Today's Reuters Business News Headlines - Yahoo! News:
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U.S. says China not currency manipulator; chides Japan
Tue,27 Dec 2011 11:50 PM PST
Reuters -  WASHINGTON (Reuters) - The U.S. Treasury again shied away from labeling China a currency manipulator on Tuesday, but it rapped the country for not moving quickly enough on exchange rate reforms. The United States also chided Japan for stepping into the currency market to stem the yen's rise, and urged South Korea to use such interventions sparingly. Some U.S. politicians have argued that China has gained an unfair competitive edge in global markets by keeping the yuan artificially low to boost exports, and pressure has mounted in Congress for President Barack Obama to punish China. ...
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NY Times to sell regional newspapers for $143 million
Tue,27 Dec 2011 11:36 PM PST
Reuters -  (Reuters) - The New York Times Co said it will sell 16 regional newspapers spread across the U.S. Southeast and California to Halifax Media Holdings for $143 million in cash as it looks to cut costs and focus on its most important papers and their websites. Regional newspapers have struggled recently because of weak local retail and national advertising, partly reflecting the economy's broader travails. The company said it will record an after-tax gain on the sale -- expected to close in a few weeks -- in the first quarter of 2012. ...
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Shares slip in thin trade, oil steady on Iran
Tue,27 Dec 2011 11:02 PM PST
Reuters - TOKYO (Reuters) - Asian shares fell on Wednesday in low volume with many market players away for year-end holidays, while oil held on to the previous day's gains on concerns about possible supply disruptions after Iran threatened to stop the flow of oil from the Gulf. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9 percent, keeping it on track for a 2011 loss of 18 percent, underperforming a 12 percent decline in European shares and a 9 percent drop in world stocks. The pan-Asian index was dragged lower by a 1. ... Full Story | Top |
S.Africa's rand little changed, bonds also flat
Tue,27 Dec 2011 11:01 PM PST
Reuters -  JOHANNESBURG, Dec 28 - South Africa's rand was little changed from its previous close and government bonds were also largely flat in sluggish trade on Wednesday, with most players out of the market until the start of the new year. The rand traded at 8.1530 against the greenback at 0653 GMT, down just 0.04 percent from Tuesday's close. "It's been very stagnant, I still think euro zone developments will be the major driver and the rand will trade accordingly," a Johannesburg rand dealer said. "It's very thin; and just looking at the price action this morning, markets are illiquid. ...
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Asian shares slip in thin trade, oil steady on Iran
Tue,27 Dec 2011 10:52 PM PST
Reuters -  TOKYO (Reuters) - Asian shares fell on Wednesday in low volume with many market players away for year-end holidays, while oil held on to the previous day's gains on concerns about possible supply disruptions after Iran threatened to stop the flow of oil from the Gulf. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9 percent, keeping it on track for a 2011 loss of 18 percent, underperforming a 12 percent decline in European shares and a 9 percent drop in world stocks . The pan-Asian index was dragged lower by a 1. ...
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Bahraini lender adds Libya c.bank gov as chairman
Tue,27 Dec 2011 10:47 PM PST
Reuters - (Reuters) - Arab Banking Corporation (ABC) has appointed the new governor of Libya's central bank as its chairman, the Bahrain-based lender said on Wednesday. Saddek Omar Elkaber, who took the helm at the Libyan central in October, was previously deputy chief executive at ABC's British unit, ABC International Bank. ABC is majority owned by the Central Bank of Libya, which holds a near-60 percent stake, and Kuwait Investment Authority. It also appointed Khaled Kagigi and Sami Rais as new directors. ... Full Story | Top |
Mining, infrastructure spending to spur Burkina growth: IMF
Tue,27 Dec 2011 10:09 PM PST
Reuters -  (Reuters) - Burkina Faso's economy is set to expand around 6.4 percent by 2013 from 5.8 percent forecast in 2012, boosted by new infrastructure spending and an expansion in mining, the International Monetary Fund said on Tuesday. In its annual health check of Burkina Faso's economy, the IMF said inflation was likely to remain below 3 percent, the criteria for the eight-country West African CFA franc zone of which it is a member. The bloc includes Burkina Faso, Benin, Guinea-Bissau, Mali and Niger. ...
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IMF says expects January talks with Egypt
Tue,27 Dec 2011 10:08 PM PST
Reuters -  CAIRO (Reuters) - The International Monetary Fund (IMF) said on Tuesday it planned to meet with Egyptian authorities to discuss the country's economic problems but added that any funding would have to be based on benchmarks that had broad political support. Egypt, whose economy has been hammered by the uprising that unseated Hosni Mubarak in February, turned down a $3 billion IMF facility in June, but ministers have indicated the country may now be prepared to return to the negotiating table. ...
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Gold inches down as growth concerns weigh
Tue,27 Dec 2011 10:02 PM PST
Reuters -  SINGAPORE (Reuters) - Gold edged lower on Wednesday, tracking falls in industrial metals and equities, as concerns about global economic growth weighed on market sentiment amid thin year-end trading volumes. Investors were cautious as the latest data out of the United States sent mixed signals. Improving labour market conditions lifted consumer confidence to an eight-month high in December, but persistently weak house prices remain an obstacle to faster economic growth. Industrial metals, along with equities, eased in thin holiday trade. "There have been a couple of positive signs on the U.S. ...
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Brent steadies above $109, Iran threat supports
Tue,27 Dec 2011 10:00 PM PST
Reuters -  SINGAPORE (Reuters) - Brent crude oil steadied above $109 a barrel on Wednesday after rallying for six straight sessions, supported by Iran's threat to halt oil shipments through the Strait of Hormuz. Brent eased 2 cents to $109.25 barrel by 0544 GMT, after climbing more than a dollar in the previous session. Prices have surged over 5 percent since December 16. U.S. crude fell 3 cents to $101.31 a barrel. ...
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S&P edges up for 5th straight gain
Tue,27 Dec 2011 09:54 PM PST
Reuters -  NEW YORK (Reuters) - U.S. stocks mostly extended gains for a fifth day on Tuesday after strong consumer confidence data, but investors' lack of participation suggested the advance was tenuous. The Dow Jones industrial average dropped 2.27 points, or 0.02 percent, to end unofficially at 12,291.73. But the Standard & Poor's 500 Index inched up just 0.11 of a point, or 0.01 percent, to 1,265.44. The Nasdaq Composite Index added 6.56 points, or 0.25 percent, to 2,625.20.
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IMF approves new $46.3 million loan for Mali
Tue,27 Dec 2011 09:48 PM PST
Reuters -  WASHINGTON (Reuters) - The International Monetary Fund on Tuesday approved a new $46.3 million loan program for Mali and approved an immediate disbursement of $9.3 million. "The loan arrangement was made under the Extended Credit Facility (ECF) in support of the country's strategy to increase growth and reduce poverty," the IMF said in a statement. The economic outlook for Mali is favorable, but subject to downside risks because the country's agricultural sector remains highly vulnerable to adverse weather conditions, the IMF said. ...
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Netflix, Gap lag in customer satisfaction online
Tue,27 Dec 2011 09:07 PM PST
Reuters -  (Reuters) - Netflix Inc and Gap Inc were among the worst performers in customer satisfaction among the largest online retailers this holiday season, according to a survey released on Wednesday. Overstock.com Inc came last out of the 40 largest online retailers, with a rating of 72 out of 100, down 4 points from last year, the survey by ForSee found. Gap.com, Gap's main website, was second last with 73 points, down 5 from a year ago. Other laggards included buy.com and websites run by Sony and Toys R Us, ForSee said. ...
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MF Global trustee has no conflict of interest: judge
Tue,27 Dec 2011 05:09 PM PST
Reuters -  (Reuters) - The trustee liquidating MF Global's brokerage does not have a conflict of interest stemming from prior work done for one of MF Global's key lenders, a bankruptcy judge said on Tuesday. Trustee James Giddens and his law firm, Hughes Hubbard & Reed, are sufficiently "disinterested," Judge Martin Glenn said in a ruling in U.S. Bankruptcy Court in Manhattan. The ruling came in response to accusations from some customers that past work done by the firm for JPMorgan Chase & Co , one of MF Global's main lenders, constituted a conflict of interest. ...
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Sears closing up to 120 stores as sales slide
Tue,27 Dec 2011 05:05 PM PST
Reuters -  (Reuters) - Sears Holdings Corp will close as many as 120 of its Kmart and Sears discount and department stores after its holiday sales slumped, sending its shares sliding more than 27 percent to their lowest level in three years. The retailer, which is controlled by its chairman, the hedge fund manager Edward Lampert, has seen sales decline every year since the $11 billion merger of the two chains in 2005, and likely faces further closings to cut expenses, preserve cash and push back against rivals such as Wal-Mart Stores Inc and Amazon.com Inc, analysts said. ...
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