Wires

  • BEIJING— Chinese e-commerce giant Alibaba and the country's biggest phone carrier, China Mobile, have announced a partnership aimed at developing internet-related services. Alibaba and China Mobile said they would work together on information infrastructure, marketing and new technologies. Traditional internet companies such as Alibaba are rushing to...

  • MANILA/ HONG KONG, Dec 7- Philippines President Rodrigo Duterte has ordered the arrest of Jack Lam, one of Asia's top casino kingpins, on charges of economic sabotage and bribery, according to the country's police chief. Lam is not in the Philippines currently, national police chief Ronald Dela Rosa told reporters on Wednesday. On Wednesday, Dela Rosa said Lam had...

  • *India cenbank leaves repo rate at 6.25 pct. MUMBAI, Dec 7- India's central bank unexpectedly kept its key policy rate unchanged at 6.25 percent on Wednesday, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world's fastest growing large economy. Pressure on the RBI and Governor Urjit Patel to act has grown...

  • ATHENS, Greece— Greek journalists are striking to protest austerity measures, pulling all television and radio news broadcasts off the air a day before a nationwide general strike expected to shut down services across the country. Wednesday's media strike meant news websites were not being updated until Thursday morning, and no Thursday newspapers would be...

  • LONDON, Dec 7- European shares climbed on Wednesday, with the regional banking index hitting an 11- month peak after Credit Suisse announced further costs cuts and Italian banks surged towards their best two-day run since 2012.. Italian banks rose 2.5 percent, with Reuters exclusively reporting Italy was preparing to take a 2 billion euros controlling stake...

  • Dec 7- Office supplies retailer Staples Inc said it would sell a controlling interest in its European business to an affiliate of private equity firm Cerberus Capital Management LP. Staples' European unit consists of retail, contract, and online businesses in 16 countries, generating aggregate annual sales of about 1.7 billion euros. The deal comes two months...

  • President-elect Donald Trump threatening to label China a currency manipulator on his first day in office, the country's central bank is walking a tightrope, seeking to slow the yuan's descent and tightening controls on money moving out of the country to deter capital flight. The foreign exchange regulator made a rare comment on the reserves data soon after,...

  • LONDON, Dec 7- The Turkish lira firmed 0.7 percent to one-week highs on Wednesday, lifted by authorities' steps to stem the currency's weakness while emerging stocks rose for the third straight day on the back of a stable dollar. "There seems to be a bit of turnaround since yesterday in the lira and one aspect is some of the measures such as selling foreign currencies,"...

  • *Oil dips on doubts over impact of OPEC deal. LONDON, Dec 7- European shares followed Asian stocks higher on Wednesday, buoyed by reports Italy would step in to rescue troubled bank Monte dei Paschi and expectations the European Central Bank would extend its bond-buying stimulus scheme this week. The pan-European STOXX 600 index rose 0.8 percent, led by banks, and...

  • LONDON, Dec 7- Commodities trading company Trafigura reported a 13 percent drop in 2016 core earnings due to weak prices and the writedown of assets in Colombia and Brazil, and it warned of more challenging trading conditions ahead. Net profit fell 12 percent to $975 million compared with $1.103 billion in 2015, while revenue was flat at $98.098 billion...

  • LONDON, Dec 7- British transport company Stagecoach stuck to its forecast for a dip in annual earnings, saying improving demand for rail travel would help offset weakness in its bus business. The shares are however down by more than a quarter this year, reflecting what the company describes as "subdued" revenue trends and specific concerns over passenger numbers...

  • DUBAI, Dec 7- Royal Dutch Shell will sign three initial agreements on Wednesday to develop Iranian oil and gas fields, an Iranian oil ministry official said. Shell will sign the agreements in Tehran to develop the South Azadegan, Yadavaran oilfields and the Kish gas field, the Iranian official said. The Wall Street Journal earlier reported that both Shell and...

  • LONDON, Dec 7- Oil prices steadied on Wednesday as investors waited to see if OPEC and Russia would deliver promised production cuts designed to end a supply overhang that has weighed on the market for more than two years. Oil prices surged as much as 19 percent after the Organization of the Petroleum Exporting Countries and Russia announced last week that they...

  • LONDON, Dec 7- These days the average researcher at Philips is more likely to be a software developer than an product engineer, reflecting a transformation at the former Dutch conglomerate that its chief executive says will gather pace. "M&A will play a more active role," van Houten said during a visit to London, highlighting informatics, diagnostics, patient...

  • BRUSSELS— European Union regulators on Wednesday fined banks JPMorgan Chase, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates. JPMorgan Chase was fined 337 million euros, France's Credit Agricole 114 million euros and London- based HSBC 33 million euros.

  • BRUSSELS— EU antitrust regulators fine 3 banks a combined $520 million for rigging interest rate market.

  • BUDAPEST, Hungary— The Hungarian government says it is pulling out of an international initiative to promote transparency and fight corruption because of the group's unfair criticism of the country. The Hungarian Foreign Ministry says Wednesday that the Open Government Partnership, which includes some 70 countries, has issued "one-sided reports" about...

  • ZURICH, Dec 7- Switzerland must do more to prevent financial crime and banks in particular should step up efforts to spot and report suspected crimes, an inter-governmental Financial Action Task Force said on Wednesday. "Switzerland demonstrates a strong commitment to mutual legal assistance," FATF said in a statement. The Swiss Bankers Association pushed...

  • BEIRUT, Dec 7- The United States has "no position" on the Russian-backed Syrian government assault on rebel-held areas of Aleppo, and is so far only willing to help coordinate an evacuation of fighters as demanded by Russia, an official with an Aleppo rebel group said. The official said there was currently "no American position, apart from the Russian agenda: the...

  • TOKYO, Dec 7- Sony Corp will release as many as six smartphone games in the financial year starting April in the hope of replicating with its own gaming franchises the success of console rival Nintendo Co's Pokemon GO. They will be available initially in Japan and eventually in other Asian countries, Tomoki Kawaguchi, executive director of Sony's mobile gaming...