Today's Reuters Business News Headlines - Yahoo! News:
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Wall Street dips, but winners gain as quarter's end near
Tue,27 Mar 2012 11:16 PM PDT
Reuters -  NEW YORK (Reuters) - Stocks retreated from near four-year peaks on Tuesday, while a batch of large-cap shares hit new highs, with the help of portfolio managers snapping up top performers near the end of the quarter. With the first quarter ending on Friday, portfolio managers adjusted holdings by buying some of the best performers to dress up their portfolios. A total of 175 stocks on the New York Stock Exchange hit new 52-week highs on Tuesday, including Dow components Home Depot and International Business Machines , along with high-end retailers. ...
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Strike actions at BHP coal mines to escalate: union
Tue,27 Mar 2012 11:10 PM PDT
Reuters -  SYDNEY (Reuters) - Union workers will step up industrial action against seven Australian coal mines operated by BHP Billiton , which are among the largest in the world, a union official said on Wednesday. The mines, operated under the BHP Billiton-Mitsubishi Alliance joint venture, have a combined output capacity of more than 58 million metric tonnes (63.9 tons) per year, representing about a fifth of annual global trade. ...
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BRICS to eye joint bank, exchange ties at summit
Tue,27 Mar 2012 11:03 PM PDT
Reuters - NEW DELHI (Reuters) - The BRICS group of emerging world powerhouses - Brazil, Russia, India, China and South Africa - is expected to launch plans this week for a joint development bank and measures to bring their stock exchanges closer together. Officials say the initiatives will take time as they need to sort out details. But they herald a new level of ambition for a bloc that brings together about half the world's people. The Middle East and energy security will also be discussed, officials say. ... Full Story | Top |
Total Kenya FY pre-tax profit falls 96 pct on price controls
Tue,27 Mar 2012 11:01 PM PDT
Reuters -  NAIROBI (Reuters) - Fuel marketer Total Kenya posted a 96 percent drop in full-year profit to 58 million shillings, and blamed a weakening Kenyan shilling against the dollar, inflation and price caps introduced in the sector in December 2010. Total Kenya said in a statement published in newspapers on Wednesday that cost of sales rose by 49 percent during the year, but the company was unable to pass on these costs to the consumer as a result of the price controls. Inflation and a weaker shilling also added to operating costs, the firm said. ...
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Wall St dips, but winners gain as quarter's end near
Tue,27 Mar 2012 10:58 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks retreated from near four-year peaks on Tuesday, while a batch of large-cap shares hit new highs, with the help of portfolio managers snapping up top performers near the end of the quarter. With the first quarter ending on Friday, portfolio managers adjusted holdings by buying some of the best performers to dress up their portfolios. A total of 175 stocks on the New York Stock Exchange hit new 52-week highs on Tuesday, including Dow components Home Depot and International Business Machines, along with high-end retailers. ... Full Story | Top |
Petroplus to dispose of assets and delist
Tue,27 Mar 2012 10:51 PM PDT
Reuters -  ZURICH (Reuters) - Insolvent oil refiner Petroplus said on Wednesday it planned to negotiate a sale of its assets and would delist its stock and a $150 million convertible bond from the Swiss bourse by mid-May. The Swiss-based company, heaving under high debt and poor refining margins, said it had applied for permission from a local Swiss court to dispose of its assets to pay out to creditors. Petroplus intends to apply to delist its shares from the SIX Swiss exchange after five and a half years on the bourse and expects the last trading day to be on May 11, 2012. ...
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Apple to offer refund to Australian buyers of new iPad
Tue,27 Mar 2012 10:48 PM PDT
Reuters -  MELBOURNE (Reuters) - Apple Inc will email all Australian buyers of its new iPad to offer them a refund, a lawyer for the company said on Wednesday, after the nation's consumer watchdog accused it of misleading advertising over one key aspect of the product. The Australian Competition and Consumer Commission has taken legal action to ensure Apple makes consumers aware its third-generation iPad cannot connect to a 4G mobile data network in Australia due to technical incompatibility. ...
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Gold hovers around $1,680/oz; US data eyed
Tue,27 Mar 2012 10:48 PM PDT
Reuters -  SINGAPORE (Reuters) - Gold hovered around $1,680 an ounce on Wednesday, as investors awaited more trading cues from U.S. data after recent hints from the U.S. Federal Reserve chairman on more stimulus propelled bullion to a two-week high near $1,700 in the previous session. After defending very low interest rates and triggering a rally in bullion prices earlier in the week, Ben Bernanke cautioned it is too soon to declare victory in the U.S. recovery and said the Fed would take no options off the table on further action to stimulate growth. ...
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Vitol takes stake in SAfrica coal miner CIC
Tue,27 Mar 2012 10:27 PM PDT
Reuters -  MOSCOW (Reuters) - Energy trader Vitol is taking a 9.1 percent stake in South Africa miner CIC Energy Group as part of its strategy to develop a substantial coal business for the long-term, a Vitol executive told Reuters on Tuesday. Falling coal qualities in South Africa's Mpumalanga coal heartland and a lack of access to export capacity have forced coal players to look to the north of the country, to Botswana, the Waterberg and across the border to largely-undeveloped Mozambique for investments, industry sources said. ...
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Moroccan c.bank: Gov't should snub telco capital hike
Tue,27 Mar 2012 10:21 PM PDT
Reuters -  RABAT (Reuters) - The Moroccan government should not subscribe to a planned capital increase by Maroc Telecom because it can not afford it considering the state of public finances, the head of the country's central bank said on Tuesday. Maroc Telecom said on Monday it would ask a shareholders' assembly to vote on April 24 for a management's proposal to raise its capital by up to 200 million shares, or as much as 22.7 percent. Vivendi holds a 53 percent stake in Maroc Telecom and the Moroccan government has 30 percent. ...
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World Bank approves loan for Cameroon dam project
Tue,27 Mar 2012 10:20 PM PDT
Reuters -  WASHINGTON (Reuters) - The World Bank on Tuesday approved a $132 million zero-interest loan to help Cameroon build a dam to generate more electricity for homes and businesses across the west Central African nation. The World Bank joins several other organizations in helping finance the Lom Pangar Hydropower Project that is expected to increase hydroelectric generating capacity on Cameroon's Sanaga River by about 40 percent. ...
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Brent breaches $125 on US crude stocks rise, possible release
Tue,27 Mar 2012 10:14 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude fell for a second session on Wednesday, breaching $125, on the possibility of a release of strategic oil reserves by the United States even after crude stockpiles in the world's largest oil user rose more than expected last week. Oil remained supported by supply concerns on rising tensions between Iran and the West, production problems in the North Sea and bombing in South Sudan. Brent May crude fell 63 cents to $124.91 a barrel by 0426 GMT. U.S. crude was down 53 cents to $106.80. ...
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Russia placing blockbuster $7 billion Eurobond deal
Tue,27 Mar 2012 09:52 PM PDT
Reuters - MOSCOW (Reuters) - Russia will raise $7 billion in Eurobonds in the largest emerging markets sovereign offering since at least 2000, fully covering its foreign borrowing plan for 2012, sources close to the deal said on Tuesday. Capitalizing on strong oil prices that have boosted confidence in Russia's fiscal performance, the dollar offering attracted bids of $17 billion, leading the Finance Ministry to slightly tighten yield guidance on the three-tranche deal. Russia plans to issue $3 billion in 30-year paper at 250-255 basis points over U.S. ... Full Story | Top |
Volcker rule could raise energy prices, study says
Tue,27 Mar 2012 09:05 PM PDT
Reuters - (Reuters) - The proposed Volcker rule crackdown on trading and investing by banks could cause gasoline, electricity and natural gas prices to rise, according to a new report. The report, released on Wednesday by business information provider IHS Inc , seeks to gauge the rule's impact on energy companies and markets, including oil refineries, natural gas producers and electricity providers. ... Full Story | Top |
Abu Dhabi royals involved in RBS talks: sources
Tue,27 Mar 2012 08:53 PM PDT
Reuters -  ABU DHABI/DUBAI (Reuters) - Talks to sell a stake in Britain's state-owned Royal Bank of Scotland are being held at the level of the Abu Dhabi ruling family, sources told Reuters. A source familiar with the matter said on Tuesday that Amanda Staveley, a businesswoman notable for her Middle Eastern connections, was advising the emirate's rulers. ...
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