Today's Reuters Business News Headlines - Yahoo! News:
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HSBC PMI activity slide raises China Q3 growth risk
Fri,28 Sep 2012 09:34 PM PDT
Reuters -  BEIJING (Reuters) - China's economy has almost certainly suffered a seventh straight quarter of slowing growth, with a new private sector survey of factory managers revealing a near year-long decline in business activity and a fresh fall in export orders in September. The HSBC China Manufacturing purchasing managers index (PMI) showed overall factory activity shrank for an 11th consecutive month in September, despite the 47.9 final index level being slightly ahead of a preliminary, or flash, estimate of 47.8 and the August reading of 47.6. ...
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Chalco ends Winsway bid, walks away from second Mongolia coal deal
Fri,28 Sep 2012 08:06 PM PDT
Reuters - HONG KONG (Reuters) - Aluminum Corp of China (Chalco) has ended an agreement to buy a 29.9 percent stake in Winsway Coking Coal as it would not be able to win approvals from Chinese and overseas authorities by the September 30 deadline, it said in a stock exchange filing late on Friday. The move comes weeks after Chalco abandoned plans to buy a majority stake in Canada's Mongolia-focused coal miner South Gobi Resources due to political hurdles. Chalco had said in April that it would buy a stake in Winsway, which supplies Mongolian coking coal imported into China, for $308 million. ... Full Story | Top |
Voom HD case between Dish, Cablevision kicks off
Fri,28 Sep 2012 05:47 PM PDT
Reuters - (Reuters) - Dish Network is so "obsessed" with beating No. 1 satellite provider DirecTV that it schemed to get out of a pricey Cablevision contract when its larger rival began to offer more HD channels, an attorney for the cable company said on Friday. In the opening arguments of a multibillion legal battle pitting Cablevision Systems Corp against Dish Network Corp in New York State Supreme Court, Cablevision attorney Orin Snyder said Dish was "hell-bent" on getting out of a contract covering a high definition channel package offered by Voom HD, then a unit of Cablevision. ... Full Story | Top |
GM dismisses claims in Spyker's $3 billion lawsuit over Saab
Fri,28 Sep 2012 05:07 PM PDT
Reuters -  (Reuters) - General Motors Co on Friday dismissed claims made in a $3 billion lawsuit filed by Saab's parent that the U.S. automaker deliberately bankrupted the Swedish company by blocking a deal with a Chinese investor. GM, in a response filed in the U.S. District Court for the Eastern District of Michigan, said the automaker had the legal right to approve Saab's transaction with China's Zhejiang Youngman Lotus Automobile Co. "The nub of plaintiffs' complaint is that GM declined to approve the transaction plaintiffs proposed to enter into with Youngman," GM said in the filings. ...
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GM, Ford work on 9-speed, 10-speed transmissions: report
Fri,28 Sep 2012 04:45 PM PDT
Reuters -  DETROIT (Reuters) - General Motors Co and Ford Motor Co are jointly developing nine- and 10-speed automatic transmissions to improve the fuel economy of their models, Automotive News reported on Friday. GM, the largest U.S. automaker, will lead the design of a nine-speed gearbox for front-wheel drive vehicles, the publication reported citing people familiar with the matter. No. 2 U.S. automaker Ford will head the effort to develop the 10-speed transmission for rear-wheel drive vehicles such as pick-ups, SUVs and performance cars, Automotive News reported. ...
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First drop in 6 weeks in hedge funds commodity longs
Fri,28 Sep 2012 04:08 PM PDT
Reuters - NEW YORK (Reuters) - Hedge funds and other big speculators have pulled more than $5 billion from U.S. commodity markets, cutting their net long position for the first time in six weeks after sending oil, metals and crop prices to multimonth highs, trade data showed Friday. The profit-taking in the week to September 25 was the biggest in four months by the so-called "money managers" in commodities, according to data issued by the Commodity Futures Trading Commission (CFTC) and calculated by Reuters. ... Full Story | Top |
Judge rejects $8.5 million Groupon settlement
Fri,28 Sep 2012 04:04 PM PDT
Reuters - (Reuters) - A U.S. judge on Friday rejected a proposed $8.5 million class action settlement with Groupon Inc intended to resolve allegations that the expiration dates on its coupons violated consumer protection laws. U.S. District Judge Dana Sabraw in San Diego found fault with a provision in the settlement that would have set aside $75,000 to be divided among two non-profit groups. The judge said neither of the organizations were "expressly committed to righting the specific wrongs alleged in this case. ... Full Story | Top |
Commerzbank cooperating in IRS case involving employee
Fri,28 Sep 2012 03:48 PM PDT
Reuters - (Reuters) - Germany's Commerzbank said on Friday it was cooperating with U.S. prosecutors in a case involving a bank employee who is charged with exposing an Internal Revenues Service whistleblower, and who himself is a former IRS examiner. The charges come at a time of heightened attention to whistleblowers after an informant in another bank case earlier this month won a record-setting award from the IRS. Dennis Lerner, 59, who a Commerzbank spokeswoman in Germany said is still employed by the bank, was arrested on Thursday at his home in New Jersey and taken before a U.S. ... Full Story | Top |
Wall Street Week Ahead: Stock bulls eye Spain, Bernanke and jobs
Fri,28 Sep 2012 03:42 PM PDT
Reuters -  NEW YORK (Reuters) - Wall Street will open October with a busy week, highlighted by low expectations for global manufacturing data and the U.S. jobs report, but that could set the stage for positive surprises that help lift the market. The S&P 500 finished its third positive quarter in the last four on Friday, despite suffering its largest weekly percentage decline since June. For the past three months, the S&P 500 gained 5.9 percent - its best third quarter since 2010. In contrast, the index was down 1.3 percent for the week. ...
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Canadians don't want Parliament to focus on China oil deal: poll
Fri,28 Sep 2012 03:32 PM PDT
Reuters -  OTTAWA (Reuters) - In a sign Canadians may accept CNOOC Ltd's $15.1 billion bid to buy Canadian oil company Nexen Inc, a poll released on Friday showed few people want Parliament to focus on foreign ownership of the energy sector. The Ipsos-Reid survey for Postmedia News and Global Television said only 22 percent of those surveyed felt investment in, or ownership of, the energy sector by China or other countries should be one of Parliament's top priorities. ...
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BofA pays $2.4 billion to settle claims over Merrill
Fri,28 Sep 2012 03:04 PM PDT
Reuters -  (Reuters) - Bank of America Corp agreed on Friday to pay $2.43 billion to settle claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch & Co at the height of the financial crisis. The settlement, among the biggest of its kind to stem from the 2008 meltdown, underscores how Bank of America is still suffering from decisions it made during the crisis, even as competitors are moving on. The second largest U.S. ...
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Truck deals, pent-up demand boost September U.S. auto sales
Fri,28 Sep 2012 02:53 PM PDT
Reuters - DETROIT (Reuters) - U.S. auto sales will likely rise 8 percent or more in September as dealers offered generous cash incentives on pickup trucks that amounted to as much as $10,000 a vehicle in some areas of the United States, analysts said. The annual sales rate is expected to be around 14.5 million in September, according to a Reuters poll. That would mark the fourth straight month the sales rate has held above 14 million, buoyed by pent-up demand and attractive credit terms. ... Full Story | Top |
Pentagon seeks competition for sustainment of Lockheed F-35
Fri,28 Sep 2012 02:40 PM PDT
Reuters - WASHINGTON (Reuters) - The Pentagon on Friday said it was seeking to open the long-term sustainment of the Lockheed Martin Corp F-35 fighter program to competition from other companies as part of an overall drive to lower the cost of the new stealthy warplane. The Defense Department invited companies to participate in a two-day public forum on November 14-15 to get more data on possible opportunities to compete for work managing the supply chain of the new fighter jet and providing support equipment, simulators for training and a computer-based logistics systems. ... Full Story | Top |
Exclusive: Codelco looks to cut Asia 2013 premiums - source
Fri,28 Sep 2012 02:39 PM PDT
Reuters -  SANTIAGO (Reuters) - Codelco, the world's No. 1 copper producer, will seek to reduce 2013 physical copper premiums to Asian buyers by about $5, while its European rate will likely be held or trimmed by a smaller amount, a source linked to the company told Reuters on Friday. The possible offer of a roughly $105 premium per metric ton (1.1023 tons) for Chinese clients over cash London Metal Exchange copper prices comes as international mining companies fret about sagging demand from leading metals consumer China. ...
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TSX weighed by global worry, but RIM shines
Fri,28 Sep 2012 02:12 PM PDT
Reuters -  TORONTO (Reuters) - The benchmark Canadian stock index fell on Friday, stung by anxiety about Spain's troubled banks and global economic frailty, but Research In Motion Ltd surged after its results impressed investors. The resource-rich index closed out the third quarter with a gain of more than 6 percent, as energy companies and miners benefited from a strong showing in crude and bullion prices. But gloom prevailed on Friday, as Spain's borrowing costs rose back above 6 percent despite an austere budget and business activity in the U.S. ...
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