ECB reveals capital hole in Greek banks as unpaid loans soar

By John O'Donnell and Francesco Canepa FRANKFURT (Reuters) – Greece's banks need to raise more than 14 billion euros ($16 billion) of extra capital to cover mounting unpaid loans, the European Central Bank said on Saturday as it announced the results of stress tests intended to rehabilitate Greek lenders. The capital hole has emerged chiefly due to the rising number of Greeks unable or unwilling to repay their debt, after a dispute over reforms between the leftist government and international lenders almost saw Greece leave the euro. Almost 57 percent of the loans made by Piraeus Bank , the bank which fared worst, are at risk.

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ECB reveals capital hole in Greek banks as unpaid loans soar

Italy court says no proof of wrongdoing in UniCredit mafia probe

An Italian court said on Saturday there was no proof to back up allegations three top officials at Italy's biggest bank by assets UniCredit had helped a businessman who prosecutors claimed had links to the Sicilian mafia, according to a court document. UniCredit's deputy chairman Fabrizio Palenzona and two other top officials have been placed under investigation by anti-mafia prosecutors. The prosecutors' allegations were contained in a search warrant that had been seen Reuters.

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Italy court says no proof of wrongdoing in UniCredit mafia probe

Swatch CEO sees 2016 Swiss launch for pay watch: newspaper

Swatch Group expects to launch a smartwatch that can be used to make payments in Switzerland next spring, Chief Executive Nick Hayek said in an interview with a Swiss newspaper published on Saturday. The watch is likely to use a pre-paid system, Hayek told Finanz und Wirtschaft, unlike a version launched in China this month that can be used like a debit card. Hayek said this was because the payment system in Switzerland is a “complex regulatory matter” compared with similar systems in China or even the United States.

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Swatch CEO sees 2016 Swiss launch for pay watch: newspaper

Merkel says VW must act in transparent manner

BERLIN (Reuters) – The “Made in Germany” brand has not been damaged by the Volkswagen scandal, but the carmaker needs to deal with the matter in a transparent manner, German Chancellor Angela Merkel said on Saturday in her weekly podcast. Almost six weeks after it admitted using illegal software to falsify U.S. diesel emissions tests, VW is under pressure to identify those responsible, fix up to 11 million affected vehicles and convince regulators, investors and customers it can be trusted again. …

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Merkel says VW must act in transparent manner

Battered transport stocks could attract on price

Though the stock market has broadly recovered from its August swoon, the same can't be said of transport stocks. Continuing weakness in railroad and trucking companies have pushed the Dow Jones Transport Average index away from the S&P 500, a divergence that often is seen as a broad sell sign. “There is no 'sell' signal as far as I'm concerned,” said Katie Stockton, chief technical strategist at BTIG in New York.

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Battered transport stocks could attract on price

Largest U.S. banks face $120 billion shortfall under new rule

The requirements are aimed at ensuring that some of the biggest and most interconnected banks, which include Goldman Sachs Group Inc, , JPMorgan Chase & Co, , and Wells Fargo & Co , can better withstand another crisis by turning some of their debt, particularly debt issued by their holding companies, into equity without disrupting markets or requiring a government bailout. The banks are expected to meet the $120 billion shortfall by issuing debt, which is usually more cost-effective than issuing equity, according to Federal Reserve officials speaking at a background press briefing Friday. In a procedural vote, the Fed's governors approved a draft of the proposal, meaning it will be submitted for public comment.

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Largest U.S. banks face $120 billion shortfall under new rule

U.S. retailers push banks to use PINs on credit cards as confusion reigns

By Jim Finkle BOSTON (Reuters) – Some big U.S. retailers are stepping up efforts to use personal identification numbers, or PINs, with new credit cards embedded with computer chips in a bid to prevent counterfeit card fraud. A small band of retailers with the clout to call the shots on their branded credit cards is leading the charge. Target Corp is moving ahead with a chip-and-PIN rollout, and Wal-Mart Stores Inc plans to do the same.

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U.S. retailers push banks to use PINs on credit cards as confusion reigns

Asian shares edge down as investors nervous over Fed path

By Lisa Twaronite TOKYO (Reuters) – Asian shares were down on Friday and on track for a weekly loss as investors, anxious over faltering global growth, fretted about the possibility that the U.S. Federal Reserve could still raise borrowing costs this year. “There's a huge amount of anticipation evident in our flow this morning as people wait on the Bank of Japan,” said Stefan Worrall, cash equities manager at Credit Suisse.

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Asian shares edge down as investors nervous over Fed path

Crude oil falls after U.S. growth figures disappoint

Crude futures dropped in early Asian trading on Friday after the release of a report showing that U.S. economic growth had slowed sharply, reinforcing concerns about sluggish demand in a world awash with oil. U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, data showed. Both of the main crude benchmarks are on track to post their first weekly gains in three weeks, but with oil still being added to inventories, prices are likely to be rangebound in the coming weeks, traders and analysts said.

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Crude oil falls after U.S. growth figures disappoint

Starbucks cafe sales hot, but holiday forecast disappoints

Starbucks Corp delivered a disappointing profit forecast for the holiday quarter on the heels of strong cafe sales and profit growth, sending its shares lower. The company declined to break out same-store sales for China, home to 1,800 Starbucks cafes, or about 8 percent of the company's total.

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Starbucks cafe sales hot, but holiday forecast disappoints