Today's Reuters Business News Headlines - Yahoo! News:
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China sacrifices growth to satiate inflation dragon
Sat,10 Mar 2012 11:31 PM PST
Reuters -  BEIJING (Reuters) - If inflation is a dragon that must be slain, China's Premier Wen Jiabao has shown he is willing to sacrifice a part of the country's most vital asset to do so -- growth. Cutting China's 2012 economic growth target to 7.5 percent at the start of the annual meeting of parliament last week says clearly that too rapid an expansion makes inflation too tough to contain, given the reforms needed to create widespread wealth. That he did so in the week it was revealed that the annual rate of inflation in February receded to a 20-month low of 3. ...
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Abu Dhabi freezes new hotel licenses: paper
Sat,10 Mar 2012 11:24 PM PST
Reuters -  DUBAI (Reuters) - Abu Dhabi will not issue new hotel licenses in the capital of the United Arab Emirates until further notice due to oversupply, a local newspaper reported on Sunday, citing a tourism official. However, none of the already issued licenses will be revoked even if construction of the hotels has not begun, said al-Rroya al-Eqtisadiyya, quoting Naser al-Riyami, an official in the emirate's tourism authority. ...
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Belgium extends austerity measures
Sat,10 Mar 2012 05:54 PM PST
Reuters - BRUSSELS (Reuters) - Belgium's government agreed early on Sunday to extend austerity measures by 1.82 billion euros ($2.39 billion) to keep its 2012 budget deficit within EU limits. After a full week of talks, ministers from the six-party coalition also decided to freeze a further 650 million euros of spending in case a weak economy meant further savings were required, the government said in a statement on Sunday. It added that it would provide further details at a news conference planned on Sunday morning. ... Full Story | Top |
Glencore bidding for grain handler Viterra: report
Sat,10 Mar 2012 05:25 PM PST
Reuters -  (Reuters) - Commodities and mining giant Glencore has made a 3.5 billion pound (US$5.5 billion) approach for Canada's biggest grain handler Viterra, Britain's Sunday Telegraph newspaper said on its website on Saturday. The London-based paper did not cite sources, but said it understood that Glencore had made an approach to Viterra, which triggered a statement by Viterra on Friday that it had received expressions of interest from third parties. ...
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Nardelli resigns from operating roles at Cerberus
Sat,10 Mar 2012 05:10 PM PST
Reuters -  (Reuters) - Robert Nardelli, the former head of Chrysler and Home Depot, has stepped down from his operating roles at Cerberus Capital Management LP, the private equity firm said this week. Cerberus said Nardelli, who served as chief executive of the firm's management consulting affiliate as well as its firearms-making conglomerate, resigned from both posts effective immediately. Nardelli will continue to serve as senior adviser to Cerberus CEO Steve Feinberg, the firm said. ...
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Barclays bank pay packages excessive - Cable
Sat,10 Mar 2012 05:00 PM PST
Reuters -  NEWCASTLE (Reuters) - Multi-million pound pay deals for the chief of Barclays and other executives of the bank are excessive and unjustified, Business Secretary Vince Cable said on Saturday, calling on its shareholders to take action to curb huge payouts. But the government would not intervene over high payouts to executives at taxpayer-owned Royal Bank of Scotland, because it wanted to avoid micro managing the lender, rescued by a state bailout during the 2008 credit crisis, he said in an interview. ...
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Customers pre-ordering latest iPad will have to wait
Sat,10 Mar 2012 04:53 PM PST
Reuters -  (Reuters) - People pre-ordering Apple Inc's new iPad to avoid the release-day crowds at the company's retail stores will have to wait longer to get their hands on the devices. The latest version of the company's tablet, which was unveiled this week, is set to hit shelves next Friday. But tablets pre-ordered online will not ship to buyers until the following Monday, March 19, according to the company's website. Earlier in the week, Apple had promised the newest tablet would arrive at customers' homes on the launch date. ...
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Nardelli resigns from operating roles at Cerberus
Sat,10 Mar 2012 12:38 PM PST
Reuters - (Reuters) - Robert Nardelli, the former head of Chrysler and Home Depot, has stepped down from his operating roles at Cerberus Capital Management LP, the private equity firm said this week. Cerberus said Nardelli, who served as chief executive of the firm's management consulting affiliate as well as its firearms-making conglomerate, resigned from both posts effective immediately. Nardelli will continue to serve as senior adviser to Cerberus CEO Steve Feinberg, the firm said. ...
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Greece eyes elections after debt deal
Sat,10 Mar 2012 12:37 PM PST
Reuters -  ATHENS (Reuters) - Greek Finance Minister Evangelos Venizelos formally submitted his candidacy to lead the Socialist PASOK party on Saturday, as the focus in Athens shifted to elections expected once an international bailout deal is cleared. Greece averted the immediate threat of an uncontrolled default on Thursday when it successfully concluded a bond swap deal under which private sector creditors agreed to accept deep cuts in the value of their holdings. "There is now more than just recession, budget cuts and tax increases ... ...
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Siemens CFO blasts NSN German job cut plan: paper
Sat,10 Mar 2012 11:29 AM PST
Reuters -  FRANKFURT (Reuters) - Siemens finance chief Joe Kaeser has blasted the way joint venture Nokia Siemens Networks (NSN) was handling planned job cuts in Germany and called on it to hold talks with labor. "Siemens will not accept without a fuss that NSN simply disappears from Munich," Kaeser told the Sueddeutsche Zeitung newspaper in Siemens's home town. "It is really time for NSN management and labor representatives to sit down and constructively seek economically sustainable solutions for the Munich site," he said in the interview published on Saturday. ...
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Customers pre-ordering latest iPad will have to wait
Sat,10 Mar 2012 10:55 AM PST
Reuters - (Reuters) - Consumers planning to pre-order Apple Inc's new iPad to avoid the release-day crowds at the company's retail stores will have to wait a little longer to get their hands on one of the devices. The latest version of the company's tablet, which was unveiled on Wednesday, is scheduled to hit shelves on March 16. But tablets pre-ordered online won't ship to buyers until March 19, according to the company's website. The Wall Street Journal reported in Saturday's edition that Apple's website had earlier promised the newest tablet would arrive at customers' homes on the launch date. ...
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Top-rated nations "have bigger say" in Juncker succession
Sat,10 Mar 2012 10:40 AM PST
Reuters -  ATHENS (Reuters) - Euro zone countries with a top credit rating might have a bigger say in talks to replace Jean-Claude Juncker as chairman of the bloc's finance ministers, a Greek newspaper quoted German Finance Minister Wolfgang Schaeuble as saying on Saturday. Asked in an interview in weekly To Vima whether Juncker's successor would have to come from a triple-A country, Schaeuble said: "Member states that observe the euro zone's fiscal rules and are rewarded for this by the rating agencies and the market will possibly have better chance to promote their candidates for the post. ...
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Brazil to extend IOF tax to longer maturities, paper says
Sat,10 Mar 2012 08:34 AM PST
Reuters - * IOF to be extended to loans maturing in up to 5 years-Folha * Would be second IOF change in less than two weeks SAO PAULO (Reuters) - Brazil will extended a 6 percent tax known as the IOF on overseas loans with maturities of up to five years, local newspaper Folha De S.Paulo reported on Saturday. The tax had previously been charged when companies in Brazil took foreign loans maturing up to two years, but was extended to three years on March 1. The change will be enacted at the beginning of next week, the newspaper reported, without citing sources. ... Full Story | Top |
Hypermarcas 4Q profit falls on debt costs
Sat,10 Mar 2012 07:57 AM PST
Reuters - SAO PAULO (Reuters) - Hypermarcas , the largest Brazilian producer of disposable consumer goods, saw profit plunge 41 percent in the fourth quarter from the same period a year earlier, as financial expenses more than doubled after the company took on debt to fund a string of acquisitions in recent years. Hypermarcas earned a profit of 49.6 million reais ($27.9 million) in the fourth quarter, compared with a net income of 84.1 million reais in the same quarter a year earlier, according to a securities filing. ... Full Story | Top |
Greece eyes 1 billion euro stimulus from EIB: PM adviser
Sat,10 Mar 2012 06:32 AM PST
Reuters -  ATHENS (Reuters) - Greece hopes to get 1 billion euros ($1.31 billion) in financing from the European Investment Bank (EIB) this year as a stimulus for its ailing economy, a senior official said on Saturday. Greece and the European Commission are pushing the EIB, the European Union's long-term investment arm, to disburse the funds, said Gikas Hardouvelis, top economic adviser to Prime Minister Lucas Papademos. "I believe in the end it will happen," Hardouvelis told Greece's Mega television, adding the EIB might channel the money into the Greek economy through local banks. ...
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