Today's Reuters Business News Headlines - Yahoo! News:
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S.Africa's rand, bonds firm; likely to gain further
Thu,1 Dec 2011 11:07 PM PST
Reuters - JOHANNESBURG (Reuters) - The rand was trading around a two-week high early on Friday and government bonds were firm as risk appetite continued after a liquidity injection in global markets earlier this week, and as importer dollar-buying eased towards year-end. The rand was 0.2 percent firmer at 8.07 against the dollar at 0620 GMT, compared with a close of 8.0855 in the New York market on Thursday. Domestic assets have been trading on global headlines in recent weeks as thin liquidity exaggerates moves. Dealers are looking to U.S. ... Full Story | Top |
Wall St slips, eyes Friday's jobs report
Thu,1 Dec 2011 10:23 PM PST
Reuters - NEW YORK (Reuters) - U.S. stocks treaded water on Thursday after the previous day's massive gains, but traders worried that recent strong data could set the market up for a selloff should Friday's jobs report fall short of hopes. Both the Dow and the S&P 500 dipped and the Nasdaq ended with a slight gain following Wednesday's rally of more than 4 percent on an agreement from central banks to provide cheap dollar loans to struggling European banks. Sentiment was underpinned by stronger-than-expected figures on U.S. ... Full Story | Top |
Nigeria lower house passes fiscal plan, no subsidy
Thu,1 Dec 2011 10:07 PM PST
Reuters -  ABUJA (Reuters) - Nigeria's House of Representatives on Thursday approved the government's medium-term fiscal framework (MTFF) but refused to include plans to remove fuel import subsidies in a major setback for the controversial proposal. Ngozi Okonjo-Iweala, the finance minister and coordinator of the economy, delivered the MTFF to the national assembly in September, including planned savings of about $7 billion a year from removing petrol import subsidies. The plan is unpopular with Nigerians who believe cheap fuel is the only benefit they get from living in an oil-rich state. ...
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Army official sees Egypt's foreign reserves plunging
Thu,1 Dec 2011 10:00 PM PST
Reuters - CAIRO (Reuters) - Egypt's foreign reserves will plunge by a third to $15 billion by the end of January and the budget deficit will grow, possibly leading to a review of sensitive subsidies, an army official said on Thursday. Reserves have tumbled since the uprising that toppled Hosni Mubarak as foreigners have fled and tourists packed their bags, hurting two of Egypt's main sources of hard currency. The central bank put reserves at $22 billion at the end of October, down $2 billion from a month earlier and showing a faster fall than in previous months. ... Full Story | Top |
Economies sliding on euro zone woes: S.Africa's Gordhan
Thu,1 Dec 2011 09:59 PM PST
Reuters - JOHANNESBURG (Reuters) - World economies are sliding as a result of euro zone debt problems and failure by European leaders to make the right decisions to resolve the crisis will have massive consequences for the global outlook, South Africa's Finance Minister Pravin Gordhan said. Gordhan reiterated during a debate recorded for the BBC World Service's Business Daily programme that the rapid flow of capital in and out of emerging markets as investors fretted over the crisis was having major disruptive effects on their economies and currencies. ... Full Story | Top |
Singapore's Olam to invest in Nigeria paddy, wheat milling
Thu,1 Dec 2011 09:58 PM PST
Reuters -  SINGAPORE (Reuters) - Singapore commodities firm Olam International Ltd, whose businesses include processing agricultural products and food ingredients, said on Friday it will invest about $50 million to expand its wheat milling capacity in Nigeria. Olam, whose shareholders include Singapore state investor Temasek , said in a separate statement dated Thursday that it will invest $49.2 million to set up a 6,000 hectare greenfield paddy farming and rice milling facility in Nigeria.
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Senators blast CFTC, Gensler for MF Global mess
Thu,1 Dec 2011 07:41 PM PST
Reuters -  WASHINGTON (Reuters) - Republican lawmakers blasted the chairman of the U.S. futures regulator on Thursday for his agency's role in the collapse of MF Global and called his recusal from the investigation a way to "avoid the heat." The Commodity Futures Trading Commission and its chairman, Gary Gensler, are under pressure because of the quick collapse of the futures brokerage and for allegedly not policing the firm's bookkeeping closely enough. Investigators are searching for as much as $1. ...
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Senators blast CFTC, Gensler for MF Global mess
Thu,1 Dec 2011 07:40 PM PST
Reuters - WASHINGTON (Reuters) - Republican lawmakers blasted the chairman of the U.S. futures regulator on Thursday for his agency's role in the collapse of MF Global and called his recusal from the investigation a way to "avoid the heat." The Commodity Futures Trading Commission and its chairman, Gary Gensler, are under pressure because of the quick collapse of the futures brokerage and for allegedly not policing the firm's bookkeeping closely enough. Investigators are searching for as much as $1. ... Full Story | Top |
Zynga plans up to $1 billion in IPO: report
Thu,1 Dec 2011 06:39 PM PST
Reuters - (Reuters) - Facebook games developer Zynga Inc will sell about 15 percent of its common stock in an initial public offering, Bloomberg said, citing a person with knowledge of the matter. Zynga plans to sell shares for $8.50 to $10 apiece in its initial public offering to raise as much as $1 billion, valuing the company at as high as $7 billion, the agency said. Dani Dudeck, a spokeswoman for Zynga, declined to comment to Reuters on the Bloomberg report. Zynga rose to prominence on viral games such as "Farmville," which is still among one of the most popular games on the Facebook social ... Full Story | Top |
Talent manager arrested on child molestation charges
Thu,1 Dec 2011 04:43 PM PST
Reuters - LOS ANGELES (TheWrap.com) - A manager who represented child actors was arrested Tuesday in Santa Monica and charged with molesting an underage client, TheWrap has confirmed. Martin Weiss, 47, has been charged with two counts of lewd acts with a child, one count of forced lewd acts, two counts of continuous lewd acts with a child and three counts of sodomy, Los Angeles Police Det. Fernando Avila told TheWrap. Arraignment has been set for Thursday in a Van Nuys court. Weiss is being held on $800,000 bail at Men's Central Jail in Los Angeles, Avila said. ... Full Story | Top |
Ten days of secret planning to rescue markets
Thu,1 Dec 2011 04:40 PM PST
Reuters -  LONDON/FRANKFURT (Reuters) - Britain orchestrated this week's bold move by central banks to stave off a cash crunch in global markets, helping drive a plan that began to take shape around 10 days ago. For months, central bankers have tracked with growing concern how the deleveraging among European banks, hurt by the tumbling value of euro-zone debt, was hurting global funding as banks sold off assets and brought cash back home. Last week, conditions grew particularly acute after a German bond auction failed to attract enough buyers. ...
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Madoff trustee can appeal JPMorgan $19 billion loss
Thu,1 Dec 2011 04:18 PM PST
Reuters -  (Reuters) - The trustee seeking money for Bernard Madoff's victims won the right to immediately appeal a ruling that took away more than $19 billion of his claims against JPMorgan Chase & Co, Madoff's main bank for two decades. U.S. District Judge Colleen McMahon in Manhattan last month took away all but $425 million of trustee Irving Picard's $19.9 billion lawsuit against the largest U.S. bank. McMahon found that Picard, as trustee for the estate of Bernard L. ...
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Wall St slips, eyes payrolls report
Thu,1 Dec 2011 03:20 PM PST
Reuters -  NEW YORK (Reuters) - Stocks treaded water on Thursday after the previous day's massive gains, but traders worried that recent strong data could set the market up for a sell-off should Friday's jobs report fall short of hopes. Both the Dow and the S&P 500 dipped and the Nasdaq ended with a slight gain following Wednesday's rally of more than 4 percent on an agreement from central banks to provide cheap dollar loans to struggling European banks. Sentiment was underpinned by stronger-than-expected figures on U.S. ...
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Maple says TMX deal could give OSC a pricing role
Thu,1 Dec 2011 03:16 PM PST
Reuters -  TORONTO (Reuters) - The Canadian consortium seeking to buy TMX Group, operator of the Toronto Stock Exchange, said on Thursday it could give regulators the right to supervise clearing and settlement prices in order to gain approval of the C$3.8 billion (C$3.76 billion) takeover deal. Under its TMX takeover proposal, the Maple Group consortium of Canadian financial services companies wants to also buy Canadian Depository for Securities (CDS), which clears and settles trades in Canada. ...
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Pixar, Tweety Bird shortlisted for Oscar animated shorts
Thu,1 Dec 2011 02:55 PM PST
Reuters - LOS ANGELES (TheWrap.com) - The Oscars' Best Animated Short Film category will be the usual battle between giants and little guys this year, with Pixar and Tweety Bird competing with a batch of smaller animated films from around the world. The Academy released a 10-film shortlist on Thursday, which puts Pixar's "La Luna" in the running to become the company's 11th nomination, and gives the Warner Bros. cartoon "I Tawt I Taw a Puddy Tat" a chance to add to WB's long history in the category as well. The Academy shortlist narrowed the field down from 44 qualifying shorts. ... Full Story | Top |
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