Today's Reuters Business News Headlines - Yahoo! News:
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Brent trades over $105; supported by ECB comments
Thu,26 Jul 2012 09:47 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent remained over $105 per barrel on Friday, buoyed by a European Central Bank pledge to protect the euro zone and hopes for fresh stimulus in the United States, though it stayed on track for its biggest weekly drop in more than a month. ECB President Mario Draghi said on Thursday the bank would do whatever it took to protect the currency bloc from collapse, with analysts saying this could signal a resumption of the ECB's sovereign bond-buying scheme. ...
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Wary consumers to weigh on growth in second quarter
Thu,26 Jul 2012 09:11 PM PDT
Reuters -  WASHINGTON (Reuters) - The economy probably grew at its slowest pace in a year in the second quarter as consumers spent less, possibly pushing the Federal Reserve closer to pumping more money into the economy. Gross domestic product likely expanded at a 1.5 percent annual rate between April and June, according to a Reuters poll, after rising 1.9 percent in the first three months of the year. That would mark the weakest pace of growth since the second quarter of 2011. "The economy is struggling to maintain altitude," said Robert Dye, chief economist at Comerica in Dallas. ...
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Smartphones power record Samsung profit of $5.9 billion during Apple lull
Thu,26 Jul 2012 08:43 PM PDT
Reuters -  SEOUL (Reuters) - Samsung Electronics Co, the world's top technology firm by revenue, reported on Friday a record operating profit of $5.9 billion for the June quarter, as rampant Galaxy S handset sales helped stretch its lead over Apple Inc. September quarter mobile profits are expected to forge further ahead as the latest Galaxy model enjoys a sales boom before the next iPhone launch, widely expected in October, driving Samsung's profit to a record of nearly 8 trillion won ($7 billion). The mobile business brings in around 60 percent of Samsung's earnings. ...
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Facebook revenue growth skids, shares plunge
Thu,26 Jul 2012 07:28 PM PDT
Reuters -  SAN FRANCISCO (Reuters) - Facebook Inc reported a drastic slowdown in revenue growth and offered no financial forecasts to ease worries over the prospects for boosting advertising in its first earnings report as a public company, sending its shares to a record low. Facebook executives pointed to early signs of success in new advertising services, but the lack of a detailed financial outlook went over poorly with investors hoping for evidence that the company could soon reverse the continuing slowdown in its business. ...
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Samsung sold 50.5 million smartphones in second quarter, almost twice what Apple sold: report
Thu,26 Jul 2012 07:14 PM PDT
Reuters -  SEOUL (Reuters) - Samsung Electronics Co, the world's top smartphone maker, sold 50.5 million smartphones in the second quarter, stretching its lead over rival Apple Inc, a report by research firm StrategyAnalytics showed. Samsung took 34.6 percent of the global smartphone market, while Apple, which suffered a 26 percent sequential plunge in smartphone sales, had 17.8 percent of the market after selling 26 million iPhones in the June quarter, the report said. Nokia took the third spot with a 7.0 percent market share, selling 10.2 million smartphones. ...
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Exclusive: U.S. weighs retail sweep after Wal-Mart bribery scandal
Thu,26 Jul 2012 05:58 PM PDT
Reuters -  WASHINGTON (Reuters) - U.S. authorities are considering launching a wide-ranging examination of the retail industry for violations of an anti-foreign bribery law, after Wal-Mart and other retailers have come forth with their own potential offenses, people familiar with the matter said. Retailers have been reviewing their international operations in light of a bribery scandal at Wal-Mart Stores Inc's operations in Mexico that is the subject of investigations by the Justice Department and the Securities and Exchange Commission. ...
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Amazon's profit margin rises as new businesses grow
Thu,26 Jul 2012 05:25 PM PDT
Reuters -  SAN FRANCISCO (Reuters) - Amazon.com Inc reported quarterly results on Thursday that showed the growth of new businesses is boosting the profit margins of the world's largest Internet retailer. The company's product revenue, which includes its traditional online retail business, grew 25 percent to $10.79 billion. Services revenue, which includes its online marketplace for third-party merchants and its cloud computing business Amazon Web Services, surged 57 percent to $2.04 billion. ...
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Japan core CPI falls, deflation set to persist
Thu,26 Jul 2012 04:59 PM PDT
Reuters - TOKYO (Reuters) - Japan's core consumer prices unexpectedly fell in June from the same period a year earlier as energy prices weakened, and mild deflation is likely to persist given companies are reluctant to raise wages due to uncertainty about the global economy. The data suggest that the Bank of Japan will remain under pressure to ease monetary policy to ensure prices start rising and to shield the economy from any damage from a strong yen. The 0.2 percent annual decline in core consumer prices in June compared with the median estimate for a flat reading and a 0. ... Full Story | Top |
Samsung posts record $5.9 billion profit on smartphones
Thu,26 Jul 2012 04:47 PM PDT
Reuters - SEOUL (Reuters) - Samsung Electronics Co, the world's top technology firm by revenue, reported a record quarterly profit of $5.9 billion on Friday, as rampant sales of its smartphones more than offset a tumble in memory chip prices. The South Korean firm reported April-June operating profit of 6.72 trillion Korean won ($5.86 billion), in line with its earlier estimate of 6.7 trillion won and up 79 percent from a year ago. Samsung, which earlier this year ended Nokia's 14-year reign as the top global handset maker, did not break out its second-quarter smartphone shipments. ...
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Repsol: found Argentina shale oil before YPF takeover
Thu,26 Jul 2012 04:37 PM PDT
Reuters -  BUENOS AIRES (Reuters) - Spanish energy company Repsol said on Thursday it found Argentina's first shale oil resource outside the giant Vaca Muerta field shortly before the government seized control of its YPF unit in April. The discovery, in the San Jorge Gulf basin in Santa Cruz province, where the majority of Argentina's crude is produced, is further evidence the country may have some of the world's biggest unconventional energy reserves. Under Repsol's watch, YPF discovered the shale oil in two exploratory wells on the Canadon Yatel and Los Perales blocks. ...
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Bruised Barclays faces CEO, revival inquisition
Thu,26 Jul 2012 04:14 PM PDT
Reuters -  LONDON (Reuters) - British bank Barclays Plc, shaken to its core in the last month by an interest-rate rigging scandal, is bracing for more scrutiny on Friday on its plans to rebuild its brand and revive shareholder and customer confidence. The bank is expected to unveil a half-year profit of 3.8 billion pounds -- compared with 3.7 billion a year ago -- but investors say more crucial is guidance on its search for a new chief executive and chairman and whether its investment bank will be pared back. Barclays was last month hit with a record 290 million pound fine by U.S. ...
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Hungary says ready to fix budget, IMF sees slippage
Thu,26 Jul 2012 03:41 PM PDT
Reuters - BUDAPEST/WASHINGTON (Reuters) - Hungary said on Thursday it was ready to take more fiscal measures after the International Monetary Fund (IMF) called on Budapest to take extra steps to meet its 2013 budget deficit target and cut debt. Central Europe's most indebted country began talks last week with the IMF and European Union on a loan programme seen as crucial to preventing financial crisis. ... Full Story | Top |
UK's Lloyds pulled deeper into Libor probe
Thu,26 Jul 2012 02:54 PM PDT
Reuters - LONDON (Reuters) - Lloyds Banking Group has received subpoenas from government agencies investigating interest rate rigging, dragging the biggest mortgage lender in Britain deeper into a scandal that has rocked the industry and thrown rival Barclays into turmoil. Barclays has seen its chairman and chief executive resign, and its share price plunge, since it was fined a record $453 million by U.S. and British authorities for manipulating Libor interest rates. More than a dozen other banks are also being investigated and more fines are expected. ... Full Story | Top |
Investors demand hedge funds show clean hands on Libor
Thu,26 Jul 2012 02:54 PM PDT
Reuters -  LONDON (Reuters) - Investors are pushing some of the world's biggest hedge funds to show that their traders played no part in the interest rate rigging scandal plaguing major banks. These hedge funds have responded with in-depth internal probes which they hope will assure investors that they did not collude with the banks, are completely clean and will not become embroiled in the affair, people familiar with the funds said. ...
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TSX rallies on ECB pledge, Barrick weighs
Thu,26 Jul 2012 02:47 PM PDT
Reuters -  TORONTO (Reuters) - Canadian stocks had their biggest single-day gain in more than three weeks on Thursday, led by financial and resource shares, as European Central Bank President Mario Draghi's pledge to protect the euro zone from collapse sparked a commodities rally. Global stocks rallied after Draghi, speaking in London, said the ECB was ready, within its mandate, "to do whatever it takes to preserve the euro. The spurt of confidence in the outlook for the global economy offset weak earnings from Barrick Gold -- the world's largest gold miner. ...
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