Fri, 22 Aug 2014 06:15:23 -0400

A man walks past the London Stock Exchange in the City of LondonBy Sudip Kar-Gupta LONDON (Reuters) - Britain's top equity index slipped back from three-week highs on Friday, with shares in airline companies hit by worries about disruption caused by possible volcanic activity in Iceland. Oil and gas services group Petrofac also underperformed, falling 1.4 percent after the company said its chairman had resigned. The blue-chip FTSE 100 index was down by 0.1 percent, or 8.29 points, at 6,769.37 points. The London stock market is closed for a public holiday on Monday.


Fri, 22 Aug 2014 05:26:20 -0400

A man checks his mobile phone as he walks past a logo of Xiaomi in BeijingChinese smartphone maker Xiaomi Inc has tapped South Korean manufacturers to produce sapphire covers for a limited edition premium smartphone that it may launch as early as the year-end, South Korea's Electronic Times reported on Friday. The report, citing no sources, said Xiaomi had ordered sapphire covers for 50,000 smartphones. Xiaomi declined to comment. Industry giant Apple Inc is considering using sapphire screens in more expensive models of its new, larger iPhones if it can get enough of the material, the Wall Street Journal reported earlier this month, citing unnamed sources.


Fri, 22 Aug 2014 05:06:34 -0400
Bank of Georgia Holdings PLC (LON:BGEO) reports a record set of first-half results.
Fri, 22 Aug 2014 05:00:30 -0400

Three models of China's Xiaomi Mi phones are pictured during their launch in New DelhiChinese smartphone maker Xiaomi Inc has tapped South Korean manufacturers to produce sapphire covers for a limited edition premium smartphone that it may launch as early as the year-end, South Korea's Electronic Times reported on Friday. The report, citing no sources, said Xiaomi had ordered sapphire covers for 50,000 smartphones. Xiaomi declined to comment. Industry giant Apple Inc is considering using sapphire screens in more expensive models of its new, larger iPhones if it can get enough of the material, the Wall Street Journal reported earlier this month, citing unnamed sources.


Fri, 22 Aug 2014 04:57:07 -0400

Trader Tommy Kalikas, center, works on the floor of the New York Stock Exchange Thursday, Aug. 21, 2014. U.S. stocks are opening higher, pushing the Standard & Poor's 500 index closer toward another record high. (AP Photo/Richard Drew)HONG KONG (AP) — Most Asian stock markets pushed higher Friday after a record day on Wall Street powered by upbeat data that added to evidence the world's biggest economy is gaining strength. European shares were flat as investors awaited a meeting of central bankers that might shed light on the timing of U.S. interest rate hikes.


Fri, 22 Aug 2014 04:51:45 -0400

An employee of the Tokyo Stock Exchange (TSE) places his hand next to the TSE logo at the bourse in TokyoBy Marc Jones LONDON (Reuters) - The dollar was steady on Friday after its strongest weekly run since March and world stocks were near all-time highs as markets waited for steers from the Federal Reserve and ECB on diverging policy plans. European shares opened barely changed and heading for their biggest weekly gain since February, while Asian markets hitched a ride on another record close for Wall Street to end the week near a six-and-half-year high. Emerging market stocks were also stronger but investors were beginning to move to the sidelines ahead of speeches by Fed Chair Janet Yellen and ECB President Mario Draghi at the annual gathering of central bankers in Jackson Hole, Wyoming.


Fri, 22 Aug 2014 04:28:31 -0400

Photo illustration of South African bank notes displayed next to the American dollar notes in JohannesburgThe rand firmed against the dollar on Thursday as comments from ratings agency Standard & Poor's that it was not looking to downgrade South Africa's banks added to earlier gains in the euro to prop up the rand. Later S&P added to the positive sentiment, saying South Africa's banking sector was not at risk of systemic failure because of the fall of African Bank. "Comments from ratings agency Standard & Poor's that say they have no plans to downgrade South African banks like Moody's did offer the rand an extra boost," Anisha Arora at 4 Cast said, adding that room to stretch towards the key 10.850 area may be capped.


Fri, 22 Aug 2014 03:25:03 -0400

Men walk past a currency exchange shop in New DelhiThe rupee strengthened on Friday to a three-week high against the dollar after Bloomberg quoted an analyst at Standard & Poor's calling the government's target to lower the fiscal deficit a positive for the country's ratings. "The fiscal policy stance has been a constraining factor for India's sovereign ratings for some time," Bloomberg quoted S&P's associate director of sovereign ratings, Agost Benard, as saying.


Fri, 22 Aug 2014 02:39:31 -0400

An employee of the Tokyo Stock Exchange (TSE) places his hand next to the TSE logo at the bourse in TokyoStill, investors were cautious ahead of a speech by Federal Reserve Chair Janet Yellen later in the day at the annual gathering of central bankers in Jackson Hole, Wyoming, which will be studied for any fresh signals about the timing of U.S. With little in the way of economic data out today attention turns towards the Jackson Hole Symposium where traders will look for further clarity on global interest rates," Jonathan Sudaria, a dealer at Capital Spreads, said in a note to clients on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent, on track for a weekly gain of about 0.9 percent and within a few points of its July 30 high, which was its loftiest level since January 2008.


Fri, 22 Aug 2014 01:44:22 -0400
By Jennifer Saba NEW YORK (Reuters) - A chilling video showing the execution of journalist James Foley by Islamist militants marks the second time an American reporter has been beheaded by captors overseas, echoing the murder of Wall Street Journal correspondent Daniel Pearl in Pakistan in 2002. While Pearl worked for one of the largest news organisations in the world, Foley was on assignment for GlobalPost, an online news startup with about 28 full-time staffers that is trying to survive as a small, independent outlet.
Thu, 21 Aug 2014 22:18:36 -0400
KUALA LUMPUR: The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened higher on Friday, in tandem with regional markets and upbeat overnight performance on Wall Street, dealers said.
Thu, 21 Aug 2014 22:15:46 -0400
NEW YORK: US stocks ended higher on Thursday, with the S&P 500 at a record after a flurry of positive economic data, as investors hoped for signs from an annual meeting of central bankers that interest-rate hikes are not imminent. The S&P 500 broke two records during Thursday's session, climbing past its previous intraday all-time high of 1,991.39 and ending above its previous record close of 1,987.98. Market participants refrained from making big bets before Federal Reserve Chair Janet Yellen's speech on Friday at a policymakers' meeting in Jackson Hole, Wyoming, which could provide clues on the timing of an interest-rate hike.
Thu, 21 Aug 2014 20:18:11 -0400

A sign is seen on the door of a Citibank branch in New York(Reuters) - Citigroup Inc has been sending hedge fund firms letters informing them that it cannot sell investments in hedge funds and private-equity funds to clients after a deal with the Securities and Exchange Commission, the Wall Street Journal reported. Citigroup said in the letter to hedge fund firms that it was working with the SEC to resolve the issue, the newspaper reported. Citigroup spokeswoman Danielle Romero-Apsilos said the company declined to comment.


Thu, 21 Aug 2014 17:19:28 -0400

A Wall Street sign is pictured in the rain outside the New York Stock ExchangeThe S&P 500 broke two records during Thursday's session, climbing past its previous intraday all-time high of 1,991.39 and ending above its previous record close of 1,987.98. Market participants refrained from making big bets before Federal Reserve Chair Janet Yellen's speech on Friday at a policymakers' meeting in Jackson Hole, Wyoming, which could provide clues on the timing of an interest-rate hike. Some investors also remained skeptical of whether the stock market's recent gains are sustainable, pointing to light trading volume. The S&P 500 gained 5.86 points, or 0.29 percent, to end at 1,992.37.


Thu, 21 Aug 2014 16:32:41 -0400

Traders work on the floor of the New York Stock ExchangeBy Herbert Lash NEW YORK (Reuters) - Global equity markets moved higher on Thursday, with the S&P 500 closing at an all-time high, as U.S. and German data drove confidence on economic growth and helped extend a stock rally. Data on German private-sector growth reassured investors about the outlook for Europe's biggest economy following a soft patch, while U.S. data showed economic strength early in the third quarter. Markit's flash composite Purchasing Managers' Index for Germany was 54. ...


Thu, 21 Aug 2014 16:31:26 -0400

Traders work on the floor of the New York Stock ExchangeBy Herbert Lash NEW YORK (Reuters) - Global equity markets moved higher on Thursday, with the S&P 500 closing at an all-time high, as U.S. Data on German private-sector growth reassured investors about the outlook for Europe's biggest economy following a soft patch, while U.S.


Thu, 21 Aug 2014 16:24:17 -0400
Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Hormel Foods Corp., up $2.06 to $49.92 The maker of Spam and Dinty Moore stew ...
Thu, 21 Aug 2014 12:48:00 -0400
* Market to open in first half of next year * Three-month consultation period for draft rules * $580 bln market is biggest in Arab world * 20 pct cap on combined foreign holdings in any stock * Minimum $5 billion AUM for foreign institutions (Adds comment by fund managers, analysts) By Andrew Torchia DUBAI, Aug 21 (Reuters) - Saudi Arabia's stock market regulator proposed rules on Thursday for opening the $580 billion market to direct investment by foreign institutions, including a 10 percent cap on foreign ownership of the market's value. Among other draft rules, a single foreign investor could own no more than 5 percent of any listed firm, while all foreign institutions combined could own no more than 20 percent.
Thu, 21 Aug 2014 10:08:15 -0400
Saudi Arabia's stock market regulator proposed rules for opening the $580 billion market to direct investment by foreign institutions, including a rule capping foreign ownership at 10 percent of the market's value. Among other draft rules issued on Thursday, a single foreign investor could own no more than 5 percent of any listed firm, while all foreign institutions combined could own no more than 20 percent of a company. Foreign institutions would need to qualify for permission to invest; Currently, foreigners other than residents of Saudi Arabia and citizens of neighbouring Gulf states can only invest in the market through indirect means such as swaps and exchange-traded funds.
Thu, 21 Aug 2014 07:14:46 -0400
* After spin-off to produce 80,000-85,000 tonnes of copper (Adds details on EBITDA, adds bullet points) LONDON, Aug 21 (Reuters) - Copper producer Kazakhmys posted a smaller decline than expected in first-half core profit, as measures it took to control costs and protect margins partly offset lower copper prices. Like other copper miners, Kazakhmys (LSE: KAZ.L - news) is fighting against rising production costs and falling metal grades, which together with weaker prices have squeezed margins.
Thu, 21 Aug 2014 06:56:55 -0400
* H1 net profit $111 mln Vs $96 mln year-ago * Core operating profit below analysts' estimates * Cautious outlook as customers delay order decisions By Donny Kwok HONG KONG, Aug 21 (Reuters) - Hong Kong's Li & Fung Ltd , which grew to prominence making clothing and toys in Asia for Western retailers, said its first-half profit climbed 16 percent as a one-off accounting gain more than offset weak sales in overseas markets. Li & Fung, which supplies companies like Kohl's Corp and Wal-Mart Stores Inc, said January-June net profit grew to $111 million from $96 million a year earlier. Li & Fung has traditionally relied on acquisitions to fuel growth, but the company has slowed the pace of mergers and acquisitions and spun off Global Brands Group Holding Ltd , a business that makes branded goods under licence. "The recent Russia and Ukraine crisis has reduced foreign travel by Russian nationals, which is starting to impact the European retail markets favoured by Russian tourists," chairman William Fung said in a statement.
Thu, 21 Aug 2014 04:59:07 -0400

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in JohannesburgBy Joe Brock JOHANNESBURG (Reuters) - Ratings agency Standard & Poor's said on Thursday it had no plans to downgrade South African banks, easing concerns a cut by Moody's on the country's four biggest lenders this week could have a knock-on ratings impact. Moody's on Tuesday downgraded deposit ratings for Standard Bank, FirstRand, Nedbank and Absa Bank -- Barclays Africa Group's local operation. The move, which was criticised by South Africa's central bank and some analysts, was the latest blow to Africa's most developed economy and sent banking shares lower. Some economists said the decision by Moody's could lead to further downgrades but S&P, which cut South Africa's sovereign credit rating in June, said it had no plans to follow suit.


Thu, 21 Aug 2014 03:28:58 -0400

Gold bars are stacked at a safe deposit room of the ProAurum gold house in MunichSouth African bullion producer Gold Fields reported a 20 percent rise in quarterly profit on Thursday despite a fall in prices and production as output increased at its lower-cost mines. Delays at South Deep, a mechanised operation where a team of Australian engineers has been brought in to iron out problems, has been a source of annoyance to investors. Gold Fields' adjusted headline earnings increased to 24.6 cents per share in the quarter to the end of June from 20.5 cents in the previous quarter and versus a loss of 36 cents for the same quarter a year earlier.


Thu, 21 Aug 2014 03:13:40 -0400

TOURISTS VISIT SEVEN-COLOURED EARTHS AT CHAMAREL.Mauritius' revenue from tourism rose 2.4 percent in the first half to end June from a year earlier, thanks to a jump in visitors from China, official data showed on Thursday. The country raked in 22.57 billion rupees ($735 million) during the period, Statistics Mauritius said in a statement. Total tourist arrivals to the island rose by 4 percent to 490,697, driven by a growth of 86.9 percent in visitors from China, the statistics office said. The number of tourist visiting Mauritius from Europe, which accounts for two-thirds of arrivals, inched up 0.8 percent to 266,295 in the first six months of this year.


Thu, 21 Aug 2014 03:00:25 -0400

Exxaro's CEO Nkosi speaks at the 2013 Reuters Africa Investment Summit in JohannesburgSouth African diversified resources group Exxaro reported an 11 percent rise in first-half earnings on Thursday as it lifted coal exports on the back of a weaker rand. Exxaro's headline earnings per share came in at 793 cents for the six months to end June compared to 714 cents in the same period last year. Exxaro, South Africa's second-largest coal producer, while exports had risen, trading conditions remained challenging and export prices in the period had fallen to $68 per tonne from $82 last year.


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