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 […]

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UPDATE 4-Algeria’s ruling party names relatively young new leader amid protests

ALGIERS () – Algeria’s ruling National Liberation Front (FLN) party has elected businessman Mohamed Djemai as its new leader, state television said on Tuesday, a month after President Abdelaziz Bouteflika quit in the face of mass protests. FILE PHOTO – Algerian Prime Minister Ahmed Ouyahia awaits the arrival of French President Emmanuel Macron at Houari […]

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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 […]

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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 […]

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UPDATE 1-Canada promises help for farmers amid China canola dispute, dismisses calls to pull out of Beijing-led bank

OTTAWA/WINNIPEG, Manitoba () – Canadian Prime Minister Justin Trudeau on Tuesday said Ottawa would soon announce help for canola farmers hurt by a China ban on imports of the oilseed but brushed off calls to pull funding for a Chinese-led investment bank. FILE PHOTO: A canola crop used for making cooking oil sits in full […]

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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 […]

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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 […]

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CORRECTED-Hedge fund Vor Capital secures investment from Borealis Strategic -sources

(This April 26 story corrects transposed performance data in sixth paragraph) By Svea Herbst-Bayliss BOSTON () – Borealis Strategic Capital Partners, which invests in new hedge funds, has written its first check to commit capital to Europe-oriented stock fund Vor Capital, two people familiar with the matter said on Friday. Vor Capital launched a year […]

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UPDATE 2-Trump, Democrats agree to spend $2 trillion on infrastructure -Schumer

WASHINGTON () – U.S. President Donald Trump and Democratic leaders agreed on Tuesday to spend $2 trillion on roads, bridges, water, broadband and power grids, and will meet again in three weeks to discuss how to pay for the plan, Democratic leaders said. Senate Democratic Leader Chuck Schumer, U.S. House Speaker Nancy Pelosi and other […]

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UPDATE 1-S. Africa’s Steinhoff cuts value of goodwill assets in 2017 accounts

(Adds background, quote) JOHANNESBURG, April 30 () – South African retailer Steinhoff said on Tuesday it had reduced the value of goodwill and intangible assets recorded in its accounts for the end of September 2017 by 1.8 billion euros ($2 billion) to 7.2 billion euros. Steinhoff has repeatedly delayed its 2017 and 2018 financial statements […]

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California synagogue shooting casts harsh light on mutual-fund darling Cloudflare

BOSTON () – The gunmen accused of attacking U.S. synagogues and New Zealand mosques over the past six months brewed their ideas on online hate sites, pulling U.S. cyber-defense firm Cloudflare Inc into a debate on the balance between online speech and security. FILE PHOTO: A makeshift memorial was placed by a light pole a […]

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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 […]

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UPDATE 1-Bank of Canada chief thinks economy will recover in second half of 2019

(Adds quotes from central bank chief, details, background) OTTAWA, April 30 () – Bank of Canada Governor Stephen Poloz on Tuesday said that while the Canadian economy currently faced some headwinds, there was good reason to believe growth would accelerate in the second half of this year. Poloz, speaking to the House of Commons finance […]

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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 […]

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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 […]

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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 […]

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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 […]

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Sri Lanka rupee extends losses on security alerts; stocks up in dull trade

COLOMBO, April 30 () – The Sri Lankan rupee closed weaker for the fifth consecutive session on Tuesday, as security alerts on possible further attacks after the Easter Sunday bombings weighed on investor sentiment, while stocks extended gains into the fifth day after hitting a more than six-year closing low last week. ** Sri Lankan […]

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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 […]

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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 […]

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UPDATE 1-Supervisors ignored Russian warnings over money laundering at Danske – document

BRUSSELS () – Russia’s Central Bank sent warnings in 2007 and 2013 to Estonian and Danish financial supervisors over suspect transactions worth billion of dollars at the Estonian branch of Danske Bank but they were largely ignored, a confidential EU document shows. FILE PHOTO: Danske Bank sign is seen on a building in Copenhagen, Denmark, […]

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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 […]

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