Wires

  • BEIJING, Dec 5- China will reduce the number of different rates in its newly-rolled out value-added tax scheme and look to iron out other shortcomings in a system that it said will reduce companies' tax burden by 500 billion yuan this year. KPMG China's head of indirect tax Lachlan Wolfers expects the government to work on reducing the number of rates from the...

  • DUBAI, Dec 5- Stock markets in the Gulf fell in early trade on Monday as investors took profits on gains in the past few weeks after the mood in global markets darkened because of the' no' vote in Italy's referendum on constitutional reform. The euro has dropped to a 20- month low and investors are exiting riskier assets after Italian Prime Minister Matteo Renzi said...

  • The Tel Aviv District Court on Monday sentenced former IDB Holding Corp. controlling shareholder Nochi Dankner for his role in carrying out millions of dollars' worth of fraudulent transactions in an attempt to influence the share price of the troubled company. Dankner, a favorite of Israel's business community, was often credited with helping rescue...

  • MEXICO CITY, Dec 5- A long-awaited auction of Mexico's untapped deep water oil fields on Monday has been fueled by a nearly $3 billion boom in geological data mapping almost inaccessible deposits to open up what the industry sees as the world's "last great proven frontier." "What they're doing is literally rewriting the geological model of the Gulf of Mexico," Juan...

  • ZURICH, Dec 2- Two years after the Swiss franc shock brought Switzerland to the brink of recession, Roland Goethe is still fighting for the future of the sheet metal company his grandfather set up 86 years ago. Goethe AG is one of many manufacturers coping with the aftermath of the Swiss National Bank's decision in January 2015 to scrap a long-standing limit on the...

  • *OPEC, Russia announced 2017 oil production cut last week. SINGAPORE, Dec 5- Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated. Traders said price falls were triggered by...

  • LONDON, Dec 5- Italian banks are seen down 5 to 6 percent on Monday, according to traders, as potential political uncertainty in the aftermath of Prime Minister Matteo Renzi's resignation following a crushing defeat in a constitutional referendum clouds the outlook for a clean-up of bad debts. Traders also saw European banks down 2-3 percent.

  • LONDON, Dec 5- Royal Bank of Scotland said on Monday that it had settled legal claims with the majority of shareholders who had alleged they were misled when they took part in the bank's 2008 12 billion pound rights issue. More than 35,000 shareholders who took part in the cash call, including some of Britain's biggest institutional investors and public pension...

  • *Foreign investors bought 1.2 trln yen of Japan stocks in 3 weeks. "The biggest beneficiary of this election is the Japanese market," said Jonathan Steinberg, chief executive officer of U.S. asset manager WisdomTree, which manages $38 billion, of which $8 billion is invested in Japan. "The world outside of Japan is understanding that they need to buy Japan, with the...

  • Hundreds of people at the Oceti Sakowin, or Seven Council Fires, encampment cheered and chanted "mni wichoni"— "water is life" in Lakota Sioux— after the Army Corps of Engineers refused Sunday to grant the company permission to extend the pipeline beneath a Missouri River reservoir. The company constructing the pipeline, Dallas- based Energy Transfer Partners,...

  • *Foreign investors bought 1.2 trln yen of Japan stocks in 3 weeks. "The biggest beneficiary of this election is the Japanese market," said Jonathan Steinberg, chief executive officer of U.S. asset manager WisdomTree, which manages $38 billion, of which $8 billion is invested in Japan. "The world outside of Japan is understanding that they need to buy Japan, with the...

  • SHANGHAI, Dec 5- China's blue-chip shares index posted its biggest fall in six months on Monday after the top securities regulator warned against "barbaric" share acquisitions, though small-caps held relatively firm as an investment scheme linking the Shenzhen and Hong Kong markets went live. Industry-leading blue-chips including Gree Electric and China...

  • *Tesco has overhauled relationship with suppliers. LONDON, Dec 5- Two years after an accounting scandal plunged Tesco into the worst crisis in its 97- year history, the British supermarket looks set to reassert its dominance, given the edge by a transformed relationship with suppliers. Monthly industry data shows Tesco is once again pulling ahead of rivals in...

  • PARIS, Dec 4- French voters elected Francois Hollande in 2012 on promises to fix the floundering economy. Once in office, Hollande hiked taxes on households by more than 50 billion euros- 2.5 percent of GDP- inadvertently snuffing out a nascent recovery in a move most economists now consider a mistake. Now with France having the highest tax burden in Europe at 47.9...

  • *Hintze hails new chapter for industry. LONDON, Dec 2- Staff numbers at CQS, the hedge fund run by billionaire investor Michael Hintze, have fallen sharply, with the Australian saying rivals must adapt to a rapidly changing industry. After a tough 2015, all the main funds of CQS, which manages $12 billion, are now in the black.

  • TOKYO, Dec 5- New financial technology, or "fintech," poses fresh challenges for central banks in maintaining banking-sector stability, Bank of Japan Governor Haruhiko Kuroda said on Monday. Financial authorities regulate the banking sector by imposing constraints on the balance sheets of commercial banks, including setting capital requirements and...

  • SHANGHAI, Dec 5- Foreign investors bought Chinese government bonds for the 13th straight month in November on higher yields and easing restrictions on foreign access to the market, despite a sharp slide in the yuan currency. Traders attributed the rise to China's official inclusion in the International Monetary Fund's reserve basket in October, and...

  • TOKYO, Dec 5- Japan's Nikkei share average fell on Monday after Italian Prime Minister Matteo Renzi's defeat in a constitutional reform referendum gave investors an opportunity to sell into a market that had rallied to 11- month highs late last week. The Nikkei dropped 0.8 percent to 18,274.99, its lowest closing level since Nov. 22. Tokyo's banking sub-sector...

  • WELLINGTON, New Zealand— New Zealand Prime Minister John Key unexpectedly resigned on Monday. His departure will affect New Zealand's relationship with the U.S., its free-trade agenda and its role on the world stage. New Zealand's military and diplomatic ties with the U.S. weakened in the 1980 s after the South Pacific nation banned nuclear warships.

  • HOUSTON, Dec 5- The U.S. Army's denial of an easement for the Dakota Access Pipeline, after permitting and legal obligations were followed, sets an uncertain precedent for new projects despite President-elect Donald Trump's promise to support energy infrastructure. While most of the 1,172- mile pipeline is complete, Energy Transfer Partners, the line's owner,...