Today's Reuters Business News Headlines - Yahoo! News:
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Sundance sees production from W. Africa mine mid-2016
Wed,29 Aug 2012 10:50 PM PDT
Reuters - PERTH (Reuters) - Sundance Resources said on Wednesday it expects its $4.7 billion iron ore mine on the Congo-Cameroon border to begin production in mid-2016, provided a takeover by China's Hanlong Group goes through in December. The iron ore mine, known as the Mbalam iron ore project, is seen as a major new source of iron ore that could help pare China's dependence on Australia and Brazil for the key steel-making ingredient. "If the deal gets done at the end of the year, then there is going to be some period of time for the project funding. ... Full Story | Top |
Brent crude edges down toward $112, storm impact limited
Wed,29 Aug 2012 10:50 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude fell towards $112 a barrel on Thursday after oil facilities in the Gulf of Mexico were largely spared storm damage, but maintenance at North Sea fields and a possible strike in Norway's oil sector curbed losses. U.S. crude futures posted a bigger fall as a surprise build in crude stockpiles and a possible release of strategic oil stocks weighed on prices. Hurricane Isaac was downgraded to a tropical storm on Wednesday as it continued to batter the U.S. ... Full Story | Top |
Merkel says "absolute political will" to stabilize euro
Wed,29 Aug 2012 10:43 PM PDT
Reuters -  BEIJING (Reuters) - The euro zone has an "absolute political will" to stabilize the single currency, German Chancellor Angela Merkel said on Thursday after talks with Chinese Premier Wen Jiabao in Beijing. On a trade row with China over imports of solar modules, Merkel said Germany was not planning a lawsuit against China and that both sides should try to solve the problems through talks. She added that the German government would seek to convince the EU of her approach. (Reporting by Andreas Rinke, writing by Madeline Chambers)
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China signs $3.5 billion deal for Airbus planes during Merkel visit
Wed,29 Aug 2012 10:28 PM PDT
Reuters -  BEIJING (Reuters) - China signed an agreement with Germany for 50 Airbus planes worth $3.5 billion as German Chancellor Angela Merkel began her visit to China, state news agency Xinhua said, the first significant Airbus deal with China since a dispute between Beijing and the European Union over emissions trading. The dispute between Beijing and the EU had interrupted earlier deals worth up to $14 billion. China's ICBC Leasing and Airbus, whose parent company is EADS , signed the deal for 50 Airbus A320 planes and another agreement about Airbus plane assembling in China, Xinhua said. ...
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Hyundai Motor, union seal tentative wage deal
Wed,29 Aug 2012 10:20 PM PDT
Reuters -  SEOUL (Reuters) - Hyundai Motor on Thursday reached a tentative wage deal with its South Korean labor union leaders, ending the second-costliest strike in the firm's 45-year history. If approved by members, the deal will allow the carmaker to avert further walkouts that have cut production and slowed its sales growth, and ease the risk of a re-emergence of workforce militancy. In July and August the union staged a series of partial strikes over pay and conditions, its first in four years and an echo of the 1980s and 1990s, when industrial action was a more common feature of corporate Korea. ...
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Lufthansa strikes to begin Friday, German union says
Wed,29 Aug 2012 10:09 PM PDT
Reuters -  BERLIN (Reuters) - Lufthansa cabin crew members will strike beginning on Friday, German trade union UFO said, potentially disrupting hundreds of flights. Germany's biggest airline will be given a 6-hour notice period on strike targets and the timing of when the walkouts will begin, Ufo said on its Web site on Thursday. The union said it hasn't decided yet on the exact locations and timing for the strikes. The dispute with Lufthansa could continue for a very long time, Ufo said. ...
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Heineken to launch two new beers in key U.S. market
Wed,29 Aug 2012 10:03 PM PDT
Reuters -  NEW YORK (Reuters) - Heineken NV is launching two new beers -- Amstel Wheat and Tecate Michelada -- in the United States next month, as the Dutch brewer works to improve its business in the key U.S. market. The new beers arrive as the world's No. 3 beer maker, based in the Netherlands, aims to rely less on Europe, where beer drinking is expected to remain sluggish as the economy continues to struggle. In recent years, many beer drinkers have switched to wine and spirits, as distilleries unleashed a flood of new products. ...
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Low cost spy plane takes off as military budgets squeezed
Wed,29 Aug 2012 07:12 PM PDT
Reuters - BALTIMORE, Maryland (Reuters) - Northrop Grumman Corp, maker of the B-2 spy plane and the Global Hawk unmanned drone, will demonstrate a smaller, cheaper surveillance plane this week it hopes will be attractive to budget conscious U.S. law agencies and foreign countries. The new Air Claw system marks Northrop's latest effort to expand its overseas revenues and move into new non-military markets at home given the expected decline in U.S. military spending after a decade of sharp growth. ... Full Story | Top |
Second-quarter growth revised up, Fed still seen in play
Wed,29 Aug 2012 04:58 PM PDT
Reuters -  WASHINGTON (Reuters) - The economy fared slightly better than initially thought in the second quarter, but the pace of growth remained too slow to shut the door on further monetary easing from the Federal Reserve. Gross domestic product expanded at a 1.7 percent annual rate, the Commerce Department said on Wednesday, as stronger export growth offset a pull-back in restocking by businesses wary of sluggish domestic demand. While that was an improvement on the government's first estimate of 1. ...
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Citigroup settles shareholder CDO lawsuit for $590 million
Wed,29 Aug 2012 04:14 PM PDT
Reuters -  NEW YORK (Reuters) - Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims that shareholders ended up with massive losses after the bank failed to take timely writedowns on collateralized debt obligations, many backed by subprime mortgages, and engaged in self-dealing transactions that hid the risks. Citigroup denied wrongdoing in agreeing to settle. ...
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Yahoo! fires Washington news chief over Republican joke
Wed,29 Aug 2012 04:11 PM PDT
Reuters -  (Reuters) - Yahoo! News fired its chief political correspondent on Wednesday for an off the cuff remark about Republicans partying "with black people drowning". David Chalian, the Yahoo! News Washington Bureau Chief, made the comment privately during a webcast of the Republican National convention on Monday in partnership with ABC News, but it was picked up by a live microphone. With Hurricane Isaac approaching New Orleans as the convention got underway, Chalian was heard saying to an unidentified guest, "Feel free to say, 'They're not concerned at all. ...
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Scotiabank buys ING Direct Canada for C$3.1 billion
Wed,29 Aug 2012 03:51 PM PDT
Reuters -  TORONTO (Reuters) - Canada's No. 3 lender Bank of Nova Scotia agreed to buy ING Groep's Canadian online bank for C$3.1 billion ($3.14 billion), taking advantage of a rare opportunity to grab market share in the country's crowded retail banking space. The online bank, branded as ING Direct Canada, will bring 1.8 million customers, C$40 billion in assets and C$30 billion in deposits under the wing of the bank commonly known as Scotiabank. ...
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S&P's clean-up artist exits
Wed,29 Aug 2012 03:24 PM PDT
Reuters -  (Reuters) - Mark Adelson, a former Standard & Poor's chief credit officer who was brought in to tighten risk standards in 2008, has left the ratings agency months after he was demoted, the company confirmed Wednesday. Adelson was named S&P's chief credit officer in May 2008 as part of the company's campaign to improve its rating methods and its reputation as the financial crisis exposed flaws in the work of major ratings agencies. He had been a public critic of the agencies and some of the complex structured finance instruments to which they awarded top triple-A grades. ...
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TSX ends flat as surging banks offset by falling resources
Wed,29 Aug 2012 02:13 PM PDT
Reuters -  TORONTO (Reuters) - Canada's main stock index closed flat on Wednesday as a drop in resource stocks on fears about the global economic outlook offset another day of gains by country's biggest banks following strong earnings on Tuesday. Banks and insurers accounted for six of the top ten gainers on the index. Investors digested news of higher profits and dividend increases from two banks on Tuesday and bet on more pleasant surprises as the rest of the cohort report. Royal Bank of Canada , Toronto Dominion Bank and Canadian Imperial Bank of Commerce all report earnings on Thursday. ...
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Analysis: What slowdown? For some firms, India's economy still humming
Wed,29 Aug 2012 02:06 PM PDT
Reuters -  MUMBAI/NEW DELHI (Reuters) - India's economic growth may have slowed to a near-decade low, but you wouldn't know it from the pace at which Britain's Costa Coffee and many other consumer-focused companies are expanding. "The last couple of months have shown a slight dip in terms of consumer traction, but I don't think it's anything that we are very worried about," said Santhosh Unni, India CEO of the chain owned by Whitbread Plc . The firm recently opened its 100th India store and plans 100 more over 18 months. "We will continue to expand aggressively in the coming 6-8 months," he said. ...
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