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| S.Africa's range-bound rand gains on Greek debt deal Monday, Nov 26, 2012 11:07 PM PST  JOHANNESBURG (Reuters) - South Africa's rand gained against the dollar on Tuesday, buoyed by a deal to reduce Greek debt that will help the euro zone's most heavily indebted country to avert bankruptcy for now. But the currency failed to break out of the 8.80-9.00 range where it has been stuck for the last week and in early trade underperformed its emerging market peers, as investors remain wary ahead of the ruling ANC's elective conference in December. The rand was trading at 8.8500 to the dollar at 0648 GMT, 0.2 percent firmer than Monday's close. ... Full Story | Top |
| S.Africa's Adcock FY profit down, lags consensus Monday, Nov 26, 2012 10:17 PM PST JOHANNESBURG (Reuters) - South Africa's No.2 drug maker, Adcock Ingram Holdings Ltd, reported a worse-than-expected 9 percent fall in full-year earnings, hit by the loss of high-margin drugs and unfavourable currency swings. Adcock said diluted headline earnings per share totalled 422 cents in the year to end-September, from 465 cents a year earlier. The results fell short of the 430 cents forecast by StarMine's SmartEstimate, which gives more weight to forecasts from top rated analysts. Headline EPS, the main profit gauge in South Africa, excludes certain one-time items. ... Full Story | Top |
| S.Africa's sugar output forecast cut to 2.038 mln T Monday, Nov 26, 2012 10:16 PM PST  JOHANNESBURG (Reuters) - South Africa's 2012/13 sugar output is estimated at 2.038 million tonnes, slightly down from a previous forecast of 2.101 million tonnes, South African Sugar Association data showed. Sugarcane crush was forecast at 17.826 million tonnes from 17.949 million tonnes, the industry association said in a statement posted on its website. Full Story | Top |
| Internet boosts S.Africa's Naspers H1 profit Monday, Nov 26, 2012 09:53 PM PST JOHANNESBURG (Reuters) - South African e-commerce and media firm Naspers posted an expected 15 percent rise in first-half earnings on Tuesday boosted by its Internet businesses. The Cape Town-based company with operations in emerging economies including Russia, China and Brazil said core headline earnings came in at 1,062 cents per share in the six months to end-September, from 921 cents a year earlier. It had flagged this month that underlying profit would rise by between 10 to 20 percent. Core headline profit, which Naspers says is its main earnings measure, excludes one-time items. ... Full Story | Top |
| Asian shares, euro rise on Greek debt deal Monday, Nov 26, 2012 09:46 PM PST  TOKYO (Reuters) - The euro hit a one-month high, commodities rose and Asian shares climbed for a seventh consecutive day on Tuesday as global lenders reached a deal on new debt targets for Greece and a political agreement on disbursing the next installment of aid. European shares will likely track Asian peers higher, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX to open as much as 0.7 percent higher. U.S. stock futures were up 0.3 percent, hinting at a firm Wall Street open. ... Full Story | Top |
| Analysis: Carney track record hints at Bank of England path Monday, Nov 26, 2012 09:44 PM PST  TORONTO (Reuters) - Britain can expect its next central bank chief to be tough with its banks while being more nimble on monetary policy than his recent hawkish talk might suggest. Canadian central bank chief Mark Carney, named on Monday as the next governor of the Bank of England, gained a reputation on the global stage by challenging some of the world's most powerful financial executives to make their banks less risky, even if it left them less profitable. Carney's approach to regulation has been "tough rules with some discretion, as opposed to tough rules with no discretion ... ... Full Story | Top |
| Chrysler to showcase new glam minivan this week Monday, Nov 26, 2012 09:20 PM PST DETROIT (Reuters) - Chrysler Group LLC , which popularized the minivan nearly 30 years ago, will showcase an upscale version of its Chrysler Town & Country family minivan at the Los Angeles Auto Show this week. The 2013 Town & Country S includes a standard Blu-Ray DVD player as well as a black chrome grill and black interior. The minivan is the third Chrysler model to join the automaker's "S" lineup after the 200 and 300 sedans. Earlier this month, Chief Executive Sergio Marchionne told reporters that the automaker was "more or less" on track to launch a redesigned minivan by 2014. ... Full Story | Top |
| Fisker Automotive names ex-GM marketing chief Ewanick to post Monday, Nov 26, 2012 09:16 PM PST (Reuters) - Green-car startup Fisker Automotive named former General Motors Co and Hyundai Motor Co marketing executive Joel Ewanick as interim chief commercial officer, Fisker said on Monday. Ewanick was ousted as the global marketing chief at GM in July after serving in that position for a little more than two years. Fisker recently hired Ewanick as a marketing consultant and he will remain a consultant even as he takes over as the chief commercial officer, a company spokesman said. Ewanick will replace Richard Beattie, who is retiring. ... Full Story | Top |
| Nigerian oil export delays worsen, exports fall Monday, Nov 26, 2012 09:15 PM PST  GENEVA (Reuters) - Nigerian oil exports are set to fall to below 2 million barrels per day (bpd) in January and delays on a key grade doubled to nearly a month, indicating that supply problems in the leading African producer are far from over. Nigeria is among the world's top 10 crude oil exporters and usually ships over 2 million bpd, but a major fire caused by oil theft, an Exxon spill and flooding have severely hit output. Three of its main oil export grades Qua Iboe, Brass River and Forcados are still under force majeure, trade sources said on Monday. ... Full Story | Top |
| HRT agrees to farm out Namibia oil blocks to Galp Energia Monday, Nov 26, 2012 09:07 PM PST  SAO PAULO (Reuters) - Brazil's HRT Participações em Petroleo SA said on Monday that it has agreed to a farm-out deal with Portugal's Galp Energia SGPS, offering a 14 percent stake in three offshore Namibian oil leases. Under the deal, which is pending regulatory approval in Namibia, Galp would assume the cost of two exploratory wells in the Walvis Basin and one exploratory well in the Orange Basin in waters as deep as 2,500 meters (8,200 feet). Last week HRT raised its estimate for oil and equivalent natural gas in its Namibian concessions to 7. ... Full Story | Top |
| Brent climbs above $111 after Greek debt deal Monday, Nov 26, 2012 09:00 PM PST  SINGAPORE (Reuters) - Brent crude rose above $111 per barrel on Tuesday as optimism coursed through financial markets after Greece's international lenders reached a deal on a new debt target, although worries about a looming U.S. fiscal crisis kept a lid on gains. The euro hit a one-month high and Asian shares climbed for a seventh straight day after euro zone finance ministers and the International Monetary Fund agreed on a package of measures to reduce Greek debt needed to release another tranche of loans to the near-bankrupt economy. Brent crude was up 13 cents at $111. ... Full Story | Top |
| Two top China film firms initiate process to list in Shanghai Monday, Nov 26, 2012 08:01 PM PST SHANGHAI (Reuters) - Two of China's most influential state-owned film companies, China Film Group and Shanghai Film Group, have submitted their applications to list on the Shanghai stock exchange, the country's securities regulator said. The plan comes as Beijing encourages domestic media and film firms to list in order to better compete with new media companies and privately invested film companies like Huayi Brothers Media Corp and Bona Film Group. China Film Group Corporation is the largest movie producer and distributor in China and the sole importer of foreign movies in the country. ... Full Story | Top |
| Goldman's vice chairman sells stock, options for $13.2 million Monday, Nov 26, 2012 07:55 PM PST (Reuters) - The vice chairman of Goldman Sachs Group Inc , J. Michael Evans, sold shares and exercised stock options that fetched about $13.2 million, according to a regulatory filing on Monday. The stock and option sales by Evans comes after Goldman completed most of a cost-saving program that aims to reduce annual expenses by $1.9 billion by cutting staff and other non-compensation expenses. Evans exercised 65,408 options granted 10 years ago, which were set to expire this month, and separately sold 90,000 shares, according to a filing made with the U.S. ... Full Story | Top |
| Britain favors credentials over countrymen for BoE's top job Monday, Nov 26, 2012 07:32 PM PST NEW YORK (Reuters) - Britain's choice of a Canadian to run the Bank of England could usher central bankers into the realm of globe-trotting elites that dominate the top jobs in business and sports. When Bank of Canada Governor Mark Carney takes over the BoE next summer, as announced Monday, it will be the first time a foreigner has held the top position at a major national central bank. Britons are used to not worrying about nationality and embracing professional credentials instead, allowing foreigners to run their national soccer teams as well as top companies. ... Full Story | Top |
| Canada's Carney named as Bank of England chief Monday, Nov 26, 2012 07:32 PM PST  LONDON/OTTAWA (Reuters) - Britain named Canadian central bank chief Mark Carney on Monday to head the Bank of England, springing the surprise choice of a foreigner to push reform of its troubled financial system. A former Goldman Sachs investment banker who at the Bank of Canada guided the Canadian economy through the global economic crisis, Carney will succeed Mervyn King who retires in July. Carney, who already plays a leading role in setting global banking rules, defended his departure from Canada and signaled that bigger problems awaited him in London. ... Full Story | Top |
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