Today's Reuters Business News Headlines - Yahoo! News:
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Asian shares ease in narrow range, euro dips
Mon,27 Aug 2012 11:55 PM PDT
Reuters -  TOKYO (Reuters) - Riskier assets from stocks and commodities to the Australian dollar fell on Tuesday on investor caution ahead of a gathering of central bankers and economists in Wyoming later in the week which could shed some light on further stimulus plans. European equities were expected to follow Asia lower, with financial spreadbetters calling London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX to open down as much as 0.7 percent. Global markets have enjoyed broad-based gains over the past month, spurred by hopes for a third round of bond buying or other measures from the U.S. ...
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DRDGold posts sharply higher FY earnings
Mon,27 Aug 2012 11:50 PM PDT
Reuters -  JOHANNESBURG (Reuters) - DRDGold, South Africa's fourth-largest gold producer, more than trebled its full-year earnings on Tuesday, as it benefitted from an overhaul of its business focusing it on gold reclamation. Headline earnings for the year to end-June came in at 61 cents a share, despite a 6 percent decline in production to 135,708 ounces. DRDGold's production is focused on surface operations and the extraction of gold contained in mine dumps surrounding Johannesburg. ...
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Brent steady above $112 as Isaac stokes supply worries
Mon,27 Aug 2012 11:31 PM PDT
Reuters - SINGAPORE (Reuters) - Brent oil futures were steady above $112 a barrel on Tuesday, supported by supply concerns after U.S. companies slashed crude production in the Gulf of Mexico as Tropical Storm Isaac threatened to strengthen into a hurricane. Gains may be limited by worries that hurricane damage could prompt refiners to cut crude oil purchases in coming weeks and on heightened expectations that U.S. government may release some of its strategic oil reserves to rein in prices. "Right now the focus is on supply disruptions in the crude market. ... Full Story | Top |
Ford readies Lincoln launch in China by 2014
Mon,27 Aug 2012 11:11 PM PDT
Reuters -  BEIJING (Reuters) - Ford Motor Co will launch its Lincoln brand in China within two years as it races to catch up with rivals in the world's largest auto market and home to a growing number of luxury buyers. The additional investment to launch Lincoln, which Ford did not disclose, comes on top of around $5 billion that the U.S. automaker has spent since 2006 in a market where it lags some way behind General Motors and Volkswagen . ...
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Ghana plans 7-year bond auction this year
Mon,27 Aug 2012 10:51 PM PDT
Reuters -  ACCRA (Reuters) - Ghana hopes to issue a seven-year government bond by the end of December, following the successful launch of three- and five-year notes earlier this year, Finance Minister Kwabena Duffuor said on Monday. Duffuor said discussions were also being held about the possibility of opening the short-term domestic bond market to residents to help shift government borrowing to the non-banking sector. Three- and five-year bonds issued this year by the West African cocoa, gold and oil exporter were oversubscribed with keen participation from offshore investors. ...
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Rand at 1-month low vs dollar, bonds follow weak tone
Mon,27 Aug 2012 10:42 PM PDT
Reuters - JOHANNESBURG (Reuters) - The rand fell to a one month low against the dollar on Monday weighed by labour problems in South Africa's platinum sector that soured investor sentiment. However, the currency managed to recover some of those losses towards the end of the local session as the euro, the money of its biggest trading region, picked up. Labour strife hit Lonmin's Marikana mine again on Monday as workers prevented colleagues from going into mine shafts and threatened violence. Marikana is the site of violent clashes in which 44 people died this month. The rand hit a month low of 8. ... Full Story | Top |
Egypt's president rules out currency devaluation
Mon,27 Aug 2012 10:39 PM PDT
Reuters -  CAIRO (Reuters) - Egypt's new president said on Monday he would not impose new taxes or devalue the country's currency and that his government would rely instead on investment, tourism and exports to fix an economy ravaged by a year and a half of political turmoil. Mohamed Mursi, 61, has a window of opportunity to push through economic change while he still commands political goodwill 50 days into his tenure as Egypt's first freely elected president, economists say. ...
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Airbus wins $7 billion Philippine Air order despite U.S. lobbying
Mon,27 Aug 2012 09:36 PM PDT
Reuters -  MANILA/PARIS (Reuters) - Airbus won a $7 billion order to help more than triple Philippine Airlines Inc's fleet , beating Boeing Co to a deal despite U.S. support for Manila in a diplomatic dispute with China. The flag carrier, which plans to buy up to 100 new jets in total within the next five to seven years as it fights to regain dominance of the local market, said it was still in talks with both Airbus and Boeing for its next tranche of planes. ...
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Company town at the Sharp end of Japan's decline
Mon,27 Aug 2012 06:51 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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Japan cuts economy assessment as global slowdown bites
Mon,27 Aug 2012 05:05 PM PDT
Reuters -  TOKYO (Reuters) - Japan's government cut its assessment for the export-reliant economy on Tuesday for the first time since October 2011, as slowing global growth weighed on exports and factory output, and threatened recovery prospects. Deceleration in the United States and China, on top of Europe's debt crisis, caused the downgrade, the government said, warning that further global slowdown and sharp market swings posed risks to the world's third-largest economy. ...
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Ivi TV loses bid to get back into online rebroadcasting business
Mon,27 Aug 2012 03:21 PM PDT
Reuters - LOS ANGELES (TheWrap.com) - A federal appeals court on Monday affirmed a lower court decision from last year blocking ivi TV from streaming broadcasters' live signals on the Internet. The Seattle-based ivi launched a service in 2010 offering packages of TV signals from broadcasters to ivi subscribers - without compensating broadcasters for the retransmissions. Ivi was charging its own customers $4.99 a month for the streaming service while refusing to pay the shows' owners. ... Full Story | Top |
Oil falls ahead of Isaac, seen hitting refinery demand
Mon,27 Aug 2012 02:57 PM PDT
Reuters - NEW YORK (Reuters) - Brent crude oil futures fell toward $112 a barrel on Monday, reversing early gains as Tropical Storm Isaac shuttered refineries on the U.S. Gulf Coast, cutting demand for crude. Traders were also eyeing the possibility of western governments releasing strategic oil reserves to moderate prices, with some analysts suggesting the storm could provide the trigger. After U.S. trading closed, the National Hurricane Center (NHC) said Isaac will probably be a Category 2 hurricane when it makes landfall in Louisiana on either Tuesday night or Wednesday morning. ... Full Story | Top |
Hot hog sales raise specter of inflation in China
Mon,27 Aug 2012 02:50 PM PDT
Reuters -  SINGAPORE (Reuters) - Pigs are an unlikely barometer of inflationary pressure, but in China the country's declining herds are a matter of concern amid fears that a spike in pork sales could drive consumer prices higher next year. Faced with sluggish domestic demand and the record cost of fattening animals - due to a steep rise in the price of corn and soybeans as a drought grips top exporter the United States - China's hog producers are being forced to sell their herds. ...
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Close of Glencore-Viterra deal delayed
Mon,27 Aug 2012 02:42 PM PDT
Reuters - (Reuters) - The closing of Glencore International PLC's C$6.1-billion ($6.2 billion) takeover of Canadian grain handler Viterra Inc will stretch into September, Viterra said on Monday. The lone remaining regulatory approval needed is from China's Ministry of Commerce (MOFCOM) under its anti-monopoly law. The ministry's review is expected to continue into September, Viterra said after markets closed. The takeover, already approved by the Canadian government and competition regulator, was originally expected to close in July. ... Full Story | Top |
Wall Street finishes flat but Apple reaches another high
Mon,27 Aug 2012 02:34 PM PDT
Reuters -  NEW YORK (Reuters) - Shares of Apple climbed to another record on Monday, keeping the Nasdaq index afloat in the lowest trading volume of the year, with investors looking ahead to a key speech by Federal Reserve Chairman Ben Bernanke on Friday. Apple Inc hit an all-time high of $680.87 during the day after the iPad maker won a $1 billion judgment in a patent lawsuit against Samsung Electronics . The Korean company said it would contest the verdict. Apple, the world's most valuable company, ended up 1.9 percent at $676.68. ...
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