Standard Chartered’s profit hit by $1 billion Korean writedown
LONDON (Reuters) – Asia-focused bank Standard Chartered took a $1 billion hit on the value of its troubled Korean business on Tuesday, dragging earnings down 16 percent and warning of a slow turnaround in its most difficult market.
ECB has easing bias, not out of ammunition: Praet
FRANKFURT (Reuters) – The European Central Bank’s interest rates have not hit their lower bound and fresh cuts are an option, policymaker Peter Praet said, stressing the ECB’s “easing bias” after chief Mario Draghi left markets puzzled last week.
Upbeat factory data lifts European shares, euro
LONDON (Reuters) – European shares and the euro strengthened on Tuesday as investors welcomed a steady improvement in the region’s economic outlook, while Australia cut interest rates to ease the impact of an end to its mining boom.
Sony rejects Loeb’s proposal to spin off entertainment unit
TOKYO (Reuters) – Japan’s Sony Corp on Tuesday rejected a proposal from activist shareholder Daniel Loeb to partially spin off its entertainment business but the billionaire investor vowed to keep talking with the company and to explore other options.
Analysis: Turkey lira defense a lesson for India
LONDON (Reuters) – If the Reserve Bank of India wants some pointers on how to lift the rupee decisively off record lows, it could try asking Turkish central bank governor Erdem Basci.
Growth in China trust assets slows as shadow banking crackdown bites
SHANGHAI (Reuters) – Growth of China’s trust sector, the largest component of the country’s so-called shadow banking system, slowed markedly in the second quarter after a government clampdown on risky lending.
Australian central bank cuts rates to record low
SYDNEY (Reuters) – Australia’s central bank cut its main cash rate by a quarter point to a record low of 2.5 percent on Tuesday as it tries to prepare the economy for life after the mining boom.
Japan recovery seen sustained on Abenomics, may justify tax hike
TOKYO (Reuters) – Japan’s economy likely grew an annualized 3.6 percent in April-June to mark a third straight quarter of expansion, a Reuters poll showed, adding to growing signs the positive effect of premier Shinzo Abe’s reflationary policies is spr…
Amazon’s Bezos to buy the Washington Post for $250 million
(Reuters) – Amazon.com Inc founder Jeff Bezos will buy the Washington Post newspaper for $250 million in a surprise deal that ends the Graham family’s 80 years of ownership and hands one of the country’s most influential publications to the businessman…
IPO likely Neiman Marcus option as underwriters chosen
(Reuters) – Neiman Marcus has appointed a syndicate of banks for a possible initial public offering, two people familiar with the matter said on Monday, in the latest sign that the high-end department store is leaning towards a listing over pursuing an…
