| China banks curb loans to commodities firms in hot-money battle |
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| (REUTERS) |
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| 05/22/2013 | 07:27 |
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* Chinese banks cutting loans to gold, metals firms* Targeting Chinese firms involved in transit trades* Clampdown to have limited impact on gold importsBy Fayen Wong and Polly YamSHANGHAI/HONG KONG, May 22 (Reuters) - Chinese commodities firms importing everything from gold and rubber to base metals are struggling to get trade loans as banks scrutinise their activities and hold back credit following Beijing's orders to rein in currency speculation.China is the world's top consumer of base metals and rubber, and the second-largest gold buyer after India....
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| ANALYSIS-As US economy strengthens, a bonds sell-off may beckon |
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| (REUTERS) |
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| 05/22/2013 | 15:30 |
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By Ellen FreilichNEW YORK, May 22 (Reuters) - The U.S. government bond market has weakened in recent weeks but some investment strategists fear that this may only be the beginning of an extended sell-off....
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| UPDATE 1-New Iceland government freezes EU talks till referendum |
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| (REUTERS) |
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| 05/22/2013 | 14:44 |
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* New centre-right Icelandic government formed* To freeze EU talks, hold referendum* Wants to cut household debts* Iceland still recovering from 2008 banking crash (Adds quotes, context)REYKJAVIK, May 22 (Reuters) - Iceland's centre-right Progressive and Independence parties agreed on a coalition government on Wednesday and said they would freeze talks on entering the European Union until a referendum on whether or not to continue the process.Both parties made big gains in elections last month where voters, fed up with years of austerity and rising debts, handed the incumbent Social Democrats the worst defeat of any ruling party since independence from Denmark in 1944....
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| UPDATE 1-U.S. regulatory watchdog FINRA to oversee Direct Edge's surveillance |
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| (REUTERS) |
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| 05/22/2013 | 19:01 |
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* FINRA expands surveillance to almost all U.S. stock operatorsBy Herbert LashNEW YORK, May 22 (Reuters) - U.S. exchange operator Direct Edge has agreed to allow the Financial Industry Regulatory Authority to oversee surveillance of its two stock exchanges, expanding the watchdog regulator's oversight to more than 90 percent of U....
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| EXCLUSIVE-Mexico says mine industry investment could rise a bit through 2018 |
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| (REUTERS) |
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| 05/22/2013 | 17:48 |
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(Adds quotes, sector context)By Gabriel StargardterMEXICO CITY, May 22 (Reuters) - Mexico sees total mining investment between 2013-2018 of at least $25 billion, holding steady or rising slightly from the previous six years despite the prospect of less favorable metals prices, Mexico's top government mining official told Reuters on Wednesday."We estimate total investment for the (president's) six year term could be above or around $25 billion or $26 billion," Mario Cantu Suarez, Mexico's chief mining official, told Reuters at the BNAmericas Mexico mining summit....
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| CORRECTED-Deutsche Bank deepens Tier 2 market, next stop Tier 1 |
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| (REUTERS) |
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| 05/22/2013 | 14:08 |
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(Corrects third paragraph to state bond is SEC-registered and not 144a, and in the same paragraph that it priced at T+237.5bp, not 262.5bp)* New 15 non-call 10 structure hailed a success* European banks tipped to sell follow-up deals* Additional Tier 1 seen as next step for DeutscheBy Aimee Donnellan and Danielle RobinsonLONDON, May 22 (IFR) - Deutsche Bank added yet more depth to the burgeoning bank capital market this week with the sale of a brand new structure for Tier 2 debt that should now pave the way for the bank to sell Additional Tier 1 bonds over the next 12 months....
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| MIDEAST DEBT-Africa tempts Gulf bond investors |
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| (REUTERS) |
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| 05/22/2013 | 14:00 |
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By Rachna Uppal and Mala PancholiaDUBAI, May 22 (Reuters) - The lure of sub-saharan Africa, with its geographic proximity and promise of higher returns, is tempting cash-rich Gulf Arab bond investors to look south, a marked departure from the relative comfort and familiarity of the Middle East.Gulf investment in Africa is not a new trend, with numerous examples of strategic as well as opportunistic forays into the continent in sectors such as telecommunications, agriculture, and healthcare, through mergers and acquisitions, private equity deals and foreign direct investment....
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| Monte Paschi director accused of insider trading-source |
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| (REUTERS) |
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| 05/22/2013 | 15:59 |
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MILAN, May 22 (Reuters) - A board member at Italy's troubled lender Monte dei Paschi di Siena is being investigated over allegations of breaking insider trading rules and has been suspended, a judicial source said on Wednesday.Prosecutors in Siena allege that the board member, Michele Briamonte, leaked to the press the content of a board meeting during which it was decided to seek damages from two former executives as well as investment banks Nomura and Deutsche Bank over losses on financial derivatives contracts, the source said....
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| Ex-strategist can sue UBS as whistleblower -U.S. judge |
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| (REUTERS) |
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| 05/21/2013 | 23:58 |
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NEW YORK, May 21 (Reuters) - UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research reports.U....
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| Wall St. watchdog to review broker bonus disclosure plan in July |
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| (REUTERS) |
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| 05/21/2013 | 19:42 |
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By Suzanne BarlynWASHINGTON, May 21 (Reuters) - Wall Street's watchdog will present a plan to its board in July that would require brokers to tell certain clients about compensation they receive when they switch firms, the regulator's chief said on Tuesday.Richard Ketchum, the Financial Industry Regulatory Authority's chairman and chief executive, said he and his staff will review numerous letters about the proposal from industry and investor advocacy groups before the July meeting....
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| EXCLUSIVE-EU says Chinese FTA possible, but wants market opening |
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| (REUTERS) |
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| 05/21/2013 | 18:25 |
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* EU says FTA with China would depend on concessions from Beijing* Countries worry that considering an FTA sends wrong message* Bloc wants to expand access to raw materials jointly with ChinaBy Ethan BilbyBRUSSELS, May 21 (Reuters) - The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday showed.At the same time as EU regulators are ramping up trade pressure on Beijing by threatening duties on solar panels and telecoms equipment, Brussels is dangling the carrot of trade agreements before the Chinese....
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| Private equity, top traders mull $1 bln commodity venture |
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| (REUTERS) |
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| 05/21/2013 | 17:35 |
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* Former Deutsche traders team up with Riverstone group* Venture to invest in energy, coal, metals, trade commodities* New investors come in commodities as banks reduce exposureBy Dmitry ZhdannikovLONDON, May 21 (Reuters) - Former top commodities traders from Deutsche Bank are in talks with U.S....
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| UPDATE 2-Herbalife hires PwC as new auditor, shares up |
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| (REUTERS) |
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| 05/21/2013 | 20:08 |
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By Martinne GellerMay 21 (Reuters) - Herbalife Ltd said on Tuesday it has engaged PricewaterhouseCoopers LLP as its auditor, replacing KPMG in the wake of alleged insider trading.Shares of the nutritional products company rose 4 percent in afternoon trading, as the engagement of an auditor is often seen as lending credibility to a company's financial statements....
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| COLUMN - How much does Jamie Dimon matter? |
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| (REUTERS) |
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| 05/21/2013 | 17:45 |
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By Bethany McLeanMay 21 (Reuters) - So today is the day.After weeks of near-constant coverage of the big decision - will JPMorgan Chase shareholders keep Jamie Dimon as chairman and CEO or relegate him to just CEO? - the verdict came at JPMorgan's annual meeting in Tampa, Florida....
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| UPDATE 1-Abil profit fall raises concern over S.Africa credit boom |
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| (REUTERS) |
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| 05/20/2013 | 15:21 |
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* First-half profit down 26 pct* 445 million rand of bad loans written off* Shares down 16 pct (Recasts, adds analyst comment, background)By David DolanJOHANNESBURG, May 20 (Reuters) - South African lender African Bank Investments posted a 26 percent drop in first-half profit on Monday, sparking a rout in its shares amid concern that a boom in unsecured lending is starting to unravel.Abil, as the bank is known, has helped to pioneer unsecured lending in Africa's top economy, offering high-interest loans to millions of low-income borrowers....
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| ANALYSIS-At margins of US shale oil boom, a tempered euphoria |
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| (REUTERS) |
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| 05/20/2013 | 04:00 |
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* Data show Utica, touted as $500bln bounty, all gas and no oil* NuStar shelved pipeline project in Colorado, lack of shippers* Crude by rail more flexible, faster startup, shorter commitmentBy Kristen Hays and Jonathan LeffHOUSTON/NEW YORK, May 20 (Reuters) - For the past three years, the boom in the U.S....
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| SEC review of brokerages use of arbitration not seen in 2013 |
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| (REUTERS) |
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| 05/20/2013 | 18:02 |
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By Suzanne BarlynWASHINGTON May 20 (Reuters) - Wall Street brokerages' use of mandatory arbitration clauses merits a regulatory review, but the Securities and Exchange Commission will not have time to undertake one before 2014, an SEC commissioner said on Monday.The agency will wrap up other priorities before looking at whether firms can require customers to settle legal disputes through arbitration, Commissioner Elisse Walter said....
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| COLUMN-Koch's unsightly coke mountain: Kemp |
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| (REUTERS) |
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| 05/20/2013 | 14:20 |
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By John KempLONDON, May 20 (Reuters) - Petroleum coke piled up along the banks of the Detroit River has sparked a storm of protest from local residents and environmental campaigners, who claim they are just one more problem associated with the bituminous tar sands being mined in western Canada."A black mound of Canadian oil waste is rising over Detroit," the New York Times scolded in an article published on Friday....
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| Wielding Harrisburg example, U.S. SEC cajoles cities nationwide |
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| (REUTERS) |
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| 05/20/2013 | 13:51 |
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* U.S. regulator underlines rules for disclosure to bondholders* SEC warns municipalities not to gloss over financial health* Pennsylvania capital Harrisburg has mountain of debt to clearWASHINGTON, May 20 (Reuters) - At first glance, a federal regulator's rebuke of the city of Harrisburg this month over fraudulent statements and long overdue disclosures to its bondholders could be seen as a warning to state and local politicians who offer too rosy a view of their financial health....
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| CME to launch palm oil swaps contract on June 3 |
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| (REUTERS) |
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| 05/20/2013 | 07:04 |
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SINGAPORE, May 20 (Reuters) - CME Group will introduce a U.S. dollar-denominated palm oil swaps contract on June 3 pending regulatory review, the exchange said on Monday, tapping growing demand to manage price volatility of the food and fuel commodity....
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| UPDATE 2-Sacramento Kings owners reach deal to sell team to local investors |
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| (REUTERS) |
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| 05/17/2013 | 21:05 |
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By Eric M. JohnsonMay 17 (Reuters) - The owners of the Sacramento Kings basketball franchise have struck a tentative deal to sell the California team to local investors after the National Basketball Association denied a proposal to move the team to Seattle, Sacramento Mayor Kevin Johnson said on Friday....
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| Investors dump Double B names as rates spike higher |
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| (REUTERS) |
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| 05/17/2013 | 19:10 |
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By Danielle Robinson and Joy FergusonNEW YORK, May 17 (IFR) - If anyone needed evidence that parts of the high-yield bond market no longer offer protection against rising interest rates, then they received it this week, when the highest quality, longest dated new issues suffered losses of as much as two points in dollar price.Ball Corp's recently issued US$1bn 4....
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| UPDATE 2-US House votes for more scrutiny of economic impact of SEC rules |
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| (REUTERS) |
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| 05/17/2013 | 19:42 |
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By Sarah N. LynchWASHINGTON, May 17 (Reuters) - A divided U.S. House of Representatives on Friday passed a Republican-sponsored bill that would force federal securities regulators to conduct more economic analysis before adopting rules for Wall Street....
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| DEALTALK: Warner Chilcott buy may be Actavis' best takeover defense |
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| (REUTERS) |
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| 05/17/2013 | 16:57 |
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By Jessica ToonkelNEW YORK, May 17 (Reuters) - U.S. generic drugmaker Actavis , the subject of intense takeover speculation, may have found its best defense: a potential purchase of Warner Chilcott Plc, a specialty pharmaceutical company that has been for sale on and off for years....
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| UPDATE 1-Investor group calls on SEC to review change in JPMorgan voting |
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| (REUTERS) |
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| 05/17/2013 | 21:08 |
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By David HenryNEW YORK, May 17 (Reuters) - Pension and endowment managers on Friday called on U.S. regulators to review the rules for shareholder voting after a firm collecting ballots for JPMorgan Chase & Co cut off polling information to the bank's opponents....
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| Wall Street bonuses, staff levels to rise in 2013 -consultant |
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| (REUTERS) |
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| 05/17/2013 | 15:31 |
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NEW YORK, May 17 (Reuters) - Wall Street bonuses and staff levels are expected to rise this year as trading and dealmaking activity pick up, according to a closely watched report released on Friday by a compensation consulting firm.Johnson Associates Inc predicts that senior bank executives will receive bonus increases of 5 percent to 15 percent, with investment bankers getting the biggest potential bonus increases of up to 20 percent....
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| How low can a CoCo go? |
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| (REUTERS) |
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| 05/17/2013 | 15:35 |
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* UBS low trigger CoCo heralded as vanilla Tier 2* Investor risk aversion to total loss fades* Pockets of demand becoming deeper for capital dealsBy Natalie Harrison and Aimee DonnellanLONDON, May 17 (IFR) - Swiss bank UBS has accomplished what some experts said was unimaginable a year ago, pricing a total loss CoCo with a mere 4.75% coupon, and buoying hopes that investors will be receptive to even riskier bank capital deals if the credit rally lasts....
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| SEC's Gallagher calls for global code for proxy advisors |
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| (REUTERS) |
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| 05/17/2013 | 10:14 |
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DUBLIN, May 17 (Reuters) - U.S. regulatory official Daniel Gallagher backed European efforts to ensure advisory firms give unbiased guidance on how to vote at shareholder meetings, saying on Friday there should be a global code of conduct....
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| UK economic underperformance, new BoE chief could hit pound |
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| (REUTERS) |
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| 05/16/2013 | 14:13 |
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* Sterling's recovery versus dollar losing steam* UK seen lagging U.S., significant BoE easing could weigh* Options betting on sterling at $1.4620 by mid-AugustBy Anirban NagLONDON, May 16 (Reuters) - Sterling is likely to fall sharply against the dollar in the coming months, as the British economy lags a U....
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| UPDATE 1-White says SEC not now writing political spending rule |
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| (REUTERS) |
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| 05/16/2013 | 20:04 |
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(Adds background, comments from hearing, stakeholders)By Sarah N. LynchWASHINGTON, May 16 (Reuters) - The head of the U.S. Securities and Exchange Commission told lawmakers on Thursday that her agency, despite pressure from liberal groups, is not currently drafting a rule that would call for public companies to disclose their political spending....
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| CORRECTED-ANALYSIS-UK trade may struggle to stand still after EU exit |
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| (REUTERS) |
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| 05/16/2013 | 13:03 |
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(Corrects ninth paragraph to say China is also a bigger UK export market than Switzerland)* UK would need to negotiate new free trade rules with partners* UK would drop out of US-EU trade talks and other bilateral deals* City of London expected to suffer from lack of say in EU rulesBy Tom MilesGENEVA, May 16 (Reuters) - As British Prime Minister David Cameron struggles to accommodate eurosceptics in his own party, trade experts warn that quitting the European Union would force Britain not just to rework trade relations with the EU, but also with the EU's trade partners and probably the World Trade Organization.Moreover, it would struggle to maintain the same level of trading rights it now enjoys, they say, including those that benefit London's financial centre, a major contributor to the national economy and a significant exporter....
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| Fitch: Loeb's Spin-off Call Not a Solution for Sony Credit Woes |
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| (REUTERS) |
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| 05/16/2013 | 09:30 |
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(The following statement was released by the rating agency) LONDON, May 16 (Fitch) Third Point hedge fund manager Daniel Loeb's call to spin off 15%-20% of Sony's entertainment businesses is not likely by itself to solve the group's credit weaknesses, says Fitch Ratings. We agree with Third Point that Sony, which is rated 'BB-'/Negative, needs greater focus to improve the core electronics business....
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| CNH Tracker-Stronger currency enhances appetite for dim sum |
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| (REUTERS) |
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| 05/16/2013 | 06:02 |
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By Saikat Chatterjee HONG KONG, May 16 (Reuters) - Despite recent volatility in the offshore yuan market, the demand for bonds denominated in the Chinese currency is likely to remain strong as the yuan's appreciation trend looks intact. An HSBC index measuring total returns in the dim sum bond market has gained more than 1....
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| UPDATE 2-NBA denies bid to move Sacramento Kings basketball team to Seattle |
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| (REUTERS) |
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| 05/16/2013 | 02:14 |
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(Adds quotes from fans, bidders, politicians from Seattle and Sacramento)By Marice Richter and Suzanne HurtDALLAS, May 15 (Reuters) - The National Basketball Association denied a proposal on Wednesday to move the Sacramento Kings to Seattle following months of bitter wrangling among potential suitors, and strongly urged the team's owners to negotiate with a group fighting to keep the team in Sacramento.The decision, announced by NBA Commissioner David Stern, appears to put an end to a deal to sell the team to the Seattle group that would have valued the Kings at $625 million, a huge amount for an NBA team....
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| UPDATE 1-Knight near settlement on trading glitch probe -sources |
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| (REUTERS) |
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| 05/16/2013 | 21:07 |
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NEW YORK, May 16 (Reuters) - Knight Capital Group is close to settling a U.S. Securities and Exchange Commission probe into the automated trading firm's Aug....
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| COLUMN-QE and the portfolio puzzle: James Saft |
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| (REUTERS) |
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| 05/16/2013 | 20:03 |
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(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftMay 16 (Reuters) - Quantitative easing may well be pushing investors to hold more cash rather than risk assets, blunting its impact as monetary policy....
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| CFTC adopts SEF rule, including RFQ3, voice broking |
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| (REUTERS) |
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| 05/16/2013 | 17:58 |
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WASHINGTON, May 16 (Reuters) - The Commodity Futures Trading Commission on Thursday adopted a final rule laying out core principles for new trading platforms known as Swap Execution Facilities, or SEFs.The rules will allow negotiating of deals over the telephone between banks and their brokers....
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| UPDATE 5-Ex-BP boss Hayward takes Glencore chair after Xstrata clearout |
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| (REUTERS) |
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| 05/16/2013 | 16:07 |
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* Bond ousted as chairman, fails to gain reelection at AGM* Three Xstrata directors also voted out, one resigned before vote* BP's Hayward to be interim chairmanBy Clara Ferreira-Marques and Emma FargeLONDON/ZUG, Switzerland, May 16 (Reuters) - A shareholder coup at newly merged commodities group Glencore Xstrata ousted its chairman and all former Xstrata directors on Thursday, replacing him with former BP boss Tony Hayward, excoriated for his role in the Gulf of Mexico oil spill.The move returns Hayward to the limelight at one of London's largest firms, while Sir John Bond, the former chairman of Xstrata and British blue chips HSBC and Vodafone, suffered the ignominy of an 81 percent vote to unseat him....
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| WRAPUP 1-Wall St commodity slump deepens in Q1, led by Morgan Stanley |
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| (REUTERS) |
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| 05/15/2013 | 18:28 |
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* Morgan Stanley Q1 commodity revenues fall 77 pct* Total commodity revenues on Wall Street down 54 pct-CoalitionBy David Sheppard and Barani KrishnanNEW YORK, May 15 (Reuters) - Global investment banks suffered another bruising decline in commodity trading in the first three months of this year, new reports showed on Wednesday, with Morgan Stanley's revenues collapsing to a quarter of what they were a year ago.While industry heavyweights Goldman Sachs and JPMorgan reported slightly higher revenues year-on-year in detailed quarterly filings made with the SEC in the past week, the overall sector continues to be squeezed by increased regulation, tepid markets, and low levels of client activity....
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| SEC taps Boston lawyer to run unit overseeing company disclosures |
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| (REUTERS) |
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| 05/15/2013 | 20:13 |
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By Sarah N. LynchWASHINGTON, May 15 (Reuters) - U.S. Securities and Exchange Commission Chair Mary Jo White has chosen a Boston-based lawyer to direct the agency's Corporation Finance division, in the latest major personnel change since she took the helm of the regulator last month....
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