UPDATE 1-MetLife quarterly profit doubles on derivative gains

() – U.S. insurer MetLife Inc (MET.N) on Wednesday reported quarterly profit that doubled from a year ago, boosted by strong derivative gains. FILE PHOTO: A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. /Mike BlakeMetLife recorded $724 million in derivative gains in the second quarter, reflecting changes in equity markets […]

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Prudential posts slight rise in quarterly operating income

() – U.S. life insurer Prudential Financial Inc (PRU.N) posted a 0.7% rise in adjusted operating income on Wednesday, helped by strength in its international insurance business. Prudential said adjusted operating income rose to $1.31 billion, or $3.14 per share, in the second quarter ended June 30, from $1.30 billion, or $3.01 per share, a […]

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UPDATE 1-Fitbit lowers 2019 revenue forecast, shares sink 16%

() – Wearable device maker Fitbit Inc (FIT.N) forecast third-quarter revenue below analysts’ estimates and lowered its 2019 sales outlook as the company expects weak smartwatch sales and lower average selling price. FILE PHOTO: Visitors walk past an advertising billboard for Fitbit Ionic watches at the IFA Electronics Show in Berlin, Germany, September 1, 2017. […]

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Canada’s Conservative Party sets fundraising records as election looms

OTTAWA () – The Conservative Party of Canada outpaced the governing Liberal party of Canada by C$3.5 million ($2.7 million) in second-quarter fundraising, financial returns showed on Wednesday, ahead of an October national election. FILE PHOTO: Conservative leader Andrew Scheer speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, […]

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UPDATE 1-Biden and Harris to square off in Round 2 of Democratic presidential debate

DETROIT () – Democratic presidential front-runner Joe Biden and rival Kamala Harris will stage a rematch of last month’s explosive debate confrontation during Round 2 on Wednesday, with a re-energized Biden promising a more aggressive approach. Democratic U.S. Presidential candidate Joe Biden addresses the audience during the Presidential candidate forum at the annual convention of […]

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Swiss president sees no quick progress in EU treaty row

ZURICH, July 31 () – Swiss President Ueli Maurer played down prospects for quickly ending a standoff with the European Union over a stalled partnership treaty that has disrupted cross-border stock trading and strained ties with Switzerland’s main trading partner. Maurer, a member of the right-wing and EU-sceptical Swiss People’s Party, suggested no deal was […]

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UPDATE 3-Frozen Woodford fund breaches regulatory cap after Guernsey delistings

* Sabina Estates remains listed on Guernsey exchange * Exchange concerned about reputational damage -sources * Fund has six months to return below cap * Woodford’s listed fund hits record lows for third day (Adds Ombu delisting, background, FCA comment, updates shares) By Carolyn Cohn and Simon Jessop LONDON, July 31 () – Neil Woodford’s […]

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Freddie net income falls, to pay U.S. $1.8 bln in dividends

NEW YORK () – Freddie Mac’s net income fell in the second quarter from a year-ago due to derivative losses, while it will pay the U.S. Treasury Department $1.8 billion in dividends by September, the mortgage finance agency said on Wednesday. Its income totaled $1.506 billion in the second quarter, down from $2.503 billion in […]

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UPDATE 5-GE lifts forecast but warns Boeing grounding may cost $1.4 bln

() – General Electric Co (GE.N) raised its 2019 forecast on Wednesday, but disclosed more than $1 billion in potential costs from Boeing’s grounded 737 MAX jetliner, puncturing an early share rally. The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. Picture taken July […]

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Fed rate cuts could help cheap U.S. small-cap stocks gain favor

NEW YORK () – Shares of smaller U.S. companies have gotten cheap over the past year, significantly lagging their large-cap counterparts, and could be poised for a turnaround following a highly anticipated interest-rate cut from the Federal Reserve. FILE PHOTO: Traders work on the main trading floor of New York Stock Exchange (NYSE) after the […]

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UPDATE 1-Chinese aluminum billionaire indicted for $2 billion tariff evasion scheme -WSJ

FILE PHOTO – China Zhongwang Holdings Chairman Liu Zhongtian toasts during the debut of Zhongwang Holdings at the Hong Kong Stock Exchange May 8, 2009. /Bobby Yip/File PhotoWASHINGTON () – Liu Zhongtian, a Chinese billionaire and the founder of aluminum giant China Zhongwang Holdings Ltd (1333.HK), has been indicted by a U.S. federal grand jury […]

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Record highs in U.S. stock market not enough to attract fund investors

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 24, 2019. /Brendan McDermid/File PhotoNEW YORK () – Investors retreated from the U.S. stock market last week despite the benchmark S&P 500 reaching new record highs, pulling nearly $9.1 billion from mutual funds and exchange-traded funds […]

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Devil in the data as funds call for scrutiny of LSE’s Refinitiv deal

LONDON () – Some trading and investment firms are calling for competition regulators to scrutinize London Stock Exchange’s (LSE.L) proposed $27 billion takeover of financial information provider Refinitiv to prevent further market data price hikes. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. /Toby […]

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EXPLAINER-What do you do after a data breach?

() – A hacker has stolen the personal information of over 100 million people from Capital One Financial Corp (COF.N), the company said this week, in the latest high-profile breach of sensitive consumer data. FILE PHOTO: The logo and ticker for Capital One are displayed on a screen on the floor of the New York […]

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CORRECTED-Ethiopia opens up banking sector to its diaspora

ADDIS ABABA () – Ethiopia’s parliament passed a bill on Wednesday to open up the country’s financial sector to an estimated five million of its citizens who have taken other nationalities, including allowing them to buy shares in local banks and start lending businesses. A client uses an automated teller machine (ATM) at the Commercial […]

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What a Fed rate cut means for your wallet

NEW YORK/WASHINGTON () – A decision by the Federal Reserve to cut interest rates may do little at this point to cut some of the costs that matter to many U.S. consumers. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. /Leah Millis/File PhotoFrom mortgages to credit […]

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UPDATE 2-Boeing supplier Spirit tops estimates despite MAX groundings

() – Spirit AeroSystems (SPR.N) beat Wall Street estimates for quarterly profit on Wednesday, as Boeing’s (BA.N) biggest supplier continued to make and sell parts for the planemaker’s grounded 737 MAX while demand for other aircraft held up. Spirit, whose shares have fallen more than 20% since a fatal MAX crash on March 10, were […]

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SESAC seen pricing $560 mln bond deal Friday -source

July 31 () – SESAC, whose clients include Adele, Bob Dylan and Neil Diamond, is expected to price a two-part $560 million bond offering backed by music royalties and licensing agreements on Friday, according to a source familiar with the deal on Wednesday. The largest piece of the securitization is a fixed-rate note, worth $530 […]

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UPDATE 1-Italy’s Intesa clinches 10 bln euro soured loan deal with U.S. hedge fund

MILAN () – Italy’s biggest retail bank Intesa Sanpaolo (ISP.MI) has clinched a deal with U.S. hedge fund Davidson Kempner over 10 billion euros ($11 billion) in problem loans, moving closer to a 2021 target of cutting soured debts to 6% of total lending. FILE PHOTO: Intesa Sanpaolo bank logo is seen at the headquarters […]

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UPDATE 2-Baker Hughes beats estimates on international demand, LNG activity

() – General Electric Co’s oilfield services arm, Baker Hughes, reported a better-than-expected profit, helped by higher LNG markets activity and a rise in international demand for oilfield services, sending its shares up more than 5%. FILE PHOTO: A screen displays the logo for Baker Hughes on the floor at the New York Stock Exchange […]

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UPDATE 3-GE posts loss, takes Boeing hit but raises forecast; CFO to leave

() – General Electric Co (GE.N) raised its 2019 forecast on Wednesday, helped by improvement in its industrial businesses, even as its latest earnings dipped into the red after two profitable quarters, sending shares up 3 percent in premarket trading. The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, […]

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Ethiopia opens up banking sector to diaspora, dual-nationals

ADDIS ABABA () – Ethiopia’s parliament passed a bill on Wednesday to open up the country’s financial sector to an estimated five million citizens living abroad or with dual nationality, including allowing them to buy shares in local banks and start lending businesses. The changes are part of a raft of economic reforms initiated by […]

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