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The uncertainty created by Britain&#39;s vote to leave the European Union will slow the global economy into next year, the International Monetary Fund (IMF) predicted on Tuesday. 
 
Last month&#39;s populist victory in the British referendum has darkened the skies in that country and across the Euro area, according to the global crisis lender, forcing it to cut April&#39;s growth forecasts and rattling what had already been a fragile recovery. 
 
Britain&#39;s relations to the 28-member EU single market were thrown into confusion following the June 23 vote, raising the possibility of sudden, new trade barriers and at least initially causing a selloff in global financial markets. 
 
Analysts have predicted this will weigh on consumption and investor confidence.

In an update to its April forecast, the IMF said global economic growth was likely to be 3.1 per cent this year and 3.4 per cent in 2017, a downward revision of 0.1 per cent for both years. 
 
Brexit was liable to cost the British economy nearly a full percentage point of growth in 2017 as demand will likely be significantly lower than it would have been had the remain camp been victorious. 
 
&quot;Continuing uncertainty is likely to weigh on consumption and especially investment,&quot; the IMF said. 
 
Nigeria, Africas largest economy, saw unusually painful revisions as dropping oil prices have hurt oil revenues, power production and investor confidence. Its economy is now expected to contract by 1.8 per cent rather than grow by 2.3 per cent, a sharp revision that has followed the steep devaluation of the countrys currency. 
 
In a bright spot, stronger activity in the Euro area has seen this years growth forecast revised upward by 0.1 per cent to 1.6 per cent. But possible drops in consumer and business confidence as well as strain on banks means 2017 will likely see a slowdown after the Brexit referendum. Brexits consequences for the United States were likely to be &quot;muted,&quot; with growth steady at 1.8 per cent this year and next, representing a downward revision of 0.2 per cent in 2016. 
 
However, the IMF warned of possibly greater risks for global growth. Non-performing loans and the poor profitability of Greek, Italian and Portuguese banks as well as enduring market turbulence were among factors that &quot;could have severe macroeconomic repercussions,&quot; according to the Fund. 
 
While the short-term prospects for the Chinese economy were unchanged or even improved due to interventions by central authorities -- driving this years forecast up 0.1 to 6.6 per cent -- the heavy reliance on credit to drive growth could create instability. 
 
The recent appreciation of the Yen is likely to counteract an announced two-year delay in hiking a consumption tax in Japan. This has slowed the forecast growth in that countrys already anemic economy, with the IMF revising it downward to just 0.3 per cent, to be followed by a bare 0.1 per cent expansion in 2017. 
 
(Reuters)

Britain's uncertain relations with the 28-member EU single market raises possibility of sudden and new trade barriers

The uncertainty created by Britain's vote to leave the European Union will slow the global economy into next year, the International Monetary Fund (IMF) predicted on Tuesday. Last month's populist victory in the British referendum has darkened the skies in that country and across the Euro area, according to the global crisis lender, forcing it to cut April's growth forecasts and rattling what had already been a fragile recovery. Britain's relations to the 28-member EU single market were thrown into confusion following the June 23 vote, raising the possibility of sudden, new trade barriers and at least initially causing a selloff in global financial markets. Analysts have predicted this will weigh on consumption and investor confidence. In an update to its April forecast, the IMF said global economic growth was likely to be 3.1 per cent this year and 3.4 per cent in 2017, a downward revision of 0.1 per cent for both years. Brexit was liable to cost the British economy nearly a full percentage point of growth in 2017 as demand will likely be significantly lower than it would have been had the remain camp been victorious. "Continuing uncertainty is likely to weigh on consumption and especially investment," the IMF said. Nigeria, Africas largest economy, saw unusually painful revisions as dropping oil prices have hurt oil revenues, power production and investor confidence. Its economy is now expected to contract by 1.8 per cent rather than grow by 2.3 per cent, a sharp revision that has followed the steep devaluation of the countrys currency. In a bright spot, stronger activity in the Euro area has seen this years growth forecast revised upward by 0.1 per cent to 1.6 per cent. But possible drops in consumer and business confidence as well as strain on banks means 2017 will likely see a slowdown after the Brexit referendum. Brexits consequences for the United States were likely to be "muted," with growth steady at 1.8 per cent this year and next, representing a downward revision of 0.2 per cent in 2016. However, the IMF warned of possibly greater risks for global growth. Non-performing loans and the poor profitability of Greek, Italian and Portuguese banks as well as enduring market turbulence were among factors that "could have severe macroeconomic repercussions," according to the Fund. While the short-term prospects for the Chinese economy were unchanged or even improved due to interventions by central authorities -- driving this years forecast up 0.1 to 6.6 per cent -- the heavy reliance on credit to drive growth could create instability. The recent appreciation of the Yen is likely to counteract an announced two-year delay in hiking a consumption tax in Japan. This has slowed the forecast growth in that countrys already anemic economy, with the IMF revising it downward to just 0.3 per cent, to be followed by a bare 0.1 per cent expansion in 2017. (Reuters)

IMF: Brexit to cost Britain nearly 1% growth in 2017

A judge on Tuesday suspended the WhatsApp smartphone messaging service across Brazil, where it is hugely popular, for failing to surrender user data in a police investigation, the court said. 
 
&quot;WhatsApp is blocked across the whole national territory,&quot; a spokesman for the court in Rio de Janeiro told AFP. 
 
WhatsApp, owned by Facebook, has clashed several times with Brazilian courts after refusing to give access to police. 
 
The 19-page ruling said that Brazilian telephone operators must &quot;immediately suspend&quot; WhatsApp services and also said that continued non-compliance would see the Facebook company fined 50,000 Reais ($15,265) a day. 
 
The decision by Judge Daniela Barbosa Assun??o de Souza in the southeastern state of Rio de Janeiro applies to Brazil&#39;s five wireless carriers. The reason for the order was not known due to legal secrecy in an ongoing case, and will only be lifted once Facebook surrenders data, Souza&#39;s office said. 
 
Shortly after the ruling was filed, WhatsApp messaging continued to function in Rio, however. It was not clear how quickly the order would be fulfilled. 
 
A spokeswoman for WhatsApp said she had no immediate comment. 
 
(Agencies)

The reason for the order was not known due to legal secrecy in an ongoing case and will only be lifted once Facebook surrenders data

A judge on Tuesday suspended the WhatsApp smartphone messaging service across Brazil, where it is hugely popular, for failing to surrender user data in a police investigation, the court said. "WhatsApp is blocked across the whole national territory," a spokesman for the court in Rio de Janeiro told AFP. WhatsApp, owned by Facebook, has clashed several times with Brazilian courts after refusing to give access to police. The 19-page ruling said that Brazilian telephone operators must "immediately suspend" WhatsApp services and also said that continued non-compliance would see the Facebook company fined 50,000 Reais ($15,265) a day. The decision by Judge Daniela Barbosa Assun??o de Souza in the southeastern state of Rio de Janeiro applies to Brazil's five wireless carriers. The reason for the order was not known due to legal secrecy in an ongoing case, and will only be lifted once Facebook surrenders data, Souza's office said. Shortly after the ruling was filed, WhatsApp messaging continued to function in Rio, however. It was not clear how quickly the order would be fulfilled. A spokeswoman for WhatsApp said she had no immediate comment. (Agencies)

Brazil blocks Facebook's WhatsApp

Mobile telecom gear maker Ericsson forecast a third consecutive year of comparable sales declines on Tuesday, saying it would step up cost cuts in the face of deteriorating market conditions after its results fell short of market expectations. 
 
With demand stagnating in developed markets where the newest networks have mostly already been built, Ericsson is now feeling an additional pinch from lower spending in countries such as Russia, Brazil, the Middle East and Nigeria, hit by weaker currencies and low oil prices. 
 
&quot;This has become even more pronounced during the second quarter, so it has impacted the investment levels at the operators, and that hits the mobile broadband market,&quot; stated Ericsson Chief Financial Officer Jan Frykhammar. 
 
&quot;So that is the most important trend.&quot; 
 
For the past couple of years, Ericsson has been forced to cut its outlook for market growth, weighed down by sluggish demand for its core mobile network base stations. It also has a weaker position than rivals Nokia and Huawei in faster growing areas such IP-based communication. 
 
To offset the shrinking market for mobile infrastructure, Ericsson is investing in new areas to grow sales, such as IP- and cloud-based communication, but so far these are not growing fast enough to compensate. 
 
Like-for-like sales dropped by 7 percent in the quarter, the seventh in a row of declining underlying sales, though CEO Hans Vestberg told a conference call it didn&#39;t appear that Ericsson was losing market share. In 2015, group sales fell 5 percent on a comparable basis after declining 2 percent in 2014. 
 
&quot;The current sales trends and business mix are expected to prevail for the second half of the year,&quot; Ericsson said in a statement. 
 
Cost reduction plan could have far-reaching affects 
 
Operating profit was 2.8 billion Swedish crowns ($327 million) compared with 3.6 billion a year-ago, weighed down by its networks divisions and below a mean forecast of 3.0 billion crowns. 
 
Ericsson said it would roughly double cuts in operating expenses to adapt to a weaker market, meaning annual savings of some 10 billion Swedish crowns from the second half of 2017 compared to 2014, adding that a previously announced cost savings programme was going according to plan. 
 
Ericsson&#39;s beaten-down shares, which dropped 15 percent in a single day in April after weak results, slipped 1 percent to 63.70 crowns. 
 
&quot;While Ericsson seems to be more serious now about its cost reduction efforts, it seems to be chasing a bit of a moving target,&quot; Liberum said in a note to clients. 
 
&quot;The cost reduction plan is expected to show some results which should lead to higher operating margins, though the extent is difficult to predict.&quot; 
 
Ericsson did not say how planned cost cuts would affect jobs but said almost 4,000 employees had left during the quarter though an acquisition had contributed to a net increase in staff. Ericsson employed 116,507 people by June 30, versus 115,300 by the end of the first quarter. 
 
(Reuters) 
&nbsp;

Ericsson feels the pinch of weakening currencies and low oil prices, cost reduction plan could affect more jobs

Mobile telecom gear maker Ericsson forecast a third consecutive year of comparable sales declines on Tuesday, saying it would step up cost cuts in the face of deteriorating market conditions after its results fell short of market expectations. With demand stagnating in developed markets where the newest networks have mostly already been built, Ericsson is now feeling an additional pinch from lower spending in countries such as Russia, Brazil, the Middle East and Nigeria, hit by weaker currencies and low oil prices. "This has become even more pronounced during the second quarter, so it has impacted the investment levels at the operators, and that hits the mobile broadband market," stated Ericsson Chief Financial Officer Jan Frykhammar. "So that is the most important trend." For the past couple of years, Ericsson has been forced to cut its outlook for market growth, weighed down by sluggish demand for its core mobile network base stations. It also has a weaker position than rivals Nokia and Huawei in faster growing areas such IP-based communication. To offset the shrinking market for mobile infrastructure, Ericsson is investing in new areas to grow sales, such as IP- and cloud-based communication, but so far these are not growing fast enough to compensate. Like-for-like sales dropped by 7 percent in the quarter, the seventh in a row of declining underlying sales, though CEO Hans Vestberg told a conference call it didn't appear that Ericsson was losing market share. In 2015, group sales fell 5 percent on a comparable basis after declining 2 percent in 2014. "The current sales trends and business mix are expected to prevail for the second half of the year," Ericsson said in a statement. Cost reduction plan could have far-reaching affects Operating profit was 2.8 billion Swedish crowns ($327 million) compared with 3.6 billion a year-ago, weighed down by its networks divisions and below a mean forecast of 3.0 billion crowns. Ericsson said it would roughly double cuts in operating expenses to adapt to a weaker market, meaning annual savings of some 10 billion Swedish crowns from the second half of 2017 compared to 2014, adding that a previously announced cost savings programme was going according to plan. Ericsson's beaten-down shares, which dropped 15 percent in a single day in April after weak results, slipped 1 percent to 63.70 crowns. "While Ericsson seems to be more serious now about its cost reduction efforts, it seems to be chasing a bit of a moving target," Liberum said in a note to clients. "The cost reduction plan is expected to show some results which should lead to higher operating margins, though the extent is difficult to predict." Ericsson did not say how planned cost cuts would affect jobs but said almost 4,000 employees had left during the quarter though an acquisition had contributed to a net increase in staff. Ericsson employed 116,507 people by June 30, versus 115,300 by the end of the first quarter. (Reuters)

Stagnating sales forces Ericsson to cut costs further

Inflation surged to 16.5 per cent in Nigeria last month -- its highest level in more than decade -- as prices of imported food and energy jumped after the government stopped propping up the currency, the National Bureau of Statistics said today. 
 
The rate rose from 15.6 per cent in May, the fifth increase in as many months, the NBS said in an emailed statement. The new rate is the highest since October 2005, according to the central bank. 
 
The highest increases were seen in electricity prices, kerosene, furniture and furnishings, road passenger transport, as well as fuels and lubricants, the statistics agency said. 
 
Food prices rose 15.3 per cent year-on-year in June, compared with 14.9 per cent in May.&nbsp;Yvonne Mhango, an economist at Renaissance Capital, told Bloomberg she expected inflation to rise further in the coming months. 
 
&quot;We see inflation averaging in the mid 20 per cent by year-end, mainly because of the foreign exchange rates,&quot; she was quoted as saying. 
 
Nigerians are struggling with spiralling cost of living after a 67 per cent hike in the price of petrol in April and last month&#39;s scrapping of the peg of the Naira exchange rate at 197/199 to the Dollar.&nbsp;The Naira now trades at around 360 to the Dollar on the black market. The official rate is at about 280 to the Dollar. 
 
Nigeria, one of Africa&#39;s main oil producers, normally gets 70 per cent of its revenue from oil sales.&nbsp;But the global fall in crude prices since mid-2014 has left the government cash-strapped and even unable to pay wages. 
 
Public sector workers in most of the country&#39;s 36 states are on strike because of unpaid salaries, with some owed six months&#39; back pay.&nbsp;The International Monetary Fund has said Nigeria&#39;s economy could contract for the first time in more than two decades this year, as a fall in oil revenue and electricity shortages weigh on output. 
 
(AFP)

Public sector workers in most of the country's 36 states are on strike because of unpaid salaries, with some owed six months' back pay

Inflation surged to 16.5 per cent in Nigeria last month -- its highest level in more than decade -- as prices of imported food and energy jumped after the government stopped propping up the currency, the National Bureau of Statistics said today. The rate rose from 15.6 per cent in May, the fifth increase in as many months, the NBS said in an emailed statement. The new rate is the highest since October 2005, according to the central bank. The highest increases were seen in electricity prices, kerosene, furniture and furnishings, road passenger transport, as well as fuels and lubricants, the statistics agency said. Food prices rose 15.3 per cent year-on-year in June, compared with 14.9 per cent in May. Yvonne Mhango, an economist at Renaissance Capital, told Bloomberg she expected inflation to rise further in the coming months. "We see inflation averaging in the mid 20 per cent by year-end, mainly because of the foreign exchange rates," she was quoted as saying. Nigerians are struggling with spiralling cost of living after a 67 per cent hike in the price of petrol in April and last month's scrapping of the peg of the Naira exchange rate at 197/199 to the Dollar. The Naira now trades at around 360 to the Dollar on the black market. The official rate is at about 280 to the Dollar. Nigeria, one of Africa's main oil producers, normally gets 70 per cent of its revenue from oil sales. But the global fall in crude prices since mid-2014 has left the government cash-strapped and even unable to pay wages. Public sector workers in most of the country's 36 states are on strike because of unpaid salaries, with some owed six months' back pay. The International Monetary Fund has said Nigeria's economy could contract for the first time in more than two decades this year, as a fall in oil revenue and electricity shortages weigh on output. (AFP)

Nigerian inflation rises to 11-year high

The phenomenal success of Pokemon Go and the surge in Nintendo Co&#39;s market value by $17 billion in just over a week has been seized upon by one of its most vocal investors to press for a change of strategy at the company. 
 
Until Pokemon Go, a mobile game, was launched just over a week ago, Nintendo had taken every opportunity to say its main focus was still gaming consoles, and games for smartphones were just a means to lure more people to them. 
 
But the success of Pokemon Go - unforseen even by its creators - has shown the potential for augmented reality and for Nintendo to capitalise on a line-up of popular characters ranging from Zelda to Super Mario. 
 
Seth Fischer, founder and chief investment officer at Oasis Management, is one of Asia&#39;s best known hedge fund managers and has long been a small but loud shareholder. Encouraged by the success of mobile games like &quot;Candy Crush&quot;, he has campaigned for years for the Japanese console maker to develop and sell games for platforms run by Apple and Google. 
 
&quot;I hope they will now understand the power of smartphones,&quot; Fischer told Reuters. &quot;And as a result, I hope this means there is a whole change in strategy.&quot;&nbsp; 
 
&quot;My next focus with Nintendo is for them to focus on monetizing the rest of their 4,000 patents for mobile gaming, multi-player gaming, etc. I think they could be making 30 to 60 billion Yen ($290 million to $570 million) annually from licensing.&quot;&nbsp; 
 
Fischer has described Oasis as an advisor to entities that own Nintendo shares and a shareholder. The fund&#39;s direct holding is not listed among the company&#39;s largest investors. 
 
Nintendo President Satoru Iwata last year cautioned against hoping for too much change at the company. The expansion into smartphone games was &quot;not because we have lost our enthusiasm or prospects for the console business&quot;, he said at the time.&nbsp; 
 
A Nintendo spokesman, asked about its mobile strategy, said last week there were three main objectives: &quot;To maximize exposure of Nintendo&#39;s intellectual properties to consumers, to make profits on mobile devices, and to create synergies with the console business.&quot;&nbsp; 
He did not comment further on Pokemon Go. 
 
JUNK FOOD 
 
Serkan Toto, founder of Tokyo-based game industry consultancy Kantan Games, said Nintendo still saw itself as a console maker. 
&quot;When you sell $400 dedicated devices and you sell the gamer boxed software for $60 a piece - for them this is the gold standard,&quot; he said. &quot;For them, mobile is the junk food: enjoy while you wait for the bus. It&#39;s not something that Nintendo sees for itself.&quot; 
 
Pokemon Go, however, has been a runaway success, marrying a classic 20-year old franchise with augmented reality. Players walk around their neighbourhoods in real life, search out and capture Pokemon cartoon characters on their smartphones. 
 
The game was created by Nintendo, Google-spinoff Niantic, and Pokemon Company. Nintendo owns a third of Pokemon Company and both have undisclosed stakes in Niantic. 
 
Nintendo has not commented on next steps, which many speculate could now involve other favourite characters. 
 
The hardware-focused group had planned to introduce a device called Pokemon Go Plus, which could allow it to piggyback on the success of the mobile game. The device vibrates when a Pokemon character is nearby, enabling players to catch them without constant monitoring. 
Pokemon Go is on track to be the first mobile game to break the $4 billion-per-year wall, beating out Candy Crush Saga and Supercell&#39;s Clash of Clans, according to Macquarie Research. But the impact to Nintendo&#39;s bottom line could be minimal because of shared ownership, as little as 3 per cent of net profit in the year to next March. 
 
Niantic declined to comment on the future of its relationship with Nintendo, although it credited Pokemon&#39;s unique appeal for the game&#39;s success.&nbsp; 
 
&quot;Its been wonderful to be able to combine our philosophy for these kinds of games with the powerful affinity that people have for Pokemon,&quot; Niantic CEO John Hanke told Reuters. 
 
But analysts say the craze signals the vast money-making opportunities available for Kyoto-based Nintendo - when it eventually brings out more serious hits.&nbsp; 
 
&quot;Over the last decade they never compromised on the software side. That&#39;s why they&#39;ll blow everybody out of the water once they start take iOS and Android more seriously than they do now,&quot; Toto said. &quot;The successes of Pokemon Go will open the eyes of executives in Kyoto. This is unprecedented.&quot; 
 
There are no signs, however, that will happen soon. 
 
Of the four mobile games that Nintendo has promised to launch this financial year through March, two are set to be Animal Crossing and Fire Emblem - no sign of Mario nor Donkey Kong, at least not yet. 
 
($1 = 104.6600 Yen) 
 
(Reuters)

The success of Pokemon Go shows the potential for augmented reality and for Nintendo to capitalise on a line-up of popular characters

The phenomenal success of Pokemon Go and the surge in Nintendo Co's market value by $17 billion in just over a week has been seized upon by one of its most vocal investors to press for a change of strategy at the company. Until Pokemon Go, a mobile game, was launched just over a week ago, Nintendo had taken every opportunity to say its main focus was still gaming consoles, and games for smartphones were just a means to lure more people to them. But the success of Pokemon Go - unforseen even by its creators - has shown the potential for augmented reality and for Nintendo to capitalise on a line-up of popular characters ranging from Zelda to Super Mario. Seth Fischer, founder and chief investment officer at Oasis Management, is one of Asia's best known hedge fund managers and has long been a small but loud shareholder. Encouraged by the success of mobile games like "Candy Crush", he has campaigned for years for the Japanese console maker to develop and sell games for platforms run by Apple and Google. "I hope they will now understand the power of smartphones," Fischer told Reuters. "And as a result, I hope this means there is a whole change in strategy." "My next focus with Nintendo is for them to focus on monetizing the rest of their 4,000 patents for mobile gaming, multi-player gaming, etc. I think they could be making 30 to 60 billion Yen ($290 million to $570 million) annually from licensing." Fischer has described Oasis as an advisor to entities that own Nintendo shares and a shareholder. The fund's direct holding is not listed among the company's largest investors. Nintendo President Satoru Iwata last year cautioned against hoping for too much change at the company. The expansion into smartphone games was "not because we have lost our enthusiasm or prospects for the console business", he said at the time. A Nintendo spokesman, asked about its mobile strategy, said last week there were three main objectives: "To maximize exposure of Nintendo's intellectual properties to consumers, to make profits on mobile devices, and to create synergies with the console business." He did not comment further on Pokemon Go. JUNK FOOD Serkan Toto, founder of Tokyo-based game industry consultancy Kantan Games, said Nintendo still saw itself as a console maker. "When you sell $400 dedicated devices and you sell the gamer boxed software for $60 a piece - for them this is the gold standard," he said. "For them, mobile is the junk food: enjoy while you wait for the bus. It's not something that Nintendo sees for itself." Pokemon Go, however, has been a runaway success, marrying a classic 20-year old franchise with augmented reality. Players walk around their neighbourhoods in real life, search out and capture Pokemon cartoon characters on their smartphones. The game was created by Nintendo, Google-spinoff Niantic, and Pokemon Company. Nintendo owns a third of Pokemon Company and both have undisclosed stakes in Niantic. Nintendo has not commented on next steps, which many speculate could now involve other favourite characters. The hardware-focused group had planned to introduce a device called Pokemon Go Plus, which could allow it to piggyback on the success of the mobile game. The device vibrates when a Pokemon character is nearby, enabling players to catch them without constant monitoring. Pokemon Go is on track to be the first mobile game to break the $4 billion-per-year wall, beating out Candy Crush Saga and Supercell's Clash of Clans, according to Macquarie Research. But the impact to Nintendo's bottom line could be minimal because of shared ownership, as little as 3 per cent of net profit in the year to next March. Niantic declined to comment on the future of its relationship with Nintendo, although it credited Pokemon's unique appeal for the game's success. "Its been wonderful to be able to combine our philosophy for these kinds of games with the powerful affinity that people have for Pokemon," Niantic CEO John Hanke told Reuters. But analysts say the craze signals the vast money-making opportunities available for Kyoto-based Nintendo - when it eventually brings out more serious hits. "Over the last decade they never compromised on the software side. That's why they'll blow everybody out of the water once they start take iOS and Android more seriously than they do now," Toto said. "The successes of Pokemon Go will open the eyes of executives in Kyoto. This is unprecedented." There are no signs, however, that will happen soon. Of the four mobile games that Nintendo has promised to launch this financial year through March, two are set to be Animal Crossing and Fire Emblem - no sign of Mario nor Donkey Kong, at least not yet. ($1 = 104.6600 Yen) (Reuters)

Headline success of Pokemon Go adds impetus for change at Nintendo

Chinese consortium has bought the Opera internet browser for $600 million (543 million euros), its Norwegian developer said on Monday, after a public share offer for the company failed. 
 
The consortium, led by Golden Brick Silk Road, will purchase the mobile and desktop versions of the internet browser, plus performance and privacy apps and a stake in a Chinese joint venture, but not the television, media and games units, said Opera Software in a statement to the Oslo stock exchange. 
 
The transaction was announced simultaneously with the failure of the $1.2 billion public offer to take over the entire company. 
 
It gave no reason for the failure, but in a statement to the Oslo stock exchange last week Opera Software said the outcome of the offer was uncertain as it hadn&#39;t yet received regulatory approvals by the deadline of July 15. 
 
Golden Brick Silk Road fund is a Chinese consortium which includes Beijing Kunlun Tech which is specialised in mobile games and cyber-security specialist Qihoo 360. Operas management had backed the proposed takeover as it would give the browsers access to the extensive internet user bases of Kunlun and Qihoo in China. 
 
Opera says its light, quick browser is used by more than 350 million consumers worldwide. 
 
Last month it ranked fourth for mobile devices behind Google Chrome, Apple&#39;s Safari and Android Browser, according to data by NetMarketShare, and sixth on desktop computers. 
 
(AFP)

The transaction was announced simultaneously with the failure of the $1.2 billion public offer to take over the entire company

Chinese consortium has bought the Opera internet browser for $600 million (543 million euros), its Norwegian developer said on Monday, after a public share offer for the company failed. The consortium, led by Golden Brick Silk Road, will purchase the mobile and desktop versions of the internet browser, plus performance and privacy apps and a stake in a Chinese joint venture, but not the television, media and games units, said Opera Software in a statement to the Oslo stock exchange. The transaction was announced simultaneously with the failure of the $1.2 billion public offer to take over the entire company. It gave no reason for the failure, but in a statement to the Oslo stock exchange last week Opera Software said the outcome of the offer was uncertain as it hadn't yet received regulatory approvals by the deadline of July 15. Golden Brick Silk Road fund is a Chinese consortium which includes Beijing Kunlun Tech which is specialised in mobile games and cyber-security specialist Qihoo 360. Operas management had backed the proposed takeover as it would give the browsers access to the extensive internet user bases of Kunlun and Qihoo in China. Opera says its light, quick browser is used by more than 350 million consumers worldwide. Last month it ranked fourth for mobile devices behind Google Chrome, Apple's Safari and Android Browser, according to data by NetMarketShare, and sixth on desktop computers. (AFP)

Chinese consortium buys Opera browser for $600 million

The Asian Development Bank (ADB) lowered its 2016 growth forecast for developing Asia on Monday, citing the slowing US economy and near-term shocks from Britain&#39;s decision to leave the European Union (EU). 
 
Developing Asia, which groups 45 countries in the Asia Pacific region, is now expected to expand 5.6 per cent this year, slightly weaker than a March forecast of 5.7 per cent, the ADB said in a supplement to its Asian Development Outlook 2016. 
 
The shock British vote in June to secede from the EU has chilled already tepid growth in the euro area and has shaken global financial markets. 
 
The Manila-based multi-lateral lending agency kept its 2017 growth estimate for the region at 5.7 per cent, however. 
 
&quot;Although the Brexit vote has affected developing Asia&#39;s currency and stock markets, its impact on the real economy in the short term is expected to be small,&quot; said ADB chief economist Shang-Jin Wei. 
 
&quot;However, in light of the tepid growth prospects in the major industrial economies, policy makers should remain vigilant and be prepared to respond to external shocks to ensure growth in the region remains robust.&quot; 
 
The ADB believes China is still on track to grow 6.5 per cent this year and 6.3 per cent in 2017, with government plans to cut excess industrial capacity in the world&#39;s second-largest economy expected to weigh on growth next year. 
 
China&#39;s economy expanded slightly faster than expected in the second quarter but private investment growth shrank to a record low, suggesting future weakness which could pressure the government to roll out more support measures. 
 
India&#39;s economy is still forecast to grow 7.4 per cent this year and 7.8 per cent in 2017, the ADB said. 
 
Growth forecasts for Southeast Asia were also left unchanged at 4.5 per cent this year and 4.8 per cent next year. 
 
(Reuters)

Brexit chills already tepid growth in the euro area and has shaken global financial markets

The Asian Development Bank (ADB) lowered its 2016 growth forecast for developing Asia on Monday, citing the slowing US economy and near-term shocks from Britain's decision to leave the European Union (EU). Developing Asia, which groups 45 countries in the Asia Pacific region, is now expected to expand 5.6 per cent this year, slightly weaker than a March forecast of 5.7 per cent, the ADB said in a supplement to its Asian Development Outlook 2016. The shock British vote in June to secede from the EU has chilled already tepid growth in the euro area and has shaken global financial markets. The Manila-based multi-lateral lending agency kept its 2017 growth estimate for the region at 5.7 per cent, however. "Although the Brexit vote has affected developing Asia's currency and stock markets, its impact on the real economy in the short term is expected to be small," said ADB chief economist Shang-Jin Wei. "However, in light of the tepid growth prospects in the major industrial economies, policy makers should remain vigilant and be prepared to respond to external shocks to ensure growth in the region remains robust." The ADB believes China is still on track to grow 6.5 per cent this year and 6.3 per cent in 2017, with government plans to cut excess industrial capacity in the world's second-largest economy expected to weigh on growth next year. China's economy expanded slightly faster than expected in the second quarter but private investment growth shrank to a record low, suggesting future weakness which could pressure the government to roll out more support measures. India's economy is still forecast to grow 7.4 per cent this year and 7.8 per cent in 2017, the ADB said. Growth forecasts for Southeast Asia were also left unchanged at 4.5 per cent this year and 4.8 per cent next year. (Reuters)

ADB lowers its 2016 growth forecast for developing Asia

Japan&#39;s SoftBank Group Corp is set to agree a deal to buy British chip designer ARM Holdings PLC for around $32 billion, a source familiar with the deal said, adding an announcement could come later in the day. 
 
ARM, the most valuable tech company listed in London, is a major presence in mobile processing, with its processor and graphics technology used by Samsung, Huaweiand Apple in their in-house designed microchips. 
 
SoftBank could not immediately be reached for comment. ARM officials were not reachable outside market hours. 
 
If confirmed, the deal would be one of the largest in European technology to date and SoftBank&#39;s largest ever - outranking the $22 billion acquisition of a controlling stake in wireless operator Sprint in 2013, a deal that left the group with hefty debts as the carrier&#39;s losses mounted. 
 
Softbank has announced plans over the past few weeks to raise $14 billion with the sale of assets including shares in Chinese e-commerce giant Alibaba - unusual for a group that has rarely exited investments. But analysts had expected it to use the cash to reduce debt or give shareholders a windfall by buying back its own shares. 
 
An announcement on Monday would come less than a month after the Japanese group&#39;s founder, Masayoshi Son, scrapped his plans to retire, effectively pushing out his heir apparent, former Google executive Nikesh Arora. 
 
Son, known as &quot;Masa&quot;, said then that he wanted to stay on to develop Sprint but also to complete the transformation of SoftBank into a tech investment powerhouse. Among the triggers for what Son has called the next &#39;paradigm shift&#39; in technology are artificial intelligence and the internet of things - a new focus for ARM as it weathers a smartphone slowdown. 
 
It bought UK imaging specialist Apical earlier this year, a company that specialises in technology to allow computers to analyse images - replicating human vision using software. 
 
A deal would also come just weeks after Britain voted to leave the European Union, a decision that has battered sterling and bolstered the yen. 
 
Though it has warned on the staffing impact of Brexit, ARM Holdings&#39; revenues are largely in dollars and it has a diverse portfolio of technologies it licenses. Its shares have actually climbed almost 17 per cent since the vote. 
 
According to a Financial Times report earlier on Monday, SoftBank will pay 17 Pounds in cash for each ARM share, a premium of more than 40 per cent to Friday&#39;s close at 11.89 Pounds. 
 
SoftBank shares were not traded on Monday, a market holiday in Tokyo. ($1 = 0.7539 Pounds) 
 
(Reuters)

If confirmed, the deal would be one of the largest in European technology to date and SoftBank's largest ever

Japan's SoftBank Group Corp is set to agree a deal to buy British chip designer ARM Holdings PLC for around $32 billion, a source familiar with the deal said, adding an announcement could come later in the day. ARM, the most valuable tech company listed in London, is a major presence in mobile processing, with its processor and graphics technology used by Samsung, Huaweiand Apple in their in-house designed microchips. SoftBank could not immediately be reached for comment. ARM officials were not reachable outside market hours. If confirmed, the deal would be one of the largest in European technology to date and SoftBank's largest ever - outranking the $22 billion acquisition of a controlling stake in wireless operator Sprint in 2013, a deal that left the group with hefty debts as the carrier's losses mounted. Softbank has announced plans over the past few weeks to raise $14 billion with the sale of assets including shares in Chinese e-commerce giant Alibaba - unusual for a group that has rarely exited investments. But analysts had expected it to use the cash to reduce debt or give shareholders a windfall by buying back its own shares. An announcement on Monday would come less than a month after the Japanese group's founder, Masayoshi Son, scrapped his plans to retire, effectively pushing out his heir apparent, former Google executive Nikesh Arora. Son, known as "Masa", said then that he wanted to stay on to develop Sprint but also to complete the transformation of SoftBank into a tech investment powerhouse. Among the triggers for what Son has called the next 'paradigm shift' in technology are artificial intelligence and the internet of things - a new focus for ARM as it weathers a smartphone slowdown. It bought UK imaging specialist Apical earlier this year, a company that specialises in technology to allow computers to analyse images - replicating human vision using software. A deal would also come just weeks after Britain voted to leave the European Union, a decision that has battered sterling and bolstered the yen. Though it has warned on the staffing impact of Brexit, ARM Holdings' revenues are largely in dollars and it has a diverse portfolio of technologies it licenses. Its shares have actually climbed almost 17 per cent since the vote. According to a Financial Times report earlier on Monday, SoftBank will pay 17 Pounds in cash for each ARM share, a premium of more than 40 per cent to Friday's close at 11.89 Pounds. SoftBank shares were not traded on Monday, a market holiday in Tokyo. ($1 = 0.7539 Pounds) (Reuters)

SoftBank set to buy UK chip designer ARM for around $32 billion

Wall Street was set to open higher today, setting the stage for the Dow and S&amp;P 500 to hit fresh highs, as US corporate reports continue to top expectations. 
 
Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. 
 
With the S&amp;P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. 
 
&quot;The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now,&quot; said Peter Cardillo, chief market economist at First Standard Financial in New York. 
 
Bank of America profits show corporations making money&nbsp; 
 
Bank of America, the number 2 US bank by assets, and fellow S&amp;P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. 
 
&quot;The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that&#39;s what counts,&quot; Cardillo said. 
 
Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. 
 
S&amp;P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. 
 
Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. 
 
Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. 
 
Investors favouring riskier assets? &nbsp; 
 
British chip designer ARM&#39;s US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan&#39;s SoftBank agreed to buy the company for $32.2 billion. 
 
A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. 
 
Earnings of S&amp;P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. 
 
That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. 
 
Gold prices have fallen, while the yen was lower, indicating investors&#39; favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. 
 
(Reuters)&nbsp; 
&nbsp;

Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey

Wall Street was set to open higher today, setting the stage for the Dow and S&P 500 to hit fresh highs, as US corporate reports continue to top expectations. Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. With the S&P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. "The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now," said Peter Cardillo, chief market economist at First Standard Financial in New York. Bank of America profits show corporations making money Bank of America, the number 2 US bank by assets, and fellow S&P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. "The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that's what counts," Cardillo said. Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. S&P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. Investors favouring riskier assets? British chip designer ARM's US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan's SoftBank agreed to buy the company for $32.2 billion. A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. Earnings of S&P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. Gold prices have fallen, while the yen was lower, indicating investors' favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. (Reuters)

Wall Street gears up for upbeat earnings

The European Union today announced another 500 million Euros for the bloc&#39;s farmers to help reverse the plunge in prices shaking the dairy industry, bringing the total support to one billion Euros. 
 
Overproduction of milk since EU quotas were abolished in April 2015 triggered a collapse in prices that have not recovered despite an initial 500-million-Euro ($553 million) aid package announced in September. 
 
&quot;This package provides a further robust response, and means that the Commission has mobilised more than one billion Euros in new money to support hard-pressed farmers,&quot; EU agriculture commissioner Phil Hogan said. 
 
&quot;Our ultimate goal is to see the much needed recovery of prices paid to farmers, so that they may make a living from their work&quot;, he added. 
 
In a breakdown of the funds, which were announced at a meeting of EU agriculture ministers, the bloc will spend 150 million Euros to compensate independent and other producers for each litre of milk they do not produce. 
 
Another 350 million Euros will be distributed to the 28 member states that will decide what further measures to take to support their farmers. The member states will also be able to match the funds with their own money. 
 
A combination of factors, including changing dietary habits, slowing Chinese demand, and a Russian embargo on Western products in response to sanctions over the Ukraine conflict, has pushed down prices for beef, pork and milk. 
 
(AFP)

Changing dietary habits, slow Chinese demand and a Russian embargo on Western product have pushed down milk prices

The European Union today announced another 500 million Euros for the bloc's farmers to help reverse the plunge in prices shaking the dairy industry, bringing the total support to one billion Euros. Overproduction of milk since EU quotas were abolished in April 2015 triggered a collapse in prices that have not recovered despite an initial 500-million-Euro ($553 million) aid package announced in September. "This package provides a further robust response, and means that the Commission has mobilised more than one billion Euros in new money to support hard-pressed farmers," EU agriculture commissioner Phil Hogan said. "Our ultimate goal is to see the much needed recovery of prices paid to farmers, so that they may make a living from their work", he added. In a breakdown of the funds, which were announced at a meeting of EU agriculture ministers, the bloc will spend 150 million Euros to compensate independent and other producers for each litre of milk they do not produce. Another 350 million Euros will be distributed to the 28 member states that will decide what further measures to take to support their farmers. The member states will also be able to match the funds with their own money. A combination of factors, including changing dietary habits, slowing Chinese demand, and a Russian embargo on Western products in response to sanctions over the Ukraine conflict, has pushed down prices for beef, pork and milk. (AFP)

European Union offers milk farmers 500 million Euros to shore up prices

Hinduja Group flagship Ashok Leyland will be setting up a bus assembly plant in Kenya with an investment of 700 million Indian Rupee as part of its global expansion plans. 
 
&quot;We are setting up a bus assembly plant in Kenya through a wholly-owned subsidiary. This plant will have an annual capacity of 1,200 buses,&quot; Ashok Leyland senior vice-president (Global Buses), T Venkataraman told PTI. 
 
He said the setting up of the Kenya plant will begin this quarter itself. 
 
&quot;This plant will also serve as an export hub for three neighbouring countries, besides meeting local demand in Kenya,&quot; he added. 
 
Amid tough global market conditions, the company has been working to enhance its international presence. The company already has a manufacturing facility at Ras Al Khaimah in the UAE, which was set up as a joint venture with the Ras Al Khaimah Investment Authority (RAKIA). 
 
The plant has an annual capacity of 2,000 vehicles and caters to demand of the Gulf Co-operation Council (GCC) and African markets from the plant. 
 
Ashok Leyland&#39;s overall commercial vehicles exports, however, have been in decline so far this fiscal, which stood at 2,226 units in April-June, down 34.16 per cent from the year-ago period. 
 
Besides conventional buses, Ashok Leyland has been focusing on new technology such as hybrids through its UK arm Optare Plc, in which it holds a 75.1 per cent stake. 
 
Optare operates a range of &#39;low carbon&#39;, low-floor, mid-sized and modern range of city buses in the UK, Europe and North America, among others. 
 
(PTI)

The new plant in Kenya with a capacity of 1,200 buses will serve at least three neighbouring countries, besides catering to local demand

Hinduja Group flagship Ashok Leyland will be setting up a bus assembly plant in Kenya with an investment of 700 million Indian Rupee as part of its global expansion plans. "We are setting up a bus assembly plant in Kenya through a wholly-owned subsidiary. This plant will have an annual capacity of 1,200 buses," Ashok Leyland senior vice-president (Global Buses), T Venkataraman told PTI. He said the setting up of the Kenya plant will begin this quarter itself. "This plant will also serve as an export hub for three neighbouring countries, besides meeting local demand in Kenya," he added. Amid tough global market conditions, the company has been working to enhance its international presence. The company already has a manufacturing facility at Ras Al Khaimah in the UAE, which was set up as a joint venture with the Ras Al Khaimah Investment Authority (RAKIA). The plant has an annual capacity of 2,000 vehicles and caters to demand of the Gulf Co-operation Council (GCC) and African markets from the plant. Ashok Leyland's overall commercial vehicles exports, however, have been in decline so far this fiscal, which stood at 2,226 units in April-June, down 34.16 per cent from the year-ago period. Besides conventional buses, Ashok Leyland has been focusing on new technology such as hybrids through its UK arm Optare Plc, in which it holds a 75.1 per cent stake. Optare operates a range of 'low carbon', low-floor, mid-sized and modern range of city buses in the UK, Europe and North America, among others. (PTI)

Ashok Leyland to set up bus assembly unit in Kenya

The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. 
 
But equity futures fell after the closing bell following reports of a coup in Turkey. The military said it had seized power, but the Turkish Prime Minister later asserted the attempted coup was put down. 
 
&quot;US (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation,&quot; said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. 
 
&quot;How it plays out depends on what the effects are by the time markets open on Monday. It is unclear right now who is in control,&quot; he said.&nbsp; 
 
A US exchange-traded fund that follows the Turkish stock market dropped sharply near the end of the session and was down 6 per cent after the bell. 
 
S&amp;P 500 e-mini futures hit a session low down 0.65 per cent after the reports, but pared the loss and were down 0.5 per cent. 
 
Jacobsen added: &quot;I don`t think this spills over to other countries. This isn&rsquo;t like the Arab Spring of 2011 where there was a cascade of anti-government protests in favour of democratic reforms. The issues Turkey is wrestling with seem unique to Turkey.&quot; 
 
&#39;US retail sales rose more than expected in June&#39;&nbsp; 
 
During the normal-hours session, consumer stocks led declines on the S&amp;P 500 while the financial sector posted a less than 0.2 per cent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 per cent to $47.71 to rank as the largest weight on the S&amp;P. 
 
But expectations for S&amp;P earnings ticked up to a 4.7 per cent decline from a view of a 5-per cent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter. 
 
Adding to investor confidence, US retail sales rose more than expected in June, bolstering views that economic growth picked up in the second quarter. 
 
&quot;When you go into earnings season with negative bias in the market it bodes well for stocks. Any positive surprises will force shorts to cover and gives an upbeat tone,&quot; said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. 
 
Three major indexes close their third week of gains&nbsp; 
 
The Dow Jones industrial average, DJI, rose 10.14 points, or 0.05 per cent, to 18,516.55, the S&amp;P 500 lost 2.01 points, or 0.09 per cent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 per cent, to 5,029.59. 
 
The Dow closed at a record high and joined the S&amp;P 500 in posting fresh intraday historic highs. The three major indexes closed their third week of gains, a period in which the S&amp;P advanced more than 6 percent. 
 
Market reaction on Friday to a Thursday attack in France that killed more than 80 people was limited to declines in travel and leisure company shares. 
 
Herbalife jumped 9.9 percent to $65.25 after the weight-loss products maker agreed to pay $200 million and change the way it does business to avoid being labelled a pyramid scheme by regulators. 
 
Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers. 
 
The S&amp;P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 18 new lows. 
About 6.1 billion shares changed hands in U.S. exchanges, below the 7.8 billion daily average over the past 20 sessions.&nbsp; 
 
(Reuters)&nbsp; 
 
&nbsp;

'US (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation'

The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. But equity futures fell after the closing bell following reports of a coup in Turkey. The military said it had seized power, but the Turkish Prime Minister later asserted the attempted coup was put down. "US (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "How it plays out depends on what the effects are by the time markets open on Monday. It is unclear right now who is in control," he said. A US exchange-traded fund that follows the Turkish stock market dropped sharply near the end of the session and was down 6 per cent after the bell. S&P 500 e-mini futures hit a session low down 0.65 per cent after the reports, but pared the loss and were down 0.5 per cent. Jacobsen added: "I don`t think this spills over to other countries. This isn’t like the Arab Spring of 2011 where there was a cascade of anti-government protests in favour of democratic reforms. The issues Turkey is wrestling with seem unique to Turkey." 'US retail sales rose more than expected in June' During the normal-hours session, consumer stocks led declines on the S&P 500 while the financial sector posted a less than 0.2 per cent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 per cent to $47.71 to rank as the largest weight on the S&P. But expectations for S&P earnings ticked up to a 4.7 per cent decline from a view of a 5-per cent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter. Adding to investor confidence, US retail sales rose more than expected in June, bolstering views that economic growth picked up in the second quarter. "When you go into earnings season with negative bias in the market it bodes well for stocks. Any positive surprises will force shorts to cover and gives an upbeat tone," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. Three major indexes close their third week of gains The Dow Jones industrial average, DJI, rose 10.14 points, or 0.05 per cent, to 18,516.55, the S&P 500 lost 2.01 points, or 0.09 per cent, to 2,161.74 and the Nasdaq Composite dropped 4.47 points, or 0.09 per cent, to 5,029.59. The Dow closed at a record high and joined the S&P 500 in posting fresh intraday historic highs. The three major indexes closed their third week of gains, a period in which the S&P advanced more than 6 percent. Market reaction on Friday to a Thursday attack in France that killed more than 80 people was limited to declines in travel and leisure company shares. Herbalife jumped 9.9 percent to $65.25 after the weight-loss products maker agreed to pay $200 million and change the way it does business to avoid being labelled a pyramid scheme by regulators. Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers. The S&P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 18 new lows. About 6.1 billion shares changed hands in U.S. exchanges, below the 7.8 billion daily average over the past 20 sessions. (Reuters)

Dow ends at record high but futures fall flat after attempted coup in Turkey

Indian software giant, Infosys&#39;s shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. 
 
The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. 
 
Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. 
 
The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. 
 
Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. 
 
&quot;We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,&quot; Infosys CEO Vishal Sikka said in a statement. 
 
Revenue for the period was 167.8 billion Rupees, compared with analysts&#39; projections of 170.3 billion Rupees, according to Bloomberg News. 
 
Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India&#39;s flagship outsourcing industry and the country&#39;s equivalent to Microsoft. 
 
But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. 
 
Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. 
 
India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country&#39;s skilled English-speaking workforce. 
 
(AFP)

The Indian software major reports 13 per cent rise in first-quarter net profit year-on-year but revises down its sales forecast

Indian software giant, Infosys's shares plunged more than 9 per cent at the Bombay Stock Exchange on Friday after Infosys cut its earnings outlook for the year. The Bangalore-based IT services exporter reported a 13 per cent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall. Net profit for the three months to June 30 came in at 34.36 billion rupees ($513 million) compared with 30.30 billion rupees for the same period last year, Infosys said. The performance was weaker than expected, leading the firm to reduce its growth projection in US dollar terms for fiscal year 2016-17 from between 11.8 per cent and 13.8 per cent to between 10.8 and 12.3 per cent. Shares fell 9.35 per cent to 1065.95 Rupees in late morning trade. "We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1," Infosys CEO Vishal Sikka said in a statement. Revenue for the period was 167.8 billion Rupees, compared with analysts' projections of 170.3 billion Rupees, according to Bloomberg News. Infosys is listed on stock exchanges in Mumbai and New York and was once seen as the bellwether of India's flagship outsourcing industry and the country's equivalent to Microsoft. But it is now engaged in a tough battle to regain the top spot from Tata Consultancy Services(TCS), which announced its quarterly results on Thursday. Mumbai-based TCS said net profit for the three months to June 30 rose to 63.17 billion Rupees ($944 million) from 57.09 billion Rupees for the same period a year ago. India has become a back office to the world as companies have subcontracted work to firms such as Infosys and TCS, taking advantage of the country's skilled English-speaking workforce. (AFP)

Infosys shares plunge as sales outlook cut

China&#39;s economy expanded more than expected in the second quarter of the year, data showed today, fuelling hopes growth may be stabilising, but analysts warned private investment still needed to pick up. 
 
The world&#39;s second biggest economy grew 6.7 per cent year on year in April-June, slightly quicker than forecast in an AFP survey and the same as the previous three months. 
 
The result is also in line with the government&#39;s 6.5-7.0 target for the full year and will provide some much-needed relief as China and key driver of the global economy suffers its worst rates of growth for 25 years. 
 
&quot;The national economy has achieved moderate but steady and sound development,&quot; National Bureau of Statistics spokesman Sheng Laiyun said, adding he was confident that the annual growth target could be achieved. 
 
Markets were unmoved by the figures, with Shanghai&#39;s composite index ending the morning slightly lower. 
 
However, economists analysts said the growth was driven by state investment in infrastructure and a real-estate rebound, suggesting it may be hard to maintain in the longer-term. 
 
&quot;China is on track of achieving this year&#39;s growth target,&quot; said Haibin Zhu, JP Morgan China chief economist. But he added that while industrial production was &quot;very strong&quot;, private investment was weak. 
 
After decades of breakneck growth policymakers are now trying to retool the economy, embracing weaker growth as a trade-off for structural reforms to wean the country off cheap exports and massive government spending in favour of domestic consumption. 
 
But the transition has proved challenging. 
 
Fixed asset investment, a gauge of infrastructure spending, rose nine per cent in the first half of the year, amid a record credit binge in the first quarter aimed at stimulating China&#39;s slowing economy. 
 
Investment concern 
 
And investment by private businesses grew by less than three percent in the first half of the year, the data showed. 
 
Sheng blamed the slowdown in private investment on overcapacity in traditional industries, barriers for private firms to enter some sectors, and limited access to loans. 
 
Tom Rafferty of the Economist Intelligence Unit said &quot;levels of state investment we have seen are not sustainable if the authorities are at all serious about curbing debt risks&quot;. 
 
The &quot;greatest concern&quot; is the slide in investment by private firms, he added, in a sign that businesses are worried about the wider economy and Beijing is &quot;failing to deliver on promised market reforms&rdquo;. 
 
Factory production and consumer spending grew slightly, and industrial output rose over six per cent on year in June, a slight increase on the previous month, although retail sales rose far more than expected. 
 
The data come days after another downbeat reading on trade, which showed the fall in imports and exports accelerated in June. 
 
Klaus Baader, Hong Kong-based chief economist for Asia Pacific of Societe Generale, said: &ldquo;I think it has been engineered by significant reacceleration in credit growth. He added that the growth figure was &quot;a little bit disappointing&quot;, given the scale of lending expansion. 
 
Official Chinese figures are viewed with widespread scepticism, and just days ago the government altered its growth calculation method for the second time in less than a year. 
 
Today&#39;s figures &quot;should be taken with a grain of salt&quot; because of the political pressures on officials to meet the growth target, research firm Capital Economics said in a note. 
 
(AFP)

The world's second biggest economy grew 6.7 per cent year on year in April-June, slightly quicker than AFP forecast

China's economy expanded more than expected in the second quarter of the year, data showed today, fuelling hopes growth may be stabilising, but analysts warned private investment still needed to pick up. The world's second biggest economy grew 6.7 per cent year on year in April-June, slightly quicker than forecast in an AFP survey and the same as the previous three months. The result is also in line with the government's 6.5-7.0 target for the full year and will provide some much-needed relief as China and key driver of the global economy suffers its worst rates of growth for 25 years. "The national economy has achieved moderate but steady and sound development," National Bureau of Statistics spokesman Sheng Laiyun said, adding he was confident that the annual growth target could be achieved. Markets were unmoved by the figures, with Shanghai's composite index ending the morning slightly lower. However, economists analysts said the growth was driven by state investment in infrastructure and a real-estate rebound, suggesting it may be hard to maintain in the longer-term. "China is on track of achieving this year's growth target," said Haibin Zhu, JP Morgan China chief economist. But he added that while industrial production was "very strong", private investment was weak. After decades of breakneck growth policymakers are now trying to retool the economy, embracing weaker growth as a trade-off for structural reforms to wean the country off cheap exports and massive government spending in favour of domestic consumption. But the transition has proved challenging. Fixed asset investment, a gauge of infrastructure spending, rose nine per cent in the first half of the year, amid a record credit binge in the first quarter aimed at stimulating China's slowing economy. Investment concern And investment by private businesses grew by less than three percent in the first half of the year, the data showed. Sheng blamed the slowdown in private investment on overcapacity in traditional industries, barriers for private firms to enter some sectors, and limited access to loans. Tom Rafferty of the Economist Intelligence Unit said "levels of state investment we have seen are not sustainable if the authorities are at all serious about curbing debt risks". The "greatest concern" is the slide in investment by private firms, he added, in a sign that businesses are worried about the wider economy and Beijing is "failing to deliver on promised market reforms”. Factory production and consumer spending grew slightly, and industrial output rose over six per cent on year in June, a slight increase on the previous month, although retail sales rose far more than expected. The data come days after another downbeat reading on trade, which showed the fall in imports and exports accelerated in June. Klaus Baader, Hong Kong-based chief economist for Asia Pacific of Societe Generale, said: “I think it has been engineered by significant reacceleration in credit growth. He added that the growth figure was "a little bit disappointing", given the scale of lending expansion. Official Chinese figures are viewed with widespread scepticism, and just days ago the government altered its growth calculation method for the second time in less than a year. Today's figures "should be taken with a grain of salt" because of the political pressures on officials to meet the growth target, research firm Capital Economics said in a note. (AFP)

China economy beats growth forecasts in Q2

Shares of Japanese messaging app operator Line Corp surged almost 50 per cent in Tokyo on Friday after soaring as much as 36 per cent in their US market debut, valuing the startup at $9.3 billion in the biggest tech IPO this year. 
 
The shares first traded in the Tokyo Stock Exchange at 4,900 Yen, or 48.5 per cent above their IPO price of 3,300 Yen, helped by demand from investors hungry for a rare chance to invest in a tech startup. 
 
In New York, the offering of 22 million American Depository Shares (ADSs) from the world&#39;s seventh-most used messenger app company was well-accepted, with the shares closing at $41.58, well above the IPO price of $32.84. 
 
&quot;Considering that Line is little known in the United States, the IPO seems to be a success,&quot; said a fund manager at a Japanese asset management firm. 
 
The Tokyo-based company&#39;s decision to list first in New York is seen as a sign of its determination to challenge its global peers as it seeks to expand outside Japan and Southeast Asia. 
 
Line is controlled by South Korea&#39;s Naver Corp. 
 
After the offering, Naver&#39;s ownership dropped to 80.8 per cent. 
 
The app has a lot of ground to cover in major Western markets, where Facebook Inc&#39;s Messenger and WhatsApp are dominant, and in China, where Tencent Holdings Ltd&#39;s WeChat is popular. 
 
As of March, Line had 218 million monthly active users (MAUs). WhatsApp leads the pack with about 1 billion MAUs, while Facebook Messenger is No. 2 with 900 million. 
 
Line&#39;s messaging app was launched in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
The bulk of Line&#39;s revenue comes from games and sales of emojis and electronic stickers. The company&#39;s revenue and other operating income rose about 28.3 per cent to 120.88 billion Yen in 2015. 
 
Line reported a loss of 7.97 billion Yen in 2015, compared with a year-earlier profit of 2 billion Yen. 
 
Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are among the underwriters to the IPO. 
 
(Reuters)

Line's decision to list first in New York is a sign of its determination to challenge its global peers as it seeks to expand outside Asia

Shares of Japanese messaging app operator Line Corp surged almost 50 per cent in Tokyo on Friday after soaring as much as 36 per cent in their US market debut, valuing the startup at $9.3 billion in the biggest tech IPO this year. The shares first traded in the Tokyo Stock Exchange at 4,900 Yen, or 48.5 per cent above their IPO price of 3,300 Yen, helped by demand from investors hungry for a rare chance to invest in a tech startup. In New York, the offering of 22 million American Depository Shares (ADSs) from the world's seventh-most used messenger app company was well-accepted, with the shares closing at $41.58, well above the IPO price of $32.84. "Considering that Line is little known in the United States, the IPO seems to be a success," said a fund manager at a Japanese asset management firm. The Tokyo-based company's decision to list first in New York is seen as a sign of its determination to challenge its global peers as it seeks to expand outside Japan and Southeast Asia. Line is controlled by South Korea's Naver Corp. After the offering, Naver's ownership dropped to 80.8 per cent. The app has a lot of ground to cover in major Western markets, where Facebook Inc's Messenger and WhatsApp are dominant, and in China, where Tencent Holdings Ltd's WeChat is popular. As of March, Line had 218 million monthly active users (MAUs). WhatsApp leads the pack with about 1 billion MAUs, while Facebook Messenger is No. 2 with 900 million. Line's messaging app was launched in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. The bulk of Line's revenue comes from games and sales of emojis and electronic stickers. The company's revenue and other operating income rose about 28.3 per cent to 120.88 billion Yen in 2015. Line reported a loss of 7.97 billion Yen in 2015, compared with a year-earlier profit of 2 billion Yen. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are among the underwriters to the IPO. (Reuters)

Japanese chat app Line soars in New York-Tokyo dual listings

Japan&#39;s Nikkei posted its biggest weekly gain in 6-1/2 years after a fifth straight winning session today, lifted by Wall Street&#39;s record run and a sagging Yen, while newly-listed Line Corp ended 32 per cent above its IPO price. 
 
Index-heavy Fast Retailing Co soared 18 per cent to its daily limit of 32,660 Yen, and contributed a hefty 197 points to the Nikkei benchmark after the Uniqlo clothing operator reported strong March-May results. 
 
The Nikkei share average rose 0.7 per cent to 16,497.85, its highest closing level since June 10. Helped by fiscal and monetary stimulus hopes, receding Brexit worries and a sliding Yen, the benchmark index gained 9.2 per cent for the week, the biggest weekly gain since December 2009. 
 
In their closely watched Tokyo debut, Line shares opened at 4,900 Yen ($46.17), 48 per cent above their IPO price of 3,300 Yen and rose to as high as 5,000 Yen after the Japanese messaging app firm raised 115 billion Yen from a dual New York-Tokyo listing. It closed at 4,345 Yen. 
 
Buoyed by the ongoing popularity of Pokemon GO, Nintendo Co soared 9.8 per cent, with its trading volume hitting a record high for an individual stock on the Tokyo Stock Exchange. 
 
The head of Niantic, the developer behind Pokemon GO, said he wanted to launch the smash-hit mobile game in about 200 markets soon. 
 
An attack in Nice, France, that killed at least 75 late on Thursday was taken in stride. 
 
The broader Topix gained 0.5 per cent to 1,317.10, with turnover hitting a three-week high of 3.1 trillion yen. 
 
The JPX-Nikkei Index 400 added 0.4 per cent to 11,830.47. 
 
(Reuters)

The Nikkei share average rose 0.7 per cent to 16,497.85, its highest closing level since June 10

Japan's Nikkei posted its biggest weekly gain in 6-1/2 years after a fifth straight winning session today, lifted by Wall Street's record run and a sagging Yen, while newly-listed Line Corp ended 32 per cent above its IPO price. Index-heavy Fast Retailing Co soared 18 per cent to its daily limit of 32,660 Yen, and contributed a hefty 197 points to the Nikkei benchmark after the Uniqlo clothing operator reported strong March-May results. The Nikkei share average rose 0.7 per cent to 16,497.85, its highest closing level since June 10. Helped by fiscal and monetary stimulus hopes, receding Brexit worries and a sliding Yen, the benchmark index gained 9.2 per cent for the week, the biggest weekly gain since December 2009. In their closely watched Tokyo debut, Line shares opened at 4,900 Yen ($46.17), 48 per cent above their IPO price of 3,300 Yen and rose to as high as 5,000 Yen after the Japanese messaging app firm raised 115 billion Yen from a dual New York-Tokyo listing. It closed at 4,345 Yen. Buoyed by the ongoing popularity of Pokemon GO, Nintendo Co soared 9.8 per cent, with its trading volume hitting a record high for an individual stock on the Tokyo Stock Exchange. The head of Niantic, the developer behind Pokemon GO, said he wanted to launch the smash-hit mobile game in about 200 markets soon. An attack in Nice, France, that killed at least 75 late on Thursday was taken in stride. The broader Topix gained 0.5 per cent to 1,317.10, with turnover hitting a three-week high of 3.1 trillion yen. The JPX-Nikkei Index 400 added 0.4 per cent to 11,830.47. (Reuters)

Japan's stock exchange Nikkei posts biggest weekly gain in over 6 years

European Union (EU) regulators brought a third antitrust charge against Alphabet Inc&#39;s Google today accusing it of blocking rivals in the lucrative online search advertising market.&nbsp; 
 
The European Commission also reinforced its existing charge against the world&#39;s most popular internet search engine that its search results favour Google&#39;s own shopping service over that of rivals.&nbsp; 
 
&quot;Google has come up with many innovative products that have made a difference to our lives. But that doesn&#39;t give Google the right to deny other companies the chance to compete and innovate,&quot; European Competition Commissioner Margrethe Vestager told a news conference in Brussels. 
 
The Commission said it had sent two &quot;statements of objections&quot; to Google. 
 
Google could face fines up to 10 per cent of its global turnover&nbsp; 
 
The new chargesheet accuses Google of having abused its dominant position by artificially preventing third-party websites from displaying search advertisements from its competitors. 
 
This relates to Googles &quot;AdSense for Search&quot; platform, in which Google acts as an intermediary for websites such as those of online retailers, telecoms operators or newspapers, with searches producing results that include search ads.&nbsp; 
 
&quot;We have also raised concerns that Google has hindered competition by limiting the ability of its competitors to place search adverts on third-party websites, which stifles consumer choice and innovation,&quot; Vestager said. 
 
The EU&#39;s pursuit of Google, along with probes into other US multinationals over tax issues and control of personal data, has caused irritation in Washington, with President Barack Obama last year accusing Europe of veering toward protectionism. 
 
Vestager, a former Danish economy minister who took over as the EU&#39;s powerful antitrust commissioner in late 2014, insists she is simply applying the law and promoting free competition.&nbsp; 
 
Google&#39;s AdWords and AdSense programmes have been on the Commissions radar since 2010, under Vestagers predecessor, after rivals complained about unfair advertising exclusivity clauses and undue restrictions on other advertisers. 
 
They form the core of Google&#39;s business which posted about $75 billion in revenue last year, the vast bulk of Alphabets total annual revenue. 
 
The Commission also said it had reinforced its earlier preliminary conclusion that Google had abused its dominant position by systematically favouring its comparison shopping service in its search result pages. 
 
Google could face fines up to 10 per cent of its global turnover for each case if found guilty of breaching the blocs antitrust rules. Google said it believe it increased choice for European consumers and increased choice. &quot;Well examine the Commission&#39;s renewed cases and provide a detailed response in the coming weeks,&quot; a Google spokesman said 
 
(Reuters)&nbsp;

Google has been accused of artificially preventing third-party websites from displaying search advertisements from its competitors

European Union (EU) regulators brought a third antitrust charge against Alphabet Inc's Google today accusing it of blocking rivals in the lucrative online search advertising market. The European Commission also reinforced its existing charge against the world's most popular internet search engine that its search results favour Google's own shopping service over that of rivals. "Google has come up with many innovative products that have made a difference to our lives. But that doesn't give Google the right to deny other companies the chance to compete and innovate," European Competition Commissioner Margrethe Vestager told a news conference in Brussels. The Commission said it had sent two "statements of objections" to Google. Google could face fines up to 10 per cent of its global turnover The new chargesheet accuses Google of having abused its dominant position by artificially preventing third-party websites from displaying search advertisements from its competitors. This relates to Googles "AdSense for Search" platform, in which Google acts as an intermediary for websites such as those of online retailers, telecoms operators or newspapers, with searches producing results that include search ads. "We have also raised concerns that Google has hindered competition by limiting the ability of its competitors to place search adverts on third-party websites, which stifles consumer choice and innovation," Vestager said. The EU's pursuit of Google, along with probes into other US multinationals over tax issues and control of personal data, has caused irritation in Washington, with President Barack Obama last year accusing Europe of veering toward protectionism. Vestager, a former Danish economy minister who took over as the EU's powerful antitrust commissioner in late 2014, insists she is simply applying the law and promoting free competition. Google's AdWords and AdSense programmes have been on the Commissions radar since 2010, under Vestagers predecessor, after rivals complained about unfair advertising exclusivity clauses and undue restrictions on other advertisers. They form the core of Google's business which posted about $75 billion in revenue last year, the vast bulk of Alphabets total annual revenue. The Commission also said it had reinforced its earlier preliminary conclusion that Google had abused its dominant position by systematically favouring its comparison shopping service in its search result pages. Google could face fines up to 10 per cent of its global turnover for each case if found guilty of breaching the blocs antitrust rules. Google said it believe it increased choice for European consumers and increased choice. "Well examine the Commission's renewed cases and provide a detailed response in the coming weeks," a Google spokesman said (Reuters)

EU slaps third anti-trust charge on tech giant Google

Gold fell on Thursday after rising nearly 1 per cent in the previous session, as the Dollar strengthened against the Yen and Asian stocks stayed near eight-month highs on expectations of an interest rate cut by the Bank of England (BoE). 
 
Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession following Britain&#39;s vote to leave the European Union. 
 
The central bank is expected to halve its benchmark interest rate to a record low of 0.25 per cent when it makes a monthly policy statement at 1100 GMT later on Thursday. 
 
Spot gold was down 0.8 per cent at $1,332.33 per ounce by 0639 GMT. It rose about 0.9 per cent on Wednesday, closing at $1,342.45. 
 
&quot;Despite our near-term views that gold may correct further, we believe any losses may be limited and further declines well-bid,&quot; HSBC analyst James Steel said in a note. 
 
Low interest rates boost the appeal of non-interest bearing assets such as bullion. 
 
Spot gold is biased to retest a support at $1,328 per ounce, a break below which could cause a loss to the next support at $1,313, according to Reuters technical analyst Wang Tao. 
 
Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, said gold prices had steadied due to a number of stabilising factors including the appointment of a new prime minister in the UK, and the expected interest rate cuts by the Japanese and England central banks. 
 
&quot;Major central banks including the Bank of England and the European Central Bank are expected to relax their monetary policies, while the US Federal Reserve is reluctant to raise interest rates. People are expecting these central banks to relax their monetary policies in the wake of the financial and political uncertainty,&quot; he added. 
 
Philadelphia Fed President Patrick Marker said late on Wednesday that the central bank would likely opt for a &quot;fairly shallow&quot; series of US interest rate hikes, and that he wanted to &quot;let it play out a bit&quot; before backing a policy tightening. 
 
The Dollar was up 1 per cent at 105.57 Yen, its post-Brexit high, as investors remained focused on whether the Bank of Japan will expand its monetary stimulus at its policy meeting later this month. 
 
Among other precious metals, spot palladium slipped 0.1 per cent to $640.50 an ounce, after hitting an eight-month high of $647.20 in the previous session. 
 
Silver edged down 0.3 per cent to $20.28 an ounce, while platinum fell 0.7 per cent to $1,086.85 an ounce. 
 
(Reuters)

Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession

Gold fell on Thursday after rising nearly 1 per cent in the previous session, as the Dollar strengthened against the Yen and Asian stocks stayed near eight-month highs on expectations of an interest rate cut by the Bank of England (BoE). Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession following Britain's vote to leave the European Union. The central bank is expected to halve its benchmark interest rate to a record low of 0.25 per cent when it makes a monthly policy statement at 1100 GMT later on Thursday. Spot gold was down 0.8 per cent at $1,332.33 per ounce by 0639 GMT. It rose about 0.9 per cent on Wednesday, closing at $1,342.45. "Despite our near-term views that gold may correct further, we believe any losses may be limited and further declines well-bid," HSBC analyst James Steel said in a note. Low interest rates boost the appeal of non-interest bearing assets such as bullion. Spot gold is biased to retest a support at $1,328 per ounce, a break below which could cause a loss to the next support at $1,313, according to Reuters technical analyst Wang Tao. Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, said gold prices had steadied due to a number of stabilising factors including the appointment of a new prime minister in the UK, and the expected interest rate cuts by the Japanese and England central banks. "Major central banks including the Bank of England and the European Central Bank are expected to relax their monetary policies, while the US Federal Reserve is reluctant to raise interest rates. People are expecting these central banks to relax their monetary policies in the wake of the financial and political uncertainty," he added. Philadelphia Fed President Patrick Marker said late on Wednesday that the central bank would likely opt for a "fairly shallow" series of US interest rate hikes, and that he wanted to "let it play out a bit" before backing a policy tightening. The Dollar was up 1 per cent at 105.57 Yen, its post-Brexit high, as investors remained focused on whether the Bank of Japan will expand its monetary stimulus at its policy meeting later this month. Among other precious metals, spot palladium slipped 0.1 per cent to $640.50 an ounce, after hitting an eight-month high of $647.20 in the previous session. Silver edged down 0.3 per cent to $20.28 an ounce, while platinum fell 0.7 per cent to $1,086.85 an ounce. (Reuters)

Gold falls as market pauses ahead of Bank of England policy statement

For many coal miners in Indonesia&#39;s resource-dependent economy, a surprise shift in India&#39;s coal industry from big importer to potential exporter could not have come at a worse time. 
 
Prices have slumped over the past five years and a slowing China is buying less. Now, Indonesia faces an Indian double whammy: not only is its main export market producing so much coal that it aims to wind down imports in two years, it&#39;s also set to start exporting for the first time to a market dominated by Indonesia. 
 
State-run Coal India is opening mines at the rate of one a month and expanding existing ones, as Prime Minister Narendra Modi fast-tracks environmental clearances to double output this decade and meet election promises to provide power to a population of 1.3 billion. 
 
That dash for production has left Coal India with a stockpile of more than 50 million tonnes of mined coal, but domestic demand is rising more slowly than anticipated, prompting it to start talks to export to neighbouring Bangladesh. 
 
Not so long ago, Indonesian coal executives brushed aside concerns about slowing sales to China, citing strong Indian demand - suggesting they have underestimated India&#39;s ability to quickly ramp up production. 
 
&quot;This is a threat to the Indonesian coal industry,&quot; said Supriatna Suhala, executive director of the Indonesian Coal Mining Association (ICMA). &quot;In future, we may have to compete with India. They may become an exporter to Asia.&quot; 
 
&#39;Dire Trouble&#39; 
 
In Indonesia, the shift in Indian demand is most keenly felt among producers of low-quality coal in southern Sumatra, said Ben Lawson, chief operating officer of Sanaman Coal, which owns a small, unopened mine in the region. 
 
&quot;There&#39;s been a tonne of closures in South Sumatra and Jambi (provinces) because that was all geared towards the Indian market,&quot; he said, noting many mines producing nearby are in &quot;dire trouble&quot;. 
 
This could trigger more mine closures on top of thousands already shut across Indonesia due to weak demand and prices, piling the pressure on President Joko Widodo and an economy where coal mining accounts for around four per cent of GDP. 
 
Even larger firms such as PT Adaro Energy, Berau Coal Energy and PT Bukit Asam may have to cut jobs and output once long-term supply contracts to India expire, analysts say - though they are better placed as they have lower mining costs, investments in other businesses like power generation and are able to supply the higher grade, low-ash coal that India&#39;s coastal plants rely on. 
 
Price Pressure 
 
While Modi&#39;s manufacturing push could reboot Indian demand, current production rates and stock levels signal that India, which has the world&#39;s fourth-largest coal reserves, is likely to become an exporter of thermal coal for power generation. 
 
A switch by such a big buyer will keep the pressure on world thermal coal prices, which have picked up from decade lows in January but are still well below where they were five years ago. 
 
Anil Swarup, the top civil servant in India&#39;s coal ministry, acknowledged the country&#39;s low-quality coal could be a tough sell, particularly as higher grades are available at such low prices. Nevertheless, he said Coal India was in talks with Bangladesh over price and the quality of coal to be sold, and he hoped to &quot;see some action on the ground in three months&quot;. 
 
Electricity-starved Bangladesh buys only around three million tonnes of coal a year, but consultancy Wood Mackenzie predicts demand could jump to as much as 15 million tonnes by 2020 as planned power plants worth at least $8 billion are built there with help from India and China. 
 
Spoilt for Choice 
 
India&#39;s declining appetite for Indonesian coal is partly a result of low prices that have made higher calorific value coal available elsewhere more affordable. 
 
&quot;It&#39;s impacting all the major export markets because now the Indians are not at a loss for choice, and you can see that from month-to-month they just skip around from South Africa to Indonesia,&quot; said Lawson at Sanaman Coal. 
 
Imports by India&#39;s coastal power plants, which are designed to use only high-grade imported coal, rose around three per cent to 43.5 million tonnes in the year to end-March, according to mjunction, an online trading platform. 
 
Overall, India&#39;s January-May coal imports fell 5.4 per cent to 82.57 million tonnes, according to vessel-tracking data compiled by Thomson Reuters. Though Indonesia remained the top supplier, its sales to India fell by a fifth to 36.72 million tonnes, while shipments from South Africa increased by more than a quarter to 16.58 million tonnes. 
 
Indonesia is now tapping other existing export markets, from South Korea and Taiwan to Japan, and may also target countries that don&#39;t have large coal resources, such as Malaysia, the Philippines, Bangladesh, Pakistan and Vietnam. 
 
It has also capped its production at 400 million tonnes and is fast-tracking power plant developments to use more domestic coal, said Suhala at the ICMA. 
 
&quot;Indian demand, the great saviour from falling China demand, has turned out to be largely fictional,&quot; said Hans Lukiman, a small-scale Indonesian coal miner. 
 
(Reuters)

Not only is India buying less Indonesian coal, it's producing so much that its exports are cutting into Indonesia's market

For many coal miners in Indonesia's resource-dependent economy, a surprise shift in India's coal industry from big importer to potential exporter could not have come at a worse time. Prices have slumped over the past five years and a slowing China is buying less. Now, Indonesia faces an Indian double whammy: not only is its main export market producing so much coal that it aims to wind down imports in two years, it's also set to start exporting for the first time to a market dominated by Indonesia. State-run Coal India is opening mines at the rate of one a month and expanding existing ones, as Prime Minister Narendra Modi fast-tracks environmental clearances to double output this decade and meet election promises to provide power to a population of 1.3 billion. That dash for production has left Coal India with a stockpile of more than 50 million tonnes of mined coal, but domestic demand is rising more slowly than anticipated, prompting it to start talks to export to neighbouring Bangladesh. Not so long ago, Indonesian coal executives brushed aside concerns about slowing sales to China, citing strong Indian demand - suggesting they have underestimated India's ability to quickly ramp up production. "This is a threat to the Indonesian coal industry," said Supriatna Suhala, executive director of the Indonesian Coal Mining Association (ICMA). "In future, we may have to compete with India. They may become an exporter to Asia." 'Dire Trouble' In Indonesia, the shift in Indian demand is most keenly felt among producers of low-quality coal in southern Sumatra, said Ben Lawson, chief operating officer of Sanaman Coal, which owns a small, unopened mine in the region. "There's been a tonne of closures in South Sumatra and Jambi (provinces) because that was all geared towards the Indian market," he said, noting many mines producing nearby are in "dire trouble". This could trigger more mine closures on top of thousands already shut across Indonesia due to weak demand and prices, piling the pressure on President Joko Widodo and an economy where coal mining accounts for around four per cent of GDP. Even larger firms such as PT Adaro Energy, Berau Coal Energy and PT Bukit Asam may have to cut jobs and output once long-term supply contracts to India expire, analysts say - though they are better placed as they have lower mining costs, investments in other businesses like power generation and are able to supply the higher grade, low-ash coal that India's coastal plants rely on. Price Pressure While Modi's manufacturing push could reboot Indian demand, current production rates and stock levels signal that India, which has the world's fourth-largest coal reserves, is likely to become an exporter of thermal coal for power generation. A switch by such a big buyer will keep the pressure on world thermal coal prices, which have picked up from decade lows in January but are still well below where they were five years ago. Anil Swarup, the top civil servant in India's coal ministry, acknowledged the country's low-quality coal could be a tough sell, particularly as higher grades are available at such low prices. Nevertheless, he said Coal India was in talks with Bangladesh over price and the quality of coal to be sold, and he hoped to "see some action on the ground in three months". Electricity-starved Bangladesh buys only around three million tonnes of coal a year, but consultancy Wood Mackenzie predicts demand could jump to as much as 15 million tonnes by 2020 as planned power plants worth at least $8 billion are built there with help from India and China. Spoilt for Choice India's declining appetite for Indonesian coal is partly a result of low prices that have made higher calorific value coal available elsewhere more affordable. "It's impacting all the major export markets because now the Indians are not at a loss for choice, and you can see that from month-to-month they just skip around from South Africa to Indonesia," said Lawson at Sanaman Coal. Imports by India's coastal power plants, which are designed to use only high-grade imported coal, rose around three per cent to 43.5 million tonnes in the year to end-March, according to mjunction, an online trading platform. Overall, India's January-May coal imports fell 5.4 per cent to 82.57 million tonnes, according to vessel-tracking data compiled by Thomson Reuters. Though Indonesia remained the top supplier, its sales to India fell by a fifth to 36.72 million tonnes, while shipments from South Africa increased by more than a quarter to 16.58 million tonnes. Indonesia is now tapping other existing export markets, from South Korea and Taiwan to Japan, and may also target countries that don't have large coal resources, such as Malaysia, the Philippines, Bangladesh, Pakistan and Vietnam. It has also capped its production at 400 million tonnes and is fast-tracking power plant developments to use more domestic coal, said Suhala at the ICMA. "Indian demand, the great saviour from falling China demand, has turned out to be largely fictional," said Hans Lukiman, a small-scale Indonesian coal miner. (Reuters)

India's coal shift a double whammy for Indonesian exporters

Germany issued a &nbsp;ten-year bond at a negative interest for the first time today, selling more than 4.0 billion Euros ($4.5 billion) with a yield of minus 0.05 per cent, the German central bank or Bundesbank said.&nbsp; 
 
The &nbsp;ten-year German government bond or &quot;Bund&quot; acts as a benchmark on the debt markets and regarded as one of the safest investments. 
 
It is the first time that investors have accepted negative returns in the first issue of a bond, meaning they will pay for the privilege of owning rock-solid German bonds amid fears about the consequences of the British vote to quit the European union and economic worries.&nbsp; 
 
While borrowers traditionally pay interest on the money they are loaned, in the face of heightened political and economic uncertainty, those interest rates have come down to record lows recently as investors flock to safe havens to park their cash. 
 
By accepting negative yields, investors are effectively ditching any hope of a return on their investment in what seems a reasonable price to pay to escape the uncertainties of falling stock markets or volatile commodities and currencies. 
 
Interest rates on sovereign debt have been low for some time as central banks snap up government bonds from investors in an effort to boost economic growth through increased liquidity. 
 
The European Central Bank has slashed its key interest rates to zero and launched a massive bond-buying programme known as quantitative easing (QE) in a bid to get the eurozone economy back on its feet and push inflation higher. 
 
Germany is just one of three countries in the euro area and six in the European Union to enjoy a top-notch triple-A rating on its sovereign debt.&nbsp; 
 
(AFP)

The bond or 'Bund' acts as a benchmark on the debt markets and regarded as one of the safest investments

Germany issued a ten-year bond at a negative interest for the first time today, selling more than 4.0 billion Euros ($4.5 billion) with a yield of minus 0.05 per cent, the German central bank or Bundesbank said. The ten-year German government bond or "Bund" acts as a benchmark on the debt markets and regarded as one of the safest investments. It is the first time that investors have accepted negative returns in the first issue of a bond, meaning they will pay for the privilege of owning rock-solid German bonds amid fears about the consequences of the British vote to quit the European union and economic worries. While borrowers traditionally pay interest on the money they are loaned, in the face of heightened political and economic uncertainty, those interest rates have come down to record lows recently as investors flock to safe havens to park their cash. By accepting negative yields, investors are effectively ditching any hope of a return on their investment in what seems a reasonable price to pay to escape the uncertainties of falling stock markets or volatile commodities and currencies. Interest rates on sovereign debt have been low for some time as central banks snap up government bonds from investors in an effort to boost economic growth through increased liquidity. The European Central Bank has slashed its key interest rates to zero and launched a massive bond-buying programme known as quantitative easing (QE) in a bid to get the eurozone economy back on its feet and push inflation higher. Germany is just one of three countries in the euro area and six in the European Union to enjoy a top-notch triple-A rating on its sovereign debt. (AFP)

Germany issues 10-year bond at negative interest rate for first time

Oil prices sank in Asia today after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day&#39;s rally. 
 
The American Petroleum Institute reported a 2.2 million barrel rise in reserves last week, confounding expectations of a dip at the height of the crucial summer holiday driving season. 
 
The figures rattled traders as the Department of Energy prepares to release official data later today, which is considered a key gauge of demand in the world&#39;s top oil consumer. 
 
At about 0645 GMT, US benchmark West Texas Intermediate fell 51 cents, or 1.09 per cent, to $46.29 while Brent was 60 cents, or 1.24 per cent, lower at $47.87. 
 
&quot;It&#39;s bearish for oil if stockpiles gain because seasonally speaking, inventories tend to decline at least until mid-August,&quot; Hong Sung Ki, a commodities analyst at Samsung Futures Inc., told Bloomberg News. 
 
&quot;But of course, we need to see whether this will be a one-time gain or not,&quot; the analyst added.&nbsp; 
 
Both contracts surged almost five per cent on Tuesday from two-month lows after The Organization of the Petroleum Exporting Countries (OPEC) said it expected the global supply glut to ease this year and next thanks to reductions in output from producers outside the cartel, particularly the United States. 
 
Prices have fluctuated between $44 and $52 a barrel over the past month after hitting near 13-year lows below $30 in February, but a surge in OPEC production in June revived fears about oversupply. 
 
Energy information provider S&amp;P Global Platts said production from the OPEC climbed 300,000 barrels per day in June, close to an eight-year high of 32.73 million barrels per day. 
 
This is due to a tentative recovery in production in Nigeria and Libya, and a &quot;steady&quot; rise in output from Saudi Arabia and Iran, it said. 
 
&quot;We had the bulls for a couple of weeks and the bears are starting to step in,&quot; David Lennox, an analyst at Fat Prophets in Sydney, said. 
 
&quot;The market has realised that surplus that we had was disrupted, and that it is coming back because those disruptions are going away,&quot; he added.&nbsp; 
 
Canadian producers are also gradually coming back online, restoring supply for the biggest crude supplier to the US market, after wildfires swept through the Alberta oil sands region from May to July. 
 
(AFP)&nbsp; 
&nbsp;

The figures rattled traders as the Department of Energy prepares to release official data later today

Oil prices sank in Asia today after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's rally. The American Petroleum Institute reported a 2.2 million barrel rise in reserves last week, confounding expectations of a dip at the height of the crucial summer holiday driving season. The figures rattled traders as the Department of Energy prepares to release official data later today, which is considered a key gauge of demand in the world's top oil consumer. At about 0645 GMT, US benchmark West Texas Intermediate fell 51 cents, or 1.09 per cent, to $46.29 while Brent was 60 cents, or 1.24 per cent, lower at $47.87. "It's bearish for oil if stockpiles gain because seasonally speaking, inventories tend to decline at least until mid-August," Hong Sung Ki, a commodities analyst at Samsung Futures Inc., told Bloomberg News. "But of course, we need to see whether this will be a one-time gain or not," the analyst added. Both contracts surged almost five per cent on Tuesday from two-month lows after The Organization of the Petroleum Exporting Countries (OPEC) said it expected the global supply glut to ease this year and next thanks to reductions in output from producers outside the cartel, particularly the United States. Prices have fluctuated between $44 and $52 a barrel over the past month after hitting near 13-year lows below $30 in February, but a surge in OPEC production in June revived fears about oversupply. Energy information provider S&P Global Platts said production from the OPEC climbed 300,000 barrels per day in June, close to an eight-year high of 32.73 million barrels per day. This is due to a tentative recovery in production in Nigeria and Libya, and a "steady" rise in output from Saudi Arabia and Iran, it said. "We had the bulls for a couple of weeks and the bears are starting to step in," David Lennox, an analyst at Fat Prophets in Sydney, said. "The market has realised that surplus that we had was disrupted, and that it is coming back because those disruptions are going away," he added. Canadian producers are also gradually coming back online, restoring supply for the biggest crude supplier to the US market, after wildfires swept through the Alberta oil sands region from May to July. (AFP)

Oil prices sink in Asia triggering supply glut concerns

Citibank plans to close the account Venezuela uses to make international payments, President Nicolas Maduro said on Monday, accusing the US-based bank of a &quot;financial blockade&quot;. 
 
&quot;Citibank, with no warning or communication, says that it is going to close the Central Bank and Bank Of Venezuela account. That is what you call a financial blockade,&quot; the embattled president said in televised remarks. 
 
He said the move amounted to an &quot;inquisition&quot; by US President Barack Obama&#39;s administration.&nbsp;Maduro said his South American nation, a major oil producer, uses the account to make payments &quot;within 24 hours, to other accounts in the United States and worldwide&quot;. 
 
Maduro&#39;s socialist government has often claimed that US &quot;right wing&quot; interests and local business elites were trying to blockade his state-led economy and prevent Venezuela&#39;s access to international credit. 
 
&quot;Do you think they are going to stop us by putting in place a financial blockade? No, ladies and gentlemen, nobody stops Venezuela. With Citibank or without it, we are moving forward. With Kimberly or without, we are moving.&quot; 
 
Venezuela&#39;s government said just hours earlier that it would take over operations at facilities where US consumer goods giant Kimberly-Clark just shut down, citing unworkable economic conditions.&nbsp;The American company announced on Saturday it would cease production, saying that it was impossible to get enough hard currency to buy raw materials, and that inflation was surging. 
 
&quot;We are going to sign, at the workers&#39; request... to authorise immediate occupation of the workplace known as Kimberly-Clark de Venezuela... by its workers,&quot; Labor Minister Oswaldo Vera said at the facility&#39;s plant in the central city of Maracay. 
 
The country&#39;s economy has been hard hit by the plunging value of its main export, oil. Analysts also criticise its state-led economy of gross mismanagement leading to shortages of toilet paper, diapers and food. 
 
Vera signed the document to loud cheers and&nbsp;he said machines would be back in operation within hours.&nbsp;In a sign of Maduro&#39;s concern at mounting social unrest, the president on Thursday replaced the head of the National Guard.&nbsp; 
 
The Venezuelan opposition launched efforts to remove the president after winning control of the legislature in January.&nbsp;But Maduro has challenged his rivals through the Supreme Court, which they accuse him of controlling. 
 
(AFP)

He accuses the US-based bank of a 'financial blockade', says the move amounts to an 'inquisition' by the Obama administration

Citibank plans to close the account Venezuela uses to make international payments, President Nicolas Maduro said on Monday, accusing the US-based bank of a "financial blockade". "Citibank, with no warning or communication, says that it is going to close the Central Bank and Bank Of Venezuela account. That is what you call a financial blockade," the embattled president said in televised remarks. He said the move amounted to an "inquisition" by US President Barack Obama's administration. Maduro said his South American nation, a major oil producer, uses the account to make payments "within 24 hours, to other accounts in the United States and worldwide". Maduro's socialist government has often claimed that US "right wing" interests and local business elites were trying to blockade his state-led economy and prevent Venezuela's access to international credit. "Do you think they are going to stop us by putting in place a financial blockade? No, ladies and gentlemen, nobody stops Venezuela. With Citibank or without it, we are moving forward. With Kimberly or without, we are moving." Venezuela's government said just hours earlier that it would take over operations at facilities where US consumer goods giant Kimberly-Clark just shut down, citing unworkable economic conditions. The American company announced on Saturday it would cease production, saying that it was impossible to get enough hard currency to buy raw materials, and that inflation was surging. "We are going to sign, at the workers' request... to authorise immediate occupation of the workplace known as Kimberly-Clark de Venezuela... by its workers," Labor Minister Oswaldo Vera said at the facility's plant in the central city of Maracay. The country's economy has been hard hit by the plunging value of its main export, oil. Analysts also criticise its state-led economy of gross mismanagement leading to shortages of toilet paper, diapers and food. Vera signed the document to loud cheers and he said machines would be back in operation within hours. In a sign of Maduro's concern at mounting social unrest, the president on Thursday replaced the head of the National Guard. The Venezuelan opposition launched efforts to remove the president after winning control of the legislature in January. But Maduro has challenged his rivals through the Supreme Court, which they accuse him of controlling. (AFP)

Venezuela President: Citibank planning to close account used to make international payments

Gold saw its biggest one-day fall in three weeks yesterday as global equities rallied on easing political uncertainty in Britain and hopes for more economic stimulus, which in turn curbed demand for assets perceived as safe havens. 
 
Spot gold fell as much as 1.9 pe rcent to $1,329.75 an ounce and was down 1.6 pct at $1,332.86 by 2:20 p.m. EDT (1820 GMT).&nbsp; 
The most active US gold futures for August delivery settled down 1.6 per cent at $1,335.30 per ounce.&nbsp; 
 
&quot;Tensions in Britain are easing for now, as the country will soon have a new Prime Minister,&quot; ActivTrades chief analyst Carlo Alberto de Casa said, referring to incoming Prime Minister, Theresa May, who will replace David Cameron on Wednesday. 
 
&quot;With the British pound gaining some ground, demand for gold and other safe havens is decreasing,&quot; he said. 
 
Gold has gained about $100 an ounce since Britain voted recently to leave the European Union, with worried investors piling their cash into safe-haven assets.&nbsp; 
 
&quot;The UK has a leader and we almost have the outlines of a plan,&quot; said Rob Haworth, senior investment strategist for US Bank Wealth&nbsp;Management in Seattle, describing a &quot;risk-on day&quot; pressuring prices despite a weak U.S. dollar. 
 
Profit-taking and new highs in the US stock market also weighed on bullion, Haworth said. 
 
Major US stock indexes set record intraday highs on Tuesday as optimism about the world economy and upbeat corporate results from Alcoa boosted risk appetite, while European shares rose for a fourth straight day.&nbsp; 
 
Japan&#39;s ruling coalition fanned expectations of more fiscal stimulus, while the Bank of England could cut rates as soon as Thursday following its monthly policy meeting. 
 
&quot;The additional stimulus packages will continue to create a challenging environment for investors looking for a return because they are not getting it through bonds and as long as we have that scenario, then the alternatives are currently stocks but also precious metals,&quot; 
Saxo Bank senior manager Ole Hansen said. 
 
Markets were also assessing whether the latest US jobs data, which was stronger than expected, has boosted the prospects for an interest rate increase by the US Federal Reserve. 
 
The European Central Bank will not ease monetary policy any further at its meeting next week, according to an overwhelming majority of respondents in a Reuters poll of euro money market traders. 
Silver was down 0.65 per cent at $20.13 an ounce.&nbsp; 
 
Platinum fell for the first time in two weeks, down 1.14 per cent at $1,087. Palladium rose 1 per cent to $627.50. 
 
(Reuters)&nbsp;

Gold has gained about $100 an ounce since Brexit but UK is now hoping for more economic stimulus?as it welcomes new Prime Minister

Gold saw its biggest one-day fall in three weeks yesterday as global equities rallied on easing political uncertainty in Britain and hopes for more economic stimulus, which in turn curbed demand for assets perceived as safe havens. Spot gold fell as much as 1.9 pe rcent to $1,329.75 an ounce and was down 1.6 pct at $1,332.86 by 2:20 p.m. EDT (1820 GMT). The most active US gold futures for August delivery settled down 1.6 per cent at $1,335.30 per ounce. "Tensions in Britain are easing for now, as the country will soon have a new Prime Minister," ActivTrades chief analyst Carlo Alberto de Casa said, referring to incoming Prime Minister, Theresa May, who will replace David Cameron on Wednesday. "With the British pound gaining some ground, demand for gold and other safe havens is decreasing," he said. Gold has gained about $100 an ounce since Britain voted recently to leave the European Union, with worried investors piling their cash into safe-haven assets. "The UK has a leader and we almost have the outlines of a plan," said Rob Haworth, senior investment strategist for US Bank Wealth Management in Seattle, describing a "risk-on day" pressuring prices despite a weak U.S. dollar. Profit-taking and new highs in the US stock market also weighed on bullion, Haworth said. Major US stock indexes set record intraday highs on Tuesday as optimism about the world economy and upbeat corporate results from Alcoa boosted risk appetite, while European shares rose for a fourth straight day. Japan's ruling coalition fanned expectations of more fiscal stimulus, while the Bank of England could cut rates as soon as Thursday following its monthly policy meeting. "The additional stimulus packages will continue to create a challenging environment for investors looking for a return because they are not getting it through bonds and as long as we have that scenario, then the alternatives are currently stocks but also precious metals," Saxo Bank senior manager Ole Hansen said. Markets were also assessing whether the latest US jobs data, which was stronger than expected, has boosted the prospects for an interest rate increase by the US Federal Reserve. The European Central Bank will not ease monetary policy any further at its meeting next week, according to an overwhelming majority of respondents in a Reuters poll of euro money market traders. Silver was down 0.65 per cent at $20.13 an ounce. Platinum fell for the first time in two weeks, down 1.14 per cent at $1,087. Palladium rose 1 per cent to $627.50. (Reuters)

Gold sees biggest one-day fall in 3 weeks as pound gains ground

Whitbread Plc said today its Premier Inn hotel chain would withdraw from India and South East Asia, as part of efforts to focus on more profitable markets. 
 
Whitbread, which operates hotels, restaurants and coffee shops, said Premier Inn would continue to expand in the UK, Germany and the Middle East. 
 
The company said it did not consider cost of the withdrawal to be material. 
 
Whitbread said growth plans for its Costa Coffee chain remained unchanged. 
 
(Reuters)

The company said growth plans for its Costa Coffee chain remain unchanged

Whitbread Plc said today its Premier Inn hotel chain would withdraw from India and South East Asia, as part of efforts to focus on more profitable markets. Whitbread, which operates hotels, restaurants and coffee shops, said Premier Inn would continue to expand in the UK, Germany and the Middle East. The company said it did not consider cost of the withdrawal to be material. Whitbread said growth plans for its Costa Coffee chain remained unchanged. (Reuters)

Whitbread's Premier Inn to withdraw from India, South East Asia

Mumbai: Cotton stocks in India, the world&#39;s biggest producer, are likely to fall by a third to 4.3 million bales at the end of 2015/16 season as drought slashes output to the lowest level in six years, a senior government official said. 
 
Lower stockpiles will limit India&#39;s exports in the next marketing year starting from Oct. 1 and support global prices that have risen to a two-year high on Wednesday. 
 
India&#39;s production fell 12.4 percent from a year ago to 33.8 million bales in the in the current year, the lowest level since 2009/10, Textile Commissioner Kavita Gupta said on Wednesday following a meeting of the state-run Cotton Advisory Board. 
 
Stockpiles were depleted after drought and pest attacks reduced yields, while exports rose 17.8 percent to 6.8 million bales, she said. 
 
The country mainly exports the fibre to Pakistan, Bangladesh, Vietnam and China. 
 
Local cotton prices have jumped 32 percent in just two months due to dwindling supplies, forcing India to import cotton from Pakistan. 
 
&quot;A large amount of imported cotton is expected to land in July. It will help in moderating prices,&quot; Gupta said. 
 
For 2016/17 marketing year Indian farmers have cultivated cotton on 6.79 million hectares as at July 8, down 23 percent from a year ago, farm ministry data showed. 
 
Gupta said sowing is likely to pick up in coming weeks as monsoon rains have covered the whole of India. 
 
Cotton planting in India is likely to fall to the lowest in seven years in the 2016/2017 marketing season as farmers switch to other crops. 
 
(1 Indian bale = 170 kilograms) 
 
(Reuters)

Drought this year has slashed output to the lowest level in six years

Mumbai: Cotton stocks in India, the world's biggest producer, are likely to fall by a third to 4.3 million bales at the end of 2015/16 season as drought slashes output to the lowest level in six years, a senior government official said. Lower stockpiles will limit India's exports in the next marketing year starting from Oct. 1 and support global prices that have risen to a two-year high on Wednesday. India's production fell 12.4 percent from a year ago to 33.8 million bales in the in the current year, the lowest level since 2009/10, Textile Commissioner Kavita Gupta said on Wednesday following a meeting of the state-run Cotton Advisory Board. Stockpiles were depleted after drought and pest attacks reduced yields, while exports rose 17.8 percent to 6.8 million bales, she said. The country mainly exports the fibre to Pakistan, Bangladesh, Vietnam and China. Local cotton prices have jumped 32 percent in just two months due to dwindling supplies, forcing India to import cotton from Pakistan. "A large amount of imported cotton is expected to land in July. It will help in moderating prices," Gupta said. For 2016/17 marketing year Indian farmers have cultivated cotton on 6.79 million hectares as at July 8, down 23 percent from a year ago, farm ministry data showed. Gupta said sowing is likely to pick up in coming weeks as monsoon rains have covered the whole of India. Cotton planting in India is likely to fall to the lowest in seven years in the 2016/2017 marketing season as farmers switch to other crops. (1 Indian bale = 170 kilograms) (Reuters)

Indian cotton stockpiles to fall by a third as output plunges

London: Stock markets traded within sight of their highest levels this year on Wednesday as the prospect of stimulative economic policy across the developed world eased immediate concern over Britain&#39;s vote to leave the European Union. 
 
The swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister on Wednesday have helped fund a recovery that, aside from sterling itself, has wiped out the negative reaction to the June 23 vote. 
 
Asian markets outside Japan gained another third of a percent to come within a hair&#39;s breadth of the year&#39;s highs from April, while European shares rose 0.2 percent, on course for their fifth straight day of gains. 
 
Traders say that concerns over the economic and political impact of what promise to be torturous exit talks between London and Brussels have not gone away, but they are certainly on the back burner for a moment. 
 
U.S. stock futures showed Wall Street set to build further on record highs hit on Tuesday. Expectations that sterling&#39;s fall will help British companies has London&#39;s FTSE index at its highest since last August. 
 
&quot;This is a short term relief rally thanks to some certainty around the swift handover to a new PM,&quot; said Tobias Davis, Head of Corporate Treasury Sales at Western Union in London. 
 
&quot;The path ahead still looks incredibly challenging. Equities are only rallying thanks to negative yields across most of the curve in Swiss, German and Japanese markets. In reality, the economic landscape is deteriorating.&quot; 
 
Sterling, whose 14 percent fall made it one of the main victims of last month&#39;s referendum, hit its highest in more than a week at $1.3340. 
 
But for every blip higher for the pound at the moment there are more sellers ready to bet it will fall further in the months ahead and it quickly fell back to stand just 0.2 percent stronger on the day at $1.3280. 
 
The yen, investors&#39; go-to currency in times of market stress was also up half a percent against the euro and dollar after falling sharply on the back of Japan&#39;s move into another round of stimulative policy. 
 
The debate among currency traders around Thursday&#39;s Bank of England meeting is also now not whether it will cut interest rates but by how much -- some measure of the concern over the economy&#39;s fate for the rest of the year. 
 
&quot;I&#39;m struck at the enthusiasm of all and sundry to tell us that European and U.S. growth rates will hardly be affected by the UK post-referendum slowdown,&quot; Societe Generale&#39;s Kit Juckes said in a note to clients. 
 
&quot;That flies in the face of the increased correlation of major economies&#39; growth rates in an ever more connected world.&quot; 
 
Stimulus 
In commodities, oil prices dropped after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in US crude stockpiles last week. [O/R] 
 
Brent crude futures fell 1.6 percent to $47.71 after surging roughly 5 percent on Tuesday on broad improvement in risk sentiment. 
 
Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending, as expected, after an election victory on Sunday. His meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of &quot;helicopter money&quot; policies - printing money and directly handing it to the private sector to stimulate the economy - fuelled speculation that some of the stimulus plan could be funded by Bank of Japan easing. 
 
The European Central Bank is also widely expected to take a dovish stance when it holds its policy review a week later. 
 
&quot;After being faced with the prospect of a major slowdown in global activity in the wake of the Brexit vote, governments and central banks worldwide are now expected to do their utmost to reassure markets and provide stimulus,&quot; wrote Angus Nicholson, market analyst at IG in Melbourne. 
 
(Reuters)

Swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister have helped fund a recovery

London: Stock markets traded within sight of their highest levels this year on Wednesday as the prospect of stimulative economic policy across the developed world eased immediate concern over Britain's vote to leave the European Union. The swift moves by the Conservative Party that see Theresa May replacing David Cameron as prime minister on Wednesday have helped fund a recovery that, aside from sterling itself, has wiped out the negative reaction to the June 23 vote. Asian markets outside Japan gained another third of a percent to come within a hair's breadth of the year's highs from April, while European shares rose 0.2 percent, on course for their fifth straight day of gains. Traders say that concerns over the economic and political impact of what promise to be torturous exit talks between London and Brussels have not gone away, but they are certainly on the back burner for a moment. U.S. stock futures showed Wall Street set to build further on record highs hit on Tuesday. Expectations that sterling's fall will help British companies has London's FTSE index at its highest since last August. "This is a short term relief rally thanks to some certainty around the swift handover to a new PM," said Tobias Davis, Head of Corporate Treasury Sales at Western Union in London. "The path ahead still looks incredibly challenging. Equities are only rallying thanks to negative yields across most of the curve in Swiss, German and Japanese markets. In reality, the economic landscape is deteriorating." Sterling, whose 14 percent fall made it one of the main victims of last month's referendum, hit its highest in more than a week at $1.3340. But for every blip higher for the pound at the moment there are more sellers ready to bet it will fall further in the months ahead and it quickly fell back to stand just 0.2 percent stronger on the day at $1.3280. The yen, investors' go-to currency in times of market stress was also up half a percent against the euro and dollar after falling sharply on the back of Japan's move into another round of stimulative policy. The debate among currency traders around Thursday's Bank of England meeting is also now not whether it will cut interest rates but by how much -- some measure of the concern over the economy's fate for the rest of the year. "I'm struck at the enthusiasm of all and sundry to tell us that European and U.S. growth rates will hardly be affected by the UK post-referendum slowdown," Societe Generale's Kit Juckes said in a note to clients. "That flies in the face of the increased correlation of major economies' growth rates in an ever more connected world." Stimulus In commodities, oil prices dropped after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in US crude stockpiles last week. [O/R] Brent crude futures fell 1.6 percent to $47.71 after surging roughly 5 percent on Tuesday on broad improvement in risk sentiment. Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus spending, as expected, after an election victory on Sunday. His meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of "helicopter money" policies - printing money and directly handing it to the private sector to stimulate the economy - fuelled speculation that some of the stimulus plan could be funded by Bank of Japan easing. The European Central Bank is also widely expected to take a dovish stance when it holds its policy review a week later. "After being faced with the prospect of a major slowdown in global activity in the wake of the Brexit vote, governments and central banks worldwide are now expected to do their utmost to reassure markets and provide stimulus," wrote Angus Nicholson, market analyst at IG in Melbourne. (Reuters)

Brexit, what Brexit? Global shares near 2016 highs