Sugar trader Czarnikow joins ethanol trading venture in Brazil

SAO PAULO () – British sugar trader Czarnikow has entered as a partner in a new ethanol trading company in Brazil, in a joint venture with a group of local investors who control sugar and ethanol plants, according to documents released on Friday by the Brazilian government. CADE, the Brazilian anti-trust watchdog, said it has […]

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United Group acquires Croatian rival Tele2 for $245.7 mln

FILE PHOTO: A shop assistant looks on from inside a Tele2 company’s sales office in St. Petersburg, March 28, 2013. /Alexander Demianchuk SARAJEVO () – Balkan telecoms and media company United Group B.V. on Friday acquired Croatian telecoms operator Tele2 Croatia for 220 million euros ($245.70 million), including debt, expanding its presence in south-eastern Europe. […]

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CORRECTED-UPDATE 1-GE’s CEO ‘stunned’ that factory efficiency drive only just started

FILE PHOTO: General Electric Chief Executive Officer Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, U.S., May 8, 2019. /Alwyn Scott/File Photo/File Photo (This May 30 story corrects to say GE is cutting power unit headquarters costs 20% and GE plans to cut another $800 mln in power divison […]

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Brazil eyes fiscal boost as economy flirts with recession

BRASILIA () – Brazil’s government is looking at assembling a fiscal stimulus package worth around 20 billion reais ($5 billion) to revive flagging growth and prevent the economy from falling back into recession, sources told . Stung by figures on Thursday that showed the economy shrank in the three months to March for the first […]

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Soccer-UEFA warns fans of flood of fake Madrid final tickets

MADRID, May 31 () – UEFA has warned fans against buying tickets from touts as a “high number” of fakes were being sold ahead of Saturday’s Champions League final between Liverpool and Tottenham Hotspur. European football’s governing body said some arrests have been made in a clampdown on bogus tickets and it had begun legal […]

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UPDATE 2-European stocks stumped as U.S. threatens tariffs on Mexico

() – European stocks tanked on Friday, with auto-makers hit especially hard, after U.S. President Donald Trump widened the scope of his trade wars by threatening to impose new tariffs on Mexican imports. Investors exited riskier equity positions and moved to safer ground, sending European defensive stocks higher and yields on German bonds to record […]

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Lithuania’s Skvernelis says he might stay on as PM

FILE PHOTO: Lithuanian President candidate Saulius Skvernelis speaks during a public discussion in Vilnius, Lithuania April 8, 2019. /Ints Kalnins/File PhotoVILNIUS () – Lithuanian Prime Minister Saulius Skvernelis on Friday suggested he may remain in his post after earlier saying he would quit in July following his defeat in the first round of the presidential […]

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UPDATE 5-Torrent of bad news hits Sitharaman on first day as India finance minister

NEW DELHI () – Indian Prime Minister Narendra Modi on Friday surprised markets by naming Nirmala Sitharaman, formerly the defence minister, as the next finance minister on a day data showed that Asia’s third biggest economy grew at its slowest pace in 17 quarters. Nirmala Sitharaman sits with other ministers before taking her oath during […]

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Trump’s Mexican tariffs threat sends shudders through autos sector

TOKYO/MILAN () – Shares of global automakers and suppliers tumbled on Friday after U.S. President Donald Trump threatened to impose tariffs on imports from Mexico, potentially upending a global manufacturing business model established decades ago. FILE PHOTO: A logo of General Motors is pictured at its plant in Silao, in Guanajuato state, Mexico, November 9, […]

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CORRECTED-Goldman Sachs building digital wealth management tool- executive

FILE PHOTO: John Waldron, co-head of the Investment Banking Division, Goldman Sachs, speaks at the Milken Institute 21st Global Conference in Beverly Hills, California, U.S., May 1, 2018. /Mike BlakeNEW YORK () – Goldman Sachs Group Inc Chief Operating Officer John Waldron said on Friday that the bank is building a digital wealth management tool […]

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Toshiba Memory to borrow 900 bln yen from a group of banks

FILE PHOTO: The logo of Toshiba is pictured on its flash memory factory, seen during a media tour in Yokkaichi, western Japan September 9, 2014. /Reiji Murai() – Japan’s flash memory maker Toshiba Memory Holdings Corp said on Friday it would borrow 900 billion yen ($8.28 billion) from Sumitomo Mitsui Banking Corp, MUFG Bank Ltd […]

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The iron fist: BJP’s Shah becomes India’s home affairs minister

NEW DELHI () – He made his name as a ruthless backroom politician and master strategist who won election victories for his boss, India’s Prime Minister Narendra Modi. He also has a reputation for the incendiary, recently describing illegal Bangladeshi immigrants as “like termites” taking grain and jobs from India’s poor. Amit Shah signs documents […]

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Kenyan court quashes abuse of office charge against top judge

NAIROBI, May 31 () – A Kenyan court said on Friday that the deputy chief justice at the country’s highest court cannot be prosecuted for abuse of office in a case brought against her last year, saying police failed to follow correct procedure in gathering evidence. Deputy Chief Justice Philomena Mwilu was arrested last August […]

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Goldman Sachs building digital wealth management tool- executive

FILE PHOTO: John Waldron, co-head of the Investment Banking Division, Goldman Sachs, speaks at the Milken Institute 21st Global Conference in Beverly Hills, California, U.S., May 1, 2018. /Mike BlakeNEW YORK () – Goldman Sachs Group Inc Chief Operating Officer John Waldron said on Friday that the bank is building a digital wealth management tool […]

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Britain reappoints Broadbent as Bank of England deputy governor

LONDON, May 31 () – Britain’s finance ministry said on Friday it had reappointed Bank of England Deputy Governor Ben Broadbent for another term ending in June 2024. The former Goldman Sachs economist sits on all three of the BoE’s monetary, financial and prudential regulation policy committees. “Ben Broadbent’s expertise has proved invaluable to the […]

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Japan’s growth strategy includes stimulus to offset tax hike

TOKYO, May 31 () – An outline of Japan’s annual economic growth strategy due next month includes stimulus measures to offset a nationwide sales tax and measures to encourage the merger of regional banks. The outline, which was presented at a meeting of the government’s top advisory panel on Friday, also mentions the inclusion of […]

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UPDATE 1-Amid Huawei row, China to list ‘unreliable’ foreign entities that harm Chinese firms

BEIJING () – China’s Commerce Ministry said on Friday that it will draft a list of foreign companies, organizations and individuals that it deems “unreliable” for harming Chinese companies, state-run China National Radio reported. The move, which does not single out any countries or companies, comes amid U.S.-China tensions that have sharply escalated since Washington […]

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China c.bank may open taps with cash shortfall looming

SHANGHAI () – China’s central bank splashed more cash into the banking system this week than at any time in the past four months, but fresh signs of economic weakness and a worsening trade war may raise the chance it will deploy bolder stimulus. The People’s Bank of China (PBOC) injected a net 430 billion […]

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China adjusts margin rules on stock index futures to reduce trading costs 

SHANGHAI () – China’s financial futures exchange said on Friday it would adjust margin policies on stock index futures to reduce trading costs. The China Financial Futures Exchange said that starting June 3, investors holding both long and short positions across the three types of index futures instruments on the exchange are subject to margin […]

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China QFII quota $105.8 bln at end-May, unchanged from April-regulator

BEIJING, May 31 () – The outstanding amount of China’s dollar-denominated Qualified Foreign Institutional Investor (QFII) programme was at $105.8 billion as of May 31, unchanged from last month, China’s foreign exchange regulator said on Friday. The QFII scheme was created by China to allow foreigners to invest in Chinese capital markets. (Reporting by Beijing […]

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