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UPDATE 4-Pork giant WH Group slashes Hong Kong IPO, seeks up to $1.9 bln
(REUTERS)
04/23/2014  |  07:50
* WH Group seeks up to $1.9 billion in revised IPO* Shareholders to no longer cash out* Deal had no cornerstone investors, wide indicative range* Executive share awards raised corporate governance concerns (Recasts with official announcement, changes date in dateline)By Elzio Barreto and Fiona LauHONG KONG, April 23 (Reuters) - WH Group Ltd, the world's biggest pork company, has cut its Hong Kong IPO by two thirds as market volatility and rich valuations turned investors off the deal, a revised term sheet seen by Reuters showed on Wednesday....

Portugal Banco BPI swings to loss, to repay state loans
(REUTERS)
04/23/2014  |  19:40
LISBON, April 23 (Reuters) - Portugal's third-largest listed bank BPI posted on Wednesday a first-quarter net loss after a year-ago profit, mostly due to sovereign debt sales meant to comply with new European rules, while its net interest income edged lower.The bank also said it requested permission to repay to the state the remaining 420 million euros in loans held in so-called contingent convertible bonds (CoCos) that have weighed on the bank's bottom line due to high interest charged....

INTERVIEW-Hard times ahead for metals industry as costs rise -Triland
(REUTERS)
04/23/2014  |  08:45
* Some brokers passing on growing costs to customers -Triland executive* Triland has started charging interest on credit lines* But has set up Singapore desk, hopes for more business in SE AsiaBy Melanie BurtonHONG KONG, April 23 (Reuters) - The harsh climate for metal brokers is getting worse amid rocketing costs for trading which some firms have been passing on to customers, said an executive at a unit of Japan's Mitsubishi Corp.Stricter regulations in the wake of the global financial crisis, as well as the London Metal Exchange's (LME) drive to boost profits, have hit brokerages hard, said Martin Pratt, chief operating officer at LME ring dealer Triland Metals....

SPECIAL REPORT-For private placements, no one is vetting the vetters
(REUTERS)
04/23/2014  |  11:00
(For more Reuters Special Reports, double-click on )By Emily FlitterOMAHA, Nebraska, April 23 (Reuters) - From 2006 to 2009, Provident Asset Management raised $485 million from 7,700 investors who were drawn to its promises of annual returns as high as 18 percent on oil and gas assets. Law firm Mick & Associates helped....

Commodity trader Mercuria posts 14 pct revenue rise to $112 bln
(REUTERS)
04/23/2014  |  17:44
April 23 (Reuters) - Swiss merchant Mercuria, which agreed last month to buy JPMorgan Chase & Co's physical commodities business, posted a 14 percent rise in revenue and a 7 percent increase in trading volume in 2013.The firm, which in just a decade has risen to challenge more established rivals such as Vitol and Glencore, said on its website that its turnover rose to $112 billion last year on 195 million tonnes of traded raw materials....

Saudi Telecom picks banks for debut sukuk issue - sources
(REUTERS)
04/23/2014  |  10:37
By David FrenchDUBAI, April 23 (Reuters) - Saudi Telecom Co (STC) , the Gulf's biggest telecommunications operator by market value, has picked three banks to manage its debut Islamic bond offer, banking sources aware of the transaction told Reuters on Wednesday.It has chosen JP Morgan Chase, Standard Chartered and the investment banking arm of Saudi Arabia's National Commercial Bank to arrange the transaction, three sources said, speaking on condition of anonymity as the information isn't public....

Stern Advice -Questions to ask your adviser about alternative funds
(REUTERS)
04/23/2014  |  19:59
By Linda SternNEW YORK, April 23 (Reuters) - Ever since they were badly burned in the 2008-2009 stock and bond debacle, investors have been pouring money into so-called "alternative" mutual funds, often at the behest of financial advisers who say those funds will protect them from the fire next time.But it is too soon to tell whether most of these funds will work as suggested....

UPDATE 4-CN, CP Rail profits could leave sour taste for farmers
(REUTERS)
04/22/2014  |  23:40
(Updates to include CN Rail's results and conference call comments)By Solarina HoApril 22 (Reuters) - Canada's two largest railroads reported stronger-than-expected profits on Tuesday, results that could prompt fresh criticism from farmers already unhappy with the handling of a massive crop backlog during one of the harshest winters in decades.Canadian Pacific Railway Ltd and Canadian National Railway Co have come under enormous pressure to clear the backlog, which resulted from a record harvest last year and subsequent disruptions of service caused by a frigid winter....

UPDATE 1-CME Group overhauls daily grain price limits
(REUTERS)
04/22/2014  |  19:00
(Adds comments from CME, broker)By Tom PolansekCHICAGO, April 22 (Reuters) - CME Group Inc, the world's largest futures market operator, said on Tuesday it will overhaul the system for setting daily price limits for U.S....

Goldman buys Westpeak in drive for 'smart beta' assets
(REUTERS)
04/22/2014  |  21:15
By Lauren Tara LaCapraNEW YORK, April 22 (Reuters) - Goldman Sachs Group Inc's asset-management business has agreed to buy Westpeak Global Advisors, a firm that aims to beat market indexes by using factors other than company size to pick stock investments.The deal, disclosed on Tuesday, comes as Goldman is working to bulk up its asset management unit, partly by strengthening its quantitative product offerings....

UPDATE 3-HKEx to launch copper, aluminium, zinc mini-futures this year
(REUTERS)
04/22/2014  |  15:50
* HKEx plans futures settled in renminbi* Traders say could rival Shanghai exchange's (Updating to add more details throughout)By Polly YamHONG KONG, April 22 (Reuters) - Hong Kong Exchanges and Clearing Ltd plans to launch copper, aluminium, zinc and coal futures contracts this year, it said on Tuesday, the exchange's first foray into the fiercely competitive, burgeoning Chinese commodities derivatives market.The company said it will introduce mini futures for the three base metals based on settlement prices of the futures on the London Metal Exchange (LME) owned by HKEx and settled in cash with Chinese renminbi....

REFILE-INSIGHT-At Mt. Gox bitcoin hub, 'geek' CEO sought both control and escape
(REUTERS)
04/22/2014  |  04:53
(Changes Mandalah description in paragraph 30, company name in para 31)By Sophie KnightTOKYO, April 21 (Reuters) - In June 2011, when customers of now-bankrupt bitcoin exchange Mt. Gox agitated for proof that the Tokyo-based firm was still solvent after a hacking attack, CEO Mark Karpeles turned to the comedy science fiction novel "The Hitchhikers Guide to the Galaxy"....

UPDATE 2-HKEx to launch copper, aluminium, zinc mini-futures this year
(REUTERS)
04/22/2014  |  12:48
* HKEx plans futures settled in renminbi* Not competing with Shanghai exchange's contracts - CEO (Adds quotes, details)By Polly YamHONG KONG, April 22 (Reuters) - Hong Kong Exchanges and Clearing Ltd plans to begin trading copper, aluminium and zinc mini-futures contracts this year, it said in a statement on Tuesday.Prices for the new contracts would be based on settlement prices of the futures on the London Metal Exchange (LME) owned by HKEx and settled in cash with Chinese renminbi, targeting Chinese investors....

San Francisco man pleads guilty in Marvel insider trading case
(REUTERS)
04/21/2014  |  23:34
By Nate RaymondApril 21 (Reuters) - A former associate at a California investment firm pleaded guilty to securities fraud Monday, admitting to illegally making $192,000 trading ahead of news Marvel Entertainment would be bought by Walt Disney Co, where his girlfriend was working.Toby Scammell, a San Francisco resident who previously worked at Madrone Capital Partners, pleaded guilty to a single securities fraud count at a hearing in Los Angeles federal court, more than six months after he was criminally charged....

Speculators turn short U.S. dollar for 1st time in 6 months-CFTC
(REUTERS)
04/21/2014  |  14:02
April 21 (Reuters) - Speculators turned bearish on the U.S. dollar in the latest week for the first time since late October, according to data from the Commodity Futures Trading Commission released on Friday....

Merrill sets new $8 million bragging target for its top brokers
(REUTERS)
04/21/2014  |  17:57
By Jed HorowitzNEW YORK, April 21 (Reuters) - Merrill Lynch is dangling a new incentive in front of its brokers by creating a "recognition club" for those who bring in $8 million or more a year from clients, more than doubling the top goals set by its securities industry rivals.Until now, Merrill Lynch Wealth Management's top recognition club was its "Circle of Champions" for financial advisers who produced $4 million of commissions and fees, or received 2....

UPDATE 2-Morgan Stanley profit soars on wealth management, trading
(REUTERS)
04/17/2014  |  13:15
(Adds details, CFO comment, updates share price)By Lauren Tara LaCapra and Anil D'SilvaApril 17 (Reuters) - Morgan Stanley reported a 55 percent jump in first-quarter earnings as higher revenue from its institutional securities business augmented another strong quarter from wealth management, sending shares in the Wall Street bank higher.The sixth-largest U....

UPDATE 3-Blackstone earnings rise 30 pct on private equity gains
(REUTERS)
04/17/2014  |  20:27
* Total assets under management up 25 pct y/y to $272 bln as of end-March* 1st qtr ENI per share of 70 cts vs 55 cts in Thomson Reuters analyst poll* 1st qtr distributable earnings at $485 mln, up 24 pct y/y (Adds closing share price paragraph 2)By Greg RoumeliotisNEW YORK, April 17 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, reported a 30 percent increase in first-quarter earnings on strong gains in its private equity arm which more than offset small declines in its real estate unit.The results, buoyed by asset sales and a strong appreciation in Blackstone's buyout funds that outpaced the wider stock market, beat most analysts' expectations....

Virtu indefinitely postpones IPO - WSJ
(REUTERS)
04/17/2014  |  20:53
April 17 (Reuters) - High-speed trading firm Virtu Financial Inc has indefinitely postponed its initial public offering plans, the Wall Street Journal reported, citing people familiar with the matter.The move comes as high-frequency trading (HFT) is under intense scrutiny, following the release of author Michael Lewis' book "Flash Boys: A Wall Street Revolt"....

Blackstone exec doesn't expect move into commodities in near term
(REUTERS)
04/17/2014  |  18:13
NEW YORK, April 17 (Reuters) - Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as the world's largest alternative asset manager struggles to find a target to fit its asset-light business model, a senior executive said on Thursday.In his first earnings call with reporters since Blackstone lost out to Mercuria to buy JPMorgan Chase & Co's physical commodity division, Blackstone President Tony James said he is still interested in broadening the company's revenue through commodities....

Argentina forced by ailing economy to change populist policies
(REUTERS)
04/17/2014  |  14:20
By Hugh BronsteinBUENOS AIRES, April 17 (Reuters) - Argentine President Cristina Fernandez is reversing some of the populist policies that defined her first six years in power and will have little choice but to stick to the new, more pragmatic path over the remaining 20 months of her final term.Confronted by falling dollar reserves, a weak economy and high inflation, Fernandez has in the past three months cut heating gas subsidies and let the peso devalue by 18 percent....

First post-default Greek bond starts rewarding investors
(REUTERS)
04/17/2014  |  15:31
* Greek five-year bonds fall below 4.95 pct issuance level* Bond's market performance key for success of future sales* Italy raises 20.6 bln in bumper BTP Italia sale* Portugal schedules auction with bailout exit in sight (Updates prices and details)By Marius ZahariaLONDON, April 17 (Reuters) - The yield on the first bond Greece has sold since its 2012 default fell below its issuance level on Thursday as Athens rejoined a rally in peripheral debt markets after a brief period of selling pressure....

UPDATE 3-BlackRock's quarterly profit jumps as investors pile into funds
(REUTERS)
04/17/2014  |  16:45
(Adds comments from analysts, details on earnings results)By Ashley LauNEW YORK, April 17 (Reuters) - BlackRock Inc, the world's largest money manager, said on Thursday its first-quarter profit rose 20 percent, boosted by strong performance fees and strength in its retail business as investors poured money into long-term funds.The New York-based asset manager, which now manages $4....

UPDATE 1-Ex-BP employee settles SEC insider-trading oil spill case
(REUTERS)
04/17/2014  |  17:18
(Adds details of case, background and comment from attorney)By Sarah N. LynchWASHINGTON, April 17 (Reuters) - A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges alleging he used non-public information about the disaster to commit insider-trading, U....

UPDATE 2-Amid frigid winter, Goldman, Morgan Stanley see commodity gains
(REUTERS)
04/17/2014  |  17:22
* Goldman says commodity revenue "significantly higher"* Morgan Stanley says "strong performance" bolstered FICC* Weather volatility, client business fuel growth-Morgan CFO* "Starting to see" benefits of rivals scaling back-Goldman (Updates with Goldman quotes, details throughout)By David Sheppard and Lauren Tara LaCapraLONDON/NEW YORK, April 17 (Reuters) - Goldman Sachs and Morgan Stanley both cited stronger commodities trading as a bright spot in the first quarter, aided in part by extraordinary volatility caused by the coldest U.S....

UPDATE 2-Chipotle raising prices as steak, avocados, cheese costs rise
(REUTERS)
04/17/2014  |  17:43
(Adds company comment, details on food costs, byline)By Lisa BaertleinApril 17 (Reuters) - Chipotle Mexican Grill Inc on Thursday said it will increase menu prices for the first time in nearly three years, fueled by all-time high costs for steak as well increasingly expensive avocados and cheese.Shares of the popular burrito chain jumped as much as 6....

COLUMN-More commodities being used for China financing, risks rising: Clyde Russell
(REUTERS)
04/17/2014  |  05:01
--Clyde Russell is a Reuters columnist. The views expressed are his own.--By Clyde RussellLAUNCESTON, Australia, April 17 (Reuters) - In an otherwise upbeat report on the outlook for China's gold demand, the World Gold Council (WGC) slipped in some details about the use of the precious metal for credit deals....

UPDATE 2-Lloyds Bank buys back private investors' ECN bonds
(REUTERS)
04/17/2014  |  07:34
* Investors agree to sell bonds worth nominal 58.5 mln stg* Offer had been criticised by activist investor* Pays between 104 and 144 percent of nominal value (Adds details, background)LONDON, April 17 (Reuters) - Lloyds Banking Group said on Thursday that private retail investors holding 58....

First post-default Greek bond starts rewarding investors
(REUTERS)
04/17/2014  |  11:08
* Greek five-year bonds fall below 4.95 pct issuance level* Bond's market performance key for success of future sales* Italy raises 20.6 bln in bumper BTP Italia sale (Updates with new prices, Italian debt sale, adds fresh comments)By Marius ZahariaLONDON, April 17 (Reuters) - The yield on the first bond Greece has sold since its 2012 default dipped just below its issuance level on Thursday as Athens rejoined a rally in peripheral debt markets after a brief period of selling pressure....

Louis Dreyfus appoints ex-Cargill executive to senior role
(REUTERS)
04/17/2014  |  12:16
LONDON, April 17 (Reuters) - Agricultural trading house Louis Dreyfus Commodities has appointed Gert-Jan van den Akker as Head of Regions, company sources said on Thursday.Van den Akker was previously executive vice president Asia Pacific at Cargill and its global leader for energy, transportation and metals....

UPDATE 2-Goldman Sachs profit falls 11 pct but beats estimates
(REUTERS)
04/17/2014  |  12:41
(Adds details and background, updates shares)By Lauren Tara LaCapra and Tanya AgrawalApril 17 (Reuters) - Goldman Sachs Group Inc reported an 11 percent drop in quarterly profit as client activity remained constrained and fixed-income revenue shrank, but both earnings and revenue beat market estimates and the Wall Street bank's shares rose.Goldman said net income fell to $1....

UPDATE 1-Chipotle profit up 8 pct as more diners visit its outlets
(REUTERS)
04/17/2014  |  12:53
* First-quarter EPS $2.64 vs est. $2.86* Sales rise 24.4 pct to $904.2 mln; same-restaurant sales rise 13.4 pct* Raises full-year same-restaurant sales forecast* Shares up 6 pct premarket (Adds forecast, details on food costs, updates shares)April 17 (Reuters) - Chipotle Mexican Grill Inc raised its full-year sales forecast after reporting better-than-expected quarterly revenue as sales surged at established restaurants....

UPDATE 2-BlackRock's first-quarter profit rises 20 percent
(REUTERS)
04/17/2014  |  12:54
(Adds comments from CEO Laurence Fink, details on earnings)By Ashley LauNEW YORK, April 17 (Reuters) - BlackRock Inc, the world's largest money manager, said on Thursday its first-quarter profit rose 20 percent, boosted by strong performance fees and strength in its retail business as investors poured money into long-term funds.The New York-based asset manager, which now manages $4....

UPDATE 1-Blackstone earnings rise 30 pct, boosted by private equity gains
(REUTERS)
04/17/2014  |  12:56
* Total assets under management up 25 pct y/y to $272 bln as of end-March* Q1 ENI per share of 70 cents vs 55 cents in Thomson Reuters analyst poll* Q1 distributable earnings at $485 million, up 24 pct y/y (Adds more details from the earnings, share reaction)By Greg RoumeliotisNEW YORK, April 17 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, reported a 30 percent rise in first-quarter earnings, driven by strong gains in its private equity arm that more than offset small declines in its real estate unit.The results, driven by assets sales and a strong appreciation in Blackstone's buyout funds that outpaced the wider stock market, beat most analysts' expectations and sent Blackstone's shares up 4 percent in pre-market trading....

UPDATE 3-UK's Co-op laments worst year after 2.5 bln pound loss
(REUTERS)
04/17/2014  |  13:53
* Loss includes bank recapitalisation, Somerfield charge* Acting CEO says 2013 a disastrous year* More than 100 offers for pharmacy, farms businesses* CEO says lending banks are supportive* Group undecided over whether to inject more cash in bank (Adds comments from CEO)By Matt Scuffham and Paul SandleLONDON, April 17 (Reuters) - Britain's Co-operative Group made a loss of 2.5 billion pounds ($4....

U.S. calls for more investment-friendly Indian government
(REUTERS)
04/16/2014  |  23:54
By David BrunnstromWASHINGTON, April 16 (Reuters) - The United States on Wednesday urged the Indian government that emerges from ongoing elections to follow economic policies that encourage investment, saying Washington would like to see bilateral trade grow to $500 billion a year.Nisha Biswal, U....

UPDATE 1-Detroit pension deal approved by one retirement system
(REUTERS)
04/16/2014  |  21:43
(Recasts with vote by general retirement system board, adds comments from law professor)April 16 (Reuters) - The board of Detroit's General Retirement System on Wednesday approved economic terms of a settlement with the city that include cuts to pension benefits, putting in place another key component of Detroit's effort to exit bankruptcy by October.The city also has a tentative pact with its other pension fund, the Detroit Police and Fire Retirement System, whose board is expected to vote later this week....

ANALYSIS-After years of downsizing, refining still matters for majors
(REUTERS)
04/16/2014  |  15:37
* Majors shift refining away from developed markets* Downstream returns could be on the rise for majors* Technology, access to new regions helps retain downstreamBy Dmitry ZhdannikovLONDON, April 16 (Reuters) - When U.S....

ANALYSIS-Euro strength here to stay, unless ECB steps in
(REUTERS)
04/16/2014  |  14:55
* Stronger euro exchange rate seen triggering ECB action* Investors' return to euro stocks, bonds boosts currency* Money printing in U.S., Japan piles pressure on euro* European quantitative easing could offset such pressureBy Anirban Nag and Eva TaylorLONDON/FRANKFURT, April 16 (Reuters) - Many of the factors driving the euro exchange rate to levels that have set off alarm bells at the European Central Bank are unlikely to go away on their own, part of the reason the bank has been threatening action....

REFILE-UPDATE 3-Credit Suisse hit by weak investment bank performance
(REUTERS)
04/16/2014  |  13:07
(Corrects typographical error in first paragraph)* Credit Suisse Q1 net profit 859 mln Sfr vs poll 1.155 bln* Aims to pay dividend at least at 2013 level of 0....






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