Wires

  • TORONTO _ Royal Bank Of Canada on Wednesday reported fiscal third-quarter profit of $1.99 billion. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share. Royal Bank shares have increased 19 percent since the beginning of the year.

  • The USC would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with, UBS said. Blockchain projects such as this have the potential to shake up the settlement system used by banks, under which transactions can...

  • MUMBAI/ NEW DELHI, Aug 24- India will receive normal rainfall over the 2016 monsoon season, not surplus as previously expected, with the chances of a La Nina weather pattern emerging over the period seen as unlikely, three senior officials at state-run weather department said. The June-September monsoon is crucial for India's rain-fed farm sector that accounts...

  • MINNEAPOLIS _ Evine Live Inc. on Wednesday reported a loss of $2 million in its fiscal second quarter. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share. Four analysts surveyed by Zacks expected $166.3 million.

  • LONDON/ MOSCOW, Aug 24- Glencore said it expected to exceed a previous target to cut debt but it took a nearly $400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets. After more than doubling since the end of 2015, its share price fell nearly 6 percent by 0948 GMT as analysts focused on news of a $395 million...

  • BEIJING, Aug 24- China will keep economic growth healthy and supply-side reform will be priority for its economic development, the official Xinhua news agency quoted President Xi Jinping as saying.

  • LONDON, Aug 24- Oil refiners reeling from tumbling profits can expect some reprieve in the coming weeks as lower production will tame a huge global excess of gasoline and diesel. Globally, maintenance is expected to be more significant, particularly in export hubs in the Middle East and Asia, taking off around 5 million bpd of capacity at the peak, roughly 7 percent...

  • FRANKFURT, Aug 24- Mercedes-Benz maker Daimler is embracing Silicon Valley management techniques in a drive to speed up decision making, empower staff and fend off new rivals such as electric carmaker Tesla Motors. Chief Executive Dieter Zetsche is sweeping away layers of bureaucracy and encouraging a more experimental approach to new products.

  • HOUSTON, Aug 23- The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said. While the new parts cost just $1,000 to $3,000 per ship-...

  • LONDON, Aug 24- Copper prices fell to eight-week lows on Wednesday as rising inventories in Asian warehouses fueled fears about weaker demand to come in top consumer China. "The huge inventory rise in Asian warehouses suggests China is exporting its surplus and we've some pretty strong copper export numbers," said Societe Generale analyst Robin Bhar.

  • SHANGHAI, Aug 24- China's central bank injected cash into money markets through 14- day reverse repo agreements for the first time since February in a sign policymakers were worried rising leverage could stoke bubbles in the bond market. "The PBOC appears to be signaling to banks to move away from a reliance on short-term liquidity and head towards more longer...

  • AMMAN, Jordan— Officials have reported that oil has spilled from Jordan into the Gulf of Aqaba, but the size of the leak remains unclear. The civil defense chief in Jordan's Red Sea port of Aqaba told a local news website that the leak was brought under control within 15 minutes, without saying how much oil had leaked. Israel's Foreign Ministry says it was informed of...

  • BUDAPEST/ WARSAW, Aug 24- Warsaw's bluechip stock index touched its lowest level this month on Wednesday after a fall in profit at state-owned insurer PZU added to worries over the health of the Polish financial sector. PZU stocks fell to a new record low after Eastern Europe's biggest insurer posted a 56 percent decline in second-quarter net profit to 166...

  • *Company says UK business performed strongly last month. Run by high-profile businessman Martin Sorrell, the UK group said investments in technology had helped to reduce some costs, while the plunge in the pound following Britain's vote to leave the European Union had helped reported revenues. "In April to June we saw a slowdown in the UK before the vote and after...

  • BEIJING, Aug 24- China's northern Hebei, which accounts for a quarter of China's steel output, is lagging far behind in its plan to reduce steel and iron producing capacity, data released by the provincial state planner showed on Wednesday. The disappointing data from the Hebei Development and Reform Commission showed the difficulties that China faces trying...

  • LONDON, Aug 24- The number of mortgages approved by British banks in July fell to its lowest in a year, but robust credit growth added to signs the Brexit vote has had little impact on consumers so far, industry data showed on Wednesday. British banks approved 37,662 mortgages for house purchases last month, down from 39,763 in June and 19 percent lower than in July...

  • LONDON, Aug 24- British finance minister Philip Hammond is weighing up whether to "reset" fiscal policy later this year to help the economy cope with June's decision by voters to leave the European Union. But there are concerns that companies may curb investment and hiring while Britain reworks its relationship with the EU, something which could take until 2019...

  • SEOUL, Aug 24- South Korea said on Wednesday it will extend a review of a request by Google Inc in June for permission to take government mapping data out of the country for use in servers worldwide, with a decision due by Nov. 23. Seoul had previously said it would decide on the request by Wednesday. Google, whose corporate parent is Alphabet Inc, has said it needs to put...

  • BEIJING, Aug 24- China's more than 1,700 problematic peer-to-peer lending platforms will "have to exit" the market as the government moves to clean up the sector, a regulatory official said on Wednesday. Li Junfeng, director of the Inclusive Finance Department at the China Banking Regulatory Commission, was speaking to reporters after the regulator released a...

  • LONDON, Aug 24- Emerging markets retreated on Wednesday, led by political risk-driven losses in South Africa and Turkey while broader sentiment was dented by a revival of U.S. rate rise expectations. Fears are growing for South Africa's economy and its credit rating after Finance Minister Pravin Gordhan, popular with investors and business, was ordered to...