Wednesday, April 11, 2012

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

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Wednesday, April 11, 2012 12:07 AM PDT
Today's Reuters Business News Headlines - Yahoo! News:
BOJ to mull easing at April 27 policy meeting: sources
Tue,10 Apr 2012 11:17 PM PDT
Reuters -

To match Insight JAPAN-ECONOMY/BOJTOKYO (Reuters) - The Bank of Japan (BOJ) will consider easing monetary policy at its next rate review on April 27 by boosting government bond purchases under its asset-buying program, sources familiar with the central bank's thinking said, as it battles to nudge consumer inflation toward its 1 percent target. The central bank, which stood pat on Tuesday, has remained under political pressure to offer further stimulus to a fragile economy with consumer inflation hovering around zero, well below the 1 percent target it set in February. ...


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Dow, S&P fall for fifth day, but Alcoa up late
Tue,10 Apr 2012 11:17 PM PDT
Reuters - NEW YORK (Reuters) - The selloff in U.S. stocks accelerated on Tuesday, as the Dow and S&P 500 dropped for a fifth day, with the pullback coming on the cusp of earnings season. The slide marked the S&P 500's worst day since December 8. The declines were the largest losses this year in terms of both points and percentage drops for each of the three major U.S. stock indexes. All S&P 500 sectors ended solidly lower, with industrial and materials names suffering the biggest drops. About 80 percent of shares listed on the New York Stock Exchange and the Nasdaq Stock Market ended lower. The major U. ... Full Story
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Gold edges lower after 4-day rally as investors turn
Tue,10 Apr 2012 11:12 PM PDT
Reuters -

One kilogram gold bars are seen in this picture illustration taken at the Korea Gold Exchange in SeoulSINGAPORE (Reuters) - Gold edged lower on Wednesday, pausing after four sessions of consecutive gains driven by safe-haven flows on a cloudy global economic outlook, but sentiment has turned cautious as investors seek further clues to growth. Euphoria over a U.S. economic recovery was cut short by a disappointing employment report that showed far slower jobs expansion than expected, and led investors to question the outlook for the world's largest economy. ...


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Algeria says to revise tax on some energy
Tue,10 Apr 2012 10:44 PM PDT
Reuters -

Algeria's Oil Minister Yousfi arrives at the OPEC headquarters for a Ministerial Monitoring Sub-Committee meeting in ViennaALGIERS (Reuters) - OPEC member Algeria plans to change the way it levies tax on some energy projects so that foreign oil companies pay tax on profits they make from the projects and not on turnover, a newspaper quoted Energy Minister Youcef Yousfi as saying. The minister also said a decision would be made on the planned Galsi gas pipeline to Italy by the end of the year after a review of its feasibility and that technical problems would reduce output for up to three months at the Arzew refinery. ...


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Brent steady at $120; demand growth worries weigh
Tue,10 Apr 2012 10:40 PM PDT
Reuters -

An engineer conducts routine checks on oil tanks at a refinery in WuhanSINGAPORE (Reuters) - Brent crude held at $120 on Wednesday, after posting steep losses in the previous session, as a cut in global oil consumption forecast by the EIA and an unexpected surge in U.S. crude stocks reinforced fears demand growth may slow. The cut by the U.S. Energy Information Administration (EIA) followed weak economic numbers from the two top oil consumers - China and the United States - suggesting the global economy may be in more trouble than it appeared. These factors overshadowed concerns of supply disruption from the Middle East. Brent traded 15 cents higher at $120. ...


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Sands' Adelson plans $35 billion casino-resort in Spain
Tue,10 Apr 2012 10:06 PM PDT
Reuters -

CEO and Chairman of Las Vegas Sands Sheldon Adelson speaks during a news conference at the Marina Bay Sands convention centre in SingaporeMACAU (Reuters) - U.S. billionaire Sheldon Adelson said on Wednesday he plans to spend $35 billion on a mini-Las Vegas strip in Spain where he is courting the country's two top urban areas, Barcelona and Madrid, with plans for a casino complex. Adelson, chairman and CEO of Las Vegas Sands Corp , was speaking at a press conference ahead of the opening of his new $4 billion casino property in Macau, the world's largest casino destination. "We are looking at 12 integrated resorts, 3,000 rooms each. ...


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China Disney project secures $2 billion loan: media
Tue,10 Apr 2012 09:30 PM PDT
Reuters - SHANGHAI (Reuters) - The operator of the planned Shanghai Disney theme park has secured a 12.9 billion yuan ($2 billion) syndicated loan for the construction of the park, Chinese media reported on Wednesday, a boost for Walt Disney Co as it embarks on a newly announced animation venture in China. Shanghai Securities News cited Shao Xiaoyun, a vice president of Shanghai Shendi Group, the Disney theme park operator, as saying the project will receive two syndicated loan amounts, the first of which is 12.9 billion yuan. ... Full Story
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Japan machinery orders show surprise rise but risks loom
Tue,10 Apr 2012 09:21 PM PDT
Reuters -

Newly-built high-rise apartments are seen through a construction site in TokyoTOKYO (Reuters) - Japan's core machinery orders rose unexpectedly in February, reinforcing expectations that rebuilding in the earthquake-battered northeast will bolster corporate spending and economic recovery although risks loom from a resurgent yen and wobbly overseas economies. Despite the positive surprise from the volatile data, analysts said the Bank of Japan was likely to remain under pressure to ease policy after it stood pat on Tuesday, especially given expectations that consumer price growth will remain short of its new inflation goal. ...


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Exclusive: Travelzoo mulls sale, seeks adviser: sources
Tue,10 Apr 2012 09:00 PM PDT
Reuters - NEW YORK (Reuters) - Travelzoo Inc , a publisher of travel newsletters and websites that has seen its shares plunge 75 percent since July last year, is planning to sell itself, three people familiar with the matter said. The New York-based Internet company, which provides travel deals on flights, hotels, vacation packages and cruises, is in the process of hiring a financial adviser, the sources said. The company has a market value of $336.1 million. Travelzoo's move comes after it received takeover interest from private equity firms and trade buyers, the sources said. ... Full Story
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Japan ship insurer sets new rules on Iran oil voyages
Tue,10 Apr 2012 08:57 PM PDT
Reuters - TOKYO (Reuters) - Ship owners covered by Japan P&I club must alert the maritime insurer in advance of any plans to transport Iranian oil and petrochemicals that could fall foul of Western sanctions, the insurer said. The United States and European Union have tightened measures aimed at reducing Iran's oil trade, stemming the flow of petrodollars to Tehran to force the OPEC member to halt a nuclear program the West suspects is intended to produce weapons. ... Full Story
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Brent steady at $120; demand growth worries weigh
Tue,10 Apr 2012 08:35 PM PDT
Reuters -

Gas prices are shown at a gas station in Beverly HillsSINGAPORE (Reuters) - Brent crude held at $120 on Wednesday, after posting steep losses in the previous session, as a cut in global oil consumption forecast by the EIA and an unexpected surge in U.S. crude stocks reinforced fears demand growth may slow. The cut by the U.S. Energy Information Administration (EIA) followed weak economic numbers from the two top oil consumers - China and the United States - suggesting the global economy may be in more trouble than it appeared. These factors overshadowed concerns of supply disruption from the Middle East. Brent traded 15 cents higher at $120. ...


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Carlyle eyes $7.5-$8 billion valuation in IPO: source
Tue,10 Apr 2012 08:31 PM PDT
Reuters -

Carlyle Group co-founder and Managing Director David Rubenstein speaks at The Milken Institute Global Conference in Beverly HillsNEW YORK (Reuters) - Carlyle Group LP is eyeing a market valuation of $7.5 billion to $8 billion in an initial public offering, as the U.S. private equity firm prepares to kick off a marketing blitz to investors, perhaps as soon as next week, said a source with knowledge of the situation. Carlyle, which has $147 billion in assets under management, plans to sell a 10 percent stake to raise $750 million to $800 million in the IPO, the source told Reuters on Tuesday. ...


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Alcoa trims its aluminum demand outlook for China
Tue,10 Apr 2012 07:48 PM PDT
Reuters - NEW YORK (Reuters) - Alcoa Inc. said on Tuesday it lowered by 1 percentage point its outlook for China's aluminum consumption growth in 2012, but kept its forecast for global demand growth at 7 percent. In 2011, global primary aluminum use grew by 10 percent. Alcoa now expects China's aluminum demand will grow by 11 percent in 2012, down from the 12 percent pace it projected in early January, Chairman and Chief Executive Klaus Kleinfeld told analysts on the company's first-quarter conference call. ... Full Story
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Schlumberger sells Wilson unit to National Oilwell Varco
Tue,10 Apr 2012 06:18 PM PDT
Reuters - (Reuters) - Schlumberger Ltd , the world's largest oilfield services company, will sell its piping and fitting unit to National Oilwell Varco in a cash deal, the firms said on Tuesday. They did not disclose terms of the deal for the Wilson distribution unit, which also makes valves, lifts and other products used by oil and gas companies. Wilson was bought as a part of Schlumberger's $11.3 billion buyout of Smith International in 2010. National Oilwell, which makes equipment used in oil and gas drilling, expects to tap into new market opportunities with the deal, it said in a statement. ... Full Story
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DOJ may sue Apple over ebooks as early as Wednesday: sources
Tue,10 Apr 2012 05:18 PM PDT
Reuters -

An Apple Store employee sells Apple's new iPad to a customer at the 5th Avenue Apple Store in New YorkWASHINGTON/SAN FRANCISCO (Reuters) - The Justice Department could sue Apple Inc as early as Wednesday over alleged electronic book price-fixing, while settling with several publishers as early as this week, two people familiar with the matter said. The Justice Department is investigating alleged price-fixing by Apple and five major publishers: CBS Corp's Simon & Schuster Inc; HarperCollins Publishers Inc; Lagardere SCA's Hachette Book Group; Pearson and Macmillan, a unit of Verlagsgruppe Georg von Holtzbrinck GmbH. ...


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