Today's Reuters Business News Headlines - Yahoo! News:
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Nestle posts strong Q1 growth from emerging markets
Thu,19 Apr 2012 11:51 PM PDT
Reuters - ZURICH (Reuters) - Nestle , the world's biggest food group, reported forecast-beating first-quarter organic sales growth of 7.2 percent on Friday as emerging market demand and price rises helped offset sluggish growth in the developed world. The Vevey-based maker of Nescafe coffee, KitKat chocolate bars and Maggi soup had been expected to post underlying sales growth of 6.6 percent, according to a Reuters poll of analysts, down from 7.5 percent growth in 2011. ... Full Story | Top |
Brent steady above $118, eyeing biggest weekly loss
Thu,19 Apr 2012 11:49 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude held above $118 a barrel on Friday, but prices were headed for their steepest weekly drop in more than three months as Spain's high borrowing cost kept intact fears that the euro zone debt crisis could flare up again. Disappointing U.S. jobs data, which added to recent evidence the global economy is on shaky ground, dented the outlook for oil demand, capping gains in oil prices. Investors are now awaiting next week's meeting of U.S. ... Full Story | Top |
Shares ease as US data casts doubt on recovery
Thu,19 Apr 2012 11:47 PM PDT
Reuters - SINGAPORE (Reuters) - Asian shares fell and commodity-linked currencies such as the Australian dollar slipped on Friday after disappointing U.S. economic data stirred doubts about the strength of the recovery. Renewed worries on the euro zone debt crisis also kept riskier assets under pressure and supported safe-haven U.S. Treasuries, as a better-than-feared Spanish bond auction failed to allay concerns that Spain may follow Greece, Ireland and Portugal in needing an international bailout. MSCI's broadest index of Asia Pacific shares outside Japan fell 0. ... Full Story | Top |
Hedge fund assets reach record levels in Q1
Thu,19 Apr 2012 11:41 PM PDT
Reuters - NEW YORK (Reuters) - Investors poured billions of dollars into hedge funds in the first quarter, helping to send total industry assets into record territory, data released Thursday shows. Investors allocated a net $16 billion to hedge funds in the first three months of the year, according to Hedge Fund Research, which tracks industry flows and performance. With the new capital, as well as average gains of about 5 percent for hedge funds in the first quarter, total industry assets reached $2.13 trillion, HFR found. ... Full Story | Top |
Australia court dismisses film studios' claim against iiNet
Thu,19 Apr 2012 11:35 PM PDT
Reuters - SYDNEY (Reuters) - The Australian High Court ruled against film studios and television companies that blamed local internet service provider iiNet for the trading of pirated movies and music among its customers, ending a legal battle that began in late 2008. The lawsuit has been keenly watched by the global entertainment and internet sector where online piracy has cost copyright holders millions of dollars. The high court on Friday upheld a ruling by a lower court, dismissing an appeal by 34 Australian and U.S. companies including Disney Enterprises, Dreamworks Films and Sony Pictures. ... Full Story | Top |
Olympus eyes fresh start, ex-CEO mulls legal threat
Thu,19 Apr 2012 11:35 PM PDT
Reuters -  TOKYO (Reuters) - Shareholders of Olympus Corp approved a new board on Friday, hoping for a fresh start at the camera and medical device maker that hid $1.7 billion of investment losses in Japan's biggest corporate scandal in decades. At a sometimes rowdy extraordinary meeting in a Tokyo hotel, local institutional investors and Olympus' lenders and suppliers voted for a new management slate and approved five years' worth of restated company accounts. ...
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Anglo American facing more problems at Minas-Rio
Thu,19 Apr 2012 11:34 PM PDT
Reuters - LONDON (Reuters) - Mining group Anglo American said on Thursday it faced further potential disruption to its $6 billion Minas-Rio iron ore operation in Brazil, although it was hopeful of resuming construction activity on the site. "We are currently in discussions about another legal interruption notification on a power transmission line licence, and we are confident construction activity on the line will resume soon," chief executive Cynthia Carroll said in a statement at the company's annual meeting. Anglo American has already had seven legal interruptions to operations at the site. Full Story | Top |
Wall St drops on weak data, Qualcomm weighs
Thu,19 Apr 2012 11:28 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks fell for a second day on Thursday as labor market data showed more signs of weakness, while a warning from Qualcomm and poor results from Stanley Black & Decker also discouraged investors. A late bounce cut the losses of the Dow and the S&P 500 nearly in half. Apple shares, down 3.4 percent, also contributed to the day's losses, as did renewed concerns about Europe's finances. Apple closed at $587.44. ... Full Story | Top |
Shares ease as U.S. data casts doubt on recovery
Thu,19 Apr 2012 11:25 PM PDT
Reuters -  SINGAPORE (Reuters) - Asian shares fell and commodity-linked currencies such as the Australian dollar slipped on Friday after disappointing U.S. economic data stirred doubts about the strength of the recovery. Renewed worries on the euro zone debt crisis also kept riskier assets under pressure and supported safe-haven U.S. Treasuries, as a better-than-feared Spanish bond auction failed to allay concerns that Spain may follow Greece, Ireland and Portugal in needing an international bailout. MSCI's broadest index of Asia Pacific shares outside Japan fell 0. ...
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Yen to stay softer ahead of BOJ; Aussie tad lower
Thu,19 Apr 2012 11:13 PM PDT
Reuters - TOKYO (Reuters) - The yen hovered close to its lowest levels in ten days against the dollar on Friday and was set to stay under pressure on expectations of more easing by the Bank of Japan next week. The greenback stood at 81.50 yen, having hit a 1-1/2 week high of 81.74 the day before, bringing its April 10 peak of 81.87 into focus. The euro climbed to 107.13, staging a strong comeback from Monday's trough of 104.63. ... Full Story | Top |
Africa to be next boomtown for private equity
Thu,19 Apr 2012 11:11 PM PDT
Reuters - JOHANNESBURG (Reuters) - Africa is the next big thing, just ask Bob Geldof and other private equity bankers. The Irish rocker made headlines in February when he announced the launch of his $200 million "8 Mile" fund, a sign the Live Aid organiser had turned from promoting debt forgiveness to private enterprise. Like the former Boomtown Rats frontman, more private equity investors are flocking to the continent, drawn by the prospect of outsize returns. The signs of Africa's stunning potential are obvious: 6 percent average GDP growth, fast-rising incomes and abundant resources. ... Full Story | Top |
Citi says working on Eurobonds with Nigerian banks
Thu,19 Apr 2012 11:10 PM PDT
Reuters - LAGOS (Reuters) - Citibank is working on a number of mandates to issue Eurobonds for Nigerian banks as the banking sector recovers from financial turmoil, its country officer told Reuters on Thursday. Speaking to the Reuters Africa Investment Summit, Emeka Emuwa said banks in Africa's second-biggest economy had stabilised after a financial crisis that led to a $4 billion bailout of nine lenders in 2009 and several mergers in 2011. He said that some of the banks were looking to tap international debt markets to issue bonds in order to support their businesses and continue to grow. ... Full Story | Top |
South Africa rand, govt bonds edge lower after recent rally
Thu,19 Apr 2012 11:09 PM PDT
Reuters - JOHANNESBURG (Reuters) - South Africa's rand and government bonds slipped on Thursday, taking a break after sharp rallies earlier in the week and as investors fretted about the euro zone debt crisis. The rand was 0.2 percent weaker against the dollar at 7.8630 by 1626 GMT, after closing at 7.8452 in New York on Wednesday. Bond yields rose by 1.5 basis points. Citigroup's announcement on Tuesday that it may include South African bonds in its World Government Bond Index (WGBI) in October had boosted the rand and driven bonds to multi-year highs. ... Full Story | Top |
CEO of Vimpelcom's Algeria unit "on medical leave"
Thu,19 Apr 2012 10:59 PM PDT
Reuters - CAIRO (Reuters) - The chief executive of Vimpelcom's Algerian mobile phone unit, who has been at the centre of an acrimonious dispute with the Algerian authorities, is on medical leave, his employers said late on Thursday. Tamer El Mahdy has been chief executive of Orascom Telecom Algerie (OTA) -- which trades under the name Djezzy -- during a period when the firm has been hit with back tax demands, threatened with nationalisation and subject to an investigation over currency violations. ... Full Story | Top |
Gold treads water; euro zone worry, US data weigh
Thu,19 Apr 2012 10:56 PM PDT
Reuters - SINGAPORE (Reuters) - Gold held steady on Friday in listless trading as persistent concerns about the euro zone's finances and disappointing U.S. economic data data put off most investors. Spot gold edged up 0.1 percent to $1,644.15 an ounce by 0327 GMT, on course for a 0.9-percent weekly fall. U.S. gold inched up 0.2 percent to $1,645.10. Technical analysis suggested that spot gold could fall to $1,611.80 an ounce during the day, said Reuters market analyst Wang Tao. ... Full Story | Top |
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