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Crude oil prices rose today for the first time in seven days as markets took a breather from concerns about the impact of Britain&#39;s possible exit from the European Union. 
 
Brent crude futures were up 59 cents, or 1.3 per cent, at $47.78 a barrel around 0650 GMT after slumping 3.6 per cent in the previous session. The contract is on track to fall nearly 5.5 per cent next week. 
 
US West Texas Intermediate crude futures rose 37 cents, or 0.8 per cent, to $46.58. The contract fell 3.8 per cent in the previous session and prices are down around 5 per cent so far this week. 
 
The British pound rose from a two-month low after campaigning for next week&#39;s so-called Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union. 
 
Commodities across the board also posted gains, while equity benchmarks including Japan&#39;s Nikkei stock average rose. 
 
&quot;We need to brace ourselves for further volatility,&quot; said Ben Le Brun, market analyst at OptionsXpress in Sydney. 
 
&quot;We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision,&quot; he said. 
 
Still, global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. 
 
Chevron, the second largest US oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company told Reuters. 
 
Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment. 
(Reuters)

Market takes breather from concerns about the impact of Britain's possible exit from the EU

Crude oil prices rose today for the first time in seven days as markets took a breather from concerns about the impact of Britain's possible exit from the European Union. Brent crude futures were up 59 cents, or 1.3 per cent, at $47.78 a barrel around 0650 GMT after slumping 3.6 per cent in the previous session. The contract is on track to fall nearly 5.5 per cent next week. US West Texas Intermediate crude futures rose 37 cents, or 0.8 per cent, to $46.58. The contract fell 3.8 per cent in the previous session and prices are down around 5 per cent so far this week. The British pound rose from a two-month low after campaigning for next week's so-called Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union. Commodities across the board also posted gains, while equity benchmarks including Japan's Nikkei stock average rose. "We need to brace ourselves for further volatility," said Ben Le Brun, market analyst at OptionsXpress in Sydney. "We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision," he said. Still, global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. Chevron, the second largest US oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company told Reuters. Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment. (Reuters)

Crude oil price rises for first time in 7 days

Apartment-sharing startup Airbnb Inc. has secured a $1 billion debt facility from some big US banks to aid its new services and finance its expansion plans, a source said. 
 
JPMorgan, Citigroup Inc, Morgan Stanley and Bank of America Corp led the debt deal, the source said. 
 
Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a round of funding late last year. 
 
Bloomberg reported the funding deal earlier on Wednesday. 
 
Citigroup and Bank of America declined to comment. 
 
Representatives at JPMorgan and Morgan Stanley were not immediately available for comment outside regular US business hours. 
 
Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb. 
(Reuters)

The apartment-sharing start-up had raised $100 million in a round of funding last year

Apartment-sharing startup Airbnb Inc. has secured a $1 billion debt facility from some big US banks to aid its new services and finance its expansion plans, a source said. JPMorgan, Citigroup Inc, Morgan Stanley and Bank of America Corp led the debt deal, the source said. Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a round of funding late last year. Bloomberg reported the funding deal earlier on Wednesday. Citigroup and Bank of America declined to comment. Representatives at JPMorgan and Morgan Stanley were not immediately available for comment outside regular US business hours. Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb. (Reuters)

Airbnb secures $1 billion debt facility from US banks

Indian shares ended lower on Thursday, as negative sentiment persisted across the globe after the Bank of Japan and the US&nbsp;Federal Reserve acknowledged concerns over Britain&#39;s likely exit from the European Union while keeping key policy rates steady.

The Bombay Stock Exchange Sensex fell 0.75 per cent to 26,525.46.

The broader National Stock Exchange Nifty was down 0.8 per cent at 8,140.75, after falling as much as 1.6 per cent earlier in the day. 
(Reuters)

The Bombay Stock Exchange Sensex fell 0.75 per cent to 26,525.46 while the National stock Exchange was down 0.8 per cent at 8,140.75

Indian shares ended lower on Thursday, as negative sentiment persisted across the globe after the Bank of Japan and the US Federal Reserve acknowledged concerns over Britain's likely exit from the European Union while keeping key policy rates steady. The Bombay Stock Exchange Sensex fell 0.75 per cent to 26,525.46. The broader National Stock Exchange Nifty was down 0.8 per cent at 8,140.75, after falling as much as 1.6 per cent earlier in the day. (Reuters)

Indian stock index ends lower as Brexit concerns persist

Private equity investments in January-March amounted to $3.1 billion through 160 transactions, registering a moderate two per cent decline in terms of deal value over last year, says a PwC report.&nbsp;PwC is India&#39;s one of the leading auditing and consulting firms. 
 
In comparison with the year-ago period, there was a considerable decline of 24 per cent in terms of deals numbers. January-March 2015 quarter had seen 211 deals worth $3.16 billion. 
 
&quot;Indian macros continue to gain health and this is likely to spur M&amp;A and funding activities over the next few months - however we expect this to be sectoral,&quot; PwC India leader Private Equity Sanjeev Krishan said. 
 
A sectoral analysis shows despite a shortfall in big deals in e-commerce, the information technology &amp; IT-enabled services (IT&amp;ITeS) sector continued its dominance with an investment flow totaling $1.26 billion in 92 deals. 
 
&quot;The Digital India programme and ongoing efforts on Smart Cities are driving spending on software and IT services,&quot; Sandeep Ladda, leader - Technology, PwC India said. &quot;The expected growth in the sector will provide more opportunities for investors.&quot; 
 
Banking, financial services and insurance sector (BFSI) came a distant second, attracting $430 million. With a single deal, the travel and tourism sector added $321 million to its account. 
 
&quot;There has been a definite slowdown in the e-commerce/ digital and consumer internet deals and the next few months are likely to see some consolidation in the sector,&quot; Krishan said. 
 
According to PwC MoneyTree India report, a quarterly study of private equity investment activity based on data provided by Venture Intelligence, appetite for private equity continued to be strong with late-stage investments of $1.32 billion invested into mature companies. 
 
Growth-stage investments also played a significant role, attracting $918 million in the first quarter of this calender year, the report said. 
 
From a regional standpoint, Delhi-National Capital Region had an edge over others in January-March with $914 million, whereas Bengaluru saw investments of $875 million. 
(PTI)

Information technology, banking and tourism firms bagged a total of $3.1 billion fund in the first three months of 2016

Private equity investments in January-March amounted to $3.1 billion through 160 transactions, registering a moderate two per cent decline in terms of deal value over last year, says a PwC report. PwC is India's one of the leading auditing and consulting firms. In comparison with the year-ago period, there was a considerable decline of 24 per cent in terms of deals numbers. January-March 2015 quarter had seen 211 deals worth $3.16 billion. "Indian macros continue to gain health and this is likely to spur M&A and funding activities over the next few months - however we expect this to be sectoral," PwC India leader Private Equity Sanjeev Krishan said. A sectoral analysis shows despite a shortfall in big deals in e-commerce, the information technology & IT-enabled services (IT&ITeS) sector continued its dominance with an investment flow totaling $1.26 billion in 92 deals. "The Digital India programme and ongoing efforts on Smart Cities are driving spending on software and IT services," Sandeep Ladda, leader - Technology, PwC India said. "The expected growth in the sector will provide more opportunities for investors." Banking, financial services and insurance sector (BFSI) came a distant second, attracting $430 million. With a single deal, the travel and tourism sector added $321 million to its account. "There has been a definite slowdown in the e-commerce/ digital and consumer internet deals and the next few months are likely to see some consolidation in the sector," Krishan said. According to PwC MoneyTree India report, a quarterly study of private equity investment activity based on data provided by Venture Intelligence, appetite for private equity continued to be strong with late-stage investments of $1.32 billion invested into mature companies. Growth-stage investments also played a significant role, attracting $918 million in the first quarter of this calender year, the report said. From a regional standpoint, Delhi-National Capital Region had an edge over others in January-March with $914 million, whereas Bengaluru saw investments of $875 million. (PTI)

India attracted $3.1 billion worth private equity investment from January to March: PwC

Dutch chipmaking equipment firm ASML Holdings NV has agreed to buy Taiwanese peer Hermes Microvision Inc (HMI) for about T$100 billion ($3.1 billion) to strengthen the pair&#39;s technology offering for semiconductor manufacturers. 
 
The transaction would be one of the biggest inbound acquisitions for Taiwan, an island known for its tech industry. It comes after US memory chipmaker Micron Technology Inc said late last year that it planned to buy the remaining interest in its Taiwanese joint venture in a deal valued around $3.2 billion. 
 
It would also be the latest consolidation in a global semiconductor industry faced with an increasingly saturated smartphone market - once a key growth driver - as well as the emergence of deep-pocketed Chinese players. 
 
Late last month, Taiwan&#39;s two biggest chip testing and packaging companies said they would come together under a new holding company. 
 
&quot;The bigger get bigger,&quot; said chip analyst Steve Huang at Yuanta Investment Consulting. 
 
ASML is the world&#39;s biggest chipmaking equipment supplier, with customers including Taiwan Semiconductor Manufacturing Co Ltd, Intel Corp and Samsung Electronics Co Ltd. HMI&#39;s technology is used to scan and test for wafer defects in the semiconductor manufacturing process. 
 
Both companies, which already work together, will be able to share research, development and intellectual property under one roof, analysts said, which is key as their customers migrate toward ever smaller and more advanced manufacturing processes. 
 
&quot;It paints a very complex landscape,&quot; said ASML chief executive Peter Wenninck in a video posted on the company&#39;s website explaining the deal&#39;s rationale. &quot;The times of point solutions are gone. We need integrated solutions.&quot; 
 
Under terms of the deal, each HMI shareholder would receive T$1,410 per share in cash. That represents a near 17 per cent premium to the stock&#39;s Wednesday close of T$1,210 before the deal&#39;s announcement. 
 
Today shares of Taiwan-listed HMI rose by their daily limit of 10 per cent, and were last trading at T$1,330. 
 
ASML&#39;s acquisition of HMI will be part-funded by about 1.5 billion Euros ($1.69 billion) of debt, the two companies said. 
 
The pair expects the deal to be completed in the fourth quarter of this year. 
 
Goldman Sachs and Credit Suisse acted as financial advisors on the deal for HMI and ASML respectively. 
(Reuters)

Both the companies will mutally benefit from this transaction as they can share research, development and intellectual property

Dutch chipmaking equipment firm ASML Holdings NV has agreed to buy Taiwanese peer Hermes Microvision Inc (HMI) for about T$100 billion ($3.1 billion) to strengthen the pair's technology offering for semiconductor manufacturers. The transaction would be one of the biggest inbound acquisitions for Taiwan, an island known for its tech industry. It comes after US memory chipmaker Micron Technology Inc said late last year that it planned to buy the remaining interest in its Taiwanese joint venture in a deal valued around $3.2 billion. It would also be the latest consolidation in a global semiconductor industry faced with an increasingly saturated smartphone market - once a key growth driver - as well as the emergence of deep-pocketed Chinese players. Late last month, Taiwan's two biggest chip testing and packaging companies said they would come together under a new holding company. "The bigger get bigger," said chip analyst Steve Huang at Yuanta Investment Consulting. ASML is the world's biggest chipmaking equipment supplier, with customers including Taiwan Semiconductor Manufacturing Co Ltd, Intel Corp and Samsung Electronics Co Ltd. HMI's technology is used to scan and test for wafer defects in the semiconductor manufacturing process. Both companies, which already work together, will be able to share research, development and intellectual property under one roof, analysts said, which is key as their customers migrate toward ever smaller and more advanced manufacturing processes. "It paints a very complex landscape," said ASML chief executive Peter Wenninck in a video posted on the company's website explaining the deal's rationale. "The times of point solutions are gone. We need integrated solutions." Under terms of the deal, each HMI shareholder would receive T$1,410 per share in cash. That represents a near 17 per cent premium to the stock's Wednesday close of T$1,210 before the deal's announcement. Today shares of Taiwan-listed HMI rose by their daily limit of 10 per cent, and were last trading at T$1,330. ASML's acquisition of HMI will be part-funded by about 1.5 billion Euros ($1.69 billion) of debt, the two companies said. The pair expects the deal to be completed in the fourth quarter of this year. Goldman Sachs and Credit Suisse acted as financial advisors on the deal for HMI and ASML respectively. (Reuters)

Dutch firm ASML to buy Taiwan's Hermes Microvision for $3.1 billion

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain&#39;s campaign for next week&#39;s referendum after a member of Parliament was shot dead. 
 
British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. 
 
The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. 
 
In Euro and Sterling terms, the metal turned lower after reaching three-year highs. 
 
Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. 
 
Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed &quot;Brexit&quot; - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. 
 
After the attack, campaigning for next week&#39;s referendum was suspended. 
 
U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. 
 
&quot;A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement,&quot; said James Steel, chief metals analyst for HSBC Securities in New York. 
 
&quot;Recovery in equities may also imply some dimming in risk-off related purchases of gold.&quot; 
 
Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. 
 
&quot;Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high,&quot; said Saxo Bank&#39;s head of commodity research, Ole Hansen. 
 
On Wednesday, holdings in the world&#39;s largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. 
 
Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. 
(Reuters)

US stock markets came well off their lows following the suspension of Britain's referendum campaign after the death of British MP

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain's campaign for next week's referendum after a member of Parliament was shot dead. British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. In Euro and Sterling terms, the metal turned lower after reaching three-year highs. Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed "Brexit" - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. After the attack, campaigning for next week's referendum was suspended. U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. "A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement," said James Steel, chief metals analyst for HSBC Securities in New York. "Recovery in equities may also imply some dimming in risk-off related purchases of gold." Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. "Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high," said Saxo Bank's head of commodity research, Ole Hansen. On Wednesday, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. (Reuters)

Gold falls from two-year high as Brexit campaign suspended

Asian stocks turned lower today and the Yen surged after the Bank of Japan (BOJ) refrained from taking further stimulus steps, hours after the Federal Reserve&#39;s (Fed&#39;s) own review had struck a cautious note on its policy outlook. 
 
The Dollar was already under pressure after the Fed left interest rates unchanged overnight and became slightly less hawkish. While signalling that it still expected two rate hikes this year, the Fed also said slower economic growth would crimp the pace of monetary policy tightening in future years. 
 
Spreadbetters expected Europe to follow Asia&#39;s lead and saw a lower open for Britain&#39;s Financial Times Stock Exchange (FTSE), Germany&#39;s Deutscher Aktienindex (DAX) and France&#39;s Cotation Assist?e en Continu (CAC).&nbsp; 
 
The BOJ kept monetary policy steady and stuck to its optimistic view of the economy today even as renewed yen rises and slumping stock prices threaten to derail a fragile economic recovery. 
 
While the BOJ&#39;s decision did not come as a big surprise, expectations that the central bank will take action next month increased. But for now uncertainty over whether Britain will vote to quit the European Union is strengthening the Yen because of the Japanese currency&#39;s safe-haven status. 
 
&quot;The Bank of Japan are in a pickle and more than most will be really hoping that the UK don&#39;t vote to &#39;leave,&#39; or USD/JPY will be trading below 100 Yen and they will have to do something amazingly punchy just to stabilise assets,&quot; wrote Chris Weston, chief market strategist at IG in Melbourne. 
 
&quot;On the other hand, even if the UK votes to &#39;remain&#39; and risk assets undergo some sort of relief rally, domestic inflation expectations shouldn&#39;t pick up greatly and they may need to ease in this scenario anyhow.&quot; 
Morgan Stanley Capital International&#39;s (MSCI) broadest index of Asia-Pacific shares outside Japan was last down 0.9 per cent.&nbsp; 
 
Japan&#39;s Nikkei hit a two-month intraday low and was last down 2.6 per cent. 
 
South Korea&#39;s Kospi lost 0.8 per cent and Hong Kong&#39;s Hang Seng dropped 1.9 per cent. 
 
On the whole, investors were still cautious on worries Britain may vote to leave the European Union, which saw US stocks fall for a fifth straight session overnight despite the Fed&#39;s subdued view on interest rates. 
 
While the US central bank kept policy steady as widely expected and lowered its economic projections, it did signal that it still planned to raise rates twice in 2016. 
 
However, the Fed&#39;s conviction appeared shakier with six of its 17 policymakers projecting just one increase this year. Only one Fed policymaker had done so when economic forecasts were last issued in March. 
 
&quot;Although the Fed&#39;s projection tout two rate hikes, a rate hike in July is highly unlikely, which makes it questionable whether the Fed can raise rates twice in its three policy meetings left by the end of year,&quot; said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. 
 
The greenback was down 1.5 per cent at 104.400 Yen after hitting 104.320, its lowest since September 2014. 
 
The Yen also hit its highest level since January 2013 against the Euro and a four-year peak versus the Australian Dollar. 
 
The Euro inched up 0.1 per cent to $1.1272 after gaining 0.5 per cent overnight.&nbsp; 
 
The 10-year Treasury note yield slipped to a four-month trough of 1.545 per cent and added pressure on the Dollar. 
 
The recent bout of global risk aversion generated by Brexit fears have boosted safe-havens like government debt, sending the German and Japanese benchmark 10-year yields to record lows this week. 
 
The Brexit concerns also saw US crude oil fall 1 per cent to $47.52 a barrel, on track for a sixth straight day of losses. Brent crude was down 0.8 per cent at $48.59 a barrel. 
 
Spot gold touched $1,301.40 an ounce, highest since May 3, thanks to the Fed&#39;s seemingly more cautious approach to monetary tightening. Higher interest rates tend to diminish the appeal of non-yielding gold. 
(Reuters)

Bank of Japan's uncertainty over whether Britain would vote to quit the EU is strengthening the yen due to its safe-haven status

Asian stocks turned lower today and the Yen surged after the Bank of Japan (BOJ) refrained from taking further stimulus steps, hours after the Federal Reserve's (Fed's) own review had struck a cautious note on its policy outlook. The Dollar was already under pressure after the Fed left interest rates unchanged overnight and became slightly less hawkish. While signalling that it still expected two rate hikes this year, the Fed also said slower economic growth would crimp the pace of monetary policy tightening in future years. Spreadbetters expected Europe to follow Asia's lead and saw a lower open for Britain's Financial Times Stock Exchange (FTSE), Germany's Deutscher Aktienindex (DAX) and France's Cotation Assist?e en Continu (CAC). The BOJ kept monetary policy steady and stuck to its optimistic view of the economy today even as renewed yen rises and slumping stock prices threaten to derail a fragile economic recovery. While the BOJ's decision did not come as a big surprise, expectations that the central bank will take action next month increased. But for now uncertainty over whether Britain will vote to quit the European Union is strengthening the Yen because of the Japanese currency's safe-haven status. "The Bank of Japan are in a pickle and more than most will be really hoping that the UK don't vote to 'leave,' or USD/JPY will be trading below 100 Yen and they will have to do something amazingly punchy just to stabilise assets," wrote Chris Weston, chief market strategist at IG in Melbourne. "On the other hand, even if the UK votes to 'remain' and risk assets undergo some sort of relief rally, domestic inflation expectations shouldn't pick up greatly and they may need to ease in this scenario anyhow." Morgan Stanley Capital International's (MSCI) broadest index of Asia-Pacific shares outside Japan was last down 0.9 per cent. Japan's Nikkei hit a two-month intraday low and was last down 2.6 per cent. South Korea's Kospi lost 0.8 per cent and Hong Kong's Hang Seng dropped 1.9 per cent. On the whole, investors were still cautious on worries Britain may vote to leave the European Union, which saw US stocks fall for a fifth straight session overnight despite the Fed's subdued view on interest rates. While the US central bank kept policy steady as widely expected and lowered its economic projections, it did signal that it still planned to raise rates twice in 2016. However, the Fed's conviction appeared shakier with six of its 17 policymakers projecting just one increase this year. Only one Fed policymaker had done so when economic forecasts were last issued in March. "Although the Fed's projection tout two rate hikes, a rate hike in July is highly unlikely, which makes it questionable whether the Fed can raise rates twice in its three policy meetings left by the end of year," said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank. The greenback was down 1.5 per cent at 104.400 Yen after hitting 104.320, its lowest since September 2014. The Yen also hit its highest level since January 2013 against the Euro and a four-year peak versus the Australian Dollar. The Euro inched up 0.1 per cent to $1.1272 after gaining 0.5 per cent overnight. The 10-year Treasury note yield slipped to a four-month trough of 1.545 per cent and added pressure on the Dollar. The recent bout of global risk aversion generated by Brexit fears have boosted safe-havens like government debt, sending the German and Japanese benchmark 10-year yields to record lows this week. The Brexit concerns also saw US crude oil fall 1 per cent to $47.52 a barrel, on track for a sixth straight day of losses. Brent crude was down 0.8 per cent at $48.59 a barrel. Spot gold touched $1,301.40 an ounce, highest since May 3, thanks to the Fed's seemingly more cautious approach to monetary tightening. Higher interest rates tend to diminish the appeal of non-yielding gold. (Reuters)

Yen surges after Bank of Japan refrains from offering more stimulus, Asian stocks down

Chinese car-hailing app&nbsp;Didi&nbsp;Chuxing&nbsp;Technology Co. has raised $7 billion in its latest fund raising effort, a source said.

The funding round values the company at more than $25 billion, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter.

In addition,&nbsp;Didi&nbsp;secured a $2.5 billion debt package from China Merchants Bank Company, the Journal said.

Didi&nbsp;closed a $4.5 billion fundraising round that included $1 billion from Apple Inc &lt;AAPL.O&gt; and $600 million from China Life Insurance Co Ltd &lt;601628.SS&gt;. 
 
Earlier on June 13,&nbsp;it had received an investment of about $600 million from China Life Insurance Co. Ltd, boosting resources to fund its battle with Uber just a month after it raised $1 billion from Apple Inc.

Didi&nbsp;and China Merchants Bank were not immediately available for comment. 
(Reuters)

Earlier, the app had received an investment of $600 million from China Life Insurance Co. Ltd, giving it an edge over its rival Uber

Chinese car-hailing app Didi Chuxing Technology Co. has raised $7 billion in its latest fund raising effort, a source said. The funding round values the company at more than $25 billion, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter. In addition, Didi secured a $2.5 billion debt package from China Merchants Bank Company, the Journal said. Didi closed a $4.5 billion fundraising round that included $1 billion from Apple Inc <AAPL.O> and $600 million from China Life Insurance Co Ltd <601628.SS>. Earlier on June 13, it had received an investment of about $600 million from China Life Insurance Co. Ltd, boosting resources to fund its battle with Uber just a month after it raised $1 billion from Apple Inc. Didi and China Merchants Bank were not immediately available for comment. (Reuters)

China's car-hailing app Didi Chuxing raises $7 billion in new funding

Sterling advanced on Thursday as the campaign for Britain&#39;s vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. 
 
British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. 
 
Whether Britain will leave the European Union, dubbed &quot;Brexit,&quot; is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. 
 
&quot;Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself&quot; on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. 
 
The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. 
 
Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. 
 
US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. 
 
The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&amp;P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. 
 
The European FTSEurofirst 300 index closed down 0.5 per cent. 
 
Oil prices slumped about three per cent and were down a sixth straight day as the Dollar&#39;s rally on fears of Britain&#39;s exit from the EU hammered commodities priced in the currency. 
 
Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. 
 
Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

S&P and Nasdaq dropped, but Dow Jones gained as Brexit campaign was called off after the death of British lawmaker Jo Cox

Sterling advanced on Thursday as the campaign for Britain's vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. Whether Britain will leave the European Union, dubbed "Brexit," is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. "Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself" on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. The European FTSEurofirst 300 index closed down 0.5 per cent. Oil prices slumped about three per cent and were down a sixth straight day as the Dollar's rally on fears of Britain's exit from the EU hammered commodities priced in the currency. Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

Sterling gains as Brexit campaign suspended

Oil prices sank for a sixth straight session today in Asia, tracking a sell-off across equities with an expected pick-up in output adding to worries about the global economy and a weaker-than-forecast fall in US stockpiles. 
 
The Department of Energy said commercial inventories fell by 900,000 barrels in the week ending June 10, far fewer than the 2.33 million predicted in a Bloomberg survey, suggesting demand is easing in the world&#39;s top oil consumer. 
 
The news sent the commodity tumbling and at about 0320 GMT on Thursday in Asia US benchmark West Texas Intermediate (WTI) slipped 46 cents, or 0.96 per cent, to $47.55 while Brent shed 34 cents, or 0.69 per cent, to $48.63. 
 
After almost doubling between February and last week, WTI has plunged eight per cent from an 11-month high, while Brent has lost more than six per cent from an eight-month peak. 
 
Supply-side fears have increased, with Canada&#39;s output likely to normalise as wildfires that hit its oil region subside while Nigerian rebels, who have been attacking crude installations, consider peace talks with the government. 
 
&quot;We still, when you think about it, have a surplus of supply because it has really only been disruptions that have seen that surplus disappear,&quot; David Lennox, an analyst at Fat Prophets in Sydney, told Bloomberg News. 
 
He added: &quot;The market is now starting to suggest that once the disruptions are behind us, surplus will re-appear and the rally that we have seen in the prices will evaporate.&quot; 
 
Selling pressure has been inflamed by turmoil on stock markets as traders grow increasingly fearful that Britain will vote next week to leave the European Union, which many warn could precipitate another global rout. 
 
Federal Reserve boss Janet Yellen on Wednesday issued a warning about the possible impact of a &quot;Leave&quot; vote as the US central bank lowered its economic growth and interest rate projections over the next few years. 
 
A Bank of Japan decision to hold steady on monetary policy despite the weak economy has also added to uncertainty, said CMC Markets analyst Margaret Yang. 
(AFP)

The US department of energy said commercial inventories fell by 900,000 barrels in the week ending June 10, sending stocks tumbling

Oil prices sank for a sixth straight session today in Asia, tracking a sell-off across equities with an expected pick-up in output adding to worries about the global economy and a weaker-than-forecast fall in US stockpiles. The Department of Energy said commercial inventories fell by 900,000 barrels in the week ending June 10, far fewer than the 2.33 million predicted in a Bloomberg survey, suggesting demand is easing in the world's top oil consumer. The news sent the commodity tumbling and at about 0320 GMT on Thursday in Asia US benchmark West Texas Intermediate (WTI) slipped 46 cents, or 0.96 per cent, to $47.55 while Brent shed 34 cents, or 0.69 per cent, to $48.63. After almost doubling between February and last week, WTI has plunged eight per cent from an 11-month high, while Brent has lost more than six per cent from an eight-month peak. Supply-side fears have increased, with Canada's output likely to normalise as wildfires that hit its oil region subside while Nigerian rebels, who have been attacking crude installations, consider peace talks with the government. "We still, when you think about it, have a surplus of supply because it has really only been disruptions that have seen that surplus disappear," David Lennox, an analyst at Fat Prophets in Sydney, told Bloomberg News. He added: "The market is now starting to suggest that once the disruptions are behind us, surplus will re-appear and the rally that we have seen in the prices will evaporate." Selling pressure has been inflamed by turmoil on stock markets as traders grow increasingly fearful that Britain will vote next week to leave the European Union, which many warn could precipitate another global rout. Federal Reserve boss Janet Yellen on Wednesday issued a warning about the possible impact of a "Leave" vote as the US central bank lowered its economic growth and interest rate projections over the next few years. A Bank of Japan decision to hold steady on monetary policy despite the weak economy has also added to uncertainty, said CMC Markets analyst Margaret Yang. (AFP)

Oil prices continue to fall in Asia

Walt Disney Co has opened the gates to its first theme park in China, prompting a rush from thousands of Mickey Mouse enthusiasts to be the first to storm Treasure Cove, ride the Roaring Rapids or visit Disney&#39;s tallest castle. 
 
Disney&#39;s largest overseas investment at $5.5 billion, the park is a bet on China&#39;s middle class and booming domestic tourism. The US firm hopes it will offset an otherwise lacklustre international theme park business, better known for cash-burning sites such as Euro Disney. 
 
&quot;China obviously represents incredible potential for the Walt Disney Company,&quot; chief executive Bob Iger told reporters at the park. Flanked by officials from local government partners today Iger cut a ribbon to officially open the resort - nearly two decades after he first scoped out the site in 1999. 
 
Not everything has gone quite to plan though. 
 
The opening gala - meant to be a bonanza of fireworks, live music and dance - was rained off on Wednesday night, while at Disney&#39;s park in Orlando, Florida, a young boy was grabbed by an alligator and killed. 
 
Disney, however, sees China as its greatest business opportunity since Walt Disney bought land in central Florida in the 1960s for what is now Walt Disney World - the world&#39;s most-visited theme park. The firm estimates 330 million people within a three-hour radius of Shanghai, the country&#39;s financial centre, will be able to afford to come to the park. 
 
Main Street has been replaced by Mickey Avenue to reduce the feel of Americana while attractions include a Chinese-style Wandering Moon tea house, a Chinese Zodiac-themed garden and a Tarzan musical featuring Chinese acrobats. 
 
Already expanding 
 
The iconic US firm is already expanding the Shanghai site to keep the home crowd keen, in a country where competition from a plethora of local theme parks and domestic cartoon characters promises to be fierce. 
 
The park&#39;s seven square kilometre plot of land means there is plenty of space to expand, Iger told reporters. 
 
&quot;There is actually construction going on this week. When we open we will continue the construction to expand what&#39;s on the opening day menu,&quot; he said. 
 
&quot;We have plenty of space to do that and we believe we&#39;ve got willing partners...We think we will probably do that sooner rather than later.&quot; 
 
Shanghai Disney could also help lure more consumers to its films. &quot;Zootopia&quot;, &quot;Captain America: Civil War&quot;, &quot;The Jungle Book&quot; and &quot;Star Wars: the Force Awakens&quot; are among the ten most-watched movies in China of 2016, reaping more than $690 million in ticket sales, according to Box Office Mojo. Characters from those films will feature at the Shanghai resort. 
 
Disney, though, is facing intense competition from billionaire developers building homegrown parks and from domestic cartoon characters. Consumers also have an ambivalent attitude to its products, with some being sceptical about American values overriding Chinese traditions and culture. 
 
Iger received a presidential welcome from Xi Jinping in May, and Disney has been granted &quot;special&quot; trademark protection. But China&#39;s main military newspaper has also warned that &quot;Zootopia&quot;, a story about a rabbit police officer in an animal city, was a tool for spreading US propaganda and ideals. 
 
Furthermore, Disney will have to share the spoils. The resort is a joint venture with state-owned Shendi Group, which has a 57 per cent stake - a concession agreed during lengthy negotiations. 
 
Shendi is a consortium controlled by four large government-owned companies: Shanghai Media Group; hotelier Jin Jiang International, controlled by the city of Shanghai; supermarket-to-department store operator Bailian Group, and property developer Lujiazui Development Group. 
(Reuters)

It's a bet on China's middle class and booming domestic tourism but competition from billionaire developers making homegrow parks is intense

Walt Disney Co has opened the gates to its first theme park in China, prompting a rush from thousands of Mickey Mouse enthusiasts to be the first to storm Treasure Cove, ride the Roaring Rapids or visit Disney's tallest castle. Disney's largest overseas investment at $5.5 billion, the park is a bet on China's middle class and booming domestic tourism. The US firm hopes it will offset an otherwise lacklustre international theme park business, better known for cash-burning sites such as Euro Disney. "China obviously represents incredible potential for the Walt Disney Company," chief executive Bob Iger told reporters at the park. Flanked by officials from local government partners today Iger cut a ribbon to officially open the resort - nearly two decades after he first scoped out the site in 1999. Not everything has gone quite to plan though. The opening gala - meant to be a bonanza of fireworks, live music and dance - was rained off on Wednesday night, while at Disney's park in Orlando, Florida, a young boy was grabbed by an alligator and killed. Disney, however, sees China as its greatest business opportunity since Walt Disney bought land in central Florida in the 1960s for what is now Walt Disney World - the world's most-visited theme park. The firm estimates 330 million people within a three-hour radius of Shanghai, the country's financial centre, will be able to afford to come to the park. Main Street has been replaced by Mickey Avenue to reduce the feel of Americana while attractions include a Chinese-style Wandering Moon tea house, a Chinese Zodiac-themed garden and a Tarzan musical featuring Chinese acrobats. Already expanding The iconic US firm is already expanding the Shanghai site to keep the home crowd keen, in a country where competition from a plethora of local theme parks and domestic cartoon characters promises to be fierce. The park's seven square kilometre plot of land means there is plenty of space to expand, Iger told reporters. "There is actually construction going on this week. When we open we will continue the construction to expand what's on the opening day menu," he said. "We have plenty of space to do that and we believe we've got willing partners...We think we will probably do that sooner rather than later." Shanghai Disney could also help lure more consumers to its films. "Zootopia", "Captain America: Civil War", "The Jungle Book" and "Star Wars: the Force Awakens" are among the ten most-watched movies in China of 2016, reaping more than $690 million in ticket sales, according to Box Office Mojo. Characters from those films will feature at the Shanghai resort. Disney, though, is facing intense competition from billionaire developers building homegrown parks and from domestic cartoon characters. Consumers also have an ambivalent attitude to its products, with some being sceptical about American values overriding Chinese traditions and culture. Iger received a presidential welcome from Xi Jinping in May, and Disney has been granted "special" trademark protection. But China's main military newspaper has also warned that "Zootopia", a story about a rabbit police officer in an animal city, was a tool for spreading US propaganda and ideals. Furthermore, Disney will have to share the spoils. The resort is a joint venture with state-owned Shendi Group, which has a 57 per cent stake - a concession agreed during lengthy negotiations. Shendi is a consortium controlled by four large government-owned companies: Shanghai Media Group; hotelier Jin Jiang International, controlled by the city of Shanghai; supermarket-to-department store operator Bailian Group, and property developer Lujiazui Development Group. (Reuters)

Disney's China fairytale begins with $5.5 billion park opening, already eyes expansion

The International Basketball Federation (FIBA) on Thursday announced that the China-based conglomerate Wanda Group will be a worldwide exclusive business partner with FIBA games for the coming 16 years. 
 
According to an agreement reached between the FIBA and Wanda on Thursday in Beijing, Wanda will be FIBA&#39;s exclusive partner for the sale and marketing of global sponsorship and licensing rights over the next four FIBA Basketball World Cup cycles from 2016 to 2033. 
 
The long-term partnership will involve FIBA Basketball World Cups and their Qualifiers, the Men&#39;s and Women&#39;s Continental Cups and their Qualifiers, as well as the FIBA Women&#39;s Basketball World Cups and Youth World Championship. 
 
FIBA Secretary-General Patrick Baumann said the union would both spread basketball&#39;s reach globally and contribute to the success of the 2019 FIBA Basketball World Cup in China. 
 
&quot;When you go to a partnership of that sort, you bring all your assets to the other partner and the partner brings all his assets. There are no better words than to describe it as a marriage. Basketball will be the best sport in the world. China will be, 16 years from now -- let me just think a little bit aloud -- China will be playing in the semi-finals of the world cup and probably in the gold medal game,&rdquo; said Patrick Baumann, Secretary-General of the FIBA. 
 
The FIBA and Wanda Group will work together to introduce new basketball events including an Asian basketball championship league and Chinese Basketball Association (CBA) 3&times;3 League. 
 
&quot;Basketball has not been developed well in the Asian region. There is no fixed annual game for national teams and clubs. There is not a league for Asian clubs. So this is our opportunity. We will introduce new games and Wanda and FIBA will jointly own the intellectual property,&rdquo; said Wang Jianlin, chairman of the Wanda Group. 
(Reuters)

The union for the next 4 FIBA Basketball World Cups will have Wanda as the only partner for sales and marketing of sponsorship of the events

The International Basketball Federation (FIBA) on Thursday announced that the China-based conglomerate Wanda Group will be a worldwide exclusive business partner with FIBA games for the coming 16 years. According to an agreement reached between the FIBA and Wanda on Thursday in Beijing, Wanda will be FIBA's exclusive partner for the sale and marketing of global sponsorship and licensing rights over the next four FIBA Basketball World Cup cycles from 2016 to 2033. The long-term partnership will involve FIBA Basketball World Cups and their Qualifiers, the Men's and Women's Continental Cups and their Qualifiers, as well as the FIBA Women's Basketball World Cups and Youth World Championship. FIBA Secretary-General Patrick Baumann said the union would both spread basketball's reach globally and contribute to the success of the 2019 FIBA Basketball World Cup in China. "When you go to a partnership of that sort, you bring all your assets to the other partner and the partner brings all his assets. There are no better words than to describe it as a marriage. Basketball will be the best sport in the world. China will be, 16 years from now -- let me just think a little bit aloud -- China will be playing in the semi-finals of the world cup and probably in the gold medal game,” said Patrick Baumann, Secretary-General of the FIBA. The FIBA and Wanda Group will work together to introduce new basketball events including an Asian basketball championship league and Chinese Basketball Association (CBA) 3×3 League. "Basketball has not been developed well in the Asian region. There is no fixed annual game for national teams and clubs. There is not a league for Asian clubs. So this is our opportunity. We will introduce new games and Wanda and FIBA will jointly own the intellectual property,” said Wang Jianlin, chairman of the Wanda Group. (Reuters)

FIBA announces long-term partnership with Wanda

A US judge extended the deadline for Volkswagen, US government regulators and owners of 2.0 litre cars&nbsp;to reach a final diesel emissions settlement until June 28. 
 
The tentative settlement announced in April includes an offer by Volkswagen to buy back nearly 500,000 polluting vehicles, as well as an environmental remediation fund to address excess emissions and a fund to promote green automotive technology. 
 
In April, US district judge Charles Breyer&nbsp;set a June-21 deadline to publicly file the final settlement, but in the Wednesday order he agreed to extend the deadline by one week to complete the complex agreement. 
 
Breyer said in a written order he was extending the deadline at the request of former FBI director Robert S&nbsp;Mueller, who has been acting as the court-appointed mediator, and &quot;given the highly technical nature of the proposed settlements in these complex proceedings.&quot; 
 
The US Environmental Protection Agency, California Air Resources Board, US Justice Department, Federal Trade Commission and lawyers representing owners have been working for weeks to hammer out the final agreements. 
 
Two sources briefed on the talks say the agreement is still on track to be finalised. 
 
Volkswagen spokeswoman Jeannine Ginivan noted that the delay was at the request of the FBI&#39;s Mueller. 
 
&quot;We thank our customers for their continued patience as the process of finalising agreements moves forward,&quot; Ginivan&nbsp;said. 
 
The settlement also will include an option to eventually get cars repaired if regulators approve a fix. Owners will get &quot;substantial monetary compensation&quot;, Breyer said in April. 
 
In April, Volkswagen said it would set aside 16.2 billion Euros ($18.2 billion) and slash its dividend to cover the costs from Dieselgate -- including nearly 8 billion Euros to cover buying back and fixing polluting vehicles. 
 
The initial settlement to be announced later this month is not expected to address about 80,000 larger Volkswagen, Audi and Porsche 3.0 litre vehicles with separate undisclosed software that allowed vehicles to emit up to nine times legally allowable pollution. Those vehicles are expected to be addressed at a later date. 
 
Another issue that would not be resolved until later is how much Volkswagen will pay in fines for admitting to violating the Clean Air Act, sources said. The EPA said in September 2015 that VW could face up to $18 billion in fines for installing the cheating software. 
 
After it is finalised, the agreement faces a public comment period and must get final judicial approval, which could come at a July 26 hearing. Judge Breyer did not delay that hearing. 
 
VW also faces an ongoing criminal investigation by the U.S. Justice Department. 
(Reuters)

Volkswagen has offered to buy back about 500,000 polluting cars

A US judge extended the deadline for Volkswagen, US government regulators and owners of 2.0 litre cars to reach a final diesel emissions settlement until June 28. The tentative settlement announced in April includes an offer by Volkswagen to buy back nearly 500,000 polluting vehicles, as well as an environmental remediation fund to address excess emissions and a fund to promote green automotive technology. In April, US district judge Charles Breyer set a June-21 deadline to publicly file the final settlement, but in the Wednesday order he agreed to extend the deadline by one week to complete the complex agreement. Breyer said in a written order he was extending the deadline at the request of former FBI director Robert S Mueller, who has been acting as the court-appointed mediator, and "given the highly technical nature of the proposed settlements in these complex proceedings." The US Environmental Protection Agency, California Air Resources Board, US Justice Department, Federal Trade Commission and lawyers representing owners have been working for weeks to hammer out the final agreements. Two sources briefed on the talks say the agreement is still on track to be finalised. Volkswagen spokeswoman Jeannine Ginivan noted that the delay was at the request of the FBI's Mueller. "We thank our customers for their continued patience as the process of finalising agreements moves forward," Ginivan said. The settlement also will include an option to eventually get cars repaired if regulators approve a fix. Owners will get "substantial monetary compensation", Breyer said in April. In April, Volkswagen said it would set aside 16.2 billion Euros ($18.2 billion) and slash its dividend to cover the costs from Dieselgate -- including nearly 8 billion Euros to cover buying back and fixing polluting vehicles. The initial settlement to be announced later this month is not expected to address about 80,000 larger Volkswagen, Audi and Porsche 3.0 litre vehicles with separate undisclosed software that allowed vehicles to emit up to nine times legally allowable pollution. Those vehicles are expected to be addressed at a later date. Another issue that would not be resolved until later is how much Volkswagen will pay in fines for admitting to violating the Clean Air Act, sources said. The EPA said in September 2015 that VW could face up to $18 billion in fines for installing the cheating software. After it is finalised, the agreement faces a public comment period and must get final judicial approval, which could come at a July 26 hearing. Judge Breyer did not delay that hearing. VW also faces an ongoing criminal investigation by the U.S. Justice Department. (Reuters)

US judge extends VW diesel emissions settlement deadline

India&#39;s current account deficit in the January-March quarter narrowed to $300 million, or 0.1 per cent of gross domestic product, from $7.1 billion, or 1.3 per cent of GDP in the previous quarter, the central bank said on Thursday. 
 
The balance of payments surplus in January-March was $3.3 billion, compared to a surplus of $4.1 billion in October-December, according to the Reserve Bank of India. 
(Reuters)

The three-month deficit came down to $300 million from previous quarter's deficit of $7.1 billion

India's current account deficit in the January-March quarter narrowed to $300 million, or 0.1 per cent of gross domestic product, from $7.1 billion, or 1.3 per cent of GDP in the previous quarter, the central bank said on Thursday. The balance of payments surplus in January-March was $3.3 billion, compared to a surplus of $4.1 billion in October-December, according to the Reserve Bank of India. (Reuters)

India's Jan-March current account deficit narrows to 0.1% of GDP

Facebook founder Mark Zuckerberg&#39;s philanthropy venture has made its first major investment, leading a funding round in a startup,&nbsp;Andela, that trains and recruits software developers in Africa. 
 
The Chan Zuckerberg Initiative, a&nbsp;limited liability company&nbsp;(LLC), created by Zuckerberg and his wife, Priscilla Chan, led a $24 million Series B funding in Andela, the start-up said on Thursday. 
 
Alphabet Inc&#39;s GV, previously known as Google Ventures, was also part of the funding round. 
 
Andela selects the top one per cent of tech talent from Africa, trains them and places them in engineering organisations. 
 
The start-up, which has nearly 200 engineers currently employed by its Nigeria and Kenya offices, will use the funds to expand to a third African country by the end of 2016. 
 
&quot;We live in a world where talent is evenly distributed, but opportunity is not. Andela&#39;s mission is to close that gap,&quot; Zuckerberg said in a statement. 
 
Zuckerberg said he would put in 99 per cent of his Facebook shares when the philanthropy initiative was launched in late 2015. 
 
Unlike a traditional charitable or philanthropic foundation, the Chan Zuckerberg Initiative&nbsp;can make political donations, lobby lawmakers, invest in businesses and recoup any profits from those investments, as it is a limited liability company. 
 
Zuckerberg has also signed the Giving Pledge which invites the world&#39;s wealthiest individuals and families to commit to giving more than half of their wealth to philanthropy or charitable causes over their lifetime or in their will. 
(Reuters)

The Chan Zuckerberg initiative funded African start-up, Andela, which tutors the creamy layer of tech talent in Africa

Facebook founder Mark Zuckerberg's philanthropy venture has made its first major investment, leading a funding round in a startup, Andela, that trains and recruits software developers in Africa. The Chan Zuckerberg Initiative, a limited liability company (LLC), created by Zuckerberg and his wife, Priscilla Chan, led a $24 million Series B funding in Andela, the start-up said on Thursday. Alphabet Inc's GV, previously known as Google Ventures, was also part of the funding round. Andela selects the top one per cent of tech talent from Africa, trains them and places them in engineering organisations. The start-up, which has nearly 200 engineers currently employed by its Nigeria and Kenya offices, will use the funds to expand to a third African country by the end of 2016. "We live in a world where talent is evenly distributed, but opportunity is not. Andela's mission is to close that gap," Zuckerberg said in a statement. Zuckerberg said he would put in 99 per cent of his Facebook shares when the philanthropy initiative was launched in late 2015. Unlike a traditional charitable or philanthropic foundation, the Chan Zuckerberg Initiative can make political donations, lobby lawmakers, invest in businesses and recoup any profits from those investments, as it is a limited liability company. Zuckerberg has also signed the Giving Pledge which invites the world's wealthiest individuals and families to commit to giving more than half of their wealth to philanthropy or charitable causes over their lifetime or in their will. (Reuters)

Zuckerberg's philanthropy project makes first major investment

India on Wednesday eased a rule restricting when newer airlines can start flying overseas, Civil Aviation Minister Ashok Gajapathi Raju said. 
 
Raju said on Twitter that airlines would no longer need to wait for the five years of operations earlier required before they can begin flying abroad, but must still have 20 jets in their fleet. 
 
India&#39;s cabinet approved the new national civil aviation policy earlier on Wednesday. 
(Reuters)

The 5-year condition for international flying is relaxed but airlines must have 20 jets

India on Wednesday eased a rule restricting when newer airlines can start flying overseas, Civil Aviation Minister Ashok Gajapathi Raju said. Raju said on Twitter that airlines would no longer need to wait for the five years of operations earlier required before they can begin flying abroad, but must still have 20 jets in their fleet. India's cabinet approved the new national civil aviation policy earlier on Wednesday. (Reuters)

India eases restriction on airlines flying overseas

Energy-hungry India has restarted talks on a liquefied natural gas (LNG) purchasing alliance with Japan and South Korea and may also include China as Asian demand for the fuel grows. 
 
&quot;For the next two to three decades, gas is going to be a major part of the energy basket for Asian energy consumers,&quot; Dharmendra Pradhan, Indian minister of petroleum and natural gas told reporters in Mumbai. 
 
&quot;We want to bring together the countries and form a network which can together source reasonable, rational and affordable LNG,&quot; he said, adding that talks with Japan and South Korea have begun and China may also come onboard as a partner. 
 
State-owned Gas Authority of India Limited (GAIL) is spearheading the talks, which followed a similar attempt in 2013, on India&#39;s behalf. 
 
Natural gas currently accounts for about eight per cent of India&#39;s overall energy mix. In the last decade, while India&#39;s domestic natural gas production has grown by 10 per cent, imports of LNG have risen by 335 per cent. 
 
This is likely to grow further as India gradually shifts to a gas-based economy, the minister told Reuters in a recent interview. 
 
India&#39;s gas demand stands at 120 million standard cubic meters per day (mscmd) whereas domestic supply is 80 mscmd, making imports imperative, government data showed. 
(Reuters)

In the last decade, India's domestic gas production has grown by 10 per cent, imports of liquefied natural gas have risen by 335 per cent

Energy-hungry India has restarted talks on a liquefied natural gas (LNG) purchasing alliance with Japan and South Korea and may also include China as Asian demand for the fuel grows. "For the next two to three decades, gas is going to be a major part of the energy basket for Asian energy consumers," Dharmendra Pradhan, Indian minister of petroleum and natural gas told reporters in Mumbai. "We want to bring together the countries and form a network which can together source reasonable, rational and affordable LNG," he said, adding that talks with Japan and South Korea have begun and China may also come onboard as a partner. State-owned Gas Authority of India Limited (GAIL) is spearheading the talks, which followed a similar attempt in 2013, on India's behalf. Natural gas currently accounts for about eight per cent of India's overall energy mix. In the last decade, while India's domestic natural gas production has grown by 10 per cent, imports of LNG have risen by 335 per cent. This is likely to grow further as India gradually shifts to a gas-based economy, the minister told Reuters in a recent interview. India's gas demand stands at 120 million standard cubic meters per day (mscmd) whereas domestic supply is 80 mscmd, making imports imperative, government data showed. (Reuters)

India seeks better natural gas deal by teaming up with South Korea and Japan

Microsoft&#39;s $26 billion acquisition of LinkedIn announced on Monday, the biggest-ever deal for a social media company, sent Twitter shares surging nearly 10 per cent over the past two days. 
 
After the mega-deal for LinkedIn, Twitter&#39;s future has come into focus as the industry ponders the outlook for social networks. 
 
Even though Twitter has a vastly different model from the professional social network, the shakeup in the sector has drawn attention to Twitter&#39;s large user base and data capabilities. 
 
With LinkedIn off the table, Twitter becomes the largest independent, non-Chinese social network which could be an acquisition target. 
 
&quot;At the margin, this makes all the remaining players more valuable due to the scarcity of those that have achieved scale,&quot; said Lou Kerner, founder of the Social Internet Fund, which invests in the sector. 
 
Kerner said that while LinkedIn is an &quot;ascendant&quot; company, Twitter is still struggling to grow beyond its current base of just over 300 million active users worldwide. 
 
Kerner said potential Twitter acquirers &quot;are looking for products that can help drive their growth and don&#39;t need to be fixed&quot;. 
 
He added that &quot;Twitter has scale, but what it doesn&#39;t have is growth, so its a far less attractive asset than LinkedIn.&quot; 
 
Still, talk has been swirling for months about a takeover of Twitter. Last week, venture capitalist and blogger Paul Kedrosky said in a tweet, &quot;I&#39;m not optimistic that Twitter makes it out of 2016 as a standalone company, which is sad.&quot; 
 
Despite the bump in Twitter shares, it has lost some 75 per cent of its value from highs in 2013 after its public share offering. 
 
 
Bubble bursting? 
 
Other analysts said Twitter&#39;s value as an acquisition target had not changed. 
 
Patrick Moorhead of Moor Insights &amp; Strategy said the rise in Twitter was based on &quot;investor sympathy&quot; following the LinkedIn deal, but added,&nbsp;&quot;I&#39;m not buying into the notion of some sort of impending acquisition or if this even makes more strategic sense for an Apple or Google to make a social acquisition.&quot; 
 
Michael Pachter at Wedbush Securities said he sees no real connection. 
 
&quot;LinkedIn is really a job searching tool, nothing like Twitter at all,&quot; he told AFP. &quot;I don&#39;t think it signals a rush to buy social media at all.&quot; 
 
Trip Chowdhry, analyst at Global Equities Research, said the Microsoft deal could signal the top of a bubble in social media companies. 
 
&quot;What the acquisition of LinkedIn means is that we are at the tail end of social media hype,&quot; Chowdhry said. &quot;The growth rates are going to dramatically slow.&quot; 
 
Chowdhry said Microsoft is seeking a distraction from its declining software business and LinkedIn&#39;s growth has been faltering as well. 
 
Although it has an estimated 433 million users, LinkedIn reported a loss of $46 million in the past quarter and a $166 million loss for 2015. Microsoft agreed to pay a 50 per cent premium for the company. 
 
&quot;When you have a marriage between two struggling companies, it&#39;s a wakeup call for the industry,&quot; he said. 
 
&quot;If anybody is believing that the best is yet to come for social media stocks they will be disillusioned.&quot; 
 
Chowdhry said he believes other social networks which are not publicly traded but have high valuations such as Snapchat and Pinterest &quot;are going to get a dose of reality&quot;. 
 
&quot;The bubble in social media is going to burst,&quot; he said. 
 
Most social media firms have been able to grow their user base but have failed to come up with a solid business model,&nbsp;said Chowdhry. 
 
&quot;Twitter is a very strong platform for celebrities and politicians, and there&#39;s a value to Twitter,&quot; he said. &quot;But Twitter does not have mass appeal.&quot; 
 
Chowdhry said he does not rule out a bid for Twitter because &quot;there are still many foolish companies who want to divert investor attention away from their own fundamental problems&quot;. 
(AFP)

Microsoft's purchase of the job-search tool puts new focus on the dollar value of social media companies

Microsoft's $26 billion acquisition of LinkedIn announced on Monday, the biggest-ever deal for a social media company, sent Twitter shares surging nearly 10 per cent over the past two days. After the mega-deal for LinkedIn, Twitter's future has come into focus as the industry ponders the outlook for social networks. Even though Twitter has a vastly different model from the professional social network, the shakeup in the sector has drawn attention to Twitter's large user base and data capabilities. With LinkedIn off the table, Twitter becomes the largest independent, non-Chinese social network which could be an acquisition target. "At the margin, this makes all the remaining players more valuable due to the scarcity of those that have achieved scale," said Lou Kerner, founder of the Social Internet Fund, which invests in the sector. Kerner said that while LinkedIn is an "ascendant" company, Twitter is still struggling to grow beyond its current base of just over 300 million active users worldwide. Kerner said potential Twitter acquirers "are looking for products that can help drive their growth and don't need to be fixed". He added that "Twitter has scale, but what it doesn't have is growth, so its a far less attractive asset than LinkedIn." Still, talk has been swirling for months about a takeover of Twitter. Last week, venture capitalist and blogger Paul Kedrosky said in a tweet, "I'm not optimistic that Twitter makes it out of 2016 as a standalone company, which is sad." Despite the bump in Twitter shares, it has lost some 75 per cent of its value from highs in 2013 after its public share offering. Bubble bursting? Other analysts said Twitter's value as an acquisition target had not changed. Patrick Moorhead of Moor Insights & Strategy said the rise in Twitter was based on "investor sympathy" following the LinkedIn deal, but added, "I'm not buying into the notion of some sort of impending acquisition or if this even makes more strategic sense for an Apple or Google to make a social acquisition." Michael Pachter at Wedbush Securities said he sees no real connection. "LinkedIn is really a job searching tool, nothing like Twitter at all," he told AFP. "I don't think it signals a rush to buy social media at all." Trip Chowdhry, analyst at Global Equities Research, said the Microsoft deal could signal the top of a bubble in social media companies. "What the acquisition of LinkedIn means is that we are at the tail end of social media hype," Chowdhry said. "The growth rates are going to dramatically slow." Chowdhry said Microsoft is seeking a distraction from its declining software business and LinkedIn's growth has been faltering as well. Although it has an estimated 433 million users, LinkedIn reported a loss of $46 million in the past quarter and a $166 million loss for 2015. Microsoft agreed to pay a 50 per cent premium for the company. "When you have a marriage between two struggling companies, it's a wakeup call for the industry," he said. "If anybody is believing that the best is yet to come for social media stocks they will be disillusioned." Chowdhry said he believes other social networks which are not publicly traded but have high valuations such as Snapchat and Pinterest "are going to get a dose of reality". "The bubble in social media is going to burst," he said. Most social media firms have been able to grow their user base but have failed to come up with a solid business model, said Chowdhry. "Twitter is a very strong platform for celebrities and politicians, and there's a value to Twitter," he said. "But Twitter does not have mass appeal." Chowdhry said he does not rule out a bid for Twitter because "there are still many foolish companies who want to divert investor attention away from their own fundamental problems". (AFP)

What after LinkedIn: Will Twitter get bought next or is the social network bubble about to burst?

Shanghai jumped on Wednesday as traders brushed off a decision by MSCI to deny its inclusion in an influential list of global benchmarks, while Hong Kong joined a broad Asian rebound after recent heavy losses. 
 
The Shanghai Composite Index jumped 1.53 pe rcent, or 43.59 points, to 2,885.78 while the Shenzhen Composite Index, which tracks stocks on China`s second exchange, advanced 2.98 per cent, or 54.59 points, to 1,887.22. 
And Hong Kong rose 0.46 percent, or 92.83 points, to 20,480.36. 
(AFP)

The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 2.98 per cent, or 54.59 points, to 1,887.22

Shanghai jumped on Wednesday as traders brushed off a decision by MSCI to deny its inclusion in an influential list of global benchmarks, while Hong Kong joined a broad Asian rebound after recent heavy losses. The Shanghai Composite Index jumped 1.53 pe rcent, or 43.59 points, to 2,885.78 while the Shenzhen Composite Index, which tracks stocks on China`s second exchange, advanced 2.98 per cent, or 54.59 points, to 1,887.22. And Hong Kong rose 0.46 percent, or 92.83 points, to 20,480.36. (AFP)

Shanghai rallies, investors ignore MSCI disappointment

India remodeled rules governing the world&#39;s fastest-growing aviation market on Wednesday to make it easier for new airlines to fly overseas, aiming to boost air travel and economic growth. 
 
Prime Minister Narendra Modi&#39;s government presented the national civil aviation policy, which has been years in the making, in a bid to make flying more affordable for India&#39;s expanding middle class, bolster competition and get more of the country connected. 
 
Implementing the policy is a sign that Modi&#39;s government is beginning to find traction with key reforms, which also included the recent introduction of new real estate and bankruptcy laws, after a series of setbacks in his first two years in office. 
 
Under the policy, domestic carriers will no longer have to operate for five years before they can fly abroad, known as the 5/20 rule, although they must still deploy 20 aircraft or 20 per cent of total capacity in India, whichever is higher. 
 
The change, effective immediately, is a boost for Tata Group&#39;s two recent ventures - Vistara, in partnership with Singapore Airlines, and AirAsia India, with Malaysia&#39;s AirAsia Bhd - and could encourage other foreign carriers to enter the country. 
 
&quot;We need more airlines, more aircrafts serving our Indian skies, so if more airlines want to come to India they are welcome,&quot; said Ashok Gajapathi Raju,&nbsp;aviation minister. 
 
Passenger numbers on domestic flights jumped 21 per cent in 2015 to more than 80 million. The government aims to increase that number to 300 million by 2022. 
 
International travel is growing more slowly, at nine per cent a year, but newer airlines are eager to start flying overseas where routes can be more lucrative than in the fiercely competitive domestic sector. 
 
Easing the 5/20 rule, unique to India, marks a further step towards liberalising the country&#39;s aviation market. 
 
While the change is a boost for the new carriers, incumbents like Etihad-backed Jet Airways, InterGlobe Aviation&#39;s Indigo Airlines and SpiceJet that already fly overseas had lobbied hard to keep the rule in place. 
 
However, Vistara, with 10 jets, is at least a year away from having the 20 planes needed to fly abroad, meaning that there is no immediate threat to the established players. 
 
AirAsia India has only six A320 planes but its CEO said it would accelerate fleet expansion plans. 
 
&quot;We will now take that (rule change) into account and invest in India to get to that 20 mark as soon as possible, as soon as viable,&quot; CEO Amar Abrol said. 
 
Shares in Jet Airways, InterGlobe and SpiceJet rose on news the civil aviation policy had been approved. 
 
REGIONAL CONNECTIVITY 
 
The government also announced it would cap base fares on regional routes at 2,500 rupees ($37) per hour of travel to get more people flying to and from under-served destinations, with the government providing part of the funding to make it viable. 
 
The cap does not affect the most popular routes, like New Delhi to Mumbai. 
 
Funding for new &quot;no-frills&quot; airports would also be made available and excise duty on fuel would be cut, civil aviation secretary R. N. Choubey said. 
 
India&#39;s air travel market has boomed in the last decade as it opened up to competition, ticket prices were slashed and the number of people wealthy enough to travel ballooned. 
 
Still, India&#39;s annual trips per capita, at 0.04, is low as compared to 0.3 in China. 
 
Amber Dubey, head of aerospace at KPMG in India, said he welcomed the focus on regional connectivity and replacing the 5/20 rule, predicting it would accelerate growth. 
 
&quot;The National Civil Aviation Policy ... is likely to enhance that further by taking flying to the masses through a slew of policy initiatives and fiscal and monetary support,&quot; Dubey said. 
 
&nbsp;

Condition of five-year domestic deploy by airlines for an international license is relaxed but it must have at least 20 jets in service

India remodeled rules governing the world's fastest-growing aviation market on Wednesday to make it easier for new airlines to fly overseas, aiming to boost air travel and economic growth. Prime Minister Narendra Modi's government presented the national civil aviation policy, which has been years in the making, in a bid to make flying more affordable for India's expanding middle class, bolster competition and get more of the country connected. Implementing the policy is a sign that Modi's government is beginning to find traction with key reforms, which also included the recent introduction of new real estate and bankruptcy laws, after a series of setbacks in his first two years in office. Under the policy, domestic carriers will no longer have to operate for five years before they can fly abroad, known as the 5/20 rule, although they must still deploy 20 aircraft or 20 per cent of total capacity in India, whichever is higher. The change, effective immediately, is a boost for Tata Group's two recent ventures - Vistara, in partnership with Singapore Airlines, and AirAsia India, with Malaysia's AirAsia Bhd - and could encourage other foreign carriers to enter the country. "We need more airlines, more aircrafts serving our Indian skies, so if more airlines want to come to India they are welcome," said Ashok Gajapathi Raju, aviation minister. Passenger numbers on domestic flights jumped 21 per cent in 2015 to more than 80 million. The government aims to increase that number to 300 million by 2022. International travel is growing more slowly, at nine per cent a year, but newer airlines are eager to start flying overseas where routes can be more lucrative than in the fiercely competitive domestic sector. Easing the 5/20 rule, unique to India, marks a further step towards liberalising the country's aviation market. While the change is a boost for the new carriers, incumbents like Etihad-backed Jet Airways, InterGlobe Aviation's Indigo Airlines and SpiceJet that already fly overseas had lobbied hard to keep the rule in place. However, Vistara, with 10 jets, is at least a year away from having the 20 planes needed to fly abroad, meaning that there is no immediate threat to the established players. AirAsia India has only six A320 planes but its CEO said it would accelerate fleet expansion plans. "We will now take that (rule change) into account and invest in India to get to that 20 mark as soon as possible, as soon as viable," CEO Amar Abrol said. Shares in Jet Airways, InterGlobe and SpiceJet rose on news the civil aviation policy had been approved. REGIONAL CONNECTIVITY The government also announced it would cap base fares on regional routes at 2,500 rupees ($37) per hour of travel to get more people flying to and from under-served destinations, with the government providing part of the funding to make it viable. The cap does not affect the most popular routes, like New Delhi to Mumbai. Funding for new "no-frills" airports would also be made available and excise duty on fuel would be cut, civil aviation secretary R. N. Choubey said. India's air travel market has boomed in the last decade as it opened up to competition, ticket prices were slashed and the number of people wealthy enough to travel ballooned. Still, India's annual trips per capita, at 0.04, is low as compared to 0.3 in China. Amber Dubey, head of aerospace at KPMG in India, said he welcomed the focus on regional connectivity and replacing the 5/20 rule, predicting it would accelerate growth. "The National Civil Aviation Policy ... is likely to enhance that further by taking flying to the masses through a slew of policy initiatives and fiscal and monetary support," Dubey said.

India overhauls aviation rules to boost air travel

India will sell a 10 per cent stake in state-controlled Housing &amp; Urban Development Corporation Ltd. (HUDCO) through an initial public offering, Telecoms Minister Ravi Shankar Prasad said on Wednesday after a cabinet meeting. 
 
The government wants to raise 565 billion rupees ($8.42 billion) from the sale of stakes in state-owned enterprises in the 2016/17 financial year. That is 19 per cent lower than last year&#39;s target, which the government failed to hit. 
(Reuters)

Partial privatisation to raise $8.42 billion

India will sell a 10 per cent stake in state-controlled Housing & Urban Development Corporation Ltd. (HUDCO) through an initial public offering, Telecoms Minister Ravi Shankar Prasad said on Wednesday after a cabinet meeting. The government wants to raise 565 billion rupees ($8.42 billion) from the sale of stakes in state-owned enterprises in the 2016/17 financial year. That is 19 per cent lower than last year's target, which the government failed to hit. (Reuters)

India to sell 10% of state-controlled Housing and Urban Development Corporation

HSBC, one of the largest banks in Europe, laid off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. 
 
Most of the staff affected was informed about the cuts on Monday, according to a source familiar with the matter. The majority of the roles are based in London, Sheffield and Tankersley and all the jobs will disappear by the end of this year, the source said. 
 
&quot;As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world,&quot; John Hackett, chief operating officer of HSBC UK, said in a statement. The bank unveiled its three-year restructuring plan last year, designed to pare back its sprawling global network by shutting underperforming businesses to improve earnings hurt by high compliance costs, fines and low interest rates. 
 
The restructuring will eventually eliminate one job in five around the world, and around a sixth of jobs in Britain. 
 
When the restructuring plan was announced, chief executive officer Stuart Gulliver said most of the job losses in Britain would come from employees leaving on their own accord.The Unite union said many of the jobs will now be offshored to lower income countries such as India, China and Poland. 
 
&quot;HSBC&#39;s decision to axe so many IT jobs is as ruthless as it is reckless,&quot; said Dominic Hook, national officer at Unite. &quot;As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences.&quot;Problems with HSBC&#39;s computer system cut customers off from access to online accounts on two occasions this year. 
 
HSBC has 47,000 UK workers at the end of December, according to its most recent annual report. More cuts are expected over the coming months as the bank continues to consolidate IT and back office operations, the sources said. 
 
HSBC&#39;s shares remained flat on Monday, in line with the benchmark FTSE 100 index. The lender&#39;s shares have fallen 20 per cent this year as tough global market conditions have hammered trading revenues for banks worldwide.

But this is just the beginning and the banking major 8000 jobs all over Britain

HSBC, one of the largest banks in Europe, laid off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. Most of the staff affected was informed about the cuts on Monday, according to a source familiar with the matter. The majority of the roles are based in London, Sheffield and Tankersley and all the jobs will disappear by the end of this year, the source said. "As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world," John Hackett, chief operating officer of HSBC UK, said in a statement. The bank unveiled its three-year restructuring plan last year, designed to pare back its sprawling global network by shutting underperforming businesses to improve earnings hurt by high compliance costs, fines and low interest rates. The restructuring will eventually eliminate one job in five around the world, and around a sixth of jobs in Britain. When the restructuring plan was announced, chief executive officer Stuart Gulliver said most of the job losses in Britain would come from employees leaving on their own accord.The Unite union said many of the jobs will now be offshored to lower income countries such as India, China and Poland. "HSBC's decision to axe so many IT jobs is as ruthless as it is reckless," said Dominic Hook, national officer at Unite. "As IT glitches across the banks continue to prove, it is ultimately the customers who will suffer the consequences."Problems with HSBC's computer system cut customers off from access to online accounts on two occasions this year. HSBC has 47,000 UK workers at the end of December, according to its most recent annual report. More cuts are expected over the coming months as the bank continues to consolidate IT and back office operations, the sources said. HSBC's shares remained flat on Monday, in line with the benchmark FTSE 100 index. The lender's shares have fallen 20 per cent this year as tough global market conditions have hammered trading revenues for banks worldwide.

HSBC axes 840 IT jobs in Britain in first wave of planned cuts

Microsoft Corp agreed to buy LinkedIn Corp for $26.2 billion in its biggest-ever deal, combining the software giant&#39;s fast-growing cloud services business with the world&#39;s largest online network for professionals. 
 
The offer of $196 per share represents a premium of 49.5 per cent to LinkedIn&#39;s Friday closing price. 
 
LinkedIn&#39;s shares jumped by 48 per cent to $194.28 before the opening bell on Monday. Microsoft&#39;s shares were down 3.3 per cent. 
 
&quot;Today is a re-founding moment for LinkedIn,&quot; Reid Hoffman, chairman of LinkedIn&#39;s board, said in a statement. 
 
Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella. 
 
&quot;I have always had a great admiration for LinkedIn,&quot; Nadella said in a video on Microsoft&#39;s website. &quot;I have been talking with Reid and Jeff for a while ... I have been thinking about this for a long time.&quot; 
 
The deal is expected to close in 2016, the companies said in a joint statement. 
 
Microsoft said it would issue new debt to fund the deal. 
 
After the deal, LinkedIn will become part of Microsoft&#39;s productivity and business processes unit

There has been speculation that the next acquistion target could be Twitter

Microsoft Corp agreed to buy LinkedIn Corp for $26.2 billion in its biggest-ever deal, combining the software giant's fast-growing cloud services business with the world's largest online network for professionals. The offer of $196 per share represents a premium of 49.5 per cent to LinkedIn's Friday closing price. LinkedIn's shares jumped by 48 per cent to $194.28 before the opening bell on Monday. Microsoft's shares were down 3.3 per cent. "Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement. Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella. "I have always had a great admiration for LinkedIn," Nadella said in a video on Microsoft's website. "I have been talking with Reid and Jeff for a while ... I have been thinking about this for a long time." The deal is expected to close in 2016, the companies said in a joint statement. Microsoft said it would issue new debt to fund the deal. After the deal, LinkedIn will become part of Microsoft's productivity and business processes unit

Microsoft to buy LinkedIn for $26.2 billion in its biggest-ever deal

<div style="text-align: justify;">European shares fell for a fifth straight session today, with investors becoming jittery before next week&#39;s referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day. 
 
Swiss money manager GAM Holding fell nearly 18 per cent to a 4.5&nbsp;year low after warning it expects a roughly 50 per cent year-on-year fall in first-half, underlying profit before tax, mainly due to lower performance fees. 
 
However,&nbsp;Premier Farnell surged 50 per cent&nbsp;after Daetwyler Holding agreed to buy it in an all-cash offer that valued the British electronic component distributor at just over 1 billion Swiss francs ($1.04 billion). 
 
The pan-European FTSEurofirst 300 index fell 1.1 per cent to 1,270.68 points after hitting its lowest since February. The STOXX Europe 600 was also down 1.1 per cent, while the European miners fell 1.8 per cent, the top sectoral decliner, tracking weaker metals prices. 
 
The Euro STOXX 50 volatility index, Europe&#39;s main gauge of equity market investor anxiety known as the VSTOXX index, surged to a four-month high of 36, against 20 about two weeks ago, over&nbsp;Brexit&nbsp;fears. 
 
&quot;Brexit&nbsp;concerns are pushing the volatility index higher and particularly hitting financials. This increased volatility is likely to last at least until&nbsp;the referendum,&quot; said&nbsp;Koen De Leus, senior economist at KBC in Brussels 
 
Two opinion polls published by ICM showed on Monday that Britain&#39;s &quot;Out&quot; campaign had widened its lead over the &quot;In&quot; camp ahead of the June 23 referendum on Britain&#39;s EU membership, adding to investors&#39; general nervousness. 
 
The European banking index was down 0.7 per cent, taking total losses to more than 26 per cent this year. It is the worst performing sector in Europe in 2016. 
 
Uncertainty over this week&#39;s two-day Fed meeting, starting later on Tuesday, also weighed on markets. The US&nbsp;central bank is widely&nbsp;expected to leave rates unchanged after the much weaker-than-expected May nonfarm payrolls report, analysts said. 
 
&quot;Markets will continue to price in a worst case scenario meaning further declines are likely in the days ahead except if there would be a substantial shift in public opinion or some kind of verbal intervention from politicians or central bankers to bring back calm into the markets,&quot;&nbsp;Markus Huber, trader at City of London Markets, said.</div>

Brexit concerns are hitting the European markets with Swiss money manager GAM Holding hitting a 4.5 yearlow at 18 per cent

European shares fell for a fifth straight session today, with investors becoming jittery before next week's referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day. Swiss money manager GAM Holding fell nearly 18 per cent to a 4.5 year low after warning it expects a roughly 50 per cent year-on-year fall in first-half, underlying profit before tax, mainly due to lower performance fees. However, Premier Farnell surged 50 per cent after Daetwyler Holding agreed to buy it in an all-cash offer that valued the British electronic component distributor at just over 1 billion Swiss francs ($1.04 billion). The pan-European FTSEurofirst 300 index fell 1.1 per cent to 1,270.68 points after hitting its lowest since February. The STOXX Europe 600 was also down 1.1 per cent, while the European miners fell 1.8 per cent, the top sectoral decliner, tracking weaker metals prices. The Euro STOXX 50 volatility index, Europe's main gauge of equity market investor anxiety known as the VSTOXX index, surged to a four-month high of 36, against 20 about two weeks ago, over Brexit fears. "Brexit concerns are pushing the volatility index higher and particularly hitting financials. This increased volatility is likely to last at least until the referendum," said Koen De Leus, senior economist at KBC in Brussels Two opinion polls published by ICM showed on Monday that Britain's "Out" campaign had widened its lead over the "In" camp ahead of the June 23 referendum on Britain's EU membership, adding to investors' general nervousness. The European banking index was down 0.7 per cent, taking total losses to more than 26 per cent this year. It is the worst performing sector in Europe in 2016. Uncertainty over this week's two-day Fed meeting, starting later on Tuesday, also weighed on markets. The US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May nonfarm payrolls report, analysts said. "Markets will continue to price in a worst case scenario meaning further declines are likely in the days ahead except if there would be a substantial shift in public opinion or some kind of verbal intervention from politicians or central bankers to bring back calm into the markets," Markus Huber, trader at City of London Markets, said.

European shares set new three-month low, Swiss GAM drops 18%

Asian stocks slipped on Tuesday ahead of the US Federal Reserve&#39;s two-day meeting that begins later in the day&nbsp;amid growing worries that this month&#39;s referendum in Britain could see it exit the European Union. 
 
The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the &quot;Out&quot; campaign widening its lead over the &quot;In&quot; camp, according to two opinion polls published by ICM on Monday. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent&nbsp;after Wall Street lost ground for the third straight session. 
 
Japan&#39;s Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. 
 
&quot;Short-term hedge funds have started betting on Brexit&nbsp;and futures players will likely dominate the market&#39;s move today,&quot; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. 
 
The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. 
 
Uncertainty over this week&#39;s Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. 
 
&quot;The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening,&quot; analysts at Barclays wrote. 
 
&quot;Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum,&quot; they said. 
 
The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. 
 
The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. 
 
The perceived safe-haven Yen has benefited from investors&#39; risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday&#39;s low of 105.735, its weakest level since early May. 
 
Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would &quot;firmly respond&quot; if rapid and speculative moves persisted in the foreign exchange market. 
 
The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. 
 
Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. 
 
Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. 
 
Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

The Pound and Euro have both suffered over fears that UK leaving the EU will cause another European recession

Asian stocks slipped on Tuesday ahead of the US Federal Reserve's two-day meeting that begins later in the day amid growing worries that this month's referendum in Britain could see it exit the European Union. The Pound and Euro have suffered in recent sessions as economists fear a so-called Brexit would tip Europe back into recession. Voters appear divided ahead of the June 23-referendum, with the "Out" campaign widening its lead over the "In" camp, according to two opinion polls published by ICM on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent after Wall Street lost ground for the third straight session. Japan's Nikkei stock index skidded 1.5 per cent after tumbling 3.5 per cent on Monday. "Short-term hedge funds have started betting on Brexit and futures players will likely dominate the market's move today," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. The benchmark 10-year Japanese government bond yield fell to as low as minus 0.175 per cent, a fresh record, before edging back to minus 0.170 per cent. Uncertainty over this week's Federal Reserve policy meeting has weighed on markets, even while the US central bank is widely expected to leave rates unchanged after the much weaker-than-expected May non-farm payrolls report. "The committee was actively preparing markets for a June-July rate hike until the release of the May employment report and is unlikely to give up its tightening bias absent additional information that labour markets are weakening," analysts at Barclays wrote. "Nevertheless, the abrupt slowing in employment and falling long-run inflation expectations should raise alarm bells, and risk management concerns suggest delaying action until after the outcome of the UK referendum," they said. The Bank of England, Swiss National Bank and the Bank of Japan will also meet this week, and are similarly expected to stand pat on policy with the Brexit vote looming. The dollar index, which tracks the greenback against a basket of six rival currencies, edged up slightly to 94.395, moving back toward the overnight high of 94.750. That was its highest since the downbeat US jobs report toppled the dollar on June 3. The perceived safe-haven Yen has benefited from investors' risk aversion. The dollar was down 0.2 per cent at 105.99 Yen, moving back toward Monday's low of 105.735, its weakest level since early May. Japanese Finance Minister Taro Aso issued a fresh warning against renewed strength in the Yen, saying that he would "firmly respond" if rapid and speculative moves persisted in the foreign exchange market. The Euro was slightly lower at $1.1290. Against the Yen, it skidded 0.3 per cent to 119.69, moving back toward a more than three-year low plumbed in the previous session. Sterling also notched a three-year low against the Yen on Monday, and was last down 0.8 per cent at 150.35 Yen. Against the Dollar, the Pound dropped 0.6 per cent to $1.4180. Crude oil prices continued to slip, pressured by the strong US dollar and worrying economic prospects in Europe and Asia, though losses were contained by ongoing supply outages in Nigeria. Brent was down 1 per cent at $49.84 per barrel, while US crude shed 1.1 per cent to $48.34.

Asian shares slip as Brexit vote looms

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. 
 
Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. 
 
US gold fell 0.4 per cent to $1,282.30. 
 
&quot;I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. 
 
Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. 
 
The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed &quot;Brexit&quot;, pushes Europe back into a recession. 
 
The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. 
 
Britain&#39;s &quot;Out&quot; campaign widened its lead over the &quot;In&quot; camp ahead of the referendum according to two opinion polls published by ICM on Monday. 
 
&quot;We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to &#39;stay the course&#39; in light of this potential &#39;Black Swan&#39; event,&quot; INTL FCStone analyst Edward Meir said in a note. 
 
&quot;This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way.&quot; 
 
Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said&nbsp;its head on Tuesday. 
 
Holdings in SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. 
 
Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold is likely to get a further boost if a vote by Britain to leave the 28-member group dubbed "Brexit," pushes Europe back into a recession

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. US gold fell 0.4 per cent to $1,282.30. "I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed "Brexit", pushes Europe back into a recession. The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. Britain's "Out" campaign widened its lead over the "In" camp ahead of the referendum according to two opinion polls published by ICM on Monday. "We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to 'stay the course' in light of this potential 'Black Swan' event," INTL FCStone analyst Edward Meir said in a note. "This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way." Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said its head on Tuesday. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold dips, but lingers near four-week high ahead of Fed meeting