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China stocks hit 7-year high, Europe muted ahead of Fed
Chinese stocks hit a seven-year high as investors pinned their hopes on further economic stimulus while most other world markets were subdued Friday ahead of a speech by Federal Reserve chair Janet Yellen.
Euro zone outlook brightest 'in seven years': Draghi
European Central Bank chief Mario Draghi said the economic outlook for the euro zone looks "brighter today than it has done for seven long years."
Misconduct bill tops $235 billion as banks struggle to...
Twenty of the world's biggest banks have paid more than $235 billion (150 billion pounds) in fines and compensation in the last seven years for a litany of misdeeds that has scarred the industry and is delaying its rehabilitation. The misconduct bill is expected to rise by tens of billions more dollars, and many politicians, regulators and industry observers said more needs to be done to deter wrongdoing. "Some things have changed, but I'd be pessimistic of a complete shift in culture without more measures being taken," said Mark Taylor, dean of the business school at the University of Warwick in central England.
Merkel says 'a whole lot left' to do on Greece bailout talks
German Chancellor Angela Merkel on Friday added urgency to the talks between Athens and its international creditors, saying after a meeting with Greek counterpart Alexis Tsipras that "very, very intensive ...
ECB tells governments: Don't wait to fix Europe's economy
European Central Bank head Mario Draghi says governments that share the euro currency shouldn't wait for better times to push through reforms that would boost sluggish growth. Draghi said tough measures ...
Stocks get that Friday feeling as stimulus trumps growth...
Global stocks rose and bond yields fell on Friday, as investors shrugged off slowing global growth and focused instead on the continued stimulus provided by the world's major central banks. Wall Street's record high on Thursday lifted Asian stocks on Friday, a day that will be packed with key European and U.S. economic data as well as speeches from Federal Reserve chair Janet Yellen and European Central Bank president Mario Draghi. European shares struggled to match that, but the leading index of European shares was still poised for its biggest gain in six weeks and Germany's DAX its best week since January.
Mazda, Subaru, Mitsubishi add 710,000 cars to Takata air...
Japan's Mazda Motor Corp , Fuji Heavy Industries Ltd and Mitsubishi Motors Corp (7211.T) said on Friday they would recall about 710,000 more cars equipped with air bag inflators made by parts supplier Takata Corp (7312.T). The recalls follow similar moves last week by other Japanese automakers to replace Takata's inflators. Regulators have linked six deaths worldwide to defective Takata air bags which exploded too violently and shot shrapnel into vehicles.
HP sells $2.3 billion China unit stake to forge...
Hewlett-Packard Co (HPQ.N) will sell a controlling 51 percent stake in its China-based data-networking business to China's Tsinghua Unigroup for at least $2.3 billion, forming a partnership designed to create a Chinese technology powerhouse. State-backed Tsinghua Holdings' subsidiary Unisplendour Corp Ltd will acquire 51 percent of HP's H3C Technologies for at least $2.3 billion, Unisplendour said in a statement to the Shenzhen stock exchange late on Thursday. The U.S. company also said in a statement on Thursday it will form a partnership with Tsinghua Holdings, affiliated with China's elite Tsinghua University, to create a group in China to house H3C's networking operation alongside its China-based server, data-storage and technology-services businesses.
Greece sees reforms deal with lenders in next 10 days
Greece expects to reach a cash-for-reforms deal with its creditors in the next 10 days and aims to meet all its payments in June, the government's spokesman said on Friday, after the prime minister met with EU leaders. German Chancellor Angela Merkel and French President Francois Hollande held talks on the sidelines of an EU summit in Riga late on Thursday with Prime Minister Alexis Tsipras, hoping to speed the resolution of Athens' debt crisis. "We think conditions have matured for (talks) to progress further and in the next 10 days, in May, for the deal to be sealed," government spokesman Gabriel Sakellaridis told Skai TV.
Lufthansa CEO advocates random psych tests for pilots: FAZ
Random checks of pilots' psychological fitness could help reduce risks in the aviation sector, Lufthansa (LHAG.DE) Chief Executive Carsten Spohr said in his first newspaper interview since the crash of a Germanwings plane in March. Frankfurter Allgemeine Zeitung on Friday cited Spohr as saying surprise checks were a possible way to reduce uncertainty over whether pilots suffer from any mental health issues. Voice and data recordings from the Germanwings flight on March 24 show co-pilot Andreas Lubitz locked the captain out of the cockpit and set the plane on course to crash into the French Alps, killing all 150 on board.
China, India likely to be biggest shareholders in AIIB
China is likely to hold a 25-30 percent stake in the new Asian Infrastructure Investment Bank (AIIB) while India will be the second-biggest shareholder, delegates said on Friday after a three-day meeting of the bank's founding member-nations. AIIB said in a statement that it expected to be operational by the end of the year. No details of the ownership structure were disclosed, but delegates told Reuters that China would likely take a 25-30 percent stake in the bank, and India was likely to be the second-largest shareholder.
ECB's Draghi calls for reform, points to Europe's modest...
The president of the European Central Bank reiterated his call on Friday for euro zone countries to reform their economies, warning that future growth would remain modest. "It should ... be clear that the argument that accommodative monetary policy constitutes an excuse for governments and parliaments to postpone their reform efforts is incorrect," Mario Draghi said. In making his appeal, Draghi warned countries that Europe still faced difficult times ahead, despite the boost that the ECB's money printing is giving the economy.
Monte Paschi signs underwriting agreement with banks for...
Banca Monte dei Paschi di Siena (BMPS.MI) said on Friday it had signed an underwriting agreement with a pool of banks to subscribe to the lender's planned 3-billion-euro rights issue. The banks agreed to guarantee, severally but not jointly, the subscription of any shares not taken up in the issue after the offer of any unexercised rights, Monte Paschi said. AXA Group (AXAF.PA) and AXA Mutuelles have agreed to take up new shares in line with the stakes they currently in the bank, Monte Paschi said.
U.S. drivers yield 'swing' oil demand crown to Saudis
As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world's biggest oil exporter Saudi Arabia quietly seized a market milestone from America: the largest source of peak summer demand. From June through August, when temperatures in Riyadh routinely rise above 100 degrees Fahrenheit (38 degrees Celsius), Saudi Arabia diverts as much as a tenth of its crude output to fuel power plants that run full tilt to meet surging demand from air conditioners. The result is that Saudi Arabia's winter-to-summer "swing" in oil consumption has eclipsed that of the United States, where gasoline consumption jumps by as much as 10 percent every summer as millions of families take advantage of school holidays and warm weather to embark on the classic American road trip.
Wal-Mart to bring in-house some sourcing handled by Li &...
The move to buy more goods directly from factories comes as Wal-Mart, hampered by sluggish sales and profits, looks to squeeze costs out of its supply chain. "We have made a business decision to transfer certain sourcing functions for Wal-Mart in-house, and as such will work collaboratively with DSG to ensure a smooth transition over the next several months," Wal-Mart said in a statement. Wal-Mart said it would continue to use DSG for sourcing products for Sam's Club, a unit that sells products in bulk and competes with Costco Wholesale Corp (COST.O).
Asia shares rose after Wall Street set another record high with prospects for a Federal Reserve rate hike in June all but quashed.
What Hillary Clinton must do to be the 'small business...
Every politician wants to help small business. Here's why they consistently fail.
Cramer: You must own drug company or biotech
Mad Money host Jim Cramer explains why he believes healthcare is the best group in town.