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| Kenyan shilling opens 2013 weaker against the dollar Tuesday, Jan 01, 2013 11:29 PM PST  NAIROBI (Reuters) - The Kenyan shilling weakened on Wednesday, as banks bought dollars in anticipation of increased greenback demand by corporate reopening for the new year. At 0658 GMT, commercial banks quoted the shilling at 86.20/30 per dollar, 0.1 percent down from Monday's close. Markets were closed on Tuesday for the new-year holiday. "We've seen some interbank dollar demand. Probably guys are covering their positions in anticipation of some demand as companies come back from the holidays," said Julius Kiriinya, a trader at African Banking Corporation. ... Full Story | Top |
| S.Africa's stocks at lifetime highs on US "fiscal cliff" deal Tuesday, Jan 01, 2013 11:15 PM PST  JOHANNESBURG (Reuters) - South African stocks scaled fresh lifetime highs on Wednesday as the U.S. Congress passed a bill to end the "fiscal cliff" that had threatened a U.S. recession and roiled world financial markets. The Top-40 index is up 1.2 percent at 35,241.99 and the All-Share rose over 1 percent to 39,691.39 shortly after the market opened. Congress provided temporary reprieve by extending lower Bush-era tax rates to all but the nation's wealthiest households in a budget deal that stopped automatic implementation of $600 billion in spending cuts and tax increases. Full Story | Top |
| United States avoids calamity in "fiscal cliff" drama Tuesday, Jan 01, 2013 10:58 PM PST  WASHINGTON (Reuters) - The United States averted economic calamity on Tuesday when lawmakers approved a deal to prevent huge tax hikes and spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and into recession. The agreement hands a clear victory to President Barack Obama, who won re-election on a promise to address budget woes in part by raising taxes on the wealthiest Americans. His Republican antagonists were forced to vote against a core tenet of their anti-tax conservative faith. ... Full Story | Top |
| S.Africa's rand at 3-month high on US fiscal deal Tuesday, Jan 01, 2013 10:54 PM PST  JOHANNESBURG (Reuters) - South Africa's rand touched a three-month high on the first trading day of 2013, lifted on Wednesday by a last-minute deal in the United States to resolve the "fiscal cliff" crisis. The rand was at 8.430 to the dollar at 0605 GMT, 0.4 percent stronger than its close in New York on Monday. The currency reached a high of 8.420 earlier in the session - a level not seen since October. The U.S. ... Full Story | Top |
| Sudan launches major dam to boost agricultural production, investment Tuesday, Jan 01, 2013 10:52 PM PST ROSEIRIS, Sudan (Reuters) - Sudan launched a major dam project on Tuesday to boost power supply and agricultural irrigation, a plan officials hope will foster farmland exports and attract more Gulf investment to the African country as it battles an economic crisis. Faced with the loss of most of its oil reserves with South Sudan's secession in 2011, Sudan plans to increase exports of agricultural goods, such as wheat, fruits, oil seeds and gum arabic. Oil was the primary source of income for the country's budget as well as dollars needed to fund imports. ... Full Story | Top |
| Asia stocks take off as U.S. fiscal cliff crisis ends Tuesday, Jan 01, 2013 10:51 PM PST  HONG KONG (Reuters) - Asian stocks rose nearly two percent to hit a five-month high and the dollar fell as both houses of Congress passed a bill to end the "fiscal cliff" crisis that threatened a U.S. recession and roiled world financial markets. European markets were set to rally on the news, with spreadbetters expecting London's FTSE to rise about 1 percent and Frankfurt's DAX to open up 0.5 percent. ... Full Story | Top |
| Passage of bill to avoid "cliff" should bolster Wall Street Tuesday, Jan 01, 2013 09:16 PM PST  NEW YORK (Reuters) - U.S. stocks are poised for gains to begin the year after the late passage of a bill to avoid harsh tax hikes that would have hit most Americans and crimped economic growth. However, harsh reality awaits any euphoria that comes from avoiding the "fiscal cliff". In two months, battles over further spending cuts and, in particular, the U.S. federal debt limit will come to a head. ... Full Story | Top |
| Factbox: Key points in bill passed by Congress to avert "fiscal cliff" Tuesday, Jan 01, 2013 08:52 PM PST (Reuters) - The U.S. House of Representatives approved a Senate bill on Tuesday night to avert $600 billion in automatic tax increases and spending cuts known as the "fiscal cliff." Here are details: Postpones the first installment of automatic spending cuts for two months while Congress works on a plan replace them. Raises $620 billion in revenue over 10 years through a series of tax increases on wealthier Americans. Permanently extends tax cuts enacted in 2001 under former Republican President George W. Bush for income below $400,000 per individual, or $450,000 per family. ... Full Story | Top |
| "Fiscal cliff" deal looks so-so for U.S. businesses on taxes Tuesday, Jan 01, 2013 08:30 PM PST  WASHINGTON (Reuters) - The "fiscal cliff" deal that slowly, painfully took shape in the U.S. Congress in recent days fulfills some of corporate America's tax policy goals, but leaves others unmet, including a big one - meaningful deficit and debt reduction. The bill, which received final congressional approval late on Tuesday on a 257-167 bipartisan vote in the House of Representatives, would provide businesses with greater tax certainty in the short term. ... Full Story | Top |
| "Fiscal cliff" bill sails through House test vote Tuesday, Jan 01, 2013 06:50 PM PST WASHINGTON (Reuters) - A bill to avert the U.S. "fiscal cliff" by canceling most scheduled tax hikes and delaying spending cuts cleared a procedural vote in the U.S. House of Representatives by an overwhelming margin, indicating strong support for final passage in a vote expected later on Tuesday. The House voted 408-10 to approve a rule allowing for consideration of the fiscal cliff bill that was passed by the Senate early on Tuesday. (Reporting by David Lawder; Editing by Peter Cooney) Full Story | Top |
| ArcelorMittal to sell $1.1 billion stake in Canada iron ore unit to POSCO group Tuesday, Jan 01, 2013 06:23 PM PST SEOUL/HONG KONG (Reuters) - ArcelorMittal , the world's biggest steelmaker, will sell a $1.1 billion stake in a Canadian iron ore mine operator to a consortium that includes South Korean steelmaker POSCO and Taiwan-listed China Steel Corp, China Steel said in a statement. ArcelorMittal, formed in 2006 when India-born Lakshmi Mittal's steel business bought European peer Arcelor for $33 billion, is battling sluggish steel demand and is looking to offload assets to cut debt. The sale of a 15 percent stake in Canada's Labrador Trough iron ore mining and infrastructure asset is part of that ... Full Story | Top |
| Top House Republican predicts final passage of "fiscal cliff" bill Tuesday, Jan 01, 2013 05:44 PM PST WASHINGTON (Reuters) - A senior Republican in the U.S. House of Representatives said he expected the chamber to give final approval on Tuesday night to the Senate-passed "fiscal cliff" bill. Rules Committee Chairman David Dreier made the prediction in a brief interview with Reuters after his panel cleared the way for the measure to be brought to the House floor. Dreier said he expected it to pass with bipartisan support, but declined to guess how many Republicans would back it, other than to say, "Quite a few." (Reporting By Thomas Ferraro; Editing by Peter Cooney) Full Story | Top |
| House to vote on Senate "fiscal cliff" bill Tuesday night: aide Tuesday, Jan 01, 2013 05:37 PM PST WASHINGTON (Reuters) - The House of Representatives will vote later on Tuesday on the Senate "fiscal cliff" bill to avoid massive tax hikes and spending cuts, a congressional aide said. The Senate bill raises taxes on families earning more than $450,000 a year. (Reporting By Kim Dixon, Rachelle Younglai; Editing by Peter Cooney) Full Story | Top |
| House preparing to vote on Senate "fiscal cliff" bill: Democrat Hastings Tuesday, Jan 01, 2013 05:23 PM PST WASHINGTON (Reuters) - The House of Representatives is preparing to vote on the Senate's "fiscal cliff" bill, Democratic Representative Alcee Hastings said on Tuesday, increasing the odds that Congress will stave off steep tax hikes and spending cuts. Hastings, a member of the House Rules Committee, said the panel was working out the procedure for voting on the Senate bill that raises taxes on families earning over $450,000 a year. House Republicans had considered changing the Senate bill to add new spending cuts. ... Full Story | Top |
| South Korea's Hyundai, Kia expect slowest sales growth in 10 years Tuesday, Jan 01, 2013 04:46 PM PST  SEOUL (Reuters) - South Korea's biggest automakers Hyundai Motor Co and affiliate Kia Motors Corp are targeting a 4 percent increase in global sales this year to a combined 7.41 million vehicles, their slowest growth since 2003. The duo, which together ranks fifth in global car sales, is bracing for more modest growth after years of expansion at breakneck speed. Group chairman Chung Mong-koo has slowed capacity building to focus on improving branding and profitability in the hopes of better competing with rivals that include Japan's Toyota Motor Corp . ... Full Story | Top |
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