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Wires

  • "We will not accept any empty shells or' letterbox companies' where the business effectively continues to be done out of London," he said at a London conference organized by zeb, a financial services consultancy. "This includes seemingly creative solutions such as' fly-and-drive' banking, where bankers fly in daily from London, or' dual hatting', where transactions...

  • TOKYO/ TAIPEI, Feb 24- Japan's Softbank Group and Taiwan's Foxconn will soon begin operating a joint venture that deepens ties between two of Asia's biggest technology companies, they said on Friday. The move will give Foxconn, formally known as Hon Hai Precision Industry Co, a 54.5 percent stake in one of Softbank's existing subsidiaries for $600 million and...

  • LONDON, Feb 24- Is the Philippines' draconian mining clampdown already affecting the flow of nickel ore to China's nickel pig iron producers? China's import picture is also one of growing diversification of supply, not least from Indonesia, the other political wild-card in the nickel supply chain. China's imports of ore from the Philippines were 779,000 tonnes...

  • *Pretax statutory profit $409 mln tops $366 mln consensus. *$215 mln loss from stake in Indonesia bank unit. LONDON/ HONG KONG, Feb 24- Standard Chartered shares fell as much as 5 percent on Friday as the British bank said it would not pay a dividend for 2016 due to restructuring costs, but increased its staff bonus pool by 5 percent.

  • *Q1 EPS C $1.97 vs forecast C $1.77. TORONTO, Feb 24- Royal Bank of Canada on Friday reported quarterly earnings of more than C $3 billion for the first time, beating market forecasts, and benefiting from a strong performance at all its businesses. Earnings per share increased to C $1.97 from C $1.58 a year earlier, exceeding analysts' forecasts of C $1.77, according to...

  • NEWARK, N.J. _ Public Service Enterprise Group Inc. on Friday reported a fourth-quarter loss of $98 million, after reporting a profit in the same period a year earlier. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share. The parent company of PSEG Power and Public Service Electric& Gas Co. posted...

  • LONDON, Feb 24- There is no rush to complete new bank capital rules given that the Trump administration has yet to nominate the U.S. Daniel Tarullo, a Federal Reserve governor who has been closely involved in banking rules, is stepping down in early April and his replacement, who would sit on the oversight body, has not been announced. "This person will probably need...

  • *UAE taking steps to ensure full compliance- OPEC governor. LONDON, Feb 24- OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards- the United Arab Emirates and Iraq- pledge to catch up quickly with their targets. Iraq and the UAE have delivered smaller portions of their...

  • CINCINNATI _ E.W. Scripps Co. on Friday reported fourth-quarter net income of $38.3 million, after reporting a loss in the same period a year earlier. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share. E.W. Scripps shares have risen slightly more than 9 percent since the beginning of the year.

  • CAMP HILL, Pa. _ Harsco Corp. on Friday reported a loss of $15.6 million in its fourth quarter. For the current quarter ending in April, Harsco expects its results to range from a loss of 1 cent per share to earnings of 4 cents per share. Harsco shares have risen almost 1 percent since the beginning of the year.

  • WAGONER, Okla.— Authorities say four people were injured when a private natural gas well exploded in eastern Oklahoma. Wagoner County Emergency Manager Heath Underwood says the explosion happened Thursday night as contract workers were repairing a gas line near Wagoner, about 125 miles northeast of Oklahoma City. The Tulsa World reports that the gas line had...

  • BEIJING, Feb 24- China said on Friday it had no intention of using currency devaluation to its advantage in trade, responding to U.S. Trump said in an interview with Reuters on Thursday he had not "held back" in his assessment that China manipulates its yuan currency, just hours after his new treasury secretary pledged a more methodical approach to analysing...

  • MOUNTAIN VIEW, Calif. _ EHealth Inc. on Friday reported a loss of $16.7 million in its fourth quarter. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 81 cents per share. EHealth expects full-year results to range from a loss of $1.59 per share to a loss of $1.49 per share, with revenue in the range of $165 million to $175...

  • Feb 24- Department store operator J.C. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," Chief Executive Officer Marvin Ellison said in a statement. Penney said it expected annual savings of about $200 million from the cost-cutting measures, and would take a related...

  • NEW DELHI, Feb 24- India has stepped up its lobbying effort against moves in the U. S. Congress to impose curbs on visas for skilled workers that threaten the South Asian nation's tech sector, which employs more than 3.5 million people. Speaking to Reuters, Trade Minister Nirmala Sitharaman said New Delhi had reached out to the administration of President Donald...

  • HASSI MESSAOUD, Algeria, Feb 24- Algeria's biggest oilfield Hassi Messaoud is currently capping production at 430,000 barrels per day to keep it in line with OPEC's agreement to cut output, a Sonatrach official said late on Thursday. Algeria, a major gas supplier to Europe, last year began investing in improving yields at mature fields like Hassi Messaoud and...

  • LISBON, Feb 24- Portugal is set to exit the EU excessive deficit procedure if the European Commission confirms its latest forecasts for this year and next in a new assessment in the spring, a top EU official said on Friday. The commission's latest forecast pointed to a 2.3 percent deficit but "in any case, Portugal has outperformed on the target set by the Council" in...

  • Feb 24- Cempra Inc said on Friday that its oral experimental drug to treat acute bacterial skin infections met the main goal of a late-stage study, sending the company's shares surging about 40 percent in premarket trading. ABSSSI leads to hospitalization of about 5.2 million patients in the United States and Western Europe each year and is often treated with...

  • MOON TOWNSHIP, Pa. _ Calgon Carbon Corp. on Friday reported a fourth-quarter loss of $5.9 million, after reporting a profit in the same period a year earlier. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share. Three analysts surveyed by Zacks expected $142.4 million.

  • NEW YORK— J.C. Penney says it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping. The company posted quarterly sales of $3.96 billion, down 0.9 percent from $3.99 billion a year ago. J.C. Penney is joining other department stores like Macy's...