Business News

Italy bank deal lifts Europe shares, dollar on back foot

LONDON Shares rose in Europe on Monday, with Italian banks gaining after a deal to wind up two failed regional lenders, while the dollar and U.S. bond yields held close to recent lows as subdued inflation raised questions over the outlook for monetary policy.The-pan-European STOXX 600 share index rose 0.6 percent, led higher by banks .SX7P, after the agreement under which Italy's largest retail bank, Intesa Sanp...

26 Jun 10:59 AM 0 Read More...

Oil edges above November lows but under threat from U.S. supply surge

LONDON Oil rose for a third straight session on Monday, as speculators took advantage of last week's drop to seven-month lows, although a relentless increase in U.S. supply and little evidence of a widespread drop in global inventories capped gains.Investors in U.S. crude futures and options have increased their bets against a further rise in prices, just as the number of U.S. oil rigs in operation hit its highes...

26 Jun 10:59 AM 0 Read More...

Japanese airbag maker Takata files for bankruptcy, gets U.S. sponsor

TOKYO Japan's Takata Corp (7312.T), the firm at the centre of the auto industry's biggest ever product recall, filed for bankruptcy protection in the United States and Japan, and said it would be bought for $1.6 billion by U.S.-based Key Safety Systems.In the biggest bankruptcy of a Japanese manufacturer, Takata faces tens of billions of dollars in costs and liabilities resulting from almost a decade of recalls a...

26 Jun 5:57 AM 0 Read More...

Asia stocks edge up on optimism over global growth, dollar soft

TOKYO Asian shares edged up on Monday on optimism about global growth, while the dollar was on the defensive as a subdued U.S. inflation outlook capped U.S. bond yields and raised questions about the Federal Reserve's plans to tighten policy.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked up 0.4 percent while Japan's Nikkei .N225 rose 0.1 percent. Trading was slow with many markets...

26 Jun 5:57 AM 0 Read More...

Facebook in talks to produce original TV-quality shows: WSJ

Facebook Inc is in talks with Hollywood studios about producing scripted, TV-quality shows, with an aim of launching original programming by late summer, the Wall Street Journal reported on Sunday.The social networking giant has indicated that it was willing to commit to production budgets as high as $3 million per episode, in meetings with Hollywood talent agencies, the Journal reported, citing people familiar wi...

26 Jun 5:57 AM 0 Read More...

Investing with 'green' ratings? It's a gray area

BOSTON/NEW YORK Investors betting trillions on ethically-appealing stocks may not be getting all they expect.Buying into companies based on environmental, social and governance factors, has become a hot trend on Wall Street, spawning a new industry that sells investors company ratings based on those factors and funds dedicated to rated companies. However, some investors and funds may rely too much on the scores o...

26 Jun 5:57 AM 0 Read More...

Takata decides to file for bankruptcy: source

TOKYO Japan's Takata Corp (7312.T), the firm at the center of the auto industry's biggest ever product recall, will file for bankruptcy protection in Japan on Monday with liabilities of more than 1 trillion yen ($9 billion), a source said.The decision came at a special meeting of the air-bag maker's board, public broadcaster NHK said. The Nikkei business daily also reported the decision to file in Japan, without c...

26 Jun 12:51 AM 0 Read More...

Italy winds up Veneto banks at cost of up to 17 billion euros

MILAN/ROME Italy began winding up two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19 billion) and will leave the lenders' good assets in the hands of the nation's biggest retail bank, Intesa Sanpaolo.The government will pay 5.2 billion euros to Intesa, and give it guarantees of up 12 billion euros, so that it will take over the remains of Popolare di Vicenza and Ve...

26 Jun 12:51 AM 0 Read More...

Loeb's Third Point targets 'staid' Nestle for change

Activist investor Daniel Loeb's Third Point LLC on Sunday unveiled a stake of more than 1 percent in Switzerland's Nestle SA (NESN.S) and urged the world's largest packaged foods maker to improve its margins, buy back stock and shed non-core businesses.The 3.28 billion Swiss francs ($3.4 billion) stake is the largest ever taken by the hedge fund, which pressed for change in recent years at U.S. internet firm Yaho...

26 Jun 12:50 AM 0 Read More...

Push on with the ‘great unwinding’, BIS tells central banks

LONDON Major central banks should press ahead with interest rate increases, the Bank for International Settlements said on Sunday, while recognizing that some turbulence in financial markets will have to be negotiated along the way. The BIS, an umbrella body for leading central banks, said in one of its most upbeat annual reports for years that global growth could soon be back at long-term average levels after a s...

25 Jun 7:50 PM 0 Read More...