Asian shares wobble, on track for monthly loss
By Lisa Twaronite TOKYO (Reuters) - Asian shares wobbled in early trade on Tuesday and were on track for a monthly loss, while the dollar edged away from recent peaks scaled on heightened expectations the U.S. Federal Reserve will raise interest rates as soon as next month. Underpinning Asian sentiment, European shares hit one-month highs on Monday amid otherwise light trade with markets in London and New York closed for public holidays. "With UK and US markets closed overnight, Asian markets will be looking to Europe for leads today," Angus Nicholson, market analyst at IG, said in a note.
Mon, 30 May 2016 20:51:47 -0400
Verizon, unions agree to pay raises, new jobs to end strike
One analyst called the deal "very rich" for workers at Verizon, the No. 1 U.S. wireless provider, which reached the tentative pact with the Communications Workers of America (CWA) on Friday. The CWA said Verizon agreed to provide a 10.9 percent raise over four years while Verizon put the increase at 10.5 percent. According to the CWA, both numbers are correct, with the union's calculation including compounded interest as subsequent raises are determined from a new base salary.
Mon, 30 May 2016 20:16:01 -0400
Viacom's independent directors vow to fight ouster attempt
By Jessica Toonkel and Chuck Mikolajczak NEW YORK (Reuters) - Viacom Inc's six independent directors vowed on Monday to fight any attempt to oust them from the board, saying they found "inexplicable" the assertion that controlling shareholder Sumner Redstone was mentally competent and acted of his own free will. In a letter to shareholders, Lead Independent Director Fred Salerno said the directors would legally contest any bid to remove them, the latest salvo in an increasingly public and bitter battle for control of Viacom at a time when the U.S. media company needs to focus on turning its business around. The letter came three days after a statement from Redstone, issued by his spokesman, that said the 93-year-old media mogul was considering ousting Viacom Chief Executive Philippe Dauman and the board of directors.
Mon, 30 May 2016 19:56:38 -0400
U.S. oil prices rise on start of summer driving season
By Henning Gloystein SINGAPORE (Reuters) - U.S. oil prices were lifted early on Tuesday by the start of the peak demand summer driving season, although international fuel markets were weighed down by rising output in the Middle East, which mostly serves Asian customers. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.50 per barrel at 0042 GMT, up 17 cents from their last settlement. Demand in North America is set to pick up along with the official start of the U.S. summer driving season this week, triggering a cut in the amount of open short crude positions that would profit from falling prices.
Mon, 30 May 2016 20:58:09 -0400
Fed, China fears force investors to check out of Asia
Having dumped Asian shares on resurgent worries about China's economy, the specter of more aggressive U.S. interest rate rises is now forcing global investors to sell the region's bonds and currencies. A net $3.2 billion left Asian equity markets, excluding Japan, during the period May 1 to 24, the largest outflow since January, data from HSBC showed. Indonesia's and South Korea's bond markets, heavy recipients of foreign investment until March, are now seeing chunks of inflows reverse while Asia's currencies have also fallen quite sharply.
Mon, 30 May 2016 19:03:10 -0400
Fed's Bullard says global markets seem well-prepared for summer rate hike
By Christine Kim and Se Young Lee SEOUL (Reuters) - St. Louis Federal Reserve President James Bullard said on Monday global markets appear to be "well-prepared" for a summer interest rate hike from the Fed, although he did not specify a date for the policy move. "My sense is that markets are well-prepared for a possible rate increase globally, and that this is not too surprising given our liftoff from December and the policy of the committee which has been to try to normalize rates slowly and gradually over time," Bullard told a news conference after speaking at an academic conference in Seoul. "So my ideal is that if all goes well this will come off very smoothly." Bullard added a rebound in U.S. GDP growth seems to be materializing in the second quarter, but reserved his opinion on whether the Fed should hike in June or July for the next policy meeting at the U.S. central bank.
Sun, 29 May 2016 22:20:50 -0400
Boeing set to win $2.9 billion contract from UK MoD: The Telegraph
(Reuters) - Boeing Co is set to win a 2-billion-pound ($2.92 billion) contract from the UK Ministry of Defence (MoD) for new Apache helicopters, The Telegraph reported. The MoD has decided to give Boeing a 50-aircraft contract, including servicing, and the announcement could come as early as July, the newspaper said. U.S. planemaker Boeing is offering the helicopters at a lower price by tacking them on to the end of a larger Apache order from the US military, the paper added.
Mon, 30 May 2016 14:00:49 -0400
Airbus sales chief sees room to raise A320 production
Airbus' sales chief says production rates of the best-selling A320 jet could be raised further, depending on demand, but no decision needed to be taken soon. "My opinion based on the orders we have is that there could be room to go above 60 (per month), as high as 63, but we don't need to make a decision now and possibly not for a couple of years," John Leahy told reporters on Monday evening. Airbus aims to reach the 60-per-month production rate by mid-2019 after stepping up to 50 a month in the first half of 2017.
Mon, 30 May 2016 17:38:16 -0400
Former Zurich Insurance boss Martin Senn kills himself
Former Zurich Insurance boss Martin Senn has committed suicide six months after leaving the company under a cloud, a tragedy that comes less than three years after Zurich's finance chief took his own life. Senn, 59, shot himself at his family's Alpine resort home in Klosters, Swiss newspaper Blick reported. "Martin Senn's family has informed us that Martin committed suicide last Friday," the company said in a statement on Monday, adding it was "stunned and deeply shaken".
Mon, 30 May 2016 13:38:31 -0400
LVMH appoints Luxottica executive as Loro Piana CEO
French luxury goods group LVMH has appointed Fabio d'Angelantonio as the next chief executive of high-end textile and clothing company Loro Piana, it said on Monday. D'Angelantonio, a former marketing director at eyewear company Luxottica , will start on Sept. 1.
Mon, 30 May 2016 16:47:39 -0400
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