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Monday, May 28, 2012 12:00 AM PDT

Today's Reuters Business News Headlines - Yahoo! News: Asian shares, euro creep up from lows, remain Brent crude rises above $107; Greece, Iran eyed Insight: U.S. hedge funds find ways to trade euro misery Tunisia governor 'seeks firing of central bank governor' Illovo Sugar FY earnings up but lag expectations Tongaat Hulett says FY earnings, output higher Greek polls trigger euro squeeze but rally seen fleeting Renesas braces for costly restructuring, shares fall 11 percent Analysis: With or without euro, Europe must raise its game Shares, euro creep up from lows, remain vulnerable Analysis: BOJ gets cold feet after Valentine surprise Brent crude rises above $107; Greece, Iran eyed JPMorgan injects $400 million into China unit, eyes expansion China's energy investment push only for the brave Factbox: Private investment in China Asian shares, euro creep up from lows, remain Sun,27 May 2012 11:56 PM PDT Reuters - TOKYO (Reuters) - Asian shares and the euro edged up from lows on Monday, as opinion polls showing a lead for Greece's pro-bailout camp helped calm fears of a disorderly exit by Athens from the single currency that had driven a flight from riskier assets last week. The recovery looked vulnerable, however, as MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, still not far from its lowest level since late December touched on Friday. The pan-Asia stock index posted a third consecutive week of losses last week for its longest losing streak in six months. ... Full Story Top Brent crude rises above $107; Greece, Iran eyed Sun,27 May 2012 11:06 PM PDT Reuters - SINGAPORE (Reuters) - Brent crude edged above $107 per barrel on Monday as polls showing support for a pro-bailout government in Greece calmed fears of a euro zone exit hitting demand while the lack of progress in talks over Iran's nuclear programme spurred supply worries. A weaker dollar also helped Brent mark a third straight session of gains, although the crude benchmark is still off more than 16 percent from this year's high above $128 reached in March given a wobbly outlook for the global economy. ... Full Story Top Insight: U.S. hedge funds find ways to trade euro misery Sun,27 May 2012 11:04 PM PDT Reuters - BOSTON/NEW YORK (Reuters) - Two decades ago, George Soros rose to fame and fortune on his now-historic trade in which he took on the Bank of England and shrewdly wagered on a devaluation of the British pound. But it's unlikely the current European monetary crisis and worries about Greece's potential exit from the euro zone will give rise to an investing legend like Soros, who made $1 billion in 1992 by betting on a decline in the price of the pound. Instead, there are a multitude of strategies to play Europe's troubles, and many different participants, according to U.S. hedge fund managers. ... Full Story Top Tunisia governor 'seeks firing of central bank governor' Sun,27 May 2012 11:01 PM PDT Reuters - TUNIS (Reuters) - The parties that make up Tunisia's coalition government have proposed removing the governor of the central bank, two party sources said, a step which could alarm investors already jittery after last year's revolution. Tunisia, struggling to emerge from recession, has held a steady course on inflation, interest and exchange rates even in the turmoil that followed the ousting of its president, but talk of firing the central bank chief suggests it may be hard to hold that line. ... Full Story Top Illovo Sugar FY earnings up but lag expectations Sun,27 May 2012 11:00 PM PDT Reuters - JOHANNESBURG (Reuters) - South Africa's Illovo Sugar Ltd posted an 18 percent rise in full-year earnings on Monday helped by cost cuts but the profit slightly lagged analysts expectations as sugar output fell. Illovo, a unit of Associated British Foods, said diluted headline earnings per share for the year to the end of March totalled 132.5 cents from 112.1 cents the previous year. The diluted headline earnings per share number was expected to come in at 133.037 cents, according to an average estimate of six analysts polled by Thomson Reuters. ... Full Story Top Tongaat Hulett says FY earnings, output higher Sun,27 May 2012 10:59 PM PDT Reuters - JOHANNESBURG (Reuters) - South Africa's Tongaat Hulett reported a nearly 11 percent rise in full-year earnings on Monday, boosted by an increase in sugar output and prices and said it expected production to grow further in the next season. The agri-processing company said diluted headline earnings per share for the year to end-March totalled 819.4 cents from 739.6 cents a year ago. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non-trading items. ... Full Story Top Greek polls trigger euro squeeze but rally seen fleeting Sun,27 May 2012 10:58 PM PDT Reuters - TOKYO (Reuters) - The euro bounced off two-year lows on Monday after Greek conservatives topped opinion polls ahead of another general election, triggering covering of massive short positions on hopes Athens may agree to austerity steps and remain in the euro. A conservative victory on June 17 would raise the odds that Athens will form a government that would agree to harsh bailout terms by the European Union and the International Monetary Fund, enabling it to stay in the currency club. These expectations saw the euro jump 0.6 percent to $1.2588, pulling away from Friday's $1. ... Full Story Top Renesas braces for costly restructuring, shares fall 11 percent Sun,27 May 2012 10:57 PM PDT Reuters - TOKYO (Reuters) - Shares in Renesas Electronics fell more than 11 percent on Monday to a record low after news it will sell loss-making operations and cut at least 12,000 jobs as Japan's chip sector grapples with its biggest shake-out in a decade. The company's escalating troubles follow the February bankruptcy filing of Elpida Memory Inc, Japan's last producer of dynamic random access memory (DRAM) chips used in personal computers, which is in talks with U.S. firm Micron Technology about a buyout plan. ... Full Story Top Analysis: With or without euro, Europe must raise its game Sun,27 May 2012 10:52 PM PDT Reuters - LONDON (Reuters) - The opening last week in northeastern Spain of a 37-million-euro stretch of motorway to nowhere is an irresistible metaphor for the euro, an ambitious project conceived in better times that is now seemingly running out of road. With Spain heavily in debt, the authorities could not afford to finish the highway but opened the completed 6 km section near Lleida in any case to deter illegal joy racing. If only the euro were bringing joy. Maybe the road in Spain will be completed one day, but for now it is one more reminder that much of Europe has been living beyond its means. ... Full Story Top Shares, euro creep up from lows, remain vulnerable Sun,27 May 2012 10:39 PM PDT Reuters - TOKYO (Reuters) - Asian shares and the euro edged up from lows on Monday, as opinion polls showing a lead for Greece's pro-bailout camp helped calm fears of a disorderly exit by Athens from the single currency that had driven a flight from riskier assets last week. The recovery looked vulnerable, however, as MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, still not far from its lowest level since late December touched on Friday. The pan-Asia stock index posted a third consecutive week of losses last week for its longest losing streak in six months. ... Full Story Top Analysis: BOJ gets cold feet after Valentine surprise Sun,27 May 2012 10:38 PM PDT Reuters - TOKYO (Reuters) - Hyped up market expectations of more forceful steps by Japan's central bank to beat deflation since its two-punch monetary easing has raised concerns it needs to temper the message, or risk leading investors up a blind alley. The Bank of Japan eased monetary policy in February and set a 1 percent inflation target to show its determination to fix deflation that has plagued the country for more than a decade. The aggressive steps, from out of the blue on Valentine's Day, succeeded in altering market perception of what the authorities would do and how they would do it. ... Full Story Top Brent crude rises above $107; Greece, Iran eyed Sun,27 May 2012 09:37 PM PDT Reuters - SINGAPORE (Reuters) - Brent crude edged above $107 per barrel on Monday as polls showing support for a pro-bailout government in Greece calmed fears of a euro zone exit hitting demand while the lack of progress in talks over Iran's nuclear program spurred supply worries. A weaker dollar also helped Brent mark a third straight session of gains, although the crude benchmark is still off more than 16 percent from this year's high above $128 reached in March given a wobbly outlook for the global economy. ... Full Story Top JPMorgan injects $400 million into China unit, eyes expansion Sun,27 May 2012 09:15 PM PDT Reuters - SHANGHAI (Reuters) - JPMorgan Chase & Co has injected 2.5 billion yuan ($394.08 million) into its China unit, the latest foreign bank to beef up its Chinese operations. Foreign banks, including HSBC and Singapore's DBS Group , have either injected or are planning to pump in capital into their China units which are expected to grow rapidly over the coming years even as growth in the world's second-biggest economy comes off the boil. ... Full Story Top China's energy investment push only for the brave Sun,27 May 2012 08:37 PM PDT Reuters - HONG KONG/BEIJING (Reuters) - Private investors with the money and technology to unlock China's vast pools of shale and coal seam gas will need strong stomachs to brave the unpredictable, unsupported and unregulated sector. China, the world's largest energy user, signaled last week it wanted to draw more private investment into its energy sector as part of a plan to fast-track infrastructure investment to shore up economic growth. ... Full Story Top Factbox: Private investment in China Sun,27 May 2012 08:37 PM PDT Reuters - (Reuters) - China's top economic planner has signaled it wants to boost private investment in its key industries, putting heavy emphasis on the energy and financial sectors. China will lay out detailed rules and directions to encourage private investment in seven key sectors by the end of June. The rules will supplement a similar plan that was first unveiled in 2010 but has not been successful, state news agency Xinhua quoted an official with the National Development and Reform Commission, China's most powerful planning agency, as saying. ... Full Story Top

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