Today's Reuters Business News Headlines - Yahoo! News:
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RBS confirms it has sacked staff over Libor affair
Thu,2 Aug 2012 11:47 PM PDT
Reuters -  LONDON (Reuters) - State-controlled lender Royal Bank of Scotland confirmed on Friday it had dismissed a number of employees for misconduct as a result of its investigations into the Libor interest rate rigging scandal and along with other banks is still under investigation by regulators. "The Libor situation is on our agenda and is a stark reminder of the damage that individual wrongdoing and inadequate systems and controls can have in terms of financial and reputational impact," Chief Executive Stephen Hester said. ...
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National Bank of Kenya's first-half profit falls 17 pct
Thu,2 Aug 2012 11:46 PM PDT
Reuters - NAIROBI (Reuters) - National Bank of Kenya posted a 17 percent fall in first-half profit to 911.8 million shillings, bogged down by interest expenses that rose five-fold, it said on Friday. High lending rates, after the central bank tightened policy aggressively late last year to fight inflation and currency weakness, crimped the growth of Kenyan banks' loan books and increased non-performing loans. "During the six months, the bank paid interest to depositors five times more compared to similar period in 2011. ... Full Story | Top |
Swiss seek U.S. tax deal by year-end, but not at any price-paper
Thu,2 Aug 2012 11:46 PM PDT
Reuters - ZURICH (Reuters) - The Swiss government still wants to settle a long-simmering dispute with U.S. justice officials over undeclared funds stowed in Swiss offshore funds by year-end, though not "at any price," Switzerland's chief diplomat said on Friday. "Our absolute priority is the best possible solution for Switzerland. We want a U.S. settlement by year-end, but not at any price," Michael Ambuehl, the Swiss government's chief negotiator, said in an interview with Neue Zuercher Zeitung. ... Full Story | Top |
Nigeria's First Bank given go-ahead to restructure
Thu,2 Aug 2012 11:42 PM PDT
Reuters - LAGOS (Reuters) - Nigeria's First Bank said on Thursday it had won regulatory approval to transfer its subsidiaries into a newly-formed holding company, in line with regulatory requirements to separate core lending from other businesses. The central bank two years ago scrapped the universal banking model and directed lenders in Africa's second-biggest economy to sell their stakes in non-banking subsidiaries or adopt a holding company structure. ... Full Story | Top |
Togo cotton output seen up 25 pct amid higher prices
Thu,2 Aug 2012 11:41 PM PDT
Reuters -  LOME (Reuters) - Togo will produce 100,000 tonnes of cotton during the 2012-13 growing season, up from 79,700 last year as prices have risen and planting area has increased, according to NSTC, the firm that oversees the industry in the West African state. Output could reach 150,000 tonnes within the next five years, according to Essowe Batana, deputy managing director of NSTC, which is run jointly by the state and producers. ...
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Gold flat after 4-day drop; US jobs in focus
Thu,2 Aug 2012 11:18 PM PDT
Reuters -  SINGAPORE (Reuters) - Gold traded little changed on Friday, struggling to recover from a four-day losing streak after the European Central Bank stopped short of offering any immediate aid to contain the region's debt crisis, while caution prevailed ahead of a key U.S. jobs report. The euro fell to a one-week low against the dollar after the ECB disappointment, especially after hopes for bold actions were raised by ECB chief Mario Draghi's vow last week to do everything possible to preserve the single currency. "Cash is king," said Dick Poon, manager of precious metals at Heraeus in Hong Kong. ...
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JPMorgan's "London Whale" was prodded to boost valuations: WSJ
Thu,2 Aug 2012 10:45 PM PDT
Reuters -  (Reuters) - JPMorgan Chase concluded that a trader nicknamed "London whale" was urged by his boss to put higher values on some positions than they might have fetched in the open market at the time, the Wall Street Journal said, citing people familiar with the probe. JPMorgan's conclusion is based on a series of emails and voice communications in late March and April, as losses on trader Bruno Iksil's bullish credit-market bet mounted, the Journal said. ...
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Kenyan Bamburi Cement's H1 profit hit by financing costs
Thu,2 Aug 2012 10:43 PM PDT
Reuters -  NAIROBI (Reuters) - Kenya's Bamburi Cement posted a 12.86 percent fall in pretax profit for the first half of this year to 3.7 billion shillings, hurt by financing costs that exceeded revenue growth, the company said on Friday. Controlled by France's LaFarge, the company, which is the largest cement maker in the east African nation, said turnover had increased by 17 percent to 19.2 billion shillings. "The regional cement market will continue to be vibrant. ...
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Wall St ends down 4th day after Draghi
Thu,2 Aug 2012 10:38 PM PDT
Reuters -  NEW YORK (Reuters) - U.S. stocks fell for a fourth day on Thursday after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the euro zone debt crisis. Based on the latest available data, the Dow Jones industrial average was down 90.97 points, or 0.70 percent, at 12,880.09. The Standard & Poor's 500 Index was down 10.11 points, or 0.74 percent, at 1,365.03. The Nasdaq Composite Index was down 10.44 points, or 0.36 percent, at 2,909.77.
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Brent edges above $106 on supply threats; economy woes cap gains
Thu,2 Aug 2012 10:33 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent crude inched above $106 a barrel on Friday on concerns over supply from the Middle East and the North Sea, though worries over a slowing global economy capped gains. The U.S. Congress passed a new package of sanctions against Iran that aims to punish banks, insurance companies and shippers that help Tehran sell its oil. This builds on oil trade sanctions signed into law in December that prompted buyers in Japan, South Korea, India and others to slash their purchases of Iranian oil. Brent crude had gained 43 cents to $106.33 per barrel by 0254 GMT, while U.S. ...
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Shares, euro fall as ECB delays action
Thu,2 Aug 2012 10:32 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares and the euro fell on Friday as investors shunned risk after the European Central Bank took no immediate action and only hinted at future steps to tackle the euro zone's fiscal woes, following similar inaction from the U.S. Federal Reserve. European stocks were likely to consolidate, and U.S. stock futures signalled a flat Wall Street start. Financial spreadbetters called the main indexes in London, Paris and Frankfurt to open between a 0.1 percent rise and a 0.1 percent drop. Key U.S. ...
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Online job demand slips in July
Thu,2 Aug 2012 09:12 PM PDT
Reuters - NEW YORK (Reuters) - A monthly gauge of online labor demand in the United States slid in July from June but still posted year-over-year growth, the operator of a job search website said on Friday. Monster Worldwide Inc, an online careers and recruiting firm, said its employment index dipped 4 percent to 147 points from 153 points in June. The index was up 2 percent from 144 a year ago. The index saw annual growth in 15 of the 20 industries monitored and 16 of 23 occupational categories compared to July 2011. ... Full Story | Top |
Jobs seen weak in July, may help push Fed to act
Thu,2 Aug 2012 09:11 PM PDT
Reuters -  WASHINGTON (Reuters) - U.S. employment probably only inched up in July as the economy struggled to regain momentum, strengthening expectations of additional monetary stimulus from the Federal Reserve. Nonfarm payrolls likely rose 100,000 last month, according to a Reuters survey, after gaining 80,000 in June. The closely watched employment report comes two days after the U.S. central bank sent a stronger signal that a new round of major support could be on the way if the faltering recovery does not pick up. ...
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ECB signals may buy euro zone bonds
Thu,2 Aug 2012 08:57 PM PDT
Reuters -  FRANKFURT (Reuters) - The European Central Bank indicated on Thursday it may again start buying government bonds to reduce crippling Spanish and Italian borrowing costs but the conditions it set and the dissenting voice of its key German member disappointed markets. In the latest move to contain the euro zone crisis, ECB President Mario Draghi indicated that any intervention would not come before September - and only if governments activated the euro zone's bail-out funds to join the ECB in buying bonds. "The Governing Council ... ...
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CF Industries to buy Viterra's interests in Canadian Fertilizers
Thu,2 Aug 2012 08:30 PM PDT
Reuters - (Reuters) - Fertilizer producer CF Industries Holdings Inc said it inked a deal with Glencore International to buy a minority stake in Canadian Fertilizers Ltd (CFL) owned by Viterra for C$915 million ($911 million) in cash. The deal will give U.S.-based CF Industries full control of Canadian Fertilizers, which owns Canada's largest nitrogen fertilizer complex, located in Medicine Hat, Alberta. ... Full Story | Top |
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