Today's Reuters Business News Headlines - Yahoo! News:
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Asian shares rise; Oil spikes on Iran tension
Mon,2 Jan 2012 10:11 PM PST
Reuters -  SINGAPORE (Reuters) - Asian stocks rose on Tuesday as the first trading day of 2012 in most markets brought renewed appetite for riskier assets, while U.S. crude jumped more than 1.5 percent to above $100 a barrel on escalating tensions between Iran and the West. Stronger-than-expected manufacturing data from China boosted sentiment in Asia, but Europe's drawn-out debt crisis continued to cloud the outlook and dragged on the euro, which struggled off a decade low against the yen. ...
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BP seeks spill costs from Halliburton
Mon,2 Jan 2012 08:41 PM PST
Reuters -  (Reuters) - BP called on its contractor Halliburton on Monday to pay all costs and expenses the oil major incurred to clean up the 2010 Gulf of Mexico oil spill, according to a court filing by BP's lead trial attorney. BP has spent $14 billion in the Gulf Coast region in its response to the spill and set aside $20 billion for economic claims and natural resource restoration, according to its website. The filing did not give a figure on the amount of damages BP is seeking from Halliburton, which provided cement contracting services on the Macondo well project. ...
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BofA cuts India's M&M to underperform, lowers price
Mon,2 Jan 2012 07:17 PM PST
Reuters - (Reuters) - Bank of America Merrill Lynch has downgraded Indian utility vehicle and tractor maker Mahindra and Mahindra to 'underperform' from 'neutral', saying it expects slower earnings growth. "We expect core business volumes to disappoint and profit to decelerate sharply, leading to street downgrades. Our FY13E EPS translates to low single profit growth and 9 percent below street, justifying non-consensus rating," the Wall Street bank said in a note on Tuesday. It also cut its target price to 645 rupees from 815 rupees. The stock closed at 674 rupees on Monday. ... Full Story | Top |
IMF to release Japan bank stress tests in summer: report
Mon,2 Jan 2012 07:05 PM PST
Reuters - TOKYO (Reuters) - The International Monetary Fund will release as early as this summer the results of health checks on Japanese banks, including their ability to withstand the European debt crisis and weak economic growth, the Nikkei business daily reported on Tuesday. The IMF's Financial Sector Assessment Programs are in-depth analyses of a country's financial sector that were made mandatory for 25 "systemically important" countries to forestall another global financial crisis. ... Full Story | Top |
Giant Vale ship completes maiden journey to China
Mon,2 Jan 2012 05:31 PM PST
Reuters - SINGAPORE (Reuters) - The first of Vale's giant dry bulk vessels to arrive in China has completed delivery of its iron ore cargo, shipping data showed on Tuesday, a key step forward in the Brazilian miner's plan to cut shipping costs to its biggest market. Reuters Freightviews and independent shipping data confirmed the 388,000-tonne vessel, Berge Everest, had departed China's Port of Dalian over the weekend for Singapore, where it will likely refuel for its journey back to Brazil. Draught measurements indicated the ship had unloaded all or nearly all of its iron ore cargo in Dalian. ... Full Story | Top |
Insight: Memo to Eddie Lampert - Dump Kmart
Mon,2 Jan 2012 05:12 PM PST
Reuters -  (Reuters) - If hedge fund manager Eddie Lampert wants to save one of the oldest retail empires in the United States, he should consider shutting down Sears Holdings Corp's Kmart discount chain and focus on revamping its Sears department stores. Such is the advice of half a dozen retail executives and restructuring experts who have watched the company's sales shrink every year since 2005, when Lampert formed Sears Holdings by combining two of the most iconic American chains in an $11 billion deal. ...
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Euro wobbly ahead of event-packed U.S. week
Mon,2 Jan 2012 05:00 PM PST
Reuters -  SYDNEY (Reuters) - The euro got off to a rocky start against major currencies on Tuesday, standing just above a decade trough on the yen in Asia and looked set to remain under pressure in 2012 from Europe's debt crisis. The U.S. economy will be front and center this week - starting with ISM Manufacturing on Tuesday where an improvement to 53.2 is expected from November's reading of 52.7. It will be followed by the release of the FOMC Minutes where investors will look for signs of another round of quantitative easing. ...
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Forex-Euro wobbly ahead of event-packed U.S. week
Mon,2 Jan 2012 03:30 PM PST
Reuters - SYDNEY (Reuters) - The euro got off to a rocky start against major currencies on Tuesday, standing just above a decade trough on the yen in Asia and looked set to remain under pressure in 2012 from Europe's debt crisis. The U.S. economy will be front and center this week - starting with ISM Manufacturing on Tuesday where an improvement to 53.2 is expected from November's reading of 52.7. It will be followed by the release of the FOMC Minutes where investors will look for signs of another round of quantitative easing. ...
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Lufthansa warns EU scheme to raise fares
Mon,2 Jan 2012 02:34 PM PST
Reuters -  FRANKFURT/PARIS (Reuters) - Germany's Lufthansa told passengers on Monday to brace for higher ticket prices as it refuses to shoulder the costs of a carbon trading scheme at the centre of a brewing trade spat. The world's second largest long-haul carrier after Dubai's Emirates said it faced 130 million euros ($169 million) in extra costs this year and became the first major operator to announce possible surcharges since the EU scheme took effect on January 1. The increases will not go into effect straightaway. ...
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You thought 2011 was tough?
Mon,2 Jan 2012 02:11 PM PST
Reuters -  NEW YORK (Reuters) - Shaky Europe. Political gridlock. Volatile markets. Familiar themes for those who lived through 2011, and investors should be ready to revisit them next year. With a spiraling debt crisis in Europe, political upheaval around the world, and crumbling creditworthiness in major industrial nations, 2011 was a tough year to know where to invest. 2012 is unlikely to offer much respite. The S&P 500, a measure of the biggest U.S. companies' market value, spent much of the year getting pushed up and down, flummoxing shorts and longs -- and scaring moms and pops away from stocks. ...
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Economists cut Brazil price view for 5th week
Mon,2 Jan 2012 01:12 PM PST
Reuters - SAO PAULO (Reuters) - Economists trimmed forecasts for Brazil's inflation rate for 2012 for a fifth week, after estimating that consumer prices last year topped the official target for the first time since 2003, a central bank weekly survey showed on Monday. Estimates for 2012 inflation, as measured by changes in the benchmark IPCA consumer price index, edged down to 5.32 percent in the week ended December 30 - the lowest level in more than three months - from a prior 5.33 percent, according to the bank's Focus survey. Policymakers expect inflation to finish 2012 within the official 2.5 to 6. ... Full Story | Top |
Codelco seeks to lock in Anglo mining stake
Mon,2 Jan 2012 12:57 PM PST
Reuters - SANTIAGO, Jan 2 - Chile's state copper giant Codelco said on Monday it exercised a disputed option to buy a stake in Anglo American's south Chile mining assets, but is willing to consider taking a smaller stake if Anglo proposes a formula that safeguards its full value. Anglo last year announced it had sold a 24.5 percent stake in the assets to Japan's Mitsubishi , which Anglo said halved Codelco's potential 49 percent stake. The move surprised world No. 1 copper producer Codelco, along with investors. ... Full Story | Top |
Venezuela shrinks nationalization payment to Exxon
Mon,2 Jan 2012 12:52 PM PST
Reuters -  CARACAS (Reuters) - Venezuela's PDVSA said on Monday it will pay Exxon Mobil Corp $255 million in compensation for nationalized assets - less than a third of what the U.S. oil giant said it was awarded by an arbitration panel. The South American OPEC member's state oil company issued a defiant statement saying it was deducting debts owed by Exxon, including PDVSA's repurchase of bonds linked to the nationalized project. That cut down the panel's original award of $908 million, PDVSA said, adding it would make the payment within 60 days. ...
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Returns of online holiday gifts to hit record
Mon,2 Jan 2012 09:08 AM PST
Reuters -  (Reuters) - After the holiday party comes the hangover for retailers: handling millions of returns this week. With a Christmas season that has seen record e-commerce sales coming to a close, returns should hit an all-time high on Tuesday for United Parcel Service . The delivery company expects to handle more than 550,000 returns on Tuesday, a record, and up almost 8 percent from a year earlier. Several other days during the first week of 2012 will also top half a million returns, UPS said. ...
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European shares end higher in thin holiday trade
Mon,2 Jan 2012 08:39 AM PST
Reuters -  PARIS (Reuters) - European stocks ended higher in their first trading session of the year on Monday, led by defensive utilities such as E.ON and GDF Suez , while volumes were anaemic as UK and U.S. markets remained closed for the New Year holiday. The FTSEurofirst 300 index of top European shares provisionally closed 1 percent higher at 1,011.14 points, the index's highest close in two months, with investors shrugging off gloomy data from the euro zone showing the region's manufacturing activity declining for a fifth straight month in December. ...
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