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| CA-BUSINESS Summary Monday, Apr 01, 2013 12:38 AM PDT Asian shares ease, Easter slows trade TOKYO (Reuters) - Asian shares and the euro fell on Monday in choppy trade with exchanges closed in several Asian markets, including Australia and Hong Kong, as well as in Europe for Easter holidays. Investors will look for market direction from Markit's U.S. final manufacturing PMI for March and the Institute for Supply Management's March manufacturing index due later in the session. ... Full Story | Top |
| Russia won't help out Cyprus depositors, says minister Monday, Apr 01, 2013 12:29 AM PDT  MOSCOW (Reuters) - The Russian government will not aid businesses that have lost money in Cyprus, First Deputy Prime Minister Igor Shuvalov said, underscoring Moscow's resolve to clamp down on the flight of capital to offshore financial centers. Major account holders, many of them Russian, will lose up to 60 percent of their deposits over 100,000 euros ($128,400) at Cyprus's largest bank under a European Union bailout to save the Mediterranean island from bankruptcy. ... Full Story | Top |
| Ex-Morgan Stanley manager launches Japanese equity hedge fund Monday, Apr 01, 2013 12:26 AM PDT TOKYO (Reuters) - A former fund manager at Morgan Stanley Asset and Investment Management launched a Japanese equity long-short hedge fund on Monday, betting on interest from overseas investors after a recent surge in Tokyo stocks. Tsukasa Shimoda, the founder and president of Galleyla Investment, said his long-short fund - the UMJ Galleyla Fund - has the capacity to take in up to 20 billion yen ($213 million). The fund will slowly close subscription when its asset size approaches capacity. ... Full Story | Top |
| India's top court dismisses Novartis plea for Glivec patent Sunday, Mar 31, 2013 11:38 PM PDT  By Suchitra Mohanty and Kaustubh Kulkarni NEW DELHI/MUMBAI (Reuters) - India's top court has dismissed Swiss drugmaker Novartis AG's attempt to win patent protection for its cancer drug Glivec, a serious blow to Western pharmaceutical firms who are increasingly focusing on India to drive sales. The decision also sets a benchmark for several intellectual property disputes in India, where many patented drugs are unaffordable for most of its 1.2 billion people, 40 percent of whom earn less than $1.25 a day. ... Full Story | Top |
| Asian shares ease, Easter slows trade Sunday, Mar 31, 2013 10:59 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares and the euro fell on Monday in choppy trade with exchanges closed in several Asian markets, including Australia and Hong Kong, as well as in Europe for Easter holidays. Investors will look for market direction from Markit's U.S. final manufacturing PMI for March and the Institute for Supply Management's March manufacturing index due later in the session. Analysts have said a growth trend in the U.S. is crucial to maintain global risk-positive sentiment. It is the outperformance in U.S. equities on solid U.S. ... Full Story | Top |
| China March PMIs rebound, domestic demand shines Sunday, Mar 31, 2013 10:36 PM PDT  By Koh Gui Qing BEIJING (Reuters) - Stronger domestic demand helped China's factory activity to rebound in March, with new orders up sharply in a sign that the underlying economic recovery is strong enough to weather any risks from patchy export performance, surveys showed on Monday. China's official manufacturing purchasing managers' index (PMI) released by the National Bureau of Statistics rose to an 11-month high of 50.9 in March, above the 50-point level that indicates growth on the month, but below a Reuters poll consensus forecast of 52.0. ... Full Story | Top |
| Insight: China's losing battle against state-backed polluters Sunday, Mar 31, 2013 06:58 PM PDT  By David Stanway SHANGHANG COUNTY, China (Reuters) - When Zijin Mining Group threatened to move its headquarters some 270 kms from its home county of Shanghang to Xiamen on China's southeast coast, a local Communist Party boss rushed to confront the company's chairman Chen Jinghe. "If you want to move, you'll have to move the Zijin Mountain to Xiamen as well," the official told Chen, referring to a vast local mine that has helped transform the firm into China's top gold producer and second-biggest copper miner. ... Full Story | Top |
| Panasonic unit in U.S. bribery investigation: WSJ Sunday, Mar 31, 2013 06:28 PM PDT  NEW YORK (Reuters) - A unit of Japan's Panasonic Corp is under investigation by U.S. authorities looking at whether the company paid bribes overseas to airline employees or government officials to help land business, the Wall Street Journal reported. Citing company documents, the Journal said Panasonic Avionics had received a subpoena looking for communications between Panasonic Avionics, consultants and others. The subpoena also asked for documents related to payments to the airline employees and government officials, the newspaper said. ... Full Story | Top |
| Japan business mood improves as market reacts to "Abenomics" Sunday, Mar 31, 2013 05:50 PM PDT  By Leika Kihara and Kaori Kaneko TOKYO (Reuters) - Japanese business sentiment improved in the first three months of 2013, a central bank survey showed, after Prime Minister Shinzo Abe's aggressive monetary and fiscal policy prescriptions helped to weaken the yen and bolster share prices. The survey comes ahead of the Bank of Japan's first policy-setting meeting under new Governor Haruhiko Kuroda this week, when the board is set to expand monetary stimulus and debate an overhaul of its policy framework. ... Full Story | Top |
| Mexican consumer protection agency files suit against Telmex Sunday, Mar 31, 2013 04:36 PM PDT  MEXICO CITY (Reuters) - The Mexican government's consumer protection agency said on Sunday it had opened a class action lawsuit against Carlos Slim's fixed line phone company Telmex for making illegal charges. Rafael Ochoa, a legal expert at the federal prosecutor's office for the consumer (Profeco), said Telmex had made unwarranted charges for a privacy service and that Profeco had filed the suit with a federal civil court in Mexico City. Profeco took the step after noticing that Telmex was charging users some 10.40 pesos ($0. ... Full Story | Top |
| Exxon cleans up Arkansas oil spill; Keystone plan assailed Sunday, Mar 31, 2013 04:26 PM PDT  By Kristen Hays and Matthew Robinson (Reuters) - Exxon Mobil on Sunday continued cleanup of a pipeline spill that spewed thousands of barrels of heavy Canadian crude in Arkansas as opponents of oil sands development latched on to the incident to attack plans to build the Keystone XL line. Exxon spokesman Alan Jeffers said on Sunday that crews had yet to excavate the area around the pipeline breach, a needed step before the company can estimate how long repairs will take and when the line might restart. "I can't speculate on when it will happen," Jeffers said. ... Full Story | Top |
| Lloyds' lending to manufacturers to top 1 billion pounds Sunday, Mar 31, 2013 04:08 PM PDT  By Matt Scuffham LONDON (Reuters) - Britain's biggest retail bank Lloyds said on Monday it was on course to beat its own target of lending 1 billion pounds ($1.5 billion) to UK manufacturers before September 2013. Lloyds, which is 39 percent owned by the British government, said it had lent 700 million pounds to manufacturers in the past six months, following the launch of its 'Manufacturing Commitment' last September. ... Full Story | Top |
| Exxon has yet to excavate area of ruptured Arkansas oil pipeline Sunday, Mar 31, 2013 02:06 PM PDT HOUSTON (Reuters) - Exxon Mobil Corp said on Sunday that crews at the scene of its crude oil pipeline spill in Arkansas had yet to excavate the area of the breach to determine the cause. "I can't speculate on when that will happen," Exxon spokesman Alan Jeffers said. "Excavation is necessary as part of an investigation to determine the cause of the incident." Exxon also had no estimate on how long repairs would take or when the oil pipeline would restart. Exxon shut the line, which carries heavy Canadian crude oil from Illinois to Texas, on Friday when the leak was discovered. ... Full Story | Top |
| Schlumberger CEO: Venezuela debt collections improving Sunday, Mar 31, 2013 01:37 PM PDT NEW YORK (Reuters) - Oil services giant Schlumberger Ltd has improved its ability to collect the money it is owed by Venezuela's state oil company PDVSA and will now be able to recognize all revenue associated with its first-quarter operations in the country, Schlumberger's CEO said on Sunday. Schlumberger Chief Executive Officer Paul Kibsgaard's announcement, published in a press release, follows a warning from the company earlier in March that Venezuelan customers' rates of payment had dropped sharply. ... Full Story | Top |
| Chile says copper shipments uninterrupted by strike Sunday, Mar 31, 2013 01:36 PM PDT By Fabian Cambero SANTIAGO (Reuters) - Codelco, the world's No. 1 copper producer, is losing a "substantial" amount of output due to a two-day-old strike at its Radomiro Tomic open pit mine in northern Chile, the company said on Sunday, adding that orders were still going out to customers. Miners tossed down their tools on Saturday to demand that pit bosses they blame for the recent death of a miner be fired. By Sunday the pit bosses had not been let go and negotiations with the striking workers had not begun. ... Full Story | Top |
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