Monday, April 2, 2012

Daily News Digest: Reuters Business News Headlines - Yahoo! News

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Monday, April 2, 2012 12:01 AM PDT
Today's Reuters Business News Headlines - Yahoo! News:
Dangote Cement plans London listing: FT
Sun,1 Apr 2012 10:56 PM PDT
Reuters - LONDON (Reuters) - Africa's richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, the Financial Times reported in Monday. Dangote is cited by the FT as saying he intends to free-float a 20 percent stake in Dangote Cement to finance its rapid expansion. "We want to list in London next year. By then the upside to our business will be much bigger than today," Dangote is quoted as saying. Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue, according to the FT. ... Full Story
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Analysis: Europe ponders free trade or fair trade
Sun,1 Apr 2012 10:52 PM PDT
Reuters - PARIS (Reuters) - Europe has opened a can of worms by trying to reconcile free trade with fair trade. Under pressure from French President Nicolas Sarkozy, the European Commission adopted proposals on March 21 that could shut foreign companies out of bidding for public contracts in the European Union unless their home countries provide similar access to European firms. ... Full Story
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GLOBAL MARKETS-Shares rise as China data soothes, caution caps
Sun,1 Apr 2012 10:37 PM PDT
Reuters - SINGAPORE (Reuters) - Asian shares kicked of the second quarter with modest gains on Monday, as surprisingly firm China manufacturing data dispelled fears of a hard landing in the world's second biggest economy, but caution capped prices before U.S. and European factory data. European equity markets were also seen gaining, with financial spreadbetters predicting major European markets to open up 0.3 to 0.5 percent. U.S. stock futures inched up 0.3 percent. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.3 percent, after rising as much as 0.7 percent earlier. ... Full Story
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DBS to pay $7.2 billion for Indonesia's Bank Danamon
Sun,1 Apr 2012 10:24 PM PDT
Reuters -

File picture of people walking in the lobby of a DBS Bank building in SingaporeSINGAPORE/JAKARTA (Reuters) - DBS Group Holdings , Southeast Asia's biggest bank, has agreed to pay $7.24 billion for Indonesia's Bank Danamon , offering a 52 percent premium for a middle-ranking lender with high funding costs, raising questions on the price. The takeover, Asia's fourth-largest financial services deal, would make Singapore-based DBS the fifth-biggest lender in Indonesia, one of the region's hottest markets where bank penetration is low and annual loan growth runs at 20 percent. ...


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Pinnacle Airlines flies into bankruptcy
Sun,1 Apr 2012 10:14 PM PDT
Reuters - (Reuters) - Pinnacle Airlines Corp filed for bankruptcy protection late on Sunday, as the U.S. regional airline fell victim to high fuel prices and dampened travel demand that has negatively impacted some of the major players in the industry. In the past, upon facing financial trouble, United Continental Holdings Inc's United Airlines and Delta Air Lines Inc have taken the Chapter 11 route to cut costs and later found merger partners. AMR Corp, the parent of American Airlines, had also filed for bankruptcy late last year. In a filing with a U.S. ... Full Story
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DBS boss Gupta faces biggest test in Indonesia
Sun,1 Apr 2012 10:05 PM PDT
Reuters - SINGAPORE (Reuters) - After two years of hard work to improve Singapore's largest bank and lift its underperforming Hong Kong unit, DBS Group chief executive Piyush Gupta is embarking on his biggest challenge yet - a $7.24 billion takeover of Indonesia's Bank Danamon . Gupta, 52, a graduate of the prestigious Indian Institute of Management, joined DBS in November 2009 from Citigroup where he was last head of Southeast Asia and Australasia. ... Full Story
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Wells Fargo opens business for the ultra-wealthy
Sun,1 Apr 2012 09:13 PM PDT
Reuters -

A customer uses an ATM machine at a Wells Fargo bank in Los Angeles(Reuters) - Wells Fargo & Co opened its new Abbot Downing business on Monday, officially merging two of its wealth management units under a new brand it hopes will expand its market share of America's richest families. The new business, catering to ultra-high-net-worth individuals and families with $50 million or more in investable assets, resulted from the combination of Wells's Family Wealth unit and its Lowry Hill subsidiary. The name Abbot Downing comes from the 19th-century New Hampshire builder of the stagecoaches that have come to represent Wells Fargo. ...


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Firm dropped by Visa says under 1.5 million card numbers stolen
Sun,1 Apr 2012 08:45 PM PDT
Reuters - NEW YORK (Reuters) - Visa Inc has dropped payment processor Global Payments Inc from its list of approved service providers after a major cyber intrusion that could expose Visa, MasterCard, American Express and Discover card holders to fraud. Global Payments said it believes less than 1.5 million credit card numbers were stolen in the cyber security breach. It said so-called Track 2 card data was stolen but card holders' names, addresses and social security numbers were not obtained. It also believes the affected part of its processing system is confined to North America. ... Full Story
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Goldman fund to exit company owning sex traffic site
Sun,1 Apr 2012 06:41 PM PDT
Reuters - NEW YORK (Reuters) - A private equity fund run by Goldman Sachs Group Inc has agreed to sell its stake in the media company that runs a sex trafficking forum back to company's management, a spokeswoman said on Sunday. GS Capital Partners III on Friday signed a deal to sell its 16 percent stake in Village Voice Media, which owns the website, called Backpage.com. ... Full Story
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Sino Forest's largest shareholder proposes restructuring plan
Sun,1 Apr 2012 06:21 PM PDT
Reuters -

The company logo of Sino-Forest is displayed at its office in Hong KongSINGAPORE (Reuters) - Singapore-based Richard Chandler Corp, the largest shareholder in Sino-Forest Corp, said on Monday that it has proposed a restructuring plan for the embattled Chinese forestry company. The investment group said it has assembled a team led by an Asian forestry expert to oversee its proposal for the Toronto-listed company, whose stock dived last year after a short-seller accused it of exaggerating its assets. ...


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U.S. automakers expect sizzling sales for March
Sun,1 Apr 2012 06:19 PM PDT
Reuters -

A Ford logo on the front of a truck at the 2009 New York International Auto ShowDETROIT (Reuters) - U.S. auto sales are expected to continue at a strong pace in March, capping the best quarter in four years for new vehicle purchases as the overall U.S. economy improved and new car buyers found easier financing. The strong first quarter in the U.S. market could temper the impact of weak auto sales in Europe, where both General Motors Co and Ford Motor Co have lost money. "The strong U.S. data should help support first-quarter earnings and potentially offset any greater than expected softness in Europe," RBC Capital Markets analyst Joseph Spak said in a research note. ...


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Japan business mood flat, slight improvement seen: BOJ tankan
Sun,1 Apr 2012 06:03 PM PDT
Reuters - TOKYO (Reuters) - Japanese business sentiment was flat in the March quarter and big manufacturers expect only modest improvements in coming months, the Bank of Japan's tankan survey showed, which suggests the central bank will remain under pressure to deliver more policy stimulus. The headline index for big manufacturers' sentiment was minus 4 in March, unchanged from the reading in December and indicating pessimists continue to outnumber optimists, the closely watched quarterly survey showed on Monday. ... Full Story
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Instant View: BOJ tankan shows Japan business mood unchanged
Sun,1 Apr 2012 05:44 PM PDT
Reuters - TOKYO (Reuters) - Big Japanese manufacturers' sentiment was unchanged in the first quarter from the quarter before, a closely watched Bank of Japan survey showed, in a sign they remain worried about the yen's strength and global economic slowdown. ************************************************************** KEY POINTS: -- The headline index for big manufacturers' sentiment was minus 4 in March, unchanged from December and lower than the median market forecast for minus 1, the closely watched quarterly tankan survey showed on Monday. ... Full Story
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UAW membership up in 2011, but money woes linger
Sun,1 Apr 2012 04:48 PM PDT
Reuters - NEW YORK (Reuters) - The United Auto Workers added members for a second straight year in 2011 despite its failure to organize U.S. auto plants operated by foreign automakers, a goal that remains at the heart of the UAW's long-term survival strategy. UAW membership increased by 4,107, or 1 percent, to 380,719 last year as Detroit's three automakers added jobs amid a 10 percent increase in U.S. auto sales, the UAW's annual financial filing with the U.S. Labor Department shows. Still, membership is just a quarter of the union's peak size in 1979, when it boasted n early 1.5 million members. ... Full Story
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AIG looking at buying home loans: FT
Sun,1 Apr 2012 03:52 PM PDT
Reuters - (Reuters) - Bailed-out insurer American International Group is looking at the possibility of purchasing whole loans as another investment vehicle, leveraging the growing market share of its mortgage insurance business, the company's chief executive said in an interview with the Financial Times. "We're now thinking about maybe we should try to find a way to buy the mortgages that we're insuring," Bob Benmosche told the paper. ... Full Story
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