Article: Market round-up: FTSE 100 investors turn to drugs in bid to escape swirling Greek problem

#AceMarketNews – LONDON:June.30:
Market round-up: FTSE 100 investors turn to drugs in bid to escape swirling Greek problem


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Article: Tesco, Sainsbury’s, and Asda are being crushed by Aldi and Lidl

#AceFinanceNews – BRITAIN:June.30:
Tesco, Sainsbury’s, and Asda are being crushed by Aldi and Lidl:


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Article: We have better things to do than implement the ring-fence, says HSBC

#AceFinanceNews – Featured:June.30:
We have better things to do than implement the ring-fence, says HSBC:


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BREAKING144 Ukraine falls out with Russia over Gas Prices ‘

#AceFinanceNews – #BREAKING144

Ukraine to stop buying Russian gas after talks on new deal fail

June 30, 2015 19:43

Reuters / Gleb Garanich

Russia and Ukraine failed to reach a new agreement on gas prices at talks in Vienna on Tuesday, leading to Ukraine suspending its purchase of Russian gas.

Russian Energy Minister Aleksandr Novak and Ukraine’s Energy and Coal Minister Vladimir Demchishin both admitted to reporters that the negotiations had born no fruit. Demchishin added that there would be a new round of talks in September.

Meanwhile, Ukraine’s energy company, Naftogaz, will stop buying gas from Russia as of Wednesday, July 1.

“As of June 30, 2015, the agreement between Naftogaz and Gazprom runs out, and conditions for continued supply of Russian gas to Ukraine have not been agreed upon; Naftogaz will no longer be purchasing gas from the Russian company,” a press release by Naftogaz said.

READ MORE: Russia prices gas for Ukraine at $247, cuts discount

Reacting to this decision, Novak said it was politically motivated and there were no grounds for it.

Naftogaz gave assurances that “the transit of Russian gas through Ukrainian territory to Gazprom’s European clients will continue in full, according to contracts agreed.”

Russia will not increase the discount it has offered to Ukraine on gas purchases, Novak told the media. “The price of $247 [per cubic meter of gas] is completely uncompetitive, that is why we are very surprised that Ukraine wants a much lower price – it is out of line with the current market environment.” He stressed that the price “is not subject to correction.”

Despite Kiev’s purchasing freeze, Russia will continue direct supplies of gas to Ukraine’s southeast, Novak said.

It has been doing so since February, when Kiev claimed that it could no longer supply gas to the conflict-torn regions due to damaged pipelines. Gazprom insists that Kiev is still responsible for paying for the gas that goes to the southeast.


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WASHINGTON: ‘ Obama Makes 5-Million more Americans liable for Overtime Pay ‘

#AceFinanceNews – Featured Report:WASHINGTON:June.30: The Obama administration has announced new rules that will boost the salary threshold for time-and-a-half overtime pay from the current $23,660 to $50,440.

Any worker who makes as much or below the new total and works 40 hours a week will automatically qualify, according to US Department of Labor guidance.

“Right now, too many Americans are working long days for less pay than they deserve,” President Barack Obama wrote in a Huffington Post Op-Ed announcing the change.

The regulatory change restores the overtime salary threshold to approximately where it was in 1975, based on inflation adjustments.

US Labor Secretary Thomas Perez said that the rule change will result in a collective $1.2 billion in extra compensation for workers who are newly eligible for overtime pay.

The rule changes also address the total annual compensation a worker can make to avoid being considered a highly compensated employee. The changes boost that amount to $122,148 a year for a full-time salary worker.

“This week, I’ll head to Wisconsin to discuss my plan to extend overtime protections to nearly 5 million workers in 2016, covering all salaried workers making up to about $50,400 next year,” Obama wrote in the Op-Ed. “That’s good for workers who want fair pay, and it’s good for business owners who are already paying their employees what they deserve ‒ since those who are doing right by their employees are undercut by competitors who aren’t.”

The rule change is facing backlash from conservatives and business lobbies. The National Retail Federation said that increased overtime will “add to employers’ costs, undermine customer service, hinder productivity, generate more litigation opportunities for trial lawyers and ultimately harm job creation.”

Opponents are expected to challenge the plan in court or in Congress, which could unravel the rule change via appropriations measures, according to the New York Times.

“Supporters of these regulations say they want to increase Americans’ take-home pay, but these sweeping changes to the rules could mean anything but,” Angelo Amador, senior vice president of labor and workforce policy at the National Restaurant Association, said in a statement.

Cecilia Muñoz, White House director of the Domestic Policy Council, said the rule changes are “totally within the [Labor] Department’s regulatory authority.”

“We believe we have more than sufficient support for the rule to go final and be implemented,” she said, according to ThinkProgress.

Democratic presidential candidates Hillary Clinton and Bernie Sanders praised the decision on social media. Fellow aspirant Martin O’Malley, former governor of Maryland, has previously called for a change to overtime-pay regulations.

The proposal will be subject to a 60-day comment period once it is officially filed in the Federal Register.

The rule change comes following an executive order Obama announced in March, in which the administration pledged to update overtime laws in the Fair Labor Standards Act.

If the rule is finally enacted, economists think employers will scale back employee hours to avoid overtime pay, the New York Times reported.


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#barack-obama, #overtime-pay, #rule-change, #rule-changes, #the-obama-administration, #us-department-of-labor

MARKETS China stock slide adds to Greek jitters; yen, bonds in favour

#AceMarketsReport – June.30: HONG KONG (Reuters) – Asian shares held near five-month lows on Tuesday after Chinese stocks took another leg down while safe-haven assets received a boost as investors nervously awaited further developments in the deepening euro zone crisis.

China’s stocks tumbled more than 4.5 percent in early trades, wiping out more than a quarter of its market capitalisation from a peak hit earlier this month, despite surprise monetary easing moves over the weekend.

Volatility in China’s stock market in recent days has rippled through Asia, weighing on stock markets from Mumbai to Australia, and prompting investors to rush to the sidelines.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5 percent but remained within striking distance of a five-month low hit on Monday. Japan’s stock index rose 0.1 percent while Korea gained 0.3 percent.

“There is still too much uncertainty in the markets and investors would be watching developments in Greece and China very carefully before jumping in,” said Karine Hirn, Hong Kong-based partner of Swedish group East Capital, a $3.5 billion fund management firm.

“Chinese authorities wouldn’t want to trigger a meltdown which would spook investors and we may see more market stabilising measures on the way,” she said.

Over the weekend, China cut interest rates and lowered reserve requirements to stabilise markets – a rare combination not seen since the depths of the 2008 financial crisis. In fresh steps, authorities are also preparing to allow pension funds to invest in the stock market for the first time.

Notwithstanding the flurry of measures taken by Beijing, high-yielding currencies such as the Australian dollar remained out of favour as investors sought refuge from the heightened market volatility in safe-haven assets.

A risk gauge, the CBOE Volatility index, spiked overnight to its highest levels not seen since February.

“All in all many in the market had already factored in the likelihood of Greece defaulting. But there is no guarantee the stability will last. What is worrying is the volatility in the risk asset markets, which could impact currencies,” said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo.

Greece will not pay a 1.6 billon euro loan instalment due the International Monetary Fund on Tuesday, a Greek government official told Reuters, after talks between Athens and its creditors broke down over the weekend when Prime Minister Alexis Tsipras called a surprise referendum on the austerity plan.

Ratings agency Standard and Poor’s cut Greece’s sovereign debt rating one notch further into junk levels to CCC-, saying there was a 50 percent probability it would leave the euro zone.

In overnight trading on Wall Street, all three major stock indices tumbled, with the Dow Jones industrial average shedding 1.95 percent, the S&P 500 losing 2.09 percent and the Nasdaq Composite dropping 2.4 percent.

While the euro picked itself off a four-week low of $1.0955 struck overnight, it remained closeted in a narrow range in Asian time as investors waited for further developments. It was last changing hands at $1.1190 per dollar.

The greenback’s fortunes in Asia were dented as investors sought safety in the Japanese yen and U.S. government debt which in turn hurt the dollar.

The dollar was broadly flat on the day at 122.32 yen after falling to a one-month low of 122.10 yen on Monday, with market participants citing options-related support at 122.

In bond markets, 10-year benchmark U.S. debt was trading at 2.32 percent while its Japanese counterparts held firm at 0.45 percent.

In commodities markets, U.S. crude oil futures extended their fall after skidding more than 2 percent on Monday to three-week lows. U.S. crude was down about 0.1 percent at $58.03 a barrel.

(Additional reporting by Lisa Twaronite and Shinichi Saoshiro in Tokyo; Editing by Jacqueline Wong)

China stock slide adds to Greek jitters; yen, bonds in favour


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Article: China is allowing its massive pension fund to buy stocks to support the shaky market

#AceFinanceNews – CHINA:June.30:
China is allowing its massive pension fund to buy stocks to support the shaky market:


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Article: China markets slump despite central bank rate cut

#AceFinanceNews – CHINA:June.29:
China markets slump despite central bank rate cut:


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Article: Tool hire group HSS drops nearly a quarter on weaker trading

#AceFinanceNews – Featured:June.29:
Tool hire group HSS drops nearly a quarter on weaker trading:


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Puerto Rico governor says island can’t pay its public debt

#AceFinanceNews:Headlines:June.29: Puerto Rico owes $72-billion and counting:


SAN JUAN, Puerto Rico (AP) – The governor is warning that Puerto Rico can’t pay its $72 billion public debt, delivering another jolt to the recession-gripped U.S. island as well as a world financial system already worrying over Greece’s collapsing finances.

Gov. Alejandro Garcia Padilla is hoping to defer debt payments while negotiating with creditors, spokesman Jesus Manuel Ortiz said Su…

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