Today's Reuters Business News Headlines - Yahoo! News:
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Slump in export orders hits Asian factories
Sun,1 Jul 2012 10:41 PM PDT
Reuters - BEIJING (Reuters) - A factory slump in Asia's two biggest exporters China and Japan deepened in June as crumbling orders from abroad dragged activity to seven-month lows, heightening worries that the health of the global economy is deteriorating. PMI reports on major exporters South Korea and Taiwan also indicated new orders from overseas were falling. The manufacturing sectors in these countries contracted in June for the first time in five months, the reports showed. In India, where the economy is more reliant on domestic activity, the factory sector picked up in June. ... Full Story | Top |
India's June factory activity ticks up, hiring expands: survey
Sun,1 Jul 2012 10:09 PM PDT
Reuters - BANGALORE (Reuters) - Indian factories in June stepped up production and hired workers at the fastest rate in more than two years, but sagging demand abroad took a toll on growth in new export orders, a survey showed on Monday. The HSBC manufacturing Purchasing Managers' Index (PMI) rose to 55.0 in June, a four-month high, from 54.8 in May. It has kept above the 50 mark that divides growth and contraction for more than three years. Still, the survey raised some concerns. High prices continue to weigh on manufacturers, with both input and output costs rising sharply from May. ... Full Story | Top |
China home prices inch up, snap nine-month losing streak: survey
Sun,1 Jul 2012 09:50 PM PDT
Reuters - BEIJING (Reuters) - The average home price in China's 100 major cities edged up 0.05 percent in June from May, snapping a nine-month decline and reinforcing signs that property prices are stabilizing, a private sector survey showed on Monday. The data from China Real Estate Index System (CREIS) added to evidence that the property market is being supported by monetary policy easing and growth-obsessed local governments, even as Chinese leaders have vowed to keep property curbs. ... Full Story | Top |
BofA, Goldman among beneficiaries of Malaysia deal boom
Sun,1 Jul 2012 09:26 PM PDT
Reuters -  SINGAPORE/HONG KONG (Reuters) - In an otherwise dismal year for Asia's investment banking industry, a ray of hope has appeared from the most unlikely of places: Malaysia. State oil company Petronas announced the country's largest-ever outbound takeover last week, offering to buy its Canadian partner Progress Energy Resources Corp for $4.7 billion to gain control of vast shale gas deposits to supply lucrative Asian markets. The news broke on the same day Malaysian palm oil firm Felda Global listed its $3.1 billion IPO with a 20 percent pop. Bank of America-Merrill Lynch, Goldman Sachs and J.P. ...
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Japan's Sanko Steamship files for bankruptcy
Sun,1 Jul 2012 09:13 PM PDT
Reuters - TOKYO (Reuters) - One of Japan's oldest shipping firms, Sanko Steamship, said it had filed for bankruptcy on Monday, holding an estimated $2 billion in debt amid a severe downturn in the dry bulk, tanker and container markets. Sanko said it gave up the out-of-court settlement process it had pursued since March, and chose to seek protection from its creditors. That was because it found itself in a severe cash flow problem as multiple ship owners retaliated to the rescheduling of charter fee payments by seizing Sanko-owned ships among others, the company said in a statement. ... Full Story | Top |
Analysis: U.S. companies blame Europe for earnings warnings
Sun,1 Jul 2012 09:05 PM PDT
Reuters -  NEW YORK (Reuters) - As an increasing number of American companies warn their earnings will fall short of expectations, many are pointing the finger at Europe as the culprit. As the second-quarter corporate results season gets underway in the next few weeks, the euro zone debt crisis, weak European demand, the euro currency's decline and the impact of it all on the global economic environment, will be front and center. ...
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Daiwa dropped from bond offering due to insider trading case
Sun,1 Jul 2012 08:19 PM PDT
Reuters -  TOKYO (Reuters) - Kawasaki Heavy Industries Ltd said on Monday it was dropping Daiwa Securities as underwriter for a bond issue after Japan's No.2 broker was found by regulators to have leaked inside information ahead of a share offering it underwrote in 2010. The move highlights the widening business impact for brokerages ensnared in a regulatory crackdown on insider trading ahead of public share offerings, a near-endemic problem that triggered the launch of an industry-wide probe two years ago. ...
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Giant Japan public fund picks six firms to manage emerging market equities
Sun,1 Jul 2012 07:36 PM PDT
Reuters - TOKYO (Reuters) - Japan's Government Pension Investment Fund, the world's biggest public pension fund, said on Monday it had selected six asset management companies to actively manage emerging market equities in its $1.35 trillion portfolio. It will be the first time the public fund, known as GPIF, has invested in emerging markets. The GPIF, which holds 108.1 trillion yen ($1. ... Full Story | Top |
China HSBC PMI hits seven-month low of 48.2 in June
Sun,1 Jul 2012 07:32 PM PDT
Reuters -  BEIJING (Reuters) - China's factory activity shrank in June at the fastest pace in seven months as new export orders tumbled to depths last seen in March 2009, a private sector survey showed, underlining the risk of a lurch lower for the Chinese economy. The HSBC Purchasing Managers' Index (PMI) fell to 48.2 after seasonal adjustments, its lowest since November 2011, and little changed from a flash, or preliminary, estimate of 48.1. The final reading in May was 48.4. ...
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Europe's market watchdog probes rating agencies: FT
Sun,1 Jul 2012 05:38 PM PDT
Reuters - LONDON (Reuters) - The European markets watchdog is investigating whether the big three credit ratings agencies' methods of evaluating banks are rigorous and transparent enough, its chairman Steven Maijoor told the Financial Times on Monday. The European Securities and Markets Authority (Esma) is inspecting Standard & Poor's (S&P), Fitch and Moody's Investors Service, and it expects to finish by the end of the year, the newspaper said. ... Full Story | Top |
Nigeria favors local firms in $60 billion oil deals
Sun,1 Jul 2012 04:38 PM PDT
Reuters - GENEVA/ABUJA (Reuters) - Africa's top oil producer Nigeria will award nearly half of its $60 billion annual supply contracts to local companies, a document showed, and cut supplies to major commodity traders such as Glencore . The OPEC member has allocated about three-quarters of its daily production or around 1.6 million barrels per day (bpd) via term contracts to 50 companies including 21 Nigerian firms, a document sent to winning firms showed. ... Full Story | Top |
China banks took 29 pct of 2011 global profit - study
Sun,1 Jul 2012 04:03 PM PDT
Reuters -  LONDON (Reuters) - Chinese lenders accounted for almost a third of global bank profit last year, up from 4 percent in 2007, as they grabbed market share given up by struggling European peers, according to The Banker magazine's annual rankings. Three Chinese banks topped the profit table, led by Industrial and Commercial Bank of China (ICBC) for the second successive year, with pretax earnings of $43.2 billion, according to The Banker. ICBC was followed by China Construction Bank , which delivered a $34.8 billion profit, and Bank of China , with earnings of $26.8 billion. ...
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Euro defeat for Merkel? Only time will tell
Sun,1 Jul 2012 04:02 PM PDT
Reuters -  BERLIN (Reuters) - At first glance, the big winners from Europe's latest euro-saving summit were the leaders of Italy, Spain and France. By banding together in a powerful coalition to challenge Germany, the high-stakes meeting seemed to show, Mario Monti, Mariano Rajoy and Francois Hollande were able to wring major crisis-fighting concessions from a suddenly soft Angela Merkel. ...
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Analysis: Time to buy India? Some investors say yes
Sun,1 Jul 2012 03:07 PM PDT
Reuters - MUMBAI (Reuters) - India has gone from the country set to overtake China to the country that can do nothing right. Now, a few contrarians see signs India is turning a corner. India's problems from a record current account deficit to stalled policy reforms and economic growth running at its weakest pace in nine years, are well known and explain a slump in the rupee to a record low. But a handful of signs suggest prospects could be changing. Furniture maker IKEA and Coca Cola have announced they will pump nearly $5 billion into India. ... Full Story | Top |
China's sportswear brands nurse Olympics hangover
Sun,1 Jul 2012 03:04 PM PDT
Reuters - HONG KONG (Reuters) - China's Olympic hero Li Ning wasn't just walking on air when his country hosted the 2008 Games. Suspended by wires, he ran a mid-air lap around the Bird's Nest stadium in Beijing, Olympic torch in hand, to light the cauldron at the opening ceremony. His eponymous sportswear company was flying high too. Li Ning and the four other largest local brands opened a combined total of about 11,000 stores across China between 2008 and 2011 - an average of 10 per day. ... Full Story | Top |
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