Internacionales inglés

China, Japan August factory surveys signal economic softness

Yahoo Business - 1 hora 11 mins ago

By Xiaoyi Shao and Tetsushi Kajimoto BEIJING/TOKYO (Reuters) - China's manufacturing activity hit a three-month low in August, raising the case for fresh policy steps to keep growth on track, while a Reuters poll showed Japan's economic recovery is likely to be modest despite an small acceleration the factory sector. MODEST RECOVERY IN JAPAN A similar survey on Japan showed factory activity accelerated in August as export and domestic demand increased, in another sign the economy is steadying after shrinking in the second quarter due to a sales tax increase.


Exclusive: U.S. regulators step up warnings to banks for poor risk-spotting

Yahoo Business - 1 hora 12 mins ago

The firms who received the warnings are among the largest banks in the world, but the sources declined to name individual firms because the enforcement actions are not public. Banks are responding to the stepped-up pressure by hiring people with experience in data governance and analytics. One of the sources said recruitment calls have spiked in the last 18 months as regulators have issued more non-public enforcement actions. The world's largest banks have only grown bigger since the 2007-2009 financial crisis, and now contain even more separate entities involved in a dizzying web of credit obligations and trading positions.


Dollar General questions motives of Family Dollar CEO

Yahoo Business - Mié, 20/08/2014 - 23:58

(Reuters) - Dollar General Corp questioned whether Family Dollar Stores Inc Chief Executive Howard Levine was being driven by self-interest in his support of a proposed takeover of his company by Dollar Tree Inc . Dollar General, which has made its own offer to buy Family Dollar, also alleged it had been led astray by Levine in talks on a potential buyout, notably during a meeting on June 19. "At no time during this meeting did Mr. Levine indicate that there was a process, that there was any urgency to act or that there were discussions with another potential buyer," said Dollar General Chief Executive Rick Dreiling in a letter to Family Dollar's board on Wednesday. "Had we left the meeting with the belief that a sale of Family Dollar was imminent, we assure you that our course of action would have been different." Dollar General offered to buy Family Dollar Stores for $8.95 billion on Monday, trumping the agreed deal with Dollar Tree that was announced on July 28.


Asia shares slip as China disappoints, Japan bucks trend

Yahoo Business - Mié, 20/08/2014 - 21:20

By Wayne Cole SYDNEY (Reuters) - Asian shares came under pressure on Thursday as a disappointing survey on Chinese manufacturing stoked concerns about the regional giant and overshadowed better news from Japan. Investors reacted by selling the Australian dollar , often a used as a liquid proxy for bets on China, while shares in Shanghai dropped 0.5 percent . MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.6 percent, with indices in South Korea and Taiwan in the red. The Markit/JMMA flash Japan PMI jumped to a seasonally adjusted 52.4, up from 50.5 in July and the highest reading since March just before a hike in taxes sent demand cratering.


Bosses of China's state-owned firms face hefty pay cuts: paper

Yahoo Business - Mié, 20/08/2014 - 21:09

Senior executives of China's state-owned enterprises (SOEs) face pay cuts of up to 50 percent under a reform plan approved by President Xi Jinping, the South China Morning Post reported on Thursday, citing sources. China needed to speed up reforms targeting the pay of top executives at state businesses, the newspaper quoted Xi as saying at a meeting on Monday. The reforms are aimed at addressing public discontent over the ambiguous status of top SOE executives, some of whom get perks and privileges and are also paid like western business executives, earning more than their fellow officials, it added. China must improve income distribution at state companies and ensure executives are not overpaid, among other things, President Xi was quoted by Xinhua as saying on Monday.


Bosses of China's state-owned firms face hefty pay cuts: paper

Yahoo Business - Mié, 20/08/2014 - 21:09

Senior executives of China's state-owned enterprises (SOEs) face pay cuts of up to 50 percent under a reform plan approved by President Xi Jinping, the South China Morning Post reported on Thursday, citing sources. China needed to speed up reforms targeting the pay of top executives at state businesses, the newspaper quoted Xi as saying at a meeting on Monday. The reforms are aimed at addressing public discontent over the ambiguous status of top SOE executives, some of whom get perks and privileges and are also paid like western business executives, earning more than their fellow officials, it added. China must improve income distribution at state companies and ensure executives are not overpaid, among other things, President Xi was quoted by Xinhua as saying on Monday.


JPMorgan, BofA to raise junior banker pay by 20 percent: sources

Yahoo Business - Mié, 20/08/2014 - 20:23

By David Henry and Peter Rudegeair NEW YORK (Reuters) - JPMorgan Chase & Co and Bank of America Corp are planning to hike salaries of junior employees by at least 20 percent, people familiar with the proceedings said. JPMorgan executives are determined to pay competitively with other banks and are looking at salary increases of at least 20 percent for some junior employees, a person familiar with the matter said on Wednesday. Junior bankers at Bank of America Corp will also receive a raise of at least 20 percent, according to a person familiar with the matter. Goldman Sachs Group Inc is also planning to raise pay for junior bankers by 20 percent next year, the New York Post reported on Wednesday.


Icahn reveals stake in Hertz, plans to push management

Yahoo Business - Mié, 20/08/2014 - 20:01

By Svea Herbst-Bayliss BOSTON (Reuters) - Billionaire investor Carl Icahn said on Wednesday that he owns an 8.5 percent stake in Hertz Global Holdings Inc and plans to pressure the rental car company's management over accounting issues and operational failures. Last year Hertz adopted a so-called poison pill to prevent any one shareholder from gaining control of the company as activist investors began circling. Hertz announced in March that it would spin off its equipment rental unit and earlier in the year speculation mounted that Icahn had built up a stake in the company.


KPMG says EU bank reforms should be shelved: Bloomberg

Yahoo Business - Mié, 20/08/2014 - 19:42

(Reuters) - Audit firm KPMG [KPMG.UL] has written to Europe's largest lenders saying a European Commission plan to separate banks' consumer and investment-banking arms should be shelved, Bloomberg reported on Thursday. In an emailed statement KPMG said the proposal would not add significant value alongside other regulatory reforms, while countries such as the United Kingdom, France and Germany pursue their own requirements on separating trading and deposit-taking business, Bloomberg reported. (http://bloom. ...


JPMorgan, BofA to raise junior banker pay by 20 percent: sources

Yahoo Business - Mié, 20/08/2014 - 18:49

By David Henry and Peter Rudegeair NEW YORK (Reuters) - JPMorgan Chase & Co and Bank of America Corp are planning to hike salaries of junior employees by at least 20 percent, people familiar with the proceedings said. JPMorgan executives are determined to pay competitively with other banks and are looking at salary increases of at least 20 percent for some junior employees, a person familiar with the matter said on Wednesday. Junior bankers at Bank of America Corp will also receive a raise of at least 20 percent, according to a person familiar with the matter. Goldman Sachs Group Inc is also planning to raise pay for junior bankers by 20 percent next year, the New York Post reported on Wednesday.


Ex-Aeropostale exec gets eight years prison over kickbacks

Yahoo Business - Mié, 20/08/2014 - 17:46

By Nate Raymond NEW YORK (Reuters) - A former merchandising executive at teen apparel retailer Aeropostale Inc was sentenced to eight years in prison on Wednesday after being convicted of defrauding the company and taking more than $25 million in kickbacks from a key vendor. Christopher Finazzo, a former executive vice president and chief merchandising officer at Aeropostale, was also ordered by U.S. Attorney Loretta Lynch, who announced the sentencing Wednesday in a statement, said Finazzo "abused his position of power at Aeropostale and betrayed the trust placed in him by the company, its investors, and its employees by lining his own pockets at his employer's expense." Prosecutors at trial said Finazzo entered into an illegal deal with Douglas Dey, a movie producer and the owner of South Bay Apparel Inc, a firm that was once a major clothing supplier for Aeropostale. Under the deal, prosecutors said Finazzo from 1996 to 2006 caused the company to buy more than $350 million in T-shirt and fleece items from South Bay on behalf of Aeropostale in exchange for about 50 percent of the vendor's profits, prosecutors said.


Hewlett-Packard posts surprise revenue gain after PC sales jump

Yahoo Business - Mié, 20/08/2014 - 17:44

By Edwin Chan SAN FRANCISCO (Reuters) - Hewlett-Packard Co posted a surprise increase in quarterly revenue after sales from its personal computer division climbed 12 percent, but a flat to declining performance from its other units underscored the company's uphill battle to revive growth. HP sales rose a mere 1 percent to $27.6 billion in its fiscal third quarter from $27.2 billion a year earlier. Wall Street analysts had forecast a modest drop in revenue to $27.01 billion. It's trying to reduce a reliance on PCs and move toward servers, storage and networking for enterprises - part of Chief Executive Officer Meg Whitman's effort to return the sprawling company to growth.


Icahn reveals stake in Hertz, plans to push management

Yahoo Business - Mié, 20/08/2014 - 17:40

By Svea Herbst-Bayliss BOSTON (Reuters) - Billionaire investor Carl Icahn said on Wednesday that he owns an 8.5 percent stake in Hertz Global Holdings Inc and plans to pressure the rental car company's management over accounting issues and operational failures. Last year Hertz adopted a so-called poison pill to prevent any one shareholder from gaining control of the company as activist investors began circling. Hertz announced in March that it would spin off its equipment rental unit and earlier in the year speculation mounted that Icahn had built up a stake in the company. His second-quarter filing showed that he made a new bet on Gannett Co and liquidated his position in Forest Laboratories Inc, which was acquired by Actavis.


About 25 percent of Detroit's water and sewer bonds tendered so far

Yahoo Business - Mié, 20/08/2014 - 17:26

(Reuters) - Just over a quarter of Detroit's $5.2 billion of outstanding water and sewer revenue bonds were returned to the city for repurchase on Wednesday, 24 hours before the tender offer was due to expire. As of 5 p.m. Wednesday, 25.07 percent or nearly $1.3 billion of the senior and second lien bonds were tendered, according to tender agent Bondholder Communications Group. Others were much higher, including 79 percent of $90.6 million of senior lien water bonds sold in 2004. Robert Apfel, president of Bondholder Communications, said a last-minute posting of tenders was expected as brokers and banks working on behalf of their clients typically wait until just before the deadline expires.


Policy delay has Japanese carmakers reviewing Philippines expansion plans

Yahoo Business - Mié, 20/08/2014 - 16:49

By Rosemarie Francisco MANILA (Reuters) - Top Japanese automakers in the Philippines are threatening to shift production to cheaper Southeast Asian countries as the government drags its feet on a plan to rebuild its shrinking car manufacturing industry. The potential pullout of production lines by Toyota Motor Corp and Mitsubishi Motors, which have a combined 50,000 vehicle annual capacity in the country, would mean the Philippines could lose more than 1,000 jobs and millions of dollars worth of planned and existing investments. Time is running out, industry officials say, because there's less than two years left in the term of President Benigno Aquino, who has been backing the plan. The original government plan includes tax incentives to help rebuild the country's tiny auto industry and turn it into a major manufacturing hub.


Dow, S&P 500 rise after Fed minutes reassure on rates

Yahoo Business - Mié, 20/08/2014 - 16:18

The minutes were from the two-day meeting of the Federal Open Market Committee in late July, when the Fed trimmed its monthly bond-buying program by an additional $10 billion. Stocks pared gains immediately after the release of the minutes, but the Dow and the S&P 500 returned to positive territory with a little more than an hour of trading left in the regular session. "The market was absolutely being driven by the Fed. It started out strongly, then it looked like a bit of capitulation before the statement came out, and then we obviously saw a big sigh of relief," said Drew Wilson, an equity analyst at Fenimore Asset Management in Cobleskill, New York. The S&P 500 gained 4.91 points, or 0.25 percent, to finish at 1,986.51.


U.S. risk council takes next step in MetLife systemic review

Yahoo Business - Mié, 20/08/2014 - 16:18

Closing the evidentiary record is the last formal step before the Financial Stability Oversight Council can vote on whether to designate MetLife with the tag. The tag is applied to large firms whose failure could threaten financial markets, and it brings far greater scrutiny by financial regulators, as well as new capital requirements. The risk council later on Wednesday said it had closed the evidentiary record on a "non-bank financial company," but it does not name the firms in the process. MetLife declined to comment.


The Super Rich and Their Strange Allies

Yahoo Business - Mié, 20/08/2014 - 15:44

If you read the fairy tale weaved by the major media and our history books, we would believe that liberal policies are beneficial to everyone, whether those policies are popular are not. The upper classes can complain all they want, but they sleep better at night knowing that the government is generous with their wealth, even if those wealthy...


Fed debates merits of earlier rate hike given U.S. jobs gains

Yahoo Business - Mié, 20/08/2014 - 15:26

Federal Reserve hinted on Wednesday that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting. "Labor market conditions had moved noticeably closer to those viewed as normal in the longer run," the minutes said, adding that policymakers "generally agreed" the job market was healing faster than they had expected. The Fed had said in its policy statement following the July meeting that there was "significant" labor market slack, but the minutes showed many members of its policy-setting panel thought this characterization "might have to change before long." "The committee as a whole has started to shift its stance," said Paul Dales, an economist at Capital Economics in London.


Exclusive: Ford plans new hybrid series to compete with Toyota Prius - sources

Yahoo Business - Mié, 20/08/2014 - 15:25

By Paul Lienert DETROIT (Reuters) - Ford Motor Co plans to introduce a new hybrid gasoline-electric car in late 2018 to compete against the best-selling Toyota Prius, two sources with knowledge of the company's plans told Reuters on Wednesday. The compact car will be Ford's first "dedicated" hybrid - that is a vehicle designed to be marketed exclusively as a hybrid, rather than a variation of an existing gasoline model, such as the automaker's Fusion hybrid, the sources said. The sources said Ford eventually could offer several different body styles of the new hybrid, as Toyota does with the Prius. The new Ford hybrid is expected to arrive as a 2019 model, roughly 21 years after the introduction of the original Prius in Japan.