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| Brent slips to near $109 as Sandy damps U.S oil demand Tuesday, Oct 30, 2012 12:32 AM PDT  SINGAPORE (Reuters) - Brent crude slipped to near $109 a barrel on Tuesday as Sandy, one of the biggest storms ever to hit the United States, shut East Coast refineries, roads and airports, reducing crude and fuel demand in the world's largest oil consumer. Fuel supply into the region ground almost to a halt as the storm forced the closure of two-thirds of the region's refineries, its biggest pipeline, and most major ports. Brent crude for December slipped for a second session, to stand down 40 cents at $109.04 a barrel by 0652 GMT. U.S. crude for December edged down 17 cents to $85.37. U.S. ... Full Story | Top |
| South Africa's rand slightly firmer, bonds flat Tuesday, Oct 30, 2012 12:31 AM PDT JOHANNESBURG (Reuters) - South Africa's rand was slightly firmer against the dollar on Tuesday in range-bound trading with market players saying debt crisis concerns in the euro zone were casting a cloud over the currency. By 0643 GMT, the rand was trading at 8.6600 to the greenback, from Monday's New York close of 8.6775. "We've been basically trading in a range. There's a lot of liquidity not flowing through in the market," said Victor Mphaphuli, senior portfolio manager at Stanlib. ... Full Story | Top |
| Strong refining helps lift BP Q3; beats forecasts Tuesday, Oct 30, 2012 12:29 AM PDT LONDON (Reuters) - Unusually strong refining margins helped lift third quarter profits for international oil company BP Plc in the third quarter to $5.2 billion, up from $3.7 billion in the second quarter and well ahead of expectations. The company's downstream division - outside oil and gas production where production was little changed - delivered a record profit due to the high margins caused by tight fuel supplies in U.S. and European markets. The result compared with $5.5 billion a year earlier. ... Full Story | Top |
| Lonmin eyes $800 mln in rights issue Tuesday, Oct 30, 2012 12:27 AM PDT LONDON (Reuters) - South Africa-focused Lonmin said it planned to raise $800 million in a rights issue to strengthen its strained balance sheet and help it avoid a possible covenant breach in March. The world's third-largest platinum miner said on Tuesday that it did not expect to breach its covenants before then and added that it had also agreed amended bank facilities. Lonmin, which reported a 45. ... Full Story | Top |
| UBS to slash 10,000 jobs in fixed income exit Tuesday, Oct 30, 2012 12:23 AM PDT  ZURICH (Reuters) - UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. The move will focus the Zurich-based lender and wealth manager around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one suspected rogue trader lose $2.3 billion last year. ... Full Story | Top |
| Insight: A giant storm and the struggle over closing Wall Street Tuesday, Oct 30, 2012 12:14 AM PDT  NEW YORK (Reuters) - At 6:30 p.m. on Sunday night, with Hurricane Sandy bearing down on the U.S. East Coast, New York Stock Exchange operator NYSE Euronext had more immediate problems: a revolt from the trading firms that are its lifeblood. NYSE officials, including global head of sales Christine Sandler, told the firms that while the exchange would shut down its physical trading floor it was planning to open for business on Monday as an electronic-only trading venue for the first time. ... Full Story | Top |
| NYSE to test new plan; trading floor undamaged by storm Tuesday, Oct 30, 2012 12:11 AM PDT  (Reuters) - NYSE Euronext said it plans to test a new contingency plan to help resume stalled U.S. equity trading, and added that its famed trading floor is not yet damaged by Sandy, one of the biggest storms to hit the United States. U.S. stock markets will be closed for a second day on Tuesday, as Wall Street turns its attention to whether markets would be able to resume functioning on the month's final trading day on Wednesday. Wednesday is a key trading day because it marks the end of the month, when traders price portfolios. ... Full Story | Top |
| Straumann to cut jobs as Europe sales slow Monday, Oct 29, 2012 11:58 PM PDT ZURICH (Reuters) - Swiss dental implant maker Straumann said it would axe roughly 150 jobs to boost margins as it grapples with sluggish demand in Europe. The dental implant market was hit hard by the financial crisis and has been further hamstrung by the euro zone debt crisis as cash-strapped Europeans, worried about the downturn, cut back on non-essential dental treatment. ... Full Story | Top |
| U.S. market closures contain gain by Asian shares Monday, Oct 29, 2012 11:41 PM PDT  TOKYO (Reuters) - Asian shares rose modestly but momentum was curbed by a giant, powerful storm that will keep U.S. markets shut, while the dollar slid to an intraday low against the yen after the Bank of Japan unveiled further easing steps. The most notable market impact from Sandy, one of the biggest storms ever to hit the United States, appeared to be felt in oil prices, which fell as forced closure of refineries reduced demand in the world's largest oil consumer. ... Full Story | Top |
| Standard Chartered profit up, says costs in check Monday, Oct 29, 2012 11:37 PM PDT  HONG KONG (Reuters) - Asia-focused bank Standard Chartered Plc said its operating profit grew by a mid-single digit rate in the first nine months of the year, keeping it on track for a 10th straight year of record earnings. Earnings, though, would have risen by at least 10 percent but for a $340 million settlement paid to New York regulators who threatened to strip the bank of its state licence over allegations it hid some $250 billion worth of transactions with Iran. ... Full Story | Top |
| Key IMF loan talks begin in Cairo, reducing budget deficit is focus Monday, Oct 29, 2012 10:48 PM PDT The goal, according to IMF director for the Middle East and North Africa Masood Ahmed, is to phase out wasteful subsidies, especially in the energy sector, and to use the resources for more spending on health, education and infrastructure development as the country emerges from decades of authoritarian rule. The IMF talks in Cairo will aim to reach an agreement before the end of the year. The deal is likely to unleash further financing from other international lenders like the African Development Bank,the World Bank. Finacning by regional donors such as Qatar and regional donors. ... Full Story | Top |
| China eyes rating rules for inter-bank bonds: sources Monday, Oct 29, 2012 08:58 PM PDT BEIJING (Reuters) - China is readying new regulations governing credit ratings of bonds traded in the inter-bank market in a bid to boost activity in the fledgling sector, two sources close to the regulator told Reuters. The new rules, to be published within weeks, cover ratings from firms that charge bond issuers for coverage, as well as those paid for by investors and ratings generated from publicly available information, the sources told Reuters, requesting anonymity as they are not authorized to talk to the media. ... Full Story | Top |
| China October official PMI set to confirm recovery trend Monday, Oct 29, 2012 08:05 PM PDT  BEIJING (Reuters) - China's factory activity likely accelerated in October to its fastest pace in five months, according to a new Reuters poll that reveals a growing certainty of recovery taking hold in the world's second-biggest economy. The poll of 14 economic analysts forecasts that China's official purchasing managers index (PMI) rebounded to 50.3 in October from 49.8 in September, a reading that suggests factory output is accelerating again after two months of slowing growth. ... Full Story | Top |
| Exclusive: JDA Software on the block - sources Monday, Oct 29, 2012 07:40 PM PDT (Reuters) - Enterprise technology maker JDA Software Group Inc is exploring a sale and has hired JPMorgan Chase & Co to advise on the process, people familiar with the matter said. The sale process is at an advanced stage. The company has received interest from multiple parties, including private equity firms and strategic buyers, the sources said. JDA Software, which has a market capitalization of $1.5 billion, provides customized software applications to customers ranging from government and aerospace defense contractors to hospitality and media organizations. ... Full Story | Top |
| UBS set to exit fixed income, fire 10,000 bankers Monday, Oct 29, 2012 06:29 PM PDT  ZURICH (Reuters) - UBS is expected to reveal plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. The move will focus Zurich-based UBS around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one rogue trader lose $2.3 billion last year. ... Full Story | Top |
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