Wednesday, April 4, 2012

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

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Wednesday, April 4, 2012 12:00 AM PDT
Today's Reuters Business News Headlines - Yahoo! News:
Troubled Spain, Portugal face pre-Easter debt test
Tue,3 Apr 2012 11:08 PM PDT
Reuters - MADRID/LISBON (Reuters) - Spanish borrowing costs are likely to jump at a bond auction on Wednesday as this week's tough budget fails to calm investors' nerves about the country's finances, while Portugal will sell its longest-dated debt since it took an international bailout. In a double test of appetite for Iberian debt, the Spanish Treasury will sell up to 3.5 billion euros ($4.65 billion) in debt while neighboring Portugal will offer 18-month T-bills for the first time since March 2011, a month before the European Union and International Monetary Fund staged the rescue. ... Full Story
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ECB to hold fire, resist pressure to head for exit
Tue,3 Apr 2012 11:03 PM PDT
Reuters - FRANKFURT (Reuters) - The European Central Bank will hold interest rates at a record low of 1 percent on Wednesday and resist German pressure to flag an exit from its crisis-fighting mode as the euro zone recovery looks increasingly fragile and concerns grow about Spain. Germany's powerful Bundesbank has led a push by central bankers from the euro zone's core for the ECB to begin preparing an exit from crisis measures that have seen it loosen the rules for tapping ECB funding operations. ... Full Story
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Shares retreat as Fed minutes soften stimulus
Tue,3 Apr 2012 10:59 PM PDT
Reuters - TOKYO (Reuters) - Asian shares fell on Wednesday after the minutes from the U.S. Federal Reserve's March meeting reduced expectations of further stimulus measures to spur growth, leaving investors looking for more clues to the global economic outlook. European equity markets will likely follow the weak Asian mood, with financial spreadbetters predicting major European markets to open as much as 0.8 percent lower. U.S. stock futures were down 0.4 percent. ... Full Story
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Global markets: Shares retreat as Fed minutes soften stimulus bias
Tue,3 Apr 2012 10:33 PM PDT
Reuters -

A floor trader smiles as she monitors share prices during morning trading at the Hong Kong Stock ExchangeTOKYO (Reuters) - Asian shares fell on Wednesday after the minutes from the U.S. Federal Reserve's March meeting reduced expectations of further stimulus measures to spur growth, leaving investors looking for more clues to the global economic outlook. European equity markets will likely follow the weak Asian mood, with financial spreadbetters predicting major European markets to open as much as 0.8 percent lower. U.S. stock futures were down 0.4 percent. ...


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Fisker CEO revamps business plan amid Karma woes
Tue,3 Apr 2012 09:29 PM PDT
Reuters -

The Fisker automotive electric Atlantic sedan is seen during its unveiling ahead of the 2012 International Auto Show in New YorkNEW YORK (Reuters) - Fisker Automotive, a maker of plug-in hybrid sports cars, may build its second model outside of the United States if federal funds intended to pay for the vehicle's production fall through, the company's chief executive said on Tuesday. Earlier this year, the U.S. Department of Energy froze a $529 million loan awarded to Fisker in 2009 as part of an Obama administration program to spur advanced vehicle development. The bulk of that loan was slated to help Fisker build the new model, called the Atlantic, at a former General Motors Co factory in Wilmington, Delaware. ...


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Analysis: Shale oil: from curse to cure for U.S. East Coast refiners?
Tue,3 Apr 2012 09:09 PM PDT
Reuters - NEW YORK (Reuters) - In 1902, the S.S. Paraguay set sail from Texas carrying the first shipment of 400,000 barrels of oil from the Spindletop field to a new refinery on the Delaware River. The Pew family, which had large holdings in Texas, built the plant to help absorb the gusher of crude that had unexpectedly emerged in east Texas, which lacked refining capacity and sufficient demand for the fuel. The Marcus Hook, Pennsylvania plant, perched at the tip of a spit of land, would provide both. Amid another U.S. ... Full Story
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Brent slips toward $124 on Fed comments, Saudi supply
Tue,3 Apr 2012 08:35 PM PDT
Reuters -

A driver pumps petrol into his car at a petrol station in BrusselsSINGAPORE (Reuters) - Brent crude extended losses toward $124 a barrel on Wednesday after the U.S. central bank dashed hopes of further economic stimulus, while news that Saudi Arabia is likely to keep output high in the event of a strategic stocks release also weighed. Industry data showing a larger-than-expected rise in crude inventories in the United States, the world's top consumer of oil, also pressured prices although losses were capped by further disruption in exports from the North Sea. Front-month Brent crude fell 32 cents to $124.54 a barrel by 0243 GMT (10.43 p.m. ...


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Burger King to go public again
Tue,3 Apr 2012 08:11 PM PDT
Reuters -

A Burger King logo is seen in central Ankara(Reuters) - Hamburger chain Burger King said on Tuesday it plans go public through a deal with a London-listed investment firm, less than two years after it agreed to be taken private by private equity group 3G Capital Management LLC. The quick sale highlights a profit improvement at Burger King' Worldwide Holdings Inc, which operates more than 12,000 mainly franchise fast-food outlets around the world. ...


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Groupon sued by investor over revised results, IPO
Tue,3 Apr 2012 07:55 PM PDT
Reuters -

People enter and leave Groupon Inc corporate office and headquarters in Chicago(Reuters) - Groupon Inc , which runs the world's largest online coupon website, was sued on Tuesday by a shareholder who accused the company of misleading investors about its financial prospects and concealing weak internal controls. Just four days ago, Groupon unexpectedly revised its results for the fourth quarter, its first as a public company to a bigger net loss and said it had a "material weakness" in its internal controls, having failed to set aside enough money for customer refunds. ...


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About 40,000 AT&T workers may strike if talks fail
Tue,3 Apr 2012 07:41 PM PDT
Reuters - NEW YORK (Reuters) - About 40,000 AT&T Inc workers or 15 percent of employees could walk off the job as early as Sunday after giving their union the authority to call a strike, if labor negotiations on a range of issues from healthcare costs to job security turn sour. The Communications Workers of America said on Tuesday that workers had voted to authorize a strike in case it fails to reach an agreement with AT&T by midnight on Saturday April 7 when four labor contracts expire. Both sides were still in talks on Tuesday in the hope of reaching agreements by Saturday. ... Full Story
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Moody's downgrades GE, citing GE Capital risks
Tue,3 Apr 2012 07:12 PM PDT
Reuters -

A General Electric Company (GE) logo is seen on a toggle switch package in New York(Reuters) - Moody's on Tuesday downgraded the ratings of conglomerate General Electric Co and its finance unit General Electric Capital Corp. each by a notch to reflect risks in GE Capital's funding model, and said risks still remain. Moody's said there are still remaining "material risks" associated GE Capital's funding model, even though the firm had improved its liquidity and capital levels since the credit crisis. It said the risk profiles of market-funded financial institutions like GE Capital are higher than was previously reflected in its ratings. ...


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Analysis: Low cost era over for China's workshops to the world
Tue,3 Apr 2012 07:03 PM PDT
Reuters -

To match Analysis APPLE-FOXCONN/LABOURTAIPEI (Reuters) - Foxconn Technology's agreement to improve the lot of its 1.2 million workers in China who make Apple Inc's iPads and iPhones is a signal that China is losing its title as the world's lowest-cost producer of everything. It is not a pure economic argument, but an ethical one too that is gaining momentum following Apple's unprecedented decision to allow the largest investigation ever into a U.S. company's operations abroad. ...


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Chevron, Transocean face second $11 billion Brazil lawsuit
Tue,3 Apr 2012 05:59 PM PDT
Reuters -

Brazilian federal prosecutor Santos de Oliveira speaks during a news conference, as he discusses the oil leak around Chevron's deep-sea well, in Rio de JaneiroRIO DE JANEIRO (Reuters) - A Brazilian federal prosecutor on Tuesday launched his second 20 billion real ($10.9 billion) lawsuit against U.S. oil company Chevron and driller Transocean , doubling the stakes against the companies as critics call him as overzealous. The new lawsuit, the prosecutor's second civil case against the companies in less than five months, is related to an oil leak discovered on March 4 in Chevron's offshore Frade field northeast of Rio de Janeiro, the Federal Public Prosecutor's office said in an email. ...


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Ex-Thomson Reuters CEO Glocer gets nearly $20 million
Tue,3 Apr 2012 05:27 PM PDT
Reuters -

Thomson Reuters CEO Tom Glocer attends the eG8 forum in Paris(Reuters) - Former Thomson Reuters Chief Executive Tom Glocer will walk away with almost $20 million in compensation, including $3.1 million in severance to be paid over two years, according to a regulatory filing. Glocer stepped down as CEO at the end of 2011 after the news and information provider underwent a series of structural changes and management shakeups to address lackluster sales of one of its key products Eikon and a declining stock price. Most of the $19. ...


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ECB to hold fire, resist pressure to head for exit
Tue,3 Apr 2012 05:15 PM PDT
Reuters -

A smoke-bomb billows in front of the headquarters of the European Central bank during an anti-capitalism demonstration in FrankfurtFRANKFURT (Reuters) - The European Central Bank will hold interest rates at a record low of 1 percent on Wednesday and resist German pressure to flag an exit from its crisis-fighting mode as the euro zone recovery looks increasingly fragile and concerns grow about Spain. Germany's powerful Bundesbank has led a push by central bankers from the euro zone's core for the ECB to begin preparing an exit from crisis measures that have seen it loosen the rules for tapping ECB funding operations. ...


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