January 15, 2014 / 1:55 PM / 4 years ago


Editor: Malcolm Davidson +44 20 7542 6958

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Bank of America profit soars as loan-loss provision falls

Bank of America Corp, the second-largest U.S. bank, reports a stronger-than-expected fourth-quarter profit, driven by a steep fall in provisions to cover bad loans and a buoyant performance by its wealth management business. (BOFA-RESULTS/ (UPDATE 2), moved, 650 words)

+ See also:

- JPMORGAN-RESULTS/ (ANALYSIS), moved, by David Henry, 1,000 words

Germany grew just 0.4 pct in 2013 but picking up steam

BERLIN - The German economy grew by a weaker than expected 0.4 percent last year, its worst performance since the global financial crisis in 2009, with strong domestic demand only partially offsetting the continued negative impact of the euro crisis. (GERMANY-ECONOMY/GDP (UPDATE 2), moved, by Sarah Marsh, 700 words)

Deutsche Bank suspends FX traders in New York - source

LONDON - Deutsche Bank, Germany’s biggest bank, has suspended several currency traders in New York in an internal probe that forms part of an international investigation into alleged manipulation of the global currency markets, a source familiar with the matter says. (BANKS-DEUTSCHE/ (UPDATE 1), moved, by Jamie McGeever, 545 words)

EU reaches deal on sweeping securities reform

LONDON - Curbs on commodity speculation and ultra-fast share trading will be introduced across the European Union under an agreement reached on a broad reform of securities markets. (EU-MIFID/ (UPDATE 1), moved, by Huw Jones, 670 words)

+ See also:

- FINANCIAL-REGULATION/BUDGET, moved, by Sarah N. Lynch, 600 words

French companies, unions question Hollande’s new vision

PARIS - French business raise doubts over Socialist President Francois Hollande’s plan for public spending cuts and structural reform to revive the euro zone’s second largest economy. (FRANCE-HOLLANDE/ (UPDATE 1, PICTURE, TV), moved, by Mark John, 800 words)

+ See also:



Improving world growth view lifts stocks and dollar

LONDON - Signs the global economy is starting to move up through the gears pushes world share markets higher, while the dollar made gains in the wake of surprisingly strong U.S. consumer spending figures. (MARKETS-GLOBAL/ (WRAPUP 6), moved, by Marc Jones, 775 words)

Brighter IPO outlook to cushion emerging markets

LONDON - From Tunis to Beijing, a growing number of emerging companies are set to tap equity investors to fund their expansion in 2014 in a sign of improving corporate confidence that could cushion negative effects from a wind-down in U.S. monetary stimulus. (EMERGING-IPO/, expect by 1400 GMT/9 AM ET, by Natsuko Waki, 700 words)

Private equity struggles to kill off “zombie” funds

LONDON - The $115 billion plus of money stuck in private equity funds that are poorly performing, no longer have an incentive to make money but are still accruing fees, is leaving investors increasingly disgruntled. (PRIVATE-EQUITY/, expect by 1400 GMT/9 AM ET, by Tommy Wilkes, 800 words)


U.S. producer prices post largest gain in six months

WASHINGTON - U.S. producer prices record their largest increase in six months as the cost of gasoline rebounds strongly, but inflation pressures remain benign. (USA-ECONOMY/PRICES, moved, 300 words)

+ See also:

- USA-ECONOMY/MORTGAGES, moved, 250 words

World Bank sees stronger growth as rich economies expand

WASHINGTON - The World Bank raises its forecast for global growth for the first time in three years as advanced economies started to pick up pace, led by the United States. (WORLDBANK- ECONOMY/, moved, by Anna Yukhananov, 500 words)

EU takes aim at member states seeking migration limits

BRUSSELS - The European Commission accuses European Union countries that seek to limit the free movement of people of chauvinism and pandering to stereotypes, an apparent reference to Britain’s increasingly firm views on migration. (EU-MIGRATION/BRITAIN, moved, by Luke Baker, 555 words)

+ See also:

- BRITAIN-EU/OSBORNE (UPDATE 1), moving shortly, by Andrew Osborn, 685 words

- BRITAIN-FORD/, moved, 390 words

Rising exports from the periphery help boost euro zone trade

BRUSSELS - The euro zone trade surplus widens in November because imports fall more sharply than exports, although shipments from the southern periphery rise in a sign that the bloc’s worst-hit economies are regaining competitiveness. (EUROZONE-ECONOMY/TRADE (UPDATE 1), moved, by Martin Santa, 455 words)

Denmark expects to meet EU budget goal in Q2 review

COPENHAGEN - Denmark is confident it will meet EU deficit targets at the next review, which could give it more room to help an economy that has struggled since a property bubble burst at the height of the global crash, the finance minister says. (DENMARK-FINMIN/ (INTERVIEW, UPDATE 1), moving shortly, by Erik Matzen and Ole Mikkelsen, 650 words)

Turkish politics, US Fed, could pose risk to Turkey’s growth

ANKARA - Domestic politics and U.S. monetary policy could pose a risk to Turkey’s four percent economic growth target this year, but any slowdown will be temporary, Finance Minister Mehmet Simsek says. (TURKEY-ECONOMY/ (UPDATE 1), moving shortly, 300 words)

Recession-weary Italians catch nostalgia for lira

ROME - Twelve years since Italy introduced the euro, the national mint is still stamping Italian lire - and recession fatigue means nostalgia for the retired national currency is going strong. (ITALY-LIRA/NOSTALGIA (PICTURE), moved, by Naomi O‘Leary, 820 words)

Investors position for weaker, floating rouble

LONDON - Will it float or will it sink? Russia’s move towards a flexible exchange rate is being viewed by some investors as a signal to bail out of rouble-denominated assets or to position for a much weaker currency. (EMERGING-RUSSIA, expect by 1430 GMT/9.30 AM ET, by Sujata Rao, 700 words)

+ See also:

- RUSSIA-ROUBLE/ (UPDATE 2), moved, by Douglas Busvine and Jason Bush, 680 words


Boeing 787 grounded for checks after battery vents smoke

TOKYO/SEATTLE - A Japan Airlines (JAL) Boeing 787 Dreamliner remains grounded at Tokyo’s Narita International Airport as regulators demand checks to see if the aircraft is fit to fly, a day after white smoke vented from the plane and a battery cell showed signs of melting. (JAPANAIRLINES-787/BATTERY (UPDATE 5, PICTURE), moved, by Tim Kelly and Alwyn Scott, 1,200 words)

Monte Paschi share sale crucial for Italian banking-chairman

MILAN - A failure by Italy’s third-largest lender Monte dei Paschi di Siena to carry out a vital $4 billion share sale later this year will threaten the country’s entire bank sector, Chairman Alessandro Profumo is quoted saying. (MONTEPASCHI/ (UPDATE 2), moved, by Lisa Jucca, 550 words)

EU says needs more concessions from Google in trust probe

BRUSSELS - The European Union wants Google to come up with more concessions within weeks if it is to avoid formal charges in an investigation into alleged anti-competitive behaviour, a top official says. (EU-GOOGLE/ (UPDATE 1), moving shortly, 300 words)

UK’s Cameron will veto any plan to increase RBS pay pot

LONDON - British Prime Minister David Cameron says he will block any proposal to increase the overall pay and bonus bill at state-owned Royal Bank of Scotland. (BRITAIN-RBS/BONUS-VETO (UPDATE 1), moved, by William James and Matt Scuffham, 540 words)

Burberry cautions on forex after strong Christmas

LONDON - British luxury brand Burberry posts strong Christmas sales though it cautions that its annual profit could be dented by exchange rates headwinds in the second half.(BURBERRY-Q3 SALES/ (UPDATE 3), moved, by James Davey, 650 words)

S.Africa’s AMCU union threatens platinum sector strike

JOHANNESBURG - South Africa’s Association of Mineworkers and Construction Union (AMCU) says it will call a strike in the platinum industry if its members back action. (SAFRICA-AMCU/STRIKES (UPDATE 2), moved, by Ed Stoddard and Zandi Shabalala, 650 words)

Spanish builders still fragile despite investor enthusiasm

MADRID - Spanish builders have cut debt by selling assets and reducing staff, leading to sharp stock gains in the past year and catching the eye of billionaires George Soros and Bill Gates. (SPAIN-BUILDERS/ (GRAPHIC, PICTURE), moved, by Sonya Dowsett, 700 words)

In Nigeria, Queens of Africa steal a march on Barbie

LAGOS - With a booming economy in Nigeria and more black children than anywhere else in the world, Taofick Okoya was dismayed some years ago when he couldn’t find a black doll for his niece. The 43-year-old spotted a gap in the market and with little competition from foreign firms such as Mattel Inc, the maker of Barbie, he set up his own business. (NIGERIA-DOLLS/ (TV, PICTURES), moved, by Angela Ukomadu and Tim Cocks, 810 words)

Tullow pins hopes on Kenya to sway the doubters

LONDON - Britain’s Tullow Oil is pinning its hopes on two new discoveries it has made in northern Kenya to turn the region into a significant oil producer and regain its long-standing reputation as a successful explorer. (TULLOW-RESULTS/ (UPDATE 2), moved, by Sarah Young, 340 words)

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