Today's Reuters Business News Headlines - Yahoo! News:
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Glencore expected to sweeten terms to win Xstrata
Tue,26 Jun 2012 11:40 PM PDT
Reuters -  LONDON (Reuters) - Commodities trader Glencore , scrambling to save its $30 billion offer for miner Xstrata , is expected to sweeten its bid in order to seal the deal, after key shareholder Qatar said it could oppose the takeover on current terms. Qatar, which remained silent on its intentions for months as it built the second-largest stake in Xstrata, said in a surprise statement on Tuesday that it supported the principle of the deal but demanded an improvement in terms from 2.8 new Glencore shares for every Xstrata share to 3.25. ...
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China first-half growth seen over 7.5 percent, but pressures remain
Tue,26 Jun 2012 11:39 PM PDT
Reuters -  BEIJING (Reuters) - China's annual economic growth could exceed 7.5 percent in the first half of 2012 but the economy still faces growing downward pressure, a senior official with the industry ministry said in remarks published on Wednesday. Analysts forecast in a Reuters poll in May that China would deliver second-quarter economic growth of 7.9 percent from a year earlier, with full-year growth of 8.2 percent, which would be the lowest since 1999. ...
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Glencore to consider changing Xstrata pay package
Tue,26 Jun 2012 11:32 PM PDT
Reuters - LONDON (Reuters) - Glencore , battling to save its $30 billion offer for miner Xstrata , said on Wednesday it would consider changing the management incentive arrangements that have angered investors. Glencore said it would consider a proposal from the board of Xstrata in relation to certain amendments to the management incentive arrangements that were proposed as part of the deal. Glencore is suddenly having to fight to save the deal after Qatar, Xstrata's second largest shareholder, shocked the market with a surprise demand for better terms on Tuesday. ... Full Story | Top |
IMF sees Seychelles 2012 growth up a touch at 3 pct
Tue,26 Jun 2012 11:26 PM PDT
Reuters -  VICTORIA (Reuters) - Seychelles' economy is expected to grow by 3 percent this year, after strong growth in tourist arrivals from new markets offset a drop-off in visitors from Europe, the International Monetary Fund (IMF) said on Tuesday. In March, the IMF had forecast growth of 2.8 percent this year from an estimated 4.9 percent in 2011. A slowdown in tourism from the traditional markets in Europe has been caused by the euro zone debt crisis, leading to weak economic activity and spending. ...
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Nigeria president replaces execs of state oil NNPC
Tue,26 Jun 2012 11:24 PM PDT
Reuters -  ABUJA (Reuters) - Nigerian President Goodluck Jonathan is replacing the managing director of state oil company Nigerian National Petroleum Corp (NNPC) and three other senior directors on Tuesday, a presidency statement said. "To further strengthen the ongoing reforms ... and in furtherance of efforts to achieve greater transparency and accountability ... President Jonathan has approved the re-composition of the executive management team of the NNPC," the statement said. ...
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Brent slips below $93, EU doubts counter N.Sea supply
Tue,26 Jun 2012 11:19 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude fell below $93 per barrel on Wednesday as heightened concerns that European leaders would fail to resolve the region's intractable debt crisis at a key meet this week offset tighter North Sea oil supply. Caution ran high among investors after Germany staunchly opposed the idea of sharing the region's debt, damping expectations for a bold move from Thursday's summit of European leaders to halt a contagion from the 30-month long debt crisis. Brent crude had fallen 27 cents to $92.75 per barrel by 0434 GMT. U.S. crude was at $79.33, down 3 cents. ... Full Story | Top |
S.Africa's Naspers FY up on Internet surge
Tue,26 Jun 2012 11:17 PM PDT
Reuters - JOHANNESBURG, June 27 - South African media and e-commerce firm Naspers posted a 15 percent gain in full-year earnings on Wednesday, boosted by solid growth in its money-spinning Internet business. Naspers has transformed itself from an apartheid-era newspaper publisher to a global multimedia business by buying or taking stakes in emerging-market Internet companies such as China's Tencent and Russia's Mail.ru. Naspers said core headline earnings per share rose to 1,850 cents in the year to end-March from 1,612 cents a year earlier. ... Full Story | Top |
Sony CEO tells shareholders revival plan will work
Tue,26 Jun 2012 11:16 PM PDT
Reuters -  TOKYO (Reuters) - Sony Corp's new CEO, Kazuo Hirai, on Wednesday defended retaining his predecessor, Howard Stringer, as chairman of the board and promised his turnaround strategy will save Japan's troubled consumer electronics giant. Hirai outlined the revival plan, first announced in April, that stakes Sony's future on mobile devices such as the Xperia smartphone, gaming and digital imaging, while developing new businesses, including a medical unit. Hurt by mounting losses in its TV business, Hirai said the plan will expand group sales by a third to 8.5 trillion yen ($106. ...
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Big banks craft "living wills" in case they fail
Tue,26 Jun 2012 11:10 PM PDT
Reuters - NEW YORK/WASHINGTON (Reuters) - Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations. The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. The living wills could be as long as 4,000 pages. ... Full Story | Top |
Analysis: Maybe the biggest risk is it's all ok
Tue,26 Jun 2012 10:47 PM PDT
Reuters - LONDON (Reuters) - Perhaps the biggest investor shock of the second half of 2012 would be if everything turns out OK and the world doesn't fall apart at the seams. As stock and bond markets hit the half-way point in yet another year of bank stress, euro crisis and disappointing global growth, early-year optimism has dissipated just as it did last year and the year before that. But this year the gloom is already pervasive. ... Full Story | Top |
Asian shares up, but euro pressured on EU summit cynicism
Tue,26 Jun 2012 10:39 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares rose on Wednesday but the euro was capped as investors concluded a European summit this week will fail to take concrete action to resolve the euro zone debt crisis, with Germany staunchly opposed to sharing the region's debt burden. The dollar retreated from earlier highs against a basket of major currencies while commodities eased in choppy trade, reflecting reluctance by investors to place bets in either direction before the June 28-29 summit in Brussels. ...
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Brent slips below $93, EU doubts counter North Sea supply cut
Tue,26 Jun 2012 10:05 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude fell below $93 per barrel on Wednesday as heightened concerns that European leaders would fail to resolve the region's intractable debt crisis at a key meet this week offset tighter North Sea oil supply. Caution ran high among investors after Germany staunchly opposed the idea of sharing the region's debt, damping expectations for a bold move from Thursday's summit of European leaders to halt a contagion from the 30-month long debt crisis. Brent crude had fallen 27 cents to $92.75 per barrel by 0434 GMT. U.S. crude was at $79.33, down 3 cents. ...
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Canadian Pacific board member Rick George resigns
Tue,26 Jun 2012 10:03 PM PDT
Reuters - TORONTO (Reuters) - Canadian Pacific Railway , the country's second-largest railroad operator, said on Tuesday that board member Rick George has stepped down, roughly a month after a bitter proxy battle led to the resignations of the company's top executives. The company did not provide an explanation for George's resignation, but indicated that it had no plans to fill the vacancy created by his departure at this time. ... Full Story | Top |
Analysis: Morgan Stanley faces Facebook fallout, limits damage
Tue,26 Jun 2012 09:31 PM PDT
Reuters - NEW YORK (Reuters) - Morgan Stanley was quick to dismiss suggestions its status as the king of initial public offerings for Silicon Valley was under threat because of the botched Facebook Inc IPO last month. And that confidence may be warranted. While Morgan Stanley has been snubbed by some technology companies, the repercussions for the Wall Street investment bank have been limited, according to sources familiar with the situation. ... Full Story | Top |
Nomura CEO grilled over insider probe, but re-elected
Tue,26 Jun 2012 08:48 PM PDT
Reuters - TOKYO (Reuters) - Kenichi Watanabe was re-elected as CEO of Nomura Holdings on Wednesday despite a grilling from shareholders about the Japanese broker's slumping share price and his handling of a protracted insider trading probe. The 59-year old bowed in apology at the annual shareholders' meeting at the Hotel Okura in central Tokyo and vowed to complete an internal investigation into the insider trading scandal as planned by the end of the month. ... Full Story | Top |
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