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Sunday July 24th 2016: Latest financial news from the worldApple weathers anti-U.S. demo in China, where patriotic protests snowball
Apple Inc found itself on the receiving end of a small, short-lived anti-U.S. protest this week in China, the tech firm's biggest overseas market and a country where foreign firms have suffered damaging boycotts following international spats. A handful of unofficial Apple stores were picketed and social media users encouraged each other to destroy their Apple goods, in a rare instance of the tech firm being targeted as a symbol of perceived injustice following an international ruling against Chinese territorial claims. "There's not much Apple or any other foreign firm can do to prevent such patriotic protests," said analyst Nicole Peng at researcher Canalys, who sees no impact to Apple's sales from the recent protest.
G20 will use 'all policy tools' to lift growth as Brexit weighs
By William Schomberg and Elias Glenn CHENGDU, China (Reuters) - The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism. Philip Hammond, Britain's new finance minister, said the uncertainty about Brexit would begin to abate once Britain laid out a vision for a future relationship with Europe, which could become clearer later this year.
Corporate raiders seek Brexit bargains in Britain
By Pamela Barbaglia and Freya Berry LONDON (Reuters) - Overseas buyers lured by a plunge in the pound are looking to snare British companies on the cheap, ensuring a steady flow of deals since Britain voted to leave the European Union and defying expectations of an M&A drought. Almost 60 transactions totalling $34.5 billion have been struck by foreign companies for British firms since June 23, according to Thomson Reuters data, compared with 79 deals amounting to $4.3 billion in the month leading up to the vote. This activity - dominated by Japanese group SoftBank's $32 billion swoop for chip designer ARM Holdings - has defied warnings that dealmaking could dry up for a period if Britain backed Brexit, given uncertainty surrounding risks to the economy and access to the EU single market.
Ex-Wall Street banker accused of insider tips to father faces trial
Federal prosecutors in Manhattan are set to face off with a former Wall Street investment banker in their first insider trading trial since a U.S. appeals court curtailed their ability to pursue such cases. Jury selection is expected to begin on Monday in the case of Sean Stewart, an ex-banker at Perella Weinberg Partners and JPMorgan Chase & Co accused of supplying inside information to his father about unannounced healthcare mergers. Prosecutors say accountant Robert Stewart, the father, and Richard Cunniffe, an acquaintance who worked at a boutique investment bank, made $1.16 million trading on tips about five healthcare deals provided by the younger Stewart.
Exclusive: Tesla, SolarCity close to merger agreement
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. Representatives for SolarCity and Tesla did not immediately respond to requests for comment.
China's growth sucks in more debt bucks for less bang
As China's economy notches up another quarter of steady growth, the pace of credit creation grows ever more frantic for every extra unit of production, as inefficient state firms swallow an increasing share of lending. "The amount of debt that China has taken in the last 5-7 years is unprecedented," said Morgan Stanley's head of emerging markets, Ruchir Sharma, at a book launch in Singapore. While Beijing can take comfort that loose money and more deficit spending are averting a more painful slowdown, the rapidly diminishing returns from such stimulus policies, coupled with rising defaults and non-performing loans, are creating what Sharma calls "fertile (ground) for some accident to happen".
Melker Schorling, Sweden's quiet tycoon with the Midas touch
By Mia Shanley and Niklas Pollard STOCKHOLM (Reuters) - Business tycoon Melker Schorling, one of Sweden's most prominent investors, says he is well-positioned to expand his 60 billion crown ($7 billion) investment empire even as he prepares to hand over affairs to his daughters. MSAB, the holding company he set up in 1999 which spans a diverse set of companies from measurement technology to locks and guards, has consistently outperformed larger rivals. Investors attribute Schorling's success to a knack for picking small specialists which go on to become global market leaders.
Exclusive: Libya oil exports threatened as NOC warns against port deal
In a letter seen by Reuters to U.N. Libya envoy Martin Kobler and a number of oil and diplomatic officials, NOC chairman Mustafa Sanalla said it was a mistake to reward Ibrahim Jathran, head of the Petroleum Facilities Guard (PFG), for a blockade of the oil ports of Ras Lanuf, Es Sider and Zueitina. The PFG confirmed on Friday that it would implement an agreement with Libya's U.N.-backed Government of National Accord (GNA) to reopen the ports within days, following a visit by Kobler to meet Jathran in Ras Lanuf.
Bottom line: brands chase China's high-end lingerie market
High-end lingerie sales are outpacing China's generally downbeat luxury market, and heating up competition between international brands and local rivals looking to go upmarket. U.S. brand Victoria's Secret will open its first store, and companies including Italy's ultra-luxury La Perla and Germany's Triumph are adding stores and moving beyond China's mega-cities to tap a lingerie market that has more than doubled in five years to $18 billion, according to Mintel Group. "Luxury is ... not about buying to show off, it's about buying items that make you feel good," says Chiara Scaglia, La Perla's Asia chief.
Silicon Valley leads avalanche of quarterly reports
A quartet of technology heavyweights will be part of an avalanche of quarterly corporate earnings reports next week that, along with a meeting of Federal Reserve policymakers, could hold the key to whether Wall Street extends its record-breaking rally or loses steam. With second-quarter reporting season kicking into high gear, scorecards from Apple , Alphabet , Amazon.com and Facebook will be front and center for investors eyeing the S&P 500's already-stretched valuation following a nearly 9-percent rally since June 27. "These are very widely owned companies by institutional investors and there could be selling if the news is bad," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
'Star Wars' drones can do aerial stunts and shoot lasers
Regulator: Tesla crash shouldn't hinder self-driving research
Newest X-Men entry 'Legion' is a...brainscrambler
Marvel reveals more mysteries in second 'Doctor Strange' trailer
Michael B. Jordan, Lupita Nyong'o join 'Black Panther' cast
FCC chief asks telcos to offer free robocall blocking services
'King Arthur: Legend of the Sword' gets modern feel, lock, stock and throne
Guardians of the Galaxy are set to break out of Disney's California Adventure Park
'Agents of S.H.I.E.L.D.' is bringing the fiery Ghost Rider to life
'Gears of War 4' will have plenty of PC-specific features
Star Trek's William Shatner on Leonard Nimoy: 'He was my brother'
I was Harley in 'Suicide Squad' thanks to VR
Two new Sonic games seek to recapture the glory days
Ben Heck powers on the Nintendo PlayStation's CD drive
New 'Fantastic Beasts' trailer conjures good look at Congress
'Star Trek: Discovery' is name of new Trek series, featuring a new ship, the USS Discovery
First 'Kong: Skull Island' trailer is chilling in the best way
Yahoo must explain how it got a drug trafficker's deleted email
Pokemon No: All the ways you shouldn't play the latest app craze
'Legends of the Hidden Temple' TV-movie trailer debuts at Comic-Con
Nickelodeon's '90s game show turned TV movie features all kinds of reimagined nods to its source material, including scary temple guards, the Steps of Knowledge and the infamously difficult Shrine of the Silver Monkey.
Google Play starts showing apps' actual download sizes
11 Ways To Instantly Connect With Anyone
Too many people succumb to the mistaken belief that the ability to connect with others is a natural, unteachable trait that belongs to only a lucky few. It's easy to fall prey to this misconception. In reality, this ability is under your control, and it's a matter of emotional intelligence (EQ).Research conducted by Matthew Lieberman at UCLA...
Cyanogen reportedly cuts jobs as it changes course
New 'Justice League' teaser debuts -- and it's almost funny?
'Wonder Woman' gets a badass official trailer
The 'Station' desk cradles your body and gut-punches your wallet
Zombies and tigers star in new 'The Walking Dead' season 7 trailer
Kaine you even? Tim Kaine could be the punniest VP pick ever
Hillary Clinton announces VP pick Tim Kaine on Twitter
The Democratic party's presumptive nominee for president of the United States says via a tweet late Friday that she's picked Sen. Tim Kaine, underscoring the continued importance of social media in the campaign.
The 2016 RNC was celebratory and friendly, both online and off
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