Finance news

• Labor secretary to help reach West Coast port deal

  14-02-2015 22:36 via news.yahoo.com
  
  By Alex Dobuzinskis LOS ANGELES (Reuters) - Labor Secretary Tom Perez will travel to California to help broker an agreement between shipping companies and dockworkers in a dispute that has led to a partial shutdown of ports along the U.S. West Coast, the White House said on Saturday. The shipping companies said they were unwilling to pay union workers higher wages for weekend shifts and the Presidents Day holiday on Monday while productivity declines and cargo backups reach the point of near gri
  
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• FAA seeking drone rules favorable to commercial operators

  14-02-2015 22:02 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Aviation Administration cites economic and safety benefits in seeking rules largely favorable to companies that want to use small drones, according to an agency analysis.
  
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• FAA seeks drone rules favorable to commercial operators

  14-02-2015 21:20 via news.yahoo.com
  
  WASHINGTON (AP) — A government analysis of the economic and safety impact of small commercial drones appears to clear the way for proposed federal rules that would favor companies wanting to use the unmanned aircraft.
  
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• France passes law to open up Sunday shopping

  14-02-2015 21:08 via news.yahoo.com
  
  France's lower house of parliament approved a law on Saturday letting shops open more often on Sundays, the latest measure in the government's pro-growth bill intended to lift the sluggish economy. The law is now expected to go through the Senate, the upper house of parliament which cannot block legislation, where it will be reviewed in April.
  
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• U.S. whistleblower summoned to testify in UBS case in France

  14-02-2015 20:59 via news.yahoo.com
  
  A former UBS AG banker who helped U.S. authorities prosecute the Swiss bank in a tax fraud case has asked for permission to travel to France to comply with a subpoena in another investigation of the company, according a court document. Bradley Birkenfeld, who received more than $100 million for being a whistleblower but also served 30 months in prison in the U.S. case, has been subpoenaed to take part in the French case later this month, according to a motion his lawyer filed in the U.S. Distric
  
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• Labor secretary to push for West Coast port deal

  14-02-2015 20:05 via news.yahoo.com
  
  Labor Secretary Tom Perez will travel to California to help broker an agreement between shipping companies and dockworkers in a dispute that has led to a partial shutdown of ports along the U.S. West Coast, the White House said on Saturday. The move by the Obama administration came after shippers vowed to prevent the loading and unloading of freight through Monday from container ships at the 29 ports, barring a settlement in talks with the dockworkers' union. "The negotiations over the
  
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• Brazil probes link between HSBC Swiss accounts, Petrobras scandal-sources

  14-02-2015 19:18
  SAO PAULO, Feb 14 (Reuters) - Brazil's tax watchdog opened a probe on whether about a dozen people involved in the Petrobras corruption scandal also allegedly had undeclared accounts with HSBC...
  
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• UPDATE 1-GM recalling 81,000-plus vehicles over steering problem

  14-02-2015 18:54
  WASHINGTON, Feb 14 (Reuters) - General Motors Co on Saturday recalled 81,123 cars because of concerns about their electric power steering systems.
  
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• Ahead of Oscars, Boyhood's Linklater reflects on evolving family unit

  14-02-2015 18:49
  LOS ANGELES, Feb 14 (Reuters) - After 12 years of filming "Boyhood" and a year promoting it, director Richard Linklater is finding it hard to fathom saying goodbye to a project that he calls deeply...
  
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• California Public Utilities Commission recommends to approve Comcast merger

  14-02-2015 18:48
  Feb 14 (Reuters) - Comcast Corp said on Friday that a California Public Utilities Commission Administrative (CPUC) law judge recommended to approve its pending $45 billion merger with Time Warner...
  
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• GM recalling 81,000-plus vehicles over steering problem

  14-02-2015 18:43
  WASHINGTON, Feb 14 (Reuters) - General Motors Co on Saturday recalled 81,123 cars because of concerns about their electric power steering systems.
  
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• Top officials close rank around Argentina's embattled president

  14-02-2015 18:42 via news.yahoo.com
  
  By Richard Lough BUENOS AIRES (Reuters) - Top government officials rallied behind Argentina's President Cristina Fernandez on Saturday after a state prosecutor said he would keep investigating accusations that she tried to cover up Iran's alleged involvement in a 1994 bombing. On Friday, state investigator Gerardo Pollicita formally reiterated the accusations leveled against Fernandez a month ago by his colleague Alberto Nisman. Nisman was found dead, with a single bullet in his head,
  
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• Austria says Greece must confirm commitment to reforms-Greek newspaper

  14-02-2015 18:07
  ATHENS, Feb 14 (Reuters) - Austrian Finance Minister Hans Jorge Schelling said in a Greek newspaper interview that Greece must confirm its commitment to reforms before it can get help from the rest...
  
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• UPDATE 1-Former HSBC chairman steps down from City lobby group after leaks

  14-02-2015 17:40
  LONDON, Feb 14 (Reuters) - A former boss of HSBC, Stephen Green, has stepped down from his position with a financial services lobby group after allegations that the bank helped people dodge taxes.
  
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• CORRECTED-Barra, other top GM executives awarded shares as incentive pay

  14-02-2015 17:36
  DETROIT, Feb 13 (Reuters) - General Motors Co awarded its top executives with shares in the company as part of a long-term incentive plan, according to company filings with U.S. regulators.
  
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• Obama asks labor secretary to mediate in West Coast Ports dispute

  14-02-2015 17:14 via news.yahoo.com
  
  President Barack Obama has asked Labor Secretary Tom Perez to travel to California to help spur an agreement in talks with the dockworkers' union that have led to closed ports along the U.S. West Coast, the White House said on Saturday. "The negotiations over the functioning of the West Coast Ports have been taking place for months with the administration urging the parties to resolve their differences," White House spokesman Eric Schultz said. "Out of concern for the economi
  
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• Honda aims to cut car model variations by a fifth to focus on quality

  14-02-2015 16:00
  ASAHIKAWA, Japan, Feb 14 (Reuters) - Honda Motor Co is looking to reduce the number of variations on its cars by a fifth to focus more on quality, its R&D chief said, as Japan's third-biggest...
  
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• Greece, creditors consult before make-or-break meeting

  14-02-2015 15:58 via news.yahoo.com
  
  The consultations began Friday after new hard-left Greek Prime Minister Alexis Tsipras laid out his plans to his peers, including Europe's sceptical paymaster German Chancellor Angela Merkel, at his first European Union summit. The possibilities, given the state of the Greek economy, are limited," Dijsselbloem said in describing the difficulties in finding common ground. The EU and the International Monetary Fund bailed Greece out in 2010, and then again in 2012 to the tune of some 240
  
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• U.S. House panel to hear proposal for Puerto Rico bankruptcy protection

  14-02-2015 15:49
  -- Note: Reuters has not verified this story and does not vouch for its accuracy
  
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• Boko Haram militants repelled after attack on northeast Nigeria's Gombe: source

  14-02-2015 15:22 via news.yahoo.com
  
  Heavily armed Boko Haram militants attacked the northeastern Nigerian city of Gombe on Saturday but were later repelled, a government security source said. Witness Abdul Hassan said soldiers had run away after the checkpoint was overwhelmed. Witness Hussaina Maji said she was unable to leave her house for fear of being caught in crossfire. Boko Haram's struggle for an Islamic state has become the gravest security threat to Africa's biggest economy and top oil producer, killing thousands, kidnapp
  
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• MEDIA-Whistleblower to assist French investigation of UBS

  14-02-2015 15:14
  -- Note: Reuters has not verified this story and does not vouch for its accuracy
  
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• Apple learning to make self-driving car -auto industry source

  14-02-2015 14:18
  FRANKFURT, Feb 14 (Reuters) - Technology giant Apple is learning how to make a self-driving electric car and is talking to experts at carmakers and automotive suppliers, an automotive source familiar...
  
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• Former HSBC chairman steps down from City lobby group after leaks

  14-02-2015 13:45
  LONDON (Reuters), Feb 14 - A former boss of HSBC, Stephen Green, has stepped down from his position with a financial services lobby group after allegations that the bank helped hundreds of people...
  
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• China's economic planners aim to boost service exports

  14-02-2015 13:39
  BEIJING, Feb 14 (Reuters) - China has set a target of reaching $1 trillion worth of trade in services by the year 2020, according to a newly released economic planning policy paper that emphasized a...
  
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• GE to use new India manufacturing facility as export hub

  14-02-2015 11:53
  CHAKAN, India, Feb 14 (Reuters) - General Electric Co will use its new manufacturing facility in India, which was formally inaugurated on Saturday, as an export hub, with plans to send half of its...
  
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• Fierce fighting as Islamists attack northeast Nigeria city of Gombe

  14-02-2015 11:38 via news.yahoo.com
  
  Heavily armed Boko Haram militants attacked the northeastern Nigerian city of Gombe on Saturday, fleeing residents and a security source said. Witness Abdul Hassan said soldiers ran away after the checkpoint was overwhelmed. Witness Hussaina Maji said she was unable to leave her house for fear of being caught in cross fire. Boko Haram's struggle for an Islamic state has become the gravest security threat to Africa's biggest economy and top oil producer, killing thousands, kidnapping hundreds and
  
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• UPDATE 1-Ukraine plans to borrow $1 bln to buy gas, fuel oil for reserves

  14-02-2015 11:20
  KIEV, Feb 14 (Reuters) - Ukraine plans to borrow $1 billion to establish a strategic reserve of natural gas and fuel oil to cover local needs in emergency situations, Prime Minister Arseny Yatseniuk...
  
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• South Africa's Eskom imposes "Stage 2" blackouts

  14-02-2015 10:55 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South African power utility Eskom said on Saturday it was imposing "Stage 2" rolling blackouts until 2000 GMT due to pressure on the national grid and the need to build up diesel reserves and water in hydropower dams. "State 2" means the utility is reducing nationwide demand by 2,000 MW, out of normal demand of around 30,000 MW. Africa's most advanced economy is facing months of power shortages as engineers step up maintenance to overhaul power p
  
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• Ukraine plans to borrow $1 bln to buy gas, fuel oil for reserves

  14-02-2015 10:47
  KIEV, Feb 14 (Reuters) - Ukraine plans to borrow $1 billion to establish a strategic reserve of natural gas and fuel oil to cover local needs in emergency situations, Prime Minister Arseny Yatseniuk...
  
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• UPDATE 1-Greece to review airport lease deal-minister

  14-02-2015 09:45
  ATHENS, Feb 14 (Reuters) - Greece plans to review a 1.2 billion euro deal for German airport operator Fraport to run 14 regional airports, one of Greece's biggest privatisation deals since its debt...
  
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• Nigeria bans dollar resales after FX auction to prop up naira - dealers

  14-02-2015 08:44 via news.yahoo.com
  
  By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - Nigeria banned banks on Friday from reselling dollars bought at a currency auction to other banks, dealers said, a move aimed at curbing speculation in the beleaguered naira currency. Central bank spokesman Ibrahim Muazu confirmed the bank sold dollars in a special intervention on Friday and said it will continue such sales on a "need basis" to satisfy demand in the interbank market and curb speculative attacks, which he blamed f
  
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• China taxi apps Didi Dache and Kuaidi Dache announce $6 billion tie-up

  14-02-2015 06:15
  BEIJING (Reuters) - Didi Dache and Kuaidi Dache, two of China's leading taxi-hailing apps, said on Saturday they would merge to create one of the world's largest smartphone-based transport services.
  
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• Is Apple Building Top Secret Electric Car?

  14-02-2015 04:28 via news.yahoo.com
  
  Apple is moving into the automotive industry by designing an electric car, according to reports. A team of 1,000 has been assembled by the company to build the vehicle, which the Wall Street Journal says "resembles a minivan". Apple may not even end up producing a car at all, the paper writes. Apple executive Steve Zadesky, a former Ford engineer, is apparently heading the project.
  
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• China taxi apps Didi Dache and Kuaidi Dache announce tie-up

  14-02-2015 04:19
  BEIJING (Reuters) - Didi Dache and Kuaidi Dache, two of China's leading taxi-hailing apps, said on Saturday they would merge to create one of the world's largest smartphone-based transport services.
  
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• Greece, creditors lay ground for last-ditch meeting

  14-02-2015 04:11 via news.yahoo.com
  
  Greece has begun tough negotiations with its creditors as hopes rise that a make-or-break meeting next week could reach a deal on the new government's demands to overhaul its huge international bailout. The technical talks in Brussels Friday came a day after Greece's anti-austerity Prime Minister Alexis Tsipras laid out his plans to sceptical counterparts including German Chancellor Angela Merkel at his first European summit. World stocks and the euro both rose Friday amid growing opti
  
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• Obama urges executives to cooperate more against cyber attacks

  14-02-2015 03:36
  
  PALO ALTO, Calif. (Reuters) - President Barack Obama asked U.S. executives on Friday for closer cooperation in defending against hackers after high-profile attacks on companies like Sony that exposed...
  
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• At record high, U.S. stocks look to extend breakout

  14-02-2015 03:25 via news.yahoo.com
  
  By Ashley Lau NEW YORK (Reuters) - U.S. stocks are poised for more upward momentum even as uncertainty over oil prices and Greek debt negotiations keeps the market on tenterhooks, analysts say. Strong fourth-quarter U.S. company earnings and signs of an overall improving economy, alongside what appears to be the start of a bottoming in crude oil prices, have given equities support. As "stocks have found a footing, people aren't as afraid of the potential negative" stemming from re
  
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• Venezuela's currency devaluation set to further hurt U.S. companies' profits

  14-02-2015 02:11
  
  BOSTON (Reuters) - A massive effective devaluation of Venezuela's bolivar currency will likely badly dent 2015 earnings at a swath of major U.S. companies.
  
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• Hedge fund Third Point ups stake in Alibaba to 10 million shares

  14-02-2015 02:09
  
  NEW YORK (Reuters) - Third Point, one of the hedge fund industry's most closely watched funds, increased its stake in Chinese e-commerce site Alibaba during the fourth quarter, according to a...
  
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• HSBC names Kevin Geiger structured products sales VP: Bloomberg

  14-02-2015 02:05
  (Reuters) - HSBC Holdings Plc hired Kevin Geiger as a vice president for sales and marketing of structured products in New York, Bloomberg reported.
  
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• Apple is working on creating a car - WSJ

  14-02-2015 01:29 via news.yahoo.com
  
  Apple Inc has a secret lab working on the creation of an Apple-branded electric car, the Wall Street Journal reported on Friday, citing people familiar with the matter. It would take years to finish the project, and it is not certain if Apple will eventually build a car, the Journal said. The news signals that Apple is sharply raising its ambitions for automotive technology, which has become a prime area of interest for Silicon Valley companies ranging from Google Inc to ride-sharing firm Uber t
  
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• Apple is working on creating a car: WSJ

  14-02-2015 01:24 via news.yahoo.com
  
  Apple Inc has a secret lab working on the creation of an Apple-branded electric car, the Wall Street Journal reported on Friday, citing people familiar with the matter. It would take years to finish the project, and it is not certain if Apple will eventually build a car, the Journal said. The connected car, or vehicles with a full range of Internet and software services beyond mere navigation and communications, is considered one of the ripest areas for expansion for technology companies.
  
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• Venezuela 2014 inflation hits 68.5 pct -central bank

  14-02-2015 01:20
  CARACAS, Feb 13 (Reuters) - Venezuela's inflation rate reached 68.5 percent in 2014, with consumer prices rising 5.3 percent in the month of December, the central bank said in a statement on...
  
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• Wall Street Week Ahead: At record high, U.S. stocks look to extend breakout

  14-02-2015 01:17 via news.yahoo.com
  
  U.S. stocks are poised for more upward momentum even as uncertainty over oil prices and Greek debt negotiations keeps the market on tenterhooks, analysts say. Strong fourth-quarter U.S. company earnings and signs of an overall improving economy, alongside what appears to be the start of a bottoming in crude oil prices, have given equities support. As "stocks have found a footing, people aren't as afraid of the potential negative" stemming from recent instability in oil prices and
  
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• British leaders pledge climate push, curb on coal plants

  14-02-2015 01:12 via news.yahoo.com
  
  By Susanna Twidale LONDON (Reuters) - The leaders of Britain’s three main parties have pledged to end power generation from coal plants that don’t use emissions-capturing technology, and to push for a global climate deal, according to a document published on Saturday. Prime Minister David Cameron, Deputy Prime Minister Nick Clegg and the leader of the opposition Ed Miliband said that acting on climate change "is an opportunity for the UK to grow a stronger economy, which is more efficient an
  
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• Leaders pledge climate push, curb on coal plants

  14-02-2015 01:07 via news.yahoo.com
  
  By Susanna Twidale LONDON (Reuters) - The leaders of Britain’s three main parties have pledged to end power generation from coal plants that don’t use emissions-capturing technology, and to push for a global climate deal, according to a document published on Saturday. Prime Minister David Cameron, Deputy Prime Minister Nick Clegg and the leader of the opposition Ed Miliband said that acting on climate change "is an opportunity for the UK to grow a stronger economy, which is more efficie
  
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• Brent oil tops $61 as outlook brightens

  14-02-2015 01:02 via news.yahoo.com
  
  Brent oil prices soared above $61 this week for the first time this year, aided by upbeat news on Ukraine and Greece and by rebounding economic growth in eurozone powerhouse Germany. Elsewhere in commodity markets, India overtook China as the world's top consumer of gold, according to newly published industry data. OIL: Crude oil prices rallied above $61 on easing tensions surrounding Greece and Ukraine, and as the global economic outlook brightened. "Prices managed to climb ... as inv
  
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• Exclusive: Informatica seeks advisers to revive sale process - sources

  14-02-2015 01:01
  (Reuters) - Enterprise software maker Informatica Corp is looking to hire new financial advisers that will help it revive a sale process and defend itself from activist hedge fund Elliott Management...
  
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• JPMorgan $14-million banker Roberts jumps to Deutsche Bank

  14-02-2015 00:57
  NEW YORK (Reuters) - Oti Roberts, a managing director at JP Morgan Private Bank in Miami, is leaving the firm, along with two members of his team, to join Deutsche Bank's asset and wealth management...
  
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• Apple working on electric car project to rival GM, Nissan, Tesla - WSJ

  14-02-2015 00:52 via news.yahoo.com
  
  WASHINGTON (Reuters) - Apple has hundreds of employees working on an electric car project to rival GM, Nissan and Tesla, the Wall Street Journal reported on Friday. The paper, quoting people familiar with the matter, said the project was code-named "Titan" and had an initial design of a vehicle resembling a minivan. It said an Apple spokesman declined to comment. The Financial Times first reported the story. (Reporting by Sandra Maler; Editing by Eric Beech)
  
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