Today's Reuters Business News Headlines - Yahoo! News:
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Kenya's CFC Insurance reports 23 pct profit drop
Tue,28 Aug 2012 11:55 PM PDT
Reuters -  NAIROBI (Reuters) - Kenya's CFC Insurance said pretax profit fell 22.87 percent in the first half of this year to 340.75 million shillings, hit by high interest rates, inflation and an underperforming stock market, it said on Wednesday. The firm, which is controlled by South Africa's Liberty Holdings, said it was optimistic that its performance would improve in the second half, as it continues to implement its growth strategy. "The consolidated premium revenue, investment income and commissions earned grew ... ...
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Brent slips toward $112, Isaac may spare energy assets
Tue,28 Aug 2012 11:54 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude futures slipped towards $112 per barrel on Wednesday on expectations Hurricane Isaac, which hit land in Louisiana, would spare Gulf Coast oil production facilities from significant damage. The U.S. energy industry has shut most facilities in the Gulf of Mexico, cutting the region's oil production by more than 90 percent. Most shutdowns were precautionary. An unexpected rise in crude inventories in the United States and data showing weakening U.S. consumer confidence added to the bearishness, although lingering tensions in the Middle East supported prices. ... Full Story | Top |
Megaupload founder gains access to more funds to pay fees
Tue,28 Aug 2012 11:49 PM PDT
Reuters - WELLINGTON (Reuters) - A New Zealand court on Wednesday granted Megaupload founder Kim Dotcom access to an additional NZ$6 million ($4.84 million) to pay legal fees and living costs, loosening restrictions placed on the Internet tycoon under investigation by U.S. authorities for online piracy and fraud. The funds will be secured against a NZ$10 million government bond. The court also allowed Dotcom to sell part of his stable of luxury cars confiscated when New Zealand authorities raided his home in January at the request of the U.S. government. ... Full Story | Top |
Wall St ends flat, volume among lightest of year
Tue,28 Aug 2012 11:15 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks ended little changed in another day of scarce activity on Tuesday after mixed economic data gave investors little reason to shift their focus from Federal Reserve Chairman Ben Bernanke's speech on Friday. The Fed chief is scheduled to address a conference of central bankers in Jackson Hole, Wyoming, and could announce new measures to boost growth. While Bernanke is expected to keep alive expectations for a third round of major bond buying by the Fed, or quantitative easing, he could keep markets guessing about the actual timing. ... Full Story | Top |
Euro, Asian shares steady in run-up to Jackson Hole
Tue,28 Aug 2012 11:11 PM PDT
Reuters -  TOKYO (Reuters) - The euro, Asian shares and gold held steady on Wednesday as investors awaited U.S. Federal Reserve Chairman Ben Bernanke's speech to international central bankers gathering in Jackson Hole on Friday and a European Central Bank meeting next week. Expectations that Hurricane Isaac, which made landfall in southern Louisiana on Tuesday, would spare Gulf Coast oil production facilities from significant damage helped bring down Brent crude prices. ...
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S.Africa's Harmony Gold aims to be 1.7 million ounce
Tue,28 Aug 2012 11:04 PM PDT
Reuters -  JOHANNESBURG (Reuters) - Harmony Gold Mining, the world's fifth largest gold producer, said on Tuesday it aims to grow its production by 45 percent in the next four years. The South African-based producer is aiming to boost its production form 1.17 million ounces in its 2012 financial year to 1.7 million ounces by 2016. Its target output for its 2013 financial year is 1.3 million ounces.
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China's official PMI seen hitting 9-month low in August
Tue,28 Aug 2012 10:46 PM PDT
Reuters -  BEIJING (Reuters) - China's official manufacturing managers' index (PMI) may have eased to a 9-month low of 50 in August, supporting the case for fresh easing measures by the central bank as the world's second-largest economy struggles against stiff global headwinds. Having already cut interest rates in June and July, the central bank has been injecting cash into money markets to ease credit conditions further as the economy struggles to regather momentum after registering a slowdown for a sixth straight quarter in April-June. ...
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Ghana's Tema refinery shut after breakdown
Tue,28 Aug 2012 10:45 PM PDT
Reuters -  ACCRA (Reuters) - Ghana's state-run Tema Oil Refinery has been shut down due to the breakdown of critical equipment, two sources close to the 45,000 barrels-per-day plant said on Tuesday. The sources said both the main crude distillation unit and the residual fuel catalytic converter were shut down about a month ago. "The changers (a component of the plant) were blocked and needed to be replaced but lack of funds has delayed the work," one of the sources told Reuters. He said some boilers had also worn-out, adding that work had almost been completed on replacing them. ...
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Rand comes off 2-month low to end firmer vs dollar
Tue,28 Aug 2012 10:43 PM PDT
Reuters - JOHANNESBURG (Reuters) - The rand recovered from a two-month low hit on concerns about South Africa's growth outlook, as a stronger euro helped the local currency to a firmer close against the dollar in the afternoon session on Wednesday. Second quarter GDP undershot market expectations and the market sees weak growth in Q3 as labour strife in the mining sector is expected to weigh heavily on the economy. The rand was up 0.6 percent at 8.3870 to the dollar by 1615 GMT, recovering from a 8.4550 low earlier in the session. ... Full Story | Top |
Nigeria power minister resigns before privatisation
Tue,28 Aug 2012 10:37 PM PDT
Reuters -  ABUJA (Reuters) - Nigeria's power minister resigned on Tuesday, the presidency said, two months before preferred bidders were due to be announced in a privatisation process meant to overhaul the country's ailing electricity sector. There were reports in some Nigerian newspapers on Tuesday Barth Nnaji had an interest in a company involved in the bidding process for two state assets up for sale. A spokesman for Nnaji confirmed the minister had a stake in such a company, but said there was no conflict of interest because regulators had been informed. ...
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Brent drops toward $112, Isaac may spare energy assets
Tue,28 Aug 2012 10:33 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude futures slipped towards $112 per barrel on Wednesday on expectations Hurricane Isaac, which hit land in Louisiana, would spare Gulf Coast oil production facilities from significant damage. The U.S. energy industry has shut most facilities in the Gulf of Mexico, cutting the region's oil production by more than 90 percent. Most shut downs were precautionary. An unexpected rise in crude inventories in the United States and data showing weakening U.S. consumer confidence added to the bearishness, although lingering tensions in the Middle East supported prices. ...
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China economy shows signs of stabilizing: NDRC
Tue,28 Aug 2012 08:55 PM PDT
Reuters -  BEIJING (Reuters) - China's economy is stabilizing slowly as pro-growth government policies gain traction while real estate curbs have surpressed speculation, the head of the country's top planning agency, the National Development and Reform Commission, said on Wednesday. Zhang told a meeting of the National People's Congress (NPC), China's top legislature, that China's two-pronged policy programme had been effective. ...
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Travel companies must face American Airlines antitrust suit: judge
Tue,28 Aug 2012 08:39 PM PDT
Reuters - NEW YORK (Reuters) - A U.S. federal judge has denied a request by Orbitz Worldwide Inc , Sabre Holdings Corp and Travelport Ltd to dismiss a lawsuit filed by American Airlines Inc that accuses the companies of antitrust violations. The decision by U.S. District Judge Terry Means in Fort Worth, Texas, which had been under seal, was made public on Tuesday following a request by the parties to unseal the order. American Airlines, whose parent company is AMR Corp , accused the defendants of monopolizing how fares and flights are distributed to travel agents. ... Full Story | Top |
Hyundai may miss monthly sales targets due to strikes: source
Tue,28 Aug 2012 07:38 PM PDT
Reuters -  SEOUL (Reuters) - Hyundai Motor may miss its overseas sales target next month because of strikes at its South Korean plants, said a company executive with direct knowledge of the sales. Workers at Hyundai's South Korean factories, which produce nearly half of its vehicles sold globally, launched a series of partial strikes and refused to do overtime for five days last month and 21 days in August. The walkouts were the first strikes to hit the company in four years. ...
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ResCap exec bonus plan rejected by U.S. judge
Tue,28 Aug 2012 07:31 PM PDT
Reuters - (Reuters) - A federal bankruptcy judge on Tuesday rejected Residential Capital LLC's proposal to pay as much as $7 million worth of incentive bonuses to 17 senior executives, saying the payout was primarily retentive -- a reward for staying in their jobs. U.S. Bankruptcy Judge Martin Glenn said the "key employee incentive plan" proposed by Residential Capital, the mortgage unit of Ally Financial Inc, did not link the bonus payout of $4.1 million to $7 million closely enough to meeting the "challenging financial and operational goals" meant by an incentive plan. ... Full Story | Top |
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