Today's Headlines
Bloomberg:
- Ukraine ‘Close to Civil War as You Can Get,’ Russia Says. Ukraine
“is as close to civil war as you can get” and a solution must be found
that satisfies all regions, Russian Foreign Minister Sergei Lavrov said.
Russia has “no intention” of sending its troops anywhere, Lavrov said in an interview today with Bloomberg Television at the
Foreign Ministry building in central Moscow. While holding Russia
accountable for Ukraine’s presidential election on May 25 is
“ridiculous,” the vote can’t be legitimate if it’s impeded by fighting,
he said. There’s already a “real war” between government forces and
separatist
fighters in the country’s east and south, Lavrov said. Any attempt to
grant NATO membership to Ukraine would be “an issue for Russia” and its
inclusion in the alliance would hurt European security, he said.
- Mizuho Leads Japan’s Big Banks in Forecasting Annual Profit Drop. Mizuho Financial Group Inc. (8411) led
Japan’s three biggest banks in forecasting a drop in earnings
for this year as loan growth loses momentum and returns from
stock investments wane.
- China Insurers’ Investment Risks Accumulating, Regulator Writes. Chinese
insurers face increasing
risks from their investments in property and local government debt as
the nation’s economic growth slows, according to a senior regulatory
official. The China Insurance Regulatory Commission will focus more on
risk prevention, and seek to avert any systemic or regional crisis, Chen Wenhui, a vice chairman of the watchdog, wrote in an article published in the Shanghai Securities News today.
The regulator’s warnings add to signs of growing concerns
among policy makers about risks from an economic slowdown.
- China Plays Cat and Mouse With Vietnam Coast Guard on Rig. From his Vietnamese Coast Guard boat
at night, Lieutenant Phan Chi Cuong can see the yellow lights of
an oil rig 10 nautical miles away. Owned by a Chinese company,
it sits in waters near islands claimed by both nations in the
South China Sea.
- Sony Unexpectedly Forecasts Loss on PC Exit, Restructuring Costs. Sony
Corp. (6758) unexpectedly forecast an annual loss, the sixth in seven
years, casting further doubt on Chief Executive Officer Kazuo Hirai’s
ability to revive the company amid restructuring efforts. The net
loss will probably be 50 billion yen ($490 million) in the 12 months
ending March 31, the Tokyo-based company said in a statement yesterday.
That compares with the 57.1 billion-yen profit average of 19 estimates
compiled by Bloomberg and a
128.4 billion-yen net loss the year earlier.
- Deere(DE) Cuts Sales Forecast After Decline in Equipment Volumes. Deere & Co. (DE), the largest agricultural-equipment maker, posted lower-than-expected sales
and reduced its full-year revenue outlook after shipping less
machinery while the dollar weakened against other currencies. Equipment sales in the fiscal second quarter through April
dropped to $9.25 billion from $10.3 billion a year earlier, the
Moline, Illinois-based company said today in a statement. That
trailed the $9.65 billion average of 12 analysts’ estimates
compiled by Bloomberg.
ZeroHedge:
Financial Times:
- European banks’ bad loans hit €1tn. A
majority of Europe’s banks have suffered a jump in bad loans even as
investors lined up to lend them money, according to a study by Fitch,
the rating agency. Impaired loan volumes rose 8.1 per cent in 2013 to slightly
more than €1tn compared with the year before, said the Fitch analysis,
which used banks’ financial results for the years ending 2012 and 2013.
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