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European stocks drop, as ECB unleashes stimulus

European stocks drop, as ECB unleashes stimulus

European stock markets fell on Wednesday, as the ECB launched radical stimulus measures aimed at boosting economic growth in the struggling eurozone. It comes as a worried World Bank slashed its growth forecast for the global economy Tuesday, saying advanced economies were rebounding more slowly than expected and that low commodity prices continued to hurt […]

June 8, 2016 | By | Reply More
Gold hits 2-week high on hopes Fed will not raise rates soon

Gold hits 2-week high on hopes Fed will not raise rates soon

Gold touched a fresh two-week high on Wednesday as the possibility of an early U.S. interest rate hike appeared to dim following dovish comments by Federal Reserve chair Janet Yellen earlier this week. Fed Chair Janet Yellen gave a largely upbeat assessment for the U.S. economy on Monday and said interest rate increases were coming, […]

June 8, 2016 | By | Reply More
Smartphone growth continues but at a slower rate

Smartphone growth continues but at a slower rate

June 8, 2016 Annual smartphone sales are expected to continue to grow between now and 2020, though at a slower pace, with a 1.5 billion total for 2016 forecasted by Gartner. UNITED STATEST: Gartner attributes the relative slowdown to a high market penetration of 90% in North America, Western Europe, Japan and much of the […]

June 8, 2016 | By | Reply More
Ousted CEO Laplanche studies LendingClub takeover – sources

Ousted CEO Laplanche studies LendingClub takeover – sources

CALIFORNIA: Ousted LendingClub Corp CEO and co-founder Renaud Laplanche has been speaking to private equity firms and banks about financing a potential buyout of the online lender, according to people familiar with the matter. The French entrepreneur, one of the highest-profile names in the fledgling industry, left LendingClub in May after an internal probe found […]

June 7, 2016 | By | Reply More
Blackstone in bid to buy insurance broker Acrisure – sources

Blackstone in bid to buy insurance broker Acrisure – sources

UNITED STATES: Private equity firm Blackstone Group LP  is in advanced discussions to acquire Acrisure LLC, in a deal that could value the US insurance brokerage at well over $2 billion, including debt, according to people familiar with the matter. Blackstone has so far prevailed in the auction for Acrisure, though negotiations with the company’s […]

June 7, 2016 | By | Reply More
Ralph Lauren to cut about 1,000 jobs and shut shops

Ralph Lauren to cut about 1,000 jobs and shut shops

NEW YORK: Ralph Lauren Corp  is cutting about 1,000 jobs and closing 50 stores as part of a sweeping plan to lower costs and revive sales growth at the luxury fashion brand. Shares of Ralph Lauren, which also forecast declines in full-year and first-quarter revenue, fell as much as 10.4 percent to $86.32 in early […]

June 7, 2016 | By | Reply More
Ford, Fiat Chrysler pivot to more SUVs, fewer small cars

Ford, Fiat Chrysler pivot to more SUVs, fewer small cars

DETROIT: Ford Motor Co and Fiat Chrysler Automobiles are cutting production of smaller cars and idling workers at some North American factories, while boosting output of sport utility vehicles in reaction to a long-term shift toward larger vehicles, the companies said on Tuesday. The Detroit-area plant that makes the slow-selling Ford Focus and C-Max compact […]

June 7, 2016 | By | Reply More
Swiss and UK watchdogs quiz Credit Suisse over Mozambique loans

Swiss and UK watchdogs quiz Credit Suisse over Mozambique loans

ZURICH: Switzerland’s financial watchdog said it is in touch with Credit Suisse (CSGN.S) over Mozambique’s undeclared loans, while Britain’s regulator is also making inquiries, according to a source familiar with the situation. In April, Mozambique, one of the world’s poorest countries, disclosed as much as $1.35 billion (£0.92 billion) of sovereign borrowing that may have […]

June 7, 2016 | By | Reply More
WTO chief warns of Brexit risk to UK’s competitiveness

WTO chief warns of Brexit risk to UK’s competitiveness

GENEVA : British business competitiveness will suffer if Britons vote to leave the Europe Union, the head of the World Trade Organization warned during a visit to London on Tuesday. WTO Director General Roberto Azevedo joins a chorus of international figures, including Bank of England Governor Mark Carney and International Monetary Fund (IMF) chief Christine […]

June 7, 2016 | By | Reply More
Soothing Fed sounds send stocks to five-week high

Soothing Fed sounds send stocks to five-week high

LONDON: World stocks hit their highest in five weeks on Tuesday as a dovish tone from Janet Yellen cooled near-term US rate hike bets and a 2016 peak in crude prices cheered oil firms. European stocks were up 1.2 percent ahead of US trading where Wall Street’s S&P 500  was expected to hit a fresh […]

June 7, 2016 | By | Reply More