Today's Reuters Business News Headlines - Yahoo! News:
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Highlights: Key findings from FSA report into RBS
Sun,11 Dec 2011 11:19 PM PST
Reuters - LONDON (Reuters) - Britain's Financial Services Authority (FSA) published on Monday its report into the near-collapse of Royal Bank of Scotland during the 2008 credit crisis. Below is a summary of some of the report's main findings and recommendations. MAIN REASONS FOR RBS' NEAR-COLLAPSE IN 2008: * Poor decisions by RBS' management and board * Flaws in the FSA's approach to regulation. * Lack of appropriate due diligence on the ABN AMRO deal. ... Full Story | Top |
EU summit may not calm investors for long
Sun,11 Dec 2011 11:15 PM PST
Reuters -  Berlin (Reuters) - Last week's EU summit went a long way towards forging the closer economic ties needed to prevent future debt crises but markets are likely to judge it as too little and too late to solve the current one. As on previous occasions, the measures are unlikely to calm investors for long. European Union (EU) leaders ended the summit with a historic agreement to draft a new treaty for deeper integration in the euro zone, but analysts and policymakers remained skeptical such long-term steps could solve the crisis that has shaken Europe for two years. ...
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S.Africa's rand weaker, seen under pressure
Sun,11 Dec 2011 10:56 PM PST
Reuters - JOHANNESBURG (Reuters) - South Africa's rand started weaker against the dollar on Monday and was seen under pressure as the market was disappointed by Friday's European Union summit, which did not offer a concrete deal to end the euro zone debt crisis. Except for Britain, the EU states decided at a summit to pursue stricter budget rules for the single currency area and to provide up to 200 billion euros in bilateral loans to the International Monetary Fund to help tackle the crisis. The rand was trading at 8.13 against the dollar at 0640 GMT, 0. ... Full Story | Top |
RBS was floored by ABN "gamble," poor decisions: regulator
Sun,11 Dec 2011 10:55 PM PST
Reuters -  LONDON (Reuters) - Royal Bank of Scotland gambled with its purchase of Dutch bank ABN Amro and was dragged to the brink of collapse three years ago by poor management decisions and flawed regulation and supervision, a report said on Monday. The long awaited report by Britain's Financial Services Authority, running to 452 pages, criticized former UK Chancellor and Prime Minister Gordon Brown for encouraging "light touch" regulation, and RBS's weak capital and funding and its decision to buy parts of ABN Amro. ...
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Global stocks gain on EU progress, euro falls on caution
Sun,11 Dec 2011 10:33 PM PST
Reuters - TOKYO (Reuters) - Asian stocks gained on Monday after Europe took a step towards fiscal union, but the euro fell amid concerns the euro zone's fragile safety is still insufficient to prevent its sovereign debt crisis from spreading. Twenty-six of the 27 European Union leaders on Friday agreed to pursue stricter budget rules for the single currency area and also to have euro zone states and others provide up to 200 billion euros in bilateral loans to the International Monetary Fund (IMF) to help tackle the crisis. ... Full Story | Top |
Euro dips after EU summit; more pain to come
Sun,11 Dec 2011 10:30 PM PST
Reuters - TOKYO (Reuters) - The euro dipped in Asia on Monday, and was expected to struggle going into the year-end after the European Union agreed on deeper economic integration but fell short of a convincing plan to deal a decisive blow to the euro area debt crisis. Except for Britain, the EU states decided at a summit to pursue stricter budget rules for the single currency area and to provide up to 200 billion euros in bilateral loans to the International Monetary Fund to help tackle the crisis. ... Full Story | Top |
Brent eases; stays above $108 on China imports, EU deal
Sun,11 Dec 2011 10:27 PM PST
Reuters - SINGAPORE (Reuters) - Brent crude slipped on Monday as investors weighed the impact of a European leaders' agreement on closer fiscal union, but held steady above $108 on hopes of steady demand growth as China's oil imports surged. Europe secured a historic agreement on Friday to draft a new treaty for deeper economic integration. Yet, the new treaty could take three months to negotiate and may require referendums in countries such as Ireland. Investors were assessing if the outcome of the meeting was sufficient to prevent Europe's debt crisis from spreading and hurting the global economy. ... Full Story | Top |
Olympus ex-CEO to meet Japan ruling party
Sun,11 Dec 2011 10:27 PM PST
Reuters -  TOKYO (Reuters) - Olympus Corp's ousted CEO, Michael Woodford, will on Thursday meet a panel of lawmakers from Japan's ruling Democratic Party looking at ways to tighten corporate governance in the wake of the accounting scandal at the endoscope maker, a source familiar with the plan told Reuters. Woodford may also meet lawmakers from the opposition Liberal Democratic Party of Japan, the source said on Monday on condition he wasn't identified. ...
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Olympus ex-CEO to meet Japan ruling party on corporate
Sun,11 Dec 2011 10:25 PM PST
Reuters - TOKYO (Reuters) - Olympus Corp's ousted CEO, Michael Woodford, will on Thursday meet a panel of lawmakers from Japan's ruling Democratic Party looking at ways to tighten corporate governance in the wake of the accounting scandal at the endoscope maker, a source familiar with the plan told Reuters. Woodford may also meet lawmakers from the opposition Liberal Democratic Party of Japan, the source said on Monday on condition he wasn't identified. ... Full Story | Top |
Dubai's Aramex acquires South Africa's Berco Express
Sun,11 Dec 2011 10:17 PM PST
Reuters -  DUBAI (Reuters) - Dubai's Aramex has completed the acquisition of South Africa logistics and transportation company Berco Express Ltd., for an undisclosed amount, the company said in a statement on Monday. The deal is part of Aramex' strategy to expand internationally and follows a recent joint venture with SinoAir in China and the acquisition of OneWorld Courier and In-Time Couriers in Kenya in the first quarter. Berco Express operates 15 branches throughout South Africa and employs more than 700 people, the statement said. ...
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Moody's: Pressure remains on euro sovereigns despite summit deal
Sun,11 Dec 2011 09:46 PM PST
Reuters - (Reuters) - Moody's Investors Service said on Monday it still expects to review its ratings on all European Union sovereign credit in the first quarter of next year, adding that last week's agreement by European policymakers offered few new measures to resolve the region's debt crisis. Twenty-six of the 27 European Union leaders on Friday agreed to pursue stricter budget rules for the single currency area and also to have euro zone states and others provide up to 200 billion euros ($267 billion) in bilateral loans to the International Monetary Fund (IMF) to help tackle the crisis. ... Full Story | Top |
Olympus preparing to file earnings by Wednesday
Sun,11 Dec 2011 08:34 PM PST
Reuters -  TOKYO (Reuters) - Olympus said it was preparing to file its July-September earnings by Wednesday, a necessary step for the disgraced 92-year-old firm to remain listed. The Japanese maker of cameras and endoscopes also said it would hold a briefing on Thursday to explain the results, after admitting to a $1.7 billion scheme to hide investment losses stretching back more than a decade. The scandal has put the company's future at risk. Even if Olympus meets the earnings deadline, the Tokyo Stock Exchange can still decide to delist Olympus depending on the scale of its past misreportings. ...
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Insight: The day Europe lost patience with Britain
Sun,11 Dec 2011 07:43 PM PST
Reuters -  BRUSSELS (Reuters) - It was billed as a summit to save the euro. It may be remembered as the day Europe lost patience with Britain, as most of the continent threw its lot in with EU founding members France and Germany and committed to binding their economies ever more tightly. There was plenty of talk of history in the making in the week before the Dec 8/9 gathering of European Union leaders - the eighth this year. ...
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U.S.-listed firms told to reveal Syria, Iran links: FT
Sun,11 Dec 2011 07:43 PM PST
Reuters -  NEW YORK (Reuters) - At least a dozen U.S.-listed companies have been told by the U.S. Securities and Exchange Commission to disclose business activity in and with Syria, Iran and others deemed "state sponsors" of terror by the state department, the Financial Times said on Sunday. The inquiries are part of SEC reviews of companies' investment risks to security holders. Sony Corp, Caterpillar Inc, American Express, Aecom Technology, Iridex and Veolia Environnement are among the companies that received letters from the SEC's corporate finance division, the report said. ...
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Music exec still critical after Hollywood shooting
Sun,11 Dec 2011 05:40 PM PST
Reuters - LOS ANGELES (TheWrap.com) - A former Death Row Records vice president, John Atterberry, remains in critical condition at Cedars-Sinai Hospital in Los Angeles, one of several victims caught Friday in a Hollywood street rampage conducted by a distraught 26-year-old gunman. Atterberry was driving his Mercedes coupe when Tyler Brehm started shooting at the intersection of Sunset Boulevard and Vine Street in Hollywood Friday. The gunman hit Atterberry three times in the face and neck. In all, three individuals were injured during the rampage. ... Full Story | Top |
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