A shareholder coup at newly merged commodities group Glencore Xstrata ousted chairman Sir John Bond on Thursday, along with all other former directors from Xstrata.» Read More
BEIJING, May 23- China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering.
*HSBC's early report on China's factory sector next in focus. SYDNEY, May 23- The dollar hovered at a near three-year high against a basket of major currencies in Asia on Thursday, having risen broadly as Treasury yields jumped on the prospect that the Federal Reserve might scale back its stimulus programme this year.
WASHINGTON, May 22- A Justice Department official insisted on Wednesday that no financial company is too big to jail, in the department's latest effort to backpedal from statements made in March by Attorney General Eric Holder.
*China power producers slump again, hit by Citi downgrade. HONG KONG, May 22- Hong Kong shares fell further from 3-1/ 2- month highs on Wednesday and mainland China markets were mixed as Chinese power producers extended losses after a broker downgrade added to fears of lower profit margins.
May 22- Foreign banks that once treated Russia as an undiscovered country where easy money could be made are now finding it a cut-throat market tougher than some bargained for.
MOSCOW, May 22- Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for.
LONDON, May 21- Central bank cash may not be enough to keep European stocks rising beyond the end of the year in the face of the region's weak company and economic performance. That's unusual and unsustainable in the long run, " Michael Barakos, chief investment officer for European equities at JPMorgan Asset Management.
NEW YORK, May 20- The decision by U.S. prosecutors to compel Steven A. Cohen to testify before a federal grand jury about allegations of insider trading at his $15 billion hedge fund is leaving many criminal defense lawyers scratching their heads.
LONDON, May 20- Rising optimism about global growth pushed world shares to a near five-year high on Monday, while comments from Japan's economy minister that consumers could suffer if the yen falls further lifted it off a 4-1/ 2 low. MSCI's world index is at its highest since June 2008 as top European shares started the week up 0.2 percent.
MEXICO CITY, May 17- Mexico's annual economic growth slumped in early 2013 to its weakest in three years, prompting the government to cut growth estimates and backing expectations of another interest rate cut.
A shareholder coup at newly merged commodities group Glencore Xstrata ousted chairman Sir John Bond on Thursday, along with all other former directors from Xstrata.
LONDON/ ZUG, Switzerland, May 16- A shareholder coup at newly merged commodities group Glencore Xstrata ousted its chairman and all former Xstrata directors on Thursday, replacing him with former BP boss Tony Hayward, excoriated for his role in the Gulf of Mexico oil spill.
LONDON/ ZUG, Switzerland, May 16- A shareholder coup at newly merged commodities group Glencore Xstrata ousted chairman Sir John Bond on Thursday, along with all other former directors from Xstrata, replacing him with former BP boss Tony Hayward.
"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.
By Lawrence White and Steve Slater. HONG KONG/ LONDON, May 15- HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue.
HONG KONG/ LONDON, May 15- HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs globally, as Europe's largest bank seeks to drive earnings and dividend growth in the face of muted revenue.
MOSCOW, May 15- The chief executive of Societe Generale's Russian unit was held in Moscow on Wednesday on suspicion of receiving bribes, dealing a blow to the French bank's hopes of achieving a turnaround on its primary foreign market.
*Plans to cut annual costs by up to another $3 bln. HONG KONG/ LONDON, May 15- HSBC plans to cut annual costs by up to another $3 billion and may axe a further 14,000 jobs as Europe's biggest bank strives to drive profits in the face of sluggish growth outside Asia.
MUMBAI/ BANGALORE, May 15- A breach of security at two payment card processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the Asian nation.
HONG KONG, May 15- Hong Kong shares could start steady on Wednesday, with the Macau casino sector in focus after Galaxy Entertainment posted a record first quarter adjusted EBITDA of HK $2.8 billion. *Macau casino Galaxy Entertainment Group Ltd said it booked a record first-quarter adjusted EBITDA of HK $2.8 billion, up 29 percent from a year earlier.