Finance

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  • Ukraine says investigating Russia's Sberbank for financing separatists

    Reuters - Wed, Apr 16, 2014 3:04 PM EDT

    Ukraine has launched a criminal investigation against Russia's biggest lender Sberbank for facilitating financing of pro-Russian separatists, acting Attorney General Oleh Makhnitsky said on Wednesday. Makhnitsky said the Attorney General's office was investigating 14 banks for helping to finance separatists who have taken over a number of buildings in eastern Ukraine, but he did not say whether all the investigations were criminal. "A criminal investigation has been launched against, for example, Sberbank Russia, and work is underway in that direction ... for financing terrorism," Makhnitsky said in an interview on Fifth Channel television. More »Ukraine says investigating Russia's Sberbank for financing separatists

  • The 4 Gutsy Trade Secrets to Increase App Downloads

    Entrepreneur - Wed, Apr 16, 2014 2:30 PM EDT

    In the crowded mobile-app market, getting noticed is becoming harder by the day. Here are four growth hacks to Increase to help increase downloads for your mobile app. More »The 4 Gutsy Trade Secrets to Increase App Downloads

  • HUD's Donovan says U.S. Senate housing bill is best chance of reform

    Reuters - Wed, Apr 16, 2014 12:56 PM EDT

    President Barack Obama's top housing official on Wednesday said a proposed Senate bill provides the best chance to overhaul the mortgage finance system this decade, but more debate over down payment requirements for government-backed loans is needed. "Despite its imperfections, this bill represents real progress and that's why we have got to pursue it," U.S. Housing and Urban Development Secretary Shaun Donovan said at a conference hosted by the National Council of La Raza and other civil rights and housing groups. "We must take action." Donovan gave the speech in hopes of reassuring housing advocacy and civil rights groups, which oppose the proposed Senate plan over worries that it would create a system that will prevent less affluent Americans from accessing credit even if a government role is retained. His push comes as Senate Banking Committee leaders are negotiating with other senators and aiming to reach a compromise on their bill to wind down government-run mortgage financiers Fannie Mae and Freddie Mac. More »HUD's Donovan says U.S. Senate housing bill is best chance of reform

  • Pakistan publishes list to embarrass tax cheats into paying up

    Reuters - Wed, Apr 16, 2014 11:56 AM EDT

    By Katharine Houreld ISLAMABAD (Reuters) - Desperate Pakistani tax authorities are publicly shaming defaulters by publishing taxpayers' details in a directory for the first time, officials said on Wednesday. Anger over poor public services fuels the Taliban insurgency and other militant groups destabilizing the nuclear-armed nation. "People will be living these luxurious life styles and others will be saying to them - where is your name on that list?" Cracking down on tax evasion is a key condition of a $6.7 billion loan from the International Monetary Fund intended to prop up Pakistan's dwindling foreign reserves. The cash is being doled out in increments and could stop if Pakistan fails to institute reforms. More »Pakistan publishes list to embarrass tax cheats into paying up

  • EU lays out impact of financial sanctions on Russia

    Reuters - Wed, Apr 16, 2014 11:50 AM EDT

    By Luke Baker BRUSSELS (Reuters) - The European Commission handed documents to EU member states on Wednesday explaining the potential impact on their economies of imposing stricter trade and financial sanctions on Russia over its actions in Ukraine, diplomats said. Worried about potential leaks of the sensitive data, the Commission informed each country only about the risks it would face, rather than sharing full details with all 28 member states. The documents examine several categories of sanctions, including on energy, finance and trade, setting out the impact imposing the restrictions would have on the bilateral economic relationship between Russia and each country. "We can't have a situation where a set of sanctions ends up having a retaliatory impact on one member state or two or three member states. More »EU lays out impact of financial sanctions on Russia

  • Yahoo's growth anemic as turnaround chugs along

    Reuters - Wed, Apr 16, 2014 11:12 AM EDT

    By Alexei Oreskovic SAN FRANCISCO (Reuters) - Yahoo Inc again posted anemic quarterly revenue growth as the Internet company's advertising business continues to lag its rivals, nearly two years into Chief Executive Officer Marissa Mayer's comeback effort. Yahoo reports the Chinese company's financial results one quarter later than its own. More »Yahoo's growth anemic as turnaround chugs along

  • Deutsche Bank denies report its CEOs' jobs are at risk

    Reuters - Wed, Apr 16, 2014 9:44 AM EDT

    Deutsche Bank denied a media report that said its co-Chief Executives Anshu Jain and Juergen Fitschen could be replaced, possibly with former UBS finance chief John Cryan. Germany's Manager Magazin on Wednesday cited "insiders" saying Deutsche Bank supervisory board chairman Paul Achleitner was preparing to bring in a new chief executive. In a summary of its report, the magazine said Achleitner has met in recent weeks with potential candidates including Cryan, the European head of Singaporean sovereign fund Temasek , who was at the top of the list. More »Deutsche Bank denies report its CEOs' jobs are at risk

  • Japanese Internet firms offer something new: high returns

    Reuters - Wed, Apr 16, 2014 6:12 AM EDT

    By Ayai Tomisawa TOKYO (Reuters) - Some Japanese Internet companies are getting a boost from foreign investors as Prime Minister Shinzo Abe pushes for an elusive strength his country's firms are not known for - high returns. After a slow start, the index is attracting attention after Japan's Government Pension Investment Fund, the world's largest pension fund, adopted the JPX-400 as a benchmark for some of its passive stock investments. More »Japanese Internet firms offer something new: high returns

  • Tencent launches Candy Crush game in China

    Reuters - Wed, Apr 16, 2014 6:10 AM EDT

    Chinese tech giant Tencent Holdings Ltd will launch a Chinese version of King Digital Entertainment Plc's explosively popular "Candy Crush Saga" game in China, as the UK-based mobile games maker looks to woo new users to support flagging sales in the United States and Europe. The web-based game, which involves lining up colorful candies, will roll out through Tencent's Mobile QQ and Weixin platforms. "Tencent has the largest mobile social network in China," King Digital Chief Executive Riccardo Zacconi said in a statement, adding that he hoped the tie-up would make Candy Crush "as popular in China as in the rest of the world". More »Tencent launches Candy Crush game in China

  • Former Egypt finance minister released hours after arrest in France: source

    Reuters - Wed, Apr 16, 2014 5:21 AM EDT

    Former Egyptian finance minister Youssef Boutros Ghali was released following his arrest in Paris on an international warrant over corruption charges from his time in Hosni Mubarak's government, a judicial source said on Wednesday. French police released Boutros Ghali hours after he was arrested at the request of Interpol on arriving in Paris from London on Monday, the source said. The source said Boutros Ghali had to be released because of his status as a political refugee in Britain, which includes a guarantee against imprisonment under the Geneva Convention. Boutros Ghali was sentenced in absentia to 30 years in prison in Egypt for corruption and abuse of power following the uprising that unseated Mubarak in 2011. More »Former Egypt finance minister released hours after arrest in France: source

  • HKMA steps up supervision of banks' credit risk management

    Reuters - Tue, Apr 15, 2014 10:44 PM EDT

    By Jacqueline Poh HONG KONG, April 16 (RLPC) - The Hong Kong Monetary Authority (HKMA) is stepping up its supervision of Hong-Kong-based banks' credit risk management by asking banks to show stable funding requirements and agree to regular onsite examinations of credit underwriting processes and stress-testing, the HKMA said in a statement. These measures come after a steep rise in offshore lending to Chinese mainland companies by Hong Kong-based banks. Chinese onshore companies borrowed HK$2.276 trillion of customer loans at the end of 2013, excluding HK$313 billion of trade finance loans, according to the HKMA. "The increase in Hong Kong banking sector's mainland-related lending is a natural consequence of the growth of the mainland economy and development of mainland corporates," said HKMA, which reinforces Hong Kong's role as a significant international financial center. More »HKMA steps up supervision of banks' credit risk management

  • Twitter buys social data provider Gnip, stock soars

    Reuters - Tue, Apr 15, 2014 5:46 PM EDT

    Twitter Inc said on Tuesday it bought social data provider Gnip for an undisclosed amount, signaling that it would take on a new role of packaging and selling data, a service in demand by business and government. The social media company said separately that it hired a Google executive to lead its consumer product development, filling a position that had been vacant since January. Investors reacted positively to the news, sending Twitter shares up more than 11 percent, the biggest gain since the day it went public in November. Twitter said in a blog post that the Gnip deal allowed it to burrow more deeply into the 500 million tweets sent daily on its network. More »Twitter buys social data provider Gnip, stock soars

  • New CEO Nadella pushes data culture at Microsoft

    Reuters - Tue, Apr 15, 2014 4:36 PM EDT

    Microsoft Corp needs a "data culture" to thrive in the new computing environment, according to chief executive Satya Nadella, in his third public appearance in three weeks putting his imprint on the software company. Nadella, who took the helm in February, is seeking to push Microsoft further toward mobile and 'cloud,' or Internet-connected, computing. That marks a shift from his predecessor, Steve Ballmer, whose world view was more tied to personal computers and the Windows operating system. "Every aspect of Microsoft's business is being fundamentally transformed because of data," said Nadella at a presentation in San Francisco on Tuesday. More »New CEO Nadella pushes data culture at Microsoft

  • Pakistan's long awaited 3G, 4G auction draws dismal response

    Reuters - Tue, Apr 15, 2014 2:42 PM EDT

    By Mehreen Zahra-Malik ISLAMABAD (Reuters) - A dismal response in this week's auction for next-generation cellphone spectrum licenses means cash-strapped Pakistan will struggle to fund its budget this year, finance and IT ministry officials and telecom industry executives told Reuters. Pakistan is set to hold long-awaited auctions for 3G and 4G network licenses on April 23, a step the government projects will raise $2 billion to boost foreign reserves. But officials said there has been scant interest in Monday's bidding process and estimate Pakistan will raise no more than $850 million. ... More »Pakistan's long awaited 3G, 4G auction draws dismal response

  • Scarce land could blunt recovery for U.S. homebuilders

    Reuters - Tue, Apr 15, 2014 2:15 PM EDT

    A resurgent U.S. housing market has created an unforeseen land shortage that could take the shine off an otherwise promising year for homebuilders. If they don't, he said, the rate of increase could be half his original estimate. More »Scarce land could blunt recovery for U.S. homebuilders

  • Zebra Tech to buy Motorola Solutions' enterprise business

    Reuters - Tue, Apr 15, 2014 1:33 PM EDT

    Barcode printer maker Zebra Technologies Corp said it would buy Motorola Solutions Inc's enterprise business, which makes rugged mobile computers, tablets and barcode scanners, for $3.45 billion in its biggest deal ever. The deal will allow Zebra, whose products help companies such as Amazon Inc track inventory and supply chains, to enhance its portfolio through a range of Internet-connected devices. Zebra's shares fell 11 percent to $60.77 on the Nasdaq on concerns the company's borrowings to fund the deal would be as big as its market value of $3.44 billion as of Monday's close. Zebra will finance the deal through a combination of $200 million cash on hand and $3.25 billion in debt, comprising a credit facility and issuance of debt securities. More »Zebra Tech to buy Motorola Solutions' enterprise business

  • France arrests former Egyptian finance minister on Interpol warrant

    Reuters - Tue, Apr 15, 2014 12:47 PM EDT

    Former Egyptian finance minister Youssef Boutros Ghali was arrested in France this week on an international warrant over corruption charges from his time in Hosni Mubarak's government, the French foreign ministry said on Tuesday. Boutros Ghali was sentenced in absentia to 30 years in prison for corruption and abuse of power following the uprising that unseated Mubarak in 2011. The Egyptian state press agency Mena reported that Ghali had been arrested on Monday upon arrival in Paris from London. "We confirm the arrest on April 14 of Youssef Boutros Ghali following a request by Interpol," a foreign ministry spokesman said, without providing any further details. More »France arrests former Egyptian finance minister on Interpol warrant

  • Russia's Ukraine tactics sharpen EU split on sanctions

    Reuters - Tue, Apr 15, 2014 10:41 AM EDT

    By Paul Taylor and Adrian Croft PARIS/LUXEMBOURG (Reuters) - Russia's tactics of fostering instability in Ukraine without further overt military intervention are sharpening divisions in the European Union over whether to impose economic sanctions, making an early decision to get tough very unlikely. EU foreign ministers decided on Monday to expand their list of 33 individuals targeted with asset freezes and visa bans for their roles in Moscow's seizure and annexation of Crimea from Ukraine in February. But that agreement masked deeper differences over what would trigger a third phase of sanctions against Moscow, moving from largely symbolic diplomatic measures and personal restrictions to broader curbs on trade, energy and finance with Russia. Despite a statement by French Foreign Minister Laurent Fabius that EU leaders could meet as early as next week to adopt new sanctions, diplomats said there was little prospect of such a special summit because positions were so far apart. More »Russia's Ukraine tactics sharpen EU split on sanctions

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