Financial News from Reuters

  • French finance minister rules out Google tax deal, more firms could be targeted Reuters - 45 minutes ago
    French finance minister rules out Google tax deal, more firms could be targeted

    France will "go all the way" to ensure that multinationals operating on its soil pay their taxes and more cases could follow after Google and McDonald's were targeted by tax raids, Finance Minister Michel Sapin said. Sapin, speaking in an interview with Reuters and three European newspapers, ruled out negotiating any deal with Google on back taxes, as Britain did in January. Dozens of French police raided Google's Paris headquarters on Tuesday, escalating an investigation on suspicions of tax evasion.

  • French finmin rules out Google tax deal, more firms could be targeted Reuters - 1 hour 46 minutes ago

    France will "go all the way" to ensure that multinationals operating on its soil pay their taxes and more cases could follow after Google and McDonald's were targeted by tax raids, Finance Minister Michel Sapin said. Sapin, speaking in an interview with Reuters and three European newspapers, ruled out negotiating any deal with Google on back taxes, as Britain did in January. Dozens of French police raided Google's Paris headquarters on Tuesday, escalating an investigation on suspicions of tax evasion.

  • France's Sapin says government will stand firm on labour reform Reuters - 1 hour 46 minutes ago

    A plan to overhaul labour rules is crucial to proving France's ability to reform, and the government will stand by it despite street protests and refinery blockades, Finance Minister Michel Sapin said in an interview. The government is under pressure to find a solution to its standoff on the labour reform with hardline union CGT ahead of the June 10 start of the Euro 2016 football championship in France, which the union has threatened to disrupt.

  • Japan's Abe to delay sales tax hike until 2019: government source Reuters - 2 hours 32 minutes ago
    Japan's Abe to delay sales tax hike until 2019: government source

    Japanese Prime Minister Shinzo Abe plans to delay an increase in sales tax by two and a half years, a government official said on Sunday, as the economy sputters and Abe prepares for a national election. Abe told Finance Minister Taro Aso and the secretary general of his ruling Liberal Democratic Party, Sadakazu Tanigaki, on Saturday of his plan to propose delaying the tax hike for a second time, until October 2019, said the official, who was briefed on the meeting. The prime minister, who has promised to announce steps on Tuesday to spur economic growth and promote structural reform, is also expected to order an extra budget to fund stimulus measures, just two months into the fiscal year and on the heels of a supplementary budget to pay for recovery from recent earthquakes in southern Japan.

  • Australian gold output slips 2 pct as miners dig lower grade ore Reuters - 3 hours ago

    Gold output in Australia, the world's second biggest producer, slipped 2 percent in the first quarter, due in part to mining of lesser grade ores during a period of higher bullion prices, a survey released on Sunday showed. Australian gold production reached some 71 tonnes in the first quarter, around 1.5 tonnes, or 2 percent lower, than the previous quarter, according to the survey by sector consultants Surbiton Associates in Melbourne. Close said mining companies had preserved some richer grade ores for leaner times while gold prices firmed in the first quarter, leading to the decline.

  • Lufthansa suspends Caracas flights as Venezuelan economy struggles Reuters - 7 hours ago
    Lufthansa suspends Caracas flights as Venezuelan economy struggles

    German airline Deutsche Lufthansa AG (LHAG.DE) said on Saturday it will temporarily suspend flights to Venezuela as of next month due to economic difficulties in the South American nation and problems converting local currency into dollars. "We deeply regret that for these reasons, we will be forced to suspend our service between Caracas and Frankfurt as of June 18," the company wrote in a statement, noting that demand for international flights to Caracas dropped in 2015 and the first quarter of 2016. Lufthansa does not plan to shut its office in Caracas.

  • India's Sun Pharma gets U.S. subpoena over generic drugs pricing Reuters - 11 hours ago

    The U.S. Department of Justice (DoJ) has subpoenaed India's largest drugmaker Sun Pharmaceutical Industries Ltd seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday. The DoJ's antitrust division has also asked Sun Pharma's U.S. unit for documents related to employee and corporate records and communications with competitors.

  • WHO rejects call for Olympics to be moved due to Zika Reuters - 14 hours ago

    The World Health Organization (WHO) on Saturday rejected a call for the Rio Olympic Games to be moved or postponed due to the threat posed by a large outbreak of Zika virus in Brazil. "Based on the current assessment of Zika virus circulating in almost 60 countries globally and 39 in the Americas, there is no public health justification for postponing or cancelling the games," the WHO said in a statement. In a public letter posted online on Friday, around 150 leading public health experts, many of them bioethicists, said the risk of infection from the Zika virus was too high for the Games to go ahead safely.

  • French fuel supply improving, but crisis not over - minister Reuters - 14 hours ago

    France's fuel supply crisis is not yet over, the transport minister warned on Saturday, while Prime Minister Manuel Valls was quoted as saying he was ready to ride out protests at ports and fuel depots by strikers opposed to labour reform plans. Valls has taken a tough stance against the hardline CGT union, which has spearheaded strikes that have shut down refineries and disrupted fuel supplies in the past two weeks. Following a meeting between the government and oil industry representatives, Transport Minister Alain Vidalies said the situation at fuel depots was improving though the crisis caused by the strikes was not fully over.

  • China to open e-commerce, other sectors to foreign investment: newspaper Reuters - 21 hours ago

    China will lift restrictions to investments by foreign firms in a range of service industry sectors, including e-commerce, logistics, accounting and auditing, the China Securities News quoted commerce minister Gao Hucheng as saying. Gao said China would also promote the orderly opening of other service fields including finance, education, culture and health care, the report published on Saturday said without elaborating or giving a time-frame. China's trade in services would exceed $1 trillion by 2020, the minister predicted.

  • How four words rewrote Bayer-Monsanto deal script Reuters - 23 hours ago
    How four words rewrote Bayer-Monsanto deal script

    Monsanto Co President Brett Begemann uttered those words last week to a small group of investors and a Reuters reporter when asked how the world's largest seed company he helps lead might fit with German drugs and crop chemicals group Bayer AG. Bayer had sent a confidential acquisition proposal to Monsanto on May 10. Media reports surfaced two days later that Bayer was considering a bid.

  • Chinese users criticize Microsoft's push for Windows 10 upgrade: Xinhua Reuters - Sat, May 28, 2016 2:26 PM NZST
    Chinese users criticize Microsoft's push for Windows 10 upgrade: Xinhua

    Chinese users of Microsoft products are criticizing the software company's push to get them to mandatorily upgrade their Windows operating systems, the official Xinhua news agency reported on Friday. Posts critical of Microsoft on microblog site Weibo relating to the Windows 10 upgrade, which Microsoft users must switch to, have grown to over 1.2 million in number, it said. "The company has abused its dominant market position and broken the market order for fair play," Xinhua quoted Zhao Zhanling, a legal adviser with the Internet Society of China, as saying.

  • Chinese users criticise Microsoft's push for Windows 10 upgrade-Xinhua Reuters - Sat, May 28, 2016 2:25 PM NZST

    Chinese users of Microsoft products are criticising the software company's push to get them to mandatorily upgrade their Windows operating systems, the official Xinhua news agency reported on Friday. Posts critical of Microsoft on microblog site Weibo relating to the Windows 10 upgrade, which Microsoft users must switch to, have grown to over 1.2 million in number, it said. "The company has abused its dominant market position and broken the market order for fair play," Xinhua quoted Zhao Zhanling, a legal adviser with the Internet Society of China, as saying.

  • Gawker privacy lawsuit evolves into battle of tech billionaires Reuters - Sat, May 28, 2016 1:11 PM NZST
    Gawker privacy lawsuit evolves into battle of tech billionaires

    Billionaire media owner Pierre Omidyar is backing news and entertainment web site Gawker Media in its lawsuit against wrestler Hulk Hogan, adding a new twist to a case pitting technology money against press freedom. Omidyar, owner of The Intercept publisher First Look Media, is asking other media outlets to file legal briefs in support of Gawker, First Look said in a statement on Friday. First Look said its goal was to protect constitutional rights.

  • Court sets June 7 hearing on Viacom CEO's removal from Redstone trust Reuters - Sat, May 28, 2016 12:52 PM NZST

    A Massachusetts court has scheduled a June 7 hearing on Viacom Chief Executive Philippe Dauman's removal from the trust that will control the media company when Sumner Redstone dies or is deemed incapacitated. ...

  • Sumner Redstone suggests he could oust Viacom board, CEO Reuters - Sat, May 28, 2016 12:52 PM NZST
    Sumner Redstone suggests he could oust Viacom board, CEO

    A judge set an early June hearing on the possible removal of CEO Philippe Dauman from the trust that will control the media company when Redstone dies or is deemed incapacitated. In a statement issued through a spokesman, Redstone, who turned 93 on Friday, said he would act in "the best interests of shareholders," when weighing whether or not to oust Dauman and the company's board. Redstone, who holds 80 percent of the voting shares in Viacom (VIAB.O) and CBS Corp (CBS.N), last week removed Dauman and Viacom board member George Abrams from the seven-person trust that will control the shares after Redstone exits.

  • Kansas Supreme Court strikes down school funding system Reuters - Sat, May 28, 2016 12:24 PM NZST

    The Kansas Supreme Court on Friday again struck down the state's proposed school funding system and provided lawmakers a deadline of June 30 to fix disparities between rich and poor districts or else prompt a shutdown of the state's schools. The state's high court rejected the system in February, saying it was inequitable and came up millions of dollars short in funding for schools in poor districts. The 47-page opinion said if the funding system were not sufficiently overhauled before June 30, there would be no constitutional finance system in place for the state's schools to operate under.

  • Fed reaction to data barrage is focus for stocks Reuters - Sat, May 28, 2016 12:14 PM NZST
    Fed reaction to data barrage is focus for stocks

    Data on inflation and employment, two of the economic indicators most important to a "data-dependent" U.S. Federal Reserve are expected next week. While Fed policymakers will be looking at those numbers as they decide whether to raise key interest rates as soon as June, traders will read through them to try and get ahead of the Fed decision. The Fed has remained constant in using economic data to decide whether to raise the Fed funds rate.

  • New incentives needed to develop antibiotics to fight superbugs Reuters - Sat, May 28, 2016 11:52 AM NZST

    Drugmakers are renewing efforts to develop medicines to fight emerging antibiotic-resistant bacteria, but creating new classes of drugs on the scale needed is unlikely to happen without new financial incentives to make the effort worth the investment, companies and industry experts said. Drugmakers on Friday acknowledged that in the absence of a new way of compensating them, it simply does not make economic sense to pour serious resources into work on new antibiotics. "The return on investment based on the current commercial model is not really commensurate with the amount of effort you have to put into it," said David Payne, who heads GlaxoSmithKline PLC's antibiotics drug group.

  • Grupo Hotelero Santa Fe plans secondary share offer Reuters - Sat, May 28, 2016 11:08 AM NZST

    Grupo Hotelero Santa Fe, a Mexico City-based company which operates a chain of higher-end hotels, intends to have a secondary public offering, the company said on Friday. The company plans to raise up ...

  • Williams tells Energy Transfer it would consider new offer -sources Reuters - Sat, May 28, 2016 11:01 AM NZST

    Williams Cos Inc has informed Energy Transfer Equity (ETE) LP that it is open to considering a new offer that would amend terms of its $20 billion sale to its larger U.S pipeline peer in an effort to end a stalemate between the companies, according to people familiar with the matter. Energy Transfer's proposed acquisition of Williams has been in doubt for months, with Williams alleging that Energy Transfer has been actively trying to break the deal as ETE has unveiled numerous issues with the tie-up. Williams' latest tactical move aims to test ETE's statement earlier this month that it would consider restructuring the deal.

  • Illinois governor vetoes bill to ease Chicago pension payments Reuters - Sat, May 28, 2016 10:57 AM NZST

    Illinois Governor Bruce Rauner vetoed a bill on Friday that would have enabled Chicago to spread out pension payments to its public safety workers' pensions, saving about $220 million for the city's current budget. The veto marks the second pension setback for Chicago. The Illinois Supreme Court in March tossed out a 2014 law aimed at saving the city's municipal and laborers' retirement systems from insolvency.

  • Biogen, AbbVie once-monthly MS injection wins U.S. approval Reuters - Sat, May 28, 2016 10:43 AM NZST

    The U.S. Food and Drug Administration on Friday approved a once-monthly injection for multiple sclerosis from Biogen Inc and AbbVie Inc, with a boxed warning. The self-administered, under-the-skin injection, Zinbryta, is designed to treat adults with relapsing forms of the disease. Zinbryta should generally be used in patients who have not benefited from at least two prior therapies as the drug poses serious safety risks, the FDA said.

  • Hedge fund Tourbillon urges SunOpta to sell itself; shares jump Reuters - Sat, May 28, 2016 10:20 AM NZST

    Hedge fund Tourbillon Capital Partners LP is urging organic food company SunOpta Inc. to sell itself to a bigger rival, according to a letter sent to the company on Friday. The Canadian company's share price jumped 26 percent after the $4 billion hedge fund asked it to hire an investment bank to look at all ways to increase shareholder value, according to the letter which was in a public filing. Tourbillon, SunOpta's biggest investor with a 9.9 percent stake, said it is going public with its request now after months of private discussions because it worries that management and the board may not be sufficiently committed to boosting the company's value.

  • Biogen, AbbVie once-monthly MS injection wins U.S. FDA approval Reuters - Sat, May 28, 2016 10:19 AM NZST

    The U.S. Food and Drug Administration on Friday approved a once-monthly injection for multiple sclerosis from Biogen Inc and AbbVie Inc. The self-administered, under-the-skin injection, Zinbryta, is designed ...

  • Illinois lawmakers focus on funding fix for Chicago schools Reuters - Sat, May 28, 2016 9:52 AM NZST

    A funding fix for the fiscally challenged Chicago Public Schools is taking center stage in the final days of the Illinois legislature's spring session, with the Democratic-led Senate passing two bills on Friday. The nation's third-largest public school system has relied on borrowing and bank lines of credit to limp through the current school year and is facing a $1 billion fiscal 2017 budget deficit largely due to escalating pension payments. With CPS officials demanding an end to the state's insufficient and "discriminatory" funding formula, the legislature, which ends its spring session on Tuesday, has been hit with a flurry of plans.

  • DoubleLine's Gundlach: Yellen remark 'doesn't suggest' June hike Reuters - Sat, May 28, 2016 9:13 AM NZST

    Jeffrey Gundlach, the CEO of DoubleLine Capital, said Friday that Federal Reserve chair Janet Yellen's remarks that a rate hike would be appropriate in coming months "doesn't suggest" a hike ...

  • U.S. muni issuance expects to slow to $5.15 bln in holiday-shortened week Reuters - Sat, May 28, 2016 8:55 AM NZST

    New issuance in the U.S. municipal bond market will slow to $5.15 billion in holiday-shortened week next week, with a near $1 billion sale by Pennsylvania dominating the calendar, according to data compiled by Thomson Reuters. Pennsylvania will sell $990,550 million of general obligation debt in a competitive sale on Wednesday. U.S. financial markets are closed for the Memorial Day holiday on Monday.

  • Putin says Romania, Poland may now be in Russia's cross-hairs Reuters - Sat, May 28, 2016 8:54 AM NZST

    Russian President Vladimir Putin on Friday warned Romania and Poland they could find themselves in the sights of Russian rockets because they are hosting elements of a U.S. missile shield that Moscow considers a threat to its security. Putin issued his starkest warning yet over the missile shield, saying that Moscow had stated repeatedly that it would have to take retaliatory steps but that Washington and its allies had ignored the warnings.

  • Dollar gains, bond prices fall after Yellen remarks Reuters - Sat, May 28, 2016 8:53 AM NZST
    Dollar gains, bond prices fall after Yellen remarks

    The U.S. dollar index hit a two-month high and U.S. bond prices fell on Friday after Federal Reserve Chair Janet Yellen said a U.S. interest rate hike will likely be appropriate in the coming months. Although they briefly trimmed gains on Yellen's remarks, U.S. stocks ended higher and the S&P 500 capped off its strongest week since March. MSCI's all-country world stock index had its best weekly performance since mid-April.

  • GLOBAL MARKETS-Dollar gains, bond prices fall after Yellen remarks Reuters - Sat, May 28, 2016 8:51 AM NZST

    The U.S. dollar index hit a two-month high and U.S. bond prices fell on Friday after Federal Reserve Chair Janet Yellen said a U.S. interest rate hike will likely be appropriate in the coming months. Although they briefly trimmed gains on Yellen's remarks, U.S. stocks ended higher and the S&P 500 capped off its strongest week since March. MSCI's all-country world stock index had its best weekly performance since mid-April.

  • BMW recalls 120,000 cars over Takata air bags: Bild Reuters - Sat, May 28, 2016 8:45 AM NZST

    German carmaker BMW is recalling 120,000 cars in the United States for defective Takata air bags, German paper Bild reported on its website on Friday. Citing a spokesman for BMW, Bild said that the recall ...

  • Automakers recall 12 million U.S. vehicles over Takata air bags Reuters - Sat, May 28, 2016 8:45 AM NZST
    Automakers recall 12 million U.S. vehicles over Takata air bags

    Eight automakers said on Friday they are recalling more than 12 million U.S. vehicles for defective Takata air bag inflators, widening the largest-ever auto safety effort to more passenger-side devices. Honda Motor Co is recalling 4.5 million U.S. vehicles while Fiat Chrysler Automobiles NV (FCHA.MI)(FCAU.N) is recalling 4.3 million, according to the documents. The new recall is focused on passenger-side air bag inflators, while prior recalls were for all frontal inflators.

  • Delay to Boeing's KC-46 tanker raises risk of further costs Reuters - Sat, May 28, 2016 8:44 AM NZST

    The U.S. Air Force said on Friday that Boeing Co will miss its deadline for delivering an initial batch of KC-46 Pegasus aerial tankers, potentially raising the cost to Boeing of a program already behind schedule and $1.3 billion over budget. Boeing's $49 billion contract calls for it to supply 179 KC-46A tankers, with the first group of 18 aircraft due by August 2017. During development, "the Air Force remained cautiously optimistic that Boeing would quickly address these issues and meet the original goal," he said.

  • Speculators long U.S. dollar for 1st time in six weeks-CFTC, Reuters Reuters - Sat, May 28, 2016 8:41 AM NZST

    Speculators turned bullish on the U.S. dollar for the first time in six weeks, with net longs on the currency notching their largest level since late March. More upbeat U.S. economic data as well as suggestions ...