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Wires

  • LONDON, May 24- Copper fell on Wednesday after Moody's downgraded China's credit ratings for the first time in 30 years, raising concerns over demand at the world's largest consumer of industrial metals, but a fall in copper stocks limited losses. LME COPPER: Copper on the London Metal Exchange was down 0.6 percent at $5,678 a tonne at 1051 GMT, having fallen to...

  • LONDON, May 24- A British judge has given Royal Bank of Scotland a week to avoid a trial by reaching a deal with investors who allege the bank misled them over its 2008 fundraising. Judge Robert Hildyard adjourned the case on Wednesday until June 7, but warned this would be the final chance to reach an out-of-court settlement and said the two sides must inform him...

  • WASHINGTON, May 24- The Financial Stability Oversight Council, which brings together all U.S. financial watchdogs, used to be the scourge of Wall Street but under Treasury Secretary Steven Mnuchin it can serve to ease its regulatory burdens. President Donald Trump has pledged to roll back legislation he believes stymies economic growth, but opposition in the...

  • TORONTO, May 24- Champion Iron Ltd is thinking small with its plans to bring Quebec's giant Bloom Lake iron ore mine back to life. The recovery sparked signs of life for a handful of hibernating miners in Canada's metal-rich Labrador Trough, straddling the provinces of Quebec and Newfoundland and Labrador, including Champion, Alderon Iron.

  • WASHINGTON, May 23- A Trump administration plan to sell off half the U.S. emergency crude oil stockpile to help balance the budget faces opposition in Congress, with lawmakers from both parties worried the proposal would undermine the drilling industry and make the country vulnerable to supply shocks. The White House's 2018 budget proposal, sent to Congress on...

  • SINGAPORE/ PARIS, May 24- Chicago wheat futures slid for a third session with the U.S. hard red winter crop's resilience to late spring snow storms pulling the market lower while soybeans were virtually flat after recovering from early losses. The Chicago Board Of Trade's most-active wheat contract fell by 0.2 percent to $4.28-1/ 2 a bushel, having closed down 1.1...

  • *Moody's says expects China growth to slow to close to 5 pct. *China: Moody's over-estimates risks, methodology inappropriate. "The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows," the ratings agency said in a statement,...

  • May 24- Tiffany& Co reported a surprise drop in quarterly comparable sales due to lower spending by tourists and domestic customers in the Americas. Tiffany's net sales rose marginally to $899.6 million in the first quarter ended April 30. The company's net income increased to $92.9 million, or 74 cents per share, from $87.5 million, or 69 cents per share, a year...

  • May 24- CF Corp, a blank check company founded by veteran dealmaker Chinh Chu, said on Wednesday it would buy U.S. annuities and life insurer Fidelity& Guaranty Life in an all-cash deal valued at about $1.84 billion. The deal comes a little over a month after FGL terminated its agreement to be acquired by China's Anbang Insurance Group Co Ltd for $1.6 billion.

  • The median pay for a female CEO was $13.1 million last year, up 9 percent from 2015, according to an analysis by executive data firm Equilar and The Associated Press. The highest paid woman was Virginia Rometty of International Business Machines Corp., bumping out Yahoo's Marissa Mayer from the top spot. But she may be out of a job after Yahoo Inc. completes the...

  • VIENNA, May 24- Algeria's energy minister said on Wednesday he expects OPEC to extend oil output cuts by nine months, helping to ease a global glut of crude by the end of 2017 and possibly raise oil prices to more than $55 a barrel. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong a deal reached in...

  • FRANKFURT, May 24- German authorities involved in raiding Daimler's offices as part of a probe into diesel pollution are talking to authorities in the United States, the Stuttgart public prosecutor's office said on Wednesday. News about communications between German and U.S. authorities also comes a day after the U.S. government filed a civil lawsuit...

  • NEW YORK— Tiffany& Co. on Wednesday reported fiscal first-quarter net income of $92.9 million. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share. Five analysts surveyed by Zacks expected $915.9 million.

  • May 24- Lowe's Cos Inc, the No. 2 U.S. home improvement retailer, reported lower-than-expected quarterly profit and comparable sales, sending its shares down 7 percent in premarket trading on Wednesday. Net income fell to $602 million, or 70 cents per share, in the first quarter ended May 5, from $884 million, or 98 cents per share, a year earlier. Lowe's recorded a $464...

  • ROANOKE, Va. _ Advance Auto Parts Inc. on Wednesday reported first-quarter earnings of $108 million. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.12 per share. Advance Auto Parts shares have dropped 17 percent since the beginning of the year.

  • VIENNA, May 24- OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global stocks overhang and prop up the price of crude, Kuwait said on Wednesday. The top oil producer in OPEC, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six...

  • *Germany set to auction 10- year bonds. LONDON, May 24- The cautious tone of euro zone central bankers in the wake of some of the best economic data in years sent mixed signals to investors in the bloc's debt markets on Wednesday. Government bond yields across the region have been pegged near record lows in recent years as the European Central Bank has spent...

  • *Weak sales in France also hit business. May 24- Britain's Kingfisher warned of supply disruption related to its five-year transformation plan as the home improvements retailer posted lower underlying quarterly sales because of weakness in France. Kingfisher, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other...

  • LONDON, May 24- Multinational packaged food and drink makers have been pouring millions of dollars into venture capital funds to invest in start-up companies offering healthier or more innovative products. Set up by Tyson Foods in December 2016 with $150 million. Launched by Kellogg in June 2016 with $100 million.

  • LONDON, May 24- Food and drink megabrands are seeing their sales chewed away by smaller, nimbler, cooler rivals. This is forcing the companies to take a leaf out of Silicon Valley's venture capital playbook- and their success or failure in harnessing promising new trends at a very early stage could help determine how well they adjust to the changing landscape, and...