Today's Reuters Business News Headlines - Yahoo! News:
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Hong Kong tycoons named in Macau corruption trial
Mon,16 Apr 2012 10:50 PM PDT
Reuters - HONG KONG (Reuters) - Two Hong Kong tycoons have been named in a Macau corruption trial involving a jailed former government official, dealing a further blow to the region's reputation after a series of scandals that have rocked the financial centre of Hong Kong. Joseph Lau, chairman of property developer Chinese Estates Holdings , and the chairman of BMA Investment and South China Football Club, Steven Lo, were mentioned in the trial of Ao Man-long, Macau's former secretary for transport and public works. ... Full Story | Top |
Japan vows $60 billion to boost IMF firepower
Mon,16 Apr 2012 10:42 PM PDT
Reuters -  TOKYO (Reuters) - Japan said on Tuesday it will provide $60 billion in loans to the International Monetary Fund, becoming the first non-European nation to commit money to boost the fund's financial firepower to contain the euro zone debt crisis. Finance Minister Jun Azumi said Japan hoped Tokyo's contribution, which will be formally announced at a Group of 20 financial leaders' meeting later this week, will encourage other countries to follow suit. ...
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Mexico's Calderon criticizes Argentina's YPF plan
Mon,16 Apr 2012 10:40 PM PDT
Reuters - MEXICO CITY (Reuters) - Mexico's President Felipe Calderon criticized his Argentine counterpart Cristina Fernandez on Monday for planning to seize control of the country's leading energy company YPF. Calderon said Fernandez's plan would damage chances for future foreign investment in Argentina and hurt YPF's controlling shareholder, Spain's Repsol, in which Mexico's state oil monopoly Pemex holds a 10-percent stake. Fernandez earlier on Monday drew swift warnings from key trade partners after she said she would seek to expropriate Spanish company Repsol's 51 percent stake in Argentina's YPF . ... Full Story | Top |
Argentina moves to seize control of Repsol's YPF
Mon,16 Apr 2012 10:40 PM PDT
Reuters - BUENOS AIRES (Reuters) - Argentine President Cristina Fernandez unveiled plans on Monday to seize control of leading energy company YPF, drawing swift warnings from key trade partners and risking the country's further economic isolation. YPF , controlled by Spain's Repsol , has been under intense pressure from Fernandez's center-left government to boost production, and its share price has plunged due to months of speculation about a state takeover. Until recently, YPF had a harmonious relationship with Fernandez, whose increasingly interventionist and off-beat policies infuriate critics. ... Full Story | Top |
SouthGobi shares dive on fears Mongolia may derail Chalco bid
Mon,16 Apr 2012 10:24 PM PDT
Reuters - (Reuters) - Canadian coal miner SouthGobi Resources Ltd's Hong Kong shares plunged on Tuesday on concerns the Mongolian government may scupper a bid by top Chinese aluminum maker Chalco to buy a controlling stake in it. Earlier this month, state-run Aluminium Corp of China Ltd, known as Chalco , agreed to pay $926 million for a majority stake held by mining billionaire Robert Friedland's Ivanhoe Resources in SouthGobi. Ivanhoe owns 57.6 percent of SouthGobi. Chalco's offer appears to have caught the Mongolian government by surprise. ... Full Story | Top |
Fed tries to steer clear of controversial bond buys
Mon,16 Apr 2012 10:03 PM PDT
Reuters -  WASHINGTON (Reuters) - The U.S. Federal Reserve is independent but it does not exist in a vacuum, as waning appetite at the central bank for contentious bond purchases suggests. Minutes from the Fed's March meeting released this month showed support thinning for further bond purchases. Officials are unlikely to develop any more appetite for them by their meeting next week, despite disappointing March jobs figures. Policymakers have been heartened by patches of better economic data that raised hopes for solid growth this year, which helps explain their reticence toward further monetary ...
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China at "rare" moment for reforms: central bank report
Mon,16 Apr 2012 10:00 PM PDT
Reuters -  BEIJING (Reuters) - China is at a promising moment for speeding up interest rate and exchange rate reforms, the central bank's statistics department said in a report published Tuesday, following the latest move to make the Chinese currency more flexible. China widened the daily band in which its currency may trade and allowed banks to short sell a limited amount of U.S. dollars [ID:nL3E8FG8IA]. "The current time represents a rare strategic moment to speed up capital account opening," said the report, published in the China Securities Journal. ...
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Strong retail sales ease growth worries
Mon,16 Apr 2012 09:49 PM PDT
Reuters -  WASHINGTON (Reuters) - Americans shrugged off high gasoline prices in March and spent more strongly than expected, suggesting economic growth in the first quarter was probably not as weak as many had feared. Retail sales increased 0.8 percent, the Commerce Department said on Monday, after rising 1.0 percent in February. Last month's gains handily beat economists' expectations for only a 0.3 percent rise and indicated sturdy consumer spending in the first three months of 2012. Consumer spending accounts for more than two third of U.S. economic activity. ...
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Europe's old wealth seeks new home in Asia
Mon,16 Apr 2012 09:09 PM PDT
Reuters -  SINGAPORE (Reuters) - In the 1470s, the prominent Spinola family of Genoa had an apprentice business agent in Barcelona named Christopher Columbus helping to handle their shipments, preparing the young sailor for his later voyages of discovery to the New World. These days, that Italian clan and other ultra-affluent families are moving assets to Singapore by setting up family offices in a city-state often touted as the Switzerland of Asia. Wealthy people from Europe and the Americas have long looked to the East for ways to build and preserve their fortunes. ...
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Aquascutum facing administration - FT
Mon,16 Apr 2012 07:17 PM PDT
Reuters -  LONDON (Reuters) - British luxury fashion label Aquascutum is facing looming administration this week, the Financial Times said on Tuesday. The newspaper cites two people familiar with the company's plans as saying it could go into administration as early as Tuesday. Aquascutum was not available for immediate comment on the FT story. Administration would put 250 jobs at risk and could lead to the collapse of the British clothing brand, the paper said. Harold Tillman, a fashion entrepreneur, has been battling to save the luxury raincoat maker he acquired in September 2009, the FT said. ...
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Japan says to provide $60 billion in loans to IMF
Mon,16 Apr 2012 07:12 PM PDT
Reuters - TOKYO (Reuters) - Finance Minister Jun Azumi said on Tuesday that Japan would provide $60 billion in loans to the IMF amid renewed concerns about Europe's debt woes, a move that it hopes will encourage other countries to contribute resources. Group of 20 finance leaders major economies will meet this week in Washington to discuss a plan to raise new resources for the International Monetary Fund (IMF) to contain the euro zone's sovereign debt crisis. "I am confident that many other countries will pledge contributions to the IMF," Azumi told a regular news conference after a cabinet meeting. ... Full Story | Top |
China Q1 FDI inflow down 2.8 percent to $29.5 billion
Mon,16 Apr 2012 07:11 PM PDT
Reuters - BEIJING (Reuters) - China drew $29.5 billion in foreign direct investment (FDI) in the first quarter of 2012, down 2.8 percent from the same period in 2011, the Commerce Ministry said on Tuesday. In March alone, China attracted $11.8 billion in FDI, percent from a year ago, down 5.6 percent the ministry said. China's foreign direct investment (in US$ billion): ______2012______ _________________________2011_______________________________ Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan* 11.8 7.7 9.9 12.2 8.8 8.3 9.0 8.4 8.3 12.9 9.2 8.5 12.5 7.8 10. ... Full Story | Top |
Evercore planning major five-year expansion: FT
Mon,16 Apr 2012 06:50 PM PDT
Reuters - LONDON (Reuters) - Evercore Partners aims to become one of the world's leading independent investment banks within the next five years, its president and chief executive Ralph Schlosstein told the Financial Times on Tuesday. "We are aiming in the next five years to be the third global independent investment bank. Our ambition is to be mentioned in the same breath as Rothschild and Lazard," he is quoted as saying. The growth plan will entail doubling its number of partners from its present number of 60. ... Full Story | Top |
Fed parses job numbers for clues on economy
Mon,16 Apr 2012 05:57 PM PDT
Reuters -  NEW YORK/LOGAN, Utah (Reuters) - Two top Federal Reserve officials pointed on Monday to last month's surprisingly weak jobs report as all the more reason to take a wait-and-see approach to a U.S. economy that, in general, is improving. Although the unemployment rate slipped to a still high 8.2 percent in March, jobs growth slowed sharply, raising fears the labor market could start to sputter as it did a year ago. Nonfarm payroll employment rose by only 120,000 last month, roughly half the gains in each of the previous two months. ...
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U.S. regulators approve Cheniere LNG export plant
Mon,16 Apr 2012 05:10 PM PDT
Reuters - (Reuters) - U.S. regulators on Monday approved the country's first liquefied natural gas export plant in nearly 50 years, which will open up cheap and abundant American supplies to importers across the globe. The Federal Energy Regulatory Commission (FERC) approval paves the way for construction to begin at Cheniere Energy's LNG plant at Sabine Pass, Louisiana, which will chill natural gas to a liquid for shipping overseas by as early as 2015. It marks a huge turnaround for the U.S. ... Full Story | Top |
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