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| China services growth at five-month low in February: NBS PMI Saturday, Mar 02, 2013 09:51 PM PST  BEIJING (Reuters) - Growth in China's increasingly important services sector expanded at its slowest pace in five months in February, reinforcing the view that the recovery in the world's second-largest economy remains modest. China's non-manufacturing purchasing managers' index (PMI) stood at 54.5 according to a statement from the National Bureau of Statistics (NBS), down from January's 56.2 and the slowest pace of expansion since September 2012 - the low point of China's recent economic downturn. ... Full Story | Top |
| Spending cut debate casts pall over Obama's second-term agenda Saturday, Mar 02, 2013 02:13 PM PST  WASHINGTON (Reuters) - Just hours after across-the-board spending cuts officially took effect, President Barack Obama pressed Congress on Saturday to work with him on a compromise to halt a fiscal crisis that threatens the economy and his broader domestic policy agenda. The failure by Obama and Republicans to agree to halt the $85 billion 'sequester' cuts virtually guaranteed that fiscal issues would remain center stage in Washington for weeks, crowding out Obama's proposals to reform immigration, tighten gun laws and raise the minimum wage. ... Full Story | Top |
| Las Vegas Sands says "likely" violated U.S. corruption act Saturday, Mar 02, 2013 01:39 PM PST  (Reuters) - Las Vegas Sands Corp said it "likely" violated the federal Foreign Corrupt Practices Act, which outlaws the bribery of foreign officials, according to a Securities and Exchange Commission filing on Friday. The filing marks the first disclosure by the casino operator, controlled by founder and billionaire Republican donor Sheldon Adelson, that is was under investigation. The SEC subpoenaed company documents in February 2011 relating to its compliance with the antibribery act while the U.S. ... Full Story | Top |
| Central banks cannot fix government inaction: ECB's Coeure Saturday, Mar 02, 2013 12:23 PM PST  CAMBRIDGE, Massachusetts (Reuters) - Governments have a key role in solving Europe's sovereign debt crisis, and central banks can buy time but not take their place, European Central Bank Executive Board member Benoit Coeure said on Saturday. The euro zone debt crisis has wrought havoc in the peripheral countries for three years, and the austerity-weary population is increasingly demanding an end to budget-balancing measures, seen as worsening the crisis. ... Full Story | Top |
| Greece faces bailout review, plays down public sector job losses Saturday, Mar 02, 2013 11:20 AM PST  ATHENS (Reuters) - Officials from the European Union and the International Monetary Fund return to Athens on Sunday to assess Greece's performance under a bailout plan as the government plays down the prospect of public sector job cuts. The heads of the "troika" mission from the EU, IMF and the European Central Bank will meet Finance Minister Yannis Stournaras to review progress on privatizations, tax administration reforms, bank recapitalization and steps to shrink the public sector. ... Full Story | Top |
| Insight: Will Dreamliner drama affect industry self-inspection? Saturday, Mar 02, 2013 10:20 AM PST  SAN FRANCISCO/SEATTLE/PARIS (Reuters)- Eight years ago, U.S. regulators substantially increased their dependence on the aircraft industry to help keep flying safe. The U.S. Federal Aviation Administration (FAA) said it would no longer directly manage routine inspection of design and manufacturing. Instead, it would focus on overseeing a self-policing program executed by the manufacturers themselves through more than 3,000 of their employees assigned to review safety on behalf of the FAA. These so-called designees had existed for decades, but the FAA had vetted and controlled them. ... Full Story | Top |
| Judge cuts Apple award versus Samsung, sets new damages trial Saturday, Mar 02, 2013 06:27 AM PST  (Reuters) - Apple Inc had a major setback in its mobile patents battle with Samsung Electronics on Friday, as a federal judge slashed a $1.05 billion jury award by more than 40 percent and set a new trial to determine damages. Apple won the award last year against Samsung in what was the biggest and highest-profile of a number of legal trials around the world, centered on the use and alleged abuse of patents in a highly competitive mobile market. ... Full Story | Top |
| Anglo boss to receive $4.6 mln-plus after exit :source Saturday, Mar 02, 2013 05:40 AM PST LONDON (Reuters) - Anglo American Chief Executive Cynthia Carroll will receive more than 3 million pounds when she leaves the company next month after six years at the helm, a source familiar with the matter said. Carroll is one of several top mining bosses to leave the industry this year amid the sharpest income drops in a decade and multibillion-dollar writedowns on boom-year acquisitions. She quit in October, under pressure from shareholders over perceived errors and poor returns. ... Full Story | Top |
| Exclusive: Jaguar Land Rover studying full production in India - sources Saturday, Mar 02, 2013 05:34 AM PST  MUMBAI/LONDON (Reuters) - Jaguar Land Rover (JLR) is investigating the potential of manufacturing cars in India, company sources said, as the British luxury carmaker looks to build on its growth in emerging markets with the help of Indian parent Tata Motors. JLR, which has ridden a wave of surging demand in China and other emerging markets to post record profits over the past year, is "actively exploring the possibility" of building cars from scratch in India, said one company source. ... Full Story | Top |
| Turkish Airlines still in talks over big aircraft order Saturday, Mar 02, 2013 04:46 AM PST  ISTANBUL/FRANKFURT (Reuters) - Turkish Airlines is still in negotiations for an order for over 100 aircraft, a spokesman said, after a German report that a deal with Airbus had not come off during a trip by German chancellor Angela Merkel to Turkey. Turkish Airlines wanted up to 120 of the European planemaker's A320 aircraft but held back from signing at the last minute after the airline said it wanted more Turkish suppliers to be involved, German magazine Focus reported without citing sources. "Negotiations are still going on. ... Full Story | Top |
| Morocco Jan M2 money supply growth slows to 3.8 pct Saturday, Mar 02, 2013 01:14 AM PST RABAT (Reuters) - M2 money supply growth in Morocco slowed to 3.8 percent year-on-year in January from 4.9 percent in December, central bank data showed on Saturday. JAN 13 DEC 12 JAN 12 M1 change yr/yr (pct) 3.0 4.3 6.2 M2 change yr/yr (pct) 3.8 4.9 6.7 M3 change yr/yr (pct) 2.4 5.2 5.7 Bank credit yr/yr (pct) 3.2 4.5 10.6 Full Story | Top |
| Britain's Rolls, Bentley fight luxury battle for German owners Saturday, Mar 02, 2013 01:06 AM PST  LONDON (Reuters) - British carmakers Rolls-Royce and Bentley will unveil new vehicles at the Geneva Motor Show next week, joining battle in the fast-growing luxury end of the market on behalf of their German owners. BMW's Rolls-Royce will debut a two-door coupé version of its Ghost model, known as the Wraith, which the company says will be its most powerful vehicle yet. Meanwhile Bentley, part of the Volkswagen empire, will unveil its updated Flying Spur, its speediest ever four-door model. ... Full Story | Top |
| Kenya's CFC Stanbic pretax profit jumps 64 pct in 2012 Saturday, Mar 02, 2013 12:16 AM PST  NAIROBI (Reuters) - Kenya's CFC Stanbic Holdings posted a 64 percent rise in its pretax profit to 4.59 billion shillings last year, maintaining the trend of banks reaping from the region's fast-growing financial services sector. The operator of a bank and a financial services firm, which is controlled by South Africa's Standard Bank, said its non-interest income - its share of income separate from lending like commissions on forex trading - rose to 7.55 billion shillings from 4.76 billion in the previous period. It did not provide a reason for the revenue gain. ... Full Story | Top |
| London eyes boost from African listings Saturday, Mar 02, 2013 12:15 AM PST  LONDON (Reuters) - The London Stock Exchange expects an increase in new listings from African companies this year as businesses in the continent's fast-growing economies seek to attract foreign investors. London, which has seen a general drop off in listing activity over the past few years due to the global financial crisis, expects companies from countries including Chad, Mozambique, Nigeria and Kenya could go public on its markets. ... Full Story | Top |
| South Africa's rand still on the ropes, trade balance weighs Saturday, Mar 02, 2013 12:14 AM PST  JOHANNESBURG (Reuters) - South Africa's rand weakened further against the dollar on Friday after sliding more than 2 percent overnight, weighed down by weak local economic fundamentals and poor export receipts. The rand was 0.6 percent softer at 9.08 by 1610 GMT compared with the previous day's close at 9.0250, although it pulled back from Friday's session trough of 9.1138. Government bonds were also heavily sold, with the yield on the 2026 paper jumping 9 basis points on the day to 7.395 percent. The shorter-dated 2015 bond gained 7 basis points to 5.36 percent. ... Full Story | Top |
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