Credit bureau TransUnion files for IPO

March 31 (Reuters) - TransUnion, one of the largest credit bureaus in the United States, filed with U.S. regulators on Tuesday for an initial public offering of common stock.

The company, which sells credit reports and services to business, listed Goldman Sachs, J.P. Morgan Securities, Deutsche Bank Securities Inc and Merrill Lynch, Pierce, Fenner & Smith among underwriters to the IPO. (1.usa.gov/1Dkj4xZ) (Reporting by Neha Dimri in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Greece, EU/IMF lenders end round of technical talks without deal

ATHENS, March 31 (Reuters) - Talks between officials from Greece and its EU/IMF lenders in Brussels have ended without a deal on the country's reform plans and may continue next week, three Greek government officials said on Tuesday.

A fourth source close to the talks said the halt in negotiations was not a sign of a rupture but an indication of slow-moving progress in the discussions, which may be continued in Athens on Wednesday.

"The Brussels Group process has been concluded," one of the government officials said, referring to the informal name of the EU/IMF lenders. "Significant steps of progress were made. The technical teams will continue to collect data in Athens." (Reporting by Lefteris Papadimas and Renee Maltezou, Writing by Deepa Babington; editing by Costas Pitas)

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No deal yet with Greece, talks ongoing, EU says

BRUSSELS, March 31 (Reuters) - Greece's talks with international creditors have not yet reached a deal but are expected to continue, the European Commission said on Tuesday.

"The constructive talks are ongoing since Friday, but we are not there yet, so this is why the talks should continue. The Eurogroup working group will discuss the matter at its next meeting," Commission spokeswoman Mina Andreeva told reporters.

She said a Eurogroup working group conference call on Wednesday would be a good opportunity to "take stock of the debate."

"The talks are constructive and are ongoing," she said. (Reporting by Adrian Croft; editing by Jan Strupczewski)

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BRIEF-Spanish economy growth expected at 0.8 pct in Q1 - De Guindos

March 30 (Reuters) - Spain's Economy Minister Luis de Guindos speaking at an event in Madrid :

* Spanish economy is expected to have grown 0.8 percent in the first quarter of 2015

* Reiterates the Spanish economy is seen growing 2.5-3 pct this year

* Bond-buying program from European Central Bank is already having positive impact on inflation expectations (Reporting by Sarah White; Editing by Julien Toyer)

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Greek yields edge up as lenders scrutinise reform pledge

LONDON, March 30 (Reuters) - Greek bond yields edged up on Monday as investors cautiously waited to see whether Athens would come up with a list of reforms sufficient to unlock much-needed bailout cash.

While Greece sounded an upbeat tone on talks through the weekend, creditors said the list submitted by Athens on Friday was more a collection of ideas that something that could be presented to the Eurogroup.

Sources told Reuters it could take several more days before a proper list of measures was ready, while the country is set to run out of cash on April 20.

Ratings agency Fitch on Friday cut Greece's credit rating 'CCC' from 'B' citing uncertainty over funding, lack of market access and tight liquidity.

"It does not look like a smooth affair," said Commerzbank strategist David Schnautz, who nevertheless thought an eleventh hour deal would still be struck.

"The situation may well get worse before it eventually improves, leaving the risk of an accident on the table."

Ten-year Greek yields rose 6 basis points to 11.10 percent, while shorter-dated yields were up some 43 bps at 20.93 percent.

Yields on other low-rated bonds also edged up. Portuguese yields were up 3 bps at 1.80 percent, while Italy and Spain's rose 1 bp to 1.35 and 1.33 percent respectively.

Officials expect Athens to submit a more detailed list on Monday. The measures are meant to raise 3 billion euros and Greece has already excluded "recessionary measures" such as wage and pension cuts.

"Things will be moving into a decisive phase this week ... Athens could well run out of money after Easter," said DZ Bank in a note.

At the auctions, Italy will offer up to 7.5 billion euros of fixed-rate bonds (BTPs) and floating rate bonds linked to 6-month Euribor (CCTEUs) at its regular end-month auction on Monday.

Spanish consumer prices fell 0.7 percent year-on-year, preliminary data for March showed on Monday, slightly better than the 0.9 percent fall predicted in a Reuters poll.

The euro zone's largest economy Germany will report at 1200GMT, a strong indication of what bloc wide data due on Tuesday will bring.

"We forecast HICP to creep higher for both countries this month, primarily on the back of rising fuel prices," said RBC in a note, adding that a strong German reading should put euro zone inflation back into positive territory tomorrow.

German 10-year yields opened 1 bp lower at 0.19 percent. (Editing by Tom Heneghan)

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GLOBAL MARKETS-European, Asian shares rise, helped by Chinese stimulus

* Shanghai, Hong Kong stocks lead on stimulus hopes

* European tech shares track Wall St rally

* Euro dips as Greek worries grow again

* U.S. jobs data loom at end of holiday-shortened week

By Patrick Graham

LONDON, March 30 (Reuters) - Shares rose on Monday with Asian stocks buoyed by hopes for stimulus to boost China's economy, but the euro slipped on more concern about Greece's finances.

In Europe, a rally in technology shares, tracking Friday's surge in the U.S. tech sector, helped equities bounce back from losses last week, although Athens' stock market was down on concern about whether the country will be able to reach agreement with its creditors.

Germany's DAX index rose 1.5 percent, Paris gained 1.2 percent and the overall FTSE Eurofirst index of 300 leading European companies was up by 1.1 percent.

Chinese stocks surged to seven-year highs, helped by Beijing's unveiling of an ambitious plan to build a modern Silk Road to Europe and Africa and signs from People's Bank of China Governor Zhou Xiaochuan that added to expectations of more monetary policy easing.

Analysts say investment in the "One Belt, One Road" infrastructure initiative this year alone could reach 300 billion yuan to 400 billion yuan ($48-64 billion).

"China's economy is under relatively big downward pressure, and the government is struggling to meet the 7 percent growth target this year," said Alex Kwok, Hong Kong-based strategist at China Investment Securities (HK). "So Zhou's comment sends a strong signal of more easing policies ahead."

Shanghai shares were up another 2.5 percent on Monday, the market's best day since the middle of January.

Helped by the creation last year of a new link with the Hong Kong market which allows foreign money to flow in far more easily, Shanghai's main index is trading at its highest since before the global financial crash of 2008.

The link also allows the huge cash reserves China has built up in two decades of constant growth to start flowing the other way and China's decision to allow mutual funds to buy Hong Kong stocks drove a 3 percent surge in values of Chinese companies listed there.

GREEK WORRIES

The euro was down around a third of a percent, hurt by uncertainty over whether Greece and its international creditors will be able to strike a deal that will help Athens secure funding before it runs out of money by April 20.

Talks continued through the weekend on reforms to unlock loans and Athens sounded an upbeat tone, but the lenders said it could take several more days before a proper list of measures was ready.

The dollar has also had its weakest fortnight since the start of a rally which many major banks believe will soon take it past parity against the euro. The euro traded at $1.0880 on Monday.

"Given the Greek uncertainty and the bias for more monetary injection through asset purchases by the European Central Bank, the path for least resistance is a lower euro/dollar," said Jeremy Stretch head of currency strategy at CIBC World Markets.

Like others, however, he said that the wait for U.S. jobs numbers on Friday might keep a lid on market volatility.

"Unless the euro drops below $1.0770 we could see ranged trading, but with the Fed still looking to raise rates, we could see conditions which are more helpful for overall dollar strength," he said.

Oil prices fell on rising expectations that Iran and six world powers could reach a deal over Tehran's nuclear programme, which could bring an end to sanctions and allow an increase in Iranian oil exports. (Additional reporting by Anirban Nag and Alistair Smout; Editing by Susan Fenton)

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Investment banks eye potential trading boost from ECB stimulus

* Flood of ECB money boosts volatility

* Sales and trading revenue likely to benefit

* ECB bond buying offers immediate uplift

* Potential liquidity crunch remains a concern

By Anjuli Davies and John Geddie

LONDON, March 29(Reuters) - Investment banks feeling the pinch from increased regulation since the financial crisis could reap an earnings reward from a boost in trading activity under the European Central Bank's (ECB) trillion-euro quantitative easing (QE) programme.

The flood of money into markets from the ECB's bond-buying has brought an increase in the volatility that traders crave as investors stake bets on the impact the scheme will have on inflation and long-term interest rates.

"QE is likely to underpin a sustained period of strength in euro capital markets," Citigroup said in a research note on Friday. "There has been a sharp spike in rates and foreign exchange volatility, which also points to a strong quarter for wholesale banks' macro revenues."

Revenue from fixed income, currencies and commodities trading, the so-called FICC universe, have historically been a rich source of profit for banks, but new capital rules and moves towards electronic trading have squeezed the sector in recent years.

The 10 biggest investment banks' revenue from FICC fell 7 percent in 2014, industry analytics firm Coalition calculates.

What's more, the investment bank balance sheets that support trading markets have declined by 20 percent since 2010 and by 40 percent in risk-weighted asset terms, Morgan Stanley analysts estimate. The analysts said that a further 10-15 percent reduction is likely over the next two years.

The trading environment in Europe, however, could be about to take a turn for the better.

"ECB moving to QE could provide a real fillip to earnings," Morgan Stanley analyst Huw van Steenis said. "Fixed income trading may buck the trend of five years of shrinkage."

Anshu Jain, the co-chief executive of Deutsche Bank , one of continent's largest trading banks, said in January that the ECB's bond-buying programme would be of "profound importance" for Europe and its banks.

"You may see a progression which hurts net interest margins but benefits sales and trading revenue," Jain said on an earnings call with analysts.

Citigroup said that the best-placed banks would be those with significant euro-denominated franchises, including BNP Paribas, Deutsche Bank, HSBC and Societe Generale. JPMorgan is the biggest bank by revenue in the FICC space.

DIRECT IMPACT

While it's too early to tell the exact impact of the QE programme, which is expected to last until at least September 2016, the fees earned from the central bank's buying alone could be significant.

Economists at the U.S. Federal Reserve estimate that Wall Street firms could have made as much as $653 million in fees selling bonds to the Fed during its monetary stimulus programme.

When the ECB launched its LTRO (longer-term refinancing operations) scheme in late 2011, revenues in the rates business of global investment banks improved the following year, increasing to $29 billion in 2012 from $27.4 billion the previous year, data from Coalition shows.

But traders and analysts question how much is really down to the first-order effects of ECB action or second-order effects such as volatility.

Price fluctuation has certainly picked up this year after months in the doldrums.

Banks benefit because such volatility allows them to charge higher margins on trades because of the greater risk around execution. It also helps them sell hedging instruments to investors.

But QE also presents risks. One of the biggest fears for traders is that ECB buying and the reluctance of some investors to sell because of regulation or client obligations could reduce the amount of debt actively traded in the longer term.

Signs of that squeeze are already showing in the soaring cost of borrowing in secured lending markets.

"Volatility and volumes are good for traders. Volatility but no volumes ... are awful for traders," one euro zone government bond trader said on condition of anonymity.

A survey of dealers this month showed concern that the Japanese government bond was not functioning well under lingering concerns that its QE programme, launched in 2013, is reducing bond market liquidity.

However, data shows there has been no dramatic change in trading volumes over that period.

Even if ultra-low yields in government bonds put off some investors, bankers say they will be able to capitalise on those that rush to put their cash into assets with better returns.

"You trade flows," one investment banker said. "The trend is only just starting."

Data shows that cash is already flowing out of government bonds and money markets towards junk bonds and emerging markets.

But the real rewards will come if the ECB's stimulus serves to hoist inflation and bond yields with it.

"If QE is successful, long-term rates will go up and generally higher rates will lead to more activity and hedging opportunities. Banks will benefit as much as asset managers," another investment banker said. (Editing by David Goodman)

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UPDATE 3-Greek PM Tsipras says he seeks no rift with Europe

(Adds progress of talks in paragraph 8)

By Costas Pitas

ATHENS, March 28 (Reuters) - Greek Prime Minister Alexis Tsipras said on Saturday that he sought no rift with Europe after his cash-strapped country submitted a list of reforms to its lenders in a bid to secure much-needed funds.

Tsipras's leftist government agreed an extension to its 240-million euro bailout funding in February, albeit with aid frozen, and now must agree on a set of reforms which it sent to its EU-IMF creditors on Friday in order to stave off bankruptcy.

The austerity-weary nation will run out of money by April 20, a source familiar with the matter said on Tuesday, if it does not unlock much-needed funding.

"The liquidity problem is naturally hampering the situation but I believe that will be tackled immediately once we reach an agreement over reforms," Tsipras said in an interview with Sunday's Real News newspaper.

After answering a question regarding government attempts to deal with corruption, Tsipras was asked whether he wanted a rift or a solution with Greece's European partners.

"My view has always been the same: a break from corruption, a solution with Europe," he replied.

Earlier Energy Minister Panagiotis Lafazanis, one of Tsipras's most left-wing ministers, hit out at a "Germanised European Union ... for tightening week-by-week the noose around the Greek economy."

Athens says its reforms will boost state revenues by 3 billion euros ($3.3 billion) in 2015, partly by tackling tax evasion, but that it will oppose any new "recessionary measures" such as further wage or pension cuts.

Discussions with EU and IMF lenders, known as the Brussels Group, will continue throughout the weekend with "much work to be done," sources told the semi-official Athens News Agency.

As talks unfold, Finance Minister Varoufakis told Vima newspaper on Sunday that the reforms would not include a rise in VAT, which had been a concern on Greece's islands where rates are lower, but changes to tax collection would be made.

Varoufakis was the centre of speculation on Friday following a report in the German newspaper Bild that a Greek government source had said it was only a matter of time before he resigned. But Tsipras said Varoufakis was "one of the key members of the government".

CHINA AND RUSSIA

As Greece races to agree to raise funds, Deputy Prime Minister Yannis Dragasakis told China's official Xinhua news agency that Athens will sell its majority stake in the port of Piraeus within weeks, a flip-flop from its previous position.

Speaking during a visit by Greek officials to China, Dragasakis hinted that Chinese firm Costco Group - short-listed in a process launched by the previous centre-right government - was a front runner for the state's 67 percent stake.

And as Greece seeks to fill its state coffers, the Russian ambassador to Athens told Kathimerini newspaper that Moscow would examine any loan request from Greece, were it to be made.

Tsipras is due to visit Moscow on April 8 for talks with Russian President Vladimir Putin but the Greek government has stressed it is not seeking funding from the Kremlin.

On Saturday, Greece's energy ministry said Lafazanis will meet Russian Energy Minister Alexander Novak and Gazprom Chief Executive Alexei Miller on Monday in the capital, a week before Tsipras is due to arrive.

The previous centre-right government had planned to accelerate the sale of a 65 percent stake in gas utility DEPA, after an initial attempt to sell to Gazprom in 2013 failed. Within days of Syriza taking power in January, Lafazanis said he would scrap the sale.

DEPA has previously negotiated with Gazprom in a bid to get cheaper gas supplies and was one of the first European companies to obtain a rebate in 2011.

The two countries, which are both Orthodox Christian, have traditionally had good relations and Athens has never strongly supported sanctions against Russia over the conflict in Ukraine. (1 US dollar = 0.9185 euro) (Additional reporting by Engen Tham in Shanghai and Michael Nienaber and Gernot Heller in Berlin; Editing by David Evans, Stephen Powell, Greg Mahlich)

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In Texas oil town, early signs of economic strain as drilling slows

NEW YORK, March 29 (Reuters) - Sales tax receipts in the thriving oil town of Midland, Texas, fell this month, only the second decline in five years and one of the first signs of how low oil prices are beginning to ripple beyond oil company bottom lines and into the wider economy.

Midland's sales tax revenues, which reflect commercial and residential spending, dipped to $5.119 million in March from $5.126 million in March 2014, according to data from the Texas Comptroller released last week.

The fall was slight, but it was just the second year-over-year decline since April 2010, when an oil production boom was just beginning to transform Midland.

It also marks a stark and potentially protracted turnaround from recent years: last year in March, when oil prices soared above $100 a barrel, sales tax receipts increased 11 percent.

"These numbers are more significant to me than anything else," said Karr Ingham, an economist who compiles the Texas PetroIndex, an annual analysis of the state's energy economy.

"There is no doubt that local spending is going to suffer, and we are just seeing the beginning of this," said Ingham, who expects an economic downturn to last for months and potentially years, even after oil prices rebound.

Midland has a population of around 140,000, and an economic decline there alone should not seriously dent the state economy. However, the town has become a potent symbol of the oil boom, and its economy could shed light on the potential future impact for Texas and other oil producing regions across the country.

Moreover, the fact that the first cracks in the Midland economy are appearing nine months after oil prices began falling, highlight how long it can take for an oil price slump to seep into a more general economic indicators.

At the heart of the Permian Basin, one of the biggest oil deposits in the country, Midland experienced lightning fast growth over the past five years as energy companies flocked in, bringing jobs, investment and large construction projects.

Now, a 50 percent drop in oil prices since June to below $50 a barrel, the biggest decline since the recession, has forced drillers to cut their workforces, slow drilling and halt investments.

The city's overheated housing market has also shown signs of easing. The 514 unsold houses on the market in Midland County in January was most in years, according to county statistics. The average sale price fell 20 percent from June to January. Foreclosures starts jumped 193 percent from 40 in 2013 to 117 in 2014, with most of that growth occurring in the second half of the year, according to data from Realty Trac.

"The most visible sign of cracks in the armor of the Midland housing market is the rise in foreclosure starts in 2014," said Realty Trac vice president Daren Blomquist.

City officials are aware of the early warning signs. An annual city council retreat that will focus on maintaining economic growth amid the oil industry downturn has been delayed until May to allow the city to gather more sales tax data before making budgeting decisions, said Midland mayor Jerry Morales.

"We feel this is a cooling period," he said. "We know sales taxes will decline, we just do not know to what level."

So far, the effects have been limited. Oil companies including Chevron, Occidental Petroleum and Schlumberger are all building facilities in Midland, according to city building official Steve Thorpe. Apache Corp and EOG Resources have sought approval for building permits.

The City Council is considering a permit for a $100 million boutique hotel, health club and food emporium on city land. A plan by Xcor Aerospace to build a launch pad for 90-minute, $90,000 tourist space shuttle rides from Midland airport remains on track.

It is anyone's guess how long oil prices will remain depressed. Some say it could be months, even years, before oil producing regions recover from low oil prices.

"There is an incorrect assumption that we are further into this than we already are," said Ingham. "We have a long way to go." (Reporting by Edward McAllister; Editing by David Gregorio)

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UPDATE 8-Jury clears top Silicon Valley firm of gender bias, retaliation

* Kleiner venture capital firm wins against ex-partner Ellen Pao

* Trial came down to Pao's job performance -juror

* 'Battle was worth it' Pao says after California jury's verdict (Adds impact on tech firms commentary, juror comment)

By Sarah McBride and Dan Levine

SAN FRANCISCO, March 27 (Reuters) - Silicon Valley powerhouse venture capital firm Kleiner, Perkins, Caufield and Byers was cleared on Friday of claims it short-circuited the career of a former partner because she is a woman, in a gender discrimination trial that shook the tech world.

A California jury also rejected a claim that Kleiner, the firm that backed Google Inc and Amazon.com Inc , had retaliated against its former partner, Ellen Pao, by firing her after she sued in 2012.

Despite days of courtroom drama about affairs, books of erotic poetry and office flirting, juror Steve Sammut, who mostly voted for Kleiner, said the decision came down to Pao's effectiveness at her job.

"We were focused on the performance," he said.

The verdict dashed Pao's hopes for personal vindication, but the trial revealed embarrassing disclosures about how Pao and other women were treated at Kleiner and Silicon Valley's corporate culture and its lack of diversity.

"Ellen Pao's loss is anything but a win for Silicon Valley's status quo. The challenges she raised about the male-dominated culture that controls the heart of the innovation economy can't be dismissed," the San Francisco Chronicle wrote in an editorial after the verdict. It described tech firms "huddling" to review promotion plans.

In a statement, Kleiner thanked the jury and said it was committed to supporting women in venture capital and technology. "There is no question gender diversity in the workplace is an important issue," it said.

Supporters of Pao sent Twitter messages tagged #ThankYouEllenPao immediately after the final verdict. Pao shone a light on the "toxic culture" of Silicon Valley and "empowered other women in tech", some tweets said.

Pao remained composed as the decision on each claim was delivered. As the crucial decisions on gender bias were read, her two lawyers gently patted her on the back.

After the jury was dismissed, Pao told reporters in the courthouse that people around the world had reached out to her and told her that they had stories similar to her own.

"If I've helped to level the playing field for women and minorities in venture capital, then the battle was worth it," she said.

The California Superior Court case laid bare the personnel matters of the firm, with Pao's lawyers painting Kleiner as a quarrelsome pressure cooker where a former male partner used business trips as opportunities to make advances to female colleagues.

BRIEF AFFAIR

Pao, now interim chief executive at social-news service Reddit, claimed her standing at Kleiner crumbled after she ended a brief affair with partner Ajit Nazre. Her career deteriorated after he and Kleiner started retaliating against her, amid a climate that was overall unfriendly toward women, her lawyers argued.

The firm disputed those charges, presenting evidence that Kleiner went out of its way to hire women.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

INTERVIEW-Amid trial, Kleiner Perkins recruits next generation of partners

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Pao sought to illustrate her point with testimony during the five-week-long trial from former Kleiner partner, Trae Vassallo, who said Nazre appeared at her hotel room on a business trip, wearing a bathrobe and carrying a glass of wine.

Kleiner countered that it investigated Nazre after Vassallo complained, after which he quickly left the firm.

Some witnesses, including Pao's onetime mentor John Doerr, testified that Pao's lack of advancement stemmed from subpar performance, not discrimination or retaliation.

Juror Sammut said jurors believed the firm was ready to let Pao go years before her lawsuit but that Doerr intervened. "Doerr was definitely in her corner," Sammut said.

Pao's attorneys had argued she laid the groundwork for the firm's highly successful investment in RPX, the patent company, and suggesting an investment in Twitter, an idea more senior partners rejected at the time.

Pao herself testified for five days and faced tough questions both from Kleiner's legal team and from jurors. One juror asked if it was "professional to enter into an affair with a married partner?"

"Going back I would not have done it again, but I didn't think it was inappropriate at the time," Pao said, emphasizing that Nazre had told her he was separated.

The case is Pao v. Kleiner Perkins Caufield & Byers LLC, CGC-12-520719, in California Superior Court, in the County of San Francisco. (Additional reporting by Noel Randewich and Jim ChristieEditing by Peter Henderson and Grant McCool)

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UPDATE 2-Argentina suspends Citibank Argentina from capital market operations

(Adds details from regulator's statement, context)

By Richard Lough

BUENOS AIRES, March 27 (Reuters) - The Argentine securities regulator said on Friday Citibank Argentina had violated local laws in striking a deal with litigating U.S. hedge funds and suspended the bank from conducting capital market operations.

Under the accord, Citibank agreed not to appeal a U.S. court ruling that interest payments on Argentina's restructured local law bonds could not be processed if the bank was allowed to make two one-off payments to help it exit its local custody business.

The leftist government is concerned the agreement may further hamper the chances of future interest payments reaching bondholders on debt exchanged after its record 2002 default.

The punitive measure was imposed "on the grounds that there is a situation of grave danger and uncertainty for holders of restructured debt", the regulator said.

Citibank Argentina's parent group, Citigroup, declined to comment immediately.

The securities regulator added that local financial institution Caja de Valores would take over the administration of the Argentine coupon payments that Citibank had previously processed.

The next payment on Argentina's restructured dollar denominated Par bonds is due on March 31. If Argentina fails to complete payment, its July default on foreign-law exchanged bonds will spread to local law bonds.

The regulator said that the suspension from capital market operations did not affect Citibank Argentina's retail banking operations.

Citibank Argentina portrays itself as an innocent party caught up in a bitter court battle between the Argentine government and the New York-based funds after they were awarded full payment on their defaulted debt by a U.S. judge.

The judge, Thomas Griesa, barred Argentina from servicing its performing debt until it settled with the creditors, but Argentina insisted Citibank keep processing payments.

Citibank Argentina opened its first branch in 1914. It is the country's 12th largest bank by deposits with 22.82 billion pesos ($2.67 billion) as of December, about 2.6 percent of all deposits in the Argentine banking system, central bank data shows. (Reporting by Richard Lough; Editing by Bernard Orr and Ken Wills)

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In losing gender bias trial, Pao's lawyers denied millions in fees

SAN FRANCISCO, March 27 (Reuters) - Former Kleiner, Perkins, Caufield and Byers partner Ellen Pao is not the only person who lost when a California jury rejected her claims of gender discrimination against the venture capital firm. Her lawyers also missed out on a payday that could have reached into the millions of dollars.

Pao sought about $16 million in lost wages and tens of millions more in punitive damages in a lawsuit that captivated Silicon Valley. Had Pao won on any of her claims, under California law her legal team, led by longtime San Francisco employment lawyers Alan Exelrod and Therese Lawless, could have sought all its fees from Kleiner.

Friday's result underscores how risky trials can be for the lawyers who represent employees, who generally do not bill by the hour. They are usually paid either a percentage of any settlement, or by seeking fees from the defendant if they win at trial.

Pao's 2012 lawsuit was just one among several that have been filed against Silicon Valley tech companies over gender, and employment lawyers watched the case particularly closely, filling the seats of the courtroom.

Earlier in March, Lawless filed a separate lawsuit against Facebook Inc over allegations an employee was sexually harassed and faced gender discrimination.

A 2013 employment trial in the same San Francisco Superior Court as the Pao case provides some guidance about how much her lawyers could have recovered had the verdict gone her way.

While the cases are different, the rules for collecting fees would have been similar in the Pao case, which ended on Friday with the jury clearing Kleiner of gender discrimination and retaliating against Pao for suing the firm.

Exelrod and Lawless were not immediately available to comment on fees.

In the 2013 case, a woman who sued a Catholic school for gender and age discrimination went to trial for more than a month in San Francisco Superior Court. Among several claims, the jury sided with her on an unpaid vacation time claim, and awarded her about $16,000 in damages.

After the verdict her attorney, John McGuinn, told the judge in court filings that he worked 1,635 hours on the case from his initial meeting with the client through verdict, and listed his rate at $750 per hour. One of his associates worked 794 hours at $395 per hour.

At those rates, the total amount for McGuinn's team would have topped $1.5 million, though he sought less because of the narrow win. The judge ultimately awarded about $618,000 in fees and costs, and the case has been appealed.

McGuinn could not immediately be reached for comment.

Exelrod, Lawless and McGuinn all have similarly long experience as employee attorneys in San Francisco. In court filings, McGuinn said one of Exelrod's partners has been awarded $775 per hour in another wage case.

Kleiner's lead lawyer Lynne Hermle, of the Orrick Herrington & Sutcliffe law firm, billed about $725 per hour in 2011, according to court filings in a separate case.

The law likely would not allow the venture capital firm to seek attorneys fees from Pao, who has the right to appeal the verdict. Kleiner, however, could seek reimbursement for costs associated with the lawsuit, such as expert witness payments, deposition expenses and court filing fees.

A Kleiner spokeswoman declined to comment on whether it would seek costs from Pao.

Trials are often well produced multi-media events, with videos, slide presentations and thousands of pages of transcripts, and the Pao case was no exception.

James Brown, who represented the Catholic school at trial and was not involved in the Pao case, said costs in the Pao case could be between $100,000 and $200,000, depending on the number of depositions. (Editing by Peter Henderson and Grant McCool)

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Grexit wouldn't be big problem for Germany-employers' association

BERLIN, March 27 (Reuters) - A Greek exit from the euro zone would not cause much trouble for Germany, Europe's largest economy, the head of the BDA German employers' association said in a newspaper interview published on Friday.

"It wouldn't be a huge problem for the German economy," Ingo Kramer told German regional newspaper Rheinische Post.

"But an exit from the euro zone would fuel doubts about the future viability of both the EU and the euro and that wouldn't be good for Europe as a business location," he added.

Kramer said the European Union should "stick together" but added that this would not work if it went against the wishes of a member state. (Reporting by Michelle Martin)

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UPDATE 1-Carney says BoE rates likely to rise, contrasts with Haldane

(Adds background)

FRANKFURT, March 27 (Reuters) - The Bank of England expects its next move in interest rates to be an increase not a cut despite record low inflation, Bank of England Governor Mark Carney said on Friday, underscoring his difference of view with the Bank's chief economist.

"We're still in a position where our message is... that the next move in interest rates is going to be up," Carney said during a panel discussion at a Bundesbank conference in Frankfurt.

BoE chief economist Andy Haldane surprised investors last week when he said a recent sharp slowdown in inflation meant the bank was as likely as not to cut rates - a view that had been previously rejected by Carney.

Several other top policymakers at the BoE have left Haldane looking isolated in recent days.

On Friday, one of the Bank's deputy governors, Ben Broadbent, also played down the sharp fall in inflation which touched zero in February. He said Britain was unlikely to suffer from a long bout of deflation. (Reporting by Paul Carrel; additional reporting by David Milliken in LONDON)

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Greek government denies finance minister Varoufakis to resign

ATHENS, March 27 (Reuters) - Greece's outspoken Finance Minister Yanis Varoufakis is not planning to resign, two Greek government officials said on Friday, denying a report in Germany's Bild newspaper.

"None of this is true, it's far from reality," one of the officials told Reuters.

Bild's online version on Friday cited a Greek government source as saying it was only a matter of time until Varoufakis resigned, adding that such a decision had already been made.

(Reporting by Renee Maltezou, Writing by Deepa Babington)

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UPDATE 1-Euro zone lending dips in Feb, pointing to slow recovery in credit

Thu Mar 26, 2015 5:53am EDT

* Lending to private sector dips 0.1 pct

* But breakdown of report offers signs for optimism

* ECB optimistic its stimulus gaining traction

By Paul Carrel

FRANKFURT, March 26 (Reuters) - Lending to euro zone households and firms fell slightly in February, dashing expectations for the first rise in three years but pointing to a slow turnaround in credit supply that should support an economic recovery.

Loans to the private sector fell by 0.1 percent on the year after a downwardly revised drop of 0.2 percent in January, the ECB said. A Reuters poll had pointed to an increase of 0.1 percent. The last rise was in March 2012.

Sparse lending to companies has dogged the struggling euro zone economy, but earlier this week ECB President Mario Draghi said business demand for bank loans was resurgent in the bloc as cheaper credit made new investment projects more attractive.

Below Thursday's headline figures, the money supply report offered some encouraging signs.

The monthly flow of loans to non-financial corporations, adjusted for sales and securitisation, rose by 11 billion euros ($12.14 billion).

"Money and credit developments provide yet another sign that the euro zone economic outlook is brightening," ING economist Teunis Brosens said of the money supply data.

The M3 money supply measure grew by 4.0 percent in February, the ECB said.

Draghi told European lawmakers on Monday that the ECB's deployment of monetary stimulus was speeding up the transmission of lower interest rates through the entire financial system.

The ECB has cut interest rates to record lows, loaned banks billions in cheap funds and begun buying sovereign bonds to try to buoy the euro zone economy and lift inflation from below zero and back towards its target of just under 2 percent.

The central bank plans to buy 60 billion euros of assets a month until September 2016, or until it sees a "sustained adjustment" in the path of inflation back towards its target.

On Wednesday, the ECB's chief economist, Peter Praet, voiced optimism about near-term euro zone growth but said lacklustre productivity made the longer-term structural outlook less positive.

Other recent euro zone economic data have painted a positive picture. French business morale hit its highest in nearly three years in March, and in Germany it rose for the fifth month in a row.

($1 = 0.9061 euros) (Writing by Paul Carrel; editing by John Stonestreet)

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Russia 5-year CDS fall below 400 bps for first time since December

LONDON, March 26 Thu Mar 26, 2015 5:34am EDT

LONDON, March 26 (Reuters) - Russia 5-year credit default swaps fell below 400 basis points for the first time since December 9, data showed on Thursday, as a rise in the price of its main revenue earner oil and easing Ukraine tensions bolstered sentiment.

Figures from Markit showed that Russia CDS were trading at 398 basis points. Russian sovereign debt also rallied with the bond maturing in 2030 rising 1.25 cents to trade at close to 115 cents, according to Tradeweb data.

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Russia says to restructure loans to Belarus

MOSCOW, March 26 Thu Mar 26, 2015 6:39am EDT

MOSCOW, March 26 (Reuters) - Russia said on Thursday it would restructure some of its loans to Belarus, whose economy has been hurt by a weaker Russian rouble.

"We agreed to help them at this difficult time, regarding prolonging existing credit obligations," said Prime Minister Dmitry Medvedev at a televised government meeting.

The former Soviet republic has a record $4 billion in debt payments this year, mostly to Russia and the International Monetary Fund.

Belarus has also asked the International Monetary Fund for a financial package, in addition to a $3.5 billion standby loan Belarus received from the IMF in 2009-2010 in the aftermath of the global financial crisis. (Reporting by Darya Korsunskaya, Writing by Thomas Grove, editing by Elizabeth Piper)

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GLOBAL MARKETS-European shares dip but hold near highs after Ifo

Wed Mar 25, 2015 5:33am EDT

* European shares dip but hold near 7 1/2-year highs

* Dollar slips vs euro

* Oil price drops as China strategic reserves fill

By Nigel Stephenson

LONDON, March 25 (Reuters) - European shares dipped on Wednesday but held near multi-year highs and the euro rose against the dollar after a survey showed the German business climate improving.

The pan-European FTSEurofirst 300 share index fell 0.2 percent to 1601.50 points, still close to last week's 7 1/2-year high. German business morale, as measured by the Ifo index, rose for the fifth successive month to its highest since July 2014.

"The macro newsflow in Europe is quite positive, but after such a rally the market needs to catch its breath. At this point a pause is needed, while the medium-term trend remains very positive," IG France chief market analyst Alexandre Baradez said.

French luxury goods maker Hermes was among the biggest losers, down 1.7 percent, after it reported a 7 percent rise in full-year operating profit but said foreign exchange rates cut its margin.

Earlier, Asian shares stalled. MSCI's main gauge of Asia-Pacific stocks outside Japan edged up 0.1 percent.

Tokyo's Nikkei index rose 0.2 percent to 19,746.20 points, just below a 15-year high closing level of 19,754.36 hit on Monday.

Chinese stocks fell, breaking an 11-day winning streak as banks dragged major indexes lower. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.8 percent.

The euro rose 0.2 percent to $1.0945, heading back towards Tuesday's peak of $1.1029 reached on upbeat euro zone data.

The dollar index, which measures the U.S. currency against a basket of its peers, slipped 0.2 percent to 97.041 but stayed above Tuesday's two-week low of 96.378.

The index has fallen about 4 percent from a near 12-year high hit in mid March since the Federal Reserve took a dovish tone on when it might raise interest rates, prompting many analysts to push back expectations of the first Fed hike since 2006 to September from June. The yen was steady at 119.64 to the dollar.

In fixed income markets, German 10-year government bond yields fell 2.3 basis points to 0.215 percent.

Brent crude oil held steady at $55.14 a barrel, having fallen earlier on mounting evidence that China's strategic oil reserves may be nearly full and with U.S. investors also ballooning.

CHINA RESERVES

China has been taking advantage of cheap oil to build up its reserves, but a senior Chinese oil trading executive said on Wednesday existing capacity was reaching its limits.

"Although the market should already have expected that the demand from China's (reserves) would not last forever, it is hard to predict when this time would come. So now that it has happened, the markets are just factoring this in," said Daniel Ang, investment analyst at Singapore-based brokerage Phillip Futures.

Gold slipped but kept close to a 2 1/2-week high on the growing expectation the Fed will not raise rates until September. Spot gold was last at $1,192.30 an ounce. (Additional reporting by Blaise Robinson in Paris, Shinichi Saoshiro in Tokyo and Henning Gloystein in Singapore; Editing by Andrew Heavens)

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Israel's Netanayhu to name Kulanu party's Kahlon as finance minister, Likud says

TEL AVIV, March 25 Wed Mar 25, 2015 6:09am EDT

TEL AVIV, March 25 (Reuters) - Israel's Prime Minister Benjamin Netanyahu will name Moshe Kahlon, who heads the Kulanu party, as the country's next finance minister, a spokesman for Netanyahu's Likud party said on Wednesday.

Netanyahu will be formally nominated to form a governing coalition by President Reuven Rivlin later on Wednesday.

The centrist Kulanu party, which won 10 seats in last week's election, is one of the parties supporting Netanyahu's efforts to form a government. (Reporting by Tova Cohen; editing by John Stonestreet)

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UPDATE 2-Rescue plan for India's Sahara in doubt as BBVA denies loan

Wed Mar 25, 2015 6:33am EDT

* BBVA says has not provided credit line, as Sahara said in court

* Sahara seeking cash to bail jailed boss Subrata Roy

* Roy needs $1.6 bln bail after contempt charge (Adds comment from BBVA executive, context of previous deal collapse)

By Jesús Aguado and Sumeet Chatterjee

MADRID/MUMBAI, March 25 (Reuters) - A rescue plan for India's Sahara was thrown into disarray on Wednesday, when Spanish bank BBVA SA denied offering a credit line to the bank, scuppering the conglomerate's claims it would use it to help secure bail for its jailed boss.

Sahara, once one of the country's most high-profile firms, told the Supreme Court this week that it had secured a 900 million euro ($985 million) line of credit from BBVA, one of several financial deals it said it had struck.

The court allowed Sahara three more months to raise bail.

Sahara's extravagant founder and boss Subrata Roy has been held in jail for more than a year, after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal.

Sahara has made several failed attempts to raise the bail money.

The court has set Roy's bail at $1.6 billion, a product of the cost of the bond programme, estimated by regulators to be as much as $7 billion. Sahara has said it has paid most of the dues to the bondholders, but India's markets regulator disputes that.

"We have no credit exposure or any relation with Sahara," a spokesman for BBVA said.

A senior executive at BBVA separately told Reuters on condition of anonymity that the bank was never in talks with Sahara for a loan and that the mention of its name in the court proceedings was a "surprise".

Sahara had on Monday submitted a letter in the court written on BBVA notepaper and signed by bank executive Jose Ramon Vizmanos, taking responsibility for the credit it was giving Sahara.

On Wednesday, Vizmanos told Reuters from Madrid that he had no knowledge of the letter.

"I have never worked with any Indian company ... The only thing I know about Sahara is the desert in Africa," Vizmanos said by phone.

A Sahara spokesman did not immediately respond to an e-mail and phone call requesting comment.

LOAN DEFAULT

Sahara had told the court it planned to use the loan from BBVA to replace a loan from Bank of China tied to its three overseas hotels, which include New York's Plaza hotel and Grosvenor House in London.

Sahara has a debt of $852 million from the Chinese bank, the company lawyer told the court. Earlier this month, Grosvenor House was put up for sale, after Bank of China's loan, partly backed by the hotel, was declared in default.

Sahara, a conglomerate whose assets range from Formula One to property and TV, has been trying to raise bail using its properties including Aamby Valley township outside Mumbai, which has luxury villas and a golf course.

The company's talks with U.S.-based Mirach Capital Group to raise $2 billion collapsed last month after Reuters reported that a bank letter underpinning the proposed deal was forged.

The Supreme Court has said it could ask a receiver to auction Sahara's assets if it failed to raise bail.

Roy, the company's founder, styles himself "managing worker" and guardian of the world's largest family. Several employees said operations across the group had been hit over the past year without him.

He built the group from a standing start with just 2,000 rupees and a Lambretta scooter in the late 1970s, but later could draw the country's prime minister, state chief ministers, actors and cricketers to his extravagant parties.

Roy is not only the face of the conglomerate, but also single-handedly controls an operation spread across dozens of tiny subsidiaries in India, Mauritius and Britain, several employees said. ($1 = 0.9132 euros) (Additional reporting by Clara Ferreira-Marques in MUMBAI; Writing by Paul Day; Editing by Tomas Cobos and Will Waterman)

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GLOBAL MARKETS-Strong euro zone business data sends euro, shares higher

Tue Mar 24, 2015 5:52am EDT

* Better-than-expected European PMIs boost euro, hurt dollar

* Gauge shows China factory activity skids to 11-month low

* Cautious Fed view on rate hike keeps dollar off recent highs

By Jemima Kelly

LONDON, March 24 (Reuters) - The euro rose and European shares edged up on Tuesday, responding to signs the euro zone economy is gaining momentum, while a slowdown in factory activity in China kept oil and commodities-linked assets under pressure.

In a sign the European Central Bank's bond buying programme may already be paying dividends, a composite purchasing managers' survey for the 19 members of the euro zone jumped to a near four-year high of 54.1 in March, well above forecasts.

The euro gained 0.4 percent in early European trading to hit a six-day high of $1.1001, adding to a recent rally after the single currency last week registered its best performance against the dollar in 3-1/2 years.

At 0850 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,602.56 points, having lost 0.7 percent on Monday.

"The environment for the euro zone is getting extremely positive: low interest rates, a weakening euro and falling commodity prices, coupled with strong action from the ECB," said Christian Jimenez, fund manager and president of Diamant Bleu Gestion, in Paris.

"The only big risk seen in the medium term is the prospect of a rate hike by the Fed, but that's mostly priced in already."

San Francisco Federal Reserve Bank President John Williams said on Tuesday the strong dollar would drag on U.S. growth this year, though the economy was strong enough to handle it.

The dollar plunged last week after the Fed cut its inflation outlook and its growth forecast and the market pushed out its consensus of when the Fed will raise rates to at least September.

On Tuesday the dollar was down 0.3 percent against a basket of major currencies at 96.759, well below its 12-year peak of 100.390 struck on March 13.

CHINA GROWTH WORRIES

Brent crude oil held close to $56 a barrel on the signs of slowing growth in China and as Saudi Arabia said its production was close to an all-time high.

The China flash HSBC/Markit Purchasing Managers' Index (PMI) dipped to 49.2 in March, below the 50-point level that separates expansion from contraction. Economists polled by Reuters had forecast a reading of 50.6, slightly weaker than February's final PMI of 50.7.

The private survey is likely to add to calls for more monetary easing from Beijing.

"China is the big risk," said Ian Stannard, head of European FX strategy at Morgan Stanley in London. "It can put the whole of Asia ex-Japan under pressure and there is some feed-through to G10 through the commodity currencies."

The Shanghai Composite share index ended slightly higher, gaining for a tenth straight day in a rally that has pushed major Chinese indexes to their highest levels in nearly 7 years.

Japan's Nikkei stock average slipped 0.2 percent, pulling away from the previous session's 15-year highs.

In Japan, a similar manufacturing survey added to concerns that its slowly recovering economy also may be losing momentum, with activity expanding at a much slower clip as domestic orders contracted.

Ahead of a closely watched Spanish inflation-linked debt sale, Spanish and Italian 10-year bond yields rose 4 basis points in early trading to 1.30 and 1.33 percent, respectively.

German equivalents - the euro zone benchmark - were flat at 0.22 percent. (Additional reporting by Patrick Graham and John Geddie in London, Blaise Robinson in Paris and Lisa Twaronite in Tokyo; editing by John Stonestreet)

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REFILE-Ukraine finmin says not in favour of nationalising Delta Bank

Tue Mar 24, 2015 5:48am EDT

LONDON, March 24 (Reuters) - Ukraine's Finance Minister Natalia Yaresko said on Tuesday she was not in favour of nationaling Delta Bank, the country's fourth largest lender which has become insolvent.

"I am not in favour of nationalsing the bank..The potential fiscal effect of natiionalisation would be unknown," Yaresko said.

She also said the $40 billion four-year IMF-led rescue package was insufficient for the long term, and that there was a need for a second stage, involving getting investments into the real economy.

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Israel real estate investor Gazit-Globe posts Q4 loss

JERUSALEM, March 24 Tue Mar 24, 2015 5:54am EDT

JERUSALEM, March 24 (Reuters) - Gazit-Globe, Israel's largest real estate investment company, swung to a loss in the fourth quarter of 2014 due to losses from currency hedging transactions, it said on Tuesday.

Gazit-Globe said it lost 217 million shekels ($55 million) in the last three months of last year, compared with net income of 224 million in the period a year earlier.

It said this was mainly an accounting loss resulting from marking to market financial derivatives, mostly currency swaps, of 338 million shekels. During the October-December period, the shekel weakened sharply versus the U.S. and Canadian dollars and the euro.

Rental income in the quarter edged down 1 percent to 1.26 billion shekels, with income from properties whose development has been completed largely offsetting asset sales.

Net operating income, which reflects the group's core business, dipped 2 percent to 840 million shekels, while funds from operation (FFO) fell 8 percent to 135 million.

Roni Soffer, Gazit-Globe's president, said the company was in the middle of developing and redeveloping 6.5 billion shekels worth of property.

"We expect the potential cash flow from these activities to be reflected in our results over the next few years," he said.

Gazit-Globe said it would pay a dividend of 0.46 shekel a share for the fourth quarter - up from 0.45 shekel in the third quarter - to represent an annual payout of 1.84 shekels. For 2015, it will pay a quarterly dividend of 0.46 shekel a share, a 2.2 percent increase over 2014.

Gazit-Globe operates in the United States through Equity One and in Canada through First Capital Reality Inc . It is the largest shareholder in Finland's Citycon , controls shopping mall developer Atrium European Real Estate and is expanding in Brazil.

($1 = 3.9289 shekels) (Reporting by Steven Scheer; Editing by Tom Heneghan)

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Russia expects Ukraine to repay $3 bln Eurobond on time - Finance Ministry

MOSCOW, March 23 Mon Mar 23, 2015 6:27am EDT

MOSCOW, March 23 (Reuters) - Russia expects Ukraine to repay a $3 billion Eurobond in full and on time, Deputy Finance Minister Sergei Storchak said on Monday.

In late 2013 Russia acquired $3 billion in Ukrainian Eurobonds that fall due this December.

Storchak also said that Moscow would not exercise a covenant of the Eurobond that stipulates that Russia has the right to ask for early repayment if Ukraine's overall debt exceeds 60 percent of nominal gross domestic product.

Storchak said Russia does not want to make Kiev's "life more difficult". (Reporting by Elena Fabrichnaya; Writing by Lidia Kelly, editing by Elizabeth Piper)

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GLOBAL MARKETS-Greece worries leave Europe subdued, Asia makes gains

Mon Mar 23, 2015 6:17am EDT

* European bourses open lower on Greece woes after gains in Asia

* Dollar claws up against euro after pressure from cautious Fed

* Crude oil gives back some of previous week's jump

* Greek, German leader to meet in Berlin

By Marc Jones

LONDON, March 23 (Reuters) - Caution about Greece ahead of a meeting between its prime minister and Germany's Angela Merkel prompted a nervy start to the week for European markets on Monday.

Shares and currencies in Asia, in contrast, had rallied on easy monetary policy hopes and another tick down in oil prices.

The euro and Europe's main share markets fell in early trading, giving back some of the gains made at the end of last week after the U.S. Federal Reserve eased fears of an aggressive rise in its interest rates.

The benchmark FTSEurofirst share index dropped 0.6 percent, pulling back from a seven-year high, while the euro dipped back to $1.0780 as southern euro zone bonds also saw some selling despite the ECB's ongoing bond buying programme.

Attention was focusing back on Greece with Prime Minister Alexis Tsipras due to meet Angela Merkel in Berlin later.

As Greece needs to reach agreement with its creditors to secure fresh funds, Athens' plan seems to be to seek mercy from EU leaders. By doing so it is going over the heads of euro zone finance ministers and the European Central Bank and IMF, hoping that they will see the broad political cost of a Greek collapse rather than focus on the nitty gritty of funding and required economic reforms.

That doesn't look like a winning strategy so far however. The message from EU leaders has been clear -- no reforms, no money.

"What we have essentially is a continuation of the Greece cash squeeze where it is a dancing on the edge of a precipice," said Alvin Tan, an FX strategist at Societe Generale in London.

"They are running out of money so it looks like the next 1-2 weeks are going to be pretty important."

The weakness in the euro helped lift the dollar index but there was no convincing rebound from the greenback. Last week saw its biggest fall since 2011 after the Fed issued a warning about the currency's recent strength.

Against the Japanese yen, the dollar stood at 119.90 yen , down about 0.1 percent on the day and well below Friday's session high of 121.205. U.S. 10-year Treasury yields also moved further below 2 percent to 1.939 percent.

OIL SLIPS ON SAUDI COMMENTS

The Fed's interest rates tend to set the marker for global policy and the possibility of an extension to the era of record low interest rates had lifted risk appetite in Asia.

Weaker dollar signs powered Asian currencies higher, with Malaysia's ringgit, the second-worst performing Asian currency this year, marking its best day in seven weeks.

MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.5 percent as Chinese shares rallied to a new seven-year high on hopes of more support measures for the ailing property sector.

Japan's Nikkei ended 1 percent higher at 19,754.36, refreshing a 15-year high as it closed in on 20,000.

"Sentiment for Japanese stocks has been positive, and the 20,000-mark is in sight in the short-term," said Isao Kubo, equity strategist at Nissay Asset Management.

Australian shares, however, turned negative after the S&P/ASX 200 index fell just a few points shy of the 6,000 level.

Global growth hopes were also given a boost as oil slipped after Saudi Arabia said over the weekend that it would not unilaterally cut its output to defend prices.

Brent was down about 1 percent at $54.75 a barrel, after rising last week for the first time in three weeks, and U.S. crude shed 1.6 percent to $45.85 after marking its first positive week in five.

Gold, which investors often buy as an inflation hedge when interest rates are low and benefits from a lower dollar, steadied near a two week-high as it hovered at $1,182 an ounce. (Additional reporting by Lisa Twaronite in Tokyo; Editing by Susan Fenton)

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India court gives Sahara 3 months to submit final proposal to raise funds

MUMBAI, March 23 Mon Mar 23, 2015 6:40am EDT

MUMBAI, March 23 (Reuters) - India's Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year.

Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal.

The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy.

On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds. (Reporting by Aditi Shah; Writing by Sumeet Chatterjee; Editing by Ian Geoghegan)

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Ex-Im Bank bill backing coal plants has strong chance of passing -U.S. senator

WASHINGTON, March 21 Sat Mar 21, 2015 12:49pm EDT

WASHINGTON, March 21 (Reuters) - A Democratic supporter of a Senate bill to save the U.S. Export-Import Bank and overturn limits on bank financing of coal-fired power plants overseas defended the legislation on Saturday after the White House said it wanted to keep coal plant restrictions.

Democratic Senator Heidi Heitkamp said the bill she has co-sponsored had a strong chance of passing the Senate before the mandate for the Ex-Im Bank, which provides support for U.S. exporters and the buyers of U.S. goods, expires on June 30.

"Our goal was to offer a realistic compromise bill that can garner bipartisan support to pass through the Senate and make sure the Export-Import Bank continues to support small businesses around the country. That's what this bill accomplishes," she said in a statement.

On Friday, the White House said it was strongly committed to reauthorizing the Ex-Im Bank but wanted to keep restrictions adopted in 2013 on public financing for coal-fired power plant projects, part of its effort to cut greenhouse gas emissions.

Lawmakers from coal-producing states like Heitkamp of North Dakota have fought the move.

The White House declined to comment specifically on the energy provision included in the Ex-Im bill, which was introduced on Thursday and co-sponsored by four Republicans and four Democrats, including Heitkamp.

The Senate bill is a blueprint for balance between conservatives who want to close the Ex-Im Bank, other Republicans who want reforms, and many Democrats who prefer a longer-term mandate and an expansion of the bank's activities.

Conservative Republicans say the bank usurps the role of the private sector and provides "welfare" for big business.

Ex-Im bills introduced in the House of Representatives have support from more than half that chamber's lawmakers, but face opposition from Jeb Hensarling, a Republican who chairs the House committee responsible for the bank and is influential in determining which bills come up for a vote.

(Reporting by Eric Beech; editing by Clelia Oziel)

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CORRECTED-UPDATE 2-AIG investors' $970.5 mln settlement wins US court approval

Sat Mar 21, 2015 11:21am EDT

(Corrects to say $22.7 billion instead of $22.7 million in 13th paragraph)

By Nate Raymond and Brendan Pierson

NEW YORK, March 20 (Reuters) - American International Group Inc shareholders won approval on Friday of a $970.5 million settlement resolving claims they were misled about its subprime mortgage exposure, leading to a liquidity crisis and $182.3 billion in federal bailouts.

U.S. District Judge Laura Taylor Swain in Manhattan granted final approval at a hearing to what lawyers for the investors call one of the largest class action settlements to come out of the 2008 financial crisis.

It marks the largest shareholder class action settlement in a case where no criminal or regulatory enforcement actions were ever pursued, the plaintiffs' lawyers have said.

AIG said it was pleased with the judge's order.

The U.S. Justice Department and U.S. Securities and Exchange Commission closed related probes involving AIG in 2010.

Swain noted on Friday that no potential class member had objected to the terms of the deal, which she said was strong evidence that it was "fair, reasonable and adequate" and should be approved. She added that the amount was "very substantial" and that shareholders would face significant risk if they continued to litigate instead of settling.

The settlement covers investors who bought AIG securities between March 16, 2006, and Sept. 16, 2008, when the company received its first bailout.

Swain overruled an objection by two people who bought AIG shares before the beginning of that period and said they should be included in the class.

For the lawyers' work, Swain on Friday awarded plaintiffs law firms Barrack, Rodos & Bacine and The Miller Law Firm $116.46 million in fees plus more than $4 million in expenses.

Investors led by the State of Michigan Retirement Systems, which oversees several state pension plans, accused AIG of failing to disclose the risks it took on through its portfolio of credit default swaps and a securities lending program.

They said the failures led investors to buy stock and debt they otherwise would not have bought, resulting in billions of dollars in losses.

A government rescue in 2008 led taxpayers to take a nearly 80 percent stake in the New York-based insurer.

The government has since sold off its stake in AIG, resulting in a positive return of $22.7 billion to the U.S. Treasury Department and Federal Reserve.

The case is In re: American International Group Inc 2008 Securities Litigation, U.S. District Court, Southern District of New York, No. 08-04772. (Reporting by Nate Raymond and Brendan Pierson in New York; Editing by Noeleen Walder, Diane Craft and Tom Brown)

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INSIGHT-Abe-Kuroda honeymoon soured by fiscal friction

Sat Mar 21, 2015 9:00pm EDT

  * Cracks appearing between Abe and Kuroda over fiscal target      * Kuroda feels Japan shouldn't delay tax hikes, spending  cuts      * Abe open to goals affording more spending flexibility  -sources      * Rift hurts confidence in stimulus, inflation goals        By Leika Kihara and Tetsushi Kajimoto      TOKYO, March 22 (Reuters) - A rift is emerging between Prime  Minister Shinzo Abe and his hand-picked central bank boss on how  to fix Japan's tattered finances, which could blunt the impact  of the "Abenomics" stimulus policies they have worked together  to prosecute.      Two years into Bank of Japan Governor Haruhiko Kuroda's  tenure, the cracks are becoming hard to conceal and could affect  the timing of any further monetary easing and an eventual end to  the massive money-printing programme he set in train.      Their differences over fiscal policy needed to cut Japan's  staggering public debt, which at 230 percent of GDP is twice the  U.S. figure and about 50 points higher than perilous Greece,  have so far been masked by their shared determination to end  deflation.      The perception of common purpose is critical to giving  businesses, markets and consumers the confidence to change  behaviour and ensure that the stimulus measures and inflation  targets are effective.      But the mask began to slip last year when Abe decided to  delay a sales tax hike, making Japan's primary fiscal goal  harder to achieve.      "The honeymoon days are over," said Izuru Kato, chief  economist at Totan Research. "Kuroda must be frustrated over a  lack of progress in structural reform and fiscal consolidation."      A former finance ministry bureaucrat, Kuroda feels Japan  cannot afford to delay tax hikes and spending cuts given its  dire fiscal state, while Abe prefers to focus more on boosting  growth to raise tax revenues.      Last month a key policy panel run by Abe's right-hand man,  Economics Minister Akira Amari, began debating proposals that  could water down Japan's fiscal target of returning to a primary  budget surplus, excluding debt servicing costs and income from  bond sales, in fiscal 2020.      Abe has not resiled from that target, but the panel is  laying the ground for him to add other goals that give him more  wiggle-room on spending, government officials say.            BREACH OF ETIQUETTE      His favourite idea, floated at the panel, is to add a goal  on the ratio of debt to GDP. This ratio falls without deep  spending cuts, as long as the BOJ maintains both low interest  rates and solid economic growth with its massive stimulus.      Defying central bank etiquette, Kuroda spoke against the  proposals at a panel meeting on Feb. 12 in front of Abe.      He returned to the theme two weeks later, despite raised  eyebrows in government.      "Achieving the primary balance target is just a first step.  Only through this would Japan think about gradually reducing the  debt-to-GDP ratio," he told reporters.      Behind his concern is that Japan's huge public debt could  lead to cuts in its sovereign debt ratings, which in turn would  hurt Japanese banks with huge bond holdings.      Delays in fiscal reform are also likely to leave the BOJ  with a bloated balance sheet, already equal to 60 percent of  GDP, for longer than it wants.      Government officials admit they are counting on the BOJ to  keep borrowing costs low for as long as possible, even if that  means delaying an exit from the radical stimulus measures that  have led to that unwieldy balance sheet.      "The BOJ's stimulus is crucial in keeping borrowing costs  low, which is a prerequisite for fiscal reform to proceed," one  government official said on condition of anonymity.      "There's no doubt it has become very hard for the BOJ to end  its quantitative easing programme" during Kuroda's five-year  term ending in April 2018, a ruling party official said.            CONFRONTATION COMING?      Kuroda earned political capital by giving Abe what he wanted  with an intense burst of stimulus in April 2013, which boosted  corporate profits and improved consumer sentiment.      But the relationship soured when he expanded stimulus in  October to pace up inflation without advance consultation with  the administration, say sources familiar with the deliberations.      The move raised suspicion among Abe's aides that Kuroda was  teaming with the finance ministry to nudge a wary premier into  proceeding with the scheduled second sales tax hike in 2015.      Weeks later, Abe decided to postpone the tax hike despite  repeated calls from Kuroda to go ahead with the plan.      Kuroda has continued to push for fiscal reform, and people  close to him say the governor won't shy from expressing his  displeasure at attempts to loosen fiscal discipline.      This suggests political considerations won't influence the  timing of future easing as much as markets suspect, say former  and incumbent policy-makers close to Kuroda.      The real test will come if and when the BOJ succeeds in  hitting its inflation target, which would lead to higher  long-term interest rates, says Kato of Totan Research, a veteran  BOJ watcher.      "That's the moment when the government piles pressure to  keep rates low, making it difficult for the BOJ to end  quantitative easing," he said.      "The true confrontation has yet to come."        (Editing by Will Waterman)  

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UPDATE 3-Ghana seeks bridge financing of up to $1 bln in H1 2015

Sat Mar 21, 2015 6:29am EDT

* Moody's downgrades Ghana rating to B3

* Ghana has reached deal with IMF on assistance

* Govt says Ghana medium term prospects good (Adds Fitch rating, paragraphs 6-7)

By Matthew Mpoke Bigg and Kwasi Kpodo

ACCRA, March 20 (Reuters) - Ghana will seek bridge finance of between $300 million and $1 billion in the first half of this year to redeem maturing domestic debt, according to a memo to parliament signed by Finance Minister Seth Terkper.

The debt finance plan emerged as Moody's downgraded Ghana's sovereign rating and put the West African country on a negative outlook to reflect its increasing debt burden, large fiscal imbalances and a sharp weakening of the cedi currency.

The memo seen by Reuters said the government would also issue a Eurobond of up to $1.5 billion in the second half of the year to retire the bridge finance, refinance domestic and external debt and fund 2015 capital expenditure.

"In view of the need to reduce debt service costs as part of fiscal consolidation and to manage maturities of debt obligations and bullet points, I ... urge Members of Parliament to consider and approve the financing plan," the memo said.

The Moody's downgrade of one notch to B3 from B2 marks the latest economic reverse for Ghana, which for years saw some of the strongest growth rates on the continent due to exports of gold, cocoa and oil.

Ghana struck a deal with the International Monetary Fund (IMF) in February for a three-year $940 million assistance programme.

The deal should relieve fiscal pressure but there are concerns about the government's ability to meet the IMF's targets ahead of elections in 2016, said Fitch on Friday as it affirmed Ghana's rating at 'B' with a negative outlook.

Terkper told Reuters that Ghana's medium-term prospects are good and the government has taken the needed steps to achieve fiscal consolidation.

The government of President John Mahama forecasts 2015 GDP growth at 3.9 percent, below average for sub-Saharan Africa. The country also faces macroeconomic problems that raise the cost of external debt finance.

These include inflation that stood at 16.5 percent in February, a currency that has fallen 9 percent this year after a 31 percent slide in 2014, and a fiscal deficit authorities say will decline to 7.5 percent by the end of the year.

The government has started talks with a consortium including Bank of America Merrill Lynch as international advisers and Belstar Capital as local arrangers for the bridge finance.

"We need the money now, so we'll take it from them and as soon as we raise the Eurobond, we pay back," James Avedzi, head of the parliamentary finance committee, told Reuters.

The government must tackle its expensive domestic debt to achieve fiscal consolidation, but it also must demonstrate it can access capital markets to refinance its debt, said Razia Khan, head of Africa research for Standard Chartered bank.

"Any new borrowing is likely to be treated with caution and investors may demand ever-higher premiums in order to refinance Ghana's debt," given a Moody's statement which put Ghanaian debt to GDP ratio at 67 percent, she said. (Editing by Andrew Heavens)

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DIARY-Emerging Markets Economic Events to March 31

March 21 Fri Mar 20, 2015 8:02pm EDT

March 21 (Reuters) - For other diaries, please see:

Top economic events

Government debt auctions

Political and general news events

Index of all diaries

Guide to economic indicators

** This Diary is filed daily *** -------------------------------------------------------------

EMERGING MARKETS - ECONOMIC EVENTS

SATURDAY, MARCH 21

BEIJING - Organization for Economic Co-operation and Development Secretary General Angel Gurria speaks at the China Development Forum 2015

SUNDAY, MARCH 22

BEIJING - International Monetary Fund Managing Director Christine Lagarde, World Bank Managing Director Sri Mulyani Indrawati, Asian Development Bank President Takehiko Nakao, Chinese Finance Minister Lou Jiwei and People's Bank of China Governor Zhou Xiaochuan speak at China Development Forum 2015. NEW DELHI - Indian Finance Minister Arun Jaitley to attend board meetings of the Reserve Bank of India and the Securities and Exchange Board of India.

MONDAY, MARCH 23

PODGORICA, Montenegro - European Central Bank policymaker Benoit Coeure speaks at an event to celebrate the conclusion of a cooperation program organized by the Central Bank of Montenegro, the European Commission and the ECB - 1000 GMT. PORT LOUIS - Mauritius Finance Minister Seetanah Lutchmeenaraidoo to present the 2015-16 budget to Parliament. JERUSALEM - Bank of Israel announces interest rate decision - 1400 GMT. ABUJA - Central Bank of Nigeria holds monetary policy meeting (to March 24).

TUESDAY, MARCH 24

LONDON - City Week 2015 - International Financial Services Forum (to March 26). Speakers:- U.S. Treasury Deputy Secretary, Sarah Bloom Raskin, Reserve Bank of India former deputy governor Rakesh Mohan and Greek Finance Minister Yanis Varoufakis. NEW DELHI - Asian Development Bank holds presser on its 2015 outlook BUDAPEST - Central Bank of Hungary rate-setting meeting. Rate decision - 1300 GMT. Statement - 1400 GMT. PRETORIA - The South African Reserve Bank starts its three-day monetary policy committee meeting. RABAT - Central bank of Morocco holds board meeting. ANKARA - Central bank of Turkey to publish the minutes of March monetary policy committee meeting.

WEDNESDAY, MARCH 25

TOKYO - Asian Development Bank President Takehiko Nakao speaks at Japan National Press Club - 0600 GMT. PRAGUE - Czech National Bank holds monetary policy meeting. YAOUNDE - Monetary Policy Committee of the central bank of the Central African monetary union (BEAC) meet in Cameroon.

THURSDAY, MARCH 26

HAINAN, China - Boao Forum for Asia Annual Conference 2015 with a theme of "Asia's New Future: Toward a Community of Common Destiny" (to March 29). International Monetary Fund Deputy Managing Director Zhu Min, French former finance minister Jean-Pierre Raffarin, People's Bank of China Deputy Governor Yi Gang, World Bank Vice President Cyril Muller and Asian Development Bank Vice President Stephen Groff to attend. MEXICO CITY - Central Bank of Mexico publishes monetary policy statement - 1500 GMT. MANILA - Philippines central bank holds monetary policy meeting - 0800 GMT. PRAGUE - Czech central bank governing board to meet on interest rates - 1200 GMT. PRETORIA - South African Reserve Bank announces rate decision - 1300 GMT.

FRIDAY, MARCH 27

PRISHTINA - European Central Bank Deputy Director General of International & European Relations Gilles Noblet speaks at event to celebrate the conclusion of a cooperation program organized by the Central Bank of the Republic of Kosovo, the European Commission and the ECB - 1000 GMT.

TUESDAY, MARCH 31

BUCHAREST - Central bank of Romania holds interest rate meeting - 0800 GMT.

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NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event.

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UPDATE 1-White House stands by pledge to end Ex-Im backing for coal plants

Fri Mar 20, 2015 8:18pm EDT

(Adds additional quotes from White House and background on Ex-Im Bank reauthorization debate)

By Roberta Rampton and Krista Hughes

WASHINGTON, March 20 (Reuters) - The White House said on Friday it would press ahead to end government financing for most coal-fired power plants overseas, a day after a bipartisan bill sought to overturn limits on those projects financed by the U.S. Export-Import Bank.

Lawmakers are trying to hammer out a plan to save the U.S. Export-Import Bank, which provides support for U.S. exporters and the buyers of U.S. goods, before its mandate expires on June 30.

On Thursday, a group of senators introduced a bill that they say provides a bipartisan compromise on the export credit agency - but also overturns limits on coal-fired power plant projects.

"The administration is strongly committed to the long-term reauthorization of the Export-Import Bank," said White House spokeswoman Jennifer Friedman.

"We are also fully committed to ending public financing for the most polluting power plants overseas, except in the poorest countries, and oppose language that would hinder implementation of the president's Climate Action Plan," Friedman told Reuters.

Obama has said he wants to focus on cutting greenhouse gas emissions at home and abroad in his remaining two years in office. Later this year, he wants to negotiate an international agreement to slow climate change.

In June 2013, Obama released a "Climate Action Plan" that included a call to end government support for most new coal plants overseas. The board of the Ex-Im Bank agreed, but lawmakers from coal-producing states have fought the move.

Friedman noted that Germany, France, the United Kingdom, Nordic countries, and the Netherlands have announced similar policies on financing overseas coal plants.

"The administration is working hard to level the playing field for U.S. exporters and will continue to push others to adopt similar policies," she said.

The White House declined to comment specifically on the energy provision included in Thursday's Ex-Im bill, which is backed by four Democratic and four Republican senators.

The bill includes a provision that would ban "discrimination" based on industry and energy source. A Democratic aide said the provision would end restrictions on the bank's financing for coal-fired plants.

The bill is a blueprint for balance between conservatives who want to close the Ex-Im Bank, other Republicans who want reforms, and many Democrats who prefer a longer-term mandate and an expansion of the bank's activities.

The fight has huge ramifications for U.S. companies that benefit from Ex-Im financing, including Boeing Co and Caterpillar Inc. (Reporting by Roberta Rampton and Krista Hughes; Editing by Bill Trott and Lisa Shumaker)

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