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Updated: 1 hour 17 min ago

ECB sets boundaries to action against global slowdown

Thu, 07/04/2016 - 15:38
FRANKFURT (Reuters) - Top European Central Bank officials drew the boundaries of future action on Thursday, saying the bank had no plan to transfer "helicopter" money directly to Europeans but remained willing to take smaller steps to counter global slowdown.

Swiss banks told to fight money laundering, Geneva opens Panama probe

Thu, 07/04/2016 - 15:32
BERN/GENEVA (Reuters) - Swiss banks must clamp down on money laundering, the country's financial watchdog said on Thursday as the Geneva prosecutor opened a criminal probe after a massive document leak showed how offshore companies are used to stash clients' wealth.

CEO of Britain's Co-Op takes 60 percent pay cut as recovery reduces workload

Thu, 07/04/2016 - 15:08
LONDON (Reuters) - The chief executive of Britain's Co-Operative Group will take a 60 percent pay cut as his workload has eased since the supermarkets-to-funerals group overcame a financial crisis two years ago, the mutual said on Thursday.

Siemens shifts 300 million pounds of pension liabilities to PIC

Thu, 07/04/2016 - 15:04
FRANKFURT (Reuters) - German industrial group Siemens has transferred 300 million pounds of pension liabilities relating to staff it acquired from VA Tech a decade ago to Britain's Pension Insurance Corporation, the two companies said on Thursday.

JPMorgan urges investors to vote down break-up proposal

Thu, 07/04/2016 - 14:43
(Reuters) - JPMorgan Chase & Co urged shareholders on Thursday to vote against appointing a committee to explore a break up of the bank, reiterating that splitting its businesses would not be in investors' best interests.

South Africa to extend regulatory scrutiny of SAB, AB InBev deal - official

Thu, 07/04/2016 - 14:39
JOHANNESBURG (Reuters) - South Africa's competition watchdog will ask for another extension to scrutinise of Anheuser-Busch InBev's planned $106 billion (£75.2 billion) takeover of SABMiller , its spokesman said on Thursday.

Centrica to relocate most trading staff to central London

Thu, 07/04/2016 - 14:30
LONDON (Reuters) - Britain's largest energy supplier, Centrica , will relocate most of its energy trading staff to a central London location from its Windsor headquarter this year, a spokesman said on Thursday.

Oil slips as Iraqi exports up, offsetting U.S. inventories drop

Thu, 07/04/2016 - 14:11
LONDON (Reuters) - Oil fell on Thursday as rising exports from Iraq underlined the global oversupply situation, outweighing the effects of a surprise fall in U.S. inventories the previous day.

EU to give states more powers on VAT rates, to tackle fraud

Thu, 07/04/2016 - 14:08
BRUSSELS (Reuters) - European Union states will have more powers to set sales tax rates, the European Commission said on Thursday, presenting a broad reform of Value Added Tax rules which also aims to curb widespread fraud involving VAT.

HK tycoon Li set to rebuff activist Elliott over family bank

Thu, 07/04/2016 - 13:51
HONG KONG (Reuters) - Hong Kong's clubby, tycoon culture clashes with Wall Street on Friday, when activist investor Elliott Management Corp, frustrated by poor returns at family-run Bank of East Asia (BEA) , tries to persuade shareholders to defy the board.

Hutchison lines up network-sharing deals to smooth way for O2 takeover

Thu, 07/04/2016 - 13:26
BRUSSELS/LONDON - CK Hutchison Holdings has agreed to strike network-sharing deals with British pay TV company Sky and Virgin Media to head off EU regulatory concerns over its planned takeover of O2, three people familiar with the matter said.

New M&S boss faces tough task to repair clothing business

Thu, 07/04/2016 - 13:03
LONDON (Reuters) - Steve Rowe, the new head of British retailer Marks & Spencer , conceded he had his work cut out to end five years of almost constant falls in clothing sales after the firm suffered another quarterly decline.

UK watchdog tells asset managers to be clear on strategy

Thu, 07/04/2016 - 13:01
LONDON (Reuters) - Some asset managers have been failing to tell investors they have been following a stock benchmark rather than managing their money more actively, Britain's Financial Conduct Authority said on Thursday.

Shanghai police arrest 21 suspected of wealth management fraud

Thu, 07/04/2016 - 12:44
SHANGHAI (Reuters) - Police have arrested 21 people with ties to well-known Shanghai investment firm Zhongjin Capital Management, accused by police of illegal fundraising in China's rowdy and chaotic wealth management industry.