Today's Reuters Business News Headlines - Yahoo! News:
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Enbridge shuts part of key U.S. oil pipeline after fire
Sat,3 Mar 2012 06:31 PM PST
Reuters - CALGARY, Alberta (Reuters) - Enbridge Inc shut down a key segment of the main Canada-to-United States oil pipeline for an undetermined period on Saturday after a deadly vehicle accident caused a fire at an Illinois pumping station. The Canadian company said it was forced to shut down the 318,000 barrel-a-day "14/64" line between Superior, Wisconsin, and Griffith, Indiana, after the early-morning collision, which caused a blaze and a spill of crude near New Lenox, Illinois. That's equivalent to about 3 percent of total U.S. imports. ... Full Story | Top |
BP's $7.8 billion deal may speed payments for U.S. spill
Sat,3 Mar 2012 06:06 PM PST
Reuters -  NEW ORLEANS (Reuters) - The estimated $7.8 billion deal struck by BP Plc with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill could speed up payments to thousands of claimants and offers lawyers a potential windfall in legal fees. London-based BP announced the deal on Friday with the Plaintiffs' Steering Committee, or PSC, which represents condominium owners, fishermen, hoteliers, restaurateurs and others who say their livelihoods were damaged by the April 20, 2010, explosion of the Deepwater Horizon drilling rig and subsequent oil spill. ...
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BP's $7.8 billion deal may speed payments for U.S. spill
Sat,3 Mar 2012 03:32 PM PST
Reuters - NEW ORLEANS (Reuters) - The estimated $7.8 billion deal struck by BP Plc with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill could speed up payments to thousands of claimants and offers lawyers a potential windfall in legal fees. London-based BP announced the deal on Friday with the Plaintiffs' Steering Committee, or PSC, which represents condominium owners, fishermen, hoteliers, restaurateurs and others who say their livelihoods were damaged by the April 20, 2010, explosion of the Deepwater Horizon drilling rig and subsequent oil spill. ...
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Factbox: What's BP's potential pricetag for Macondo?
Sat,3 Mar 2012 02:30 PM PST
Reuters - (Reuters) - BP Plc struck a deal on Friday to pay an estimated $7.8 billion to settle claims from individuals and businesses stemming from the 2010 Gulf of Mexico oil spill. But BP and its partners in the ill-fated Macondo well still face substantial charges from possible civil and criminal penalties stemming from the disaster, as well as the cost of long-term environmental cleanup efforts. A rough calculation of those costs, based on estimates from analysts and some previously paid items, could put the total bill at over $65 billion. ... Full Story | Top |
IIF's Dallara says confident Greek debt swap will succeed
Sat,3 Mar 2012 01:49 PM PST
Reuters -  ATHENS (Reuters) - The chief negotiator for the body representing private sector holders of Greek bonds expressed confidence on Saturday that a bond swap deal which is a key part of Greece's bailout program would be completed successfully next week. "We can sense in our discussions with investors that momentum is building," Charles Dallara, managing director of the International Institute of Finance (IIF), told Greece's Antenna television in an interview. "I'm quite optimistic that the participation levels will be quite high," he said, but he declined to predict a figure. ...
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Deadly tornadoes create huge insured loss risk
Sat,3 Mar 2012 09:32 AM PST
Reuters - BOSTON (Reuters) - Less than a year after a series of tornadoes caused some of the worse insured losses in U.S. history, the insurance industry is likely facing substantial costs again after storms killed at least 33 people on Friday. Friday's system has already been compared to the "Super Outbreak" of April 1974, one of the largest and most violent ever recorded in the United States, as well as to a devastating outbreak last April. In total more than 46 people have died this week from violent storms. ... Full Story | Top |
ECB's Orphanides says debt crisis easing, but not over
Sat,3 Mar 2012 07:06 AM PST
Reuters -  NICOSIA (Reuters) - The euro zone sovereign debt crisis has eased in recent weeks, ECB Governing Council member Athanasios Orphanides said on Saturday, adding more needed to be done to convince markets the euro zone had an effective crisis handling mechanism in place. "We have seen a very substantial improvement if you look at where we were in November and where we are now in terms of risk for example of France, Belgium, Italy and Spain," Orphanides told a conference in Cyprus. ...
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Stocks, the little engine that could
Sat,3 Mar 2012 04:32 AM PST
Reuters -  NEW YORK (Reuters) - Stocks have proven the naysayers wrong so far in 2012. And the February jobs report could be just the ticket to keep the bulls going next week. The five-month stock rally has been built on a string of improving economic data that suggests U.S. corporate profit growth will remain intact, according to some analysts. Job growth is a big part of that picture. It has lagged most other parts of the U.S. economy, a point frequently raised by Republican presidential hopefuls. ...
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Nomura, George Soros cut stakes in Taiwan bank
Sat,3 Mar 2012 03:27 AM PST
Reuters -  TAIPEI (Reuters) - Nomura Holdings and billionaire investor George Soros have cut their stakes in Taishin Financial to about 1 percent each from about 3 percent last year, marking the latest exodus by foreign investors from Taiwan's over-banked market. "Soros thought that Taishin's problem is an indication of Taiwan's problems," said Welch Lin, chief financial officer of Taishin. "The industry is over-banked. The spread is the second-lowest in Asia after Japan. There needs to be consolidation," Lin told reporters on the sidelines of a business event. ...
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Barrick names human rights, ecology advisory panel
Sat,3 Mar 2012 03:21 AM PST
Reuters - TORONTO (Reuters) - Barrick Gold named a corporate social responsibility board on Friday, which will advise the world's top gold producer on community relations, sustainable development and human rights, as miners around the globe face tougher public and investor scrutiny of their activities. Toronto-based Barrick was hit by a torrent of criticism last year after at least five people were killed and many more were hurt, when hundreds of people raided a gold mine in Tanzania owned by its subsidiary African Barrick Gold. ... Full Story | Top |
China COFCO eyes Hong Kong for property unit IPO: exec
Sat,3 Mar 2012 02:50 AM PST
Reuters - BEIJING (Reuters) - China's top grain trader, COFCO Group , will seek to list its commercial property unit in Hong Kong, its chairman told Reuters on Saturday, without clarifying the timing or scale of the offering. Previously, the company had said it would consider mainland China or Hong Kong for the property unit listing. Chairman Ning Gaoning, speaking on the sidelines of the opening session of the China People's Political Consultative Conference (CPPCC), also said COFCO is seeking to list a produce and livestock unit either in mainland China or Hong Kong. ... Full Story | Top |
S.Africa's capital flows challenge needs "fresh thinking":C.bank
Sat,3 Mar 2012 12:35 AM PST
Reuters -  JOHANNESBURG (Reuters) - South Africa needs to set policies that aim to reduce the volatility of the rand exchange rate as capital flows pose challenges to emerging market currencies, central bank Deputy Governor Lesetja Kganyago said in a speech posted on the bank's website on Friday. "The capital flows challenge needs fresh thinking. Over the medium term, to moderate the real exchange rate, we need fiscal and monetary policy settings that reflect that policy objective and seek to achieve it," Kganyago said in the speech to an investor fund conference in Cape Town. ...
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S&P scores eight winning weeks in last nine
Sat,3 Mar 2012 12:17 AM PST
Reuters -  NEW YORK (Reuters) - The S&P 500 and Nasdaq notched their eighth week of gains in the last nine, but momentum ran out on Friday as shares ended the day lower after a thinly traded session. The Dow Jones industrial average dropped 2.73 points, or 0.02 percent, to end unofficially at 12,977.57. The Standard & Poor's 500 Index shed 4.46 points, or 0.32 percent, to finish unofficially at 1,369.63. The Nasdaq Composite Index fell 12.78 points, or 0.43 percent, to close unofficially at 2,976.19. For the week, the S&P 500 advanced 0.3 percent and the Nasdaq gained 0.4 percent. ...
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Citigroup Chairman Parsons stepping down
Fri,2 Mar 2012 04:35 PM PST
Reuters -  (Reuters) - Richard Parsons will step down as chairman of Citigroup Inc at its annual meeting in April and will be succeeded by Michael O'Neill, the former chief executive of Bank of Hawaii Corp, Citigroup said on Friday. Two other board members are also leaving. The moves will leave Citi under the leadership of directors and top executives who came to the company following losses in the financial crisis that required government bailouts. Parsons, 63, joined the board 16 years ago and became chairman in 2009. ...
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Citigroup Chairman Parsons stepping down
Fri,2 Mar 2012 03:11 PM PST
Reuters - (Reuters) - Richard Parsons will step down as chairman of Citigroup Inc at its annual meeting in April and is to be succeeded by Michael O'Neill, the former chief executive of Bank of Hawaii Corp, Citigroup said on Friday. Two other board members are also leaving. The moves will leave Citi under the leadership of directors and top executives who came to the company after it suffered losses in the financial crisis that required government bailouts. Parsons, 63, joined the board 16 years ago and became chairman in 2009. ...
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