Japan June industrial output rises 0.8 pct mth/mth TOKYO, July 30- Japan's industrial output rose 0.8 percent in June, bouncing modestly from the prior month's big drop, government data showed, underlining subdued factory activity under the weight of inventories and sluggish exports. The month-on-month rise compared with economists' median estimate of a 0.3 percent increase and followed a 2.1 percent...
China's weakened property market could hit banks: S&P The slump that hit China's property market this year could hit the country's banks according to ratings agency Standard & Poors, in the latest warning to the world's second largest economy.
| By: Jenny Cosgrave
UPDATE 1-Brazil's Cielo beats profit estimate as revenue surprises SAO PAULO, July 29- Profit at Cielo SA, Brazil's largest card payment processor, fared better than expected in the second quarter, after income from receivables prepayment and better pricing helped propel revenue. Barueri, Brazil- based Cielo earned net income of 907.6 million reais last quarter, more than the 880 million reais forecast in a Reuters poll.
UPDATE 2-Kinross mulls more job cuts at Mauritania mine to reduce costs July 29- Kinross Gold Corp is again considering cutting jobs at its Tasiast gold mine in Mauritania, Chief Executive Officer Paul Rollinson said on Wednesday, as the Canadian miner looks for ways to reduce costs at its higher-cost mines amid sliding metals prices. High costs have dogged Tasiast since its purchase as part of Kinross' $7.1 billion takeover of...
UPDATE 1-Skechers sales and earnings beat estimates, shares jump July 29- Sports shoe maker and retailer Skechers USA Inc reported a better-than-expected 36 percent rise in quarterly revenue, helped by pent-up demand following the end of labor disruptions at U.S. West Coast ports that had held up imports, as well as increased shipments of back-to-school items. Skechers shares were up 14.5 percent at $147.03 in after-hours...
Wynn Resorts profit drops 72 percent in 2nd quarter LAS VEGAS- Wynn Resorts Ltd.' s profit fell 72 percent in the second quarter, stymied by an on-going decline in the Asian gambling enclave of Macau and fewer high-roller Chinese baccarat players in Las Vegas. Still, Wynn said the company is on pace to open its $4.1 billion 1,700- room Wynn Palace casino resort on the Cotai strip area of Macau by March 25.
Source: The Associated Press
UPDATE 2-CGI exiting low-margin markets, eyes M&A in cyber security MONTREAL/ TORONTO, July 29- CGI Group Inc, the information systems and management consultancy, said on Wednesday it would target acquisitions in cyber security while exiting some markets entirely, as it reported third-quarter profit and revenue that missed estimates. The issue with that is that there are not enough of them, "CEO Michael Roach said in an interview...
| By: Allison Lampert and Alastair Sharp
UPDATE 3-Whole Foods' New York City overcharging scandal hits sales; stock drops July 29- Whole Foods Market Inc on Wednesday said same-store sales growth cooled again in the third quarter, hurt by competition and an overcharging scandal in its New York City stores, and its shares tumbled 11 percent in after-hours trade. The rapid deceleration is troubling for investors, who have wondered how long Whole Foods could maintain its grip on the...
| By: Lisa Baertlein
Oil bears may hit pause button in short term after big US stocks draw Earlier this week, U.S. crude prices hit four-month lows and Brent, the more important global benchmark, neared a six-month trough as a global oil glut, resurgent dollar and stock market tumble in top energy consumer China took a toll. "I see a rebound of about five bucks off the recent lows in the most likely scenario," said Chris Jarvis at Caprock Risk Management, an...
| By: Barani Krishnan