UK exit from EU would risk bank exodus: City of London head
LONDON (Reuters) – A British exit from the European Union could prompt an exodus of leading foreign banks and undermine London’s dominance of the foreign exchange markets, the head of the City of London financial district said in an interview on Tuesda…
Nokia handsets sale reveals revamped networks value
VIENNA (Reuters) – Nokia’s $7.2 billion sale of its core phones division to Microsoft leaves three disparate high-quality business units whose value should benefit from the deal.
Syria, emerging market turmoil put U.S. in G20 hot seat
MOSCOW (Reuters) – The Group of 20 cut its teeth in the global financial crisis of 2009, achieving unprecedented cooperation between developed and emerging nations to stave off economic collapse which has not been matched since.
U.S. construction spending climbs on home, commercial building outlays
WASHINGTON (Reuters) – U.S. construction spending rose in July as more outlays to build homes and businesses countered a decline in the government sector.
Blackstone raises $5 billion for second rescue lending fund
NEW YORK (Reuters) – Blackstone Group LP said on Tuesday it had raised $5 billion from investors for its second rescue lending fund, underscoring how alternative asset managers are looking to displace banks in providing financing to companies in distre…
U.S. manufacturing demand, China services sector suggest growth
NEW YORK (Reuters) – Demand picked up in the U.S. manufacturing sector in August, data showed on Tuesday, which together with a report showing steady growth in China’s services sector added to signs of strength in the world’s two biggest economies.
U.S. Steel’s locked-out Canadian workers vote to accept contract
(Reuters) – Workers locked out at U.S. Steel Corp’s Lake Erie works in Canada have voted to accept a contract offer, according to results posted on their union’s website late on Friday.
Bezos offers clues to Washington Post: patience, experimentation
(Reuters) – Jeff Bezos, the founder of Amazon who shocked media watchers when he agreed to buy The Washington Post, told the struggling newspaper he will guide it using the same approach that successfully shaped his e-commerce site and turned it into t…
U.S. banks turn to subprime auto loans as delinquencies fall
(Reuters) – U.S. banks are making more of their car loans to subprime borrowers as delinquencies fall and as automobile manufacturers’ finance subsidiaries draw the more-reliable customers, according to data released on Tuesday.
Nokia handset sale hammers hedge funds
LONDON/PARIS (Reuters) – Hedge funds betting that the collapse in Finnish telecom group Nokia’s share price would continue got a rude surprise on Tuesday, and their rush to unwind their bets left the stock eyeing a record daily gain.
