Today's Reuters Business News Headlines - Yahoo! News: | | Wall St rallies on earnings, Europe helps Tue,17 Apr 2012 11:20 PM PDT Reuters - NEW YORK (Reuters) - U.S. stocks scored their biggest gains in a month on Tuesday after Coca-Cola led a round of strong earnings and as concerns about Europe's debt crisis eased as Spanish bond yields fell. Apple Inc shares ended a five-day losing streak with a rally of 5.1 percent, helping the Nasdaq Composite close above 3,000. The stock closed at $609.70 and booked its best day in almost three months after it dropped 8.8 percent in the previous five sessions. IBM, Intel and Yahoo all beat earnings estimates in their reports after the closing bell. ... Full Story | Top | Pick n Pay Stores FY profit miss expectations Tue,17 Apr 2012 11:14 PM PDT Reuters - JOHANNESBURG, April 18 - South Africa's No.2 food retailer, Pick n Pay, reported a 15 percent fall in full-year profit on Wednesday, missing expectations, hit by costs related to its shopper loyalty programme and investments in its supply chain. Pick n Pay said diluted headline earnings per share for continuing operations fell 15.3 percent to 157.67 cents in the year to end-February, below the average estimate of 171.52 cents in a poll of 12 analysts by Thomson Reuters. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non trading items. ... Full Story | Top | Lingering customers just one hurdle as Starbucks eyes China growth Tue,17 Apr 2012 11:14 PM PDT Reuters - LOS ANGELES/BEIJING (Reuters) - Starbucks Corp is on the rise in China with ambitious expansion plans but like any big new emerging market there are teething problems, not least of which is that customers love it so much, they stay for hours and hours and sometimes don't even buy a drink. Chief Executive Howard Schultz expects mainland China to overtake Canada as Starbucks' second-largest market by 2014 and some analysts believe it could one day rival the United States as the company's biggest market. "For a decade the core business was expats and tourists. ... Full Story | Top | HSBC launching London's first offshore yuan bond: IFR Tue,17 Apr 2012 11:10 PM PDT Reuters - HONG KONG/SHANGHAI (Reuters) - HSBC Holdings PLC plans to issue a yuan-denominated bond in London on Wednesday, the first such issue in the city, marking a milestone in London's efforts to become a centre for offshore yuan trading alongside Hong Kong. HSBC has released guidance for the three-year bond at 3.00-3.25 percent, IFR, a Thomson Reuters publication, reported on Wednesday, citing a term sheet. The term sheet said the issue was a benchmark deal, implying it is worth at least 500 million yuan ($79.4 million). ... Full Story | Top | Gold flatlines, fragile euro weighs Tue,17 Apr 2012 11:06 PM PDT Reuters - SINGAPORE (Reuters) - Gold traded nearly flat on Wednesday after a successful Spanish debt auction eased fears about the euro zone debt crisis, but the upside is capped as the euro remains under pressure ahead of a longer-term debt sale in Madrid later this week. Investors brushed off the soft U.S. industrial output and lower-than-expected housing starts data as relief over Spain's finances and a surprise jump in German business sentiment lifted equities and other riskier assets. ... Full Story | Top | Shares buoyed by easing worries over Spanish debt Tue,17 Apr 2012 11:04 PM PDT Reuters - TOKYO (Reuters) - Asian shares rose on Wednesday as firm demand at Spanish debt sales and positive U.S. corporate earnings boosted investor confidence in riskier assets. European shares were heading for a firmer start with financial spreadbetters predicting that major European markets would open up to 0.2 percent. U.S. stock futures were also up 0.2 percent. MSCI's broadest index of Asia Pacific shares outside Japan climbed 1.2 percent, led by Australian shares which charged to a two-week high, following a rally in European and U.S. ... Full Story | Top | Brent stable at $118 as euro zone concerns ease Tue,17 Apr 2012 11:02 PM PDT Reuters - SINGAPORE (Reuters) - Brent crude futures held steady above $118 on Wednesday as concerns on the euro zone crisis eased after a successful Spanish debt auction and a better growth forecast from the International Monetary Fund. The IMF offered a cautiously optimistic view on global growth, which it said is slowly improving as the U.S. recovery gains traction and dangers from Europe recede. While the euro zone will suffer a mild recession, the IMF said it would be less severe than feared after moves to calm markets at the turn of year. Brent June crude slipped seven cents to $118. ... Full Story | Top | Pakistan plans LNG imports from Algeria Tue,17 Apr 2012 10:59 PM PDT Reuters - ALGIERS (Reuters) - Pakistan is seeking to start liquefied natural gas (LNG) imports from Algeria and a plan to build a regasification terminal in Karachi was discussed on Tuesday with the North African country, officials said. Algeria exports most of its LNG to Europe, where demand is expected to fall with the new Medgaz pipeline from Algeria is scheduled to start pumping to top Europe's LNG importer Spain. Another Algeria's customer, the United States, has lost interest in the imported gas because of booming North American shale gas production. ... Full Story | Top | Total to cut oil flows at giant Angolan field Tue,17 Apr 2012 10:58 PM PDT Reuters - GENEVA (Reuters) - French oil major Total will cut oil supplies at a giant deep oil platform off the coast of Angola for planned works in June, trade sources said on Tuesday. Girassol, which means sunflower in Portuguese, is one of OPEC member Angola's largest fields and can pump up to 250,000 barrels per day (bpd). West African crude oil traders said that operator Total would cut production in order to inject new volumes from a satellite field in order to sustain output as reserves fall. ... Full Story | Top | "Not if, but when" for Spanish bailout, experts believe Tue,17 Apr 2012 10:58 PM PDT Reuters - BRUSSELS (Reuters) - Economic experts watching Spain don't know how much money will be needed or precisely when, but some are near certain that Madrid will eventually seek a multi-billion euro bailout for its banks, and perhaps even for the state itself. Prime Minister Mariano Rajoy has repeatedly said Spain doesn't need or want an international bailout, and the European Union, which along with the IMF has already rescued Greece, Ireland and Portugal, also dismisses such talk. ... Full Story | Top | Drops in iron ore output by majors help prop up price Tue,17 Apr 2012 10:52 PM PDT Reuters - SYDNEY (Reuters) - Global miners BHP Billiton, Vale and Rio Tinto all posted sharp drops in quarterly iron ore production due to bad weather, a factor that has helped support iron ore prices at relatively high levels despite signs of a softening market. The falls in output come as competition heats up in global bulk commodities markets due to demand from China for imported industrial raw materials finally showing signs of waning after years of double-digit growth. At $149.20 a tonne, iron ore prices are 22 percent below last year's highs. ... Full Story | Top | S.Africa Engen buys Saudi crude to replace Iran Tue,17 Apr 2012 10:50 PM PDT Reuters - SINGAPORE (Reuters) - Engen has turned to top oil exporter Saudi Aramco for additional crude after South Africa's biggest buyer of Iranian crude halted imports from the Islamic Republic, trade sources said on Wednesday. Engen, majority owned by Malaysian national oil company Petronas , will replace about half of the Iranian volumes with Saudi supplies and the remaining will be filled up from the spot market, mainly from West Africa, the sources said. ... Full Story | Top | Bank of Japan deputy signals further easing as rate review nears Tue,17 Apr 2012 10:49 PM PDT Reuters - OKAYAMA, Japan (Reuters) - The Bank of Japan is ready to implement additional monetary easing as necessary to help the economy recover and escape deflation, a deputy governor said on Wednesday, giving the strongest signal for further stimulus since its surprise February action. Kiyohiko Nishimura, speaking nine days before the BOJ's rate review, also said global uncertainties such as the unresolved debt crisis in Europe are the BOJ's prime concern as it examines its projection for a gradual recovery in the domestic economy. ... Full Story | Top | BOJ's Nishimura: risks from Europe remain large Tue,17 Apr 2012 10:49 PM PDT Reuters - OKAYAMA, Japan (Reuters) - Risks from Europe's debt problems remain large, although there is a lower chance of a Lehman-type shock, Bank of Japan Deputy Governor Kiyohiko Nishimura said on Wednesday. "I wouldn't say a major change has occurred in Europe in the past few months. Risks remain and they remain large," Nishimura said in a news conference. The BOJ holds its next rate review on April 27 where it will consider easing monetary policy by boosting government bond purchases under its asset-buying program, sources familiar with the central bank's thinking have said. ... Full Story | Top | S.Africa's Pick n Pay to enter DRC, Malawi Tue,17 Apr 2012 10:49 PM PDT Reuters - JOHANNESBURG (Reuters) - South Africa's No.2 food retailer, Pick n Pay, will enter the Democratic Republic of Congo (DRC) and Malawi in the next 12 months, its chairman said, as the merchant stretches its presence on the continent. "We are busy looking at the DRC and Malawi," Gareth Ackerman told a Reuters Africa Investment Summit. "We've got three more stores planned over the next year into those markets. ... Full Story | Top |
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