Today's Reuters Business News Headlines - Yahoo! News:
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S.Africa's MTN FY earnings, subscribers up
Tue,6 Mar 2012 11:47 PM PST
Reuters -  JOHANNESBURG (Reuters) - MTN Group, Africa's largest mobile phone operator, posted a 43 percent increase in full-year earnings on Wednesday, after last year's results were hit by costs from a black empowerment share scheme. MTN restated its results from the previous year, lowering them by nearly 18 percent to account for the costs of a 2010 share scheme to increase ownership among black investors. Adjusted headline earnings for the year to end-December totalled 1,070 cents compared with the restated 747 cents per share. Last year's number was changed from 909.1 cents. ...
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Zimbabwe refuses to extend Implats deadline
Tue,6 Mar 2012 11:46 PM PST
Reuters -  HARARE (Reuters) - Zimbabwe has turned down a request by Impala Platinum, the world's second-biggest producer, to extend a deadline to hand over a 29.5 percent stake in its Zimplats unit to a state-run fund, according to a letter seen by Reuters on Wednesday. Harare is expected to announce the fate of Implats' shareholding in Zimplats later on Wednesday after the two sides failed to agree on demands for the miner to surrender the stake, which is worth $310 million at current prices. ...
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Analaysis: Greek default may be gift to other euro strugglers
Tue,6 Mar 2012 11:38 PM PST
Reuters - LONDON (Reuters) - Greece's tortuous debt restructuring and threat of retroactive laws to compel reluctant creditors heaps regulatory risk onto investors but may make voluntary sovereign debt revamps more attractive and likely for other cash-strapped euro sovereigns and their creditors. Thursday could mark a climax of the Greek debt workout with private creditors due to respond to an offer that would see them effectively write off more than 70 percent of the face value of their bonds in return for new debt with a series of sweeteners. ... Full Story | Top |
Kenya shilling firms after central bank holds rate
Tue,6 Mar 2012 11:10 PM PST
Reuters -  NAIROBI (Reuters) - The Kenyan shilling firmed against the dollar on Wednesday after the central bank held its benchmark interest rate steady at 18 percent for the third month in a row. Policymakers cited a still-risky inflation outlook and concerns about the widening balance of payments for the decision to leave the rate unchanged. Analysts said that an 8 percent fall in the currency of neighbouring Uganda after it cut a percentage point from its policy rate last week could have influenced the Kenyan decision. ...
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Ugandan shilling jumps 4 pct against dollar
Tue,6 Mar 2012 11:09 PM PST
Reuters - KAMPALA (Reuters) - The Ugandan shilling rose 4 percent against the dollar in the first hour of trading on Wednesday, driven by market participants who took profits following a more than 8 percent fall over the previous four sessions. The shilling strengthened to as much as 2,415 per dollar from the previous day's close of 2,515 soon after the market opened, adding to its gains, which followed a rapid decline that had sent it to a low of 2,610 per dollar in a span of four days. Full Story | Top |
S.Africa's rand firms, bonds stable
Tue,6 Mar 2012 11:06 PM PST
Reuters - JOHANNESBURG (Reuters) - South Africa's rand firmed against the dollar on Wednesday, shrugging off concerns that Greece may not secure a deal with private creditors to cut its debt mountain. The rand was trading at 7.6183 to the dollar at 0634 GMT, over half a percent firmer than Tuesday's New York close of 7.662. The central bank said net gold and foreign exchange reserves increased to $49.639 billion at the end of February from $49.072 billion in January while gross reserves were up to $51.889 billion from $51.451 billion in the January. ... Full Story | Top |
Gold snaps 3-day loss, Greek debt fears linger
Tue,6 Mar 2012 10:35 PM PST
Reuters - SINGAPORE (Reuters) - Gold regained some ground on Wednesday as jewellers in Asia snapped up the metal after prices dropped 2 percent in the previous session, while lingering fears about a possible Greek default sent investors scurrying to buy the dollar. Worries that Greece may not secure a deal with private creditors to cut its debt by the Thursday deadline spurred selling in shares, but pressure on gold was offset by a bounce in the euro and physical offtake. Spot gold added $1.76 to $1,675.70 per ounce by 0607 GMT, having hit a low of $1,663.95 on Tuesday, the weakest since January 25. ... Full Story | Top |
Japan prosecutors charge key figures in Olympus scandal
Tue,6 Mar 2012 10:33 PM PST
Reuters - TOKYO (Reuters) - Tokyo prosecutors on Wednesday charged Olympus Corp and six key figures in the $1.7 billion accounting fraud at the camera and endoscope maker, tightening their case in the investigation of one of Japan's biggest corporate scandals. Prosecutors charged ex-chairman Tsuyoshi Kikukawa, former executive vice-president Hisashi Mori and former auditor Hideo Yamada with inflating the company's net worth in financial statements for the fiscal years ended March 2007 and 2008, in violation of the Financial Instruments and Exchange Law. ... Full Story | Top |
S.Africa February net reserves rise to $49.64 bln
Tue,6 Mar 2012 10:23 PM PST
Reuters -  JOHANNESBURG (Reuters) - South Africa's net gold and foreign exchange reserves stood at$49.639 billion at the end of February from $49.072 billion in January, data from the central bank showed on Wednesday. Gross reserves rose to $51.889 billion from $51.451 billion in January, the bank said in a statement on its website. The forward position, which represents the bank's unsettled spot or swap transactions, was at $6.618 billion compared with $6.555 billion in January.
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LME copper pauses after sell-off, caution stays
Tue,6 Mar 2012 10:18 PM PST
Reuters - SINGAPORE (Reuters) - London copper edged off two-week lows on Wednesday, after sliding more than 2 percent in the previous session, although the metal is still facing a downward pressure given a shaky outlook for global demand. More liquidity across markets has benefitted risk assets but a broad-based sell-off on Tuesday showed investors are increasingly getting worried about the poor prospects for raw material demand with Europe facing a full blown recession and top copper user China lowering its growth target. Three-month copper on the London Metal Exchange was little changed at $8,293. ... Full Story | Top |
Brent climbs above $122 on China demand, Iran concerns
Tue,6 Mar 2012 10:16 PM PST
Reuters - SINGAPORE (Reuters) - Brent crude climbed above $122 on Wednesday after China said it would boost energy imports this year while concerns persist over supply risks and Iran's nuclear program, despite the country's offer for talks with major powers. China's trade ministry said the country plans to boost energy imports in 2012, and will keep policies to ensure stable export growth, which it expects to improve in the second half of the year. Front-month Brent gained 36 cents to $122.34 a barrel by 0450 GMT, after settling $1.82 lower at $121.98 in the previous session. U.S. ... Full Story | Top |
Markets fall over Greece uncertainty, slowing
Tue,6 Mar 2012 10:13 PM PST
Reuters - TOKYO (Reuters) - Asian shares fell for a third day in a row on Wednesday as investors grew more risk averse, with renewed uncertainty over Greece's bailout and mounting worries about slowing global economies overshadowing support from ample liquidity. The three U.S. equity indexes recorded their biggest one-day percentage drop this year on Tuesday, while the CBOE Volatility index VIX rose, reflecting a receding appetite for riskier assets. Commodity currencies eased, with the Australian dollar falling for a second session in Asia to a six-week low. ... Full Story | Top |
Egypt's GDP grew by annual 0.4 pct in Q4
Tue,6 Mar 2012 10:12 PM PST
Reuters - CAIRO (Reuters) - Egypt's economy grew by an annualised 0.4 percent in the fourth quarter of 2011, indicating the economy is on the mend after the turmoil of last year's popular uprising, the deputy chairman of parliament's economic committee said, citing official figures. "The slowdown in the growth rate has been contained, and that is a good indicator for growth," said member of parliament Abbas Abdel Aziz on Monday. "The growth rate was 0.2 percent in the first quarter of last year. But in the second quarter it rose to 0.4 percent. This is an improvement. ... Full Story | Top |
Chevron says fire now out at Nigeria gas well
Tue,6 Mar 2012 10:00 PM PST
Reuters - LAGOS (Reuters) - Chevron Corp. said on Tuesday that a raging fire that followed a gas explosion at its Funiwa well just off the coast of Nigeria had gone out by itself. "The site of the Funiwa 1A natural gas well offshore Nigeria ceased burning on Friday, March 2. The well stopped flowing on its own," the statement said. "CNL (Chevron Nigeria Limited) has detected no natural gas flowing from the well since the fire ceased burning and is monitoring the area continuously. ... Full Story | Top |
Africa emerges as new frontier for gold M&A
Tue,6 Mar 2012 09:56 PM PST
Reuters - TORONTO (Reuters) - At the massive Prospectors and Developers convention, it's not hard to find a table full of mining executives huddled in conversation, their voices muffled by the din of thousands of participants at the event. With gold prices steady above $1,650 an ounce and a growing number of juniors producing in Africa, it is increasingly likely that those discussions might be about acquisitions in places like Burkina Faso or Ivory Coast. "Africa's become ... ... Full Story | Top |
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