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| Basel III delinquents may face sanctions: G20 official Sunday, Nov 04, 2012 12:31 AM PDT MEXICO CITY (Reuters) - Countries may face sanctions if they fail to implement new rules aimed at safeguarding the global banking system from another financial crisis, a senior Mexican finance official said. New rules forcing banks to roughly triple the size of capital buffers they hold are set to be phased in over six years starting in January, after each country has finalized its own version. But the United States and Europe, home to most of the world's largest banks, are still at the drafting stage, prompting speculation that the Basel III timetable may be postponed. ... Full Story | Top |
| BYD lures e-taxi operators with financing incentive Saturday, Nov 03, 2012 11:56 PM PDT  BEIJING (Reuters) - Taxi operators in China interested in electrifying their fleet can pay the full price of BYD's (002594.SZ e6 in installments, saving them the hefty upfront full payment they have to make for a gasoline-powered car, the Warren Buffett-backed Chinese car maker said on Sunday. They can sign a rental agreement with financing firm or a third party taxi operator which own e6 and claim ownership of the car after the full payment is made, it said in a statement. ... Full Story | Top |
| G20 flags U.S. fiscal cliff, Europe's debt woes Saturday, Nov 03, 2012 10:35 PM PDT  MEXICO CITY (Reuters) - Finance chiefs of the world's 20 leading economies are ringing alarm bells over the U.S. fiscal cliff and Europe's debt woes at a meeting in Mexico this weekend as they look to push back deficit reduction targets to help boost growth. Unless a fractious U.S. Congress can reach a deal, about $600 billion in government spending cuts and higher taxes are set to kick in on January 1, threatening to push the American economy back into recession and hit world growth. But with the U.S. presidential election looming on Tuesday, dealing with the fiscal cliff has been delayed. ... Full Story | Top |
| No sign of Basel III timing change request: Mexico official Saturday, Nov 03, 2012 06:15 PM PDT MEXICO CITY (Reuters) - There has been no discussion about putting back the start date for new rules of bank capital buffers in the lead-up to this weekend's G20 meeting, a senior Mexican Finance Ministry official told Reuters on Saturday. U.S. and European financial officials are likely to come under pressure from peers when they meet in Mexico City for dragging their feet on implementing the so-called Basel III accords, the world's response to the 2007-09 financial crisis. ... Full Story | Top |
| Power partially restored at Hess' Port Reading, NJ, refinery Saturday, Nov 03, 2012 05:15 PM PDT NEW YORK (Reuters) - Hess Corp.'s 70,000 barrel-per-day Port Reading, New Jersey, refinery had its power partially restored early on Saturday morning after it was cut during Hurricane Sandy, but full restart was at least several days away. "Full power restoration will be needed to complete an assessment of refinery equipment before the restart process can begin," said a spokesperson. "We are using the current power supply to bring in-plant utility systems back online, which will take several days and must be completed before the refinery can restart. ... Full Story | Top |
| Colonial Pipeline says Linden terminals returning to operations after Sandy Saturday, Nov 03, 2012 02:28 PM PDT NEW YORK (Reuters) - Colonial Pipeline, the nation's largest gasoline and heating oil pipeline, said on Saturday it was delivering oil products to three oil product terminals in Linden, New Jersey, with six more expected on line by Monday after disruptions from the huge storm Sandy earlier this week. Colonial said Line 3 into its terminus at the Linden tank farm in the New York Harbor was operating normally. The line usually carries about 700,000 bpd of oil products. (Reporting By Janet McGurty; Editing by Peter Cooney) Full Story | Top |
| National sports networks scrum for U.S. ad dollars, viewers Saturday, Nov 03, 2012 01:31 PM PDT LOS ANGELES/NEW YORK (Reuters) - Media companies from NBC and Fox to Al-Jazeera are digging deep into their wallets to build new national sports networks and grab a slice of the lucrative market dominated by Walt Disney Co's sports juggernaut ESPN. The networks are chasing the big advertising dollars that flow into live sports programming, plus monthly subscription fees paid by cable operators that are far higher than those for other channels. Just this week, NBC Sports Network outbid Fox for the rights to air England's Premier League soccer. ... Full Story | Top |
| Biggest NY harbor oil terminal resumes partial operations Saturday, Nov 03, 2012 01:29 PM PDT (Reuters) - The 16-million-barrel International-Matex Tank Terminals oil terminal in Bayonne, New Jersey has partially re-opened following power losses due to superstorm Sandy, its operator said on Saturday. The fuel terminal, the biggest in the New York Harbor, is still "coming back online," said terminal manager Richard Fisette. As of Saturday, around half of the facilities at the site were back to normal operation and the major regional fuel repository was awaiting nominations, or orders to ship out fuel, from its customers, Fisette said. ... Full Story | Top |
| Vale partner says Guinea seeks to seize iron ore rights Saturday, Nov 03, 2012 09:15 AM PDT DAKAR/LONDON (Reuters) - The mining arm of Israeli billionaire Beny Steinmetz's business empire has accused the government of Guinea of seeking to "illegally seize" its assets through a probe into how it won rights to mine part of a major iron ore deposit. Privately owned BSG Resources, which has been working in the West African country with Brazilian mining major Vale , confirmed it had received a letter from a government commission alleging improper behavior and graft in its winning of rights to develop blocks in the Simandou region. ... Full Story | Top |
| Harper says could block other foreign investments Saturday, Nov 03, 2012 08:48 AM PDT  OTTAWA (Reuters) - Prime Minister Stephen Harper, in some of his toughest remarks on foreign investment yet, signaled a willingness to block foreign purchases of Canadian companies if other countries are not open to Canadian investment. Speaking on the eve of a trip to India and other parts of Asia, Harper said in an interview published in Saturday's Postmedia newspapers that Canada as a general rule welcomes foreign investment. ... Full Story | Top |
| Canada extends review of CNOOC-Nexen deal to December 10 Saturday, Nov 03, 2012 03:54 AM 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 |
| Rwanda's national carrier plans fleet expansion, listing Saturday, Nov 03, 2012 03:28 AM PDT KIGALI (Reuters) - Rwanda's national carrier plans to more than double its aircraft fleet in the next five years, and to list on the country's stock exchange once it turns profitable, a senior company executive said. At present Rwandair has a fleet of seven aircraft. It plans to increase this to 17 planes over the next five years, which would allow the airline to expand its route network to Europe, China and India, Chief Executive Officer John Mirenge told Reuters in an interview late on Friday. ... Full Story | Top |
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