Finance news

• Greece sets mix of bonds, shares in state aid to recapitalise banks

  01-11-2015 23:25 via news.yahoo.com
  
  Greece's bank bailout fund HFSF will provide state aid to recapitalise Greece's banks by buying a mix of contingent convertible bonds (CoCoS) and new shares the lenders will issue, the government said on Sunday. The Hellenic Financial Stability Fund will supply 75 percent of the aid needed via CoCos and 25 percent in exchange for new common shares the banks will issue, the government's economic policy council said. A health check of Greece's four main banks by the European Central Bank showed th
  
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• Merkel's conservatives align refugee policy but coalition still at odds

  01-11-2015 21:04 via news.yahoo.com
  
  By Paul Carrel BERLIN (Reuters) - German Chancellor Angela Merkel failed on Sunday to fully resolve differences within her ruling coalition over how to deal with the huge refugee influx, leaving open a row that has rocked her government. Government spokesman Steffen Seibert described talks between the three party leaders as "constructive", but said they would meet again on Thursday. Germany, Europe's biggest economy and long a magnet for migrants, expects between 800,000 and a million asylum see
  
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• Japan and China agree on moves to mend ties further

  01-11-2015 15:11 via news.yahoo.com
  
  Japan and China agreed on Sunday to restart mutual visits of their foreign ministers and hold bilateral high-level economic dialogue early next year, a Japanese senior government spokesman said, as ties between Asia's two biggest economies warm. Japanese Prime Minister Shinzo Abe and Chinese Premier Li Keqiang also agreed the two countries would work toward an early implementation of communication mechanisms between their military forces, Deputy Chief Cabinet Secretary Koichi Hagiuda told report
  
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• Merkel unable to defuse German coalition dispute on refugee policy

  01-11-2015 14:11 via news.yahoo.com
  
  By Paul Carrel BERLIN (Reuters) - German Chancellor Angela Merkel failed on Sunday to resolve differences within her ruling coalition on dealing with the crisis over a huge refugee influx, leaving open a row that has dented her conservatives' popularity. Germany, Europe's biggest economy and long a magnet for migrants, expects between 800,000 and a million asylum seekers to arrive this year, twice as many as in any previous year, and far more than in any other European Union country. The influx
  
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• As Swedish central bank fights deflation, housing bubble worries mount

  01-11-2015 13:41 via news.yahoo.com
  
  By Johan Sennero and Simon Johnson STOCKHOLM (Reuters) - House buyers in Sweden have never had it so good, at least by some measures. Sweden now has one of the fastest growth rates of any developed economy. Inflation is near zero and official interest rates are below zero.
  
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• Struggling retailer Kmart turns the blue light back on

  01-11-2015 12:04
  (Reuters) - Attention Kmart shoppers: the struggling discount chain is bringing back the "Bluelight Special" in the hopes the iconic marketing approach it pioneered decades ago will breathe life into...
  
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• Israel economy minister resigns to allow major gas deal: PM

  01-11-2015 11:21 via news.yahoo.com
  
  Israel's economy minister resigned on Sunday, opening the way for the government to greenlight a multibillion dollar gas deal with US energy giant Noble Energy, a statement from the Prime Minister's office said. In order to proceed with the (offshore gas) agreement the ministry will be transferred to me and I will give the greenlight," Prime Minister Benjamin Netanyahu said. A major deal to exploit offshore gas reserves in the eastern Mediterranean has been stuck for almost a year due to the obj
  
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• China, Japan, South Korea pledge economic cooperation at first summit in over three years

  01-11-2015 11:02 via news.yahoo.com
  
  By Kiyoshi Takenaka and Ju-min Park SEOUL (Reuters) - The leaders of South Korea, Japan and China pledged to work toward greater economic integration at their first joint meeting in over three years on Sunday, as they work to ease tensions stemming from Japan's wartime past. South Korean President Park Geun-hye, Japanese Prime Minister Shinzo Abe and Chinese Premier Li Keqiang also said they would to resume annual meetings which had been suspended since 2012 amid disagreements over history and t
  
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• China manufacturing activity shrinks for 3rd straight month: govt

  01-11-2015 10:18 via news.yahoo.com
  
  Activity in China's vast manufacturing sector shrank in October for the third straight month, officials said Sunday, fuelling fears that growth in the world's second largest economy is slowing faster than policymakers admit. The Purchasing Managers' Index (PMI), tracking activity in the factory and workshop sector, was unchanged from the previous month at 49.8, the state statistics office said.
  
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• MIDEAST STOCKS-Saudi stocks fall after S&P downgrade

  01-11-2015 09:45 via news.yahoo.com
  
  Saudi Arabian stocks fell early on Sunday after Standard & Poor's cut its rating of the kingdom's sovereign debt, citing damage to state finances from low oil prices. Egypt's bourse edged down in sympathy. The downgrade will have little direct financial impact on Saudi Arabia because the government and Saudi companies have minimal foreign debt.
  
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• MIDEAST STOCKS-Gulf markets slip after S&P downgrade of Saudi debt

  01-11-2015 08:31 via news.yahoo.com
  
  Gulf stock markets fell in early trade on Sunday after Standard & Poor's downgraded Saudi Arabia's sovereign debt while keeping a negative outlook on it because of low oil prices. The government and Saudi companies have minimal foreign debt, so the downgrade will not have any direct financial impact.
  
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• Leaders of S. Korea, China, Japan hold rare summit

  01-11-2015 07:03 via news.yahoo.com
  
  The leaders of South Korea, China and Japan held their first summit in more than three years Sunday, setting aside historical animosities and territorial disputes to focus on shared security and trade concerns. No substantive breakthroughs were expected, but the meeting in Seoul was a symbolic statement of intent by Northeast Asia's three largest economies who all stand to reap significant diplomatic and economic gains from closer cooperation. The focus was very much on economic ties, with China
  
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• MIDEAST STOCKS-S&P downgrade of Saudi debt may dampen markets

  01-11-2015 06:19 via news.yahoo.com
  
  The decision of Standard & Poor's at the weekend to downgrade Saudi Arabia's sovereign debt while keeping a negative outlook on it may dampen Gulf stock markets on Sunday, preventing any substantial rallies. S&P downgraded Saudi Arabia by only one notch and the other two major rating agencies, Moody's and Fitch, have higher ratings for the kingdom. The government and Saudi companies have minimal foreign debt, so the downgrade will not have any direct financial impact.
  
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• China's October factory, services surveys show economy still wobbly

  01-11-2015 05:56 via news.yahoo.com
  
  Activity in China's manufacturing sector unexpectedly contracted in October for a third straight month, an official survey showed on Sunday, fuelling fears the economy may still be losing momentum in the fourth quarter despite a raft of stimulus measures. Adding to those concerns, China's services sector, which has been one of the few bright spots in the economy, also showed signs of cooling last month, expanding at its slowest pace in nearly seven years. As the first major indicators of busines
  
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• China's manufacturing contracts for 3rd straight month

  01-11-2015 04:49 via news.yahoo.com
  
  BEIJING (AP) — China's manufacturing contracted for the third consecutive month in October in a sign of weakness in the world's second-largest economy, official data showed Sunday.
  
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• Trade trumps hostility for S. Korea-China-Japan summit

  01-11-2015 04:41 via news.yahoo.com
  
  The leaders of South Korea, China and Japan gathered for their first summit in more than three years Sunday, marking a victory for political, and particularly economic pragmatism over historical antipathy and territorial rivalry. The triumph of realpolitik will be capped Monday by a first ever one-on-one summit between South Korean President Park Geun-Hye and Japanese Prime Minister Shinzo after an extended diplomatic freeze. The trilateral gathering in Seoul resumes what was originally an annua
  
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• China manufacturing activity shrinks for third straight month: govt

  01-11-2015 04:15 via news.yahoo.com
  
  Activity in China's vast manufacturing sector in October shrank for the third month in a row, officials said Sunday, adding to fears that the world's second largest economy is slowing faster than policy makers admit. The official Purchasing Managers’ Index (PMI) came in at 49.8 last month, the National Bureau of Statistics said in a statement. The indicator tracks activity in China’s crucial factory and workshop sector and was unchanged from the previous month.
  
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• Japan PM Abe, Canada PM-designate Trudeau agree to promote Trans-Pacific Partnership

  01-11-2015 03:45 via news.yahoo.com
  
  Japan's Prime Minister Shinzo Abe and Canada's prime minister-designate Justin Trudeau agreed to promote the Trans-Pacific Partnership (TPP), both seeing the free-trade deal as beneficial to the region, Japan's foreign ministry said in a statement. The two leaders exchanged views on the pact during a 15-minute telephone call on Friday, Japan's foreign ministry said. Last month, 12 Pacific Rim countries including Japan and Canada agreed the TPP, a pact which aims to liberalize commerce in 40 perc
  
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• China official October factory, services surveys show economy still wobbly

  01-11-2015 03:37 via news.yahoo.com
  
  Activity in China's manufacturing sector unexpectedly contracted in October for a third straight month, an official survey showed on Sunday, fuelling fears the economy may be cooling further in the fourth quarter despite a raft of stimulus measures. Adding to those concerns, China's services sector, which has been one of the few bright spots in the economy, also showed signs of cooling last month, expanding at its slowest pace in nearly seven years. The official Purchasing Managers' Index (PMI)
  
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