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- India's Infosys says seeing client-specific softness after Brexit
- Fri, 26 Aug 2016 02:21:03 -0400 -
NEW DELHI (Reuters) - Indian IT services provider Infosys Ltd is seeing some 'softness' in clients after Britain voted in June to leave the European Union, a top company executive said during an analyst meet on Friday. Infosys will be in a better position by October to evaluate the impact of this on its earnings outlook for the current fiscal year ending March 31, 2017, Chief Financial Officer Ranganath D Mavinakere said. ...
- Toshiba: Japan trunk bank sues it for $120 million over accounting scandal
- Thu, 25 Aug 2016 22:33:25 -0400 -
TOKYO (Reuters) - Toshiba Corp said on Friday a Japanese trust bank was suing it for 12 billion yen ($119 million) for losses stemming from the company's $1.3 billion accounting scandal last year. Japan Trustee Services Bank had filed the suit with the Tokyo District Court on Aug. 9, the technology and industrial conglomerate said in a statement. Toshiba said it would set aside a "reasonable" amount of cash to cover any damages and would revise its earnings guidance as needed. (Reporting by Chang-Ran Kim; Editing by Richard Pullin)
- TSX edges slightly higher as materials stocks rebound
- Thu, 25 Aug 2016 17:43:55 -0400 -
By Fergal Smith TORONTO (Reuters) - Canada's main share index edged higher on Thursday as the materials group pared some recent losses before the start of a global central bankers' gathering and Canadian Imperial Bank of Commerce rose after better-than-expected earnings. A modest gain for the index follows its biggest decline on Wednesday in more than eight weeks. The market is on "tenterhooks," waiting for Friday's speech in Jackson Hole, Wyoming by Federal Reserve Chair Janet Yellen, said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. ...
- Poland first in Europe to issue Chinese 'Panda bonds'
- Thu, 25 Aug 2016 09:02:04 -0400 -
Poland on Thursday said it became the first European country to issue government bonds on the Chinese market, opening the door to new sources of financing as Warsaw plans to run a record deficit next year. The Polish finance ministry said it had issued three-year bonds worth three billion yuan (400 million euros, $451 million) and denominated in the Chinese currency, also revealing in a statement that earnings "were swapped into euros". "After securing the necessary permission from Chinese regulators, we became the first European country to issue Polish bonds on the Chinese market," a Polish finance ministry statement said.
- Dwayne Johnson dethrones Robert Downey Jr. as highest paid actor
- Thu, 25 Aug 2016 08:54:01 -0400 -
NEW YORK (Reuters) - Wrestler-turned-actor Dwayne Johnson topped a Forbes magazine list of the world's highest paid actors on Thursday with an estimated 2016 payday of $64.5 million. Johnson, 44, knocked Robert Downey Jr. off the top spot and more than doubled his 2015 earnings, largely thanks to his action comedy "Central Intelligence." Johnson, known as "The Rock" during his wrestling career, also collected advance fees from the eighth installment of the popular "Fast and Furious" racing movie franchise. The Forbes annual list again highlighted the pay gap between men and women in Hollywood. ...
- Weak freight rates push S.African shipping firm Grindrod to H1 loss
- Thu, 25 Aug 2016 08:00:15 -0400 - Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects demand for commodities to pick up this year. Africa's biggest shipping group, which is present in 37 countries worldwide, reported a headline loss per share of 50.8 cents for the six months to June 30 versus a profit of 43.6 cents a year earlier. Headline earnings per share, the main profit gauge in South Africa, strips out certain one-off items.
- Algeria cereal crop seen down 40 pct after drought –farm union
- Thu, 25 Aug 2016 07:58:11 -0400 -
By Hamid Ould Ahmed ALGIERS (Reuters) - Algeria's cereal crop is expected to drop by 40 percent this harvest after the worst drought in decades, the head of the country's farmers' union said on Thursday. The fall in cereal output comes as OPEC member Algeria seeks to reduce imports to offset a sharp decline in its energy earnings that has hit state finances. Drought has mainly affected the southern provinces of the North African nation, where agriculture relies heavily on rainfall due to its underdeveloped infrastructure, the farmers' union chief Mohamed Alioui told Reuters.
- S.African shipping firm Grindrod reports H1 loss
- Thu, 25 Aug 2016 05:04:46 -0400 - (Reuters) - South Africa's Grindrod reported a mid-year loss on Thursday as the freight and shipping company grappled with slumping dry bulk rates. Africa's biggest shipping group reported a headline loss per share of 50.8 cents for the six months to June 30 versus a profit of 43.6 cents a year earlier. Headline earnings per share, the main profit gauge in South Africa, strips out certain one-off items. The global shipping and freight industry is struggling through its longest downturn in three decades. ...
- Sibanye Gold H1 earnings surge, focus on safety
- Thu, 25 Aug 2016 03:54:28 -0400 -
South African-focused bullion and platinum producer Sibanye Gold posted a six-fold surge in interim earnings on Thursday on a sharply higher rand-gold price and said it was refocusing on safety after a spike in fatalities. The company said it had appointed veteran executive Peter Turner to head up safety for the group. Safety has been back in the spotlight in South Africa, home to the world's deepest mines, after an increase in fatalities across the industry this year after the death toll had fallen for seven consecutive years.
- South African retailer Woolworths reports 8.9 pct rise in FY profit
- Thu, 25 Aug 2016 02:51:10 -0400 -
JOHANNESBURG (Reuters) - South African retailer Woolworths Holdings reported an 8.9 percent rise in full-year profit as its food sales gained more market share despite a weak economy its home market. * Adjusted diluted headline earnings per share was 453.4cents for the year until June 30 compared to 416.4 cents in theprevious year. * Woolworths Food continues to gain market share, thecompany said. * Headline earnings per share (EPS) is the main profitmeasure used in South Africa that strips out certain one-offtimes. * The retailer bought Australian department store DavidJones in 2014. ...
- South Africa's Massmart posts 19 pct jump in H1 profit
- Thu, 25 Aug 2016 02:50:00 -0400 -
JOHANNESBURG (Reuters) - Walmart's South African unit Massmart reported a 19 percent increase in half-year profit on Thursday as consumers delayed buying appliances, but kept spending on food and other non-durables, the company said. * Massmart posted diluted headline earnings per share beforeforex for 26 weeks to June 26 of 145.8 cents, up from 124.2cents. Headline earnings per share is the main profit measure inSouth Africa and strips out certain one-off items. * Sales for 26 weeks to June 26 rose 8.7 percent to 42.31billion rand. ...
- Japanese seek bargains as economy limps, Abenomics loses shine
- Wed, 24 Aug 2016 19:19:51 -0400 -
By Leika Kihara TOKYO (Reuters) - Three years of so-called "Abenomics", Japanese Prime Minister Shinzo Abe's bold stimulus program, has failed to dislodge a deflationary mindset among businesses and consumers. As the world's third-largest economy falters again - with a stronger yen gnawing at overseas profits and domestic consumption sapping companies' confidence to invest or sufficiently raise wages - firms that increased their prices in the hope of a sustained recovery are rethinking their strategy. "There's a sense the economy is stalling and companies' earnings are bad this year, so I'm holding off from spending on big items," she said.
- Indonesian stocks dally at record peak as investors fear tipping point
- Wed, 24 Aug 2016 19:18:14 -0400 -
By Fransiska Nangoy JAKARTA (Reuters) - Indonesian stocks are on a roll - with 18 percent gains this year and a boost from President Joko Widodo's economic reforms - and yet, investors worry about buying more of a market hitting historic peaks. The Jakarta Composite Index is Asia's second-best performer in dollar terms this year but its winning streak has turned share valuations uncomfortably rich. The ratio of the average price to 12-month forward earnings for Indonesia's MSCI index , or the PE ratio, is 16.44 - well above its historical average of 12.4 and at its highest since 1999.
- RBC keeps close eye on Vancouver and Toronto housing markets
- Wed, 24 Aug 2016 15:59:37 -0400 -
By Matt Scuffham TORONTO (Reuters) - Royal Bank of Canada , Canada's biggest bank, said it was closely monitoring home prices in Vancouver and Toronto after reporting slightly higher-than-expected quarterly earnings on Wednesday. Canada's banks are facing heightened scrutiny of their mortgage underwriting practices as authorities try to tackle the potential threat of a housing bubble in the two cities, where prices have soared. RBC Chief Executive Officer Dave McKay said the bank was watching those markets, although it has less exposure to Vancouver than rivals.
- Lufthansa cabin crew union sees approval of new pay deal
- Wed, 24 Aug 2016 12:49:06 -0400 -
Cabin crew at Lufthansa are expected to vote in favor of a wide-ranging pay deal with the German carrier, bringing a long-running dispute to a close, according to a labor boss. "Due to the massive response of members in the past few weeks I expect agreement," Nicoley Baublies, chief negotiator of cabin crew union UFO, told Reuters on Wednesday. Lufthansa said last month that the cabin crew deal would boost its earnings before interest and tax by several hundred million euros this year, allowing it to pay a dividend.
- Express Inc's shares tumble as results miss amid apparel cheer
- Wed, 24 Aug 2016 10:55:44 -0400 -
Express, which had outperformed many of its peers in a weak apparel market last year, also slashed same-store sales and profit forecasts for the year. "Earnings were below our guidance, reflecting challenging store traffic," Chief Executive David Kornberg said on a conference call. Shares of the Columbus, Ohio-based company fell as much as 25.8 percent to $11.90, setting up the stock for its worst day in more than four years.
- Australian carrier Qantas soars to record profits
- Wed, 24 Aug 2016 09:50:57 -0400 -
Australian carrier Qantas Wednesday posted record annual profits and announced its first payout to shareholders in seven years, staging a turnaround after axing jobs and selling aircraft in an aggressive restructuring. The results were also boosted by the sharp fall in global oil prices and a less competitive domestic market that has given the firm a stable base of earnings. Qantas reported a net annual profit of Aus$1.42 billion (US$1.08 billion) in the year to June 30, an 80 percent increase from the previous corresponding period.
- Samsung, Tencent surge in race to become Asia's most valuable firm
- Wed, 24 Aug 2016 03:15:03 -0400 -
By Nichola Saminather SINGAPORE (Reuters) - Tencent Holdings Ltd and Samsung Electronics Co Ltd are racing to be crowned Asia's most valuable company as expectations for robust earnings growth push their share prices to record highs. "These companies can grow earnings despite weaker global growth," said Andrew Gillan, head of Asia ex-Japan equities at fund managing firm Henderson Global Investors, which is overweight on Asian technology firms. "The operating fundamentals of the Chinese internet sector particularly have surprised positively in the most recent quarterly results." While many investors remain upbeat about Samsung and Tencent, some caution the firms are vulnerable to rapid swings in sentiment on any sign of slowing momentum.
- Strong demand for Samsung's Galaxy Note 7 tests supply chain
- Tue, 23 Aug 2016 23:53:05 -0400 -
By Se Young Lee SEOUL (Reuters) - Better-than-expected demand for Samsung Electronics Co Ltd's new Galaxy Note 7 is causing supply constraints globally, the South Korean tech giant said on Wednesday, suggesting strong initial sales for the new premium smartphone. While robust demand could help deliver another solid quarter of earnings, Samsung also risks missing out on potential sales if it cannot boost supply quickly. Rivals such as Apple Inc are poised to launch new phones which could pull customers away from Samsung if a shortage persists.
- TSX rises to one-week high as banks rally on BMO's earnings
- Tue, 23 Aug 2016 17:41:14 -0400 -
By Fergal Smith TORONTO (Reuters) - Canada's main stock index edged up to a one-week high on Tuesday as better-than-expected earnings for Bank of Montreal supported bank stocks, offsetting losses for the materials group. Bank of Montreal rose 2.2 percent to C$86.27. Canada's fourth largest bank reported quarterly results which beat analysts' expectations, benefiting from strength in its commercial banking and capital markets businesses.
- Wall St. edges higher on tech, housing boost
- Tue, 23 Aug 2016 16:15:12 -0400 -
With the U.S. earnings season winding down, investors are also turning their focus to the likelihood of an interest rate hike in the coming months. Federal Reserve Chair Janet Yellen's speech on Friday at Jackson Hole will be scrutinized for clues on the timing of a rate hike, especially after some Fed policymakers in recent days hinted at the possibility of a hike in the near-term. Data on Tuesday showed new U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.
- U.S. equity fund managers see reason to worry ahead of September
- Tue, 23 Aug 2016 13:14:36 -0400 -
The rally in U.S. stocks since late June is prompting some mutual fund managers to prepare for a rocky September. In part, the concerns are seasonal: September has seen more monthly declines of 5 percent or more in the S&P 500 than any other month since 1945 and is tied with August for the worst month in average returns overall, according to S&P Capital IQ. Poor corporate earnings or outlooks for the upcoming year, mutual funds selling before the end of their fiscal years and reduced capital inflows all work against the stock market in September, said Sam Stovall, U.S. equity strategist at S&P Global Market Intelligence.
- Finnish police crack down on Uber drivers without taxi permits
- Tue, 23 Aug 2016 08:34:40 -0400 -
Finnish police are cracking down on Uber drivers caught operating without a taxi driver's license by issuing fines and confiscating earnings via the courts. Ride-hailing service Uber Technologies Inc, valued at over $60 billion, has faced bans and protests from established taxi operators around the world, but is legal in Finland - provided drivers hold the proper license. "This way, we can investigate the scope of (a driver's) business and gains from it," Inspector Pekka Seppala said on Tuesday.
- South Africa's Shoprite Holdings posts 17 pct profit jump
- Tue, 23 Aug 2016 02:33:14 -0400 -
(Reuters) - Africa's largest retailer Shoprite Holdings posted a 17 percent jump in full-year profit on Tuesday, shrugging off competition in South Africa and buoyed by strong sales in Angola. * Diluted headline earnings per share for the 53 weeks endedJune rose 17 percent to 899.7 cents from 769.1 cents. * Shoprite kept its market share in South Africa above 30percent despite intense local competition, said Chief ExecutiveWhitey Basson in a statement.
- Wall St. little changed as biotechs offset energy drop
- Mon, 22 Aug 2016 16:19:07 -0400 -
Oil prices settled down more than 3 percent, after touching two-month highs last week, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count. As earnings season draws to a close, investor focus will shift to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming, to assess the odds of an interest rate hike in coming months. "It’s oil and then we’ve got Jackson Hole hanging over us, and there is always some surprise that comes out of Jackson Hole," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.