Today's Reuters Business News Headlines - Yahoo! News:
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Asian shares jump on hopes of Europe crisis action
Sun,27 Nov 2011 11:00 PM PST
Reuters -  TOKYO (Reuters) - Asian shares jumped on Monday on hopes Europe will come up with some concrete steps this week toward activating a crucial euro zone bail-out fund that is crucial to relieving funding stresses on the region's troubled economies. The euro rose on a report that the International Monetary Fund (IMF) was preparing an aid package for Italy but pared gains after doubts were cast on the report, while the IMF later said there were no such discussions. ...
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Germany mulls "elite bonds" with 5 nations: report
Sun,27 Nov 2011 10:43 PM PST
Reuters - BERLIN (Reuters) - The German government is considering the possibility of issuing joint bonds with five fellow triple A euro zone countries that are being referred to as "elite bonds" or "AAA bonds," newspaper Die Welt reported on Monday. Chancellor Angela Merkel and her center-right government have repeated ruled out collectivizing debt and the introduction of common euro zone bonds. ... Full Story | Top |
IMF says no discussions with Italy on financing plan
Sun,27 Nov 2011 10:33 PM PST
Reuters - HONG KONG (Reuters) - The International Monetary Fund said on Monday it is not in discussions with Italian authorities on a financing plan, pouring cold water on speculation that it was preparing an aid package as the euro zone debt crisis deepens. In response to media queries, an IMF spokesperson said: "There are no discussions with the Italian authorities on a program for IMF financing. ... Full Story | Top |
Euro area crisis threatens EU sovereign ratings: Moody's
Sun,27 Nov 2011 10:27 PM PST
Reuters -  (Reuters) - Moody's Investors Service warned on Monday the rapid escalation of the euro zone sovereign and banking crisis threatens the credit standing of all European government bond ratings. "While Moody's central scenario remains that the euro area will be preserved without further widespread defaults, even this 'positive' scenario carries very negative rating implications in the interim period," the agency said in a report. ...
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Annual compensation could fall 30 pct at Wall St firms: report
Sun,27 Nov 2011 10:08 PM PST
Reuters - (Reuters) - Annual compensation for employees at big Wall Street firms could fall 27-30 percent from a year earlier to the lowest level since the 2008 financial crisis, the Wall Street Journal reported, citing a compensation study conducted by the Options Group. Bonuses, which constitute a substantial part of many finance workers' pay, are on track to decline 35-40 percent, on average, according to the forecast by Options Group, an executive search and consulting firm, the Journal said. Pay is likely to be hardest hit in areas such as fixed income, currencies and commodities, the paper said. ... Full Story | Top |
ECB's Noyer: Italy not weak, euro breakup out of
Sun,27 Nov 2011 09:34 PM PST
Reuters - TOKYO (Reuters) - Italy's economy is fundamentally sound and should be able to win back market confidence if it shows fiscal discipline, European Central Bank member Christian Noyer said on Monday, ruling out a collapse of the euro zone because of the sovereign debt crisis. Noyer, also Bank of France governor, said he could not comment on reports that Italy was talking to the International Monetary Fund about possible support if investors continue to push up its borrowing costs. ... Full Story | Top |
Three top BSkyB shareholders to vote against Murdoch
Sun,27 Nov 2011 09:33 PM PST
Reuters -  LONDON (Reuters) - Three top shareholders in BSkyB will vote against James Murdoch remaining as chairman of the company at its annual general meeting on Tuesday, according to newspaper reports. The Sunday Telegraph said Legal and General (L&G) will vote against Murdoch and the Sunday Times said Kames Capital has urged Murdoch to quit, while the Telegraph said in its Monday edition that U.S. fund manager Franklin Templeton would also oppose his re-election. Another investor, the Local Authority Pension Fund Forum (LAPFF) has recommended its members vote against Murdoch's re-election. ...
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China eyes European assets -minister
Sun,27 Nov 2011 08:57 PM PST
Reuters - BEIJING (Reuters) - China's Commerce Minister plans to lead an investment delegation to Europe next year, in hopes that the crisis roiling the continent will open up some plum assets for acquisition. China has been reluctant to publically commit to buying additional European bonds, despite European pleas for help in shoring up finances there, but could be much more interested in getting hard assets for its cash. ... Full Story | Top |
Rio Tinto says commodities customers more cautious
Sun,27 Nov 2011 08:44 PM PST
Reuters -  MELBOURNE/SYDNEY (Reuters) - Global miner Rio Tinto warned on Monday that further cracks may be emerging in global commodities markets as the economies of Europe and the United States waver, with its customers increasingly cautious on the outlook. Prices of iron ore, copper and aluminum -- among Rio's biggest income earners -- have tumbled by more than 20 percent each since August as stockpiles of unused metal swell in warehouses from Rotterdam to New Orleans to Shanghai. Rio Chief Executive Tom Albanese said ongoing stresses in the euro zone and a weaker outlook for the U.S. ...
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Best Buy a winner as holiday weekend sales surge
Sun,27 Nov 2011 08:21 PM PST
Reuters -  NEW YORK (Reuters) - U.S. retailers racked up a record $52.4 billion in sales over the Thanksgiving weekend, a 16.4 percent jump from a year ago, as early hours and attractive promotions brought out more shoppers, an industry trade group said on Sunday. Among the early winners after the traditional start of the holiday shopping season was Best Buy Co Inc, a reversal from 2010 when the electronics retailer's erroneous bet on 3D televisions led to a disappointing season. ...
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BOJ Shirakawa warns Japan outlook severe
Sun,27 Nov 2011 08:07 PM PST
Reuters - NAGOYA, Japan (Reuters) - Bank of Japan Governor Masaaki Shirakawa said on Monday the country's economy will eventually resume a recovery but will remain in a severe state for the time being due to the pain from recent yen rises and slowing global growth. ... Full Story | Top |
BOJ Shirakawa warns Japan economic outlook severe
Sun,27 Nov 2011 07:43 PM PST
Reuters -  NAGOYA, Japan (Reuters) - Bank of Japan Governor Masaaki Shirakawa on Monday warned the country's economy will remain in a severe state for now as Europe's sovereign debt crisis and yen rises cloud the outlook, signaling the central bank's readiness to boost monetary stimulus further if risks to the recovery heighten. But he said Japan cannot escape deflation just by having the central bank print money, stressing that government and corporate efforts to boost productivity and nurture new industries were also necessary. ...
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Ex-Highbridge Asia head aims to raise up to $2 billion
Sun,27 Nov 2011 07:17 PM PST
Reuters - HONG KONG (Reuters) - Carl Huttenlocher, former Asia head of JPMorgan Chase & Co's Highbridge Capital, said he will launch a hedge fund with more than $300 million on December 1 after a delay in obtaining regulatory approval. In a rare media briefing by a hedge fund manager in Hong Kong, the industry veteran said he expected to raise $2 billion by June 2012 after which he would close his fund to investors. Huttenlocher received an asset management license on Friday to start operations in Hong Kong, the Securities and Futures Commission (SFC) website showed on Sunday. ... Full Story | Top |
MOF's Nakao: Japan prepared to help Europe if needed
Sun,27 Nov 2011 06:38 PM PST
Reuters - TOKYO (Reuters) - Japan wants Europe to make efforts to stabilize markets unsettled by the continued euro zone debt crisis and Tokyo is prepared to offer help if needed, Japanese currency tsar Takehiko Nakao said on Monday. Nakao, the vice finance minister for international affairs also told a financial forum that a unilateral currency intervention could not be ruled out in a speculative market. ... Full Story | Top |
Germany, France examine radical push for eurozone integration
Sun,27 Nov 2011 05:39 PM PST
Reuters -  BRUSSELS (Reuters) - Germany and France are exploring radical methods of securing deeper and more rapid fiscal integration among euro zone countries, aware that getting broad backing for the necessary treaty changes may not be possible, officials say. Germany's original plan was to try to secure agreement among all 27 EU countries for a limited treaty change by the end of 2012, making it possible to impose much tighter budget controls over the 17 euro zone countries -- a way of shoring up the region's defenses against the debt crisis. ...
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