Category | Business

Reinsurers Axis Capital, PartnerRe to merge in $11 billion deal

Posted on 26 January 2015

(Reuters) – Axis Capital Holdings Ltd and PartnerRe Ltd have agreed to an $11 billion merger to create one of the world’s largest reinsurers, PartnerRe said on Sunday.

IMF’s Lagarde rules out special treatment for Greece

Posted on 26 January 2015

PARIS (Reuters) – Greece must respect the euro zone’s rules and cannot demand special treatment for its debt in the wake of the victory of anti-austerity party Syriza, International Monetary Fund chief Christine Lagarde said in a newspaper interview on…

China trainmakers CNR, CSR clinch $7.3 billion in deals

Posted on 26 January 2015

SHANGHAI (Reuters) – China CNR Corp Ltd and CSR Corp , China’s two top trainmakers, recently signed deals worth 45.41 billion yuan ($7.26 billion) with Chinese and foreign firms.

Oil prices fall on market relief over Saudi policy

Posted on 25 January 2015

LONDON (Reuters) – Oil prices declined on Monday, with U.S. crude falling close to a nearly six-year low, as Saudi Arabia’s new King Salman moved to assuage fears of an unstable transition and any policy change in the world’s largest oil exporter.

Far-left victory in Greece bruises European markets

Posted on 25 January 2015

LONDON (Reuters) – European shares fell and borrowing costs for the euro zone’s most indebted states rose on Monday as the leftist Syriza party looked set to take on Greece’s international lenders after a crushing victory in early elections.

India turns to corner shops, mobile phones for banking revolution

Posted on 25 January 2015

NEW DELHI/MUMBAI (Reuters) – India is betting that mobile phone vendors, fuel stations and corner stores can help it put basic banking within the grasp of hundreds of millions of its poor people living beyond the reach of traditional bank branches.

Samsung Electronics to be main chip supplier for next iPhone: South Korea paper

Posted on 25 January 2015

SEOUL (Reuters) – South Korea’s Samsung Electronics Co Ltd will be the main supplier of processors powering Apple Inc’s next iPhone, Maeil Business Newspaper reported on Monday, citing unidentified sources in the semiconductor industry.

Japan exports grow most in year, signaling steady recovery from recession

Posted on 25 January 2015

TOKYO (Reuters) – Japan’s exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the United States, an encouraging sign for the recession-hit economy even as doubts persist about the strength of global…

China train maker CNR says secures 30 deals worth $3.9 billion

Posted on 25 January 2015

SHANGHAI (Reuters) – China CNR Corp Ltd , one of the country’s top train makers, said on Sunday it had recently signed 24.3 billion yuan ($3.9 billion) of deals with both Chinese and foreign firms.

Euro, stocks fall as anti-austerity party wins Greek election

Posted on 25 January 2015

TOKYO (Reuters) – The euro skidded to near an 11-year low and U.S. stock futures fell on Monday as Greece’s Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with in…

India turns to corner shops, mobile phones for banking revolution

Posted on 25 January 2015

NEW DELHI/MUMBAI (Reuters) – India is betting that mobile phone vendors, fuel stations and corner stores can help it put basic banking within the grasp of hundreds of millions of its poor people living beyond the reach of traditional bank branches.

Hong Kong tycoon’s M&A spree promises bumper year for Asia banks

Posted on 25 January 2015

HONG KONG (Reuters) – Li Ka-shing’s hectic start to 2015 has meant record Asia M&A, loan and equity deals so far this month – good news for investment bankers close to the 86-year-old Hong Kong tycoon’s empire.



U.S. gas prices at April 2009 low, bottom in sight: Lundberg survey

Posted on 25 January 2015

NEW YORK (Reuters) – The average price of a gallon of gasoline in the United States fell 13.3 cents in the past two weeks, falling to its lowest level since late April 2009, but the end of a months-long slide may be near, according to the Lundberg surv…

Eyes on Fed after ECB, other bank stimulus moves

Posted on 25 January 2015

NEW YORK (Reuters) – The Federal Reserve could be key for Wall Street next week as investors get to hear from the U.S. central bank for the first time since a series of moves by its global peers, including the European Central Bank’s massive stimulus p…

All eyes on Fed, Greece after ECB fires bazooka

Posted on 25 January 2015

PARIS (Reuters) – After the surprises from central banks which rocked markets at the start of the year, the U.S. Federal Reserve will be watched as closely as ever this week to see that it doesn’t stray from its own policy path.

Venezuela’s currency woes an increasing threat to U.S. corporate profits

Posted on 24 January 2015

(Reuters) – Venezuela’s deepening economic troubles, and in particular the weakness of the bolivar and restrictive currency controls, have hurt U.S. corporate profits for the fourth quarter of 2014 and are set to inflict further pain this year.

Volkswagen to recall 80,000 Audis; 35,000 in China

Posted on 24 January 2015

BEIJING (Reuters) – German car maker Volkswagen AG will recall 80,000 cars from its luxury division Audi due to issues with the fuel injection system, Audi said on Saturday, adding that around 35,000 of the affected vehicles are from China.

U.S. seeks reversal of landmark insider trading ruling

Posted on 23 January 2015

NEW YORK (Reuters) – Federal prosecutors in New York on Friday asked a U.S. appeals court to reconsider a landmark ruling that curtailed their ability to pursue insider trading cases and jeopardized several convictions.

Exclusive: Big mortgage investors take first step toward suing Ocwen

Posted on 23 January 2015

NEW YORK (Reuters) – Major mortgage bond investors including BlackRock , MetLife and Pimco on Friday took a first step toward suing Ocwen Financial Corp , accusing it of having failed to properly collect payments on $82 billion of home loans, according…

Diaper wars: Kimberly to take on P&G through innovation, higher ad spend

Posted on 23 January 2015

(Reuters) – Kimberly-Clark Corp is set to increase advertising and promotional spending for its diapers and launch new products in an escalating war with bigger rival Procter and Gamble Co in North America.

U.S. to seek reversal of landmark insider trading ruling

Posted on 23 January 2015

NEW YORK (Reuters) – Federal prosecutors in New York plan on Friday to ask a U.S. appeals court to reconsider a landmark ruling that curtailed their ability to pursue insider trading cases and jeopardized several convictions.

Eyes on Fed after ECB, other bank stimulus moves

Posted on 23 January 2015

NEW YORK (Reuters) – The Federal Reserve could be key for Wall Street next week as investors get to hear from the U.S. central bank for the first time since a series of moves by its global peers, including the European Central Bank’s massive stimulus p…

Former Apache CEO to collect $12 million cash for retirement

Posted on 23 January 2015

HOUSTON (Reuters) – Steve Farris, who retired on Tuesday as Apache Corp’s chief executive, stands to collect about $12 million in salary and bonus over the next three years as part of his retirement package.

Exclusive: Big mortgage investors take first step toward suing Ocwen

Posted on 23 January 2015

NEW YORK (Reuters) – Major mortgage bond investors including BlackRock, MetLife and Pimco on Friday took a first step toward suing Ocwen Financial Corp , accusing it of having failed to properly collect payments on $82 billion of home loans, according …

Morgan Stanley awards CEO $4.4 million in restricted stock

Posted on 23 January 2015

(Reuters) – Morgan Stanley’s board of directors awarded Chairman and Chief Executive James Gorman $4.4 million in restricted stock as part of his 2014 bonus, the Wall Street bank said in a regulatory filing on Friday.