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| Guinea and UAE sign bauxite supply deal Saturday, Nov 03, 2012 12:14 AM PDT  DUBAI (Reuters) - Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the United Arab Emirates for the main raw material in aluminium, the Gulf country's state news agency reported late on Friday. "The agreement with Mubadala will make a significant contribution to Guinea's economy by enabling the expansion of CBG to more than 20 million metric tons of bauxite per year," Guinean Mines Minister Mohamed Lamine Fofana was quoted as saying by the Emirates News Agency. ... Full Story | Top |
| Vimpelcom hires StanChart to handle asset sales-sources Friday, Nov 02, 2012 11:57 PM PDT DUBAI/PARIS (Reuters) - Telecoms group Vimpelcom has hired Standard Chartered to advise it on the sale of its businesses in Burundi, Zimbabwe, Central African Republic, Cambodia and Laos, two people familiar with the matter said. New-York listed Vimpelcom wants to focus on its largest markets of Russia and Italy, while reducing its debt, the people said. The units on the block came to Vimpelcom when it bought a 51 percent stake in Egypt-based Orascom Telecom and all of Italy's Wind in 2011 for $6 billion. ... Full Story | Top |
| Analysis: GM badly lags Ford in Europe restructuring Friday, Nov 02, 2012 10:48 PM PDT  PARIS/DETROIT (Reuters) - Ford Motor Co, which clung to the road with a timely swerve before the 2009 crisis that bankrupted General Motors Co, may now be pulling a similar stunt in Europe. The Dearborn, Michigan-based automaker is scrapping three European plants and thousands of jobs while its rival appears to be stuck on the starting grid. The speed of Ford's restructuring plan - and the comparatively slow pace of GM's - has become more important during a protracted slump in Europe's auto market, with sales down another 7.2 percent so far this year. ... Full Story | Top |
| Canada extends review of CNOOC-Nexen deal to December 10 Friday, Nov 02, 2012 05:44 PM PDT  (Reuters) - Canada said it has extended its review of a $15.1 billion bid by China's CNOOC Ltd for Canadian energy producer Nexen Inc by a month to December 10. Ottawa is conducting the review to determine whether a takeover by the Chinese state-owned enterprise would bring a "net benefit" to Canada. CNOOC launched China's richest foreign takeover bid in July when it agreed to buy Nexen, whose global portfolios include oil sands and shale gas. "The review period for CNOOC Limited's proposed acquisition of Nexen Inc. ... Full Story | Top |
| Alan Murray to leave the WSJ for Pew Research Center Friday, Nov 02, 2012 05:29 PM PDT (Reuters) - Alan Murray, deputy managing editor of the Wall Street Journal, will leave in January to assume the role of president of the Pew Research Center, the center announced on Friday. Murray, 57, is also the Journal's online executive editor. In his new role he will oversee the Pew Research Center's seven projects covering topics ranging from journalism to religion to social trends. "I have watched in the last 30 years as trusted facts have become an endangered species," Murray told Reuters in an interview. ... Full Story | Top |
| Facebook's Sandberg sells $7.4 million in stock Friday, Nov 02, 2012 04:43 PM PDT  SAN FRANCISCO (Reuters) - Facebook Inc Chief Operating Officer Sheryl Sandberg and two other executives at the social networking company sold millions of dollars worth of stock this week as restrictions on insider trading expired. Sandberg netted about $7.44 million by selling roughly 353,000 Facebook shares on Wednesday, according to a filing with the SEC on Friday. Sandberg still owns roughly 20 million vested shares of Facebook stock, including shares held in her trusts, according to the filing. ... Full Story | Top |
| Best Buy reschedules analyst day postponed by Hurricane Sandy Friday, Nov 02, 2012 04:42 PM PDT  (Reuters) - Best Buy Co Inc on Friday rescheduled its analyst day for November 13 in New York, after postponing it because of Hurricane Sandy. The meeting, seen as Chief Executive Hubert Joly's opportunity to tell investors how he plans to turn the company around, had originally been scheduled for Thursday, November 1. Last week, the consumer electronics retailer warned that third-quarter earnings and same-store sales would fall, and said its U.S. business president would exit at the end of the current fiscal year as part of a management restructuring. ... Full Story | Top |
| Economists say jobs data to have little impact on U.S. elections: Reuters poll Friday, Nov 02, 2012 04:08 PM PDT  NEW YORK (Reuters) - Stronger-than-expected hiring by U.S. employers in October and a small increase in the jobless rate will have a neutral or insignificant impact on U.S. presidential elections next week, according to most economists surveyed in a Reuters poll on Friday. Twenty-four economists said the payrolls data would have a "neutral" impact on next Tuesday's elections, while 15 said the data would have an insignificant impact. ... Full Story | Top |
| Boeing wins $4 billion contract for Saudi fighter jet fleet Friday, Nov 02, 2012 04:03 PM PDT  WASHINGTON (Reuters) - Boeing Co has secured a contract valued at $4 billion to modernize the Royal Saudi Arabian Air Force's fighter jet fleet, the Pentagon said on Friday. The procurement order covers conversion of 68 existing F15S jets to the new F15S-A configuration. The Pentagon said the work, expected to be completed by December 31, 2019, would be done at Robins Air Force Base in Georgia. The contract also provides for four base stand-up kits, which include spares and support equipment needed to achieve operating capability for the fighter jets. ... Full Story | Top |
| Kraft Foods approves $650 million restructuring plan Friday, Nov 02, 2012 03:25 PM PDT  (Reuters) - Kraft Foods Group Inc , which sells Planters peanuts, Oscar Mayer lunch meat and Velveeta cheese, said it approved a $650 million restructuring plan related to its spin-off from Kraft Foods Inc in October. The company said the restructuring cost involves severance related to the spin-off, asset disposals and other one-time expenses. Kraft Foods Group said about half of the total restructuring cost is expected to result in cash expenditures. In addition to the restructuring, the company also approved related capital expenditures of $200 million. ... Full Story | Top |
| Unilever swaps earnings rat race for sustainability Friday, Nov 02, 2012 03:19 PM PDT  WASHINGTON (Reuters) - Around the time of the 2008 global financial meltdown, consumer products giant Unilever decided to make a dramatic shift in strategy, away from meeting investors' quarterly expectations to a long-range plan that treads lightly on the environment and supports social goals. Confident in profiting through doing good, the Anglo-Dutch maker of Dove soap, Ragu sauces and Lipton tea is working with the United Nations to save children's lives through handwashing and joining other corporations to stem illegal logging, among other things. ... Full Story | Top |
| Apple iPad mini draws New Yorkers; crowds thin elsewhere Friday, Nov 02, 2012 03:18 PM PDT  NEW YORK/SAN FRANCISCO (Reuters) - Apple Inc's iPad mini hit stores around the world on Friday, attracting sparser crowds than previous Apple launches, but the kickoff still drew hundreds of New Yorkers only days after one of the biggest storms to hit the United States. A proliferation of rival gadgets aimed at the holidays and cheaper tablets from Google Inc and Amazon.com Inc may have sapped interest in Apple's latest bet, resulting in shorter lines outside stores from Tokyo and Amsterdam to Sydney and Hong Kong. The 7. ... Full Story | Top |
| Berkshire Hathaway quarterly profit up on rails, energy Friday, Nov 02, 2012 03:07 PM PDT  (Reuters) - Berkshire Hathaway Inc , the conglomerate run by billionaire Warren Buffett, on Friday said its third-quarter profit rose as strength in the railroad and utility businesses, as well as investment gains, offset weaker results in the insurance units. Berkshire earned $3.92 billion, or $2,373 per Class A share, compared with $2.28 billion, or $1,380 per share, a year earlier. Book value, Buffett's preferred measure of the company's worth, rose to $111,718 per Class A share, up 11.9 percent since year end. ... Full Story | Top |
| MetLife to sell mortgage servicing portfolio to JPMorgan Friday, Nov 02, 2012 03:05 PM PDT  (Reuters) - MetLife Inc , the largest U.S. life insurer, said it will sell MetLife Bank's mortgage servicing portfolio to a unit of JPMorgan Chase & Co for an undisclosed amount, as it looks to exit its bank holding structure. The $70 billion servicing portfolio will increase JPMorganChase Bank's $1.1 trillion servicing business by more than 5 percent, MetLife said in a statement. MetLife said in a regulatory filing last Wednesday that it had begun exploring the sale of MetLife Bank's forward mortgage servicing assets and operation, and was reporting the business as divested. http://link. ... Full Story | Top |
| SNC Lavalin profit falls less than expected, shares up Friday, Nov 02, 2012 02:50 PM PDT  (Reuters) - Canadian construction and engineering company SNC Lavalin Group Inc , under investigations for alleged bribery, on Friday reported a narrower-than-expected 8 percent decline in third-quarter profit, and its shares rose nearly 5 percent. One of the world's largest engineering operations, the company maintained its forecast for full-year earnings after cutting it last quarter. "We are quite encouraged and relieved," said Frederic Bastien, an analyst with Raymond James based in Vancouver. ... Full Story | Top |
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