Today's Reuters Business News Headlines - Yahoo! News:
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Asian shares ease in thin trade, U.S. data awaited
Mon,26 Dec 2011 10:42 PM PST
Reuters -  TOKYO (Reuters) - Asian shares eased on Tuesday as investors squared positions in thin volume before U.S. markets reopen after a long weekend and investors see fresh data that could offer clues about prospects for the world's largest economy. MSCI's broadest index of Asia Pacific shares outside Japan slipped 0.3 percent. It is down 17 percent for the year, far less than the 50 percent plunge it had in 2008 when the collapse of Lehman Brothers roiled global financial markets. Japan's Nikkei stock average closed down 0.5 percent in light trading. The Tokyo benchmark is down 17 percent this year. ...
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Tepco seeks $9 billion more for Fukushima compensation
Mon,26 Dec 2011 07:57 PM PST
Reuters -  TOKYO (Reuters) - Tokyo Electric Power Co asked a government-backed bailout body on Tuesday for an additional 690 billion yen ($8.8 billion) to help compensate victims of the nuclear crisis at its Fukushima Daiichi power plant. To help Japan's biggest utility, known as Tepco, meet costs running into trillions of yen for compensation and cleanup, the government had already agreed in November to provide 890 billion yen through a bailout fund. ...
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Olympus audit panel: no violations in handover
Mon,26 Dec 2011 07:20 PM PST
Reuters -  TOKYO (Reuters) - A panel reviewing auditing at Olympus Corp said it had so far found no violations of accounting guidelines in the handoff to the Japanese arm of Ernst & Young from another auditor, which drew questions from a previous panel looking into a $1.7 billion accounting scandal. The panel said in an interim report on Tuesday, however, that further examination was needed of the handling of the takeover by Ernst & Young ShinNihon LLC from KPMG AZSA LLC in 2009. External auditors for Olympus have faced questions over whether they were tough enough in monitoring its books. ...
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Chinese banks under pressure to raise cash next year: source
Mon,26 Dec 2011 05:48 PM PST
Reuters - SHANGHAI (Reuters) - China's listed banks are expected to raise over 100 billion yuan ($15.78 billion) through equity financing next year as they face pressure to replenish capital due to rapid loan growth and tighter regulation, the China Securities Journal reported on Tuesday. Citing analysts, the official paper said banks facing such pressure included Agricultural Bank of China , Industrial Bank Co Ltd and Bank of Communications . Banks are also expected tap the debt market for funding, it said. ... Full Story | Top |
China's fiscal deficit to fall in 2012: source
Mon,26 Dec 2011 05:47 PM PST
Reuters - SHANGHAI (Reuters) - China's central government will run a smaller fiscal deficit in 2012, according to a report by local media. Fiscal outlays will increase 11 percent to 11.1 trillion yuan ($1.75 trillion) in 2012, against a revenue increase of 9 percent, according an unnamed finance ministry source cited by the Shanghai Securities Journal. The figures, which emerged at the conclusion of the national Ministry of Finance Work Meeting on Monday, imply a 2012 fiscal deficit of 800 billion yuan, down 50 billion yuan from the expected 2011 deficit, the paper calculated. ... Full Story | Top |
Japan says it, India close to deciding dollar swap pact
Mon,26 Dec 2011 05:37 PM PST
Reuters - TOKYO (Reuters) - Japan and India are in the final stages of deciding on a dollar swap agreement and expect to reach agreement during Japanese Prime Minister Yoshihiko Noda's visit to India this week, Japan's finance minister said on Tuesday. An earlier $3 billion arrangement came into force in 2008 but expired in June. The Nikkei business newspaper reported on Sunday that the new one would be set at $10 billion. ... Full Story | Top |
Chinese banks under pressure to raise cash next year: source
Mon,26 Dec 2011 05:33 PM PST
Reuters - SHANGHAI (Reuters) - China's listed banks are expected to raise over 100 billion yuan ($15.78 billion) through equity financing next year as they face pressure to replenish capital due to rapid loan growth and tighter regulation, the China Securities Journal reported on Tuesday. Citing analysts, the official paper said banks facing such pressure included Agricultural Bank of China , Industrial Bank Co Ltd and Bank of Communications . Banks are also expected tap the debt market for funding, it said. ... Full Story | Top |
Southwest-AirTran attendants unions ink deal
Mon,26 Dec 2011 02:18 PM PST
Reuters - (Reuters) - Unions representing the flight attendants of Southwest Airlines and AirTran Airways on Monday reached an agreement to work under one common contract once members ratify the terms, according to a joint statement by the attendants' respective unions. Representatives of flight attendants from both airlines reached a Seniority Integration and Transition Agreement, condoned by SouthWest and AirTran, the statement said. ... Full Story | Top |
MF Global sows winter of discontent for CME
Mon,26 Dec 2011 10:53 AM PST
Reuters - CHICAGO (Reuters) - Agricultural bankers and other players in the world's grain markets say fallout from the collapse of giant broker MF Global is changing cash grain trading and fueling calls for alternatives and reforms. Trading changes include more "back to back" transactions and more direct contracting by farmers to end users, eliminating middlemen like MF Global, merchandisers say. ... Full Story | Top |
Japan, India shares gain in holiday-thin Asia, U.S. hopes help
Mon,26 Dec 2011 08:46 AM PST
Reuters -  TOKYO (Reuters) - Japanese and Indian stocks outperformed the rest of Asia in thin trade Monday, with sentiment partly lifted by signs of U.S. economic recovery, although trading was subdued with many markets closed for Christmas holidays. Tokyo's Nikkei stock average ended up 1 percent, above its 25-day moving average of 8,459, while India's main 30-share BSE index rose 1.14 percent, as investors sought holiday-season bargains. But MSCI's broadest index of Asia Pacific shares outside Japan slipped from a two-week high touched earlier in the day to trade down 0.1 percent. U.S. ...
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Fujifilm: too early to say if it will invest in Olympus
Mon,26 Dec 2011 07:20 AM PST
Reuters -  TOKYO (Reuters) - Japan's Fujifilm Holdings is watching developments at scandal-ridden Olympus Corp but it is too early to say if it will invest in the rival endoscope maker, a senior executive told Reuters in an interview on Monday. Fujifilm, a film and camera maker that has been diversifying into medical equipment and pharmaceuticals, as well as Sony Corp and Panasonic Corp were named by a newspaper last week as potential investors in Olympus. The report said Olympus was seeking to replenish its capital base by issuing $1.3 billion in preferred shares. ...
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Analysis: China investment wave unlikely to swamp EU
Mon,26 Dec 2011 07:17 AM PST
Reuters -  VENICE (Reuters) - The sign in a boutique selling glass hand-crafted on the Venetian island of Murano betrays an uncertain grasp of English. But the owner is very sure who is to blame for the tough times confronting the 700-year-old local glassmaking industry. "Everything in this shop is not made in China," it proclaims. A few doors away, imported Murano lookalikes sell for much less. To the untrained eye, they appear identical. With Europe drowning in debt and flirting with recession, China's influence can only rise further. Euro zone governments would love Beijing to plough more of its $3. ...
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Egypt cbank to offer 22 bln Eg pounds in repos
Mon,26 Dec 2011 07:05 AM PST
Reuters - CAIRO (Reuters) - Egypt's central bank said it would offer 22 billion Egyptian pounds in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.75 percent. The central bank introduced the weekly repo agreements in March to help it manage short-term interest rates after the popular uprising ousted President Hosni Mubarak. Last week the bank offered 20 billion pounds and accepted repos worth 17.915 billion pounds. Full Story | Top |
BofA mulls more asset sales to boost capital
Mon,26 Dec 2011 05:39 AM PST
Reuters -  (Reuters) - Bank of America Corp is lagging behind its major U.S. competitors in complying with new capital rules, leading the bank to consider even more asset sales, sources said. The bank's management is focused on not being an outlier compared to its peers and believes it has "viable alternatives" to increase its capital levels, a person familiar with the situation told Reuters. The bank, for example, could consider selling its Indian back-office processing operation, as other banks have, sources said. ...
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Yuan hits all-time high
Mon,26 Dec 2011 04:46 AM PST
Reuters -  SHANGHAI (Reuters) - The yuan closed up against the dollar on Monday after hitting an all-time high in intraday trading, guided by a stronger mid-point by the People's Bank of China, and looks set for an over-4-percent appreciation for 2011, traders said. The yuan is expected to remain stable or rise slightly in the last week of the year to close 2011 near 6.30 versus the dollar, in line with market expectations. ...
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