Today's Reuters Business News Headlines - Yahoo! News:
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Lufthansa says 190 Frankfurt flights hit by strikes
Mon,3 Sep 2012 11:12 PM PDT
Reuters -  FRANKFURT (Reuters) - Lufthansa said about 190 flights to and from Frankfurt airport would be canceled on Tuesday because of strikes in a fight over pay and working conditions. Lufthansa said only a handful of long-distance flights would be impacted, adding around half of short and medium-distance flights were canceled. The German cabin crew union, UFO, said it was calling on its members working at Lufthansa to go on strike in Munich from 1100-2000 GMT (7 a.m.-4 p.m. EDT). ...
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ECB's Weidmann isolated on opposing bond buying: paper
Mon,3 Sep 2012 10:58 PM PDT
Reuters -  AMSTERDAM (Reuters) - German Central Bank President Jens Weidmann is completely isolated in the European Central Bank in his opposition to buying government bonds, a Dutch newspaper reported on Tuesday, citing unnamed sources. Both publicly and behind closed doors, Weidmann has no support for his opposition to ECB President Mario Draghi's plan to help Spain and Italy with new interventions, Dutch daily Het Financieele Dagblad said. ...
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Brent climbs above $116, c.bank meetings spur stimulus hopes
Mon,3 Sep 2012 10:35 PM PDT
Reuters -  SINGAPORE (Reuters) - Brent futures rose for a fourth day in Asia on Tuesday, reaching more than $116 per barrel on persistent hopes for stimulus measures from central banks in the United States and Europe, with key policy meetings this week and next. Prices were also underpinned by expectations that weak data from China, the world's second-biggest oil consumer, would prompt Beijing to ease policy further, while festering tension between Iran and Israel added support. The European Commercial Bank meets on Thursday and U.S. ...
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Asian shares ease on growth concerns, stimulus hopes support
Mon,3 Sep 2012 10:28 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares eased on Tuesday on concerns over weakening regional and global economic activity, but expectations of more stimulus from central banks and hopes for progress in tackling Europe's debt crisis lent support. European equities were seen flat to lower, with financial spreadbetters calling London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX to open down as much as 0.2 percent. U.S. stock futures were up 0.1 percent, pointing to a somewhat firmer opening on Wall Street, which was closed on Monday for the Labor Day holiday. ...
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Brent climbs above $116, central bank meetings spur stimulus hopes
Mon,3 Sep 2012 10:11 PM PDT
Reuters - SINGAPORE (Reuters) - Brent futures rose for a fourth day in Asia on Tuesday, reaching more than $116 per barrel on persistent hopes for stimulus measures from central banks in the United States and Europe, with key policy meetings this week and next. Prices were also underpinned by expectations that weak data from China, the world's second-biggest oil consumer, would prompt Beijing to ease policy further, while festering tension between Iran and Israel added support. The European Commercial Bank meets on Thursday and U.S. ... Full Story | Top |
UK's FSA wants banks to detail IT backup plans: FT
Mon,3 Sep 2012 06:33 PM PDT
Reuters - LONDON (Reuters) - Britain's financial regulator has sent letters to the nine largest banks and building societies in the UK requesting details of their IT contingency plans, the Financial Times reported on Tuesday. The Financial Services Authority wants the main high street banks to detail their efforts to prevent a software glitch like the one that hit Royal Bank of Scotland in June, rendering the bank unable to process payments for clients. ... Full Story | Top |
Hyundai Motor union OKs wage deal after costliest-ever strike
Mon,3 Sep 2012 04:45 PM PDT
Reuters -  SEOUL (Reuters) - The South Korean labor union of Hyundai Motor Co narrowly voted in favor of a wage deal, averting more strikes and production losses at the automaker that had led to its first monthly sales drop in over three years. A total of 52.7 percent of voters approved the agreement, while 46.6 percent rejected the deal, a union spokesman said on Tuesday. In July and August the union staged a series of partial strikes over pay and conditions, its first in four years and a reminder of the 1980s and 1990s when industrial action was a more common feature of corporate Korea. ...
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Exclusive: South Copper halts Ilo plant for maintenance
Mon,3 Sep 2012 04:43 PM PDT
Reuters - LIMA (Reuters) - Southern Copper was shutting its Peruvian smelter Ilo for maintenance work on Monday that will last a month, Chief Executive Oscar Gonzales said. The company, one of the world's largest copper producers and a unit of Grupo Mexico , will sell copper concentrates to avoid excess inventory while Ilo's output of anodes and cathodes is halted. "We'll be selling concentrates, which isn't our strength and, moreover, prices aren't very good. But there's no other medicine because otherwise we wouldn't have those revenues and we'd have too much inventory," Gonzalez told Reuters. ... Full Story | Top |
Samsung to review 250 Chinese suppliers for labor violations
Mon,3 Sep 2012 03:57 PM PDT
Reuters -  SEOUL (Reuters) - Samsung Electronics Co said on Monday it would inspect 250 Chinese companies which make products for the South Korean firm to ensure no labor laws are broken after a U.S.-based group accused one of its suppliers of using child labor. Samsung also said its audit into working conditions at an HEG Electronics facility in Huizhou in southern China found no under-aged workers. New York-based China Labor Watch said last month seven children younger than 16 were working in the factory that makes phones and DVD players for Samsung. ...
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Canaccord hires top London banker: WSJ
Mon,3 Sep 2012 03:44 PM PDT
Reuters - LONDON (Reuters) - Canaccord Financial Inc is hiring the high-profile London banker Alexis de Rosnay as its European chief executive, the Wall Street Journal reported late on Monday. The appointment of de Rosnay, who has held a number of senior investment banking positions in London, is expected to be announced on Tuesday, the WSJ said in an article published on its website. He will take over from Mark Brown, the former head of Collins Stewart, who had stayed on as European CEO after Canaccord's purchase of the London mid-cap stockbroker earlier this year. ... Full Story | Top |
Moody's changes EU rating outlook to negative
Mon,3 Sep 2012 03:34 PM PDT
Reuters -  SYDNEY (Reuters) - Moody's Investors Service has changed its outlook on the Aaa rating of the European Union to negative, warning it might downgrade the bloc if it decides to cut the ratings on the EU's four biggest budget backers: Germany, France, UK and Netherlands. The move will add to pressure on the European Central Bank to provide details of a new debt-buying scheme to help deeply indebted euro zone states at its policy meeting on Thursday. ...
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Lufthansa cabin crew to strike in Frankfurt, Berlin
Mon,3 Sep 2012 03:30 PM PDT
Reuters -  FRANKFURT (Reuters) - Lufthansa passengers face further disruption after cabin crew representatives said late on Monday they would go on strike on Tuesday for 8 hours in Frankfurt and Berlin in a row over pay and conditions. The German cabin crew union UFO said it was calling on its members working at Lufthansa to go on strike in Frankfurt from 0400-1200 GMT and in Berlin's Tegel airport from 0300-1100 GMT on Tuesday. ...
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IRS warned, but did not act on tax strategy for private equity
Mon,3 Sep 2012 03:27 PM PDT
Reuters - WASHINGTON (Reuters) - U.S. tax authorities took no formal action after launching a probe five years ago of tax strategies used by private equity managers at firms such as Bain Capital LLC, leaving a legal gray area that is now being examined by New York's attorney general. In a move focusing more scrutiny on private equity at a politically turbulent time, New York Attorney General Eric Schneiderman has subpoenaed documents from at least a dozen firms about how they reduce their managers' tax bills, a source familiar with the matter told Reuters. ... Full Story | Top |
Argentine judge orders arrest of Credit Suisse executive
Mon,3 Sep 2012 02:43 PM PDT
Reuters - BUENOS AIRES (Reuters) - A judge in Argentina has ordered the arrest of Credit Suisse executive and former U.S. Treasury Undersecretary David Mulford because he failed to testify over a 2001 Argentine debt swap, the state news agency reported on Monday. Federal Judge Marcelo Martinez de Giorgi will ask Interpol to issue an international arrest warrant seeking Mulford's extradition for questioning over the bond exchange carried out by the government in an unsuccessful bid to avoid default. ... Full Story | Top |
Lufthansa cabin crew threaten further strikes
Mon,3 Sep 2012 02:24 PM PDT
Reuters - FRANKFURT (Reuters) - Cabin crew representatives warned Lufthansa passengers they face fresh disruption on Tuesday and Wednesday unless the carrier makes concessions in a row over pay and conditions. Lufthansa canceled almost 200 flights last Friday in an initial strike by flight attendants which stranded 26,000 passengers and cost Germany's biggest airline millions of euros. The airport, Germany's busiest, was also closed to inbound flights from Europe for several hours due to congestion. ... Full Story | Top |
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