax avoidance is behind delays to a $35 billion merger of French advertising group Publicis and U.S. rival Omnicom, and could even scupper the deal, tax advisers and sources close to the deal said. Last July, Paris-based Publicis and New York-headquartered Omnicom announced plans to create the world's biggest advertising group. The new company would be registered in the Netherlands and tax resident in the UK. However, on Wednesday Omnicom Chief Executive John Wren said the Dutch and British tax authorities had, "unexpectedly" so far failed to approve the arrangements, which Omnicom said last year would save $80 million a year in taxes.

  • Chipmaker Synaptics rides popularity of fingerprint ID phones Reuters - 4 hours ago

    Synaptics' chips for fingerprint ID and touchscreens are used in Samsung Electronics Co Ltd's Galaxy S5, and strong sales of the smartphone will help Synaptics post its strongest annual revenue growth since 2007. Synaptics could boast of a market share of as much as 80 percent in fingerprint recognition technology for the next few quarters as the S5 will be the dominant smartphone being shipped with the technology, Feltl & Co analyst Jeffrey Schreiner said.

  • Visa says revenue growth to slow, Russia sanctions hurting volumes Reuters - 4 hours ago
    Visa says revenue growth to slow, Russia sanctions hurting volumes

    Visa's quarterly revenue growth slid to a single digit in percentage terms for the first time in more than four years, due to a strong U.S. dollar. The company and rival MasterCard Inc (MA) stopped providing services to two Russian banks after U.S. President Barack Obama imposed sanctions on Russia in March after a standoff over Ukraine. "We are caught between the politics of the United States and the politics of Russia," Chief Financial Officer Byron Pollitt said on a post-earnings conference call on Thursday. Uncertainty over the companies' operations in Russia lingers as Russian President Vladimir Putin has said the country would develop its own credit card system to reduce dependence on western companies.

  • U.S./Canada daily earnings hits & misses April 24 - 1800 ET Reuters - 4 hours ago

    The following U.S.- and Canada-listed companies reported earnings on Thursday. This list shows whether they beat, met or missed Wall Street analysts' forecasts. It also shows the difference between analysts' ...

  • Amazon's revenue increases even as spending rises Reuters - 4 hours ago
    Amazon's revenue increases even as spending rises

    Amazon.com Inc's revenue grew more than expected for the first quarter, largely offset by a sharp increase in spending on technology, content and new warehouses as the e-commerce company branches into new businesses. Amazon's international unit, which accounts for 40 percent of sales, continued to be a drag as sales growth slowed to 18 percent during the quarter. Global unit sales, a closely watched measure of how many items Amazon has sold, also decelerated, rising only 23 percent. "A lot of the things that we've done - making sure that we have the right pricing in place on behalf of the customers, making sure that our service levels are where we need them to be - those are the things we continue to work on in China," Chief Financial Officer Tom Szkutak said during a conference call.

  • Starbucks cafe sales heat up slightly in latest quarter Reuters - 4 hours ago

    Starbucks Corp on Thursday reported that quarterly sales at established stores in its U.S.-dominated Americas region accelerated slightly as it attracted more customers, who spent more during each visit. The results from the world's biggest coffee chain came after McDonald's Corp, Dunkin' Donuts parent Dunkin' Brands and other major U.S. restaurant operators said last quarter's severe winter storms chilled results. Starbucks executives said the inclement weather also hit its business, but did not quantify the impact. Global sales at Starbucks cafes open at least 13 months were up 6 percent for the second quarter, versus analysts' average estimate of a 5.4 percent gain, according to Consensus Metrix.

  • UPS profit falls as brutal winter raises costs Reuters - 4 hours ago

    * Sees 2014 earnings per share at lower end of $5.05-$5.30 (Adds charge related to labor contract, closing share price) April 24 (Reuters) - United Parcel Service Inc, the world's biggest courier company, reported a 12 percent fall in quarterly profit due to increased overtime and transport costs related to a colder-than-usual winter in the United States. UPS also said it expected to record a pre-tax charge of about $1.05 billion in the current quarter as a result of changes to health and welfare plans for employees under a newly ratified labor contract. UPS joins a growing list of companies, including closest rival FedEx Corp, that have blamed the harsh winter for weak results and a subdued outlook for 2014.

  • Netflix sees competition down, fees up if Comcast, TWC combine Reuters - 4 hours ago

    Netflix Inc, which opposes the proposed Comcast deal to buy rival Time Warner Cable Inc, outlined on Thursday the ways it thinks competition will be hurt if the merger goes ahead, most notably in the extraction of "arbitrary tolls." The popular video streaming service responded in a letter to Senator Al Franken, a vocal critic of the deal, saying a combined Comcast Corp and TWC, would mean video providers would pay more to get their movies and television shows into viewers' living rooms. "Comcast is limiting the capacity of connections between its network and other networks, unless the network agrees to pay Comcast for access," Netflix Vice President Christopher Libertelli wrote in the letter to Franken, a Minnesota Democrat.