6 October, 2014 by The TZ Newswire Staff Comments Off on Pimco’s outflow headaches only just beginning
Pimco’s outflow headaches only just beginning
Outflows from Pimco may be far from over as many investors have yet to decide whether to stick with the Newport Beach, California-based asset manager. Pimco hasn’t said how much money has been withdrawn since fund manager Bill Gross quit on Sept. 26 to join Janus Capital. Pimco said its Total Return fund, which Gross had personally managed for 27 years, saw $23.5 billion in withdrawals in September.
6 October, 2014 by The TZ Newswire Staff Comments Off on Facebook’s WhatsApp acquisition now has price tag of $22 billion
Facebook’s WhatsApp acquisition now has price tag of $22 billion
Facebook Inc closed its acquisition of mobile messaging service WhatsApp on Monday, with the final price tag rising an additional $3 billion to roughly $22 billion because of the increased value of Facebook’s …
6 October, 2014 by The TZ Newswire Staff Comments Off on Rio Tinto rejects Glencore merger approach amid iron ore slump
Rio Tinto rejects Glencore merger approach amid iron ore slump
Rio Tinto (RIO.AX) rejected a merger approach from smaller rival Glencore Plc (GLEN.L) to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, slid toward a five-year low. The miner said on Tuesday Glencore had contacted it about a potential merger in July, adding that it turned Glencore down in August and there had been no further contact between the companies on a deal. A merger would have created the world’s biggest miner, supplanting BHP Billiton (BHP.AX).
6 October, 2014 by The TZ Newswire Staff Comments Off on FSOC may tweak process for spotting super-risky firms
FSOC may tweak process for spotting super-risky firms
The Financial Stability Oversight Council, a group of the nation’s main financial regulators, has named three such companies as being so important that their demise could pose risks to the global system, subjecting them to tougher oversight. “The council has received a number of suggestions regarding its process for evaluating non-bank financial companies for potential designation,” Treasury Secretary Jack Lew said at a meeting of the FSOC, which he chairs.
6 October, 2014 by The TZ Newswire Staff Comments Off on Panasonic says initial investment in Tesla battery factory will be ‘tens of billions’ of yen
Panasonic says initial investment in Tesla battery factory will be ‘tens of billions’ of yen
Panasonic Corp’s initial investment in Tesla Motors Inc’s (TSLA.O) battery factory will amount to “tens of billions” of yen, the Japanese company’s chief executive said on Tuesday. Chief Executive Kazuhiro Tsuga also told reporters that he did not think the yen’s current exchange was “bad”, as long as it remained stable. California-based electric car maker Tesla has been hammering out the final details of the plant that will produce cheaper and more efficient battery packs for its vehicles.
6 October, 2014 by The TZ Newswire Staff Comments Off on Samsung Electronics heads for annual profit fall after weak third-quarter guidance
Samsung Electronics heads for annual profit fall after weak third-quarter guidance
Samsung Electronics Co Ltd is heading for its first annual earnings drop since 2011 after it revealed its July-September profit would be the lowest in more than three years and said short-term prospects for smartphones were uncertain. The world’s smartphone leader has seen its global market share decline in annual terms for the past two quarters, according to Strategy Analytics, out-classed by Apple Inc’s (AAPL.O) iPhones in the premium segment and undercut by Chinese rivals like Lenovo Group Ltd and Xiaomi Inc at the bottom end.
6 October, 2014 by The TZ Newswire Staff Comments Off on Exclusive: BNP asks other banks for help as dollar clearing ban nears
Exclusive: BNP asks other banks for help as dollar clearing ban nears
LONDON/NEW YORK (Reuters) – BNP Paribas has asked at least three banks to help it clear certain energy transactions in U.S. The French bank made the requests to JP Morgan Chase and Co (JPM.N), Bank of America Merrill Lynch (BAC.N) and Citi (C.N) in July and August, according to sources who asked not to be named because talks are confidential. Four sources with banks and trading houses in Europe and the United States said JP Morgan decided against accepting the request but other sources said talks were still going on. BNP Paribas, JPMorgan, BAML and Citi declined to comment.