Monday, February 27, 2017

London Stock Exchange: EU will probably kill our blockbuster merger with Deutsche Boerse

London Stock Exchange: EU will probably kill our blockbuster merger with Deutsche Boerse

The new Chief Executive of the London Stock Exchange, Xavier Rolet poses for photographers, in London February 13, 2009. The London Stock Exchange named former Lehman Brothers banker Xavier Rolet as its new Chief Executive, tasking him with tackling the twin challenges of rising competition and weak financial markets.London Stock Exchange CEO Xavier Rolet. REUTERS/Andrew Winning
(Reuters) - London Stock Exchange Group said on Sunday itbelieves the European Commission is unlikely to provide clearance for its merger with Deutsche Boerse AG after LSE's board concluded it would not be able to meet the regulator's demands.
LSE said in an emailed statement that the Commission had asked it to sell its stake in fixed income trading platform MTS to satisfy antitrust concerns over the merger of Europe's two largest stock exchange operators.
However, LSE said its board had concluded it could not commit to such a sale. The LSE said it would continue to take steps to gain merger approval.
Deutsche Boerse could not be reached for immediate comment.
LSE and Deutsche Borse agreed to combine last March in a deal that would create a market infrastructure giant worth at least £20 billion.
(Reporting by Ismail Shakil in Bengaluru; editing by Jason Neely)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

Samsung will announce the Galaxy S8 on March 29

Samsung will announce the Galaxy S8 on March 29

Samsung's next major smartphone is coming in a little over a month.
On Sunday the company sent invitations to the press for an event in New York City where it will announce the Galaxy S8, its first major product since the Galaxy Note 7 debacle last year. The event takes place Wednesday, March 29.
Here's a look at the invitation, which teases the new phone:
samsung galaxy s8 invitationSamsung
There's a lot of pressure on Samsung to nail the Galaxy S8 launch following the embarrassing Galaxy Note 7 explosions last year. Samsung released the findings of an investigation last month that looked into what caused some Note 7s to overheat and explode. The company promised to perform rigorous battery tests on all future products.
We've already heard a bunch of rumors about the Galaxy S8. The phone is said to have a nearly borderless screen (the teaser image above appears to confirm that rumor) and no home button. It will also have a new digital assistant based on Viv, a startup founded by the makers of Siri that Samsung bought last year. We've rounded up the rest of the Galaxy S8 rumors for you right here.
Samsung's Galaxy S8 announcement will take place at Lincoln Center in New York at 11 a.m. Eastern. Business Insider will be there with live coverage.

Warren Buffett's racked up a $1.6 billion gain in his Apple investment

Warren Buffett's racked up a $1.6 billion gain in his Apple investment

Berkshire Hathaway CEO Warren Buffett yells Berkshire Hathaway CEO Warren Buffett yells "Go big red!", the Nebraska Cornhuskers chant, prior to the Berkshire annual meeting in OmahaThomson Reuters
AAPL Apple Rg
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NEW YORK, Feb 25 (Reuters) - Berkshire Hathaway Inc.'s gain on its investment in Apple Inc. stands at more than $1.6 billion after shares of the iPhone maker surged.
The stake of 61.2 million shares was acquired last year for $6.75 billion, an average of about $110.17 apiece, according to the annual report Saturday from Berkshire, which is led by billionaire chairman Warren Buffett.
The holding was valued at more than $8.3 billion as of Friday's $136.66 closing price.
Berkshire became one of the top 10 Apple investors in 2016, taking a stake of more than 9 million shares in the first quarter and then accelerating purchases in the last three months of the year.
The Apple investment appears to reflect much of the $12 billion of stock that Buffett said he had bought between the Nov. 8 Presidential election and the end of January.

Screen Shot 2017 02 25 at 9.15.12 AMMarkets Insider


(Reporting By Jennifer Ablan; Editing by David Gregorio)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

Mnuchin: 'We are not touching' Social Security, Medicare in Trump's first budget plan

Mnuchin: 'We are not touching' Social Security, Medicare in Trump's first budget plan

Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S., February 14, 2017.  REUTERS/Kevin LamarqueMnuchin speaks at a press briefing at the White House in WashingtonThomson Reuters
WASHINGTON (Reuters) - President Donald Trump's first budget proposal will not seek cuts in Social Security, Medicare and other entitlement federal benefits programs, U.S. Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday.
Mnuchin was asked on Fox News Channel's "Sunday Morning Futures" program whether the Trump administration needed cuts in those areas.
"We are not touching those now. So don't expect to see that as part of this budget, OK," Mnuchin said of the programs, according to a transcript provided by Fox. "We are very focused on other aspects and that's what's very important to us. And that's the president's priority."
(Reporting by David Lawder; Editing by Jeffrey Benkoe)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

Friday, February 24, 2017

Investors are placing historic bets on oil prices

Investors are placing historic bets on oil prices

oil workerFlared natural gas is burned off at Apache Corporations operations at the Deadwood natural gas plant in the Permian Basin on February 5, 2015 in Garden City, Texas. Spencer Platt/Getty
LONDON (Reuters) - Oil investors have placed the biggest bet in history that prices will rise, as the world's largest exporters cut output to reduce a glut in supply, and the futures market is suggesting for the first time in a year that they could be onto a winner.
Fund managers now hold more Brent oil futures and options contracts than at any time on record, equivalent to some 480 million barrels of oil and nearly double the amount held just two months ago.
The pace of the increase in the benchmark April Brent futures contract price in that time hasn't been as intense. The price is some 15 percent higher, around $57 a barrel, but for the first time since April last year this front-month contract is on the verge of trading above the price of longer-dated futures.
This phenomenon, known as backwardation, only tends to take place when investors and traders expect prompt demand for oil to improve to the point where it overtakes supply.
Total world demand averaged 97.3 million barrels per day in the fourth quarter of 2016, while supply was running at 97.9 million bpd, according to the International Energy Agency (IEA).
"We estimate that the physical oil market is now in deficit, and that oil inventory levels should be falling," Investec Asset Management portfolio manager Tom Nelson, who helps manage a part of the company's $114 billion in assets.
"With approximately $1 trillion of lost investment through the recent downward trend and more constrained access to capital, we expect oil markets to remain structurally tighter for several years, suggesting a more positive period for oil prices," he said.
For almost three years the world has been awash with billions of barrels of unwanted oil, after the explosion in U.S. shale production and OPEC's strategy of producing as much crude as possible to drive out less profitable rivals.
But the agreement in late November between the Organization of the Petroleum Exporting Countries and some of its competitors such as Russia to cut oil output by up to 1.2 million barrels per day in the first half of this year, and possibly beyond, has pushed benchmark Brent futures near 18-month highs.
The Brent April contract now commands a premium of $1.50 over the December 2018 contract and is within a few cents of trading above the second-position May contract , something which has not happened in nearly a year, aside from contract-expiry days when these price gaps can fluctuate.

 Bet big and the rest will follow

With the cutting of production by OPEC, a major supplier to the ever-hungry Asian refineries, exports of crude from the North Sea hit a record of over 10 million barrels in January, and although West African exports eased that month, they held within sight of 17-month highs.
When the market is in contango and near-dated prices are below those for future delivery, it becomes profitable to store oil, rather than sell it on the spot market. When this structure inverts into backwardation, stocks of oil are more likely to find their way into the market as their owners can achieve a higher selling price.
Crude inventories held in the world's richest nations are still high, but they have begun to drain, according to the IEA, which said stocks fell below the 3-billion barrel mark in December for the first time in a year. [IEA/M]
"It does clearly show the market is seeing the light at the end of the tunnel," Saxo Bank senior manager Ole Hansen said.
"U.S. production increases are unlikely to outweigh cuts that we're seeing from OPEC and then adding expectations for a continued strong rise in global demand we have a market that is moving toward balance, but it is going to be uneven."
The funds are betting that OPEC and its allies will be successful in forcing oil out of storage, although with crude demand growth expected to moderate to around 1.4 million bpd this year, from 1.6 million bpd in 2016, and non-OPEC production, including U.S. shale, picking up rapidly, it is far from a done deal.
Considering some of the headwinds, it's not so much the size of the total position that bothers some market watchers, but rather the percentage of all Brent futures and options that are concentrated in investors' hands, rather than those of traders or producers and consumers.
Investors now hold a record 17 percent of the total 2.85 million lots of Brent futures and options , each equivalent to 1,000 barrels of oil, compared with a historical average of closer to 9 percent.
Consultant JBC Energy is less optimistic on the outlook for inventories and estimates stocks will continue to build.
"In other words, the longs out there better believe that OPEC/non-OPEC alliance will continue the cuts through the second half as well if they want to avoid a rude awakening," JBC said in a note. 
(Editing by Greg Mahlich)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

Trump called China the 'grand champions' of currency manipulation — and China struck back

Trump called China the 'grand champions' of currency manipulation — and China struck back

Donald TrumpUS President Donald Trump during an interview with Reuters in the Oval Office on Thursday. REUTERS/Jonathan Ernst
BEIJING — China on Friday said it had no intention of using currency devaluation to its advantage in trade, responding to an assertion from US President Donald Trump that China was the "grand champions" of currency manipulation.
Trump said in an interview with Reuters on Thursday he had not "held back" in his assessment that China manipulated its yuan currency, just hours after his new Treasury secretary pledged a more methodical approach to analyzing Beijing's foreign-exchange practices.
Chinese Foreign Ministry spokesman Geng Shuang said he hoped the US could "fully and correctly" view the exchange-rate issue.
"China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi," he told a daily media briefing in Beijing.
"If you must attach the label 'grand champion' to China," Geng added, "then I think China is a grand champion. But we are the grand champions of economic development."
The Foreign Ministry has no say in currency policy, but it is the only Chinese government department that holds a daily briefing that foreign reporters attend.
China's central bank, the People's Bank of China, did not respond to a request for comment.
Trump has frequently accused China of keeping its currency artificially low against the dollar to make Chinese exports cheaper, "stealing" American manufacturing jobs.
But he did not act on a campaign promise to declare China a currency manipulator on his first day in office.
The yuan fell 6.6% against the US dollar in 2016, its biggest annual drop since 1994, as it was pressured by worries about slowing Chinese growth and more recently by a resurgent dollar, which has spurred capital outflows from many emerging markets.
Chinese authorities have taken a raft of steps in recent months to curb capital flight to support its weakening yuan while trying to bring in more foreign investment.
Geng said there was no basis for the continued devaluation of the renminbi and he hoped "the relevant side can fully and correctly view the renminbi exchange-rate issue."
But China's foreign-exchange regulator this month said the economy still faced weak global demand and financial-market volatility caused by expectations of further interest-rate rises by the US Federal Reserve.
(Reporting by Ben Blanchard; Writing by Philip Wen; Editing by Robert Birsel)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

Obamacare just hit its highest popularity ever

Obamacare just hit its highest popularity ever

Obama smile laughFormer President Barack Obama White House photo/Pete Souza
Americans are learning to love the Affordable Care Act, better known as Obamacare.
As the law faces possible repeal and replacement by Republicans, a new poll from the Pew Research Center shows that the ACA's popularity is soaring and has hit its highest point since it was passed.
54% of respondents in Pew's survey said they approve of the law, with just 43% disapproving. This is better than the 48% approve, 47% disapprove margin from December 2016.
Additionally, of the 43% against the law, only 17% of people the total surveyed want Republicans to repeal the way entirely while 25% want the law modified instead, according to Pew.
Every age group, ethnic group, and education level saw increased support for Obamacare between Pew's current poll and one conducted in October 2016.
The result also matches up with other recent polls from a variety of outlets that show President Barack Obama's signature health law becoming ever-more popular with Americans.
House Speaker Paul Ryan said that the GOP plans to introduce a repeal and replace bill for the ACA soon after the week-long President's Day break. Dissent among Republicans and recent pushback from constituents at town halls, however, has indicated that a repeal may be less than smooth than originally anticipated.
Even former GOP House Speaker John Boehner said Thursday that repeal is "not going to happen."

Thursday, February 23, 2017

Holy Land: Startup Nations (Video)


Holy Land: Startup Nations

2017 

Holy Land: Startup Nations
Produced by Wired UK, the second season of the multi-part documentary series Future Cities explores the technological boom occurring in Israel. From Tel Aviv to the Holy Lands, the country is home to the largest number of tech start ups on Earth. Their innovations define trends that dominate throughout much of the rest of the world, and they will continue to do so for future generations.
The communities featured in the series benefit from thriving cultural diversity, and a shared sense of meaningful purpose. In Tel Aviv, the banner of diversity welcomes spirited people of all ages, ethnicities and sexual persuasions. This infectious energy also characterizes Rothschild Boulevard, the heart of the city for all things related to technology, politics, architecture, social movements and global influence. A century ago, this iconic street consisted of desolate sand dunes; today, there are few areas of the world that can lay claim to greater vibrancy and promise.
Devout ideologies, such as those shared by the people of Jerusalem and other holy cities in the region, set the groundwork for some of the country's most creative technological endeavors. Faith and cutting-edge technology may appear to be strange bedfellows on the surface. But these innovators call upon their faith to make the world a better place, and their start-up efforts reflect these grandiose ambitions.
The filmmakers explore the building blocks of Israel as it exists today, and how its unique personality makes it an ideal breeding ground for the breakthroughs of tomorrow. We're taken inside a series of research and development projects, including one that seeks to improve healthcare efficiency through standard smart phone technologies. Collectively, enterprises like this have the potential to alter the worlds of healthcare, agriculture, education and many others.
Following season one, Shenzhen: The Silicon Valley of Hardware, season two of Future Cities shows us that tech innovation is about more than just binary code and increasingly complex hardware. It's about the hopes and dreams of people, and their shared belief that all things are possible. The film provides a fascinating glimpse into a country which has forged a vital identity in the tech world through sheer force of will. In that regard, perhaps the most impressive start-up in the country is Israel itself.
Directed byJim Demuth

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