Developing

  • U.S. SEC grants waivers to banks after guilty pleas

    Reuters - Thu, May 21, 2015

    By David Henry and Sarah N. Lynch NEW YORK/LONDON (Reuters) - A U.S. regulator has granted a series of waivers to JPMorgan Chase & Co and four other major banks allowing them to continue their usual securities business, after they agreed to plead guilty to criminal charges. Four of the banks - Barclays Plc , JPMorgan, Citigroup Inc and the Royal Bank of Scotland Plc - pleaded guilty to manipulating foreign exchange rates, while UBS AG pleaded guilty to rigging benchmark interest rates. At the close of business on Wednesday, all of the various waivers the SEC granted were posted on the agency's website. More »U.S. SEC grants waivers to banks after guilty pleas

  • US, Britain fine six top banks nearly $6 bn for forex, Libor abuses

    AFP - Wed, May 20, 2015

    The far-flung settlement included guilty pleas from Barclays Bank, JPMorgan Chase, Citicorp and the Royal Bank of Scotland for conspiring to manipulate the massive currency market More »US, Britain fine six top banks nearly $6 bn for forex, Libor abuses

  • Malaysia, Indonesia to let 'boat people' come ashore temporarily

    Reuters - Wed, May 20, 2015

    By Praveen Menon KUALA LUMPUR (Reuters) - Malaysia and Indonesia said on Wednesday they would offer shelter to 7,000 "boat people" adrift at sea in rickety boats but made clear their assistance was temporary and they would take no more. More than 3,000 migrants have landed so far this month in Malaysia and Indonesia. Together with Thailand, they have pushed away many boats that approached their shores despite appeals from the United Nations to take them in. More »Malaysia, Indonesia to let 'boat people' come ashore temporarily

  • FIFA sponsors Visa express 'grave concern' over Qatar workers

    Reuters - Wed, May 20, 2015

    FIFA sponsors Visa have expressed "grave concern" at the conditions of migrant workers in 2022 World Cup hosts Qatar. “We continue to be troubled by the reports coming out of Qatar related to the World Cup and migrant worker conditions," said VISA in a statement on Wednesday. More »FIFA sponsors Visa express 'grave concern' over Qatar workers

  • NetApp results miss estimates; shares fall

    Reuters - Wed, May 20, 2015

    (Reuters) - Data storage equipment maker NetApp Inc reported fourth-quarter results below analysts' estimates, hurt by lower sales to original equipment manufacturers, sending its shares down more than 10 percent in extended trading. The company, which cut about 500 jobs, also forecast first-quarter profit below market estimates. NetApp has been trying to boost growth by focusing on cloud-based products as businesses cut spending on high-end storage systems. More »NetApp results miss estimates; shares fall

  • Amnesty report says Qatar is still failing migrant workers

    Reuters - Wed, May 20, 2015

    Qatar, host nation of the 2022 World Cup, is still doing little to improve conditions for migrant workers despite promising reform last year, Amnesty International said on Wednesday. Amnesty said in a briefing that little had changed for the 1.5 million migrant workers and that soccer's governing body FIFA had a "clear responsibility" to put pressure on the Qatari authorities to do more. "Without prompt action, the pledges Qatar made last year are at serious risk of being dismissed as a mere public relations stunt to ensure the Gulf state can cling on to the 2022 World Cup,” said Amnesty researcher Mustafa Qadri. More »Amnesty report says Qatar is still failing migrant workers

  • Booker To Buy Londis and Budgens Chains

    Sky News - Wed, May 20, 2015

    The food wholesale‎r Booker is to buy the Londis and Budgens chains in England, Scotland and Wales in a deal that will strengthen its status as an independent grocery retailer. Sky News has learnt that Booker will announce a £40m deal on Thursday to buy the two so-called symbol groups from Musgrave Group, an Irish company. The takeover will add thousands more stores to Booker's network‎ across Great Britain and represents another bold move by its chief executive, Charles Wilson. More »Booker To Buy Londis and Budgens Chains

  • Salesforce reports first profit in seven quarters, shares jump

    Reuters - Wed, May 20, 2015

    Salesforce.com Inc , the subject of takeover speculation for the past few weeks, raised its revenue forecast for the full year, after the cloud software company reported a profit for the first time in seven quarters. The company has struggled to earn consistent profits despite strong revenue growth over the past few years as margins waver on higher spending, including on hiring sales personnel who are vital in expanding deferred revenue. "I think what investors will be very enthusiastic about tomorrow is how much margin upside there was," FBR Capital Markets analyst Samad Samana said. More »Salesforce reports first profit in seven quarters, shares jump

  • Teary Advocaat hails Sunderland survival

    Reuters - Wed, May 20, 2015

    A tearful Dick Advocaat saluted Sunderland's latest escape from the jaws of Premier League relegation as an "unbelievable feeling", having secured the point that kept them up in a 0-0 draw at Arsenal on Wednesday. Dutchman Advocaat was parachuted into Sunderland's managerial hotseat in March following the sacking of Gus Poyet and set about rebuilding their battered confidence and helping them ease away from danger. Three wins and three draws in his eight games so far in charge have helped Sunderland move up to 38 points, four clear of Hull City in the final relegation place with one game of the campaign remaining. More »Teary Advocaat hails Sunderland survival

  • B.B. King to be buried in Mississippi hometown next week

    Reuters - Wed, May 20, 2015

    By Bryn Stole GREENWOOD, Miss. (Reuters) - Legendary blues man B.B. King will be buried on Saturday, May 30 on the grounds of a museum dedicated to his life in Indianola, a small Mississippi Delta town where his career began. A funeral procession will take King’s body from the airport in Memphis, Tennessee next Wednesday to Handy Park in Memphis, where King first achieved widespread fame, before continuing down U.S. Route 61 — often dubbed “The Blues Highway” — to his hometown of Indianola. A public viewing will be held on Friday, May 29 at the B.B. King Museum and Delta Interpretive Centre in Indianola. More »B.B. King to be buried in Mississippi hometown next week

  • Global banks admit guilt in forex probe, fined nearly $6 billion

    Reuters - Wed, May 20, 2015

    By Karen Freifeld, David Henry and Steve Slater NEW YORK/LONDON (Reuters) - Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion (4.29 billion pounds) in another settlement in a global probe into the $5 trillion-a-day market. Citigroup Inc , JPMorgan Chase & Co , Barclays Plc , UBS AG and Royal Bank of Scotland Plc were accused by U.S. and UK officials of brazenly cheating clients to boost their own profits using invitation-only chat rooms and coded language to coordinate their trades. Bank of America Corp was fined but avoided a guilty plea over the actions of its traders in chatrooms. More »Global banks admit guilt in forex probe, fined nearly $6 billion

  • New York banking regulator Benjamin Lawsky to resign

    AFP - Wed, May 20, 2015

    Superintendent of financial services in New York state, Benjamin M. Lawsky, seen here on May 5, 2015, said Wednesday he will resign next month More »New York banking regulator Benjamin Lawsky to resign

  • Resilient Sunderland secure Premier League safety

    Reuters - Wed, May 20, 2015

    Sunderland secured their Premier League survival after manning the barricades to tough out a 0-0 draw at Arsenal, for whom a point was enough to all but seal third place and a spot in the Champions League group stage on Wednesday. The battle to avoid relegation is now a straight shootout between Hull City and 17th-place Newcastle United, who are two points better off heading into Sunday's final round. Hull are at home to Manchester United while Newcastle host West Ham. More »Resilient Sunderland secure Premier League safety

  • Wenger says tired legs cost Arsenal against Sunderland

    Reuters - Wed, May 20, 2015

    Fatigue had cost Arsenal in Wednesday's 0-0 draw with Sunderland that ended their pursuit of second place in the Premier League, manager Arsene Wenger has said. Arsenal could not break down a resilient rearguard display from Sunderland, who guaranteed their own top-flight status with the point. While the draw was almost certainly good enough to secure third place and a spot in next season's Champions League group stages, it was a disappointing result for Wenger who said his side were tired from Sunday's 1-1 draw with Manchester United. More »Wenger says tired legs cost Arsenal against Sunderland

  • 'Pitch Perfect 2' hits high note on Billboard 200 after film debut

    Reuters - Wed, May 20, 2015

    The soundtrack for song-infused comedy "Pitch Perfect 2" debuted atop the weekly U.S. Billboard 200 chart on Wednesday after the sequel conquered the box office last weekend. "Pitch Perfect 2," featuring Anna Kendrick and Rebel Wilson as the sassy stars of a women's acapella choir, sold 92,000 albums, 134,000 songs and was streamed 3.3 million times, for a total of 108,000 sales units, according to Nielsen SoundScan. The "Pitch Perfect 2" soundtrack knocked British folk band Mumford & Sons down to No. 2 from last week's top position. More »'Pitch Perfect 2' hits high note on Billboard 200 after film debut

  • Canadian software maker Shopify valued at $1.27 billion at IPO price

    Reuters - Wed, May 20, 2015

    Canadian e-commerce software maker Shopify Inc said its U.S. initial public offering was priced at $17 per share, valuing the company at about $1.27 billion. The company's IPO of 7.7 million class A subordinate shares raised about $131 million, after it was priced above the top end of the expected range of $14-$16. It's a unique company in a hot area with lots of growth," said Josef Schuster, founder of IPO investment firm IPOX Schuster LLC. "There's going to be a big pop coming tomorrow." Ottawa-based Shopify, which is also expected to debut on the Toronto Stock Exchange on Thursday, makes software that helps small and medium-sized retailers to set up online storefronts. More »Canadian software maker Shopify valued at $1.27 billion at IPO price

  • Banks fined more than $5B, to plead guilty to market rigging

    Associated Press - Wed, May 20, 2015

    WASHINGTON (AP) — Four of the world's biggest banks agreed Wednesday to pay more than $5 billion in penalties and plead guilty to rigging the currency markets — a rare instance in which federal prosecutors have wrung an admission of criminal wrongdoing from a major financial institution. More »Banks fined more than $5B, to plead guilty to market rigging

  • ECB scraps embargoed media speeches in wake of hedge fund storm

    Reuters - Wed, May 20, 2015

    The European Central Bank (ECB) said on Wednesday it would stop providing journalists embargoed copies of its speeches, as a storm grew over one of its top policymakers giving hedge funds a head start on market-sensitive information. On Monday, ECB Executive Board member Benoit Coeure gave a speech to an invitation-only dinner of fund managers, bankers and academics in London, saying the bank would accelerate its bond buying programme to offset an expected summer lull. The euro had also dropped around the time the speech was originally delivered, and the ECB came under fire about giving a possible trading advantage for those at the dinner, which included top hedge funds like Brevan Howard and banks such as Goldman Sachs and Citi. More »ECB scraps embargoed media speeches in wake of hedge fund storm

  • Study: 23 pct of US adults with health coverage underinsured

    Associated Press - Wed, May 20, 2015

    Nearly a quarter of U.S. adults who were insured all last year lacked adequate protection from big medical bills based on their income, according to Commonwealth Fund research. More »Study: 23 pct of US adults with health coverage underinsured

  • Tax scare on Yahoo's Alibaba stake spin-off seen premature

    Reuters - Wed, May 20, 2015

    Yahoo Inc's planned spin-off of its stake in Alibaba Group Holding Ltd is likely to proceed on a tax-free basis, analysts said, as Yahoo shares regained most of their losses after concerns of a possible change in U.S. tax rules spurred a slide on Tuesday. "Anything can happen, but I'm going with the bet that this won't impact spin-off of Alibaba shares for Yahoo," Axiom Capital analyst Victor Anthony told Reuters. Yahoo plans to spin off a $34 billion stake in Alibaba into a public company along with Yahoo Small Business that provides domain names and local marketing. More »Tax scare on Yahoo's Alibaba stake spin-off seen premature

  • FIFA backers Coke, Visa show concern over Qatar labor conditions

    AFP - Wed, May 20, 2015

    Foreign laborers work at the construction site of the al-Wakrah football stadium, one of Qatar's 2022 World Cup stadiums, on May 4, 2015, in Doha's Al-Wakrah southern suburbs More »FIFA backers Coke, Visa show concern over Qatar labor conditions

  • China's IPO market undaunted by ghosts of dotcom boom and bust

    Reuters - Wed, May 20, 2015

    By Saikat Chatterjee and Elzio Barreto HONG KONG (Reuters) - China's investors are fuelling their own version of a dotcom bubble going by the meteoric rise in the shares of a newly-listed Internet video company. The 42-fold jump in the shares of Beijing Baofeng Technology since the company went public in March puts it well ahead of gains chalked up by rival stock listings, but it's no outlier on the Shenzhen stock exchange's start-up board ChiNext. The tech-heavy ChiNext index has more than doubled this year making it the hottest share market in the world. More »China's IPO market undaunted by ghosts of dotcom boom and bust

  • Dollar up, bond yields fall as Fed rate hike appears further out

    Reuters - Wed, May 20, 2015

    By Michael Connor NEW YORK (Reuters) - The dollar rose and U.S. Treasury yields fell on Wednesday after minutes from the latest Federal Reserve meeting bolstered expectations that U.S. interest rates will remain near zero until later in 2015. The minutes, released ahead of a much anticipated speech on Friday by Fed Chair Janet Yellen, showed that many officials at the April 28-29 meeting believed it would be premature to raise rates in June. Traders continue to see a 59 percent chance the first Fed hike will come in December, based on CME FedWatch data. More »Dollar up, bond yields fall as Fed rate hike appears further out

  • 31-state deal should make credit report errors easier to fix

    Associated Press - Wed, May 20, 2015

    COLUMBUS, Ohio (AP) — Three nationwide credit reporting agencies have agreed to fix disputed information on credit reports more quickly, wait longer before adding potentially damaging information on medical debt and scrutinize certain data furnished by outside entities, according to a multistate settlement announced Wednesday. More »31-state deal should make credit report errors easier to fix

  • Osborne Vows To Boost Britain's Productivity

    Sky News - Wed, May 20, 2015

    George Osborne has told business leaders he will demand further spending cuts and unveil plans for the biggest ever sell-off of public assets as he bids to boost Britain's productivity. Mr Osborne said: "When it comes to saving money, we all know that the more you can do early, the smoother the ride. In a drive to improve productivity, Mr Osborne also plans to create a new Government-owned company to sell off publicly-owned corporate and financial assets this year. More »Osborne Vows To Boost Britain's Productivity

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