Euro zone bond clause highlights rich nation default risk

LONDON: When 10 wealthy countries first demanded legal provisions making it easier to restructure government bonds in a crisis, they never thought this would apply to their own debt.

Major borrowers to reduce bank deposits: Fed survey

(Reuters) - Wall Street dealers expect hedge funds, insurance companies and other borrowers to pull some cash from commercial banks when a financial crisis-era deposit insurance program expires at the end of the year, the Federal Reserve said on Thursday.

Chinese firm looks to buy big office complex in London

Beijing: China Investment Corp, (CIC) a USD 410 billion Chinese sovereign wealth fund has evinced interest in buying an 800 million pound (USD 1.3 billion) London office complex, in what could become the latest in an increasing number of international property deals by Chinese buyers.

Israel Hedge Funds Defy Iran Threat Multiplying in Tech Center

Tal Keinan, an Israeli fund manager, was ready for the question he’s always asked when he met with investors in New York in October: Why put your money with a manager whose country Iran has threatened to obliterate.

Brevan Howard Paid Partners 270 Million Pounds Last Year

Brevan Howard Asset Management LLP paid its partners as much as 269.8 million pounds ($436 million) in the 12 months ended in March, more than double the amount it paid them a year earlier, after the hedge fund’s investment performance beat rivals.

Wall St clings to hopes for budget deal, but market risks rising

NEW YORK (Reuters) - If the United States sails over the fiscal cliff in less than two weeks, it probably will not mean disaster for the stock market, investors said on Friday, but the margin for error is getting dangerously thin.

Nigeria delays $1 bln wealth fund launch to March 2013

ABUJA (Reuters) - Nigeria will begin investing the initial $1 billion allocated to a new sovereign wealth fund by March, a finance ministry statement showed on Thursday, pushing back the launch previously proposed for this year.

Citigroup Said to Give CCA Managers 75% Fund Stake for Free

Among Vikram Pandit’s last jobs as Citigroup Inc. (C)’s chief executive officer was to decide the fate of the bank’s hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.

Equities big in Japan again as Abe wakes up markets

HONG KONG (Reuters) - Japan's December rally has handed Asia's struggling stock traders an early Christmas present as the rare flurry of activity in Tokyo helps make an otherwise bleak year end on a brighter note.

Top UBS shareholder pins rebound hopes on private wealth

LONDON (Reuters) - UBS's wealth management business will help it bounce back from a $1.5 billion rap for rigging interest rates, one of its largest investors said, although fears of costly civil lawsuits could cast a pall over its shares for some time.

Global shares at three-month high on U.S. "fiscal cliff" optimism

NEW YORK (Reuters) - Signs of compromise in U.S. talks to stop automatic tax hikes and spending cuts hurting the economy next year pushed world shares to their highest level since September on Tuesday and weakened investor appetite for safe-haven bonds and the dollar.

Greece's lenders warn of 'very large' risks to bailout

ATHENS: Political resistance and potential court challenges are among "very large" risks to reforms required for Greece's bailout programme, the country's European lenders said on Monday.

Peering into a Fiscal Cliff Crystal Ball: Stocks Could Dive 15% by February

With the clock ticking on the fiscal-cliff negotiations, investors are increasingly dreading what their portfolios will look like if Washington fails to reach a deal before this $600 billion batch of spending cuts and tax increases wreaks havoc on the markets.

China lets foreign sovereigns, central banks exceed $1 billion investment limit

SHANGHAI (Reuters) - China's foreign exchange regulator has removed the $1 billion limit for foreign sovereign wealth funds, central banks and monetary authorities buying Chinese assets through the Qualified Institutional Investor Programme (QFII).

Greece 'back on its feet', sacrifices 'not in vain': Samaras

BRUSSELS: Prime Minister Antonis Samaras warmly welcomed the EU's release Thursday of long-awaited rescue funds for Athens, saying "Greece is back on its feet.

Analysis: Argentina debt case weakens incentives to settle

LONDON (Reuters) - A legal clause as the key to smoothing future debt restructurings could be undermined by a U.S. court ruling that Argentina must pay creditors holding its defaulted debt.

Greece says Qatar eyeing investment in defense sector

ATHENS (Reuters) - Qatar is interested in Greek defense companies being privatized and could submit investment plans when Prime Minister Antonis Samaras visits the Gulf state early next year, Greece's defense minister said on Monday.

Stock market is a wild card in fiscal cliff talks

WASHINGTON (AP) — Congress and the White House can significantly soften the initial impact of the "fiscal cliff" even if they fail to reach a compromise by Dec. 31.

Mario Monti calls time after restoring credibility to Italy

ROME: Mario Monti, who announced on Saturday that he intended to resign after just over a year as Italy's prime minister, restored international credibility to his country and dragged it back from the brink of financial collapse.

Investors offer '€30bn in Greek debt buyback'

Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to the country's international bailout, a Greek government official said on Saturday.

Kazakhstan Wealth Fund Sued in U.S. by BTA Bank Investors

Investors in BTA Bank (BTAS), Kazakhstan’s third-largest bank by assets, accused its controlling shareholder, the Central Asian nation’s sovereign wealth fund Samruk-Kazyna, of defrauding them.

Argentina's Oil Rich Neuquen Province Mulls Sovereign Wealth Fund

BUENOS AIRES--Argentina'sNeuquen Province plans to set up a sovereign wealth fund to save some of the royalties it expects to reap from the development of its vast unconventional oil and gas resources.

Republicans, Barack Obama far apart on 'fiscal cliff'

WASHINGTON: Both President Barack Obama and Republicans in Congress now have laid out some specifics of their vision for stepping back from the " fiscal cliff" budget crisis, but the plans are vastly different and leave politicians far from agreement with a deadline less than a month away.

Brown Seeks Sovereign Wealth to Back High-Speed Rail Line

California is courting sovereign- wealth funds, pensions and endowments for more than $50 billion to build Governor Jerry Brown’s proposed bullet train to link the state’s largest cities, the most expensive public-works project in U.S. history.

Norway Wealth Fund to Spend $11B Adding U.S. Real Estate

Norway’s $660 billion sovereign wealth fund, the world’s largest, plans to invest about $11 billion as it enters the U.S. real estate market.

Abu Dhabi energy firm to buy $1 billion assets from BP Oil and Gas

DUBAI: Abu Dhabi National Energy Company PJSC (TAQA) has agreed to buy assets worth over USD 1 billion from BP oil and gas in the UK North Sea.

Warren Buffett: Fiscal cliff talks could miss deadline

Billionaire investor Warren Buffett believes the US fiscal cliff may be solved by January rather than December. Congress has until 31 December to cut a deal to stop existing economic stimulus measures terminating and huge automatic spending cuts coming into effect.

Citic Capital Said in Advanced Talks to Acquire AsiaInfo

Citic Capital Holdings Ltd., controlled by the sovereign wealth funds of Qatar and China, is in advanced talks to buy Chinese software services provider AsiaInfo-Linkage Inc. (ASIA) for about $900 million, two people with knowledge of the matter said.

Olam: Muddy Waters questions accounting practices

Muddy Waters Research has released a report it says will back up claims that agricultural commodities trader Olam International "will collapse".

Qatar Holding Sells Barclays Warrants Worth $1.2 Billion

LONDON – The sovereign wealth fund Qatar Holding said on Monday that it had sold its remaining warrants in Barclays in a deal that has led to a $1.2 billion share sale in the British bank.

'Fiscal cliff' talks stalled for now, but progress possible

WASHINGTON: US lawmakers have made little progress in the last 10 days toward a compromise to avoid the harsh tax increases and government spending cuts scheduled for Jan. 1, a senior Democratic senator said on Sunday.

Olam Says It Has Enough Liquidity to Withstand Market Stress

Olam International Ltd. (OLAM), whose accounting methods were questioned by Muddy Waters LLC founder Carson Block, said it has enough liquidity to withstand “stress” and its auditor stands by its opinion on the company’s accounts.

Singapore Commodities Tycoon Feels Heat From Fact-Free Muddy Waters

Short-sellers have had a rip-roaring time in taking down lightly-regulated China stocks.

Euro zone faces deepest downturn since early 2009, show PMIs

LONDON: The euro zone economy is on course for its weakest quarter since the dark days of early 2009, according to business surveys that showed companies toiling against shrinking order books in November.

Pakistan Stocks Best as Violence Ignored: Riskless Return

Pakistan is handing equity investors the world’s best risk-adjusted returns as terrorist attacks, power blackouts and a war with Taliban insurgents fail to curb gains in consumer spending that sent profits to a record high.

Credit Suisse Shakes Up Management in Restructuring

LONDON – Credit Suisse shook up its management team on Tuesday, appointing a co-head of investment banking and merging its asset management division into its wealth management and private banking unit.

Norway Misses Haven Fest as Record Issuance Looms: Nordic Credit

Norway faces higher borrowing costs next year as the AAA rated nation plans record bond issuance amid a potential drop off in demand from foreign buyers.

Taxpayers' £66bn in RBS and Lloyds at risk, say MPs

The £66bn of taxpayer funds used to buy shares in Royal Bank of Scotland and Lloyds Banking Group at the height of the financial crisis may never be recovered, a powerful group of MPs warned on Friday.

Greece to clear 5 bn euro debt hurdle: Debt agency

ATHENS: Greece on Friday was in the process of repaying a five-billion-euro treasury bill with money raised from another debt issue this week, thus avoiding a payment default, a debt management agency source said.

China sovereign wealth fund official warns on eurozone austerity

A top official with China's sovereign wealth fund has issued a blunt warning that the latest unrest across the eurozone shows austerity has stretched the public's tolerance "to breaking point".

Stocks slip on global economic concerns

NEW YORK (CNNMoney) -- Stocks fell slightly Thursday, as investors weighed a bigger-than-expected jump in jobless claims and turmoil overseas.

Indonesia Pension Fund Increases Bets on Growth: Southeast Asia

Indonesia’s biggest pension fund is preparing to put more money into stocks and bonds, betting the fastest pace of economic growth in Southeast Asia will continue.

Abu Dhabi fund challenges Citi victory in $4 billion arbitration

NEW YORK (Reuters) - A lawyer for Abu Dhabi Investment Authority urged a U.S. judge on Thursday to overturn an arbitration panel's ruling favoring Citigroup Inc in a dispute over a $7.5 billion investment in Citi during the subprime meltdown.

China Fund, VTB Capital Invest in Kerimov’s Uralkali

Billionaire Suleiman Kerimov and his partners in OAO Uralkali (URKA), the largest potash producer, sold bonds to China’s sovereign wealth fund and VTB Capital that can be exchanged for shares valued at about $3.2 billion.

Stocks turn higher after 2 days of declines

NEW YORK (AP) — Stocks turned higher on Wall Street Friday, reversing an early loss. The advance halted two days of sharp declines caused by concern that political wrangling in Washington could push the U.S. economy back into recession.

Germany sees no quick deal on Greek aid: Wolfgang Schaeuble

HAMBURG: German Finance Minister Wolfgang Schaeuble said Thursday he did not expect any quick deal on aid to debt-mired Greece with its international creditors.

Obama win has investors staring at fiscal cliff

NEW YORK (Reuters) - Investors hit trading floors Wednesday morning with the same president and the same problems in gridlocked Washington, and expected the same solution as always to a looming budget crisis that threatens the economy: punt and deal with it later. Shares dropped sharply on fears that partisan bickering will prevent compromise.

Credit Suisse, Qatar in Asset-Management Venture

Credit Suisse Group AG (CS) and Qatar Holding LLC (QTRHLD.YY), a unit of the gas-rich emirate's sovereign-wealth fund are forming an asset-management joint venture.

Wall St ticks lower ahead of US presidential vote

NEW YORK (Reuters) - U.S. stocks slipped in low volume on Monday as traders awaited Tuesday's U.S. election to place bets on sectors seen performing better under one or the other political party.

Abu Dhabi Government ‘Considering’ Dollar Bond Offering in 2013

Abu Dhabi, the richest of the seven sheikhdoms in the United Arab Emirates, is considering a dollar debt sale in 2013, according to its Department of Finance.

US Presidential Elections 2012: Bond-heavy overseas funds want Obama win

LONDON: Overseas investors, many of whom are creditors to the highly-indebted US government, reckon a re-election of President Barack Obama would be best for world markets even if US counterparts say otherwise.

Norway Oil Fund Made $29 Billion Last Quarter as Stocks Rose

Norway’s $660 billion sovereign wealth fund, the world’s largest, returned 4.7 percent last quarter as global stock markets recovered after central banks from the U.S. to Japan stepped up efforts to stimulate growth.

Investors skirt new shorting curbs to bet on EU woes

LONDON: New rules to stop speculators making Europe's debt crisis worse by betting on government bond defaults are prompting investors to find alternative ways to insure against or profit from bad news in the region.

China sovereign fund takes 10 percent of Heathrow

MADRID (Reuters) - An arm of China's sovereign wealth fund has taken a 10 percent stake in the holding company controlling Britain's largest airport Heathrow, Spanish infrastructure company Ferrovial said on Wednesday.

Credit Suisse Said to Start Venture With Qatar

Credit Suisse Group AG (CSGN) and a unit of Qatar Investment Authority, the Persian Gulf emirate’s sovereign-wealth fund, plan to start an asset-management joint venture, three people with knowledge of the matter said.

Global shares fall as growth fears mount, Wall St closes

LONDON (Reuters) - World shares and commodities fell on Monday as a recent run of downbeat corporate reports cast a shadow over the economic growth outlook and markets awaited the impact of a huge U.S. hurricane.

Pesos Go Underground as Dollar Ban Backfires: Argentina Credit

Argentine President Cristina Fernandez de Kirchner’s foreign-exchange controls are driving pesos underground. A quarter of Argentines are keeping their pesos at home, up from 19 percent a year ago, according to a survey conducted in September by the Catholic University of Argentina and TNS Gallup.

Spanish bonds regaining favour among some investing elite

LONDON (Reuters) - The ECB's bond-buying plan, Madrid's reforms and global monetary easing are luring foreign investors back to Spanish sovereign debt, particularly for short-term paper.

Three horsemen of a weakened U.S. currency

SYDNEY (MarketWatch) — “The USA lived off credit for too long, inflated its financial sector massively and neglected its industrial base.” Such was the sobering assessment that German finance minister Wolfgang Schäuble gave the Wall Street Journal in November 2010.

Wall Street Is RethinkingCommodity-Trading Role

Goldman Sachs Group Inc. has held preliminary internal discussions in the last two years about splitting off its lucrative commodities-trading business, according to people briefed on the discussions.

EU total debt mounts, deficits ease in 2011

BRUSSELS: Eurozone member states did better last year at controlling their budget deficits but overall debt levels continued to rise well above EU limits even if the economy performed well in 2011.

IMF warns African oil producers to avoid "white elephants"

NAIROBI (Reuters) - The International Monetary Fund has urged African oil and gas producing nations to direct their revenue in infrastructure and education rather than on "white elephants".

Black Monday Echoes as Computers Fail to Restore Confidence

A quarter century after the worst one-day stock crash in history, measures to prevent a repeat are failing to keep investors from losing confidence in the market.

South Africa's "richest tribe" offers platinum model

PHOKENG, South Africa (Reuters) - While South African mining companies try to halt the spread of deadly labor strife, a kingdom that partly governs a small stretch of the country's platinum belt has managed to transform mineral wealth into social stability.

Angola launches $5 bln sovereign wealth fund

LISBON (Reuters) - Angola on Wednesday launched a $5 billion sovereign wealth fund to invest in domestic and overseas assets by funnelling its vast oil wealth into infrastructure, hotels and other high-growth projects.

Spain avoids junk-bond fate, economic agony remains

MADRID: Spain has won breathing space but nothing more, analysts said Wednesday, after it escaped a feared downgrade of its debt to junk-bond status.

BlackRock Profit Rises 7.9% on as Assets Rise on ETFs

BlackRock Inc. (BLK), the world’s biggest money manager, reported third-quarter earnings that beat analysts’ estimates as exchange-traded funds drew client deposits and assets rose.

Euro, global shares rally on Spanish hopes, U.S. earnings

NEW YORK (Reuters) - World shares rose for a second day on Tuesday and the euro rallied against the U.S. dollar after a report said Germany could show greater flexibility toward aid to Spain and as U.S. corporate earnings surprised on the upside.

Raine Group arrives in big way as Softbank's adviser

NEW YORK (Reuters) - Almost as surprising as Softbank Corp's $20.1 billion deal to acquire 70 percent of Sprint Nextel Corp was the Japanese company's choice of its key U.S. adviser.

Central Huijin Buys Shares in 4 Major China Banks; Bid to Boost Sentiment

China has signalled its intent to shore up investor sentiment in the country's domestic stock markets as indicated by the share purchase plans of an investment arm of the country's sovereign-wealth fund and a move to raise holdings by majority shareholders in two Chinese state-owned companies.

Spain downgraded by S&P

Standard & Poor's lowered its credit rating for Spain on Wednesday, in a move that could complicate Madrid's effort to avoid requesting a financial bailout.

Morocco delays $1 bln sovereign bond sale: minister

RABAT (Reuters) - Morocco has delayed its maiden dollar bond sale to end-November pending market stability, the budget minister said in published remarks on Wednesday, but banks have already been mandated for an issue that may exceed the initial $1 billion mark.

World stocks slightly lower amid gloom

AMSTERDAM (AP) — World stock markets declined Tuesday against a backdrop of worries about global economic growth and Europe's debt crisis.

Inflation Bonds May Ease Singapore Price Pinch

Singapore is considering issuing bonds that protect against inflation after price gains sent the cost of a public-housing apartment to a record S$1 million ($813,000) last month and made cars as expensive as U.S. homes.

US facing 'prolonged' economic uncertainty, says former Indian envoy

MUMBAI: Maintaining that there is a "prolonged" economic uncertainty in the US despite billions of dollars pumped in the world's largest economy, a former Ambassador to America today said India was able to come out of the downturn in spite of a much smaller stimulus package.

Despite 12% Rally Hedge Funds Turn From Stocks

For the first time this year, hedge funds are turning away from a rally in the global stock market.

With Banks Skittish, Europe's Private Equity Firms Look Elsewhere

LONDON - As the sovereign debt crisis has slammed Europe, Cinven has had to get creative to finance buyouts.

Investors count on Brazil's internet boom, hope to make Rio the next startup capital

RIO DE JANEIRO: For years, Rio de Janeiro's bohemian neighborhood of Lapa has been a hotspot for people seeking samba shows and late night partying. But recently, the area has also started hosting a different kind of crowd.

Asia stocks up on mildly positive US data

BANGKOK (AP) — A pair of positive U.S. economic reports helped prod Asian stock markets higher Thursday. A report showed U.S. service companies grew last month at the fastest pace in six months.

Europe must solve its problems before expecting Chinese aid: China Investment Corp

MOSCOW: Chinese investors will not buy into bonds issued by debt-ridden euro zone countries until their fundamental problems are solved, a senior official with China's $480 billion sovereign wealth fund said on Tuesday.

Gold drifts lower as Spain worries weigh on euro

SINGAPORE (Reuters) - Gold drifted lower on Monday after posting its biggest quarterly rise in more than two years, tracking a weaker euro as Spain's struggle to control its finances worried investors.

Money Fund Dealmaking Resumes After Geithner Breaks Logjam

One month ago, a U.S. Securities and Exchange Commission proposal to tighten rules for the $2.6 trillion money-market mutual fund industry was declared dead.

Pricey gasoline hits U.S. consumers, weighs on growth

WASHINGTON (Reuters) - U.S. households stretched to pay for costlier gasoline on meager income growth in August, undercutting spending on other items and pointing to lackluster economic growth.

Southeast Asian Properties Are Attractive, Deutsche Bank Says

Properties in Southeast Asian (MXSO) cities including Bangkok, Jakarta and Kuala Lumpur are attractive for investors seeking to boost returns by holding riskier assets, Deutsche Bank AG (DBK)’s RREEF unit said.

Blackstone raises up to $960 million for retail credit fund

(Reuters) - Blackstone Group LP , the largest publicly listed alternative asset manager, said on Wednesday that it had raised up to $960 million for its third publicly listed mutual fund to invest in corporate credit whose quality is below investment grade.

Providence Equity Said to Sell Stake in Firm to Investors

Providence Equity Partners Inc., the buyout firm with holdings in Univision Communications Inc. and the cable-television network of the New York Yankees, sold a minority stake to Florida’s state pension system and a sovereign-wealth fund, said a person with knowledge of the move.

Global growth fears drag down financial markets

LONDON (AP) — Global financial markets drifted lower Monday as growing concerns about the state of the world economy offset any remaining optimism over central banks' stimulus efforts.

Credit Suisse trims Dubai investment banking, ships jobs to Qatar

DUBAI (Reuters) - Credit Suisse is trimming its investment banking team in Dubai and relocating some jobs to neighboring Qatar, three sources said, as part of efforts to cut costs and focus on richer markets.

Slowdown? Emerging market luxury investor says Europe a bargain

MILAN: Investors from emerging countries are hunting for cheaper luxury brands in Europe as the economic turmoil pushes valuations down, Kuwaiti luxury retailer Sheikh Majed Al-Sabah told Reuters.

German 10-Year Yields Drop Most in Four Weeks on Growth Concern

German bunds rose, with 10-year yields dropping the most in four weeks, as euro-area surveys showed services and manufacturing output fell to a 39-month low in September, boosting demand for the region’s safest assets.

Nigerian governors to block oil wealth fund in court

ABUJA (Reuters) - Nigeria's state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund.

CVC Said to Sell 10% Stake to Three Sovereign-Wealth Funds

CVC Capital Partners Ltd. agreed to sell a 10 percent stake in itself to three sovereign-wealth funds to finance investments and expand its infrastructure and credit units, two people with knowledge of the move said.

Qatar MBA Grad Outflanking Glencore Signals Ambitions of State

The late-night negotiating session that led to a sweetened takeover offer by Glencore International Plc (GLEN) for Xstrata Plc (XTA) on Sept. 7 included a former British prime minister and a swashbuckling commodity-trading billionaire.

Asian stocks muted as Fed measures boost fades

HONG KONG (AP) — Asian stocks were muted Monday as the boost faded from the Federal Reserve's announcement last week of new measures to energize the U.S. economy.

Deutsche Bank to trim Dubai investment banking staff: Sources

DUBAI: Deutsche Bank is cutting several senior jobs in its investment banking business in Dubai, including directors, as it cuts costs to adapt to a tougher investment banking environment globally, three banking sources said.

Over 100 countries back tighter banking supervision, says Basel Committee

GENEVA: More than 100 countries support key changes to international bank regulation principles as a result of the global financial crisis, the Basel Committee of banking supervisory authorities said Friday.

RBC creates institutional services segment

TORONTO (Reuters) - Royal Bank of Canada said on Tuesday it was forming a new business segment that would provide custodial, advisory, financing and other services to institutional clients.

SNB's cap on franc to stick even as reserves grow: Reuters Poll

(Reuters) - The Swiss National Bank will succeed in defending its cap on the franc's value even if Greece or another country leaves the euro zone, a Reuters poll shows, and it won't have to reinforce its defenses as the economy slows.

Hedge Funds Lifted Wagers to 16-Month High Before Rally

Hedge funds raised bullish commodity bets to the highest in 16 months before speculation that policy makers in the U.S., China and Europe will revive global growth pushed prices higher for a sixth week.

E.C.B. Offer Can't Be Left on the Shelf

The European Central Bank’s bond-buying program has bought Spain and Italy time to stabilize their finances.

London investors to track another key week for eurozone

LONDON: Investors on the London stock market were set to pay close attention next week to the latest chapter in the eurozone crisis, while also tracking British company earnings and official economic data.

French sovereign wealth funds invests in two local cloud computing providers

The French government is so keen to encourage the development of cloud computing infrastructure in France that it is investing in two competing home-grown cloud providers through its sovereign wealth fund, the Caisse des Dépôts.

Analysis: Qatar demands respect with muscular Xstrata strategy

DUBAI (Reuters) - By holding out against Glencore's bid for mining giant Xstrata , Qatar is not just gunning for more profit from its stake, but showing Western financiers it won't be pushed around.

How Money Managers Navigate the Euro-Zone Crisis

Due to the uncertainty in Europe, some financial advisers who might previously have invested in European mutual funds say they are now relying on old-fashioned, company-by-company stock picking.

ECB takes center stage after pause in crisis

NEW YORK (CNNMoney) -- Europe's long-running financial crisis took some time off, but vacation time is over. After a summer lull, investors are bracing for several key events in the euro area this month, starting with a crucial meeting of the European Central Bank on Thursday.

Credit Suisse denies Swiss banks helping Germans dodge tax pact

ZURICH: The head of Credit Suisse denied on Monday that Swiss banks have been undermining a tax pact with Germany by helping wealthy clients move funds to rival financial centres such as Singapore to avoid becoming subject to taxes.

Barclays’ Azar Sees Pick-Up in Middle East M&A, Fee Income

Middle East merger and acquisition deals will probably rise in the next year as sovereign wealth funds look for ways to spend cash from oil sales and regional companies seek expansion, a Barclays Plc (BARC) executive said.

Abu Dhabi launches new port, may compete with Dubai

ABU DHABI (Reuters) - Abu Dhabi launched operations at a multi-billion dollar port facility on Saturday, seeking to diversify its oil-based economy with a project that could intensify competition for the region's shipping traffic with neighbouring emirate Dubai.

Bank Property Lending Retreat a Lehman Legacy: Mortgages

For J.H. Snyder Co. to start building a $197 million Los Angeles apartment complex in June, the developer cobbled together funds from two city agencies, a mezzanine lender and a pension fund to help fill a 63 percent funding gap left by JPMorgan Chase & Co. (JPM)’s construction loan.

A safer way to invest in foreign bonds

(MONEY Magazine) -- Income-starved investors looking to amp up their portfolios have been turning to foreign bonds -- for obvious reasons. The 4.2% payout on the average foreign fixed-income fund dwarfs the yield on U.S. bonds by about 1½ percentage points.

Funds That Pioneered Russia Quit Moscow as Investors Curb Risk

Third Millennium Russia (TMRFX) fund and Vostok Nafta (VNIL), two of the oldest equity funds investing in Russia, are exiting investments in Moscow as the European debt crisis causes investors to curtail risk.

Bonus Limits Spark Exodus at Barclays Energy Trading Unit

Barclays Plc (BARC) spent a decade assembling a team of the most successful gas and power traders in Europe.

World stocks stall without central bank moves

PARIS (AP) — Global stock markets stalled Monday as the absence of stimulus action by central banks in the U.S. and China dismayed investors while signs of a weakening economy in Germany showed the increasing impact that the eurozone debt crisis is having.

China to take further action to stabilise export growth: Wen Jiabao

BEIJING: China will implement new measures aimed at stabilising export growth in the third quarter, Premier Wen Jiabao said while visiting the export hub of Guangdong province on Saturday.

Greek PM Antonis Samaras takes debt crisis talks to Paris

PARIS: The Greek prime minister headed to Paris Saturday on the second leg of a trip to try and win more time for his country to meet a deadline to slash billions of euros (dollars) from its budget.

Money Funds Test Geithner, Bernanke as Schapiro Defeated

Money-market mutual funds, an alternative to bank accounts for individuals and companies, will test the resolve of the U.S. Federal Reserve and Treasury Department to prevent another financial crisis after the $2.6 trillion industry successfully lobbied against more regulation by the Securities and Exchange Commission.

Greece bailout: Merkel and Hollande in extension talks

The leaders of Germany and France are set to hold talks in Berlin on whether to give Greece more time to make the cuts required by its debt bailout.

Qatar Wealth Fund Buys 22% of Chinese Private Equity Firm

Qatar Holding LLC, the investment arm of the nation’s sovereign-wealth fund, bought a 22 percent stake in Chinese private equity firm Citic Capital Holdings Ltd. as the country accelerates spending on overseas acquisitions.

UPDATE 2-China, Singapore wealth funds invest $1 bln in US LNG export plant-source

HONG KONG, Aug 21 (Reuters) - The sovereign wealth funds of China and Singapore have invested a combined $1 billion in a U.S. plant that will export cheap liquefied natural gas (LNG) to Asia, a source said, becoming the latest Asian institutions to tap into the gas boom in the United States.

U.K.’s $39 Billion Severn Tidal Power Seeks Sovereign Investors

The developers of a 25 billion-pound ($39 billion) plan to generate power from tides in the Severn Estuary are seeking investment from sovereign wealth funds, two years after the U.K. government rejected a previous proposal.

Get Sovereign Wealth Fund Exposure With These ETFs

Many Americans may not realize it, but there is a massive amount of money sitting in sovereign wealth funds. To be precise, the world's sovereign wealth funds hold almost $5.1 trillion, according to the Sovereign Wealth Fund Institute .

Britain isn’t in recession, it’s just not growing, says Bank rate-setter

Britain is not in recession but rather in a persistent period of zero growth, one of the Bank of England’s rate-setters has said.

Ward Ferry Asia Hedge Fund Returns 16% This Year, Beating Peers

WF Asia Fund Ltd., a $209 million Hong Kong hedge fund, beat peers this year by betting on stocks that benefit from rising consumer demand and wagering against companies with flawed business models or fraudulent management.

Greece to discuss, not ask for, spreading out cuts

ATHENS: Greek Prime Minister Antonis Samaras intends to discuss but make no official request to spread out spending cuts when he meets his German and French counterparts, a newspaper reported Thursday.

Philippine Bonds Too Expensive for Julius Baer: Southeast Asia

Philippine dollar bonds, the best performing in Asia over the past year, are expensive compared with higher-rated debt from Persian Gulf nations, according to Bank Julius Baer & Co. Ltd.

Treasuries’ Slide Is Longest Since February on Economic Views

Treasuries fell, pushing the 10-year note yield to the highest since May, as economic data showed strength, dimming prospects for added monetary stimulus and limiting demand for $72 billion of U.S. debt sold at auctions.

Ex German Finance Minister favors joint euro zone debt

(Reuters) - Former German Finance Minister Peer Steinbrueck, a possible challenger to Chancellor Angela Merkel in next year's election, spoke out in favor of common debt issuance in the euro zone even though the Berlin government and most Germans oppose it.

Chinese Export Growth Tumbles

HONG KONG — Signs that the Chinese economy is sputtering mounted Friday, in the form of dismally feeble trade data that fanned expectations that Beijing would soon step up its efforts to buttress growth before a key leadership transition this autumn.

Morocco confirms $1 bln sovereign bond for October

RABAT (Reuters) - Morocco plans to sell a sovereign bond worth $1 billion in October to help finance budgeted investment plans, its budget minister said on Wednesday.

Analysis: Emerging markets' capital flight jars with haven view

LONDON (Reuters) - There's always something comforting about dining in a restaurant where locals are eager to eat.

The less productive U.S. economy

WASHINGTON (MarketWatch) — After a brief pick-up due to “overfiring,” the trend in productivity is heading in one direction: down. And from a job’s perspective, thank goodness for that.

World stocks rise as US jobs picture improves

BANGKOK (AP) — World stock markets rose Monday, boosted by stronger-than-expected U.S. hiring for July following three months of weak job gains.

Iron Ore Heiress Cashes in on Coal, Dodging 30% Decline

Iron ore magnate Gina Rinehart, Asia’s richest woman, is also no slouch when it comes to making money from coal, selling most of her assets for $1.26 billion before the worst price slump for the fuel in four years.

Bond Traders in Europe Deal in High Expectations, and Fear

LONDON — James Konrad, a bookish 27-year-old with a polite manner, used to make a living at a sports betting company, weighing the odds of muddy terrain affecting the sure-footedness of racehorses.

U.S. data helps fuel Canadian dollar rally

TORONTO (Reuters) - Canada's dollar traded at a stronger level than the U.S. currency on Friday for the first time in more than 2 months as investors welcomed a U.S. jobs report that offered signs that the economy there is improving.

ECB's eurozone crisis remedy runs into German resistance

Mario Draghi outlined plans on Thursdayfor the European Central Bank and the eurozone's two bailout funds to go on a bond-buying spree to cut the rocketing costs of borrowing for Spain and Italy, but ran into stiff German resistance to his campaign "to do anything" to save the euro.

On banks, sovereign wealth funds and emerging markets

Three of the better performing emerging markets are Singapore, Hong Kong and Malaysia. A recent Standard and Poor's report notes it expects most rated banks in these three countries to further expand over the next several years.

Singapore's GIC alters asset mix on global turmoil

Singapore sovereign wealth fund GIC on Tuesday said its long-term returns held steady in the year to March but it had changed its investment mix amid fears of greater volatility ahead.

Asian hospital operator makes strong trading debut

KUALA LUMPUR, Malaysia (AP) — Asia's largest hospital operator IHH Healthcare surged more than 10 percent in its trading debut Wednesday on Malaysia and Singapore's stock exchanges, defying a downturn in global markets after raising nearly $2 billion in the world's third-biggest IPO this year.

Credit Suisse scales back Mideast private banking research: Sources

DUBAI: Credit Suisse has moved the head of its Middle East private banking equity research division to Geneva, two sources told Reuters on Sunday, the latest European bank to scale back research roles in the region.

Barclays dragged into new probe after Libor blow

LONDON (Reuters) - Barclays Plc revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.

China’s CIC Has Worst Overseas Performance in 2011 Amid Slowdown

China’s sovereign wealth fund posted a 4.3 percent loss on its overseas investments last year as declines in global commodity prices roiled the value of its resources-heavy portfoli.

UPS sees global economy getting worse

NEW YORK (AP) — UPS expects the global economy to get worse before it gets better. Again. The world's largest package delivery company is more pessimistic about U.S. growth than many economists.

Wall Street flat as Europe, outlooks weigh

NEW YORK (Reuters) - Wall Street was flat on Tuesday as traders remained focused on high bond yields in Spain and as cautious outlooks from major companies including United Parcel Service weighed on sentiment.

Italy court unfreezes Libya's Eni stake

ROME (Reuters) - An Italian court has unfrozen shares in Italian oil and gas group Eni held by the Libyan Investment Authority (LIA) on behalf of the family of former Libyan leader Muammar Gaddafi, judicial sources said on Monday.

From Russia with risk: Oligarch's crash provides lessons for Barclays' future

London (CNN) -- The winter sun was low in the sky on Nice's Promenade des Anglais when the $650,000 Ferrari Enzo driven by Suleiman Kerimov skidded into a tree and burst into flames.

Morgan Stanley may sell commodity stake to Qatar - CNBC

REUTERS - Morgan Stanley (NYS:MS - News) is in advanced talks over selling a stake in its multibillion-dollar commodities trading division to Qatar's sovereign wealth fund, CNBC reported on Friday, citing people familiar with the matter.

IMF: UK should slow budget cuts if growth does not recover

The government should slow the pace of budget cuts next year if growth in the UK does not recover, the International Monetary Fund (IMF) has said.

WSJ UPDATE: Credit Suisse Moves to Address Capital Concerns

Credit Suisse Group AG (CS, CSGN.VX) said Wednesday it is shoring up its capital base through the sale of convertible bonds, more divestments and the launch of another cost-savings program, in a move that ends its feud with Switzerland's central bank but raises new questions about the credibility of its management team.

China aims to rewrite perceptions on Africa investment

BEIJING (Reuters) - Beijing is eager to rewrite negative perceptions of its growing ties with Africa at a summit this week, citing expanding private investment and a push to shift low-end manufacturing to the continent long seen as a commodities and energy cache for China.

Singapore wealth fund Temasek sets 30-yr coupon record

July 16 (IFR) - Temasek Financial on Monday set a fresh record low coupon of 3.375% for a US dollar-denominated 30-year bond, coming inside the 3.60% achieved by agribusiness Monsanto Co just a week ago.

Retail Purchases in U.S. Unexpectedly Decrease 0.5%

Retail sales in the U.S. unexpectedly fell for a third month in June as limited employment gains took a toll on consumers.The 0.5 percent drop followed a 0.2 percent decrease in May, Commerce Department figures showed today in Washington.

Italy faces bond sale test after Moody's downgrade

MILAN (Reuters) - Italy's auction of up to 5.25 billion euros in bonds on Friday looks altogether more testing after Moody's cut its rating on the euro zone's third-largest economy to just two notches above junk status.

Peru to Seek Investments From Singapore State Investment Firms

Peru will seek investments from Singapore’s sovereign wealth firms after they indicated interest in the Latin American country’s projects, Finance Minister Miguel Castilla said.

Russia Wealth Fund May Aim at 2 to 1 Bonds/Shares Ratio -Deputy Fin Min

MOSCOW--Russia may aim at having a stocks to bonds ratio at 1 to 2 in its sovereign wealth funds, using Norway's pension fund's structure as an example, Deputy Finance Minister Sergei Storchak said Tuesday.

Banking Union: Perhaps Too Little, Too Late

PARIS — Signs are growing that Europe’s economic and monetary union may be fragmenting faster than policy makers can repair it.

Cyprus Leader Discusses Aid From Outside the European Union

NICOSIA, Cyprus — The finance minister of Cyprus, Vassos Shiarly, strongly criticized European and international lenders on Friday, accusing them of damaging his nation’s banking sector during the bailout of Greece.

Condition for ESM bond-buying will be reforms: EU's Rehn

ROME (Reuters) - Countries who want the euro-zone's permanent bailout funds to buy their bonds to help lower borrowing costs will have to commit to a reform program, EU Economic and Monetary Affairs Commissioner Olli Rehn said in an Italian daily on Saturday.

Employers Get More From U.S. Workers as Jobs Gain Lags Forecast

Companies in the U.S. are relying on existing workers and temporary employees instead of hiring, helping to explain why payrolls grew less than forecast in June.

Bank of England warns UK banks need more capital

Britain's banks do not have enough capital to withstand an escalation in the eurozone crisis, the Bank of England has warned.

Bahrain fund chief: economic reform on track

MANAMA (Reuters) - Bahrain's ambitious economic reform program is still on track, the head of the country's sovereign wealth fund Mumtalakat said this week, despite a year of turmoil in the Gulf Arab state as the monarchy tackles a pro-democracy protest movement.

Singapore's Temasek seeks investment in Europe, commodities

SINGAPORE (Reuters) - Singapore state investor Temasek Holdings , whose portfolio swelled to a record in the last fiscal year, is looking to acquire assets in Europe and plough more money into energy and commodities after doubling its exposure to the sector.

Malaysia's IPO boom is a one-off: analysts

Malaysia is tipped to be Asia's top IPO market for 2012 thanks to two of the world's biggest company listings this year, but analysts say the momentum is likely to fizzle out.

Giant Japan pension fund to dip toe in emerging markets

TOKYO (Reuters) - Japan's Government Pension Investment Fund, the world's biggest public pension fund, said on Monday it had selected six asset managers to make its first investments in emerging markets as it tries to boost returns in the face of rising payout obligations.

In India, undercurrents of optimism about reform

After a storm-tossed six months for the economy, India's authorities are trying to get things back on an even keel.

Merkel seen as big loser in euro zone showdown

BERLIN/PARIS: Angela Merkel was portrayed across Europe as the big loser of a euro zone showdown in Brussels after the German chancellor was forced to accept the crisis-fighting measures championed by countries struggling with their debts.

Qatar iron man faces off with Glencore

DUBAI (Reuters) - Ahmad al-Sayed, the Qatari investment manager holding the fate of Glencore's $26 billion takeover of Xstrata in his hands, is known as an aggressive negotiator who relishes the big deal.

Germany Caves In On Euro Crisis And The Markets Love It, So Far

Germany appears to have done a major U turn on allowing Spain and Italy’s economies a respite through direct funding of their banks.

'China fund' turns to Japan amid Europe fears

Europe's financial turmoil has seen the Chinese government quietly pour tens of billions of dollars into Japan's stock market, analysts say, despite the neighbours' lingering historical animosity.

Abu Dhabi fund sees potential despite uncertainty

DUBAI, United Arab Emirates (AP) — The Abu Dhabi Investment Authority believes the world economy offers opportunities for it and other patient investors, despite an uncertain outlook, the government-run fund's managing director said in a report released Monday.

Former Russian Minister Warns of Economic Ebb

ST. PETERSBURG, Russia — President Vladimir V. Putin was all swagger last week at the annual economic forum here, effectively wagging a finger at Europe over its fiscal problems and keeping the chief executives of some of the world’s most powerful oil companies waiting for hours in a hallway until he finally met with them.

Libya eyes refund of Goldman, SocGen losses

MILAN (Reuters) - The Libyan sovereign wealth fund is investigating investment losses of $1.75 billion on structured products managed by Goldman Sachs and Societe Generale to see whether it can claim compensation, the fund's chairman said on Wednesday.

Germany, France, Italy, Spain vow billions to boost growth

ROME: The leaders of the eurozone's four biggest economies on Friday vowed measures to boost growth in the face of a relentless debt crisis, including an injection of up to 130 billion euros ($163 billion).

Sovereign Wealth Funds Could Be Private Equity's New Best Friend

With private equity firms testing the limits of limited partners’ ability and willingness to fill their new-fund coffers, sovereign wealth funds (SWFs) are emerging as a potential source of capital to help bridge the fund-raising gap.

RBS job cuts described as 'brutal'

Union leaders attacked the Royal Bank of Scotland on Tuesday for announcing "brutal" cuts of 600 jobs from its financial planning service. Unite said the cuts represented a 50% reduction in the department across the country.

Europe Crisis Imperils U.S. Sales From Chemicals to PCs: Economy

American exporters from Dow Chemical Co. (DOW) to Hewlett-Packard Co. are preparing for a further decline in demand from Europe as the region’s deepening debt crisis threatens to derail a source of strength for the U.S. economy.

European banking stocks fall despite Greek vote result

European banking stocks have fallen sharply despite the victory of pro-bailout parties in Greece's elections on Sunday.

'China' fund raises stakes in Japan firms: report

OD05 Omnibus, an investment fund widely believed to be a Chinese government investment vehicle, has been increasing its stakes in Japanese companies including Toyota and Honda, a report said Sunday.

Britain Is Outside Euro Zone but Not Euro Crisis

LONDON — Having kept their own currency and central bank, British politicians pride themselves on their foresight in staying outside the beleaguered euro.

Canada may need to raise rates this year: OECD

OTTAWA (Reuters) - Canada should be ready to hike interest rates later this year if the economy doesn't turn sour, but may need to slow down budget tightening if the economy does deteriorate, the Organization for Economic Cooperation and Development said on Wednesday.

Analysis: Spanish bailout raises the bar for Italy

MILAN (Reuters) - Italy must step up efforts to curb its colossal debt and revive growth to reverse negative investor sentiment that threatens to push it to the brink, despite a reform drive and a banking system sounder than Spain's.

China urges more "decisive action" on euro crisis

BEIJING (Reuters) - China said the euro zone finance ministers' decision to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks was a welcome short-term fix, but urged the bloc to take more decisive action to safeguard longer term stability.

Spain - Massive Rescue Agreed at Euro 100 billion - $125 billion

The news coming out of Brussels this evening is that the EU has offered Spain a rescue package of Euro 100 billion.

Local Projects Replace Global Investments in Mideast

DUBAI — Governments in the Middle East are investing less internationally than they have at any time in the past three years, as pressure to focus on domestic needs has shifted their attention away from global trophy acquisitions, analysts say.

China has cut holdings of European assets: Report

SHANGHAI: China's sovereign wealth fund has cut its European assets amid rising risk of a eurozone collapse, the fund's chief told the Wall Street Journal in an interview published Thursday.

Moody's: Australia vulnerable to external shocks

SYDNEY--Australia is vulnerable to a global downturn and the government's pledge to return the budget to surplus will be challenged but the Australian dollar will still be partly supported by its emerging "safe haven" status, said Steven Hess, senior credit officer and the chief sovereign analyst for Australia at Moody's Investors Service.

Angela Merkel calls for quick ratification of EU bailout fund

BERLIN: Chancellor Angela Merkel Monday stressed her determination to ratify the EU's bailout fund and fiscal pact before the German parliament's summer break amid reports she was prepared to add growth measures to the text.

Spanish premier Mariano Rajoy calls for eurozone 'centralised control' authority

Mariano Rajoy, the Spanish prime minister, has called for the eurozone to have “centralised control” over the budgets of all the countries using the euro.

Analysis: Swiss capital curb talk unlikely to become reality

ZURICH (Reuters) - Swiss talk of capital controls to repel investors fleeing the euro zone sounds more like saber-rattling than a realistic plan, given such curbs would be unlikely to work and could cause lasting damage to the country's banking industry.

Funds load up on cash as euro fears intensify: Reuters Poll

LONDON (Reuters) - Global investors, fearful of the escalating euro zone sovereign debt crisis and slowing world economy, retreated sharply from equities in May and held more cash than at any stage since the crisis erupted in early 2010, a Reuters poll showed on Thursday.

Europe Stocks Edge Up

LONDON—European stocks shuffled higher Thursday, stabilizing along with the euro after heavy losses in the previous session, while Spanish and Italian bond yields eased off recent highs.

Bain to seek $6 billion for new buyout fund: sources

NEW YORK (Reuters) - Bain Capital LLC aims to raise $6 billion for its new global private equity fund and will offer three options on fees it charges to manage the money, according to people familiar with the matter.

Greek Euro Exit Aftershocks Risk Reaching China

Greece, responsible for 0.4 percent of the world economy, now poses a threat to international prosperity as investors raise bets its days using the euro are numbered.

China's WTO suit hits back at US import duties

GENEVA: China launched a complaint at the World Trade Organization on Friday against US import duties on 22 Chinese products that the United States says are unfairly priced or subsidised, including solar panels, wind towers and steel products.

Stocks, euro slip as Spain dims sentiment

NEW YORK (Reuters) - Global stocks and the euro eased on Friday after the Spanish economic dynamo of Catalonia said it needed help to refinance its debt, adding to financial troubles in Spain, which is already weighed down by a capital-constrained banking sector.

UPDATE 1-China's CIC eyes up to $2 bln stake in Alibaba Grp - sources

HONG KONG, May 24 (Reuters) - Sovereign wealth fund China Investment Corp (CIC) is in advanced talks to buy an up to $2 billion stake in Alibaba Group, sources told Reuters, as the Chinese e-commerce powerhouse looks to secure the last of the funding it needs to buy back part of its stake from Yahoo Inc.

New euro bailout fund may not have enough staff

BERLIN (Reuters) - An external consulting firm charged with evaluating the structure of Europe's new permanent rescue facility has raised questions about whether it will have enough staff to function effectively, according to documents seen by Reuters.

Is now a good time to invest in Europe? Some investors seem to think so

LONDON —About 60 billion euros ($76.5 billion) has been raised to buy so-called noncore loan assets currently held by European banks, according to the accounting firm PricewaterhouseCoopers.

U.S. Banks Sold More Swaps on European Debt as Risks Rose

U.S. banks increased sales of protection against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the last quarter of 2011 as the European debt crisis escalated.

Obama pledges tough enforcement of Wall Street reforms

May 19 (Reuters) - President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation.

Energy-deficient India turns to UAE for increased oil supply

NEW DELHI: Under pressure from the US to cut its oil imports from Iran, India has decided to set up a high-level joint task force on investment which will also look into securing more oil supplies from UAE that has assured it of “increased” energy exports.

EU plans for possible Greek exit from euro - official

The European Commission and European Central Bank are making contingency plans for a possible Greek exit from the euro, an EU commissioner says.

Russian Funds Flee as Anti-Putin Demonstrators Dig In

Investors are fleeing Russia as demonstrators against President Vladimir Putin dig in, exacerbating the impact of Europe’s debt crisis on the country’s markets, money managers from Frankfurt to Moscow said.

Hedge funds eye further profits from JPMorgan losses

LONDON: Hedge funds are positioned to squeeze more profits from JPMorgan & Co's losing position in US credit derivatives, after racking up tidy gains from a lucrative trade that could end up costing the bank more than $3 billion.

Middle East investors slowly wake up to Africa

ADDIS ABABA (Reuters) - Flush with cash from oil and stuck with few options for growth in developed markets, Middle East investors are increasingly looking to nearby Africa.

Money Funds Cut Barclays Debt While Adding Deutsche Bank

The 10 biggest prime U.S. money- market mutual funds decreased holdings of Barclays Plc (BARC) by $6.65 billion in April, the largest drop in dollars for any bank, ahead of a potential downgrade for the London-based company.

Stock futures signal drop after JPMorgan loss

PARIS (Reuters) - U.S. stock index futures were down on Friday, pointing to a lower open on Wall Street, after JPMorgan Chase & Co stunned investors with news of "significant mark-to-market losses" that it said could "easily get worse."

Eurozone blocks one bn euros in Greek bailout: Report

BRUSSELS: The eurozone has blocked 1.0 billion out of 5.2 billion euros in bailout loans for Greece until Monday amid uncertainty over the country's political future, a European government source said.

Abu Dhabi's ADIA Names Florin Head Emerging Markets For Private Equity

DUBAI – The Abu Dhabi Investment Authority, or ADIA, one of the world's biggest sovereign wealth funds, Tuesday said it named Christophe Florin, a former executive at French insurance giant Axa (AXAHY), as head of emerging markets fund investments of ADIA's private equity business.

Canada's BMO Seeks Mideast Growth In Asset Management, Investment Banking

ABU DHABI (Zawya Dow Jones)--Bank of Montreal (BMO) said Monday it is opening a representative office in Abu Dhabi, as the Canadian lender seeks to grow its capital markets and asset management business in the Middle East by gaining better access to the region's sovereign wealth funds.

Norway Dumps Ireland, Portugal Bonds on Euro Crisis Concern

Norway’s sovereign wealth fund sold all its Irish and Portuguese government bonds after rejecting the Greek debt swap and warned that Europe faces considerable challenges.

Federal Reserve officials at odds on jobs view

SANTA BARBARA, California (Reuters) - The economy will likely grow at a moderate pace, inflation will stay low, and unemployment will fall, three top U.S. Federal Reserve officials on Thursday said in remarks prepared for delivery to an economic outlook summit.

x-JPMorgan Asia-Pacific Stock Derivatives Head Plans Hedge Fund

William Lee, who led JPMorgan Chase & Co. (JPM)’s Asia-Pacific equity derivatives business, plans to start his own hedge fund this year that will exploit mispricing in the region’s derivative markets and broad economic trends.

Huge China trade hub planned for Irish countryside

DUBLIN (Reuters) - Ireland gave phase one of a huge Chinese trading hub planning permission on Tuesday, paving the way for what would be one of the biggest developments in the struggling euro zone country.

China PMI at 13-month high, UK's slips signalling longer recession

BEIJING/LONDON: China's official purchasing managers' index (PMI) rose to a 13-month high in April, signalling the economy has found a footing and may be recovering from a first-quarter trough, but smaller factories are still struggling.

Euro on pace for worst month against dollar since December

NEW YORK: The euro slid against the dollar on Monday and was on track for its worst month since December, pressured by nagging euro zone stresses as German retail sales were softer than expected and Spain slipped back into recession.

Middle East Funds Boost NBNK Hopes With Lloyds Bid-Newspaper

LONDON -(Dow Jones)- Middle East-based sovereign wealth funds including Qatar Holdings and Abu Dhabi-based Mubadala Development Company have held talks with NBNK, the U.K. bank bid vehicle which is trying to buy a package of 632 Lloyds Banking Group PLC (LLOY.LN) branches, the Sunday Telegraph reports without citing sources.

China Helps First-Home Buyers as Market Cools: Mortgages

Kevin Xi had no trouble getting a mortgage to buy a 1.53 million yuan ($242,563) one-bedroom apartment in Beijing last month, even as China’s government tries to cool the housing market. He even got a 10 percent reduction on interest.

Russia's Polyus closer to placing stake-sources

MOSCOW, April 25 (Reuters) - Russia's largest gold firm Polyus Gold may be close to pulling the trigger on a share sale to investors worth hundreds of millions of dollars as part of plans for a premium London stock market listing.

China Sovereign-wealth Fund To Get $50 Bln: Report

HONG KONG – China's sovereign-wealth fund, China Investment Corp. (CIC), has received an additional $50 billion in funding from the central government, according to a report Tuesday in the Financial Times.

Sovereign funds urged to invest in developing nations

UN and African officials on Sunday urged sovereign wealth funds (SWF) worth an estimated $5 trillion to invest in developing countries, even as they seek the right climate and demand steps against corruption.

Russia's Bond Market Grows Up

On its face, it seems tempting enough. A big country with a strong desire to become a world financial center that can one day rival Frankfurt is opening up its local government bond market to foreign investors.

Lagarde assures IMF able to boost crisis funds

IMF head Christine Lagarde said Thursday that the crisis lender would get a significant boost to its intervention capacity this week as worries mounted that Spain might be the next eurozone country to seek a rescue.

Bank of America and Morgan Stanley revenues boosted by ECB's LTRO loans

The banks saw trading revenues surge in the first quarter of the year as the wave of cheap, three-year loans that the ECB began in December revived appetite to make bets across a range of asset classes.

Blackstone First-Quarter Profit Falls on Performance Fees

Blackstone Group LP (BX), the world’s largest private-equity firm, said first-quarter profit fell 24 percent as slower gains in the value of its holdings hurt performance fees.

Europe's wealthy families move their fortunes East

Family offices are companies that look after the wealth of rich households who have money tied up in trusts, property, investments and other assets.

Abu Dhabi's Invest AD bets big on Africa

DUBAI (Reuters) - Abu Dhabi-owned fund Invest AD is betting on its range of investment products to tap growth opportunities in fast-growing Africa, a continent which the state-owned investment firm believes is still undervalued for its potential.

IMF chief Christine Lagarde will struggle to bag more funds for a 'firewall'

Global politics and economic theory don’t lend themselves easily to punchlines. But in January this year, Christine Lagarde managed to inject a little light relief into proceedings at the World Economic Forum.

Do global funds live up to their name?

When there's the word "global" in the name of your fund, you'd be forgiven for assuming that it would invest in shares scattered across the world.

Russia may invest wealth fund in economy - Putin

MOSCOW (Reuters) - Russian President-elect Vladimir Putin said on Wednesday that the government should consider investing money held in the larger of its two sovereign wealth funds in regional development and strategic projects.

MF warns of £750bn pensions time bomb

The IMF said yesterday that even a slightly faster than expected increase in life expectancy could impose a huge new financial burden on Western economies such as Britain. “The time to act is now,” it said.

Qatar's sovereign fund takes 5pc slice of Xstrata

The move, which has angered some of Xstrata's shareholders, sees Qatar overtake Standard Life and Legal & General to become the third biggest investor after Glencore (33.6pc) and Blackrock (5.43pc).

China Hedge Fund Credence to Boost Stocks on QFII Quota

Credence Oriental Trade Enterprise Ltd. (CRDOTPL), a China hedge fund that has beaten 98 percent of its rivals, will boost its Chinese stock holdings on the prospect of economic expansion and increased equity purchases by foreigners.

Iran oil development fund could reach $55 billion: Ahmedinejad

DUBAI (Reuters) - Iran's President Mahmoud Ahmadinejad said on Saturday the country's sovereign wealth fund could reach $55 billion by March next year if oil prices kept high, in an apparent bid to defend his economic record in the face of increasing isolation.

Euro dips, bonds rise on euro zone worries

NEW YORK (Reuters) -The euro hit a three-week low against the dollar and bonds edged higher on Thursday as Spain's debt burden fueled worries about further problems for euro zone economies and curtailed investors' appetite for riskier assets.

Pensions Find Riskier Funds Fail to Pay Off

Searching for higher returns to bridge looming shortfalls, public workers’ pension funds across the country are increasingly turning to riskier investments in private equity, real estate and hedge funds.

DBS Group to Buy Bank Danamon for $7.2 Billion

DBS Group Holdings of Singapore agreed on Monday to buy Bank Danamon of Indonesia for $7.2 billion in one of the largest ever takeovers in Southeast Asia’s financial services industry.

Global economy week ahead: Looking for takeoff in US jobs

WASHINGTON: Sorting out trends in the US labor market is tricky business these days. There is plenty of evidence to support the view that unemployment is stalled at 8.3 percent for much of the year, and a case to argue that job growth is poised for takeoff.

Drake & Scull to Bid for Abu Dhabi Louvre as Projects Resume

Drake & Scull International PJSC (DSI), a Dubai-based construction company, plans to bid for construction work on the Louvre museum in Abu Dhabi as the Persian Gulf emirate resumes work on suspended projects.

Former RBS trader Tan Chi Min claims hedge fund asked UK bank to change Libor

One of Europe's largest hedge funds is alleged to have asked Royal Bank of Scotland to alter the London interbank borrowing rate (Libor) five years ago, according to a court filing by a former trader at the lender.

Canada To Allow Wealth Funds To Invest In Its Financial Institutions

OTTAWA -(Dow Jones)- The Canadian government said Thursday it plans to introduce legislation to allow foreign and domestic sovereign wealth funds to invest in Canadian financial institutions, a move which would allow banks and insurance companies to raise capital to meet new Basel banking rules.

Exclusive: Singapore's Temasek: evolution not revolution

SINGAPORE (Reuters) - Temasek Holdings, the smaller but more visible of Singapore's two sovereign funds, is moving into a new phase with its investment strategy, and could look more like Blackstone Group , another $160 billion institution, which has grown from a focused private equity firm to a global asset manager.

South Korea's $320bn pension fund to set up London base

One of the world's biggest pension funds is to set up a new base in London in a move the government expects to provide a major boost to investment in British infrastructure.

Abu Dhabi fund buys 5.6 percent of Brazil's EBX

DUBAI, United Arab Emirates (AP) — Mubadala Development Co., the Abu Dhabi investment firm with stakes in General Electric Co. and the Carlyle Group, agreed Monday to pump $2 billion into Brazil's EBX Group, looking to tap into the growing South American market.

Spain to Tighten Fiscal Screws

SINGAPORE—Spain's Finance Minister Luis de Guindos said Friday that his government would need to implement an additional €35 billion ($46.20 billion) of fiscal tightening this year and next to achieve its budget deficit goal.

THL’s Sperling Says New U.S. Regulations Weighing on Wall Street

Scott Sperling, co-president of private-equity firm Thomas H. Lee Partners LP, said new financial regulations are hurting the U.S. economy and increasing costs at Wall Street banks and asset managers.

BofA Merrill Lynch Fund Manager Survey Finds Investors Displaying Growing Conviction in Growth

NEW YORK & LONDON--(BUSINESS WIRE)--Investors are increasingly bullish about prospects for global growth and a diminishing number expect further rounds of quantitative easing (QE) by central banks, according to the BofA Merrill Lynch Survey of Fund Managers for March.

Wall Street retreats from 4-year high on China worries

NEW YORK: US stocks retreated from a near 4-year high on Tuesday on signs that indicated China's economy may be slowing.

What Jefferies Earnings Mean For The Rest Of Wall Street

The second half of 2011 was a challenging time for Wall Street’s major investment firms. Europe’s sovereign debt crisis had markets in turmoil and many clients were sitting on their hands rather than making bets that could turn bad in a hurry.

Norway sovereign wealth fund loses $15 bn in 2011

Norway's sovereign wealth fund lost $15 billion last year as European stock prices fell over uncertain growth prospects amid the debt crisis, the country's central bank said Friday.

China wealth fund nears buying assets in Poland

WARSAW (Reuters) - China Investment Corp has signed a deal with Poland's foreign investment body PAIiIZ that could see China's $410 billion sovereign wealth fund snap up assets in the European Union's largest eastern member in the coming years.

Indian Funds Best Gold Deal as Producers Trail: Riskless Return

As investors from George Soros to John Paulson snapped up bullion amid a decade-long rally, the best gold investment of the past two years was found in India, where funds tracking the metal surged while avoiding the stock market swings that hurt mining companies.

Greek deal holdouts face long wait to pay day

LONDON, March 14 (Reuters) - For a small band of bondholders refusing to sign up to Greece's debt restructuring, past experience shows they could more than triple their investments, but may have to wait decades for a payout.

Nigeria economy picks up on non-oil sector growth

ABUJA/LAGOS (Reuters) - Nigeria's economy grew at a faster rate in the fourth quarter last year than the previous three months because of a stronger performance in the non-oil sector, particularly telecoms, data showed on Tuesday.

Chesapeake’s CEO Courts Asian Investors for $100 Billion Resource: Energy

Chesapeake Energy Corp. (CHK) Chief Executive Officer Aubrey McClendon is cultivating investors from Seoul to New Delhi eager to own natural gas that’s 85 percent cheaper than Middle East supplies because of a glut in the U.S.

Greece turns to growth, elections after debt deal

ATHENS: After the success of a debt cut plan which paves the way for a 130-billion euro ($170.55 billion) international bailout, attention in Athens is shifting to politics and on how to kick-start debt-laden Greece's stricken economy, officials said on Saturday.

Abu Dhabi sovereign fund looks to buy India property - sources

MUMBAI/DUBAI (Reuters) - Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, plans to invest directly in Indian real estate in an effort to diversify from its current strategy of ploughing money into the country through realty or private equity funds, sources familiar with the matter said.

Greece Restructuring Deadline Looms as Bond Investors Signal Swap Accord

The Greek government’s deadline for the biggest sovereign restructuring in history approached with a majority of investors signaling their readiness to participate in the debt swap.

How to Hedge Against Risks Now

There seems plenty to be happy about these days. The Dow this week closed above 13,000 for the first time in years, and just 9% shy of its all-time record. Europe is working hard to solve its debt crisis. And, the U.S. economy is showing signs of strength.

Asia Central Banks Poised to Pause Rates

Asia-Pacific central banks will probably hold off on adding monetary stimulus this week as higher oil prices combine with diminishing concern of a euro- region meltdown to make the case for preserving firepower.

China wealth fund gets $30 bln injection

China's $410-billion sovereign wealth fund received a $30 billion injection from the government last year, boosting its investment war chest for European assets, state media said Monday.

EU Leaders Declare Crisis Turning Point as Focus Starts Shifting to Growth

European leaders declared a turning point in the Greece-fueled debt crisis, shifting their focus away from the budget-cutting spree that has dominated two years of rescue operations.

Brazil slams rich countries over "currency war"

BRASILIA (Reuters) - Brazilian President Dilma Rousseff slammed rich nations on Thursday for unleashing a "tsunami" of cheap money that was "cannibalizing" poorer countries such as her own, forcing them to act to protect struggling local industries.

Top hedge fund managers take home $13 billion in 2011

NEW YORK: Even in a brutal year, some top hedge fund managers made out like bandits.

Atlantia Takes Control Of South America Unit, Seeks Partners

MILAN – Italian toll-road operator Atlantia SpA (ATL.MI) said it has gained complete control of Autostrade Sud America Srl, a subsidiary in South America, in the latest of a series of deals that will enable it to generate a third of its profit from activities overseas in the coming years.

German lawmakers approve new Greek bailout

The German parliament approved a second, 130 billion ($173 billion) loan package for Greece on Monday after Chancellor Angela Merkel warned lawmakers that it would be irresponsible to abandon the country to bankruptcy.

Apollo Global Plays Catch-Up in Oil With $7.15 Billion El Paso Unit Buyout

Apollo Global Management LLC (APO), seeking to catch up with KKR & Co. and Blackstone Group LP (BX) in the buyout industry’s race for energy assets, agreed to acquire El Paso Corp. (EP)’s oil- and gas-exploration unit for $7.15 billion.

Singapore Wealth Fund Extends Resources Spree

Singapore’s sovereign wealth funds continue to step up their investment in resources companies.

Analysis: Corporate debt to get boost from ECB's new cheap loans

LONDON (Reuters) - The second dose of cheap cash from the European Central Bank at the end of this month should spread more broadly across financial markets than the first, sweeping money into non-bank corporate bonds.

CME Group to double stake in Dubai exchange

The CME Group said it is doubling its stake to 50 percent in the Dubai Mercantile Exchange, a hub of trading for oil contracts in the Persian Gulf.

Italy's bank chief confirms recession in 2012

ROME (AP) — Italy's central bank chief on Saturday predicted that the eurozone's third-largest economy will see a return to growth next year, but he confirmed forecasts that 2012 will be a "year of recession."

Hedge funds bet Glencore won't pay more for Xstrata

Funds including Pine River Capital Management, Arrowgrass Capital Partners and Och-Ziff have taken a series of complex positions in both Glencore and Xstrata.

Conrad Says an Economic Crisis May Be Only Way to Prod Lawmakers on Debt

An economic catastrophe like the debt crisis in Europe or a Middle East conflict may be the only way to get congressional action this year on a broad reduction of the U.S. deficit, Senate Budget Committee Chairman Kent Conrad said.

Fidelity, Vanguard, Pimco Say U.S. Inflation Will Be Contained in 2012

Fidelity Investments, Vanguard Group Inc. and Pacific Investment Management Co., which together oversee $4.53 trillion, say U.S. inflation will be contained this year.

Billionaire Batista in Talks With Sovereign Funds to Sell Gold Unit Stake

Brazilian billionaire Eike Batista, whose investments range from iron ore to coal, said he’s in talks with sovereign wealth funds and other potential “strategic partners” to sell a stake in his AUX gold unit.

China's CIC brushes aside Merkel investment plea

(Reuters) - The head of China's $410 billion sovereign wealth fund CIC brushed aside a call by German Chancellor Angela Merkel to buy European government debt, saying such investments were "difficult" for long-term investors.

US stocks gain following latest Greek debt deal

NEW YORK: US stocks rose on Monday after Greece's parliament voted for spending cuts so it can get a bailout to save the country from bankruptcy.

Foreign investors press 'sell' button on Indian banks

NEW DELHI: Overseas investors seem to be on a selling spree when it comes to the Indian banking stocks, as they have pared their holdings in at least 28 public and private sector banks of the country in the past few months.

A Contrarian Bets Ireland and Hungary Will Rebound

For months now, a big investor has been betting billions of dollars that two of Europe’s most wounded countries will bounce back from the beating they have taken during the region’s debt crisis.

Asia 1.25 Billion Over 60 by 2050 Shows Why Bonds Beat Stocks

Feb. 9 (Bloomberg) -- With Asia’s elderly population poised to double within four decades, more money is being plowed into preserving wealth than enhancing growth, driving up demand for the region’s bonds that are beating returns on stocks.

Ben Bernanke warns on still-high unemployment

WASHINGTON: Federal Reserve Chairman Ben Bernanke reiterated his concerns about high levels of US unemployment Tuesday, just days after a surprisingly large drop in the jobless rate caused cheer.

China’s ‘Sunshine’ Trusts Avoid Global Hedge-Fund Malaise to Triple Assets

Wealthy Chinese investors are turning to “sunshine” private trusts, the prototypes of hedge funds in the communist nation, as the property market cools, stocks slump and bank-deposit rates fail to match inflation.

European stocks lower as Greece debt talks drag on

European stock markets moved lower Monday, slipping back after sharp gains made on strong US jobs data last week as investors once again tracked a lack of progress on Greece's debt problems.

Hedge Funds Underestimating Europe’s Will to Force Greek Losses

Feb. 6 (Bloomberg) -- Hedge funds seeking to wring profits from a Greek debt restructuring are underestimating the will of policy makers to impose losses on them, according to investors who say trying to beat the politicians is too risky.

Korean Teachers’ Credit Union Plans to Buy London Property in First Half

The Korean Teachers’ Credit Union, with 20.9 trillion won ($18.5 billion) of assets, plans to buy a 12-story office building in London in the first half as declining property prices boost returns.

Hungary's Orban seeks to wipe out communist past

BUDAPEST (Reuters) - Steps away from Budapest's ornate Parliament building, hidden in a basement studio on a leafy street, art dealer Peter Pinter was holding the third of his hugely successful auctions, entitled 'Going once, going twice... gone for good.'

U.S. Stocks Decline

NEW YORK—U.S. stocks fell after a weak reading on U.S. consumer confidence trumped early enthusiasm for a European Union pact to tighten fiscal ties.

Australia Selling the Farm as 20% Price Slump Lures Global Funds

Jan. 31 (Bloomberg) -- Winston Heywood ended a 200-year family history when he sold his parched wheat fields to a fund managed by U.S. investor Westchester Group Investment Management Inc. for more than A$6 million ($6.4 million).

QE3 May Be Preferred Over Fed’s QE2 for Asia Economies Facing Export Slump

U.S. monetary stimulus, blamed in 2010 for spurring speculative capital flows to emerging markets, may find less opposition this time round in Asia as the region’s focus shifts to supporting economic growth.

US stocks rise after solid economic reports, earnings

NEW YORK: Solid earnings reports from market leaders like Caterpillar and rising European markets helped push US stocks higher on opening on Thursday.

German 10-Year Bonds Snap 4-Day Drop as Greek ‘Impasse’ Fuels Safety Bid

German government bonds advanced as concern Greek debt-swap talks are stalling boosted demand for the safest fixed-income assets.

The shrinking private equity world

NEW YORK (CNNMoney) -- The notoriously private private equity industry can't escape the glare of the spotlight these days, but the more immediate issue facing the industry is a lack of funding.

Scenarios: Possible outcomes of Greek debt talks

LONDON (Reuters) - Greece must persuade its creditors to take a hefty loss on their investments in order to unlock the aid money it needs to stay afloat, but talks are proving tough, making a messy default in March a real prospect.

U.S. Steel Bonds Rebound to Par on Auto Sales: Corporate Finance

U.S. Steel Corp. (X), the nation’s biggest producer of the metal by volume, is making a comeback in debt markets as vehicle sales recover, fueling a surge in its bond prices from a record low.

IMF warns of threat to global economies posed by austerity drives

The leaders of the International Monetary Fund, the World Bank and the World Trade Organisation on Friday issued a warning about the economic and social risks of austerity programmes in a "call to action" designed to boost growth and fight protectionism.

Key WTO members to meet at Davos next week

New Delhi: Trade ministers from key WTO member countries, including India, scheduled to meet at Davos in Switzerland on January 28, are expected to discuss worrisome economic scenario and its impact on the global trade.

U.K. Considers $77 Billion Estuary Hub as Heathrow Successor

Jan. 18 (Bloomberg) -- Britain may build a 50 billion-pound ($77 billion) airport on the mudflats of the Thames estuary instead of expanding London’s crowded Heathrow hub as the government examines how to meet burgeoning demand for flights.

Exchange-Traded Junk Funds Roil Bond Market

Funds that give everyone from retirees to institutional money managers easier access to junk bonds are fueling the biggest price swings in more than two years after their buying power surged 10-fold.

UPDATE 7-Greek creditors bridle at demands, default fears grow

Jan 16 (Reuters) - Greece's private sector creditors warned on Monday that the Athens government must urgently break a deadlock in debt swap talks triggered by "unreasonable" demands from international lenders if is to avoid a disorderly default.

8 of top 10 cos add Rs 47,292 cr in market capitalisation; Infosys, TCS record losses

MUMBAI: Eight of the country's top 10 valued companies added Rs 47,292 crore to their combined market capitalisation last week, whereas IT majors TCS and Infosys recorded sharp fall in their value.

S&P Praises ECB Crisis Measures as Political Response Trails

Jan. 14 (Bloomberg) -- European leaders are divided and behind the curve in their response to the sovereign debt crisis while the European Central Bank is playing a “constructive role,” Standard & Poor’s said.

MFs launch more gold-based schemes

MUMBAI: Mutual fund houses continue to rely on gold to increase their asset under management. Three asset management companies have sought approvals to launch gold-based funds over the past two months.

U.S. Economy’s Challenges Greater This Year Than Last, Gluskin Sheff Says

David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc., said the U.S. economy faces more challenges in 2012 than last year, while he backed away from his prediction the nation was facing a near- certain recession.

Possible U.S., China trade dispute looms

HONG KONG – Strained trade relations between the world's largest economies will be further tested this year as the U.S. weighs anti-dumping duties on a range of Chinese products.

While Merkel and Sarkozy Talk, Traders Act

BERLIN — Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France met Monday to discuss their next steps in combating the sovereign debt crisis that has destabilized Europe.

China local government debt risks controllable: c. bank governor

BEIJING (Reuters) - Risks from local government debt are controllable and slower price rises make China's anti-inflation campaign less urgent, but Beijing needs to be ready to use "appropriate policy instruments" to deal with external shocks, China's central bank governor told state media in an interview published on Sunday.

Global economy could endure disaster for a week

LONDON (Reuters) - The global economy could withstand widespread disruption from a natural disaster or attack by militants for only a week as governments and businesses are not sufficiently prepared to deal with unexpected events, a report by a respected think-tank said.

Greek PM warns of default without loan deal

ATHENS: Greece's Prime Minister urged union leaders Wednesday to accept further income losses, starkly warning that otherwise vital international rescue loans could dry up and force the debt-crippled country into a disorderly default in March.

Abu Dhabi sovereign fund eyes India

NEW DELHI: The Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds with an investible amount of $700 billion, is keen to invest in India's infrastructure sector and wants to build a strategic partnership with New Delhi.

PTC India in talks with sovereign wealth fund for PE venture

NEW DELHI: Power trading firm PTC India is in talks with a sovereign wealth fund for setting up a private equity fund, which is likely to have an initial capital of about $ 100 million.

Iowa's economy: Not issue No. 1?

DES MOINES, Iowa (CNNMoney) -- If there is one state where the economy might not be issue No. 1, it's Iowa.

Record number of Germans in work in 2011

The number of employed people in Germany hit a new record in 2011, said official statistics published on Monday, with more than half a million jobs created last year in Europe's top economy.