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Baidu ready to beat Google if U.S. firm returns to China - CEO

BEIJING (Reuters) - Baidu Inc (O:BIDU) is prepared to win against Alphabet Inc's (O:GOOGL) Google in China, its chief executive officer said on social media, amid rumblings the U.S. search engine giant was planning to re-enter a market it left eight years ago. Google's search engine has been largely blocked in China since 2010, when the company exited the market over ethical concerns related to China's strict censorship laws. Baidu dominates the domestic search engine space currently. Last wee...
Posted on: Aug 7, 2018 09:26:35 Read More

Genel Energy sees significant output boost in 2019

LONDON (Reuters) - Iraqi Kurdistan-focused Genel Energy (L:GENL) is likely to significantly increase its oil production guidance next year, Chief Financial Officer Esa Ikaheimonen said on Tuesday. The output boost is expected to come from 11 wells currently being drilled in three fields in the region, eight of which are expected to begin producing this year. Genel on Tuesday reaffirmed its 2018 production guidance of 32,800 barrels of oil per day. "We maintained that guidance ...sig...
Posted on: Aug 7, 2018 07:37:07 Read More

Oil Prices Continue to Rise as Saudi Arabia Production Slows

Investing.com - U.S. crude oil prices rose on Monday as lower Saudi Arabian production bolstered prices. West Texas Crude oil futures surged 1.84% to $69.75 a barrel as of 11:09 AM ET (15:09 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.46% to $74.28. Saudi Arabia only pumped about 10.29 million barrels per day (bpd) in July, down about 200,000 from a month earlier, Reuters reported. The Organization of the Petroleum Export...
Posted on: Aug 6, 2018 15:36:28 Read More

Morgan Stanley Says Traders Finally Hearing Bearish Tech Call

(Bloomberg) -- Morgan Stanley (NYSE:MS), which recommended selling U.S. tech stocks a month ago, says traders are finally starting to take heed. The Nasdaq Composite has lost as much as 4.2 percent since reaching a record high on July 25 as investors fled the likes of Facebook Inc (NASDAQ:FB)., Twitter Inc(NYSE:TWTR). and Netflix Inc (NASDAQ:NFLX). following disappointing earnings. And while Apple Inc (NASDAQ:AAPL). breached the historic $1 trillion value mark...
Posted on: Aug 6, 2018 13:38:17 Read More

Lira Extends Longest Losing Streak Since May to Fresh Record Low

(Bloomberg) -- The Turkish lira fell against the dollar for a sixth day and government bonds dropped as a showdown with the U.S. over a detained American pastor continued to weigh on investor sentiment. The currency weakened 1.1 percent to a record low amid its longest streak of losses in three months, while the yield on 10-year bonds touched an all-time high. The lack of liquidity in the lira market and broad dollar strength are compounding the move, according to an Istanbu...
Posted on: Aug 6, 2018 08:58:05 Read More

Stocks - Kraft Heinz, Take-Two Soar in Pre-market; AIG, Symantec, Shake Shack Sink

Investing.com - Stocks in focus in pre-market trade Friday: • Kraft Heinz (NASDAQ:KHC) stock soared 6.48% by 8:07 AM ET (12:07 GMT) as second-quarter results topped expectations and the company’s chief executive Bernardo Hees said he expects “profitability to improve by year-end, with further momentum into 2019.” • GoPro (NASDAQ:GPRO) stock gained 3.67% after reporting smaller-than-expected quarterly losses. • American International Group (NYSE:...
Posted on: Aug 3, 2018 14:28:32 Read More

Amazon reports 1.7 million pounds UK tax bill due to share deductions

LONDON (Reuters) - The main UK subsidiary of Amazon.com Inc (NASDAQ:AMZN) had a tax bill of 1.7 million pounds on profits of 72.4 million pounds in 2017 thanks to deductions related to share-based awards to staff, accounts published this week show. The tax affairs of Amazon, which on Thursday reported its largest ever profit of $2.5 billion in the second quarter, and other tech groups have been the subject of parliamentary scrutiny across Europe in recent years. Amazon group books most of its ...
Posted on: Aug 3, 2018 14:21:03 Read More

FTSE rises as RBS and Mondi gain

By Kit Rees LONDON (Reuters) - The UK's top share index climbed higher on Friday as cyclical stocks recovered thanks to a respite from trade and Brexit worries, while results from Mondi and RBS were well-received. The blue-chip FTSE 100 (FTSE) index was up 0.4 percent at 7,606.09 points by 0844 GMT, though it was on track for its biggest weekly loss since March with a 1.2 percent slide. This week fresh concerns over global trade marred sentiment, after U.S. President Donald Trump ramped up th...
Posted on: Aug 3, 2018 11:50:28 Read More

Packaging group Mondi's profits up by a quarter in first half

JOHANNESBURG (Reuters) - Packaging and paper group Mondi (L:MNDI), (J:MNDJ) reported a 25 percent increase in half-year underlying profit, benefiting from higher average selling prices, good demand across its packaging businesses and profit improvement initiatives across the group. Mondi has been battling negative currency effects from a weaker U.S. dollar and a weaker Russian rouble while also facing higher raw materials costs and the impact of maintenance shut-downs. The company said on Frid...
Posted on: Aug 3, 2018 07:18:02 Read More

Pound extends losses on Carney comments, dollar strength

LONDON (Reuters) - The pound extended losses on Thursday after the Bank of England raised interest rates from crisis era lows but was cautious about any further tightening with an uncertain Brexit on the horizon. A broadly rallying dollar also hit the pound. Sterling fell as much as 0.8 percent to $1.3017, down from around $1.31 before Governor Mark Carney gave his post-rate decision news conference.   The pound also fell against the euro from an earlier flat position. It dropped 0.4 pe...
Posted on: Aug 2, 2018 14:44:17 Read More

Forex - Dollar Higher after Fed, Pound Slips Before BoE

Investing.com - The dollar was higher against a currency basket on Thursday after the Federal Reserve indicated that it is on track for additional rate hikes this year, while the pound slipped ahead of the Bank of England’s policy announcement later in the day. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.21% to 94.66 by 02:52 AM ET (06:52 AM GMT). Demand for the dollar continued to be underpinned after the F...
Posted on: Aug 2, 2018 09:30:42 Read More

Asian shares slide on fresh trade worries, bonds fragile

By Hideyuki Sano TOKYO (Reuters) - Asian stocks tumbled on Thursday as the latest escalation in the Sino-U.S. trade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan's new tolerance for higher yields. European shares are expected to fall, with financial spread-betters see Britain's FTSE (FTSE), France's CAC (FCHI), Germany's DAX (GDAXI) opening 0.4 percent lower. Japan's Nikkei (N225) declined 1.1 percent while MSCI's broadest index ...
Posted on: Aug 2, 2018 07:16:42 Read More

Apple shares hit record as bright forecast highlights future demand

(Reuters) - Shares of Apple Inc (NASDAQ:AAPL) hit a record high on Wednesday and neared a $1 trillion (£762.32 billion) valuation, after the company forecast blowout current-quarter sales and analysts said a September launch of new iPhones set the stage for sustained growth. The company's shares rose 4.7 percent to a high of $199.26 in early trading - within striking distance of the $206.49 mark that will give it a trillion-dollar valuation. Including Wednesday's gains, the stock has rise...
Posted on: Aug 1, 2018 15:04:37 Read More

Stocks - Apple, Campbell Soup Jump in Pre-market; Tesla, Google Gain

Investing.com - Stocks in focus in pre-market trade Wednesday: • Apple (NASDAQ:AAPL) stock jumped 4.47% by 8:09 AM ET (12:09 GMT) as its high-priced iPhone X and services revenue helped it beat consensus. • Tesla (NASDAQ:TSLA) stock gained 0.46% after a report that the company would invest $5 billion in a factory in China to avoid tariffs. • Google-parent Alphabet (NASDAQ:GOOGL) stock traded up 1.38% as the internet giant plans to develop a censored version of its search engine...
Posted on: Aug 1, 2018 13:33:50 Read More

Tesla Plans to Invest $5 billion in China in Move to Avoid Tariffs

Investing.com - Tesla (NASDAQ:TSLA) plans to invest $5 billion to produce cars in China and avoid possible tariffs as trade tensions between the U.S. and Beijing remain on edge, according to a report from Bloomberg. The company is looking to raise funds in China to finance at least a portion of the investment for the plant, one source told Bloomberg. According to the report, Tesla will begin producing its new Model 3 vehicle at the factory near Shanghai in 2020. Last month, chief executive of...
Posted on: Aug 1, 2018 11:43:37 Read More

BAE Systems sticks to annual forecast

LONDON (Reuters) - Britain's biggest defence company BAE Systems (L:BAES) stuck to its forecast for flat earnings this year, saying that some issues at U.S. projects and in its maritime unit would be offset by a stronger performance from other parts of the business. BAE, which is building Britain's new nuclear submarines, manufactures Eurofighter Typhoon jets and provides electronics for the F-35 combat jet, posted a 2 percent drop in underlying earnings per share to 19.8 pence for the half yea...
Posted on: Aug 1, 2018 07:20:46 Read More

Oil to hold steady into 2019 as OPEC, U.S. compensate for supply hitches - Reuters poll

By Sumita Layek Oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the U.S. meets growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday. A survey of 44 economists and analysts forecast Brent crude (LCOc1) to average $72.87 a barrel in 2018, 29 cents higher than the $72.58 projected in the previous month's poll and above the $71.68 average so far this year. U.S. crude futures (CL...
Posted on: Jul 31, 2018 13:30:32 Read More

Bonds gain, yen falters as BOJ pledges to keep rates low

By Swati Pandey SYDNEY (Reuters) - Global bond prices gained and the yen fell on Tuesday after the Bank of Japan (BoJ) wrongfooted hawks as it pledged to keep interest rates extremely low for an extended period. The lead for European and U.S. shares was mixed with FTSE futures (FFIc1) down a tad while E-Minis for the S&P500 (ESc1) gained 0.2 percent. BOJ's policy announcement to make its massive stimulus programme more flexible provided some comfort to bond investors, ...
Posted on: Jul 31, 2018 07:42:56 Read More

Forex - Euro, Pound Rise as Dollar Weakens

Investing.com - The U.S. dollar was lower on Monday, while the euro and sterling were higher as investors wait for a a number of central bank meetings this week. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.43% to 94.06 as of 11:34 AM ET (15:34 GMT). Meanwhile, the pound inched higher, with GBP/USD rising 0.31% to 1.3146. Investors are waiting for a flurry of central bank policy decisions this week that...
Posted on: Jul 30, 2018 16:22:04 Read More

GVC shares hit record high after U.S. betting deal with MGM Resorts

(Reuters) - GVC Holdings Plc (L:GVC) shares leapt to a record high on Monday after it agreed to set up an online betting platform in the United States with U.S. hotel and casino operator MGM Resorts International (N:MGM) . The announcement comes ahead of the American football season and as British betting companies look to capitalise on the U.S. market after a U.S. Supreme court ruling in May lifted a ban on sports betting. Bookmakers have also been assessing the impact of recently implemented...
Posted on: Jul 30, 2018 13:07:06 Read More