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Updated: 35 min 59 sec ago

EU to formally veto Deutsche Boerse LSE merger shortly: sources

Wed, 03/22/2017 - 9:53am
FRANKFURT/BRUSSELS (Reuters) - The European Commission will veto a proposed combination between Deutsche Boerse and the London Stock Exchange shortly, three sources familiar with the matter said on Thursday, scuppering plans to create Europe's biggest exchange.

GE cuts cost outlook for industrial unit after talks with Trian

Wed, 03/22/2017 - 9:37am
(Reuters) - General Electric Co said it lowered its target for structural costs at its industrial business for this year and the next, after discussions with activist shareholder Nelson Peltz's Trian Fund Management.

Wall St. slips at the open as 'Trump trade' fizzles

Wed, 03/22/2017 - 9:33am
(Reuters) - U.S. stocks opened slightly lower on Wednesday, a day after Wall Street posted its biggest one-day fall since the November election, as investors fret about potential delays to President Donald Trump's pro-growth policies.

Container shipping lines ordered to testify in U.S. sector probe

Wed, 03/22/2017 - 9:30am
LONDON/SINGAPORE (Reuters) - The U.S. Justice Department has ordered top executives from several container shipping lines to testify in an antitrust investigation over practices by an industry that is the backbone of world trade, the companies said on Wednesday.

U.S. investors fight to preserve SEC rule on CEO pay ratio

Wed, 03/22/2017 - 9:17am
WASHINGTON (Reuters) - More than 100 institutional investors opposed efforts by the U.S. securities regulator to delay a rule requiring companies to disclose a ratio comparing their chief executive's pay with their workforce median.

China's Sinopec buys first major refinery in Africa from Chevron

Wed, 03/22/2017 - 9:12am
BEIJING (Reuters) - China's Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp's South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced on Wednesday.

Sears warns of 'going concern' doubts

Wed, 03/22/2017 - 7:48am
(Reuters) - Sears Holdings Corp , once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales. "Our historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( The company said an inability to generate additional liquidity might limit its

Behind the scenes, bank lobbyists temper expectations for Dodd-Frank overhaul

Wed, 03/22/2017 - 7:20am
(Reuters) - Bank lobbyists who opened the Trump era with great expectations for sweeping regulatory reform are privately striking an increasingly dismal tone as hopes for a quick and thorough rewrite of Dodd-Frank legislation dim.

UK lawmakers demand more answers from VW over diesel scandal

Wed, 03/22/2017 - 6:52am
LONDON (Reuters) - British lawmakers have written to Volkswagen seeking more answers from the German carmaker over the diesel emissions scandal, after criticizing the firm for failing to adequately respond to their queries so far.

Akzo Nobel rejects improved bid from U.S. rival PPG

Wed, 03/22/2017 - 6:47am
AMSTERDAM (Reuters) - Dutch paints and coatings maker Akzo Nobel rejected a second takeover proposal from U.S. rival PPG Industries on Wednesday, saying an improved 22.4 billion euro ($24.1 billion) offer was still too low and too risky.

Top British bosses earn nearly 400 times more than minimum wage

Wed, 03/22/2017 - 6:38am
LONDON (Reuters) - The heads of Britain's top 100 listed companies earn on average almost 400 times more than a worker on the minimum wage, according to analysis that will add fuel to the fire of a debate about inequality in the country.

Fannie, Freddie revamp plan unlikely this year, dividends in focus

Wed, 03/22/2017 - 6:07am
WASHINGTON (Reuters) - An overhaul of Fannie Mae and Freddie Mac is highly unlikely to make it into this year's legislative calendar, Congressional staffers say, possibly shifting the new administration's immediate focus to allowing the mortgage financing institutions' to rebuild depleted capital.

Chinese supermarkets pull Brazil meat from shelves as food safety fears grow

Wed, 03/22/2017 - 5:33am
BEIJING (Reuters) - Some of China's largest food suppliers have pulled Brazilian beef and poultry from their shelves in the first concrete sign that a deepening scandal over Brazil's meat processing industry is hitting business in its top export market. Graphic:

Protectionism may raise, not cut, trade deficits: ECB

Wed, 03/22/2017 - 5:13am
FRANKFURT (Reuters) - Protectionist trade policies may increase, rather than reduce, a country's trade deficit, the European Central Bank said in a study on Wednesday, just days after finance chiefs of the world's top 20 economies dropped their pledge for open trade.

Clearly no time for ECB to stop easy monetary policy: Villeroy

Wed, 03/22/2017 - 5:08am
FRANKFURT (Reuters) - It is clearly not yet time for the European Central Bank to stop pursuing accommodative monetary policies, even as inflation is moving towards its target, French central bank chief Francois Villeroy de Galhau said on Wednesday.

Luxury goods group Hermes delivers record 2016 profit margin

Wed, 03/22/2017 - 3:38am
PARIS (Reuters) - French luxury goods group Hermes said on Wednesday it was starting 2017 on a solid footing after delivering record 2016 profits, providing further evidence of a broader recovery in the luxury goods industry.

ING discloses criminal probe, says 'significant' penalties possible

Wed, 03/22/2017 - 3:33am
AMSTERDAM (Reuters) - ING disclosed in its annual report published last week that it is being targeted by Dutch prosecutors in a criminal investigation into money laundering and corruption that could result in significant fines.

Airbnb embarks on China push with more staff, local name

Wed, 03/22/2017 - 2:12am
SHANGHAI (Reuters) - U.S. short-term rental giant Airbnb Inc will triple its China staff this year as it targets the country's millennial consumers, its chief executive said on Wednesday, even as the Silicon Valley firm faces competition from local rivals.

Chinese automaker Geely doubles profit on next-gen car sales boost

Wed, 03/22/2017 - 12:32am
BEIJING (Reuters) - China's Geely Automobile Holding Ltd , whose unlisted parent owns Sweden's Volvo, on Wednesday said net profit more than doubled in 2016, the biggest rise in eight years as sales of its next-generation of vehicles outstripped expectations.

Airbnb makes growth push in China with plans to double investment

Wed, 03/22/2017 - 12:06am
SAN FRANCISCO (Reuters) - Airbnb, the online marketplace for short-term lodging, is expanding its business in China, hoping to spur growth in the world's most populous country and a major tourist destination.