Today's Reuters Business News Headlines - Yahoo! News:
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ING considers sale of UK, Canadian online banks
Wed,1 Aug 2012 11:54 PM PDT
Reuters - AMSTERDAM (Reuters) - Dutch bank and insurer ING , which has been forced to sell assets in return for receiving state aid during the financial crisis, said it is considering the sale of its online banking businesses in the UK and Canada. It did not give a value for either of the two online banking units but said they have 1.8 million customers in Canada and more than 1.5 million customers in the United Kingdom. ING received 10 billion euros ($12.3 billion) in Dutch state aid during the 2008 financial crisis. ... Full Story | Top |
Tanzania plans sovereign wealth fund for gas finds
Wed,1 Aug 2012 11:46 PM PDT
Reuters - DAR ES SALAAM (Reuters) - Tanzania is to set up a sovereign wealth fund to ring fence future earnings from its major gas discoveries in the southern parts of the country along the Indian Ocean coastline, its president said. The east African nation of 42 million people tripled its estimated gas reserves in June after offshore finds by Norway's Statoil, U.S. group ExxonMobil and Britain's BG Group and its partner Ophir Energy. ... Full Story | Top |
Finland backs ESM bond-buying on primary market
Wed,1 Aug 2012 11:35 PM PDT
Reuters - MILAN (Reuters) - Finland backs the use of euro zone rescue funds to buy bonds of weaker members on the primary market as a way to stem the region's debt crisis, providing solid collateral is used, Prime Minister Jyrki Katainen told an Italian newspaper paper on Thursday. "We will get into the details of the mechanism to adopt in September, but we could have a system of bond-buying on the primary market, backed by real guarantees, for example public property," Katainen was quoted as saying in an interview with La Stampa. "It could be sufficient to have a mechanism lasting two years. ... Full Story | Top |
S.Africa's Liberty H1 jumps on new premiums
Wed,1 Aug 2012 11:18 PM PDT
Reuters -  JOHANNESBURG (Reuters) - South Africa's Liberty Holdings posted an expected 43 percent rise in first-half earnings on Thursday as Africa's third-largest life insurer by market value wrote more premiums and its investment portfolio yielded better returns. Liberty, majority owned by South Africa's Standard Bank, said basic earnings per share totalled 632.7 cents in the six months to end-June, compared with 443 cents a year ago. The company flagged last month that earnings would be between 570 and 650 cents per share. Liberty said insurance sales rose 22 percent to 2. ...
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Kenya's British American swings into profit
Wed,1 Aug 2012 11:18 PM PDT
Reuters -  NAIROBI (Reuters) - Kenya's British American Investment Co., swung to a profit in the first half of this year on the back of strong revenue growth, and it expects the momentum to continue in the second half, it said on Thursday. The holding company of an insurance business and an asset manager said it posted a 29 percent growth in revenue from its insurance business to 3.3 billion shillings. The asset management business recorded revenue growth of a third to 159 million shillings, the firm said in a statement. ...
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Wall St slips after Fed, trading glitch
Wed,1 Aug 2012 11:16 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks slipped on Wednesday on disappointment that the Federal Reserve offered no new measures to stimulate the economy and after a computer glitch at a brokerage triggered a spike in volatility shortly after the open. The market will now turn its focus to the highly anticipated European Central Bank meeting on Thursday amid expectations that the ECB could detail action to bring down rising borrowing costs in Italy and Spain in defense of the euro. ... Full Story | Top |
Shares ease after Fed inaction, hopes now on ECB
Wed,1 Aug 2012 11:09 PM PDT
Reuters - TOKYO (Reuters) - Asian shares fell while the euro and commodities inched higher on Thursday as investors hope the European Central Bank will take policy action later in the day after the U.S. Federal Reserve stopped short of offering fresh stimulus. European stocks looked set to open higher, while a 0.2 percent gain in U.S. stock futures signalled a steady Wall Street start. Financial spreadbetters called the main indexes in London, Paris and Frankfurt to open as much as 0.3 percent higher. MSCI's broadest index of Asia-Pacific shares outside Japan retreated 0. ... Full Story | Top |
Ivory Coast gold output seen at 25 tonnes in 2015
Wed,1 Aug 2012 10:53 PM PDT
Reuters - ABIDJAN (Reuters) - Ivory Coast expects annual output from its burgeoning gold mining sector to reach 25 tonnes by 2015 as new mines come on line, a government spokesman said on Wednesday. The West African nation produced 12 tonnes of gold last year despite a civil war, up from seven tonnes in 2010. "Today in Ivory Coast we're producing around 15 tonnes of gold per year. In 2015 gold production could hit 25 tonnes per year," Bruno Kone told journalists following a cabinet meeting. ... Full Story | Top |
Ivory Coast cocoa reform reserve fund reaches 29 bln CFA
Wed,1 Aug 2012 10:49 PM PDT
Reuters -  ABIDJAN (Reuters) - Ivory Coast has paid 29 billion CFA francs into a reserve fund to guard against price fluctuations as it implements a sweeping reform of its cocoa sector, a government spokesman said on Wednesday. With the reform, the world's top grower aims to boost farm incomes by stabilizing prices in the hope it will encourage farmers to reinvest in ageing and neglected plantations. "The reserve fund ... to guarantee the price floor for farmers is at 29 billion CFA today. By the end of the year, it will be 40 billion. ...
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New Egypt cabinet no quick fix for flailing economy
Wed,1 Aug 2012 10:48 PM PDT
Reuters -  CAIRO (Reuters) - As Egypt's first permanent government since the overthrow of Hosni Mubarak took shape on Wednesday, the first names to emerge suggest a continuity that could aid the economy after 17 months of turmoil. Yet the new administration's unclear powers and the scale of the challenges it must face dispel any optimism that Thursday's cabinet unveiling will begin a new era of stability. ...
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Rwanda cuts fuel prices, to curb inflation
Wed,1 Aug 2012 10:43 PM PDT
Reuters -  KIGALI (Reuters) - Rwanda has cut fuel prices after global crude prices fell and officials said this was likely to see a further fall in inflation in the coming months after the rate dropped in June. "It will contribute to keeping inflation to (a single digit figure) by the end of the year as fuel has a ripple effect on many consumer goods," Kampeta Sayinzoga, permanent secretary at Rwanda's ministry of finance and economic planning said. Rwanda's year-on-year urban inflation dropped to 5.92 percent in June from 8. ...
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Asian shares ease after Fed inaction, hopes now on ECB
Wed,1 Aug 2012 10:32 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares fell while the euro and commodities inched higher on Thursday as investors hope the European Central Bank will take policy action later in the day after the U.S. Federal Reserve stopped short of offering fresh stimulus. European stocks looked set to open higher, while a 0.2 percent gain in U.S. stock futures signaled a steady Wall Street start. Financial spreadbetters called the main indexes in London , Paris and Frankfurt to open as much as 0.3 percent higher. MSCI's broadest index of Asia-Pacific shares outside Japan retreated 0. ...
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Brent steady near $106, ECB eyed after Fed
Wed,1 Aug 2012 10:26 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude steadied near $106 a barrel on Thursday as investors looked to Europe for policy easing measures after the U.S. Federal Reserve dashed their hopes by deferring fresh monetary stimulus. Investors expecting immediate stimulus measures from the United States, the world's top oil consumer, were disappointed after the Fed held off from providing more help to the economy, although it kept the door open for further bond buying, also known as quantitative easing (QE). ... Full Story | Top |
AIG looking to buy back large chunk of shares from U.S. government: WSJ
Wed,1 Aug 2012 10:22 PM PDT
Reuters -  (Reuters) - American International Group is looking to buy back a large chunk of its shares from the U.S. government, whose stake in the bailed-out insurer could subsequently go below 50 percent by this fall, the Wall Street Journal said, citing people familiar with the company's thinking. The buybacks are likely to be accompanied by one or more public share offerings of AIG stock by the U.S. Treasury, the WSJ said. The timing and scale of future offerings and repurchases are not clear, the Journal said. ...
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Factbox: Manchester United's financials
Wed,1 Aug 2012 10:10 PM PDT
Reuters - (Reuters) - Manchester United Ltd's planned initial public offering is drawing criticism from fans who claim that its owners, the Glazer family, have saddled it with too much debt. Here are some key facts about the storied soccer club's financials and the Glazers' investments in it over the years: * The Glazer family won control of Manchester United in 2005 for 790 million pounds ($1.2 billion). The takeover was comprised of 272 million pounds of equity ($423 million) and the remainder in debt. ... Full Story | Top |
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