News Wire

Eskom planned power cuts to hit South Africa Q1 GDP growth -Goldman Sachs

21/03 Severe planned power cuts - termed "load-shedding" - at South Africa's state-run utility Eskom are expected to shave 0.3 percentage points off first-quarter GDP growth, Goldman Sachs said on Thursday.  Full story

Gold gains as poor euro zone data stokes risk-off sentiment

14h02 Gold prices rose on Friday as disappointing economic data from the euro zone added to concerns of a slowdown in global growth and drove investors away from riskier assets.. . .  Full story

Avon, after breakup, explores deal to put company back together -WSJ

14h02 Cosmetics maker Avon Products Inc , which split itself three years ago, has been considering a deal that would put the company back together, the Wall Street Journal reported https://on.wsj.com/2TPkS1C on Friday.. . .  Full story

Firms need to step up no-deal Brexit plans - ECB's Draghi

13h57 The president of the European Central Bank, Mario Draghi, told European Union leaders on Friday that companies have to increase their preparations for a possible no-deal Brexit, an EU source said.. . .  Full story

Asia Gold-India demand eases as traders defer buying; Singapore supply dips

13h57 Demand for physical gold moderated this week in India as many jewellers held off on purchases ahead of the end of the country's financial year to pay off advance taxes, while premiums in Singapore. . .  Full story

Romanian banks could reduce new tax by boosting lending-FinMin

13h53 Romanian banks could bring a new tax on their financial assets down to zero if they boost lending and narrow the interest rate differential between deposits and loans, Finance Minister Eugen Teodorovici said on Friday.. . .  Full story

German 10-yr bond yields crash below zero as growth fears roil markets

13h50 German 10-year bond yields dived below zero while European shares and the euro fell on Friday after grim data from the continent fuelled fears of a global economic slowdown following this week's dovish turn by. . .  Full story

Shanghai exchange unveils first applicants for Nasdaq-style tech board

13h48 The Shanghai Stock Exchange took a major step toward launching its hotly-anticipated Nasdaq-style technology board, announcing on Friday that it had accepted listing applications from nine companies, in sectors from chip making to new energy. . .  Full story

ESM's Regling says time ripe to give euro more clout, deepen union

13h46 The time is ripe for euro zone countries to deepen the monetary union and strengthen the currency's global role, but they still have to overcome differences on fiscal instruments for a future common budget, the. . .  Full story

Tyson recalls tons of chicken strips for possible metal contamination

13h45 Tyson Foods Inc is recalling about 69,000 pounds of frozen, ready-to-eat chicken strips that may be contaminated with metal, the U.S. Department of Agriculture said late on Thursday.. . .  Full story

Nokia shares dive on potential Alcatel-Lucent compliance issues

13h38 Finnish network equipment maker Nokia said on Friday it was looking into transactions at its former French rival Alcatel-Lucent which it acquired in 2016, after reporting possible compliance issues at the unit to U.S. authorities.. . .  Full story

Louis Dreyfus results to gauge turnaround effort, trade-war fallout

13h35 Louis Dreyfus Company will be in the spotlight next week as its annual results indicate whether it has recovered from a bruising period in agricultural commodities and how well the firm has managed the. . .  Full story

Boeing makes safety change, Indonesian airline cancels order

13h27 Indonesian airline Garuda said on Friday it would cancel a $6 billion order for Boeing 737 MAX jets, citing concerns over passenger confidence, as Boeing tried to quell safety worries by making a previously optional. . .  Full story

Deutsche-Commerzbank tie-up should not create big investment bank - BlackRock

13h25 The aim of a potential merger between Deutsche Bank and Commerzbank should not be to create a large investment bank because that "will not work", a major shareholder in both banks said on Friday. . .  Full story

Blast at Chinese chemical plant kills 47; Xi orders probe

13h22 An explosion at a pesticide plant in eastern China has killed 47 people and injured more than 600, state media said on Friday, the latest casualties in a series of industrial accidents that has. . .  Full story

Euro tumbles on German PMI miss, bond yields drop

13h21 The euro tumbled more than half a percent on Friday to below $1.13 as a much weaker-than-expected German manufacturing survey and falling bond yields prompted traders to cut their positions.. . .  Full story

Swedbank investor Alecta not satisfied with money-laundering report

13h16 Swedbank investor Alecta said on Friday that neither an external report on Baltic accounts at the bank suspected of being used for money-laundering nor the proposed continuation of the probe lived up to its expectations. Alecta,. . .  Full story

FTSE 100 sinks as sterling gains on Brexit relief

13h13 London's FTSE 100 retreated from multi-month highs as the pound gained, weakening exporter stocks, and poor euro zone economic data pulled the index deeper into the red.. . .  Full story

Futures fall as global growth worries weigh

13h12 U.S. stock index futures fell on Friday after downbeat German data exacerbated fears of a slowdown in global growth following an abrupt dovish turn by the Federal Reserve earlier this week.. . .  Full story

Sterling recovers as Britain's May gets "last chance" for orderly Brexit

13h05 Britain's pound held above $1.31 on Friday after recovering overnight when European Union leaders gave Prime Minister Theresa May a two-week reprieve to decide how Britain will leave the European Union.. . .  Full story

Trump says China trade deal 'will probably happen'

13h05 U.S. President Donald Trump said trade negotiations with China were progressing and a final agreement "will probably happen," adding that his call for tariffs to remain on Chinese imported good for some time did. . .  Full story

U.S. corporate breakups could be catalyst to change Dow index

13h00 Shake-ups come infrequently for the Dow Jones Industrial Average, but some degree of change may be in the works for the stock index as two of its 30 constituents prepare to transform from large. . .  Full story

U.S. Democrats push financial inclusion as 2020 election race heats up

13h00 Boosting access to the U.S. banking system is emerging as a prominent theme as Democrats tap discontent over income inequality ahead of the 2020 presidential election.. . .  Full story

Bulgaria names new banking supervisor

12h59 Bulgaria appointed a new banking supervisor on Friday, as it prepares to join Europe's banking union and eventually adopt the European Union's single currency.. . .  Full story

Debenhams shareholders may face wipe out in restructuring

12h50 Struggling British department store group Debenhams said on Friday its shareholders could be wiped out as a result of some of the restructuring options it is considering.. . .  Full story

Swedbank investor says unsatisfied by report on money laundering links

12h49 Swedbank investor AMF said on Friday it had expected more after the lender published heavily-redacted outcome of an external probe into its alleged link to money laundering in the Baltics.. . .  Full story

China's Evergrande Health aims to build production capacity for up to 1 mln EVs in 3 yrs

12h44 China's Evergrande Health said on Friday it aims to build production capacity for 500,000 to 1 million electric vehicles in three years.. . .  Full story

European shares dive after grim flash PMI surveys

12h44 European stock markets fell back on Friday after downbeat manufacturing data from Germany reignited fears of a recession in the region's biggest economy, erasing early gains on relief at the extension of Britain's Brexit deadline.. . .  Full story

Deutsche Bank CEO paid $8 mln, top managers get first bonuses in four years

12h42 Deutsche Bank paid its management board members their first bonuses in four years in 2018, with Christian Sewing's 7 million euro ($8 million) total pay package making him one of the best paid chief executives. . .  Full story

Russian c.bank holds key rate, hints at cuts later in 2019

12h41 The Russian central bank held its key interest rate at 7.75 percent on Friday in line with market expectations, but suggested it could cut it later this year because the pace of inflation is. . .  Full story

Smiths plans to list medical unit, focus on industrial technology

12h36 Smiths Group Plc plans to list its healthcare business, which makes respiratory devices and catheters, as it focuses on industrial technology services.. . .  Full story

Japan's TEPCO to enter hydrogen fuel business with JXTG

12h34 Japan's Tokyo Electric Power Company Holdings (TEPCO) and JXTG Holdings said on Friday they would build one of the world's biggest hydrogen stations in Tokyo by mid-2020, marking the entry of TEPCO to hydrogen fuel. . .  Full story

Alibaba, Tencent, car makers set up $1.5 bln China ride-hailing venture

12h34 Alibaba, Tencent , Suning, and car makers including Chongqing Changan Automobile have set up a $1.5 billion Chinese ride-hailing venture, a move that could test the dominance of ride-sharing giant Didi Chuxing.. . .  Full story

Russian cenbank leaves unchanged key interest rate at 7.75 pct

12h30 Russia’s central bank on Friday left its key interest rate unchanged at 7.75 percent, the bank said in. . .  Full story

French group Elior eyes end of concession catering review in coming weeks

12h29 Elior, Europe's third-largest catering group, said on Friday that the strategic review of its concessions catering arm known as 'Areas' should be completed in the coming weeks.. . .  Full story

Russia's Eurobond sale could reduce domestic borrowing, finance minister says

12h28 The results of a Russian Eurobond sale could help reduce the need for borrowing on the domestic market, Finance Minister Anton Siluanov said on Friday in a statement.. . .  Full story

Swedbank top investor has confidence in CEO after money laundering report

12h25 Swedbank's biggest investor said it had confidence in the lender's chief executive and board after the findings of an external review were published on Friday, saying it was satisfied by the bank's assurance it. . .  Full story

Indonesia, China slap anti-dumping duties on each other's steel products

12h23 Indonesia and China on Friday slapped anti-dumping import duties on each other's steel products in an escalation of a global tariff row involving one of the world's most widely used metals.. . .  Full story

China court jails scandal-hit Fanya metals exchange founder for 18 years - Xinhua

12h22 A Chinese court on Friday fined the firm behind the now-defunct Fanya Nonferrous Metals Exchange 1 billion yuan ($149.04 million) for illegal fundraising and handed its founder a lengthy prison term, the official Xinhua news. . .  Full story

Currencies slump on global growth fears; stocks mixed

12h17 Emerging-market currencies fell on Friday after weak data from Europe re-affirmed fears over global growth, wiping out much of the support the Federal Reserve provided earlier in the week with its accommodating monetary policy.. . .  Full story

Bleak manufacturing data pushes German Bund yield below zero pct

12h15 Germany's 10-year government bond yield on Friday turned negative for the first time since October 2016, as a survey showing German manufacturing contracted for a third straight month in March fuelled concern about a slowdown.. . .  Full story

Thomas Cook to shut 21 stores and cut jobs in shift to online

12h12 British travel company Thomas Cook plans to axe 320 jobs and close 21 stores in its UK retail network to cut costs as consumers increasingly shop online, it said on Friday.. . .  Full story

Sterling helps, German PMI knocks down CEE currencies

12h11 Central European currencies reversed early gains on Friday after weak manufacturing data from Germany, a motor of economic growth in the European Union, knocked the euro down. Germany is the biggest. . .  Full story

SE Asia Stocks-Philippines gains on hopes of policy easing

12h10 Most Southeast Asian stock markets ended higher on Friday, with Philippines rising to a near six-week closing peak amid expectation of monetary policy easing after the central bank cut its 2019 inflation forecast.. . .  Full story

Oil declines from 2019 highs but set for third weekly gain

12h06 Oil fell further from 2019 highs on Friday, but was set for a third straight week of gains due to supply cuts led by producer club OPEC and by U.S. sanctions on Iran and. . .  Full story

Eurogroup chief says need to boost euro's role vs dollar

12h01 Europe needs to boost the global role of its euro currency in the face of the dominance of the dollar and general uncertainty by completing the economic and monetary union, chairman of euro zone. . .  Full story

Euro zone business growth worse than expected in March -PMI

11h49 Businesses across the euro zone performed much worse than expected in March as factory activity contracted at the fastest pace in nearly six years, hurt by a big drop in demand, a survey showed. . .  Full story

Foreigners turn net buyers of Japanese stocks in week ending March 15

11h28 Foreign investors turned net buyers of Japanese stocks in the week ended March 15, on expectations that China's easing measures will boost its economy and signs of progress in Sino-U.S trade talks.. . .  Full story

Swedbank seen no noticeable customer attrition due to money laundering scandal

11h02 SWEDBANK HEAD OF INVESTOR RELATIONS GREGORI KARAMOUZIS TO INVESTORS AND ANALYSTS:. . .  Full story

Swedbank board backs CEO after external money-laundering report

11h01 Swedbank's board backed its chief executive on Friday after seeing the results of an external report into the Swedish bank's alleged involvement in money-laundering in the Baltics.. . .  Full story

Floods shut nearly a sixth of U.S. ethanol production

11h00 Massive flooding in the U.S. Midwest has knocked out roughly 13 percent of the nation’s ethanol production capacity, as plants in Nebraska, Iowa and South Dakota have been forced to shut down or scale back. . .  Full story

Polish finance minister has not submitted resignation despite report, ministry says

10h55 Poland's Finance Minister Teresa Czerwinska has not submitted her resignation, a spokesman for the ministry said on Friday, after a newspaper reported that she was considering stepping down over plans by the ruling party to. . .  Full story

Royal Mail's Keith Williams to become chairman

10h42 Royal Mail Plc said Deputy Chairman Keith Williams will replace Les Owen as chairman, becoming the third person to hold the role in the past year.. . .  Full story

Hong Kong stocks flat ahead of trade talks; Tencent stabilises

10h31 Hong Kong stocks recouped losses to end largely unchanged on Friday, boosted by a late-session rally in index-heavyweight Tencent Holdings, as caution reigned ahead of a fresh round of Sino-U.S. trade talks.. . .  Full story

United States warns China meddling in Hong Kong hurting business confidence

10h30 The United States warned in a report on Friday that increased meddling from China in Hong Kong had adversely impacted the city, straining international business confidence in the Asian financial hub.. . .  Full story

German manufacturing contracts for third month in a row - PMI

10h30 German manufacturing contracted further in March, a survey showed on Friday, compounding fears that unresolved trade disputes are exacerbating a slowdown in Europe's biggest economy.. . .  Full story

S.Korea's Asiana fails to get accounting sign-off; shares suspended

10h24 South Korea's second-biggest carrier Asiana Airlines Inc said on Friday an independent auditor has not signed off its 2018 financial statements due to a lack of information, rendering its stock at risk of being added. . .  Full story

French business recovery runs out of steam - PMI

10h15 French business activity slowed unexpectedly in March as a recent rebound ran out of steam in the face of deteriorating demand, a monthly survey showed on Friday.. . .  Full story

Daimler taps Goldman to raise China BAIC shareholding - sources

10h14 Daimler has asked Goldman Sachs to help it explore increasing its stake in Chinese carmaker BAIC Motor Corp, its main China joint venture partner, two people with knowledge of the matter said.. . .  Full story

BOJ tankan to show big manufacturers' mood weakest in 2 yrs, trim capex

09h56 Confidence among Japan's big manufacturers likely weakened to the lowest in two years in the three months to March and it is seen worsening further over the next quarter, a Reuters poll showed on. . .  Full story

Plastics maker Berry says not to raise offer for Britain's RPC

09h50 Plastics maker Berry Global Group Inc ruled out further sweetening of its 3.34 billion pound ($4.39 billion) bid for British packaging company RPC Group , calling the offer final.. . .  Full story

CEO of Finnish retailer Stockmann to leave at end of March

09h42 Finnish department store and fashion chain group Stockmann Oyj Abp, which has not reported an annual net profit since 2013, said its Chief Executive Lauri Veijalainen will leave the company at the end of the. . .  Full story

London metal steady on robust U.S. jobs data, weaker dollar

09h39 Base metals on the London Metal Exchange rose on Friday after solid U.S. data helped calm worries over the outlook for the global economy and as the U.S. dollar eased.. . .  Full story

As Australian banks' funding pressures ease, will rate cuts follow?

09h36 A fall in funding costs for Australia's biggest banks is raising the prospect that they could hand on the savings to consumers in the form of lower lending rates, which would in turn reduce. . .  Full story

China stocks flat ahead of fresh trade talks

09h27 China stocks ended almost flat on Friday ahead of a new round of Sino-U.S. trade talks next week, but posted weekly gains of about 2.5 percent on expectations of more policy measures to spur. . .  Full story

Thailand's Siam bank in talks again with FWD for insurance unit sale

09h26 Thailand's Siam Commercial Bank Pcl (SCB) has entered into exclusive talks with Hong Kong-based insurer FWD Group for the sale of its life insurance business, nearly two years after previous talks broke off.. . .  Full story

Apple's iPhone struggles unravel ambitions of Japan Display

09h20 When Japan Display Inc broke ground on a new factory in central Japan in 2015, the future looked bright for one of the world's top vendors of liquid crystal display (LCD) panels.. . .  Full story

Icelandic airlines Wow Air and Icelandair restart talks

09h18 Low-cost carrier WOW Air has restarted talks with rival Icelandair after negotiations with another investor failed, the two Icelandic airlines said late on Thursday.. . .  Full story

Swedbank investor Folksam to back board after money laundering report

09h16 Swedbank's second-largest investor Folksam said it has confidence to allow Birgitte Bonnesen to continue as CEO of the bank and will as part of the nomination committee for the board vote in favour of. . .  Full story

Shadow margin loans make a sly return as China stocks sizzle

09h16 On a cloudy March morning in Shanghai's glitzy financial district of Lujiazui, Ye Lixia was knocking on the doors of potential clients, offering loans to bet on a surging stock market.. . .  Full story

Philippines' Philex delays copper-gold mine start by four years

09h05 Philippine copper and gold producer Philex Mining Corp on Friday said the start of output at its Silangan mine in the south of the country would be delayed by four years until 2022, hit. . .  Full story

S.Korean stocks steady as institutions book profits; won down

09h01 Round-up of South Korean financial markets:. . .  Full story

U.S. investment firm increases stake in JR Kyushu, urges share buyback

09h00 U.S.-based investment firm Fir Tree Partners said on Friday it has raised its stake in Japan's Kyushu Railway Co to 6.1 percent and urged the railway operator to boost its share price through buybacks. . .  Full story

As worries about populism in Europe rise, investors bet on stock market volatility

09h00 Investors are betting on heightened political uncertainty and greater volatility in European stock markets ahead of European Parliament elections in May amid growing concerns about rising populism.. . .  Full story

What we know about Boeing 737 MAX crash and what comes next

08h41 More than 300 Boeing 737 MAX jets have been grounded worldwide after two fatal crashes in the past five months in Ethiopia and Indonesia killed nearly. . .  Full story

China urges subsidies to help disease-hit pig farms restock

08h31 China has urged rural governments to offer temporary subsidies to pig breeding farms and large-scale producers to help stabilise hog production, as fears grow about the impact of a severe disease outbreak on pork supplies.. . .  Full story

Nikkei ends flat despite strong chip makers

08h23 Japan's Nikkei ended little changed on Friday as chip-related stocks offset weakness in financial stocks and drugmakers, which tumbled after Eisai said it will end its Alzheimer drug trials.. . .  Full story

Working for the weekend: China extends holiday to spur consumers

08h17 China is extending a public holiday to get people to travel and spend more as the government pins its hopes on a vast consumer base to help cushion an economic slowdown.. . .  Full story

Australia shares up, aided by financials and healthcare; NZ at record high

08h08 Australian shares rose on Friday, led by financial and healthcare stocks as the market tracked a rally on Wall Street after strong U.S. economic data eased worries about a slowing economy.. . .  Full story

Most currencies subdued, South Korean won leads declines

08h04 Most Asian currencies were subdued on Friday as investors locked in gains from the previous session after U.S. Federal Reserve affirmed a dovish stance at its policy meeting this week.. . .  Full story

Hyundai shareholders inflict big defeat on U.S. fund Elliott in proxy vote

07h56 Hyundai Motor Group companies' shareholders rejected on Friday Elliott Management's demands for a massive special dividend and board seats, dealing a blow to the U.S. hedge fund's campaign to shake up South Korea's second-biggest family-run. . .  Full story

Eisai starts phase 3 trials for second Alzheimer's drug after first's failure

07h50 Eisai Co Ltd on Friday said it has begun phase 3 clinical trials of Alzheimer's treatment BAN2401, a day after the Japanese drugmaker and U.S. partner Biogen Inc scrapped trials for another Alzheimer's drug, aducanumab.. . .  Full story

JGBs yields drop to more than 2-year lows after dovish Fed surprise

07h16 Japanese government bond (JGB) yields plunged to their lowest since November 2016 on Friday after the Federal Reserve abruptly abandoned a tightening policy bias, sending U.S. bond yields sharply lower.. . .  Full story

Yuan eases as investors refocus on trade, slowdown risks

07h13 China's yuan inched down against the dollar as markets turned their attention from the U.S. Federal Reserve's abrupt end to policy tightening this week and instead focused on the economic weakness underpinning that move.. . .  Full story

China stocks fall ahead of fresh trade talks; Tencent drags Hong Kong index

06h52 China stocks fell on Friday morning led by financial shares, as the market's rally showed signs of fatigue ahead of a fresh round of Sino-U.S. talks next week. ** Hong Kong's benchmark Hang Sang also. . .  Full story

Australia, NZ dlrs set for weekly gains but bond yields weigh

06h49 The Australian and New Zealand dollars were on track for a second consecutive week of gains against the greenback but their advances were limited by a rally in bonds that sent yields to multi-year. . .  Full story

Malaysia's February CPI falls 0.4 pct y/y, below forecast

06h00 Malaysia's economy remained in deflation for the second month in a row in February, with the consumer price index falling 0.4 percent from a year earlier, government data showed on Friday.. . .  Full story

Mexico cenbank chief: monetary policy must target prices, not growth

05h42 The head of Mexico's central bank said on Thursday monetary policy is best suited to targeting price stability, not growth and employment, underlining the bank's core mandate in the face of a government eager to. . .  Full story

Corn jumps to near one-month top, set to finish week 1.5 pct higher

05h21 U.S. corn futures rose to a near one-month high on Friday as flash flooding in a major North American producing region stoked fears of plating delays, with the grain poised for a 1.5 percent. . .  Full story

Glencore suspends Australian zinc mine as cyclone nears

05h20 Commodity giant Glencore on Friday said it had suspended operations at its McArthur River zinc mine in northern Australia as a cyclone approaches.. . .  Full story

Japan's slowing inflation leaves BOJ fighting tough price battle

05h15 Japan's annual core consumer inflation slowed in February as gasoline costs fell for the first time in more than two years, keeping the central bank under pressure to maintain, or even ramp up, stimulus. . .  Full story