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LG Tech Top News 

South Korea’s LG Electronics books 14 percent second quarter profit rise, held back by mobiles

July 27, 2017 SEOUL (Reuters) – South Korea’s LG Electronics Inc said on Thursday second-quarter operating profit rose 13.6 percent from a year earlier, as continued losses in the mobile division offset profits in its television set and appliances businesses. LG said April-June profit was 664 billion won ($597 million), in line with its estimate earlier in July. Revenue rose 3.9 percent to 14.6 trillion won, also in line with the company’s previous estimate. (Reporting by Joyce Lee; Editing by Richard Pullin) Powered by WPeMatico

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Britain Economy ESMA London Top News UK 

London asset managers face new Brexit threat

July 27, 2017 By Huw Jones, Anjuli Davies and Simon Jessop LONDON (Reuters) – British-based investment firms’ long-standing ability to manage billions of euros of assets elsewhere in Europe could be threatened by Brexit, new EU guidance suggests. Asset managers in London oversee funds worth 1.2 trillion euros ($1.4 trillion) in the EU – more than their peers in France, Germany and Italy combined, according to figures from UK industry body the Investment Association. Previously, many mangers had said they expected the impact of Brexit on their operations would be…

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China Hony Capital Elzio Barreto Greenland Group Julie Zhu Tech Top News 

WeWork launches China unit with $500 million funding from Hony, SoftBank

July 27, 2017 By Julie Zhu and Elzio Barreto HONG KONG (Reuters) – Co-working space startup WeWork said on Thursday it has set up a Chinese unit with the backing of China’s Hony Capital and Japan’s SoftBank Group Corp to tap booming demand for shared office space in the world’s second-largest economy. SoftBank and Hony Capital, one of China’s largest private-equity firms, led a $500 million investment to set up WeWork China. The funds will be used to expand beyond current locations Beijing and Shanghai to at least five more…

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bank China December Reuters Economy poll Top News 

Bullish bets on China yuan rise to highest since December: Reuters poll

July 27, 2017 By Christina Martin (Reuters) – Investors raised their long positions in most Asian currencies compared with two weeks ago, with bullish bets on the Chinese yuan at their highest since December, a Reuters poll showed on Thursday, as the dollar languished near multimonth lows on political woes in Washington. The poll was conducted between Tuesday and Wednesday, with all responses received before the U.S. Federal Reserve concluded its two-day meeting on Wednesday. The Fed maintained its benchmark lending rate and said it was continuing the slow path…

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Apple Business Jussi Rosendahl network Tech Top News 

Nokia beats quarterly market forecasts but lowers networks outlook

July 27, 2017 HELSINKI (Reuters) – Finnish network equipment maker Nokia reported larger than expected quarterly profits on Thursday thanks to a patent deal with Apple along with improving profitability at its network business but warned its key market would slow. Second-quarter group earnings before interest and taxes (EBIT) rose 73 percent from a year ago to 574 million euros ($674 million), clearly above analysts’ average forecast of 447 million euros in a Reuters poll. However, Nokia said the global network market would be more challenging in the full year…

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debt ECB Economy Japan Top News United States 

Bond supply set to turn positive as central banks eye end of easy money

July 27, 2017 By Ritvik Carvalho and Dhara Ranasinghe LONDON (Reuters) – A scaling back of central bank cash injections into the world economy could lead next year to the first glut in sovereign debt issuance from major economies in four years. It would also push up borrowing costs by creating a larger pool from which to buy. The U.S. Federal Reserve has said it will begin cutting its bond holdings this year and the European Central Bank is expected to start scaling back its 2.3 trillion euro bond-buying stimulus…

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Although Fed currencies Economy rates Top News U.S. 

Dollar licks wounds at 13-month low after Fed inflation view

July 27, 2017 By Hideyuki Sano TOKYO (Reuters) – The dollar licked its wounds at 13-month lows against a basket of major currencies on Thursday after the U.S. Federal Reserve’s more cautious wording on the inflation outlook bolstered views it might not hike interest rates again this year. While the Fed said it expected to start shrinking its massive holdings of bonds “relatively soon”, a phrase taken by many to mean an announcement in September, the central bank also noted weakness in U.S. inflation more explicitly than before. That recognition…

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Business greece Russian Tech Top News U.S. 

U.S. indicts suspected Russian ‘mastermind’ of $4 billion bitcoin laundering scheme

July 27, 2017 By Jack Stubbs, Karolina Tagaris and Anna Irrera NEW YORK/ATHENS/MOSCOW (Reuters) – A U.S. jury indicted a Russian man on Wednesday as the operator of a digital currency exchange he allegedly used to launder more than $4 billion for people involved in crimes ranging from computer hacking to drug trafficking. Alexander Vinnik was arrested in a small beachside village in northern Greece on Tuesday, according to local authorities, following an investigation led by the U.S. Justice Department along with several other federal agencies and task forces. U.S….

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Apple Business Japan Display Inc JDI Tech Top News 

Apple supplier Japan Display seeks $890 million to fund restructuring: source

July 27, 2017 By Taro Fuse TOKYO (Reuters) – Loss-making Japan Display Inc is seeking about 100 billion yen ($890 million) from its main creditors to fund restructuring, a source with direct knowledge of the request said. Fresh funds for the firm, which has been hurt by its late entry into organic light-emitting diode screens (OLED) and fluctuating demand for Apple’s iPhones, would come on top of 75 billion yen in aid late last year from its main investor – the state-backed Innovation Network Corp of Japan (INCJ). The liquid…

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China June Economy increase month National Bureau Top News 

China industrial profits jump 19.1 percent year on year, weather higher financing costs

July 27, 2017 BEIJING (Reuters) – Earnings for China’s industrial firms surged 19.1 percent in June from a year earlier, accelerating from May in a sign economic momentum remains solid even as rising borrowing costs have raised concerns about pressure on margins. Profits in June rose to 727.78 billion yuan ($107.83 billion), the National Bureau of Statistics (NBS) said on its website on Thursday. For the first half of the year, the firms notched up profits of 3.63 trillion yuan, a 22.0 percent jump from the same period of last…

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