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| Anglo American takes $4 billion hit on Minas-Rio Monday, Jan 28, 2013 11:36 PM PST  LONDON (Reuters) - Anglo American will take a $4 billion writedown on its Minas-Rio iron ore project in Brazil after delays and cost overruns forced the mining group to increase expenditure on the project. The company said on Thursday that it expects capital expenditure for the project to increase to $8.8 billion. "We are clearly disappointed that the diversity of challenges that our Minas-Rio project has faced has contributed to a significant increase in capital expenditure," outgoing Chief Executive Cynthia Carroll said. ... Full Story | Top |
| POSCO Q4 profit misses forecast on weak China demand, lower prices Monday, Jan 28, 2013 11:35 PM PST  SEOUL (Reuters) - POSCO , the world's No.5 steelmaker by output, reported a 51 percent fall in quarterly operating profit, missing a consensus forecast, as tepid demand and falling prices offset lower raw material costs helped by a firmer local currency. The South Korean company on Tuesday said its October-December operating profit was 379 billion won ($346.7 million) on a parent basis that does not reflect earnings of affiliates, below an average forecast of 490 billion won in a Reuters' poll of 25 analysts. This compared with an operating profit of 771 billion won a year earlier. ... Full Story | Top |
| Amplats shares fall after government talks on lay-offs Monday, Jan 28, 2013 11:17 PM PST JOHANNESBURG (Reuters) - Shares of the world's top platinum producer Anglo American Platinum fell over 2 percent on Tuesday after the company agreed with the government and unions to briefly postpone plans to close shafts and cut 14,000 jobs. At 0707 GMT, the company's share price was 1.3 percent lower at 434.19 rand after falling over 2 percent to 430.48 rand. It was underperforming the benchmark Top 40 index, which hit a record high in opening trade before turning 0.04 percent lower. Full Story | Top |
| South Africa's rand firms as Amplats delays job cuts Monday, Jan 28, 2013 11:16 PM PST  JOHANNESBURG (Reuters) - South Africa's rand firmed slightly against the dollar on Tuesday, helped by news that Anglo American Platinum would postpone planned job cuts that drew the ire of the government. The rand, which hit a new 4-year low of 9.15 against the dollar on Monday, was at 9.0850 at 0645 GMT, 0.2 percent stronger than Monday's New York close. South Africa's minerals department said late on Monday the government, labour unions and Amplats had agreed to postpone a restructuring plan that could lead to 14,000 job cuts to allow for more talks . ... Full Story | Top |
| South African stocks open at record highs Monday, Jan 28, 2013 11:15 PM PST  JOHANNESBURG (Reuters) - South African stocks hit record highs at the start of trading on Tuesday before retreating into negative territory as shares of mining companies such as Anglo American Platinum fell. The Top-40 index touched a record high of 36,226.55 while the All-share index hit a record high of 40,635.60. Full Story | Top |
| F&N to dissolve board as Thai tycoon moves closer to control Monday, Jan 28, 2013 11:13 PM PST SINGAPORE (Reuters) - Fraser and Neave Ltd's (F&N) board of directors will step down after a takeover offer by Charoen Sirivadhanabhakdi closes next week, paving the way for the Thai billionaire to have a greater say in the Singapore company's future. Thailand's third-richest man, who currently has no representation on F&N's board, is inching closer to taking over the 130-year-old property and drinks conglomerate in Southeast Asia's biggest acquisition, after amassing a 46.1 percent stake through TCC Assets Ltd and Thai Beverage PCL since July last year. ... Full Story | Top |
| RBS close to Libor settlement with U.S., UK authorities: WSJ Monday, Jan 28, 2013 10:37 PM PST  (Reuters) - Royal Bank of Scotland Group is close to a 500 million pounds ($785.32 million) settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the Wall Street Journal reported, citing people briefed on the negotiations. The settlement would involve the British bank pleading guilty to criminal charges in addition to paying a penalty. However, RBS executives are resisting any guilty plea, the Journal said. The deal is expected to close within the next two weeks, the Journal reported. (http://link.reuters. ... Full Story | Top |
| Amplats talks with S.Africa govt "constructive" Monday, Jan 28, 2013 10:34 PM PST  JOHANNESBURG (Reuters) - Anglo American Platinum Ltd has had "constructive" consultations with the South African government about a company restructuring that could lead to 14,000 job cuts, chief executive Chris Griffith said on Tuesday. The world's largest platinum producer agreed to postpone the massive job cuts to allow for more talks. "We have had very constructive conversations. I think our relationship is sort of back where it should be. This is going to be a difficult process," Griffith told Talk Radio 702. ... Full Story | Top |
| Asian shares rally, eye Fed, U.S. data Monday, Jan 28, 2013 10:26 PM PST  TOKYO (Reuters) - Asian shares rallied on Tuesday as recent selling drew bargain hunters ahead of more U.S. economic data and a Federal Reserve policy decision later in the week that may offer clues to the Fed's stimulus plans. European markets were seen following Asia higher, with financial spread-betters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX would open up as much as 0.3 percent. U.S. stock futures were up 0.1 percent, hinting at a firm Wall Street start. Solid U.S. earnings and an improving U.S. ... Full Story | Top |
| Yahoo Japan to buy back up to $220 million of its own shares Monday, Jan 28, 2013 10:20 PM PST TOKYO (Reuters) - Yahoo Japan Inc said on Tuesday that it plans buy back up to 20 billion yen ($220 million) of its own shares, or 1.4 percent of its issued stock. Yahoo Japan said it would buy back 800,000 shares between February 1 and March 15. ($1 = 90.6350 Japanese yen) (Reporting by Shinichi Saoshiro; Editing by Chris Gallagher) Full Story | Top |
| India cuts rates after 9-month wait, RBI stays cautious Monday, Jan 28, 2013 10:11 PM PST MUMBAI (Reuters) - India's central bank lowered its key policy rate as expected for the first time in nine months to support an economy set for its slowest growth in a decade, but signaled there was less room for aggressive cuts in future due to concerns over inflation. The Reserve Bank of India cut the policy repo rate by 25 basis points to 7.75 percent, in line with a Reuters poll earlier this month. The RBI unexpectedly also reduced the cash reserve ratio (CRR), the share of deposits banks must keep with the central bank by 25 bps to 4. ... Full Story | Top |
| Former ICM Chairman Berg opens new talent agency Monday, Jan 28, 2013 10:01 PM PST LOS ANGELES (Reuters) - Jeffrey Berg, former chief of Hollywood talent agency ICM, has formed Resolution, a rival firm, with veteran music agent Jeff Franklin. Berg, who had chaired ICM for 27 years until October, will serve as chairman, he said in a statement on Monday. Franklin, a film and television as well as a music agent, will be chief operating officer. Berg left ICM, where he was also chief executive, following a management buyout and restructuring, leaving Chris Silbermann in charge of the agency. ... Full Story | Top |
| Amplats talks with South Africa government "constructive" Monday, Jan 28, 2013 10:00 PM PST JOHANNESBURG (Reuters) - Anglo American Platinum Ltd has had "constructive" consultations with the South African government about a company restructuring that could lead to 14,000 job cuts, chief executive Chris Griffith said on Tuesday. The world's largest platinum producer agreed to postpone the massive job cuts to allow for more talks. "We have had very constructive conversations. I think our relationship is sort of back where it should be. This is going to be a difficult process," Griffith told Talk Radio 702. ... Full Story | Top |
| Amplats says has had constructive consultations with SA govt Monday, Jan 28, 2013 09:52 PM PST JOHANNESBURG (Reuters) - Anglo American Platinum Ltd has had "constructive" consultations with the South African government about the company's restructuring exercise that could lead to 14,000 job cuts, chief executive Chris Griffith said on Tuesday. "We have had very constructive conversations. I think our relationship is sort of back where it should be, this is going to be a difficult process", Griffith told Talk Radio 702. Full Story | Top |
| Tesla CEO extends help to Boeing on battery issue Monday, Jan 28, 2013 09:47 PM PST  DETROIT (Reuters) - Elon Musk has long considered Tesla Motors Inc the bold, nimble answer to the auto industry's cautious culture. Now the electric car maker's top executive has extended his help to another industrial giant: Boeing Co . In a January 26 message on Twitter, Musk said he was in talks with the chief engineer of Boeing's 787 Dreamliner plane, which regulators have grounded indefinitely after a string of malfunctions ranging from fuel leaks to battery meltdowns. "Desire to help Boeing is real & am corresponding w 787 chief engineer," Musk wrote on the social media website. ... Full Story | Top |
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