Today's Reuters Business News Headlines - Yahoo! News:
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Eurozone finance ministers head for talks in Paris
Mon,25 Jun 2012 11:49 PM PDT
Reuters - PARIS (Reuters) - The finance ministers of Germany, France, Italy and Spain will meet in Paris for talks on Tuesday evening, ahead of a crucial European Union summit at the end of the week, French Finance Minister Pierre Moscovici said. "We want to work with Germany," Moscovici told France Info radio, asked about the pressure on President Francois Hollande and German Chancellor Angela Merkel to reach an agreement on ways to curb the spiraling euro zone crisis. ... Full Story | Top |
Wall St tumbles on European summit skepticism
Mon,25 Jun 2012 11:40 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks fell sharply on Monday, putting the S&P 500 near break-even for June so far, as investors saw little reason to be optimistic about a European Union summit this week. Markets remain sensitive to European headlines as the region's spiraling debt crisis could wreak further havoc on a slowing global economy. Financial and energy stocks were among the primary drags. U.S. crude futures lost 0.7 percent to remain near the eight-month low hit last week. News that Spain had requested help for its struggling banks pressured financial stocks. ... Full Story | Top |
Shares fall in choppy trade over EU summit
Mon,25 Jun 2012 11:35 PM PDT
Reuters - TOKYO (Reuters) - Asian shares fell on Tuesday as investors remained sceptical that a summit of European leaders would yield any substantive measures to solve the region's protracted debt crisis, now in its third year. MSCI's broadest index of Asia-Pacific shares outside Japan were off 0.2 percent by early afternoon, giving up early gains, while Japan's Nikkei average fell 0.9 percent to its lowest in more than one week. ... Full Story | Top |
Gold holds above $1,580 on EU summit uncertainty
Mon,25 Jun 2012 11:34 PM PDT
Reuters - SINGAPORE (Reuters) - Gold held steady above $1,580 an ounce on Tuesday after rising in the previous session on growing uncertainty on whether a key European Union summit this week will be able to resolve the region's debt crisis. The Thursday-Friday summit will be the 20th time EU leaders have met to try to resolve the spreading crisis which had helped send gold prices to a record above $1,920 an ounce last year as investors turned to the safety of the precious metal. Gold hardly changed at $1,584.10 an ounce by 0546 GMT, within sight of an intraday high around $1,587. ... Full Story | Top |
Workers file suit to block KenolKobil takeover
Mon,25 Jun 2012 11:22 PM PDT
Reuters - NAIROBI (Reuters) - Employees of Kenyan fuel marketer KenolKobil have filed a lawsuit to prevent a takeover of the company by Swiss-based Puma Energy, a subsidiary of Trafigura Beheer , citing expected changes that could affect their jobs. The matter will be heard at the Industrial Court this Friday, a lawyer for the employees told Reuters on Monday. Vincent Njoroge, Philip Otenyo and Ronald Lugaba, who are suing on behalf of the company's employees as a whole, claim that as a result of the expected restructuring, the workers risk job losses, court papers seen by Reuters showed. ... Full Story | Top |
IMF urges Congo to improve mining revenue collection
Mon,25 Jun 2012 11:21 PM PDT
Reuters -  KINSHASA (Reuters) - The Democratic Republic of Congo needs to continue improving governance and transparency in its extractive sector if it is to receive the latest instalments of a $550 million loan, the International Monetary Fund (IMF) said on Monday. The statement followed a visit by the IMF's chief of mission to the country, Robert York, to assess Congo's economic performance under the new government of prime minister Matata Ponyo. ...
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Nigeria's governors back sovereign wealth fund
Mon,25 Jun 2012 11:17 PM PDT
Reuters -  ABUJA (Reuters) - Nigeria's powerful state governors said on Monday they had approved federal government's proposal to launch a sovereign wealth fund with an initial $1 billion, ending months of political wrangling. Finance Minister Ngozi Okonjo-Iweala said in October last year the fund was being launched but governors initially blocked the proposal, leading to eight months of negotiations. ...
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Omnia's full-year earnings up 25 pct
Mon,25 Jun 2012 11:14 PM PDT
Reuters - JOHANNESBURG (Reuters) - South African chemical maker Omnia Holdings posted a 25 percent rise in full-year profit on Tuesday, boosted by higher sales in its mining and agriculture businesses and said it expects more growth ahead. Omnia, which has interests in chemicals, mining and agriculture, said diluted headline earnings per share for the year to end-March totalled 957.3 cents from 765.1 cents last year. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non trading items. Omnia said its group revenue rose nearly 17 percent to 10.9 billion rand. ... Full Story | Top |
Brent holds steady near $91 ahead of EU meet
Mon,25 Jun 2012 11:13 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude held steady near $91 per barrel on Tuesday as short-covering and forecasts of a drop in U.S. crude inventories offset worries that a European summit would be unable to produce a concrete solution to the region's debt crisis. The two-day summit in Brussels will be the 20th time EU leaders have met to try to resolve a crisis that has spread across Europe since it began in Greece in early 2010. Appetite for riskier assets is expected to stay low as investors remain cautious ahead of the meet later this week. Brent crude was at $90. ...
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Absa H1 earnings to dip as much as 10 pct
Mon,25 Jun 2012 11:12 PM PDT
Reuters -  JOHANNESBURG (Reuters) - Absa Group, the South African bank majority-owned by Barclays Plc, said on Tuesday it expects to report a drop of up to 10 percent in first-half earnings, hit by an increase in bad loans and subdued revenue growth. Absa said in a statement that its headline earnings for the six months to end-June would be as much as 10 percent below the 4.6 billion rand it reported in the same period a year earlier. The bank said that credit impairments, or bad loan costs, related to mortgages had increased as property prices and customers remained under pressure. ...
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Austria backs towards closer Europe in debt crisis
Mon,25 Jun 2012 10:55 PM PDT
Reuters - VIENNA (Reuters) - Under fire from right-wing nationalists for helping out euro zone laggards, Austrian Finance Minister Maria Fekter stood before parliament this month to say why Europeans had to stick together. "Europe is our guarantor of peace. Europe is our greater homeland and our common destiny. We don't want to have nationalism get out of hand. We had this once before and we know we have to avoid this," she said, in a reference to the rise of Austria's far-right before its annexation by Nazi Germany. "Thus it is about creating this Europe together. And now we have a lot to create. ... Full Story | Top |
Asian shares fall in choppy trade over EU summit skepticism
Mon,25 Jun 2012 10:28 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares fell on Tuesday as investors remained skeptical that a summit of European leaders would yield any substantive measures to solve the region's protracted debt crisis, now in its third year. MSCI's broadest index of Asia-Pacific shares outside Japan were off 0.2 percent by early afternoon, giving up early gains, while Japan's Nikkei average fell 0.9 percent to its lowest in more than one week. ...
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Dutch food group Wessanen to sell U.S. drinks unit ABC
Mon,25 Jun 2012 10:26 PM PDT
Reuters - AMSTERDAM (Reuters) - Dutch food group Wessanen said on Tuesday it has started the sales process of its U.S. drinks subsidiary ABC, which it had already marked as non-strategic. Wessanen, which wants to focus on organic food in Europe, said in a statement it expected to finalize the divestment in the fourth quarter of this year. Moelis & Company is handling the sales process. In September, Wessanen postponed plans to sell ABC, hoping to cash in on improved profits thanks to strong demand for its ready-mix cocktails and fruit smoothies. ... Full Story | Top |
Cyprus bailout cost may be half its economy: media
Mon,25 Jun 2012 10:22 PM PDT
Reuters - NICOSIA (Reuters) - Cyprus, which became the fifth euro zone country on Monday to seek emergency funding from Brussels, may require a bailout amount worth up to half the size of its economy, domestic media reported on Tuesday. The Mediterranean island, with a banking sector heavily exposed to debt-crippled Greece, said on Monday it was formally applying for aid from the European Union's rescue funds. Cyprus needs to plug a 1.8 billion euro - or 10 percent of its GDP - regulatory capital shortfall in its second largest lender by June 30. ... Full Story | Top |
News Corp considering splitting into two: WSJ
Mon,25 Jun 2012 09:54 PM PDT
Reuters -  (Reuters) - Rupert Murdoch's News Corp is thinking of splitting into two companies, the Wall Street Journal reported, citing people familiar with the situation. A final decision on the split has not been made, the paper said, adding that the Murdoch family is not expected to lose its effective control of any of the businesses involved. The company plans to separate its publishing assets from its entertainment businesses, the report said. The split would mean News Corp's film and television businesses will be carved off from its newspapers, book publishing assets and education businesses. ...
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