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Samsung Electronics shares rise more than 3 percent ahead of guidance

Mon, 04/06/2015 - 11:54
Shares of Samsung Electronics Co Ltd rose more than 3 percent early on Monday ahead of the release of its guidance on first-quarter earnings scheduled for Tuesday. Samsung Electronics was up 3.2 percent ...
Categories: Business

Asia up after dismal U.S. jobs data, dollar pressured

Mon, 04/06/2015 - 09:55
Asian shares rose and the dollar steadied but remained under pressure on Monday, after a dismal U.S. jobs report led investors to pare bets the U.S. Federal Reserve would hike interest rates anytime soon. Labor Department data showed U.S. employers added the fewest jobs in more than a year in March. The rise of 126,000 jobs was well below expectations for a gain of 245,000 forecast by a Reuters poll of economists. U.S. stock markets were closed on Friday for the Easter holiday, but U.S. stock futures fell after the jobs data, suggesting a lower open on Wall Street later on Monday.
Categories: Business

Argentine central bank to send regulators to local Citibank HQ: media

Mon, 04/06/2015 - 09:55
Argentina's central bank will send regulators to the headquarters of Citibank Argentina on Monday, the head of the monetary authority has said, the latest move between the bank and the state over defaulted debt. The regulators will perform "an integral inspection" to "guarantee normal functioning of (Citibank Argentina)," central bank chief Alejandro Vanoli said in a story published on Sunday in local newspaper Tiempo Argentina, four days after stripping authority from the bank's CEO. Last month Argentina's securities regulator said Citibank Argentina had violated local laws in striking a deal with litigating U.S. hedge funds and suspended the bank from conducting capital market operations.
Categories: Business

Holcim looked at HeidelbergCement before Lafarge deal: newspaper

Mon, 04/06/2015 - 09:55
Holcim (HOLN.VX) looked at buying Germany's HeidelbergCement (HEIG.DE) towards the end of 2013 before agreeing to merge with France's Lafarge (LAFP.PA), a Swiss newspaper reported on Sunday, citing two sources. Then-Holcim chairman Rolf Soiron spoke with HeidelbergCement's biggest shareholder, Ludwig Merckle, who owns around 25 percent of HeidelbergCement shares through the family-run Spohn Cement, the SonntagsZeitung newspaper reported. "Right before the talks with Lafarge, Soiron discussed a merger with Heidelberg," the Swiss newspaper quoted one of the sources as saying. A spokesman for Zurich-based Holcim declined to comment on the report.
Categories: Business

Sharp may spin off LCD unit, seek investment from government-backed fund: source

Mon, 04/06/2015 - 09:54
The Nikkei business daily earlier reported that the LCD unit, which supplies displays to smartphone and tablet manufacturers, will be spun off in the current fiscal year and that INCJ could invest 100 billion yen in the new entity. The source said Sharp, as part of its restructuring plan, wants to keep a majority in the LCD unit, and that details of an INCJ stake have not been decided. A Sharp spokesman, while confirming the company was considering various reforms for its LCD business, said no decision had been made. Sources say its main lenders Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ are seeking a radical overhaul and an exit from loss-making businesses. Mizuho Bank is a unit of Mizuho Financial Group Inc (8411.T) and Bank of Tokyo-Mitsubishi UFJ is part of Mitsubishi UFJ Financial Group Inc .
Categories: Business

Japan's wary manufacturers resist Abe's urge to splurge

Mon, 04/06/2015 - 09:54
Hirotoshi Ogura, a self-described “factory geek”, is Daikin Industries' master of doing more with less – and part of the reason Japan’s recovery remains stuck in the slow lane. As Japan heads into the season of peak demand for room air-conditioners, Ogura and other Daikin managers have been tasked with figuring out how to boost output by some 20 percent at a plant in western Japan that six years ago the company had almost given up on as unprofitable. The wrinkle: they have no budget for new capital investment at the 45-year-old Kusatsu plant. Like Daikin, a number of Japanese manufacturers are shifting production back to Japan from China and elsewhere to take advantage of a weaker yen.
Categories: Business

Consumers withdraw U.S. lawsuit against Google over Android app limits

Mon, 04/06/2015 - 05:54
The class action lawsuit, filed by two smartphone customers in May 2014, was dismissed on Feb. 20 by U.S. District Judge Beth Labson Freeman in San Jose, California. The lawsuit argued that Google requires Android handset manufacturers such as Samsung Electronics Co Ltd favor Google's apps such as YouTube and restrict competing apps like Microsoft Corp's (MSFT.O) Bing search.
Categories: Business

Tesla says delivered record 10,030 cars in first quarter

Mon, 04/06/2015 - 05:54
Tesla Motors Inc said it delivered a record 10,030 cars in the first quarter, a 55 percent increase compared with the number of deliveries in the first quarter of last year. The company said going forward ...
Categories: Business

Lagarde welcomes Athens commitment to make IMF loan payment

Mon, 04/06/2015 - 04:54
The head of the International Monetary Fund said after talks with the Greek finance minister on Sunday that she welcomed his confirmation that Athens would make a loan payment due to the IMF later this week. “I welcomed confirmation by the Minister that payment owing to the Fund would be forthcoming on April 9th," IMF Managing Director Christine Lagarde said in a statement after meeting with Finance Minister Yanis Varoufakis.
Categories: Business

Yahoo Finance Exclusive: Inside Warren Buffett's childhood home

Mon, 04/06/2015 - 00:55
Katie Couric takes us on a tour of where the Oracle of Omaha got his start.
Categories: Business

Stock markets hope earnings offset weak economic data

Mon, 04/06/2015 - 00:55
Market focus will shift from macro to micro next week, and investors betting on gains in stocks will hope coming earnings reports will be somewhat stronger than recent disappointing economic figures. Market bulls say softening economic data, including U.S. private sector jobs, factory activity and consumer spending, have weighed on stocks lately. While weak figures keep the Federal Reserve from raising rates - a positive for markets - the negative factors are a concern, said Daniel Morris, global investment strategist at TIAA-CREF in New York. "My guess is we’ve overdone it in terms of concern," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
Categories: Business

Exporting Philly: Cheesesteaks, ices and pretzels go global

Mon, 04/06/2015 - 00:55
The man intent on taking the Philly cheesesteak global saw a familiar sight from home on a recent trip to Florida: a Wawa. The hoagie-making, coffee-brewing convenience and gas chain from the Philadelphia ...
Categories: Business

Argentine cenbank to send regulators to local Citibank HQ-media

Mon, 04/06/2015 - 00:55
Argentina's central bank will send regulators to the headquarters of Citibank Argentina on Monday, the head of the monetary authority has said, the latest move between the bank and the state over defaulted debt. The regulators will perform "an integral inspection" to "guarantee normal functioning of (Citibank Argentina)," central bank chief Alejandro Vanoli said in a story published on Sunday in local newspaper Tiempo Argentina, four days after stripping authority from the bank's CEO. Last month Argentina's securities regulator said Citibank Argentina had violated local laws in striking a deal with litigating U.S. hedge funds and suspended the bank from conducting capital market operations.
Categories: Business

Baseball, basketball and beer: What a week ahead!

Mon, 04/06/2015 - 00:55
Two major sporting events and an happy anniversary for beer drinkers will be in focus next week.
Categories: Business

Greek finance minister to discuss reforms with IMF chief

Mon, 04/06/2015 - 00:54
Greek Finance Minister Yanis Varoufakis will meet International Monetary Fund Managing Director Christine Lagarde in Washington on Sunday to discuss a set of planned reforms that Athens hopes will unlock much-needed bailout funds. The unexpected meeting would be "an informal discussion" on Greece's reform plan, the finance ministry and the IMF said. Varoufakis is also expected to meet U.S. Treasury officials on Monday. Greece is fast running out of cash and its euro zone and International Monetary Fund lenders have frozen bailout aid until the leftist-led government reaches agreement on a package of reforms.
Categories: Business

U.S. judge approves settlement with Commerzbank

Sun, 04/05/2015 - 20:55
A federal judge on Friday approved a settlement between the U.S. government and German bank Commerzbank AG to resolve sanctions and anti-money laundering violations. Commerzbank struck a deferred prosecution ...
Categories: Business

Exclusive: IBM hire advisers to deal with restless investors - sources

Sun, 04/05/2015 - 20:54
NEW YORK/BOSTON (Reuters) - Some top shareholders of IBM, disappointed by 11 straight quarters of falling revenues, are seeking help from activist investors to shake up the company, but have been turned down by both Bill Ackman's Pershing Square and Jeffrey Ubben's ValueAct, according to people with knowledge of the matter. International Business Machines Corp (IBM.N) is concerned about a possible attack by prominent activist hedge funds, and is working with two investment banks to formulate a defense plan, according to the people, who declined to be identified. The storied American technology giant, worth $157 billion today, has struggled to transform itself from a low-margin hardware maker into a cloud-based software and services company. When Virginia Rometty took over as chief executive at the start of 2012, Wall Street was hopeful that she would be able to kickstart growth.
Categories: Business

Lafarge's Lafont favors cement insider as CEO in Holcim tie-up: paper

Sun, 04/05/2015 - 12:55
Lafarge (LAFP.PA) boss Bruno Lafont wants someone with experience of the cement industry to be chief executive in the French group's planned tie-up with Swiss peer Holcim (HOLN.VX), daily newspaper Le Monde said. The choice of CEO for what would be the world's largest cement maker is still unresolved after revised merger terms last month gave Lafont the role of non-executive co-chairman instead of chief executive as initially planned. "For me, there should be a leader able to drive and unify the teams, a cement expert who already has good knowledge of the industry and the company, and with a true culture of value creation for shareholders," he told Le Monde in an interview published on Saturday. Lafarge's largest shareholder, meanwhile, stressed in a separate interview the need for the CEO to have broad experience in order to nurture a new culture in the merged group.
Categories: Business

U.S. job growth brakes sharply, clouds Fed rate hike timing

Sun, 04/05/2015 - 12:54
U.S. employers added the fewest number of jobs in more than a year in March, the latest sign of weakness in the economy and one likely to further delay an anticipated interest rate increase by the Federal Reserve. The weakness was concentrated in the goods-producing sector, which has been hurt by a strong dollar and lower crude oil prices. The labor force participation rate returned to a more than 36-year low reached late last year. The tepid increase in payrolls ended 12 straight months of job gains above 200,000 - the longest streak since 1994.
Categories: Business

Three cheers for Washington

Sun, 04/05/2015 - 10:55
A funny thing happened on the way to “this country’s going down the tubes!” It didn’t.
Categories: Business