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| S.Africa's rand softens, bonds rise Wednesday, Nov 28, 2012 11:08 PM PST  JOHANNESBURG (Reuters) - South Africa's rand softened marginally against the dollar in early trade on Thursday but is expected to remain in a tight range as local traders await the resolution of talks to resolve the so-called "fiscal cliff" in the United States. The rand, which has failed to break out of an 8.80-9.00 range during the last week, was trading at 8.8210 to the greenback at 0646 GMT. The euro firmed as the United States Congress pushed toward compromise on a deal to resolve the fiscal cliff, but agreement still appeared elusive, keeping emerging market investors on edge. ... Full Story | Top |
| GM to open China research center to focus on "new energy" Wednesday, Nov 28, 2012 11:05 PM PST  SHANGHAI (Reuters) - General Motors Co is opening its latest global research center in China on Thursday, taking advantage of the country's vast supply of engineering graduates to drive its development of a new generation of electric vehicles. China's auto market has grown rapidly - it has been the world's largest since 2009 - and one of the new centre's primary roles is to ensure the requirements and preferences of consumers in China are integrated into GM's global product development. ... Full Story | Top |
| Key bondholder group says AMR board should be replaced Wednesday, Nov 28, 2012 10:56 PM PST NEW YORK (Reuters) - A group of some of bankrupt American Airlines' most significant bondholders said it will not support a standalone restructuring unless a new board is brought in, a move that may increase hurdles for Chief Executive Tom Horton and his team. The 12-member bondholder group, which includes JPMorgan Chase & Co , Pentwater Capital Management and York Capital Management, is the primary well-organized group to have expressed an interest in funding an independent exit for the airline's parent company AMR Corp. AMR filed for bankruptcy in November 2011, seeking to reduce labor ... Full Story | Top |
| Protesters shut down western Libya's main oil refinery Wednesday, Nov 28, 2012 10:54 PM PST TRIPOLI (Reuters) - Protests at western Libya's main oil refinery closed operations on Thursday for a second time this month, a company spokesman said, raising concerns of a gaoline shortage in the capital. Essam al-Muntasir, of the Zawiya Oil Refining Company, said many wounded veterans of the civil war which ousted Muammar Gaddafi last year were demonstrating in front of the plant. "We are in a state of total shut down at the refinery," he said. "The demonstrators are preventing employees from entering the refinery and fuel trucks are unable to leave the refinery. ... Full Story | Top |
| S.Africa's Gold Fields to spin off, list unit Wednesday, Nov 28, 2012 10:44 PM PST  JOHANNESBURG (Reuters) - South Africa's second-largest gold miner, Gold Fields, said on Thursday it planned to spin off its domestic GFI Mining South Africa unit and list it on the Johannesburg Stock Exchange. The unit, whose major assets are KDC and Beatrix gold mines, would be renamed Sibanye Gold Limited, the company said. Under the deal, Gold Fields will retain the rest of its South African assets, that include its South Deep Gold mine near Johannesburg and other international operations. The listing of Sibanye Gold is expected on February 11, 2013. ... Full Story | Top |
| S.Africa Oct credit growth slows to 8.35 percent y/y Wednesday, Nov 28, 2012 10:18 PM PST  JOHANNESBURG (Reuters) - Growth in credit demand by South Africa's private sector slowed to 8.35 percent year-on-year in October compared with a 9.07 percent rise in September, central bank data showed on Thursday. In the broadly defined M3 measure of money supply, growth also braked, registering 5.69 percent year-on-year in October after rising by 7.54 percent in the previous month. Economists surveyed by Reuters forecast year-on-year private sector credit growth of 9.3 percent in October and money supply growth of 7.1 percent. Full Story | Top |
| After election, pressure grows on Obama in Asia-Pacific trade talks Wednesday, Nov 28, 2012 10:05 PM PST  WASHINGTON (Reuters) - U.S.-led talks on a free-trade pact in the Asia-Pacific region are entering a potential make-or-break stage, putting pressure on President Barack Obama and other leaders to sacrifice sensitive domestic interests for a big deal to boost growth. The 11 countries involved in the Trans-Pacific Partnership, or TPP, talks meet next week in Auckland, New Zealand, for the 15th round since negotiations were launched in March 2010. With Obama now re-elected, U.S. ... Full Story | Top |
| Asian shares up on hopes of U.S. budget deal Wednesday, Nov 28, 2012 09:59 PM PST  TOKYO (Reuters) - Asian shares touched their highest levels in more than three weeks and commodities rose on Thursday as sentiment improved after a senior U.S. lawmaker said he was "optimistic" on reaching a budget deal before the end of the year to avoid a fiscal crisis. European shares will likely extend gains seen in the previous session, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX will open up as much as 0.4 percent. A 0.4 percent climb in U.S. stock futures also hinted at a solid Wall Street open. ... Full Story | Top |
| Mauritian property firm Le Meritt to list shares Wednesday, Nov 28, 2012 09:48 PM PST PORT LOUIS (Reuters) - Mauritian property developer Le Meritt Holdings is looking to raise net proceeds of 122.6 million rupees when it lists early next year, the company said on Wednesday. Established in 2007, the company has developed prime and residential properties in Mauritius, in partnership with Singaporean firms it did not name. Le Meritt will offer 83.2 million ordinary shares on January 24 at an indicative price of 10 rupeesper share, it said in a statement. It said the proceeds of 122. ... Full Story | Top |
| Tunisia could seek $2.5 bln IMF credit line for 2014 Wednesday, Nov 28, 2012 09:43 PM PST TUNIS (Reuters) - Tunisia, struggling to return to economic stability after its Arab Spring uprising, could ask the International Monetary Fund for a standby credit line worth $2.5 billion, the investment minister said on Wednesday. "We are considering asking the IMF for a precautionary line of credit to give a guarantee for our financing need ... around $2.5 billion," Riad Bettaieb told Reuters on the sidelines of a meeting with an EU business delegation. He said the credit would be for 2014 and beyond, since public expenditure for 2013 was covered. ... Full Story | Top |
| African Development Bank to lend Tunisia $500 mln for 2013: agency Wednesday, Nov 28, 2012 09:42 PM PST  TUNIS (Reuters) - The African Development Bank will loan Tunisia $500 million to help meet its 2013 public expenditures, the state news agency TAP said on Wednesday. Earlier this week the World Bank approved a $500 million loan to help the North African state recover from an Arab Spring uprising last year, and Tunisia had said about another $700 million would come from other lenders. Full Story | Top |
| S.Africa cenbank sees inflation risk in strikes, rating cuts Wednesday, Nov 28, 2012 09:41 PM PST JOHANNESBURG (Reuters) - Wage strikes in South Africa, credit rating downgrades and a widening current account deficit do not bode well for inflation, Reserve Bank Deputy Governor Daniel Mminele said on Wednesday. The central bank left its main interest rate unchanged at 5.0 percent last week, warning about the impact of above-inflation wage settlements aimed at calming the worst mining unrest since apartheid. "Alongside a less favourable outlook for inflation, the domestic growth outlook has deteriorated, not only due to developments in the euro zone and U.S. ... Full Story | Top |
| Protesters threaten operation of Western Libya's main oil refinery Wednesday, Nov 28, 2012 09:40 PM PST  TRIPOLI (Reuters) - Protests outside western Libya's main oil refinery on Wednesday could shut down operations, causing a shortage of petrol in the country's capital, the deputy oil minister said. Omar Shakmak said that while the Zawiya Oil Refinery Co was still operational, protests by wounded war veterans demanding government compensation could cause a stoppage in fuel distribution. "We have enough fuel stored in Tripoli to last us 25 days but the problem is that protesters are not allowing trucks in or out of the fuel storage areas of the refinery which could cause a shortage," he said. ... Full Story | Top |
| Brent rises towards $110 on Mideast tensions, US budget hopes Wednesday, Nov 28, 2012 09:21 PM PST  SINGAPORE (Reuters) - Brent crude climbed towards $110 a barrel on Thursday, as U.S. lawmakers appeared to be inching closer to a deal on the "fiscal cliff" and tensions in the Middle East worsened, although investors remained wary of the outlook for oil demand next year. Asian shares rose on Thursday, tracking bourses in the United States and Europe overnight on improved sentiment about a deal on key U.S. budget talks, with President Barack Obama suggesting he was optimistic about concluding discussions before Christmas. The United States is the world's biggest crude oil consumer. ... Full Story | Top |
| BHP says looking inside and out for CEO successor Wednesday, Nov 28, 2012 08:35 PM PST  SYDNEY (Reuters) - BHP Billiton said it is looking inside and outside the company as well as using external advisers to help with succession plans for its chief executive, following reports the world's biggest miner was preparing for changes at the top. Chairman Jac Nasser told BHP's Australian annual general meeting on Thursday that planning for a successor to CEO Marius Kloppers had started the day he was appointed and was ongoing. ... Full Story | Top |
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