Today's Reuters Business News Headlines - Yahoo! News:
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S.Africa's rand near two-week low, bonds edge down
Tue,13 Dec 2011 11:03 PM PST
Reuters -  JOHANNESBURG (Reuters) - The South African rand languished near a two-week low against the dollar in early trade on Wednesday, and traders said the currency would probably test weaker levels amid negative risk sentiment. Local trade has been taking direction from the battered euro currency, as investors dump riskier assets and push into the relative safety of the U.S. dollar. Analysts say as long as Europe's crisis remains unresolved, any risk appetite is unlikely to last for long. ...
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Stocks, euro fall after Fed shuns new stimulus
Tue,13 Dec 2011 10:35 PM PST
Reuters -  SINGAPORE (Reuters) - Asian shares drifted lower and the euro idled near an 11-month low on Wednesday after the Federal Reserve failed to take any new steps to stimulate growth and offset the chilling effects of Europe's still-unresolved sovereign debt crisis. Wall Street stocks fell after the U.S. central bank's final policy meeting of the year, at which the Fed noted modest improvement in the U.S. economy but added that market turbulence in the face of Europe's woes posed a big risk. ...
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Analysis: Dividends to the fore as investment theme in Asia
Tue,13 Dec 2011 09:41 PM PST
Reuters - HONG KONG (Reuters) - Investing for income rather than growth in Asia is likely to pay dividends for investors nursing wounds after a rough 2011 and staring at an uncertain outlook next year. A focus on dividend payouts by Asian corporates, considered by many as a somewhat defensive strategy, runs contrary to the popular notion that investing in the region is all about chasing earnings-driven momentum. ... Full Story | Top |
Nikkei falls, breaks briefly below 25-day support level
Tue,13 Dec 2011 09:22 PM PST
Reuters - TOKYO (Reuters) - Japan's Nikkei share average fell on Wednesday, breaking below its closely watched 25-day moving average at one point after the Federal Reserve in a statement highlighted risks to the U.S. economy posed by the worsening European debt crisis. Global stock markets also came under pressure after German Chancellor Angela Merkel rejected any suggestion of boosting the 500 billion euro bailout fund on Tuesday. ... Full Story | Top |
US gold falls 2 pct as dollar regains strength
Tue,13 Dec 2011 09:22 PM PST
Reuters -  SINGAPORE (Reuters) - U.S. gold fell 2 percent on Wednesday to its lowest in nearly two months, tracking cash gold prices, as the dollar retained its strength after the U.S. Federal Reserve refrained from announcing any measures to ease monetary policy. The dollar index rose to an 11-month high, Asian shares drifted lower and the euro weakened after the U.S. central bank failed to take any new steps to stimulate growth. ...
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Brent slips towards $109 as investors book profits, Europe
Tue,13 Dec 2011 09:21 PM PST
Reuters - SINGAPORE (Reuters) - Brent crude slipped towards $109 on Wednesday as investors booked profits after prices rose more than $2 in the previous session and worries about the global economy overshadowed concerns over supply disruption from the Middle East. Jitters over Iran and threats to key shipping lanes made oil post its biggest gain in a month on Tuesday, in sharp contrast to a fall in most other financial markets. Oil investors are turning their attention on the global growth outlook after the Federal Reserve warned that the turmoil in Europe poses a risk to the U.S. economy. ... Full Story | Top |
Wall St ends lower after volatile day
Tue,13 Dec 2011 09:14 PM PST
Reuters -  NEW YORK (Reuters) - U.S. stocks ended lower in a volatile session on Tuesday after the Federal Reserve gave no hints of new stimulus measures to offset the effects of the worsening European debt crisis. Based on the latest available data, the Dow Jones industrial average was down 71.03 points, or 0.59 percent, to end unofficially at 11,950.36. The Standard & Poor's 500 Index was down 11.18 points, or 0.90 percent, to finish unofficially at 1,225.29. The Nasdaq Composite Index was down 33.78 points, or 1.29 percent, to close unofficially at 2,578.48.
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Most dealers see Fed buying more MBS: Reuters poll
Tue,13 Dec 2011 08:56 PM PST
Reuters - NEW YORK (Reuters) - Most Wall Street economists expect the Federal Reserve will undertake another major economic stimulus program, even though the U.S. central bank did not announce any new action at its policy meeting on Tuesday, according to a Reuters poll. Ten of 17 primary dealers, the large financial institutions that do business directly with the Fed, said they expect the central bank to undertake a new program of buying mortgage-backed securities. That compares with 13 of 20 primary dealers calling for a new MBS purchase program in a similar poll conducted on December 2. ... Full Story | Top |
China sets prudent, pro-active policies for 2012
Tue,13 Dec 2011 08:42 PM PST
Reuters -  BEIJING (Reuters) - China will maintain "prudent" monetary and "proactive" fiscal policies in 2012, the official Xinhua news agency said as the country's top economic policy-setting conference closed its annual meeting on Wednesday. The decision effectively endorses one made by the top Chinese leadership last week, which suggested Beijing is not ready to explicitly shift to a pro-growth policy stance despite a cooling global economy. ...
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Italy bond costs set to mark new record at auction
Tue,13 Dec 2011 08:39 PM PST
Reuters -  MILAN (Reuters) - Italy's five-year borrowing costs are expected to rise further above 6 percent on Wednesday, to mark a new euro lifetime high, at an auction that will provide a first test of bond market sentiment towards the euro zone after last weekend's EU summit. Measures agreed by European leaders to strengthen fiscal discipline have not convinced markets the debt crisis will be resolved and threatened rating downgrades for euro zone states averted, or curbed yields on outstanding Italian debt. ...
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FCC's Genachowski to lose his chief of staff
Tue,13 Dec 2011 08:01 PM PST
Reuters - WASHINGTON (Reuters) - Eddie Lazarus, chief of staff to the top U.S. communications regulator, is stepping down next month to pursue other endeavors, the Federal Communications Commission said on Tuesday. Lazarus described his role at the agency as a "consigliere" to FCC Chairman Julius Genachowski. "Within this office, I'm the last stop before the chairman for pretty much everything," he told Reuters. Lazarus came to the agency from the law and lobbying firm Akin, Gump, Strauss, Hauer & Feld in June 2009 to serve as Genachowski's chief of staff. ... Full Story | Top |
Freeport Indonesia workers to return to work Sat: union
Tue,13 Dec 2011 07:56 PM PST
Reuters - JAKARTA (Reuters) - Striking workers at Freeport Indonesia will return to work on Saturday after agreeing to a pay deal to end a three-month dispute that has paralyzed output at the world's second-biggest copper mine, a union official said on Wednesday. Freeport McMoRan Copper & Gold Inc and the union are expected to sign a deal within days, which will include a pay rise of 37 percent over two years to end Indonesia's longest-running industrial dispute, the union has said. ... Full Story | Top |
House clears way for spectrum auction; bill faces veto
Tue,13 Dec 2011 07:01 PM PST
Reuters - LOS ANGELES (TheWrap.com) - Congress passed new legislation on Tuesday that would give the Federal Communications Commission the authority to auction off television companies' broadband spectrum, so it can be reallocated for mobile and internet companies. Participation in the sale would be voluntary and broadcasters and cable companies would be paid for any spectrum that they allow the commission to put on the block. However, the FCC's dreams of easing the spectrum crunch caused by the growing popularity of internet connected phones and tablets may die in the Democratic-controlled Senate. ... Full Story | Top |
Exclusive: MF Global drew up survival manual in final days
Tue,13 Dec 2011 06:41 PM PST
Reuters - WASHINGTON (Reuters) - Just days before it declared bankruptcy on October 31, MF Global concluded it could remain solvent even if a major ratings downgrade limited its access to funding, according to an internal "break-the-glass" plan obtained by Reuters on Tuesday. The report, which was undated but appeared to be drafted before October 20, shows how the firm was furiously mapping out scenarios as markets started losing confidence in the futures brokerage. ... Full Story | Top |
MF's Corzine said to know of customer fund misuse
Tue,13 Dec 2011 06:23 PM PST
Reuters -  WASHINGTON (Reuters) - The regulatory arm of CME Group has turned over interviews to the Justice Department that allege former MF Global chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME executive said on Tuesday. The information is fourth-hand but is the strongest statement yet from a regulator that Corzine may have personally known customer funds were diverted for firm use. ...
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