George Osborne's attempt to slash £11.5bn off public spending in election year has run into cabinet trouble, after ministers identified only £2.5bn in cuts to their budgets.» Read More
With a talking-point imbroglio after Benghazi, the IRS's discriminatory practices and the Justice Department's procurement of Associated Press phone records, the Obama administration and its allies are right to be worried. The past few years have proved that dysfunction in Washington has almost no effect on America's attractiveness to investors.
*Cyprus gas could provide 40 pct of new EU needs. BRUSSELS/ NICOSIA, May 16- Cyprus could use its reserves of gas to meet up to 40 percent of Europe's additional gas needs over the next decade, helping to curb the European Union's reliance on Russia, the head of the island's national gas firm said.
"You want to be in sectors that sell to the people who benefit from wage inflation: consumers," said John Lomax, head of emerging equity strategy at HSBC. Russian supermarket chain Magnit saw profits jump 28 percent in the first quarter and its shares have returned 190 percent since April 2010, according to Morgan Stanley.
*Centre-right GERB demands election within six weeks. *Says campaigning on day before the vote hit support. SOFIA, May 16- Bulgaria's GERB party is demanding a rerun of Sunday's election, blaming illegal campaigning for its failure to win more support, prolonging a political vacuum that would further undermine the European Union's poorest economy.
SOFIA, May 16- Bulgaria's centre-right GERB, which won most parliamentary seats in Sunday's vote, wants the election result cancelled because of a "violation", its leader Boiko Borisov said on Thursday.
FRANKFURT, May 16- Emerging markets will see the highest growth in premiums for insurance companies this year and next, while Europe lags, according to the world's biggest reinsurer, Munich Re. In a study published on Thursday, Munich Re forecast growth in property-casualty insurance premiums of about 6 percent in Eastern Europe and Latin America in 2013-2014..
SOFIA, May 16- Bulgaria's centre-right GERB, the largest party in a new parliament, will try to cancel the result of Sunday's election due to a "violation" on the day before the vote, its leader Boiko Borisov said on Wednesday.
MOSCOW, May 16- The head of Societe Generale's Russian unit Rosbank faced up to seven years in jail for bribery on Thursday after Russian investigators released a film of him with cash piled on his desk in what several bankers said may have been a set up.
LONDON, May 16- A wave of investor demand that has allowed Deutsche Bank and two other lenders to raise six billion euros in new share capital in the past month is unlikely to prompt other European banks to go to their shareholders for more cash.
In testimony to parliament on the F-35, for which Australia is one of the largest international buyers with plans for up to 100, Australia's air force chief Air Marshal Geoff Brown said rivals were years behind the Lightning II's development.
Russia is set for 10 years of anemic growth, according to economists, who said the slowdown is predominantly due to low investment and structural factors.
ST. LOUIS, May 15- Monsanto Co, the world's largest seed company, is developing two new platforms that diverge from its core business and are seen as potential key long-term growth drivers, according to top Monsanto executives. That is the key engine, "said Monsanto Chief Financial Officer Pierre Courduroux in an interview."
ST. LOUIS, May 15- Monsanto Co, the world's largest seed company, is developing two new platforms that diverge from its core business and are seen as potential key long-term growth drivers, according to top Monsanto executives. That is the key engine, "said Monsanto Chief Financial Officer Pierre Courduroux in an interview.
LONDON, May 15- A Hungarian ethanol producer said it alerted the European Commission over the role of price agency Platts in setting prices, feeding into an investigation of three major oil companies. Pannonia Ethanol, a recent entrant to Europe's ethanol market, on Wednesday became the first company to identify itself as having complained to Brussels.
"We take a long-term view that demand for potash will resume," EuroChem CFO Andrey Ilyin said on the sidelines of the BMO Farm to Market conference in New York, after giving a presentation. "
*Wheat falls below $7 a bushel to a two-week low. CHICAGO, May 15- Wheat futures on the Chicago Board of Trade fell more than 2 percent to a two-week low on Wednesday in reaction to technical selling, a stronger U.S. dollar and lackluster exports of U.S. grain, traders said. July soybeans fell 3-3/ 4 cents at $14.11 a bushel and July corn was down 1/ 4 cent at $6.52- 1/ 4 a bushel.
*BG Group, OGX, Total, BP among winners at Brazil auction. RIO DE JANEIRO, May 15- For the first time in nearly five years, Brazil's flagging oil industry has received serious interest from private investors.
MOSCOW, May 15- International leaders are moving closer to taking action on corporate tax avoidance, despite challenges, a top official at the Organisation for Economic Co-operation and Development said on Wednesday.
CHICAGO, May 15- Wheat futures on the Chicago Board of Trade fell more than 1 percent on Wednesday on lackluster export demand for U.S. grain, a stronger U.S. dollar and technical selling, traders said. At the CBOT as of 10:25 a.m. CDT, July wheat was down 8-1/ 2 cents at $7.02- 1/ 4 per bushel.
*Industry cuts will help lift price above $2,000/ tonne. *China market in balance, little likelihood of exports soon. RUSAL estimates a fifth of global production outside China is loss-making, even with demand expected to grow 6 to 7 percent in 2013..