Today's Reuters Business News Headlines - Yahoo! News:
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Brent crude drops to 16-month low on bleak economic data
Sun,3 Jun 2012 11:52 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude prices fell below $97 a barrel to a 16-month low on Monday, as weak U.S. and Chinese economic data fanned renewed fears of a global economic slowdown, which would hit oil demand. Brent crude for July delivery dropped more than $1 to an intraday low of $96.67 by 02.34 a.m. EDT, its lowest since January 2011. U.S. crude fell $1.60 to $81.63 a barrel after tumbling as low as $81.50 earlier in the session, its lowest level since last October. ...
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Tokyo stocks hit 28-yr low as investors flee
Sun,3 Jun 2012 11:37 PM PDT
Reuters - TOKYO (Reuters) - The Tokyo market slumped to a 28-year low on Monday as Asian shares dived on fears of a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China. Tokyo's Topix index lost as much as 2.4 percent to 692.18, a level not seen since late 1983, according to Reuters data, while the Nikkei average of major stocks tumbled 2 percent. The Nikkei last week marked its ninth straight week of losses, the longest such losing streak run in 20 years. The MSCI's broadest index of Asia-Pacific shares outside Japan fell by as much as 2. ... Full Story | Top |
Brent crude drops to 16-month low on economic data
Sun,3 Jun 2012 11:19 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude prices fell below $98 a barrel to a 16-month low on Monday, pressured by fears of a global economic slowdown following weak U.S. and Chinese economic data. Brent crude for July delivery dropped more than $1 to an intraday low of $97.06 by 0443 GMT, the lowest since January 2011. U.S. crude fell $1.44 to $81.79 a barrel after tumbling to as low as $81.59 earlier in the session, the lowest since October 2011. Data on Friday showed U.S. job growth stumbling in May, causing the country's unemployment rate to rise for the first time in nearly a year. ...
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Canon to buy back $640 million worth of own shares
Sun,3 Jun 2012 11:10 PM PDT
Reuters -  TOKYO (Reuters) - Canon Inc said on Monday it plans to buy back up to 50 billion yen ($640 million) worth of its own shares, or 1.4 percent of its shares outstanding, between June 5 and July 27. ($1 = 78.1200 Japanese yen) (Reporting by Mayumi Negishi)
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Acer says no plans to launch non-tablet devices on ARM
Sun,3 Jun 2012 10:58 PM PDT
Reuters -  TAIPEI (Reuters) - Taiwan's Acer Inc said on Monday it would remain closer to U.S. chipmaker Intel, even though Microsoft also embraces rival ARM for its new Windows 8 operating system. The world's No.4 PC vendor has given an upbeat outlook for the second half after delivering a quarterly net profit that lagged market expectations in April, betting on the launch of Microsoft's new Windows system and more slimline ultrabook computers. The company is recovering from two consecutive quarters of losses in April to September last year and a management shake-up. ...
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Tokyo stocks hit 28-year low as investors flee risky assets
Sun,3 Jun 2012 10:57 PM PDT
Reuters -  Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended a rout of global stocks and worried about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China. Tokyo's broader Topix index lost 2.1 percent to 693.35, a level not seen since late 1983, as Asian markets plumbed new lows for 2012. Japan's Nikkei average fell 2 percent after last week marking its ninth straight week of losses, the longest such losing streak run in 20 years. ...
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Ford says studying indigenous brands for China market
Sun,3 Jun 2012 10:33 PM PDT
Reuters -  TAIPEI (Reuters) - Ford Motor is in talks with its partners to introduce indigenous brands in China, while it focuses on building up its own brand in the world's biggest auto market, its China chief said on Monday. Some foreign auto makers have launched so-called indigenous, or China-only, brands with their local partners, in part to comply with Chinese government regulations that allow global carmakers like Ford to manufacture cars in China. "We always are in discussions with our joint venture partners. ...
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BP is free to sell TNK-BP stake: source
Sun,3 Jun 2012 10:20 PM PDT
Reuters - MOSCOW (Reuters) - The Russian billionaire co-owners of TNK-BP , the Russian joint venture of oil major BP, are not in a position to block the possible sale of the British company's stake, a source close to BP said. "We can sell it if we want to," the source told Reuters in response to speculation that the billionaire quartet would seek to veto any deal. The Financial Times newspaper, citing a spokesman for Russian shareholder consortium AAR, on Monday reported that the TNK-BP shareholder agreement prevents BP from giving out any confidential information to a third party without its consent. ... Full Story | Top |
Pianalto says jobs report hasn't changed her outlook: WSJ
Sun,3 Jun 2012 08:40 PM PDT
Reuters - (Reuters) - The grim U.S. jobs report for May does not warrant further easing of monetary policy, Sandra Pianalto, President of the Federal Reserve Bank of Cleveland, was quoted as saying on Monday. Pianalto told the Wall Street Journal that even though the jobs report was disappointing, she was not yet convinced the economy was taking a turn for the worse. "I'd have to see a substantial change in my outlook," to be convinced the Fed should do more, Pianalto told the WSJ. "I don't think this employment report, in and of itself, is likely to lead to a substantial change in my outlook. ... Full Story | Top |
Buffett-backed BYD dealers put brakes on advance subsidies: report
Sun,3 Jun 2012 07:47 PM PDT
Reuters - HONG KONG (Reuters) - Two of the biggest dealers for the Warren Buffett-backed Chinese automaker BYD have stopped paying an advance subsidy of 120,000 yuan ($18,850) to buyers of its electric cars, a newspaper said, putting further pressure on BYD's shares after a recent accident involving one of its vehicles. The dealers in the southern Chinese city of Shenzhen said buyers would have to pay the full price of around 369,700 yuan and then claim the subsidy from the government themselves, the South China Morning Post reported on Monday. Shares of BYD fell as much as 5. ... Full Story | Top |
Stock futures dip after Friday's big selloff
Sun,3 Jun 2012 07:19 PM PDT
Reuters -  (Reuters) - Stock index futures slid on Sunday in electronic trading after Friday's selloff, the biggest percentage drop for the year for stocks, as worries over the deepening euro zone debt crisis threaten to extend recent market weakness. S&P 500 futures fell 9.7 points, or 0.76 percent, to 1,264.20, pointing to a dip at the open on Monday morning, and Nasdaq 100 futures lost 18.50 points, or 0.75 percent, to 2,436.50. U.S. stocks fell more than 2 percent on Friday, dragging the Dow into negative territory for the year after a dismal U.S. ...
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Shale boom, Asia demand to dominate global gas conference
Sun,3 Jun 2012 06:34 PM PDT
Reuters - SINGAPORE/HONG KONG (Reuters) - The impact of growing gas supplies on the global energy landscape and the prospect of deeper declines in Iranian oil exports as Western sanctions bite will dominate talks at a gas conference next week in Malaysia. The World Gas Conference in Kuala Lumpur takes place this year in the heart of the Asian region, where energy hungry economies such as China and Japan are driving rising gas demand. The same countries are wrestling with how to ensure short-term oil supplies if the flow from Iran is disrupted. ... Full Story | Top |
Analysis: India's growth: build in an incompetence discount
Sun,3 Jun 2012 03:42 PM PDT
Reuters -  NEW DELHI (Reuters) - It had been another brutal day for the rupee on the foreign exchanges as India's economic crisis escalated and, travelling home from a visit to Myanmar last week, Indian Prime Minister Manmohan Singh summoned journalists on his plane for a briefing. The one statement he had prepared for the media that night, however, concerned allegations of corruption leveled against him and his cabinet ministers - not the economy. ...
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Wall Street Week Ahead: Torn between bulls and bears
Sun,3 Jun 2012 03:24 PM PDT
Reuters -  NEW YORK (Reuters) - Monday morning will be decision time for traders and investors: Should they buy or sell after Friday's steep decline that pushed the S&P 500 below its 200-day moving average? While comments out of Europe over the weekend point to signs of a more urgent push for a fiscal union the euro zone, that may be not enough for the market that just saw the Dow turn negative for the year and the S&P 500 dip below the critical 200-day moving average for the first time since December - a level that many technical analysts view as a harbinger of more selling. ...
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Insight: Australia's coal bed LNG export expansion plans falter
Sun,3 Jun 2012 01:23 PM PDT
Reuters -  PERTH (Reuters) - Confidence in Australia's coal seam gas industry, one of the nation's brightest economic prospects, has begun to flicker. For the first time since energy firms kicked off $50 billion of projects to drill for gas in the region's rich coal deposits less than two years ago, there is a consensus emerging among industry executives and experts that plans are well off track. ...
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