Today's Reuters Business News Headlines - Yahoo! News:
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Tunisia raises petrol prices to trim budget gap
Sun,2 Sep 2012 10:54 PM PDT
Reuters - TUNIS (Reuters) - Tunisia, which has forecast a budget deficit of 6.6 percent of GDP this year, is cutting fuel subsidies and raising the price of petrol by 7.2 percent. The government on Sunday lifted the price of lead-free petrol to 1.470 Tunisian dinars per litre from 1.370 dinars. The last increase, from 1.320 dinars, was announced in December 2010. The government sets the price of domestic fuel products, in part through a subsidy which this year will be capped at 1.3 billion dinars compared with 1.5 billion in 2011. ... Full Story | Top |
Asia shares up on stimulus hopes after region's weak data, Bernanke
Sun,2 Sep 2012 10:35 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares rose on Monday after Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed, while weak economic indicators across the region raised hopes for additional growth-bolstering steps in Asia as well. Bernanke stopped short of clearly signaling an imminent move last week, prompting investors to turn to reports from China to Australia that highlighted how the euro zone's debt crisis has eroded growth and threatened further slowdowns. ...
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China factory surveys signal economic growth stays soft in third-quarter
Sun,2 Sep 2012 09:27 PM PDT
Reuters -  BEIJING (Reuters) - China's vast manufacturing sector has been badly hit by slowing new orders, two complementary surveys showed, a sign that the pace of growth in the world's second-largest economy will weaken well into the third quarter. The final reading of the HSBC China manufacturing purchasing managers' index (PMI) for August fell to a seasonally adjusted 47.6, its lowest level since March 2009, down from 49.3 in July and slightly below a flash reading of the index late last month. ...
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Brent edges lower after China data, steadies above $114
Sun,2 Sep 2012 08:50 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude edged lower on Monday after Chinese data pointed to a further slowdown in the economy of world's No.2 oil consumer, although prices stayed above $114 per barrel as investors remained optimistic that more global economic stimulus measures may be on the way. It was a shaky start to the month for Brent, which rose nearly 2 percent on Friday to end August up more than 9 percent. Trading activity is expected to be limited, with U.S. markets closed for the Labor Day holiday. Traders are eyeing the European Central Bank's meeting on Thursday and the U.S. ... Full Story | Top |
CIC sells most of its BlackRock stake: FT
Sun,2 Sep 2012 08:44 PM PDT
Reuters - HONG KONG (Reuters) - China Investment Corp (CIC) has sold most of its stake in BlackRock Inc , the world's biggest asset manager, as part of a wider strategy to trim holdings in global financial institutions, the Financial Times reported on Monday. CIC , China's $482 billion sovereign wealth fund, bought a 3 percent stake in BlackRock for $1 billion in 2009, the report said. It has been gradually cutting down its holding in recent months, generating profits on the sales, the FT said, citing people familiar with the matter. ... Full Story | Top |
China HSBC PMI drops to 47.6, worst since March 2009
Sun,2 Sep 2012 08:15 PM PDT
Reuters -  BEIJING (Reuters) - A contraction in China's factory sector activity intensified in August as both output and new orders dropped while manufacturers cut prices to compete for business, a survey showed on Monday. The HSBC Purchasing Managers' Index fell to a seasonally adjusted 47.6, its lowest level since March 2009. The reading was little changed from a flash, or preliminary, estimate of 47.8 and was lower than 49.3 in July. The HSBC finding echoed the results of China's official PMI, released on Saturday, which hit a nine-month low in August, falling to a lower-than-expected 49.2 from 50. ...
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China official services PMI rises to 56.3 in August
Sun,2 Sep 2012 06:10 PM PDT
Reuters - BEIJING (Reuters) - China's official purchasing managers' index (PMI) for the services sector rose to 56.3 in August from 55.6 in July, but industry expectations are weakening, a survey from the National Bureau of Statistics showed on Monday. The services sector index follows two PMI surveys of China's vast manufacturing industry that showed manufacturers struggling with drops in new orders, particularly export orders, and prices falling. A reading below 50 indicates activity is contracting and one above 50 signals expansion. ... Full Story | Top |
Shareholders look to sue RBS over rights issue: newspaper
Sun,2 Sep 2012 05:40 PM PDT
Reuters -  LONDON (Reuters) - Shareholders in Royal Bank of Scotland are in talks with litigation funds with a view to launching a formal 3.3 billion pound ($5.24 billion) fund lawsuit against the bank, the Times reported on Monday. The shareholders, known as the RBoS Shareholders Action Group, plans to sue RBS and its former chief executive Fred Goodwin, as well as former chairman, Tom McKillop, and the former investment bank chief Johnny Cameron for misleading investors at the time of a landmark 12 billion pound ($19.06 billion) rights issue in 2008. ...
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Credit Suisse relocating some Singapore jobs: FT
Sun,2 Sep 2012 04:30 PM PDT
Reuters - LONDON (Reuters) - Credit Suisse is relocating dozens of back-office jobs from Singapore to India and Poland as part of efforts to cut costs, the Financial Times reported on Monday. The newspaper cites two people familiar with the situation as saying the bank was relocating back-office staff to India and Poland, without stating the number of jobs set to relocate. Singapore is home to the Swiss bank's private banking business in Asia and was expected to continue to grow as its most important wealth management hub in Asia, the FT said. ... Full Story | Top |
Lachlan Murdoch expands radio interests in Australia
Sun,2 Sep 2012 04:26 PM PDT
Reuters -  MELBOURNE (Reuters) - Lachlan Murdoch has bought the remaining 50 percent of Australian radio network DMG Radio Australia he did not already own, three years after he first bought into the joint venture company. Radio advertising remains one of the few bright spots in the Australian media landscape, with newspapers and television suffering from a steep slide in revenues that has slashed profits and forced several billion dollars' worth of writedowns in the reporting season just ended. ...
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U.S. Steel, union reach tentative agreement
Sun,2 Sep 2012 03:50 PM PDT
Reuters - NEW YORK (Reuters) - United Steelworkers said on Sunday it reached a tentative agreement with U.S. Steel on a three-year labor contract for more than 16,000 workers employed at the company's U.S. facilities. The union said in a statement it had been negotiating for a collective-bargaining agreement with the steelmaker since June. Members of the union will cast a deciding vote on the agreement over the next few weeks. ... Full Story | Top |
Samsung's crisis culture: a driver and a drawback
Sun,2 Sep 2012 03:04 PM PDT
Reuters -  SEOUL (Reuters) - In his 1997 book, Samsung Chairman Lee Kun-hee wrote that a successful company needs a "heightened sense of crisis", so that it always looks ahead even when it's doing well, and needs to be able to respond to change. It's a credo that has driven Samsung Electronics to become the world's biggest technology firm by revenue - it sells more televisions, smartphones and memory chips than anyone else - and makes the group a must-visit case study for a stream of Chinese firms seeking to tap the secrets of Korean success. But, in the wake of last month's damaging U.S. ...
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German economy minister supports Weidmann in bond buy opposition
Sun,2 Sep 2012 03:03 PM PDT
Reuters -  BERLIN (Reuters) - Germany's economy minister threw his weight behind Bundesbank chief Jens Weidmann's opposition to the European Central Bank's plans to buy debt of euro zone countries with high borrowing costs, saying that they could not replace economic reforms. Philipp Roesler was quoted in a newspaper to be published on Monday that Weidmann, who has made no secret of his displeasure with the strategy to lower Italian and Spanish borrowing costs by buying bonds, was right to make his opposition heard. ...
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End of "obscene" profits for Hong Kong property firms
Sun,2 Sep 2012 02:40 PM PDT
Reuters -  HONG KONG (Reuters) - Hong Kong's home builders are bidding cautiously on land to develop, wary of shrinking profit margins as the city's new leader pushes for more affordable housing in the world's most expensive residential real estate market. Property developer Cheung Kong Holdings , founded by Asia's richest man, Li Ka-shing, bought only one new plot in the city in the first half of this year, an unusually quiet span for Asia's No. 2 developer by market value. On August 10, Cheung Kong spent HK$9.6 billion ($1. ...
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At Jackson Hole, a growing fear for Fed independence
Sun,2 Sep 2012 02:39 PM PDT
Reuters -  JACKSON HOLE, Wyoming (Reuters) - Increasing political encroachment on the Federal Reserve, particularly from the Republican Party, could threaten the central bank's hard-won independence and undermine confidence in the nearly 100-year old institution. That was the pervasive sentiment among economists gathered at the Fed's annual monetary policy symposium in Jackson Hole, Wyoming. Against the dramatic backdrop of the Grand Teton mountain, many said a closely-contested presidential race has turned the monetary authority into a political football. ...
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