Today's Reuters Business News Headlines - Yahoo! News:
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Asian shares inch down, mark time before Jackson Hole
Sun,26 Aug 2012 10:55 PM PDT
Reuters -  TOKYO (Reuters) - Gold and oil rose on Monday, supported by Friday's news of a potential framework for the European Central Bank's new bond buying scheme and hopes of a strong easing move by the U.S. Federal Reserve, but Asian shares eased. Growing hopes for more accommodative monetary stance around the world helped gold break a key resistance last week, which had held for months. Spot gold hit a fresh 4-1/2 month high of $1,676.45 an ounce on Monday, while spot silver hit a near four-month high of $31.24 an ounce. Oil futures gained more than $1 on supply concerns, with U.S. crude up 1. ...
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Ford breaks ground on China plant key to growth plans
Sun,26 Aug 2012 10:32 PM PDT
Reuters - CHONGQING, China (Reuters) - Ford Motor Co will begin making its 2.0-liter EcoBoost turbocharged engine in Chongqing, its manufacturing hub in southwest China, next year, with the second-largest U.S. car maker hoping to catch up with rivals in the world's biggest auto market. Ford made the announcement at an event in Chongqing on Monday, when its top brass, including Chief Executive Alan Mulally, attended the groundbreaking of a third assembly plant. The engine plant is currently under construction at a separate facility in the same complex. ... Full Story | Top |
China approves Ford, Mazda, Changan to split JV in two: Ford CEO
Sun,26 Aug 2012 10:31 PM PDT
Reuters -  CHONGQING, China (Reuters) - Ford Motor and Mazda Motor Corp and their local Chinese partner Chongqing Changan Automotive Co have received approval from China's central government to split their three-way, manufacturing and sales joint venture into two, Ford's chief executive said on Monday. "We're very pleased with the restructuring and the way it's going. We have approval from (China's central government), and we're proceeding through the regulatory process ... ...
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Factbox: Blackstone Group's candidates for CEO
Sun,26 Aug 2012 10:05 PM PDT
Reuters - (Reuters) - Blackstone Group LP CEO Stephen Schwarzman is grooming six senior executives as potential candidates to eventually take over the reins of the world's largest alternative asset manager, according to insiders with direct knowledge of the situation. The following are profiles of the main players in Blackstone's CEO succession: TOM HILL Hill, 63, heads Blackstone Alternative Asset Management, the firm's hedge fund-of-funds business with $42.9 billion of assets under management. He joined Blackstone in 1993 and previously co-headed its mergers and acquisitions advisory group. ... Full Story | Top |
With Samsung win on Galaxy Tab, judge may reconsider U.S. ban
Sun,26 Aug 2012 10:03 PM PDT
Reuters -  (Reuters) - Apple Inc's legal victory on Friday over Korean rival Samsung Electronics Co Ltd was crushing but for one key front in its global smartphone and tablet patent war: Samsung's Galaxy Tab 10.1. The jury in the San Jose, California, federal court awarded the iPhone and iPad maker $1.05 billion in damages and said Samsung had copied critical features in the U.S. company's products. However, it declined to side with Apple on one patent, covering design elements on the iPad. ...
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Analysis: How Apple overwhelmed Samsung's patent case tactics
Sun,26 Aug 2012 09:45 PM PDT
Reuters -  SAN FRANCISCO (Reuters) - In August 2010, just a few months after Samsung Electronics launched its Galaxy smartphone, a team of Apple Inc lawyers flew to South Korea. Apple's late co-founder, Steve Jobs, had already told Samsung executives at a meeting earlier that summer that he considered the Galaxy S, based on Google's Android operating system, an illegal copy of the iPhone. But given the extensive business ties between the two companies - Samsung is one of Apple's key component suppliers - a negotiated solution seemed most likely. ...
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Oil rises more than $1, tropical storm threatens supply
Sun,26 Aug 2012 09:44 PM PDT
Reuters - SINGAPORE (Reuters) - Oil futures rose more than a dollar on Monday, with Brent climbing above $115 per barrel, on supply worries as Tropical Storm Isaac threatened to interrupt most U.S. offshore oil production in the Gulf of Mexico. Oil prices got a further shot in the arm from hopes of more U.S. stimulus measures, which would boost the outlook for demand from the world's top consumer of oil. Brent crude futures rose $1.31 to $114.90 a barrel by 0437 GMT, after rising to a high of $115.50 earlier in the session. U.S. crude was up $1.06 to $97.21. ... Full Story | Top |
Samsung shares shed $12 billion after Apple's legal victory
Sun,26 Aug 2012 09:39 PM PDT
Reuters -  SEOUL (Reuters) - Samsung Electronics shares tumbled around 7 percent on Monday, wiping $12 billion off the South Korean giant's market value, as a sweeping victory for Apple Inc in a U.S. patent lawsuit raised concerns about its smartphone business - its biggest cash cow. Samsung, which says it will contest the verdict, was ordered to pay $1.05 billion in damages after a California jury found it had copied critical features of the hugely popular iPhone and iPad and could face an outright sales ban on key products. ...
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Hertz to buy car hire rival Dollar Thrifty for about $2.3 billion
Sun,26 Aug 2012 08:24 PM PDT
Reuters - (Reuters) - Hertz Global Holdings , the No. 2. U.S. car rental company, said it will buy smaller rival Dollar Thrifty Automotive Group for about $2.3 billion, ending more than two years of an on-off takeover battle. Hertz and third-ranked Avis have made several offers for Dollar Thrifty, but until now they have been blocked by disagreements over price and doubts about regulatory approval. Hertz will buy Dollar Thrifty for $87.50 per share in cash, a premium of 8 percent over Dollar Thrifty's Friday closing price of $81 on the New York Stock Exchange, and far higher than the $1. ... Full Story | Top |
IAC acquires About.com from New York Times Company
Sun,26 Aug 2012 06:50 PM PDT
Reuters -  (Reuters) - Media mogul Barry Diller's IAC said on Sunday that its Ask.com unit has acquired information website About.com from the New York Times Company for $300 million in cash. IAC's bid, which Reuters had flagged earlier, came in above a $270 million offer from Answers.com that the Times Co had preliminarily accepted. "The About.com acquisition is completely in line with IAC's M&A strategy of acquiring, at disciplined valuations, companies that are complementary and synergistic with both our existing businesses and our areas of expertise," IAC CEO Greg Blatt said in a press release. ...
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Factbox: Japan's struggling TV maker Sharp
Sun,26 Aug 2012 02:42 PM PDT
Reuters - TOKYO (Reuters) - Japan's Sharp Corp is racing to complete an emergency turnaround plan as the loss-making TV manufacturer negotiates a lifeline from its banks and an investment from its Taiwanese partner Hon Hai Precision Industries . Following are some key facts about Sharp: COMPANY OVERVIEW Sharp Corp operates 21 factories in 13 countries. Among them are four overseas TV assembly plants in Poland, Malaysia, China and Mexico, each employing around 1,500 people. Its two most advanced plants are the Sakai and Kameyama liquid crystal display factories in western Japan. ... Full Story | Top |
Company town at the Sharp end of Japan's decline
Sun,26 Aug 2012 02:15 PM PDT
Reuters -  YAITA, Japan (Reuters) - A small town north of Tokyo that Sharp Corp picked as the hub of its TV production during Japan's export boom four decades ago expects to bear the brunt of a round of job cuts intended to save the company. As Sharp races to complete an emergency turnaround plan that includes the loss of 5,000 jobs, many people in Yaita, a fading former lumber town nestled between rice fields and woods two hours from the capital, are braced for the worst. ...
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Nomura to cut equities, investment banking in strategic reset
Sun,26 Aug 2012 01:10 PM PDT
Reuters -  TOKYO (Reuters) - Nomura Holdings is finalizing plans to cut hundreds of jobs, mainly in equities and investment banking, in an overhaul aimed at restoring its overseas operations to profitability, people with knowledge of the planning within Japan's largest brokerage said. The cost-cutting will be part of a new strategic blueprint for Nomura being mapped out by Koji Nagai, who took over as CEO this month and has promised to rebuild the investment bank from the "ground up" after an insider trading scandal that forced the resignation of its top two executives. ...
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Fed may struggle to deliver expected growth boost
Sun,26 Aug 2012 12:05 PM PDT
Reuters - LONDON (Reuters) - It's the end of August, so all eyes will again be on the small Wyoming resort town of Jackson -- population 9,577 -- to see whether Federal Reserve Chairman Ben Bernanke fuels or dampens hopes of fresh monetary easing to lift the U.S. economy. The annual Jackson Hole summer retreat hosted by the Kansas City Fed has become a highlight of the global central banking calendar. Expectations this year have not soared to the heights of 2010 or 2011, but equity and commodity prices have been rising and could react badly if the U.S. central bank chief pulls his punches. ... Full Story | Top |
Merkel tries to calm storms over Greece, ECB policy
Sun,26 Aug 2012 11:27 AM PDT
Reuters -  BERLIN/FRANKFURT (Reuters) - Angela Merkel tried to calm a growing storm over euro zone crisis strategy on Sunday after the Bundesbank likened ECB bond-buying plans to a dangerous drug and a conservative ally of the German leader said Greece should leave the currency bloc by next year. The comments, from central bank chief Jens Weidmann and a senior figure in the Bavarian Christian Social Union (CSU), Alexander Dobrindt, point to mounting unease in Germany with the policies being used to combat the three-year old debt crisis. ...
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