Housing starts miss expectations, but overall tone upbeat
WASHINGTON (Reuters) – Housing starts rose less than expected in May, likely reflecting labor and material constraints, but the overall trend remained consistent with strength in the housing market.
Adidas targets record soccer sales in World Cup year
HERZOGENAURACH, Germany (Reuters) – German sportswear maker Adidas expects sales from its soccer division to break the 2 billion euro ($2.7 billion) barrier for the first time in 2014, when the World Cup is played in Brazil, the company said on Tuesday…
Royalty drops hostile bid for Ireland’s Elan
DUBLIN (Reuters) – U.S.-based Royalty Pharma has dropped a hostile bid worth up to $8 billion for Elan , leaving the Irish drug maker free to seek other suitors having put itself up for sale last week.
Investors back away from emerging markets on China fears: BofA survey
LONDON (Reuters) – Emerging markets are suffering a sharp pullback by investors fearful of a shock from China just as confidence in the world economy, and the euro zone in particular, rises, according to a survey of fund managers.
Duke Energy CFO Lynn Good to become CEO
(Reuters) – Duke Energy Corp , the largest power provider in the United States, said Chief Financial Officer Lynn Good will take over from Chief Executive Jim Rogers on July 1.
Lloyds says no political pressure for branches sale to Co-op
LONDON (Reuters) – British bank Lloyds has denied being subject to political pressure to sell hundreds of branches to the Co-operative Group , rebutting suggestions of ministerial interference in the controversial sale.
Monte Paschi sent restructuring plan to EU on Monday
MILAN/BRUSSELS (Reuters) – Banca Monte dei Paschi di Siena , Italy’s third-largest lender, has sent a restructuring plan to the European Commission and will release details of the plan after the Commission has approved it, the bank said on Tuesday.
ECB rates becoming more effective again: Draghi
JERUSALEM (Reuters) – The European Central Bank is ready to act to aid the euro zone economy if needed, while signs of market stabilization mean interest rates are becoming a more effective tool again, ECB chief Mario Draghi said on Tuesday.
Commerzbank to shed more than 5,000 jobs: source
FRANKFURT (Reuters) – German lender Commerzbank will shed more than 5,000 jobs, 10 percent of its workforce, under a preliminary deal with staff representatives to cut costs, a person close to the company told Reuters on Tuesday.
Hong Kong investigates HSBC, other banks for inappropriate market conduct
(Reuters) – Hong Kong’s de facto central bank said on Tuesday that its investigation into possible benchmark rate manipulation has been extended to include HSBC and a number of other banks.
