Today's Reuters Business News Headlines - Yahoo! News:
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WaMu settles dispute, eyes bankruptcy exit
Mon,12 Dec 2011 11:25 PM PST
Reuters - (Reuters) - Washington Mutual Inc, the biggest bank to fail in U.S. history, said it reached a settlement in a dispute between shareholders and certain creditors that had prevented the bank from emerging from Chapter 11 bankruptcy proceedings. WaMu got a respite late on Monday when it said in a court filing that the shareholders represented by an equity committee would drop legal claims against settlement noteholders. ... Full Story | Top |
WaMu settles dispute, eyes bankruptcy exit
Mon,12 Dec 2011 11:24 PM PST
Reuters - (Reuters) - Washington Mutual Inc, the biggest bank to fail in U.S. history, said it reached a settlement in a dispute between shareholders and certain creditors that had prevented the bank from emerging from Chapter 11 bankruptcy proceedings. WaMu got a respite late on Monday when it said in a court filing that the shareholders represented by an equity committee would drop legal claims against settlement noteholders. ... Full Story | Top |
S.Africa's rand to stay on backfoot, bonds weaken
Mon,12 Dec 2011 11:23 PM PST
Reuters - JOHANNESBURG (Reuters) - South Africa's rand steadied against the dollar on Tuesday with the market wary of taking on risky assets due to fears of possible sovereign ratings downgrades in the euro zone. The rand fell sharply in the previous session as investors were disappointed by a lack of concrete action from euro zone leaders to end the debt crisis after a summit last week. Rating agencies warned the summit, viewed by some as a last chance to save the euro, did not go far enough in easing immediate concerns about the region's debt markets. ... Full Story | Top |
Kenya's Sasini FY pretax profit down 27 pct
Mon,12 Dec 2011 11:23 PM PST
Reuters -  NAIROBI (Reuters) - Kenyan tea and coffee grower Sasini reported on Tuesday a 27 percent drop in pretax profit to 1.01 billion shillings for the year ended September, due to drought and rising input costs. Revenue rose to 2.66 billion shillings from 2.29 billion last year, attributed to improved tea and coffee prices and a favourable shilling exchange rate. "The results were however negatively impacted on by rising costs of the main inputs particularly in relation to energy, farm inputs and labour," the company said. The shilling is off an all-time low against the dollar of 107, but is still ...
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Brent steady above $107; Europe woes weigh
Mon,12 Dec 2011 11:21 PM PST
Reuters - SINGAPORE (Reuters) - Brent crude was little changed above $107 on Tuesday, after falling in the previous session, on concerns of demand growth as investors worried that last week's pact by European leaders may not be enough to limit the region's debt crisis. The worries echoed across financial markets. Asian stocks sank, the euro languished near a two-month low, gold plunged to a seven-week low and copper fell after posting its biggest decline in three weeks. ... Full Story | Top |
Asian stocks hit by threat of Europe downgrades
Mon,12 Dec 2011 10:48 PM PST
Reuters -  SINGAPORE (Reuters) - Asian stocks sank on Tuesday and the euro languished near a two-month low as investors took fright at the prospect of mass euro zone sovereign ratings downgrades after the outcome of a "last chance" European Union summit failed to convince markets. Commodities steadied after a hammering in the previous session and the so-called risk currencies of big resource producers such as Australia nursed heavy losses as investors huddled in the relative safety of the dollar. ...
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Stocks, euro hit by threat of Europe downgrades
Mon,12 Dec 2011 10:45 PM PST
Reuters - SINGAPORE (Reuters) - Asian stocks sank on Tuesday and the euro languished near a two-month low as investors took fright at the prospect of mass euro zone sovereign ratings downgrades after the outcome of a "last chance" European Union summit failed to convince markets. Commodities steadied after a hammering in the previous session and the so-called risk currencies of big resource producers such as Australia nursed heavy losses as investors huddled in the relative safety of the dollar. ... Full Story | Top |
Euro hits 2-month low on euro zone debt fears
Mon,12 Dec 2011 10:44 PM PST
Reuters - TOKYO (Reuters) - The euro plumbed two-month lows in Asia on Tuesday while the Australian dollar sank closer to parity as rising disappointment over the European Union's summit prompted investors to position for possible downgrades of euro zone sovereign credit ratings. Rating agencies warned on Monday that last week's EU summit, viewed by some as a last chance to save the euro, did not go far enough in easing immediate concerns about the region's debt markets. The euro fell as low as $1.3160, but climbed as far as $1.3206, in the Asian afternoon on shortcovering before steadying at $1.3192. ... Full Story | Top |
IMF OKs final tranche to Mali, talks on new loan
Mon,12 Dec 2011 10:05 PM PST
Reuters - WASHINGTON (Reuters) - The International Monetary Fund on Monday approved a final loan disbursement of $9.3 million for Mali, whose government is currently negotiating a successor IMF economic program. The new loan program for Mali, a largely desert country and Africa's third-largest gold miner, is expected to be finalized within the next few weeks. The country's economy was hard hit by conflicts in Ivory Coast and Libya this year. "The economic outlook is positive, although subject to downside risks," said Min Zhu, IMF deputy managing director said in a statement. ... Full Story | Top |
Sonangol re-appoints Vicente as CEO for another term
Mon,12 Dec 2011 10:02 PM PST
Reuters - LISBON (Reuters) - Angola's government has appointed state oil company Sonangol CEO Manuel Vicente for another term, quashing media speculation that he may succeed President Jose Eduardo dos Santos, state news agency Angop reported on Monday. Angop quoted a government statement saying the decision to reappoint Vicente had been made at a cabinet meeting. ... Full Story | Top |
Djibouti inflation accelerates in October
Mon,12 Dec 2011 09:58 PM PST
Reuters -  DJIBOUTI (Reuters) - Consumer prices in Djibouti rose 0.5 percent in October, helping push the year-on-year rate of inflation to 6.5 percent from 4.0 percent in September, the Department of Statistics and Demographic Studies said. The cost of food, drinks and tobacco rose 0.3 percent in October from a month earlier, while the price of clothing and footwear increased 2.3 percent from September, the statistics office said in a statement seen on Sunday.
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Fed likely to stay on sidelines at policy meeting
Mon,12 Dec 2011 09:02 PM PST
Reuters -  WASHINGTON (Reuters) - The Federal Reserve is likely to hold off offering the U.S. economy fresh stimulus at a meeting on Tuesday as it weighs encouraging signs on the recovery against risks coming from Europe. Central bank officials are expected to continue discussions on how they might sharpen their communications to get more traction out of the monetary easing they have already put in place, but observers rate chances of an announcement as low. Even less likely is the prospect of a new round of bond buying, although many analysts think that will happen eventually too. ...
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Exclusive: Freeport Indonesia union to sign deal to end
Mon,12 Dec 2011 08:23 PM PST
Reuters -  JAKARTA (Reuters) - Freeport McMoRan Copper & Gold Inc and its Indonesian workers' union expect to sign a pay deal on Tuesday to end a three-month strike that has crippled production at the world's second-biggest copper mine, two sources told Reuters. The two sides have agreed to a pay rise of 40 percent over two years to end Indonesia's longest-running industrial dispute, and will sign the agreement in Jakarta, said the sources, who declined to be identified because the deal was not public. Freeport did not immediately respond to Reuters queries seeking comment. It was not clear when the U.S. ...
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Man dies of wounds suffered in Hollywood shooting spree
Mon,12 Dec 2011 08:04 PM PST
Reuters - LOS ANGELES (Reuters) - A music-industry executive died on Monday of wounds he suffered last week when a gunman opened fire on motorists in a famed Hollywood intersection, a hospital spokeswoman said. John Atterberry, 40, was critically injured during the shooting spree at Sunset Boulevard and Vine Street on Friday, a bizarre incident that some witnesses said they initially mistook for a movie. ... Full Story | Top |
Japan urges EU to make more convincing efforts
Mon,12 Dec 2011 07:26 PM PST
Reuters - TOKYO (Reuters) - Japanese Finance Minister Jun Azumi on Tuesday urged Europe to make further efforts to convince markets of its resolve to overcome the region's debt crisis and expressed caution about any potential Japan contribution to a rescue fund through the IMF. Azumi said Japan would cooperate where it can but only after Europe comes up with a thorough scheme and resources needed to build a fire wall and prevent contagion of the debt crisis. ... Full Story | Top |
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