Economic reality finally cracks market fervor
LONDON (Reuters) – As evidence mounts that a mid-year slowdown taking place in the world economy, the next few days will offer a clearer glimpse of how that will impinge on policymaking and buoyant financial markets. Global stocks stumbled last Thursday in one of the few times the grey economic reality cut through this year’s reverie in financial markets.
Merkel, Li call for end to EU-China solar trade row
BERLIN (Reuters) – German Chancellor Angela Merkel and Chinese Premier Li Keqiang on Sunday called for an end to a trade row between Europe and China over solar panels and wireless equipment, telling a joint news conference they were both for free trade. The European Union accuses China of pricing its solar panels and mobile telecom devices too cheaply and “dumping” them in Europe to corner the market. It plans to impose duties on Chinese panel makers.
China PM says stable euro in best interests of China and world
BERLIN (Reuters) – China’s Premier Li Keqiang said on Sunday a stable euro was in the best interests of China and the whole world. Speaking at a news conference in Berlin with Chancellor Angela Merkel, Li said China has offered its help throughout the euro zone crisis.
Kion, Shandong Heavy get 500 million euro to enhance cooperation
FRANKFURT (Reuters) – Germany’s Kion Group , the world’s second biggest maker of fork lift trucks, and shareholder Shandong Heavy are getting as much as 500 million euros ($ 647 million) in financing from the China Development Bank to support their cooperation, Kion said. The two companies will also be receiving unspecified financial services from the bank as part of an agreement signed on Sunday at a meeting between Chinese Premier Li Keqiang and German Chancellor Angela Merkel, Kion said.
China, EU to discuss trade disputes on Monday
BEIJING (Reuters) – China will hold informal talks with the European Commission on Monday to try to defuse a trade row over solar panels and wireless equipment. The European Union accuses China of pricing its solar panels and mobile telecom devices too cheaply and “dumping” them in Europe to corner the market. It plans to impose duties on Chinese panel makers.
Valeant deal sparks share jump, helps TSX ends week higher
TORONTO (Reuters) – Canada’s main stock index reversed earlier losses on Friday after several stocks jumped on takeover moves, helping the TSX shrug off uncertainty over U.S. central bank monetary policy that hurt U.S. indices. Shares in Valeant Pharmaceutical International Inc jumped more than 13 percent to C$ 86.91 after a source said the company is close to a $ 9 billion deal to acquire eye care company Bausch & Lomb.
Insight: Two things missing on Spain’s route to recovery
MADRID (Reuters) – Spanish officials tell a dramatic turnaround story: from near-bankruptcy a year ago to model of budget austerity and reform now. There are just two things missing: jobs and growth. And only one potential salvation: exports.
Ireland considering reform of corporate tax system: paper
DUBLIN (Reuters) – The Irish government is examining options to close a loophole in its tax system that has allowed multinational companies to significantly reduce taxes they pay on profits, the Sunday Business Post newspaper reported. Ireland has been criticized by British and U.S. legislators in recent weeks for the fact that multinationals like Apple and Google reduced their global tax bills by channeling profits through Irish subsidiaries.
Blackstone notifies Cohen’s SAC it intends to pull money: pension consultant
(Reuters) – Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc , the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters. A pension consultant, in a May 21 letter to clients, said Blackstone has notified Cohen that it intends to “fully redeem” a significant portion of the roughly $ 550 million the investment firm has invested with the $ 15 billion hedge fund. The letter from pension consulting firm Russell Investments said Blackstone submitted its redemption notice to SAC Capital sometime before May 15 because of ongoing concerns about the insider trading investigation that continues to engulf Cohen’s fund.
Yahoo joins growing list of bidders for Hulu: sources
LOS ANGELES/NEW YORK (Reuters) – Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co , two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $ 1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu, including Time Warner Cable Inc , DirecTV , former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said.
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