Financial News from Reuters

  • Seibu shares rise in Tokyo relisting after IPO price cut Reuters - 3 minutes 39 seconds ago

    * Shares rise 11 pct after opening at IPO price of 1,600 yen * Seibu delisted a decade ago after scandal * Cerberus stake may weigh on share price -analyst * Seibu CEO says relationship with Cerberus good (Recasts with stock closing, adds CEO comment, context)

  • Ukraine 5-yr CDS rise 40 bps; Kiev launches military offensive Reuters - 22 minutes ago

    Ukrainian debt insurance costs raced to one-month highs on Wednesday after Kiev said it had formally ended an Easter truce and relaunched an offensive against pro-Russia separatists in the east of the ...

  • Greek budget deficit falls to 2.1 pct of GDP in 2013 Reuters - 22 minutes ago

    Greece reduced its budget deficit, excluding a one-off expenditure to recapitalise its banks, to 2.1 percent of gross domestic product last year from 6.2 percent in 2012, the European Union's statistics office said on Wednesday. Including all spending, the Greek deficit rose to 12.7 percent of GDP last year from 8.9 percent in 2012, Eurostat said. Eurostat does not publish or even calculate the primary balance of the Greek budget, a number that will be published by the European Commission later on Wednesday.

  • Dead teen's mother claims negligence in deadly California crash: report Reuters - 22 minutes ago

    The mother of a 17-year-old student who was among 10 people killed in a highway crash in northern California earlier this month has sued FedEx Corp for negligence, California-based City News Service reported. More than 30 others were injured when a FedEx tractor-trailer crossed a highway median and slammed into a bus on Interstate 5 about 90 miles (145 km) north of Sacramento. FedEx and the family's attorney did not immediately respond to requests for comment. "We remain focused on providing support to those affected and cooperating with the authorities as they conduct their investigation," FedEx said in a statement, according to CNS.

  • UK markets watchdog appoints two senior advisers Reuters - 36 minutes ago

    Britain's Financial Conduct Authority (FCA) said on Wednesday it has hired David Saunders and Gunner Burkhart to advise it on competition and investment banking issues. Saunders is a past chief executive of Britain's Competition Commission, the anti-trust watchdog that was replaced this month by the new Competition and Markets Authority. The FCA has said it wants to use its own competition powers to help correct poor conduct and lack of choice in financial services. Saunders will work in the FCA's competition department and the new Payment Services Regulator.

  • Spain to lower 2014 net debt issues - Economy Minister Reuters - 38 minutes ago

    The Spanish Treasury will announce in the coming days a reduction in its net debt issues for 2014, which it had previously estimated at 65 billion euros , Economy Minister Luis de Guindos said at an event ...

  • Fitch Rates Kasikornbank's Senior Notes Final 'BBB+' Reuters - 39 minutes ago

    Fitch Ratings has assigned Kasikornbank Public Company Limited's USD350m senior unsecured notes due October 2019 a final rating of 'BBB+'. The notes are issued under KBank's USD2.5bn euro medium term note ...

  • Steady PMIs, sluggish China puts brakes on European shares Reuters - 43 minutes ago
    Steady PMIs, sluggish China puts brakes on European shares

    European shares edged down on Wednesday after three days of gains as data showing China's economy was still stuttering offset some broadly reassuring European purchasing manager index (PMI) numbers. Data compiler Markit's monthly PMI figures, seen as good indicators of future growth, showed that while France's economy was still a drag, Germany was continuing to power the euro zone's recovery. In Asia, China's stock markets had fallen again and the yuan tumbled to 16-month low after a survey showed manufacturing activity in the world's second-biggest economy was still slowing in April.

  • GLOBAL MARKETS-Steady PMIs, sluggish China puts brakes on European shares Reuters - 45 minutes ago

    * China PMI shows economy still stuttering LONDON, April 23 (Reuters) - European shares edged down on Wednesday after three days of gains as data showing China's economy was still stuttering offset some broadly reassuring European purchasing manager index (PMI) numbers.

  • Germany's private sector expands faster in April: PMI Reuters - 47 minutes ago
    Germany's private sector expands faster in April: PMI

    Germany's private sector expanded faster in April, recovering from a slight slowdown in growth in March, as both manufacturing and services industry activity rose more than expected, surveys showed on Wednesday. Markit's preliminary composite Purchasing Managers' Index (PMI), which tracks activity in the manufacturing and services sectors and covers more than two-thirds of the euro zone's largest economy, rose to 56.3 in April from March's final 54.3. "This is a nice bounce back with good broadbased growth in the services and manufacturing sector... It is looking like it will be a good year for Germany," Markit economist Chris Williamson said. Germany's economy expanded just 0.4 percent in 2013, but growth is seen picking up this year, driven by domestic demand.

  • Spirent revenue rises 16 pct thanks to China 4G roll-out Reuters - 50 minutes ago

    British telecoms testing company Spirent Communications Plc reported a 16 percent rise in quarterly revenue as orders rose on the back of a multi-billion-dollar roll-out of 4G networks in China. Shares in Spirent, which tests ethernet networks and 3G and 4G wireless networks and devices for companies such as Cisco Systems Inc and Nokia, rose as much as 7.9 percent making it the top percentage gainer on the FTSE-250 Midcap Index . China has become one of the most important markets for Spirent's testing equipment as the world's second largest economy issued 4G licences at the end of last year to its three telecom carriers. Huawei Technology Co and China Mobile are among Spirent's clients in China, where spending on 4G LTE networks is estimated by the Chinese government to reach $16 billion this year.

  • Ukraine, Russia, EU may meet to talk gas - Ukraine minister Reuters - 53 minutes ago

    Russia, Ukraine, Slovakia and the European Commission may meet on Thursday in Bratislava to negotiate a possible solution for Ukraine's gas crisis, Ukraine's Energy Minister Yuri Prodan said on Wednesday. ...

  • Zodiac says has capacity for 1 bln euro acquisition Reuters - 1 hour 2 minutes ago

    France's Zodiac Aerospace is permanently examining around 10 potential acquisition targets and has enough financial firepower for a deal worth around 1 billion euros , its chief executive said on Wednesday. ...

  • French blue-chips lead European shares lower after euro zone PMIs Reuters - 1 hour 8 minutes ago

    French blue-chip shares underperformed their German counterparts on Wednesday after survey data showed that the recovery in France is still weaker than the euro zone's biggest economy. France's CAC 40 ...

  • Barrick-Newmont tie-up could create new top flight Australia gold producer Reuters - 1 hour 9 minutes ago

    * Newcrest could face top-tier local rival if Barrick, Newmont unite * Speculation merged company will spin off Asia-Pacific assets * Newcrest March qtr gold output drops 11 pct vs previous qtr SYDNEY, April 23 (Reuters) - Australia could spawn a new mega gold producer if Barrick Gold Corp and Newmont Mining Corp spin off their Asia-Pacific assets, heating up competition with the country's underperforming market leader Newcrest Mining Ltd.

  • FOREX -Aussie sinks after low inflation, German PMI helps euro Reuters - 1 hour 14 minutes ago

    * Aussie falls on lower-than-expected CPI data The Aussie has been gaining steadily against the other major currencies since a turn in the rhetoric of its central bank in late January that coincided with improvement in the domestic economy and the climax of a rout in emerging markets. That, however, leaves the currency way above levels in the low to mid-80s against the dollar previously talked about by officials. The suspicion is a slackening of price pressures may at least give currency bulls some pause for thought.

  • Euro zone private sector on strong footing but still slashing prices: PMIs Reuters - 1 hour 14 minutes ago
    Euro zone private sector on strong footing but still slashing prices: PMIs

    We are looking at 0.5 percent quarter-on-quarter GDP growth if we continue to see this level," said Chris Williamson, chief economist at Markit. Inflation fell to just 0.5 percent in March, its sixth straight month in what European Central Bank President Mario Draghi has called a "danger zone" below 1 percent and keeping pressure on the ECB to intervene. However, Markit's flash Composite Purchasing Managers' Index, which is widely regarded as a good gauge of growth, suggested the economic support, at least, may not be necessary.

  • Safran keeps goals on jet demand despite firm euro Reuters - 1 hour 17 minutes ago

    * French group still interested in Avio Spazio (Adds details from conference call) PARIS, April 23 (Reuters) - France's Safran posted a 3.3 percent rise in first-quarter revenue and confirmed its outlook for 2014 despite industry concerns over the strength of the euro, but its shares dropped amid worries over the key services market. Safran is a major supplier to planemakers Airbus and Boeing, which are both producing record numbers of aircraft to keep up with expansion in emerging markets. However, propulsion sales were hit by a dip in helicopter revenue due to bad weather in North America and production delays that Safran said would be resolved this year.

  • Pure Storage raises $225 mln, CEO says IPO not imminent -Re/code Reuters - 1 hour 17 minutes ago

    Flash storage company Pure Storage Inc raised $225 million in a late-stage funding round, valuing the company at about $3 billion, technology news site Re/code reported. The latest funding round is being ...

  • Pork giant WH Group slashes Hong Kong IPO, seeks up to $1.9 bln Reuters - 1 hour 31 minutes ago

    * WH Group seeks up to $1.9 billion in revised IPO * Executive share awards raised corporate governance concerns (Recasts with official announcement, changes date in dateline) HONG KONG, April 23 (Reuters) - WH Group Ltd, the world's biggest pork company, has cut its Hong Kong IPO by two thirds as market volatility and rich valuations turned investors off the deal, a revised term sheet seen by Reuters showed on Wednesday. Shareholders in WH Group who had hoped to partly cash out of their investments, such as China private equity firm CDH Group, Singapore sovereign wealth fund Temasek Holdings and Goldman Sachs Group, will now no longer do so under the revised plan.

  • Portugal yields hit 8-year lows as Wednesday's auction whets appetite Reuters - 1 hour 34 minutes ago

    * Portugal to resume bond auctions after 3-year hiatus LONDON, April 23 (Reuters) - Portugal's government bond yields hit eight-year lows before an auction on Wednesday of 10-year debt, on optimism around the country's full return to debt markets after three years. Investor focus was also on preliminary euro zone manufacturing data, with the French survey showing the private sector expanded at a much slower rate in April, underlining the fragility of the recovery in the euro zone's No. 2 economy and keeping alive speculation that the European Central Bank will take further stimulus measures, including asset purchases.

  • Seibu CEO says built up trust with Cerberus Reuters - 1 hour 38 minutes ago

    Seibu Holdings CEO Takashi Goto said the company has established a "trusting relationship" with its biggest stakeholder Cerberus, putting behind them a feud including an attempt by the U.S. fund ...

  • Huawei says reports of NSA spying won't impact growth Reuters - 1 hour 45 minutes ago
    Huawei says reports of NSA spying won't impact growth

    China's Huawei Technologies Co Ltd, the world's No.2 telecoms equipment maker, on Wednesday shrugged off analysts' concerns that its growth will suffer from media reports alleging the United States accessed servers at its Shenzhen headquarters. The New York Times and Der Spiegel last month cited documents leaked by former U.S. security contractor Edward Snowden as saying the National Security Agency (NSA) obtained sensitive data and monitored Huawei executives' communications. Analysts at a conference in Shenzhen raised concerns about Huawei's business suffering from similar worries over the security of its products, following the New York Times and Der Spiegel reports. "On the NSA ... it does not have a big impact on business growth," Eric Xu, Huawei's executive vice president and one of its rotating CEOs, told an analyst conference on Wednesday in Shenzhen.

  • E-trading pulls gold into forex units as commodity desks shrink Reuters - 1 hour 51 minutes ago

    The increasing use of technology on financial trading floors is driving a trend for banks to roll precious metals operations into their forex businesses as a separate unit from other commodities activities. Barclays on Tuesday followed similar moves by rivals Deutsche Bank, UBS, JPMorgan Chase & Co and Morgan Stanley by announcing that it would keep its gold trading business while hiving off most of its global commodities operations. The consolidation of interbank gold dealing and foreign exchange trading on electronic platforms is making it increasingly easy for forex traders to execute precious metals deals, allowing banks to ease cost pressures by moving the asset classes into a single business unit. "If you were to look at the size of the banks' trading teams in foreign exchange (compared with) ten years ago, they are a shadow of their former selves," one former banker said.

  • Russia's Yamal LNG chooses gas carriers - report Reuters - 1 hour 52 minutes ago

    The Yamal LNG project in Russia's Arctic has chosen Russian Sovkomflot, Japan's Mitsui OSK and Canada's Teekay LNG to build gas carriers worth $5 billion, a daily newspaper reported on Wednesday. Vedomosti, ...

  • South Korea's LG Household considers bid for Elizabeth Arden Reuters - 2 hours 3 minutes ago

    * LG Household shares rise 3 percent on news of potential bid * Elizabeth Arden has a market value of $845 million * LG Household would gain globally recognized luxury products (Recasts, adds details on the companies and analyst comment) SEOUL, April 23 (Reuters) - South Korea's LG Household & Healthcare Ltd said it is considering a bid for U.S. cosmetics firm Elizabeth Arden Inc, an acquisition that would give it globally recognized luxury brands and would be its most ambitious to date.

  • Reed Elsevier sees another year of earnings growth Reuters - 2 hours 7 minutes ago

    Anglo-Dutch business information provider Reed Elsevier reiterated its forecasts for another year of underlying revenue and earnings growth after trading broadly in line during the first quarter. Reed Elsevier, which competes with Thomson Reuters, said on Wednesday its first quarter underlying revenue growth rates across the business had remained consistent with its performance in 2013. "We remain confident that, by continuing to execute on our strategy, we will deliver another year of underlying revenue, profit, and earnings growth." Reed Elsevier is in the process of moving more of its content to digital platforms, where data can be more easily organised, searched and analysed.

  • Ericsson leads Europe shares lower with focus on PMIs Reuters - 2 hours 9 minutes ago

    European shares edged lower on Wednesday after strong gains in the previous session, pegged back following an earnings miss from Ericsson and weaker-than-expected French data. Shares in the Swedish mobile ...

  • Paying for giant Nile dam itself, Ethiopia thwarts Egypt but takes risks Reuters - 2 hours 22 minutes ago

    * Ethiopia rebuffed downstream Egypt's offer of funds ADDIS ABABA, April 23 (Reuters) - Ethiopia's bold decision to pay for a huge dam itself has overturned generations of Egyptian control over the Nile's waters, and may help transform one of the world's poorest countries into a regional hydropower hub. By spurning an offer from Cairo for help financing the project, Addis Ababa has ensured it controls the construction of the Renaissance Dam on a Nile tributary. But the decision to fund the huge project itself also carries the risk of stifling private sector investment and restricting economic growth, and may jeopardise Ethiopia's dream of becoming a middle income country by 2025.

  • South African platinum talks resume as miners prepare for mass meeting Reuters - 2 hours 25 minutes ago

    * Platinum price remains depressed despite strike * Miners get ready for mass meeting - AMCU official JOHANNESBURG, April 23 (Reuters) - Talks aimed at ending a crippling three-month strike in South Africa's platinum sector resume on Wednesday after the world's top producers and union AMCU spent Tuesday haggling over an offer tabled last week by the companies. The strike is already the longest and most costly for South Africa's mines in living memory but in recent days there has been a renewed drive to break the deadlock after several weeks with no formal direct talks between the two sides.

  • Spirent revenue rises on China 4G orders Reuters - 2 hours 47 minutes ago

    British telecoms testing company Spirent Communications Plc reported a rise in quarterly revenue and operating profit as the roll-out of 4G networks in China pushed up orders. Revenue rose 16 percent to ...

  • Amec says trading in line, warns on currency Reuters - 2 hours 52 minutes ago

    British engineering firm Amec said on Wednesday it was on track to meet expectations, although the strengthening of the pound against North American currencies would hit earnings. The company, which provides services and equipment for the oil and gas, mining, nuclear and renewable energy sectors, added that the acquisition of Swiss-based rival Foster Wheeler would be completed by the third quarter. Amec announced it had agreed to buy Foster Wheeler earlier this year in a move to expand into growing markets such as Latin America and the Middle East, as well as enter the U.S. midstream industry, which has become increasingly lucrative due to the shale boom.

  • GLOBAL MARKETS-China shares down, Aussie drops after inflation data Reuters - 3 hours ago

    * China PMI meets consensus forecasts, Hk shares fall * Risk sentiment bolstered by gains in US, Europe SINGAPORE, April 23 (Reuters) - China's stock markets fell again on Wednesday after a survey showed manufacturing activity in the world's second-biggest economy was still contracting in April, while the Australian dollar tumbled to a two-week low after data showed surprisingly low inflation. The sobering economic news on China came after stocks in Europe and Wall Street enjoyed merger-driven gains on Tuesday.

  • Nikkei gains on Wall St rally, investors cautious ahead of earnings Reuters - 3 hours ago

    Japanese stocks rose on Wednesday, spurred by Wall Street gains on solid earnings and merger activity, but buying was tempered ahead of the looming local reporting season. The Nikkei rose 1.1 percent to ...

  • Safran CEO sees strong civil market, declines comment on mandate Reuters - 3 hours ago

    Safran expects "very solid" orders for engines and other equipment in 2014 amid robust activity in the commercial aircraft market, its chief executive said on Wednesday. Jean-Paul Herteman also said the French group was continuing to work on a possible purchase of Italy's Avio Spazio, but had no further plans for acquisitions in the United States beyond completion of the $270 million purchase of a division from Eaton Corp, expected in the first half. British private equity fund Cinven wants to sell its 81 percent stake in Italian space propulsion company Avio and has said several buyers, including Safran, have expressed interest. There has been speculation about whether Herteman would seek to remain chief executive of partially state-owned French aerospace group Safran when his mandate expires in May 2015.