Wires

  • ZURICH, Sept 29- UBS, the world's biggest wealth manager, could pass on negative interest rates to more depositors if Switzerland's central bank persists with sub-zero rates, Chief Executive Sergio Ermotti said on Thursday. Interest rates in UBS's native Switzerland have been set at -0.75 percent since January 2015. "We may need to start to think about how to pass...

  • BERLIN— German lender Commerzbank says it expects to cut a net 7,300 full time jobs as part of a restructuring to concentrate on its core businesses. The Frankfurt- based bank says that to cover restructuring costs of some 1.1 billion euros, it will cease dividend payments "for the time being and will retain its full earnings." Commerzbank AG currently has some...

  • DUBLIN, Sept 29- The U.S. Federal Reserve is moving "slowly but surely" towards its 2 percent inflation target and a continued normalisation of monetary policy could boost lagging business investment, Philadelphia Fed President Patrick Harker said on Thursday. "If you look at the statistics in the US, save inflation and I think we're moving slowly but surely...

  • *India attacks on suspected militants in Pakistan hits shares. India's NSE hits one-mth low; Pakistan's 100- share index falls. MUMBAI/ ISLAMABAD, Sept 29- Share markets in India and Pakistan fell on Thursday after India said it had conducted "surgical strikes" on suspected militants preparing to infiltrate from Pakistan- ruled Kashmir, escalating tensions...

  • PARIS/ FRANKFURT, Sept 29- Alarmed by the threat posed by Silicon Valley firms to their businesses in developing autonomous driving systems, it was evident at the Paris Motor Show this week that carmakers are seeking to fightin back by cooperating in areas of technology development where previously they might have tried to compete. Connecting cars on the move...

  • BEIJING, Sept 29- Housing authorities from China's capital Beijing and coastal city Fuzhou have pledged to increase land supply to meet rising demand, in an effort to curb fast-rising prices. Beijing will further increase land supply for primary residential property projects that mainly consist of small- to medium-sized units, the Beijing Municipal...

  • LONDON, Sept 29- Emerging stocks rose 0.6 percent on Thursday, led by energy-heavy Gulf and Russian bourses, though Saudi markets lagged and Indian assets sold off after New Delhi said it launched a strike on suspected militants based in Pakistan. The market was also rattled by a U.S. Congress vote to overturn a presidential veto of a law that would allow victims of...

  • BERLIN— Germany's unemployment rate fell below six percent in September as the labor market in Europe's largest economy remained strong. IHS economist Timo Klein says employment has been helped by migration from troubled eurozone countries and Eastern Europe. He says increased immigration has changed Germany's long-term outlook and now "the working-age...

  • *OPEC producers agree output targets for first time in 8 years. *OPEC output cut would do little to reduce oversupply- analysts. LONDON, Sept 29- Oil prices slipped on Thursday as investors questioned whether an OPEC agreement to curb oil production- the group's first such deal since 2008- would be enough to rebalance a heavily over-supplied world market.

  • OPEC reaches preliminary accord to curb oil production. OPEC nations reached a preliminary agreement to curb oil production for the first time since the global financial crisis eight years ago, in an effort to reduce a global glut of crude that has depressed oil prices for more than two years and weakened the economies of oil-producing nations.

  • *OPEC producers agree output targets for first time in 8 years. *OPEC output cut would do little to reduce oversupply- analysts. LONDON, Sept 29- Oil prices slipped on Thursday as investors questioned whether an OPEC agreement to curb oil production- the group's first such deal since 2008- would be enough to rebalance a heavily over-supplied world market.

  • *Oil company shares lift global stocks after OPEC deal. *India stocks, rupee fall on strikes on militants in Pakistan- controlled Kashmir. LONDON, Sept 29- An agreement by OPEC members to curb output boosted oil company shares on Thursday, lifted the currencies of crude-producing countries, and drove yields on low-risk government debt higher.

  • MIAMI— A former South Florida concert promoter who staged tours for major acts such as the Rolling Stones, Elton John and Aerosmith is facing prison for what prosecutors say was a $200 million fraud scheme. A Miami federal judge is scheduled Thursday to sentence 73- year-old Jack Utsick, who pleaded guilty in June to a mail fraud charge. Prosecutors say Utsick...

  • WASHINGTON, Sept 28- The United States is investigating a number of Chinese companies for suspected breaches of sanctions on North Korea, and Chinese banks and firms should understand that dealing with North Korea is "risky," a senior U.S. official said on Wednesday. China said it opposed any country using its own laws for "long-arm jurisdiction," after the United...

  • *Energy shares rally after OPEC deal. LONDON, Sept 29- European equities climbed higher on Thursday, with energy shares rallying after oil prices surged overnight following a deal by OPEC members to limit crude output. OPEC estimates its current output at 33.24 million bpd.

  • PARIS— Fast, ferocious-looking and environmentally conscious, too— that's Ferrari's new limited edition model LaFerrari Aperta convertible. Only 200 models are being released to the public— and they've already been snapped up, despite a price tag of between 1.8 million euros and 2 million euros. At least not for a long time, " Piero Ferrari, son of the company...

  • BUDAPEST/ PRAGUE, Sept 29- Warsaw's stock index eased on Thursday, bucking a rise in Central European equities driven by rising crude prices, after Poland's ruling party firmed its grip on economic policy with a government reshuffle announced late on Wednesday. The finance ministry will come under the supervision of economy minister Mateusz Morawiecki, an...

  • The Japanese carmaker aims to follow up on the success of its larger Qashqai SUV and deepen manufacturing integration with alliance partner Renault SA, which is assembling the new Micra at its Flins plant west of Paris. "They lost it all with the last generation and went completely the wrong way," IHS Automotive analyst Ian Fletcher said. But the new Micra,...

  • PARIS, Sept 29- Agricultural trading group Louis Dreyfus Company B.V. managed to eke out a small increase in net profit in the first half of 2016 despite "erratic" market conditions and a tough economic backdrop taking their toll on sales. The company said on Thursday that net income was $135 million compared with $130 million in the first half of 2015, while...

  • *OPEC deal can shock emerging markets accustomed to low prices. SINGAPORE/ SEOUL, Sept 29- Oil buyers from China to India remained cautious as they await details of OPEC's agreement to cut production for the first time since 2008 in order to reduce a global oversupply of crude. The group will decide how much each country will produce at the next formal OPEC meeting...