Friday, March 17th, 2017

 

Wall Street edges lower as financial stocks drag

NEW YORK, March 17 — US stocks were modestly lower today as the lingering effects of the Federal Reserve’s less aggressive stance on the rates outlook hurt the financial sector. The S&P 500 financial sector was off 0.85 per cent, led by…


Dollar continues slump, but outlook still upbeat

Dollar continues slump, but outlook still upbeat

NEW YORK (March 17): The dollar fell to a five-week low on Friday, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further bull run in the currency by keeping a gradual pace to its monetary tightening policy.

“At the moment, the dollar remains in correction mode, which we had fully expected,” said Fawad Razaqzada, market analyst, Forex.com in London. “But we remain fundamentally bullish on the greenback because the Fed remains the only major central bank which is actively tightening its policy.”

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Wall Street bonuses may show first uptick since 2009, firm says

Wall Street bonuses may show first uptick since 2009, firm says

(March 17): Wall Street bonuses may climb as much as 15 percent this year in their first meaningful uptick since 2009, compensation firm Johnson Associates Inc said on Friday.

An increase in market volatility since the election of US President Donald Trump may boost trading profits, the firm said in a presentation to an industry group. It described the forecast for financial services pay as “upbeat.”

The improved outlook for the banking industry is a shift from 2016, when bankers and traders received slightly lower bonuses on average.

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Time dotCom, Tan Chong Motor, QL Resources, UMW O-G, Gabungan AQRS, Axiata and Rohas Tecnic

Time dotCom, Tan Chong Motor, QL Resources, UMW O-G, Gabungan AQRS, Axiata and Rohas Tecnic

KUALA LUMPUR (March 17): Based on corporate announcements and news flow today, companies that may be in focus on Monday (March 20) may include the following: Time dotCom, Tan Chong Motor, QL Resources, UMW O-G, Gabungan AQRS, Axiata and Rohas Tecnic.

Time dotCom Bhd is adding another 1.85% to its existing 37% stake in Thailand’s Symphony Communication Public Co Ltd for 73.44 million baht (RM9.25 million) through its wholly-owned unit Time dotCom International Sdn Bhd.

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Air France-KLM, 10 other airlines hit with €776m EU fine

Air France-KLM, 10 other airlines hit with €776m EU fine

BRUSSELS (March 17): Air France-KLM, British Airways and nine other airlines were hit with a €776 million (US$835.5 million) fine by EU antitrust regulators on Friday for taking part in an air cargo cartel more than a decade ago.

The European Commission re-imposed the penalties after Europe’s second highest court in 2015 annulled the EU executive’s 2010 decision due to a procedural error.

The fines were unchanged for all the airlines except for the amount due from Martinair — cut to €15.4 million from the €29.5 million amount set in 2010.

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Japan court rules government liable over Fukushima — media

Japan court rules government liable over Fukushima — media

TOKYO (March 17): A court in Japan on Friday ruled that Tokyo Electric Power (Tepco) and the government are liable for negligence in a case involving compensation for the Fukushima nuclear disaster, the first time the judiciary has ruled the state has liability, Japanese media reported.

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‘Sweet spot’ in European M&A puts floor under valuations

'Sweet spot' in European M&A puts floor under valuations

LONDON (March 17): A boom in European deal-making activity — a sign better growth prospects are boosting confidence in European corporate boardrooms — is helping support stock market valuations which, on some measures, appear stretched.

A brighter outlook for the global and regional economy, buoyant stock markets and low borrowing costs have underpinned merger and acquisition (M&A) activity in Europe, which is enjoying its best three-month period since 2007, Reuters calculations show.

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Baidu goes all out on AI

Baidu goes all out on AI

(March 17): On Dec 6, 2016, thousands of translators filed into office buildings across mainland China to pore over brochures, letters, and technical manuals, all in foreign languages, painstakingly rendering their texts in Chinese characters. This marathon carried on for 15 hours a day for an entire month. Clients that supplied the material received professional-grade Chinese versions of the originals at a bargain price.

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OECD warns against waning reform effort to lift productivity

OECD warns against waning reform effort to lift productivity

BADEN BADEN, Germany (March 17): Reforms to boost productivity are slowing in many countries, raising the risk that some industrialised nations will fall into a trap of low growth, the Organisation for Economic Co-operation and Development said on Friday.

With productivity growth in a persistent and widespread decline for years, some of the world’s top economies are failing in their reform efforts, a risk to wages and living standards, the OECD said in a regular report called ‘Going for Growth’.

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Britain’s George Osborne to edit London’s Standard newspaper

Britain's George Osborne to edit London's Standard newspaper

LONDON (March 17): George Osborne, who lost his job as British finance minister after the EU referendum in June, was appointed editor of London’s Evening Standard, the newspaper’s owner Evgeny Lebedev said on Friday.

“I am proud to have an editor of such substance, who reinforces The Standard‘s standing and influence in London,” Lebedev tweeted.

“And whose political viewpoint — socially liberal and economically pragmatic — closely matches that of many of our readers.”