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Japan, U.S. ministers hail good start on trade talks
Japanese and U.S. ministers said that bilateral trade negotiations got off to a good start on Sunday and the two nations would continue to discuss remaining issues, such as farm and auto trade, on Monday. Japan's Economy Minister Akira Amari and U.S. Trade Representative Michael Froman made the comments after they kicked off two days of negotiations that could pave the way for a broader trans-Pacific trade deal. Access to Japan's farm market and the U.S. car market remain obstacles to a bilateral deal, vital to the success of a long-delayed Trans-Pacific Partnership (TPP) pact.
Shanghai GM to invest $16 billion to develop new vehicles
Shanghai GM, a joint venture between General Motors and Chinese automaker SAIC Motor Corp , plans to spend 100 billion yuan over the next five years to develop new vehicles, Shanghai GM President Wang ...
For short-sellers in U.S. stocks, the agony just piles on
In January 2014, veteran short-seller Bill Fleckenstein said he was readying a new fund to bet on falling stock prices. Despite lackluster U.S. economic data, a world grappling with slow growth, concern that Greece and Ukraine could default on their debts, the U.S. stock market has been more than resilient. It has been impossible," Seattle-based Fleckenstein told Reuters. "It all comes down to free money and that old saw - 'don't fight the Fed,'" said Jeff Matthews, who runs Ram Partners, a Naples, Florida-based hedge fund.
China makes big cut in bank reserve requirement to fight...
China's central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world's second-biggest economy to help spur bank lending and combat slowing growth. The People's Bank of China (PBOC) lowered the reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5 percent, effective from April 20, the central bank said in a statement on its website www.pbc.gov.cn. "Though the growth in the first quarter met the official target of around 7 percent for 2015, the slowdown in several areas, including industrial output and retail sales, has caused concern," said a report published by the official Xinhua news service covering the announcement. The latest cut, the deepest single reduction since the depth of the global crisis in 2008, shows how the central bank is stepping up efforts to ward off a sharp slowdown in the economy.
Another crunch week in Greek bailout saga
The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform program to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat. Germany said last week it was unrealistic to expect euro zone countries to be able to pay out a new tranche of aid this month. "No one has a clue how we can reach agreement on an ambitious program," Finance Minister Wolfgang Schaeuble said.
Euro working group to meet Wednesday, deal still sought:...
Euro zone deputy finance ministers will meet midweek ahead of a Eurogroup finance ministers' gathering two days later, a Greek government official told Reuters, as Athens and its creditors continue to seek a deal on reforms to unlock aid. "The two sides agreed that there will be a Euro Working Group meeting on Wednesday," the official close to the talks said, declining to be named. Deputy ministers of the so-called Euro Working Group, usually prepare meetings of euro zone finance ministers. Athens is stuck in negotiations with its euro zone partners and the International Monetary Fund over economic reforms required by its lenders to unlock remaining bailout funds.
Toyota to launch two hybrid cars in China this year
Toyota Motor Corp , the world's largest automaker by sales volume, plans to launch two hybrid cars in China this year as part of efforts to launch vehicles that will help to reduce pollution in the country. The gasoline-electric hybrid cars, called Levin Hev and Corolla, will be launched in China in the second half of the year, the Japanese company said on Sunday on the eve of the Shanghai autoshow. Toyota's joint venture with Guangzhou Automobile Group (2238.HK) will make the Levin Hev, while its joint venture with FAW Group will manufacture the Corolla.
Comcast, Time Warner Cable to meet DoJ officials over...
The meeting next Wednesday would aim to negotiate possible concessions addressing those concerns, the Journal said, citing people familiar with the matter. Staffers at both the Justice Department and the Federal Communications Commission remain concerned the combined company would have too much power in the Internet broadband market and would have unfair competitive leverage against TV channel owners and businesses offering online video programming, the Journal said. Representatives of the two companies and the Justice Department did not immediately respond to Reuters' requests for comment on the Journal report. News of the planned meeting followed a report by Bloomberg on Friday that staff attorneys at the Justice Department's antitrust division were nearing a recommendation to block the deal.
IG Metall says no reason to undermine Volkswagen Chairman...
IG Metall union said on Sunday there is no reason to undermine Volkswagen (VOWG_p.DE) Chairman Ferdinand Piech after the row over the carmaker's leadership. Berthold Huber, prominent member of the union and also deputy chairman of VW's supervisory board, said it's important to have two strong personalities at the top of Europe's largest automotive group. "We are determined with (Chairman) Piech and (Chief Executive Martin) Winterkorn to continue the successful path of VW also in future," Huber said in a statement. Senior supervisory board members were ready to demand Piech's resignation at a meeting on April 16 had he not agreed to a statement backing Winterkorn, Frankfurter Allgemeine Sonntagszeitung reported on Saturday.
Oil slide slashes first-quarter profit, not investment...
Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit. SABIC , one of the world's largest petrochemicals groups and Saudi Arabia's biggest listed firm, said net profit sank to 3.93 billion riyals ($1.05 billion) in the three months to March 31 from 6.44 billion riyals a year earlier. Its sales values were slashed by the plunge of oil prices, which has dragged down petrochemical product prices. Yousef Abdullah al-Benyan, who took over from longtime CEO Mohamed al-Mady in February, said the fall in oil and petrochemical product prices was "out of control", and that his company was continuing to look at its cost base with a view towards postponing non-vital spending.
Mobile payment war: Google fortifies Wallet with FDIC...
Exclusive: In the latest move in the battle of which firm will control your mobile payments, Google began providing FDIC insurance to its Wallet product, while eBay units PayPal and Venmo still don't.
Pimco CIO: Putting Friday in perspective
Scott Mather, Pimco CIO, discusses the root of today's price action.
Greece, China worries ignite powerful selloff on Wall Street
Sell, sell, sell: U.S. stocks faced heavy losses Friday as anxiety flared up over embattled Greece as traders eyed new trading regulations in China.
Fossil fuel divestment push hits Harvard...and beyond
In the 1980s, pressure from student groups over apartheid forced many universities to divest from South Africa. Today, activists are targeting a far larger target: The fossil fuel industry.
Democrats square off over trade negotiating bill
Obama said during a news conference that some Democrats and labor unions would oppose the pact, while others "believe that we cannot stop a global economy at our shores." But he said previous trade agreements reached during his presidency did not divide the party. Congressional Democrats drew battle lines on Friday over a new bill that would give the White House "fast track" authority to negotiate the Trans-Pacific Partnership (TPP) with 11 other Pacific Rim countries, with some vowing to block the massive trade pact. Senator Ron Wyden, the Oregon Democrat who co-authored the legislation introduced on Thursday with top Republicans overseeing trade issues, said it would attract votes from trade-wary Democrats. I believe it will pass the Finance Committee," Wyden told a media breakfast sponsored by the Christian Science Monitor.
G20 sees better global growth prospects, but with risks
The Group of 20 leading economies on Friday said risks to the global economy had diminished with improved growth prospects in rich nations, but it warned of challenges from exchange rate volatility and geopolitical tensions to low inflation. "Risks to the global economy are more balanced since we last met," G20 finance ministers and central bankers said in a communique after a two-day meeting.
US senator says it's time to put a woman on the $20 bill
The first woman to serve as both governor and U.S. senator is backing a campaign to put a female face on the $20 bill. Sen. Jeanne Shaheen filed legislation this week that would create a citizens panel ...
Greece scrapes bottom of barrel in hunt for cash to stay...
Greece will need to tap all the remaining cash reserves across its public sector - a total of 2 billion euros (1.43 billion pounds) - to pay civil service wages and pensions at the end of the month, according to finance ministry officials. Barring a last-ditch deal with its creditors, that is likely to leave no money to repay the International Monetary Fund almost 1 billion euros due in the first half of May, although Greece has said it wants to honour its debt obligations. Athens' scramble for basic funds shows how extreme the financial constraints on Greek Prime Minister Alexis Tsipras have become as he tries to convince sceptical foreign creditors to extend his country new financial aid. Greece's finance ministry denied that it would need to tap remaining cash reserves to meet salary payments, without providing any figures.
Verizon slices up the bundle, lets customers choose
Under pressure from an expanding number of cheaper online video services, the long-dominant bundle of channels offered by pay-TV companies is becoming a bit more flexible. Verizon said Friday that it would ...
U.S. consumer prices edge up, supporting Fed rate rise
U.S. consumer prices increased for a second straight month in March on rising gasoline and housing costs, a sign of an uptick in inflation that should keep the Federal Reserve on course to start raising interest rates this year. March's broad-based price gains bolster the U.S. central bank's long-held view that inflation will gradually move toward its 2 percent target as the dampening effect of lower energy prices fades. "The data should allay the disinflation concerns that predominated earlier this year and, on the margin, increase the Fed's confidence that inflation will eventually move toward its target," said Michelle Girard, chief economist at RBS in Stamford, Connecticut. In the 12 months through March, the CPI slipped 0.1 percent after being unchanged in February.
Coke to buy China multi-grain drinks maker for $400 million
Coca-Cola Co (KO.N) has agreed to buy the beverage business of China Culiangwang Beverages Holdings Ltd for $400.5 million (266.7 million pounds) including debt, to get a foothold in the fast growing multi-grain drinks category. The deal marks Coke's first takeover in China since the country's antitrust regulator blocked its bid to buy local fruit juice maker Huiyuan in 2010. Following the disposal of the beverage business, China Culiangwang will continue to develop its consumer products business, the company said in a stock exchange statement. Coke is paying a premium to China Culiangwang's market value of $230 million.
Bull market bust, GE reports and the secret to a...
Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day.
GE industrial first-quarter profit rises, revenue falls...
GE shares dipped 0.1 percent to $27.26 in morning trading on the New York Stock Exchange, against broader declines for U.S. stocks. Results were weighed down by about $16 billion in charges tied to its exit of GE Capital assets. The company disclosed last week it was shedding much of its finance business.
Greece Enters the Twilight Zone
With Greek officials hinting they could be forced from the euro and the country’s creditors growing frustrated with the government’s foot-dragging, analysts are asking what might happen if talks break down. German officials are “taking just about everything into consideration,” Finance Minister Wolfgang Schaeuble said in an interview this week as he urged Greek leader Alexis Tsipras to stop offering his people false hopes.
Oil falls from 2015 peaks, Brent jumps 9.6 percent on the...
Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 percent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower U.S. production lifted prices. Brent June crude fell 53 cents to settle at $63.45 a barrel, having swung from $62.95 to $64.50 after hitting $64.95, its 2015 high, on Thursday. Brent's second straight weekly gain, the fourth in five weeks, was its biggest since a 9.9 percent rally in the week to Oct. 16, 2009.
UBS set to beef up compliance with 350 staff - memo
Swiss bank UBS (UBSG.VX) is set to add as many as 350 compliance staff in Nashville and Krakow over the next two to three years, according to a memo seen by Reuters on Friday. The move boosts the Swiss bank's compliance and operational risk control department led by Colin Bell to roughly 1,500 people, and comes after a series of costly scandals including a probe into the attempted manipulation of foreign exchange rates. "We must also continue to focus on improving the effectiveness of our processes and productivity across the function," Zurich-based UBS wrote in a memo to staff detailing its risk controls.
G-20 finance officials confronting global weakness
Finance officials from the world's major economies are searching for the right mix of policies to bolster a still-weak global recovery nearly six years after the Great Recession while confronting a range ...
Google embraces 'mobile-friendly' sites in search shake-up
Google is about to change the way its influential search engine recommends websites on smartphones and tablets in a shift that's expected to sway where millions of people shop, eat and find information. ...
Dick Bove: Bet on big money center banks in 2015
Buy big banks and avoid the regionals. Top analyst Dick Bove says that’s effectively the takeaway from all the bank earnings released this week.
RBC's top picks for your portfolio
Discussing metrics used to release RBC's annual Top 30 Global Ideas, with Mark Harris, RBC head of global research.
Cramer's secret to picking stocks
Jim Cramer opens his bag of tricks to share with investors the methods to his madness in stock picking.
Analysts see red-hot growth for mobile payment sector
As many millennials shun the traditional banking industry, analysts are forecasting swift growth for mobile payment providers. Here's a peek into one such app.
Global stocks near all-time highs despite Greek drama
Global equities were set for their third straight weekly gain on Friday, hovering near fresh all-time highs as cheap central bank cash kept buoying markets and offset fears that Greece may run out of money as debt repayments loom. The possibility that Athens might not be able to meet payments to the International Monetary Fund - which could mean default and eventually an exit from the euro zone - has pushed up Greek bond yields but sparked few ripple effects globally. At the same time, lingering worries about upcoming corporate earnings reports in the United States have been offset by corporate share buybacks, according to analysts and investors. "The equity market does appear to have looked through the weakness in economic data and earnings with extraordinary aplomb," said Sean Darby, global equity strategist at Jefferies, in a note to clients.
This will be Asia's next trillion dollar economy
Indonesia is on track to become Asia's next trillion dollar economy in two years, according to IHS, joining the ranks of China, Japan, India, Australia and South Korea.
Stocks fail to hold momentum from oil gains; earnings eyed
U.S. stocks closed mildly lower as stocks struggled to hold gains from higher oil prices, amid investor focus on earnings.
American Express Q1 profits top views, but strong dollar...
American Express revealed stronger-than-expected first-quarter profits, but the financial giant said a strong greenback dented its revenues.
How mobile banking can bring Sub-Saharan Africa out of...
Why financial inclusion is so important.
Etsy surges in trading debut
The place where you can buy handmade dresses and crocheted dog costumes has a new hot seller: its own stock. Shares of arts and crafts retailer Etsy surged in opening trading on the Nasdaq Thursday.
Low interest rates creating havoc: BlackRock CEO Fink
The pain created by low interest rates is misunderstood and not talked about enough, BlackRock CEO Laurence Fink tells CNBC.
Can stocks stay aloft with global bond yields crashing?
What to watch in the markets today. The stock rally has come as Treasury yields have sunk, viewed by some traders as an odd divergence. Etsy and Virtu IPOs offer a telling contrast.