Today's Reuters Business News Headlines - Yahoo! News:
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Glencore sticks to terms on "logical" Xstrata deal
Sun,4 Mar 2012 11:17 PM PST
Reuters -  LONDON (Reuters) - Commodities trader Glencore, which has agreed to a $37 billion takeover of miner Xstrata, said on Monday the deal was a "logical" next step for the two businesses, but gave no hint it could sweeten its offer to win over reluctant investors. The world's largest diversified commodities trader, which had released estimated 2011 earnings last month alongside news of the planned tie-up, confirmed those results, with net income up 7 percent to $4.06 billion, on a 28 percent rise in revenue. It will pay a total dividend for the year of $0.15 per share. Glencore is offering 2. ...
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S.Africa's rand, bonds trading in ranges
Sun,4 Mar 2012 11:16 PM PST
Reuters - JOHANNESBURG (Reuters) - South Africa's rand and government bonds held steady on Monday as traders looked abroad for more direction while importer demand for dollars and risk aversion could keep the rand in tight ranges. This week traders will be eyeing local January manufacturing data due on Thursday which could suggest a direction for local bond yields, while a bond swap between Greece and private investors will keep investors cautious. ... Full Story | Top |
Uganda central bank sells dollars in FX market
Sun,4 Mar 2012 10:53 PM PST
Reuters - KAMPALA (Reuters) - The Uganda central bank said on Monday it had stepped into the foreign exchange market to sell dollars, extending its intervention to a second straight session after the shilling fell against the dollar. The amount of dollars the Bank of Uganda had offloaded to prop up the currency was not immediately clear. Full Story | Top |
Analysis: Out of intensive care, Europe risks chronic illness
Sun,4 Mar 2012 10:52 PM PST
Reuters - BRUSSELS (Reuters) - The euro zone is out of the emergency ward, but it may face a chronic debilitating illness rather than a rapid convalescence. The challenges confronting Europe now are to avoid complacency, rekindle economic growth while cutting debt and prevent national politics pulling the currency area apart. Last week's European Union summit was the first in two years that was not totally dominated by fire-fighting in the currency bloc's sovereign debt crisis. The relief was audible. ... Full Story | Top |
Brent back near $124 on supply concerns over Iran
Sun,4 Mar 2012 10:52 PM PST
Reuters - SINGAPORE (Reuters) - Brent crude climbed to near $124 on Monday, rebounding from a drop of 2 percent the previous session as another refiner announced cuts to Iranian imports, feeding fears of a supply crunch as the West presses ahead with sanctions on Tehran. Relief that China's 2012 growth target came in as expected at 7.5 percent reassured investors that the country would continue to propel steady demand for oil, while a delay of up to four more days in restarting Enbridge Inc's oil pipeline system in the U.S. Midwest also provided support. ... Full Story | Top |
Egypt's GB Auto says Q4 net rises 8 pct
Sun,4 Mar 2012 10:29 PM PST
Reuters - CAIRO (Reuters) - Egypt's GB Auto reported an 8 percent rise in its fourth-quarter net income on Monday as sales grew 7 percent. The company said in a statement posted on its website that net income for the fourth quarter of 2011 was 43.4 million Egyptian pounds, compared to 40.1 million pounds in the same period a year earlier. Sales grew to 1.877 billion pounds from 1.762 billion in the same quarter of 2010. Full Story | Top |
Shares ease as investors await data, fret on
Sun,4 Mar 2012 10:10 PM PST
Reuters - TOKYO (Reuters) - Asian shares fell on Monday, as investors turned cautious about riding further on liquidity-driven optimism without seeing more evidence of firmer global growth and on concerns about the impact of a slowing Chinese economy. Market sentiment has been improving since late last year as major central banks around the world flooded the financial system with ample funds to stave off fears of a credit crunch, allowing money to flow into a broad range of assets. But while recent U.S. ... Full Story | Top |
Egypt forex reserves drop slows to $636 mln in Feb
Sun,4 Mar 2012 09:57 PM PST
Reuters -  CAIRO (Reuters) - A decline in Egypt's net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country's currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four months. They now stand at $15.72 billion, well under half what they were before the popular uprising last year. The central bank has been drawing down its reserves as it defends the Egyptian pound, which has lost only around 3. ...
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Tunisia grain crop hit by floods: officials
Sun,4 Mar 2012 09:56 PM PST
Reuters -  TUNIS (Reuters) - The grain harvest in Tunisia will be affected by recent floods, which destroyed about 14,000 hectares of land devoted to the cultivation of cereals, officials said on Sunday. "About 14,000 hectares of grain area was damaged," Habib Jomli, a senior agriculture ministry official, said. "These floods will have a negative impact on the grain harvest this year ... The affected areas are Beja, Bizerte and Jendouba. ...
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Libyan stock exchange says to re-open on March 15
Sun,4 Mar 2012 09:53 PM PST
Reuters -  TRIPOLI (Reuters) - Libya's stock exchange is to re-open on March 15, just over a year after the country's conflict forced it to close down, the head of the bourse said on Sunday. The exchange had previously said it would open at the end of February, but General Manager Ahmed Karoud said that was pushed back because of electricity outages at the bourse and delays in receiving regulatory filings from the listed companies. The re-launch of the exchange will be a symbol that Libya is open for business again after the conflict that ousted Muammar Gaddafi. ...
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LME copper clings to gains on China hopes
Sun,4 Mar 2012 09:41 PM PST
Reuters - SINGAPORE (Reuters) - London copper edged higher on Monday, reflecting hopes that demand from top consumer China will pick up and that prices could rise further as the U.S. economy improves and global supplies remain tight. Copper has risen 13 percent this year, buttressed, along with other commodities, by increased liquidity across markets as countries opt to ease their monetary policies to spur growth. ... Full Story | Top |
Gold holds ground at $1,710; dollar strength weighs
Sun,4 Mar 2012 09:41 PM PST
Reuters - SINGAPORE (Reuters) - Gold prices hovered largely unchanged around $1,710 an ounce on Monday after suffering their biggest weekly loss in more than two months, supported by resilient demand for bullion while the strong U.S. dollar put off some investors. Spot gold lost nearly 4 percent last week, after U.S. Federal Reserve Chairman Ben Bernanke disappointed the market by omitting any reference to further monetary easing in a congressional testimony. ... Full Story | Top |
Dollar off 9-month high vs yen on profit-taking
Sun,4 Mar 2012 09:40 PM PST
Reuters - SINGAPORE (Reuters) - The dollar eased against the yen on Monday on profit-taking in the wake of its rise to a nine-month high late last week, but dollar-buying by Japanese importers helped to limit its losses. The dollar dipped 0.1 percent to 81.68 yen, still not far from a high of 81.873 yen hit on Friday on trading platform EBS, the dollar's highest level since late May 2011. Traders said there was some profit-taking in the dollar, which has climbed more than 7 percent from lows hit in early February near 76.00 yen, as well as yen-buying by offshore real money investors. ... Full Story | Top |
AIG selling $6 billion of AIA shares, to repay bail-out
Sun,4 Mar 2012 08:52 PM PST
Reuters -  HONG KONG (Reuters) - American International Group (AIG) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group in a long-awaited move to help the U.S. insurer repay a federal government bail-out. AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share - a discount of up to 7 percent to Friday's close of AIA shares, according to a term sheet seen by Reuters on Monday. Trading in AIA shares was suspended. AIG announced the sale, via a placement with institutional investors, in a statement, but did not specify the amount. ...
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China cuts 2012 growth target to 7.5 percent, stability key
Sun,4 Mar 2012 08:30 PM PST
Reuters -  BEIJING (Reuters) - Chinese Premier Wen Jiabao cut his nation's growth target to 7.5 percent for 2012 to give the economy more room to slow down if needed while the government carries out promised economic and welfare reforms ahead of a looming leadership transition. Speaking at China's annual parliamentary session, Wen nudged down the target from the longstanding goal of 8 percent annual growth, a move anticipated by investors expecting more focus on economic rebalancing and defusing price pressures. ...
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