Mois : avril 2019

Voce says Argo ROE could double with cost cuts, nominates five directors

BEVERLY HILLS, Calif. () – An activist hedge fund said on Tuesday that insurance company Argo Group International Holdings Ltd could double its return on equity if it cut $100 million in costs, including millions spent on corporate jets and housing for its chief executive. Voce Capital Management LLC is asking Argo shareholders to install

INSIGHT-How Russia contaminated $2.7 bln of oil exports to Europe

MOSCOW/LONDON () – It was a quiet Easter holiday at the offices of major European oil companies and refiners when an email in Russian landed. “What the hell does it say?” one manager recalled thinking as he sent it to his Moscow office for translation. FILE PHOTO: An oil storage tank of Russian oil pipeline

Uber takes IPO roadshow to New York as demand builds up

NEW YORK () – Uber Technologies Inc CEO Dara Khosrowshahi and his top management team took the ride-hailing giant’s investor roadshow for its initial public offering to New York on Tuesday, as demand for its shares already exceeded supply. An investor walks out of the Uber IPO roadshow with documents in hand at a hotel

UPDATE 2-Trump, Democratic leaders to meet on drug prices soon -White House

FILE PHOTO: U.S. President Donald Trump delivers remarks at a Make America Great Again rally at the Resch Center Complex in Green Bay, Wisconsin, U.S. April 27, 2019. /Yuri Gripas/File PhotoWASHINGTON () – U.S. President Donald Trump will meet with congressional Democratic leaders soon to discuss drug prices, the White House said on Tuesday following

For investors, bloom is off Europe amid Brexit, yellow vest worries

BEVERLY HILLS () – Europe, long a major destination of investor capital, is losing luster, say prominent bankers and asset managers, who are reducing exposure to the area because of concerns about issues ranging from Brexit to France’s “yellow vest” protests. FILE PHOTO: Lara Warner, Group Chief Risk Officer of Credit Suisse, speaks during the

Trump jawbones Fed on rates, wishing for rocket-like economy

WASHINGTON, April 30 () – President Donald Trump on Tuesday launched his latest salvo at the Federal Reserve, saying the U.S. economy could go “up like a rocket” if the central bank were to cut interest rates. “We have the potential to go … up like a rocket if we did some lowering of rates,

UPDATE 1-Alitalia to respond to possible rescue plan on Thursday – source

(Combines separate strands, adds context) ROME, April 30 () – State-appointed commissioners running Alitalia are expected to reply on Thursday to a request by Italy’s state railway Ferrovie dello Stato to extend a deadline for submitting a rescue plan for the airline, a source familiar with the matter said. Alitalia has been under special administration

UPDATE 1-India’s market regulator fines NSE over unfair broker access

* Bars NSE from accessing securities market for 6 months * NSE didn’t exercise due diligence in installing servers * No impact of SEBI order on markets functioning – NSE chief (Recasts, adds details) By Nidhi Verma and Abhirup Roy NEW DELHI/MUMBAI, April 30 () – India’s market regulator on Tuesday fined the National Stock

UPDATE 3-Warren Buffett bankrolls Occidental’s Anadarko bid with $10 bln

() – Warren Buffett’s Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp’s $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp. Specialist trader Don Himpele Jr. works at the post that trades Anadarko Petroleum and Occidental Petroleum on the floor at the

UPDATE 2-European stocks end flat but gains for a fourth straight month

() – European shares closed little changed on Tuesday as a decline in banks after disappointing earnings was countered by gains in oil stocks and a 21 percent surge in chipmaker AMS. The pan-European STOXX 600 index was flat at the close after oscillating between positive and negative territory throughout the day. On the month,

India’s market regulator finds fault with NSE in probe over servers

NEW DELHI, April 30 () – India’s market regulator said on Tuesday the National Stock Exchange (NSE) did not exercise due diligence when putting in place a network that allowed high frequency traders unfair access to some network servers at the exchange. The Securities and Exchange Board of India (SEBI) has been investigating allegations that

UPDATE 2-Siemens pips GE in race for Iraq’s $14 bln electricity scheme

BERLIN () – Siemens is well placed to win the bulk of orders flowing from a $14 billion scheme to rebuild Iraq’s electricity infrastructure following years of war, the country’s Prime Minister Adel Abdul Mahdi said in Berlin on Tuesday. FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January

REFILE-Wizz Air boss looks through Brexit clouds, sees more growth in UK

LONDON () – Wizz Air’s chief executive is confident his low-cost carrier can grow in Britain and tackle the challenges presented by Britain’s decision to leave the European Union. Jozsef Varadi, Chief Executive Officer of Wizz Air speaks during an interview in London, Britain April 30 2019. /Simon DawsonJozsef Varadi told on Tuesday that Wizz

UPDATE 2-Buffett’s Berkshire to invest $10 bln in Occidental for Anadarko buy

() – Warren Buffett’s Berkshire Hathaway Inc will put $10 billion behind Occidental Petroleum Corp’s bid as it tries to see off competition from Chevron Corp to buy smaller rival Anadarko Petroleum Corp. FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. /Mario Anzuoni Occidental and Chevron Corp

UPDATE 1-Buffett’s Berkshire to invest $10 bln in Occidental for Anadarko buy

FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. /Mario Anzuoni () – Warren Buffett’s Berkshire Hathaway Inc will put $10 billion behind Occidental Petroleum Corp’s bid as it tries to see off competition from Chevron Corp to buy smaller rival Anadarko Petroleum Corp. Occidental and Chevron Corp

Frontier market debt burden rises to $3.2 trillion in 2018 -IIF

LONDON, April 30 () – Smaller and riskier emerging markets hit $3.2 trillion in debt at the end of 2018, but hard currency issuance by governments and companies slowed, an Institute of International Finance (IIF) report showed on Tuesday. Debt owed by governments, companies, financial institutions and households across so-called frontier countries rose by more

UPDATE 4-GE profit rises, cash outflow slows, shares jump 10 pct

() – General Electric Co said on Tuesday it generated more profit and lost less cash than expected in the first quarter, suggesting an improving outlook under its new leader and sending its shares up more than 10 percent in premarket trading. FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the

UPDATE 1-Mastercard beats profit estimates on higher spending

(Adds revenue, purchase transaction, shares, analyst estimates, background) April 30 () – Mastercard Inc beat Wall Street’s estimates for quarterly profit on Tuesday, as a strong U.S. job market and a boom in online shopping boosted transaction volumes on the company’s payment network. The company, which makes most of its money from card swiping fees