Today's Reuters Business News Headlines - Yahoo! News:
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Sony to axe 10,000 jobs in turnaround bid: Nikkei
Sun,8 Apr 2012 11:11 PM PDT
Reuters -  TOKYO (Reuters) - Sony Corp is cutting 10,000 jobs, about 6 percent of its global workforce, the Nikkei newspaper reported on Monday, as new CEO Kazuo Hirai comes under pressure to return the Japanese consumer electronics and entertainment company to profit after four years in the red. The job cuts are the latest downsizing in Japan Inc where companies from tech names NEC Corp and Sumco Corp to brokerage Daiwa Securities are trimming costs to revamp their businesses. ...
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China inflation data keeps growth policy bias intact
Sun,8 Apr 2012 09:38 PM PDT
Reuters -  BEIJING (Reuters) - China's annual inflation rate hit 3.6 percent in March, with volatile food prices leading a temporary rebound that pushed costs above expectations but left intact the view that Beijing has the flexibility to ease monetary policy to support growth. The view that a cooling economy has eclipsed inflation as Beijing's biggest near-term worry was further reinforced by surprisingly soft producer prices, which fell 0.3 percent from a year ago, sparking concerns that it indicated weakening demand. ...
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Global markets fall on sluggish U.S. jobs, focus on more data
Sun,8 Apr 2012 08:51 PM PDT
Reuters -  Asian shares fell on Monday as a sharp slowdown in U.S. jobs growth raised concerns about the strength of the world's largest economy, making investors cautious ahead of more U.S. data and earnings as well as figures from China due this week. MSCI's broadest index of Asia Pacific shares outside Japan fell for a fourth straight session, down 0.3 percent, while Japan's Nikkei average opened down 1.3 percent, after posting its worst weekly loss in eight months last week. U.S. stock futures fell more than 1 percent and Treasuries prices rallied on Friday after data showed U.S. ...
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Reddy Ice preparing to file for bankruptcy: WSJ
Sun,8 Apr 2012 08:12 PM PDT
Reuters - (Reuters) - Packaged-ice maker Reddy Ice Holdings Inc is preparing to file for Chapter 11 bankruptcy protection and plans to hand ownership to a hedge fund holding the company's debt, the Wall Street Journal reported, citing people familiar with the matter. The company could seek bankruptcy protection this week, perhaps within the next two days or so, the paper said. Reddy Ice officials could not be reached for comment outside regular U.S. business hours. Hedge fund Centerbridge would exchange debt for majority ownership of Reddy Ice, the Journal said. ... Full Story | Top |
Reddy Ice preparing to file for bankruptcy: WSJ
Sun,8 Apr 2012 08:11 PM PDT
Reuters - (Reuters) - Packaged-ice maker Reddy Ice Holdings Inc is preparing to file for Chapter 11 bankruptcy protection and plans to hand ownership to a hedge fund holding the company's debt, the Wall Street Journal reported, citing people familiar with the matter. The company could seek bankruptcy protection this week, perhaps within the next two days or so, the paper said. Reddy Ice officials could not be reached for comment outside regular U.S. business hours. Hedge fund Centerbridge would exchange debt for majority ownership of Reddy Ice, the Journal said. ... Full Story | Top |
Analysis: Enbridge's Gateway pipeline still in legal swamp
Sun,8 Apr 2012 07:11 PM PDT
Reuters -  CALGARY, Alberta (Reuters) - A Canadian government attempt to speed up construction of Enbridge Inc's Northern Gateway oil pipeline to the West Coast is unlikely to prevent a flood of court challenges that could still delay the multibillion-dollar project. In its budget last month the Conservative government said it will force time limits on regulators reviewing the pipeline plan. But aboriginal law experts say that won't stop legal actions against the C$5.5 billion ($5. ...
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Nikkei sheds 1.4 percent after poor U.S. job figures
Sun,8 Apr 2012 06:15 PM PDT
Reuters - TOKYO (Reuters) - Japan's Nikkei share average shed 1.4 percent on Monday after a disappointing U.S. jobs report showed the U.S. economic recovery remained sluggish, while a stronger yen weighed on exporters. Exporters and financials came under pressure after they led the Nikkei rally in January to March, when the index gained more than 19 percent to log its best first-quarter performance in 24 years. Honda Motor Co lost 1.8 percent, Toyota Motor Corp fell 1.5 percent and TDK Corp sagged 2.6 percent, while Japan's top investment bank Nomura Holdings dropped 2 percent. The Nikkei was down 138. ... Full Story | Top |
China to build up new insurance supervisory mechanisms: paper
Sun,8 Apr 2012 05:24 PM PDT
Reuters - SHANGHAI (Reuters) - China will strengthen supervision of its insurance industry over the next three to five years to guarantee the ability of insurers to pay compensation, the official China Securities Journal reported on Monday. New mechanisms will strengthen insurers' capital adequacy supervision, risk management and information disclosure to ensure they retain good financial condition and can pay claims on time, the newspaper said. While details are still being discussed, the targets were clearly stated in a document issued recently by the China Insurance Regulatory Commision, it said. ... Full Story | Top |
Nikkei set to fall sharply after poor U.S. jobs data
Sun,8 Apr 2012 04:22 PM PDT
Reuters - TOKYO (Reuters) - Japan's leading share index is expected to open sharply lower on Monday, on track for its fifth straight session of losses, after a disappointing U.S. jobs report, while a stronger yen will weigh further on exporters. "U.S. markets didn't trade on Friday, but the main focus was U.S. employment figures, which were poor, leading the dollar to weaken, and that will have a negative effect on Tokyo trading today," said Hiroichi Nishi, equity general manager at SMBC Nikko Securities. Strategists said the Nikkei was likely to trade between 9,500 and 9,600 after losing 0. ... Full Story | Top |
Brazil not planning new incentives for automakers
Sun,8 Apr 2012 02:57 PM PDT
Reuters - SAO PAULO (Reuters) - Brazil has no plans to offer further incentives for automakers, but the government does not rule out taking steps to boost the competitiveness of other industries, Trade and Industry Minister Fernando Pimentel said in an interview published on Sunday. Pimentel told O Estado de Sao Paulo newspaper that the Brazilian government wants to encourage automakers to invest more heavily in innovation to meet surging demand in the world's fourth biggest auto market. "The industry already has many incentives. I don't see the need to touch that," he said. ... Full Story | Top |
Apollo ups Great Wolf offer to outbid rival
Sun,8 Apr 2012 12:57 PM PDT
Reuters - NEW YORK (Reuters) - Private equity firm Apollo Global Management LLC raised its cash offer to buy Great Wolf Resorts Inc by 35 percent to $225.7 million, outbidding a rival for North America's largest operator of indoor water parks. Great Wolf said in a statement late on Friday it had agreed to amend its previous agreement with Apollo after the private equity firm, headed by billionaire Leon Black, raised its offer to $6.75 per share in cash from $5. ... Full Story | Top |
Analysis: Short on tools, central banks left with words
Sun,8 Apr 2012 12:06 PM PDT
Reuters -  WASHINGTON (Reuters) - Some of the world's most prominent central bankers may have to hope the pen is as mighty as the sword. With the Federal Reserve, the European Central Bank and other authorities in industrialized countries already stretching the limits of monetary policy, pressure has risen for them not go any further, and even to begin pulling back. Top officials have had to rely increasingly on speeches - not always successfully - to convey to financial markets how they intend to manage their economies. ...
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Looking on the bright side of inflation
Sun,8 Apr 2012 12:03 PM PDT
Reuters -  WASHINGTON (Reuters) - Sometimes a little bit of inflation is not such a bad thing. In the United States, prices starting to creep upward shows the deep wounds from the credit crisis are slowly healing and the U.S. economy is well on the road to recovery. The evidence is scattered but it also shows up in some national reports. Consumer inflation, after stripping out volatile food and energy prices, has edged upward over the past year and now is running just above the Federal Reserve's 2 percent target. Workers' pay is nudging higher as the labor market gradually improves. ...
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Veteran CBS journalist Mike Wallace dead at 93: network
Sun,8 Apr 2012 11:55 AM PDT
Reuters -  NEW YORK (Reuters) - Mike Wallace, the grand inquisitor of CBS's "60 Minutes" news show who once declared there was "no such thing as an indiscreet question," has died at the age of 93, the network said on Sunday. Wallace died on Saturday evening with his family by his side at Waveny Care Center in New Canaan, Connecticut, where he spent the past few years, CBS said in a statement and on its Sunday morning news broadcast. "His extraordinary contribution as a broadcaster is immeasurable and he has been a force within the television industry throughout its existence. ...
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Analysis: How low can U.S. jobless rate really fall?
Sun,8 Apr 2012 08:13 AM PDT
Reuters - NEW YORK/WASHINGTON (Reuters) - Gary Feeman has been searching for a job for 16 months. He's not ready to give up just yet, but the 60-year-old worries he is running out of options. Feeman is among the more than 5 million Americans who have been out of work for more than six months and who represent the heart of the crisis in the labor market. Their plight also poses a warning that U.S. unemployment may not drop back to its pre-recession levels and could be stuck higher than many policymakers expect. Feeman, from Lancaster County, Pennsylvania, has sent out as many as 100 resumes. ... Full Story | Top |
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