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| South African rand weakens in muted trade Wednesday, Jan 02, 2013 11:20 PM PST  JOHANNESBURG (Reuters) - South Africa's rand softened against the dollar on Thursday in thin post-holiday trade, underperforming many emerging market currencies. The rand was at 8.5168 to the dollar at 0651 GMT, 0.3 percent weaker than Wednesday's New York close, making it one of the worst performers in a basket of 20 emerging market currencies monitored by Reuters. It had reached a 3-month high of 8.42 to the dollar early on Wednesday, lifted by U.S. lawmakers reaching a deal to avoid a "fiscal cliff" of tax increases and spending cuts that threatened the world's biggest economy. ... Full Story | Top |
| Asia stocks eke out gains on China hopes, oil eases Wednesday, Jan 02, 2013 11:05 PM PST  HONG KONG (Reuters) - Most Asian stock markets edged higher on Thursday on hopes of a steady economic revival in China, although oil gave back part of the previous session's strong gains as investors took some money off the table and braced for more U.S. budget battles. The MSCI Asia Pacific ex-Japan index of stocks rose 0.2 percent following Wednesday's 2 percent jump on relief that U.S. politicians had averted the "fiscal cliff". ... Full Story | Top |
| Brent falls towards $112; China data offsets US concerns Wednesday, Jan 02, 2013 11:05 PM PST  SINGAPORE (Reuters) - Brent crude pared earlier losses to stay above $112 a barrel on Thursday as positive data reinforced hopes of an economic recovery in China, but the prospect of more budget battles in the United States and rising oil supply weighed on prices. President Barack Obama and congressional Republicans face even bigger budget wrangling in the next two months after a hard-fought deal halted a round of automatic fiscal tightening that threatened to push the world's largest economy into recession. Brent crude fell 29 cents to $112. ... Full Story | Top |
| Gold holds near 2-week high after US fiscal deal Wednesday, Jan 02, 2013 11:04 PM PST  SINGAPORE (Reuters) - Gold inched up on Thursday, holding near its highest level in two weeks hit in the previous session following a last-minute deal to avert a U.S. fiscal disaster, although caution remained over upcoming tough budget negotiations. Commodities made a strong start to the new year by hitting multi-week highs on Wednesday after the U.S. Congress passed a bill that raises taxes on wealthy individuals and families, sparing middle- and low-income earners. ... Full Story | Top |
| Old Mutual to sell five affiliates worth $12 bln Wednesday, Jan 02, 2013 10:42 PM PST JOHANNESBURG (Reuters) - Insurer Old Mutual said on Wednesday it plans to sell five of its U.S. affiliates to their respective senior management teams. "These businesses had combined assets under management of $12 billion as at 30 September 2012," it said Full Story | Top |
| Obama signs "fiscal cliff" legislation: White House Wednesday, Jan 02, 2013 09:19 PM PST HONOLULU (Reuters) - President Barack Obama signed on Wednesday "fiscal cliff" legislation that raises tax rates for top earners and extends tax cuts for the middle class, the White House said. Full Story | Top |
| Starbucks to open first outlet in Vietnam in early February Wednesday, Jan 02, 2013 09:06 PM PST  (Reuters) - Starbucks Corp said it will set up its first outlet in Vietnam early next month as the U.S. chain continues to expand in fast-growing Asian markets. Starbucks said it will partner with Hong Kong's Maxim's Group to open its first store in Ho Chi Minh City and reiterated that Asia continues to be a significant growth driver for the company. "Vietnam is one of the most dynamic and exciting markets in the world and we are proud to add Vietnam as the 12th market across the China and Asia-Pacific region," said John Culver, president, Starbucks China and Asia Pacific. ... Full Story | Top |
| China services growth adds to economic revival hopes Wednesday, Jan 02, 2013 08:39 PM PST  BEIJING (Reuters) - Growth in China's increasingly important services sector accelerated in December at its fastest pace in four months, adding to signs of a modest year-end revival in the world's second-largest economy. China's official purchasing managers' index (PMI) for the non-manufacturing sector rose to 56.1 in December from 55.6 in November, the National Bureau of Statistics (NBS) said on Thursday. Two PMIs on the manufacturing sector earlier this week also suggested China's economic growth was picking up late in 2012, although signs persist it depends primarily on state-led ... Full Story | Top |
| Al Jazeera buys Gore's Current TV, terms undisclosed Wednesday, Jan 02, 2013 08:36 PM PST  LOS ANGELES/NEW YORK (Reuters) - Al Jazeera said on Wednesday it will buy Current TV, the struggling cable channel founded by Al Gore and partners, in a move that will boost the Qatar-based broadcaster's footprint in the United States. Terms were undisclosed, but analysts estimated the deal could be worth as much as $500 million. Al Jazeera said it would start a new U.S.-based news channel with the acquisition, which will make it available in more than 40 million U.S. households, up from 4.7 million prior to the deal. ... Full Story | Top |
| DoubleLine launches stock management division Wednesday, Jan 02, 2013 07:07 PM PST  NEW YORK (Reuters) - DoubleLine Capital LP, the $53 billion firm run by star bond investor Jeffrey Gundlach, said on Wednesday it is now managing stock portfolios in a new division called DoubleLine Equity LP. The firm, which surpassed $50 billion in bond assets last year after launching in 2009, said in a news release that it has tapped former TCW Group Inc portfolio managers Brendt Stallings and Husam Nazer to expand its stock division. ... Full Story | Top |
| Ex-directors of Satyam win ruling in U.S. class-action suit Wednesday, Jan 02, 2013 07:05 PM PST NEW YORK (Reuters) - A U.S. federal judge dismissed claims against seven former directors of Satyam Computer Services Ltd in shareholder lawsuits stemming from the massive fraud at the heart of India's largest corporate scandal. U.S. District Judge Barbara Jones in New York ruled on Wednesday the lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud, which came to be known as "India's Enron. ... Full Story | Top |
| Microsoft acquires start-up id8: source Wednesday, Jan 02, 2013 04:29 PM PST  SAN FRANCISCO (Reuters) - Microsoft Corp bought start-up id8 Group R2 Studios Inc as it looks to expand further in technology focused on the home and entertainment, a person familiar with the situation said on Wednesday. id8 Group R2 Studios was started in 2011 by Silicon Valley entrepreneur and investor Blake Krikorian. It recently launched a Google Android application to allow users to control home heating and lighting systems from smartphones. Krikorian's Sling Media - which was sold to EchoStar Communications in 2007 - made the "Slingbox" for watching TV on computers. ... Full Story | Top |
| Global Hawk maker Northrop to skip Paris air show Wednesday, Jan 02, 2013 03:50 PM PST  WASHINGTON (Reuters) - Northrop Grumman Corp , maker of the Global Hawk unmanned plane, said on Wednesday it would not participate in the 2013 international air show in Paris to save money, but could beef up its presence at air shows in Australia and the Middle East. Northrop Grumman and other companies that it has acquired have participated in the Paris air show for many decades, said Northrop spokesman Randy Belote. One of those companies built the "Spirit of St. Louis," the plane that Charles Lindbergh flew to Paris for the first non-stop transatlantic flight in May 1927. ... Full Story | Top |
| Bigger fights loom after "fiscal cliff" deal Wednesday, Jan 02, 2013 03:49 PM PST  WASHINGTON (Reuters) - President Barack Obama and congressional Republicans face even bigger budget battles in the next two months after a hard-fought "fiscal cliff" deal narrowly averted devastating tax hikes and spending cuts. The agreement, approved late on Tuesday by the Republican-led House of Representatives, was a victory for Obama, who had won re-election in November on a promise to address budget woes, partly by raising taxes on the wealthiest Americans. ... Full Story | Top |
| CEOs pan fiscal cliff deal, vow to continue debt fight Wednesday, Jan 02, 2013 03:36 PM PST  (Reuters) - U.S. executives largely panned the congressional deal to steer America away from the "fiscal cliff," saying Washington wasted an opportunity to address the nation's long-term debt, but said they would continue to agitate for a better budget plan. While CEOs expressed relief that $600 billion in tax hikes and spending cuts will not kick the fragile economy in the gut, their gratitude was salted with insults. "I think this deal's a disaster," said Peter Huntsman, chief executive of chemical producer Huntsman Corp. "We're just living in a fantasy land. ... Full Story | Top |
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