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| Sharp posts Q3 profit, on course to clear earnings hurdle Thursday, Jan 31, 2013 11:50 PM PST  TOKYO (Reuters) - Sharp Corp eked out a quarterly operating profit on Friday, improving the bailed-out consumer electronics maker's chances of convincing lenders and shareholders that it remains a viable company. Sharp stuck to its forecast for a 13.8 billion yen ($151 million) operating profit in the second half, after losing 168.9 billion yen in the first half as the maker of goods from airconditioners to televisions was savaged by lower-cost rivals. ... Full Story | Top |
| Asian shares steady; regional PMI data dampens mood Thursday, Jan 31, 2013 11:35 PM PST  TOKYO (Reuters) - Asian shares were on the defensive on Friday after a series of surveys on factory output signaled a tough outlook for the region's manufacturers, though Japanese equities were a notable exception, logging their longest winning run in 54 years on a weaker yen. European markets are likely to inch higher, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX would open up as much as 0.2 percent. A 0.3 percent rise in U.S. stock futures suggested a firmer open on Wall Street. ... Full Story | Top |
| Dell nears buyout, deal could come as soon as Monday: sources Thursday, Jan 31, 2013 11:21 PM PST  NEW YORK (Reuters) - Dell Inc is nearing an agreement to sell itself to a buyout consortium led by its founder and Chief Executive Michael Dell and private equity firm Silver Lake Partners, possibly announcing a deal as soon as Monday, according to two people familiar with the matter. Michael Dell is expected to take majority ownership of the world's third-largest personal computer maker, which currently has a market value of $23 billion, while Silver Lake and Microsoft Corp would become minority investors, a third person familiar with the matter said. ... Full Story | Top |
| Samsung Electronics chairman wins $4 billion court feud over family fortune Thursday, Jan 31, 2013 11:17 PM PST  SEOUL (Reuters) - Samsung Electronics Co Ltd Chairman Lee Kun-hee fended off a lawsuit by estranged family members demanding he hand over billions of dollars of shares in Samsung companies as a South Korean court ruled in his favor on Friday. Lee, 71, and Samsung Everland, a de facto holding company for the country's largest conglomerate, were defending against three lawsuits by Lee's relatives seeking nearly $4 billion in assets in Samsung Life Insurance Co Ltd, which sits at the heart of the web of Samsung group shareholdings, and Samsung Electronics, the group's crown jewel. ... Full Story | Top |
| S.Africa rand steady vs dollar, below key 9.0 level Thursday, Jan 31, 2013 11:12 PM PST  JOHANNESBURG (Reuters) - South Africa's rand steadied against the dollar early on Friday, looking to end the week at the same levels it started after managing to break through tough resistance in the previous session. The rand was at 8.9610 to the dollar at 0649 GMT. It opened at similar levels on Monday, but later fell through the psychologically key 9 rand barrier. It has spent the last three sessions trying to make a convicing rally away from 9 rand. ... Full Story | Top |
| Panasonic rebounds to Q3 profit, keeps forecast Thursday, Jan 31, 2013 11:06 PM PST  TOKYO (Reuters) - Panasonic Corp rebounded to a quarterly profit and stuck with its full-year earnings forecast, as it moves its business away from loss-making TVs in favor of household appliances, batteries and other non-consumer electronics. In the three months to December 31, Panasonic posted an operating profit of 34.6 billion yen ($379 million), up from an 8.1 billion yen loss a year ago. In the nine months to December 31, Panasonic posted an operating profit of 121.95 billion yen. ... Full Story | Top |
| CoAL restarts Vele ops in S.Africa after floods Thursday, Jan 31, 2013 10:45 PM PST  JOHANNESBURG (Reuters) - Junior coal mining company Coal of Africa (CoAL) has restarted limited operations at its Vele colliery in South Africa following heavy rainfall and flooding around the mine. Operations at the mine, in the northern Limpopo province, were suspended earlier this month. "Limited operations have re-commenced at the colliery and production is targeted for the first week of February," the company said on Friday. CoAL said production in the three months to the end of December fell to 1.15 million tonnes from 1. ... Full Story | Top |
| Sharp says small, mid-size panel orders lower than expected Thursday, Jan 31, 2013 10:42 PM PST TOKYO (Reuters) - Japan's Sharp Corp said orders for small and medium size panels for smartphones came in below expectations. But television sales improved, a company executive said on Friday. Sharp reported a rebound to an operating profit in the third quarter, improving the bailed-out consumer electronics maker's chances of convincing lenders and shareholders that it is a viable company. (Reporting by Reiji Murai) Full Story | Top |
| Ivory Coast seeks to quadruple rice output in Louis Dreyfus deal Thursday, Jan 31, 2013 10:29 PM PST ABIDJAN (Reuters) - Ivory Coast will seek to quadruple its annual rice production to around 400,000 tonnes through a partnership agreed on Thursday with agricultural goods processor Louis Dreyfus Commodities, the company's CEO said. The West African nation is a leading producer of agricultural commodities and is the world's top cocoa grower. It was also a rice exporter until the 1970s but now imports around 1 million tonnes of its national staple food each year. ... Full Story | Top |
| Nigeria's Dangote Cement re-opens 20 pct of production Thursday, Jan 31, 2013 10:23 PM PST  LAGOS (Reuters) - Nigeria's Dangote Cement re-opened its Gboko cement plant on Thursday, after it was shut last month because of over supply, bringing back a fifth of the firm's overall production. The country's biggest cement maker shut the plant, which produces around 4 million tonnes a year, early in December, citing a glut in the market caused by imported cement from Asia. Full Story | Top |
| Nigeria says signs $1 bln MoU with GE for factory Thursday, Jan 31, 2013 10:21 PM PST ABUJA (Reuters) - Nigeria signed a memorandum of understanding with General Electric on Thursday for $1 billion in investment over the next five years into a factory in the southeast, the trade ministry said. The government of Africa's top energy producer is keen to try to diversify its economy away from oil and gas and into sectors like manufacturing. GE has been increasing its exposure to Nigeria, Africa's second biggest economy, which is growing at around 7 percent, but faces major infrastructure bottlenecks. ... Full Story | Top |
| Egypt central bank keeps rates on hold Thursday, Jan 31, 2013 10:21 PM PST  CAIRO (Reuters) - Egypt's central bank kept interest rates unchanged on Thursday, weighing inflation risks against slower economic growth, with both factors driven by investor worries about the country's political crisis. Egypt's pound has lost almost 8 percent of its value against the dollar in the past month, raising inflation pressures. But the fall has been linked to concerns about widespread violence and political turmoil, which has also hurt the economic outlook, keeping demand subdued. The bank kept its rate for overnight deposits at 9.25 percent and its overnight lending rate at 10. ... Full Story | Top |
| Burkina Faso cotton output soars 57.5 pct due to GMOs: producers Thursday, Jan 31, 2013 10:20 PM PST  OUAGADOUGOU (Reuters) - Cotton production in Burkina Faso, one of the first countries in Africa to approve genetically modified cotton, jumped 57.5 percent in 2012-2013 due to an increase in GMO crops, the producers' association said. Output for the year to end-January 2013 rose to 630,000 tonnes from 400,000 tonnes in 2011/2012 and exceeded the association's expectations for 532,000 tonnes, the Burkina National Cotton Producers' Union (UNPCB) said on Thursday. Burkina Faso, which relies on cotton as one of its major exports, approved the planting of Monsanto's Bt cotton GMO variety in 2008. ... Full Story | Top |
| Carlsberg signs JV deal to enter Myanmar Thursday, Jan 31, 2013 10:18 PM PST  COPENHAGEN (Reuters) - Danish brewer Carlsberg has signed a deal with a privately owned local beverage company, Myanmar Golden Star (MGS) Breweries, to brew and market Carlsberg beers in the country. Carlsberg said in a statement on Friday that the companies plan to set up a new greenfield brewery and distribute Carlsberg beers in the local market. The joint venture is 51 percent owned by Carlsberg, the brewer said. (Reporting by Copenhagen Newsroom; Editing by Ken Wills) Full Story | Top |
| Zimbabwe central bank cautions on foreign bank ownership Thursday, Jan 31, 2013 10:11 PM PST HARARE (Reuters) - Zimbabwe's central bank chief on Thursday cautioned the government against a drive forcing foreign banks to hand over majority stakes to locals, saying this could damage confidence in the sector battling through a fragile economic recovery. Gideon Gono also said the current dollar crunch and high interest rates, which averaged 22 percent in 2012, were a result of political risk and urged leaders to tone down rhetoric that could scare away foreign investment. Zimbabwe was on a "path to destruction" with a huge import bill of $7.5 billion last year against exports of $3. ... Full Story | Top |
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