Today's Reuters Business News Headlines - Yahoo! News:
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PRECIOUS-Gold edges up; euro zone concerns remain
Mon,9 Jan 2012 10:33 PM PST
Reuters - SINGAPORE (Reuters) - Gold prices edged higher on Tuesday after two straight sessions of losses, supported by a steady euro ahead of key bond auctions in the euro zone this week while sentiment remained fickle over the region's fiscal prospects. Spot gold has been moving in a tight range of less than $20 above $1,600 for three days after the new year euphoria quickly faded and worries about the euro zone debt crisis resurfaced. "The sentiment is neutral in the market," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. ... Full Story | Top |
Brent firm on Iran's threats but mood cautious
Mon,9 Jan 2012 10:30 PM PST
Reuters -  SINGAPORE (Reuters) - Brent crude rose above $112.50 on Tuesday as tension over Iran's nuclear programme ratcheted up and on unrest in Nigeria, but gains are being capped by persistent worries about the strength of European economies after weak German data. Iran confirmed on Monday that it has started uranium enrichment at the Fordow bunker near the city of Qom, which the U.S. state department called a 'further escalation' of violations of U.N. resolutions. ...
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Shares, euro rise even though Europe worries
Mon,9 Jan 2012 10:29 PM PST
Reuters -  TOKYO (Reuters) - Asian shares made solid gains and the euro rose on Tuesday, but concerns over euro zone sovereign funding ahead of key auctions outweighed some optimism on the economic outlook elsewhere and kept investors cautious about taking riskier positions. MSCI's broadest index of Asia Pacific shares outside Japan rose 1.6 percent as the materials sector outperformed after Alcoa Inc, the largest U.S. aluminium producer, gave a positive outlook for world demand. Alcoa partly helped lift Australian shares and also Japan's Nikkei, which closed up 0.4 percent. ...
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Shares, euro rise even though Europe worries weigh
Mon,9 Jan 2012 10:22 PM PST
Reuters -  TOKYO (Reuters) - Asian shares made solid gains and the euro rose on Tuesday, but concerns over euro zone sovereign funding ahead of key auctions outweighed some optimism on the economic outlook elsewhere and kept investors cautious about taking riskier positions. MSCI's broadest index of Asia Pacific shares outside Japan rose 1.6 percent as the materials sector outperformed after Alcoa Inc , the largest U.S. aluminium producer, gave a positive outlook for world demand. Alcoa partly helped lift Australian shares and also Japan's Nikkei , which closed up 0.4 percent. ...
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Egypt urban inflation rises to 9.5 pct in December
Mon,9 Jan 2012 10:02 PM PST
Reuters -  CAIRO (Reuters) - Egypt's urban consumer inflation was 9.5 percent in the 12 months to December compared to 9.1 percent in November, figures on Egypt's state statistics agency website showed on Tuesday. The urban consumer price index for December was 120.1 versus 109.7 a year earlier, state statistics agency CAPMAS said.
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Wall St ends slightly up before earnings
Mon,9 Jan 2012 09:38 PM PST
Reuters -  NEW YORK (Reuters) - U.S. stocks ended slightly higher on Monday in a lightly traded session as investors stayed cautious before corporate earnings and key auctions for European debt this week. Based on the latest available data, the Dow Jones industrial average was up 30.20 points, or 0.24 percent, at 12,390.12. The Standard & Poor's 500 Index was up 2.61 points, or 0.20 percent, at 1,280.42. The Nasdaq Composite Index was up 1.76 points, or 0.07 percent, at 2,675.98.
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More policy support seen as China import growth flags
Mon,9 Jan 2012 09:36 PM PST
Reuters -  BEIJING (Reuters) - China's exports and imports grew at their slowest pace in more than two years in December as foreign and domestic demand ebbed, data showed on Tuesday, bolstering expectations of more policy action from Beijing to support the world's number two economy. Annual export growth of 13.4 percent in December was in line with expectations, albeit the slowest since November 2009 except for a February distortion caused by Lunar New Year holidays. But it was a big downside surprise for import growth that caught investor attention, sinking to a 26-month low of just 11. ...
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S.Africa plans to issue 2024 international bond
Mon,9 Jan 2012 09:32 PM PST
Reuters -  JOHANNESBURG (Reuters) - South Africa plans to issue about 1 billion dollars of a 12-year bond in the international markets on Tuesday, traders said. The bond is in line with the Treasury's budget plans to tap international markets for about a billion dollars a year for the next two years after issuing 750 million dollars in a 30-year bond in March 2011. IFR Markets said the bond's initial pricing had tightened 5 basis points to 270 basis points from 275 basis points earlier. The deal is led by Barclays Capital and Citygroup, and Treasury is expected to announce final pricing on Tuesday. ...
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Nexen CEO resigns; Long Lake project in focus
Mon,9 Jan 2012 09:28 PM PST
Reuters - (Reuters) - Nexen Inc said its Chief Executive Marvin Romanow is leaving the Canadian independent oil producer effective immediately and Chief Financial Officer Kevin Reinhart will serve as interim CEO. The company is conducting a search for a new CEO, Nexen said in a statement. Nexen spokeswoman Patti Lewis declined to comment on the management change and said the company would offer further details on Tuesday. Gary Nieuwenburg, executive vice president of Nexen Canada, is also leaving the company effective immediately, Nexen said. ... Full Story | Top |
IMF sees Rwanda's growth slowing in 2012
Mon,9 Jan 2012 09:24 PM PST
Reuters -  (Reuters) - Economic growth in Rwanda is set to slow this year compared with 2011 and further tightening of monetary policy may be needed to contain inflation, the International Monetary Fund said on Monday. "While strong agricultural output and exports are driving high real gross domestic product growth, aggregate demand pressures are also building up and have already pushed up core inflation," Naoyuki Shinohara, the IMF's deputy managing director, said in an updated review of Rwanda's economy. The IMF did not offer an updated growth projection for 2012. ...
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Olympus sues execs over scandal, shares surge on M&A hopes
Mon,9 Jan 2012 09:16 PM PST
Reuters -  TOKYO (Reuters) - Japan's disgraced Olympus Corp is suing 19 current and former executives, including its current president, for up to almost $50 million in compensation, as it struggles to recover from one of the nation's worst accounting scandals. The maker of cameras and medical equipment said on Tuesday all board members subject to the lawsuit would quit in March or April, leaving it in the extraordinary position for now of continuing with its most senior executive, Shuichi Takayama, and several other directors it is suing for mismanagement. ...
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Analysis: Canadian labor under fire as costs weigh
Mon,9 Jan 2012 09:11 PM PST
Reuters - TORONTO/VANCOUVER (Reuters) - Canadian labor relations are getting ugly as companies look to cut costs inflated by a strong Canadian dollar and workers seek to reap rewards from a relatively strong domestic economy. The battle is in focus thanks to two high-profile lockouts by companies seeking concessions, including pay cuts, from unionized workers. It will broaden once talks start later this year in the auto sector as it extends its recovery from the 2009 bankruptcies of two of the U.S. Big Three automakers, with the potential for more disputes. ... Full Story | Top |
Ford CFO to retire in 2012: sources
Mon,9 Jan 2012 08:40 PM PST
Reuters - DETROIT (Reuters) - Ford Motor Co chief financial officer Lewis Booth plans to retire in the first half of this year, two people familiar with the matter said on Monday. Booth, 63, became CFO in 2008 after running Ford's operations in Europe and Asia. He joined the board of British aircraft engine maker Rolls-Royce Holdings Plc in May last year, a move that marked a transition to a career beyond the automaker where he has spent the past three decades. Booth declined to comment on his plans in a meeting with reporters on the sidelines of the Detroit auto show. ... Full Story | Top |
CORRECTED - CORRECTED-UPDATE 2-U.S. consumer credit surges by mo
Mon,9 Jan 2012 08:12 PM PST
Reuters -  WASHINGTON (Reuters) - U.S. consumer credit surged 10 percent in November, its biggest jump in a decade in a positive signal for the economy as consumers tapped their credit cards and the government doled out more student loans. Outstanding consumer credit increased by $20.37 billion during the month, the Federal Reserve said on Monday. That was the biggest gain since November 2001 and nearly three times the median forecast in a Reuters poll. Revolving credit, which mostly measures credit-card use, rose $5.60 billion, a third straight monthly increase. ...
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SEC wants banks to say more on European debt exposure
Mon,9 Jan 2012 07:08 PM PST
Reuters -  Jan 9 (Reuters) - The Securities and Exchange Commission has urged banks to publish more details about their exposure to European sovereign debt, a factor in the recent bankruptcy of the futures brokerage MF Global Holdings Ltd . In guidance issued on Friday, the regulator's Division of Corporation Finance said disclosures by publicly-traded financial institutions have been "inconsistent in both substance and presentation. ...
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