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| S.Africa's rand set to end year on firmer footing Sunday, Dec 30, 2012 11:13 PM PST  JOHANNESBURG (Reuters) - South Africa's rand edged firmer against the dollar on Monday, cheered by receding worries about domestic economy policy and despite the looming prospect of a fiscal crunch in the United States. The rand hit a session high of 8.4695/dollar, its strongest level since December 19, and was at 8.4650 by 0705 GMT, slightly up from Friday's 8.48 close. "The rand continues to trade relatively firmly; we've seen a strong retracement from the sell-off around all the negative sentiment towards the end of the year," said Duncan Howes, a trader at Absa Capital. ... Full Story | Top |
| Strong Asian gains overshadowed by US fiscal cliff Sunday, Dec 30, 2012 11:10 PM PST  SYDNEY (Reuters) - Several major Asian stock indexes closed on Monday with the strongest annual gains in years, but these were overshadowed by the lack of progress in talks to avert the looming U.S. "fiscal cliff". Australian shares ended up 14.6 percent in 2012, the best yearly gain since the recovery of 2009. On Monday the benchmark S&P/ASX 200 index fell 22.4 points to 4,648.9, according to the latest data. It rose 0.5 percent to 4,671.3 on Friday, its highest close since June 2, 2011. Hong Kong shares ended their best year since 2009 hovering near 18-month closing highs on Monday. ... Full Story | Top |
| Gold ticks higher; on track for 12th annual gain Sunday, Dec 30, 2012 10:44 PM PST  SINGAPORE (Reuters) - Gold ticked up to around $1,660 an ounce on Monday after the euro firmed against the dollar, but wary investors stayed on the sidelines as last-ditch attempts by U.S. lawmakers to resolve a fiscal crisis seemed to be getting nowhere. Lawmakers pushed the United States to the edge of the "fiscal cliff" as they struggled to reach a last-minute deal that could prevent the world's largest economy from plunging into recession. After adjourning for the day, the Senate will reconvene at 1600 GMT on Monday. "Maybe a bit of cooling off is good. ... Full Story | Top |
| Sundance shares surge on reports Hanlong to complete takeover Sunday, Dec 30, 2012 10:25 PM PST SYDNEY (Reuters) - Shares of Australia's Sundance Resources Ltd surged more than 17 percent on Monday after the Republic of Congo granted it a key mining permit and following reports China's Hanlong Group plans to complete its long-delayed $1.4 billion takeover by March. The West Africa-focused iron ore explorer said the government of Congo had approved the development and mining of the Nabeba iron ore deposit, a pivotal part of Sundance's $4.7 billion Mbalam project on the border of Cameroon and the Republic of Congo. ... Full Story | Top |
| Brent holds above $110 as US fiscal cliff deadline draws near Sunday, Dec 30, 2012 10:24 PM PST  SINGAPORE (Reuters) - Brent crude was steady above $110 per barrel on Monday as investors worried the United States may not reach a deal by January 1 to prevent a fiscal crisis that could erode fuel demand at the world's largest oil consumer. Democrats and Republicans remained at loggerheads on Sunday over a deal that would prevent the United States from tumbling over a "fiscal cliff" of sharp spending cuts and higher taxes for all Americans. ... Full Story | Top |
| China Merchants buys East African port stake for $185 mln Sunday, Dec 30, 2012 10:24 PM PST HONG KONG (Reuters) - China Merchants Holdings (International) Co Ltd said it will buy a 23.5 percent stake in Port de Djibouti S.A. for $185 million, its third port investment in Africa after Lagos in Nigeria and Lome in Togo. The Chinese port operator agreed to buy the stake from Djibouti Ports & Free Zones Authority, it said in a statement late on Sunday. China Merchants purchased the Togo stake in September and the Nigeria stake in 2010. ... Full Story | Top |
| Publisher Tribune to emerge from bankruptcy on December 31 Sunday, Dec 30, 2012 10:17 PM PST (Reuters) - U.S. media giant The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, said late on Sunday it will emerge from bankruptcy on December 31, ending four years of Chapter 11 reorganization. Chicago-based Tribune said it will emerge from the Chapter 11 process with a portfolio of profitable assets that will include eight major daily newspapers and 23 TV stations. The company will also have a new board of directors. ... Full Story | Top |
| S.Africa November credit growth quickens to 9.59 percent y/y Sunday, Dec 30, 2012 10:14 PM PST  JOHANNESBURG (Reuters) - Growth in credit demand by South Africa's private sector accelerated to 9.59 percent year-on-year in November, compared with an 8.35 percent rise in October, central bank data showed on Monday. Expansion in the broadly defined M3 measure of money supply was also higher at 6.26 percent year-on-year in November after rising by 5.69 percent the previous month, the South African Reserve Bank said. Full Story | Top |
| Strong Asian gains overshadowed by U.S. fiscal cliff Sunday, Dec 30, 2012 10:06 PM PST  SYDNEY (Reuters) - Several major Asian stock indexes closed on Monday with the strongest annual gains in years, but these were overshadowed by the lack of progress in talks to avert the looming U.S. "fiscal cliff". Australian shares ended up 14.6 percent in 2012, the best yearly gain since the recovery of 2009. On Monday the benchmark S&P/ASX 200 index fell 22.4 points to 4,648.9, according to the latest data. It rose 0.5 percent to 4,671.3 on Friday, its highest close since June 2, 2011. Hong Kong shares ended their best year since 2009 hovering near 18-month closing highs on Monday. ... Full Story | Top |
| Hours from "fiscal cliff," Washington still awaits deal Sunday, Dec 30, 2012 10:01 PM PST  WASHINGTON (Reuters) - The U.S. Congress comes back on Monday without a deal to avert the "fiscal cliff" and only a few hours of actual legislative time scheduled in which to act if an agreement materializes. Negotiations involving Vice President Joe Biden and Senate Republican leader Mitch McConnell appeared to offer the last hope for avoiding the across-the-board tax increases and draconian cuts in the federal budget that will be triggered at the start of the New Year because of a deficit-reduction law enacted in August, 2011. ... Full Story | Top |
| Stock futures edge higher as "cliff" talks continue Sunday, Dec 30, 2012 04:57 PM PST  (Reuters) - Equity futures were slightly higher on Sunday night as talks continued in Washington over resolving the "fiscal cliff." While the Senate will not vote Sunday night on any bill to avoid a series of $600 billion in tax hikes and spending cuts, as many had hoped, negotiations continued between lawmakers and the White House. The Senate will reconvene on Monday after the open of equity trading. In order for a deal to take effect, it would also have to be passed by the House of Representatives. ... Full Story | Top |
| Senate adjourns as "fiscal cliff" talks continue Sunday, Dec 30, 2012 04:56 PM PST (Reuters) - The Senate adjourned for the day on Sunday as Republicans and Democrats remained at odds over a deal to prevent taxes for all Americans from rising on New Year's Day. Senator Richard Durbin said the Senate would reconvene at 1100 EST/1600 GMT on Monday. (Editing by Christopher Wilson) Full Story | Top |
| "Significant differences" stand in way of fiscal cliff deal: Reid Sunday, Dec 30, 2012 04:09 PM PST WASHINGTON (Reuters) - Senate Majority Leader Harry Reid said Democrats and Republicans need to resolve significant differences to reach a deal to averting the "fiscal cliff" of looming tax hikes and spending cuts. "There are still significant differences between the two sides," Reid said on the Senate floor, adding that negotiations were continuing. "There is still time left to reach an agreement and we intend to continue negotiations," he added. (Reporting by David Lawder; editing by Christopher Wilson) Full Story | Top |
| Equity futures rise, but "cliff" stalemate suggests more losses Sunday, Dec 30, 2012 03:37 PM PST (Reuters) - Equity futures were slightly higher at the beginning of electronic trading on Sunday night as talks continued in Washington over resolving the "fiscal cliff." However, stocks still could end up falling on Monday when the cash markets open if lawmakers are unable to come to an agreement to avoid a series of $600 billion in tax hikes and spending cuts that are expected to hurt economic growth. ... Full Story | Top |
| Exclusive: Huawei partner offered embargoed HP gear to Iran Sunday, Dec 30, 2012 03:06 PM PST  (Reuters) - A major Iranian partner of Huawei Technologies offered to sell at least 1.3 million euros worth of embargoed Hewlett-Packard computer equipment to Iran's largest mobile-phone operator in late 2010, documents show. China's Huawei, the world's second largest telecommunications equipment maker, says neither it nor its partner, a private company registered in Hong Kong, ultimately provided the HP products to the telecom, Mobile Telecommunication Co of Iran, known as MCI. ... Full Story | Top |
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