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| Ex-SEC chief Schapiro to join a private consultancy firm: WSJ Tuesday, Apr 02, 2013 12:41 AM PDT  (Reuters) - Former Securities and Exchange Commission (SEC) chairman Mary Schapiro will join a private consulting firm as a managing director, the Wall Street Journal said, following a tumultuous four years rehabilitating the agency's battered reputation. The appointment is expected to be announced by Promontory Financial Group LLC on Tuesday, the paper said, without providing the source of its information. Schapiro stepped down as SEC chairman in December. In an interview with the paper, Schapiro said she wouldn't go back to government. ... Full Story | Top |
| European shares, euro edge up as factory data eyed Tuesday, Apr 02, 2013 12:40 AM PDT  By Richard Hubbard London (Reuters) - European shares rose and the euro edged away from a four-month low on Tuesday but gains were limited as investors awaited data on the region's factory output and remained concerned about consequences of the Cyprus bailout. Euro zone manufacturing activity indexes for March, due later, are expected to add to concerns about the fragile global economic recovery revealed in weaker than expected data from China and the United States on Monday. Policy meetings of the European Central Bank and Bank of Japan on Thursday, along with U.S. ... Full Story | Top |
| CA-BUSINESS Summary Tuesday, Apr 02, 2013 12:09 AM PDT TSX dips as gold miners fall in thin trade TORONTO (Reuters) - Canada's main stock index slipped in sluggish trading on Monday as railway shares fell after data showed the U.S. manufacturing sector grew at its slowest pace in three months and gold mining stocks extended their year-to-date decline. The resource-heavy index has fared poorly in recent weeks, even as equity markets south of the border hit record highs, as investors shy away from some energy plays and retreat from gold mining stocks. ... Full Story | Top |
| Glencore pushes back Xstrata deal due to China probe Tuesday, Apr 02, 2013 12:09 AM PDT  LONDON (Reuters) - Glencore said on Tuesday it had again extended the date by which it expects to close its merger with Xstrata, due to the ongoing investigation into the deal in China. Glencore has been waiting for several months for China, the biggest buyer of the materials it trades and mines, to give the go-ahead before it can complete its $35 billion acquisition of miner Xstrata, the largest deal in the sector to date. ... Full Story | Top |
| S.African rand recovers footing but economy still a drag Tuesday, Apr 02, 2013 12:08 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand hovered near two week highs against the dollar on Tuesday with sentiment still buoyant after a sharply narrower February trade deficit, although an overally dim economic outlook could cap gains. By 0658 GMT the local unit traded at 9.1830 to the greenback after ending Monday's session at 9.1975. It also edged up against the euro to 11.7707 from 11.8042. Government bonds were also firmer despite the anticipated injection of 2.35 billion rand worth of new paper at a weekly auction later in the day. The yield for the 2026 paper was down 2. ... Full Story | Top |
| BoE says deposits transferred to Bank of Cyprus Tuesday, Apr 02, 2013 12:02 AM PDT  LONDON (Reuters) - All deposits in Britain's branch of Laiki Bank have been transferred to Bank of Cyprus UK and won't suffer a "haircut" to help bail out the Cypriot government, the Bank of England said on Tuesday. The BoE's Prudential Regulation Authority (PRA)said the money will be covered under Britain's compensation scheme which protects deposits up to 85,000 pounds. "The agreement does not affect access to bank accounts and therefore all customers who had an account with Laiki Bank UK will be able to access funds as normal and do not need to do anything," the PRA said in a statement. ... Full Story | Top |
| Bank of Cyprus, Popular Bank shares suspended until Apr 15 Monday, Apr 01, 2013 11:49 PM PDT NICOSIA (Reuters) - Cyprus's stock exchange said on Tuesday trading in shares of Bank of Cyprus and Cyprus Popular Bank would be suspended until April 15 inclusive to protect shareholders. Administrators have been appointed for Popular, which will be split into a "good" and a "bad" bank, with its good assets taken by Bank of Cyprus under terms of a bailout deal with international lenders. In addition, Bank of Cyprus' major depositors will see 37.5 percent of their uninsured deposits converted to equity. (Reporting by Michele Kambas; Editing by Mark Potter) Full Story | Top |
| IMF could change size of $4.8 bln Egypt loan -official Monday, Apr 01, 2013 11:32 PM PDT  DUBAI (Reuters) - The International Monetary Fund could conceivably change the size of the $4.8 billion loan which it is negotiating with Egypt, depending on the country's needs, a senior IMF official said on Tuesday. "The size may vary, it's a question of needs and what's required," Masood Ahmed, director of the IMF's Middle East and Central Asia department, told reporters in response to a question. He was speaking at a meeting of Arab finance ministers and central bank governors in Dubai. An IMF delegation is to arrive in Egypt on Wednesday for talks with the government on the $4. ... Full Story | Top |
| Asian shares, US dollar capped as more data looms Monday, Apr 01, 2013 11:28 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares were capped while the dollar eased on Tuesday, with investors growing cautious ahead of new indicators that could flag slowing U.S. economic momentum. The private ADP employment report and the latest weekly jobless claims figures precede the key monthly U.S. nonfarm payrolls report on Friday. European markets were likely to return from Easter holidays on a decline, with financial spreadbetters predicting London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX to open down as much as 0.3 percent. ... Full Story | Top |
| Gold stretches gains as weak US data hits dollar Monday, Apr 01, 2013 11:28 PM PDT  By Lewa Pardomuan SINGAPORE (Reuters) - Gold extended gains on Tuesday, with the dollar dropping after disappointing U.S. data stoked concerns about a patchy recovery in the world's largest economy. But investors were loth to build positions too much ahead of payrolls data on Friday, which will shed more light on the strength of the U.S. pickup. Gold had added $3.01 an ounce to $1,601.41 by 0253 GMT. It rallied to a 1-month high in March on worries about fiscal stability in Europe, as politicians scrambled to clinch a bailout for Cyprus. "I think sentiment is neutral. ... Full Story | Top |
| Brent steadies under $111, curbed by US demand outlook Monday, Apr 01, 2013 11:26 PM PDT  By Luke Pachymuthu SINGAPORE (Reuters) - Brent crude steadied under $111 a barrel on Tuesday, supported by prospects of stronger appetite in Asia but hurt by concerns over the pace of economic recovery in top consumer the United States. Saudi Arabia Oil Minister Ali Al-Naimi said on Monday he expected to see a recovery in demand for the kingdom's crude in Asia but stopped short of quantifying the expansion. China, the world's second-largest oil consumer, imported 1.08 million barrels a day of crude from Saudi Arabia in 2012, up more than 7 percent from the previous year. ... Full Story | Top |
| Implats objects to Zimbabwe plan to seize mining claims Monday, Apr 01, 2013 11:21 PM PDT HARARE (Reuters) - South African miner Impala Platinum Holdings Ltd said on Thursday its Zimbabwean unit had launched an objection to Harare's plans to repossess nearly half of its mining claims. The Zimbabwean government published a notice on March 1. saying it planned to take away land belonging to Implats unit Zimbabwe Platinum Mines, in what it said would stop mining firms from holding onto claims for speculative reasons. ... Full Story | Top |
| Kenyan shilling strengthens 0.8 pct after court ruling Monday, Apr 01, 2013 11:20 PM PDT  NAIROBI (Reuters) - The Kenyan shilling rose 0.8 percent against the dollar at the opening of trade on Tuesday after the Supreme Court upheld Uhuru Kenyatta's March 4 presidential election. Kenyatta's main rival Raila Odinga accepted the ruling. The shilling, which has been stuck in the 85-86 level as investors awaited the outcome of the petition brought by Odinga, was posted at 84.65/85 to the dollar at 0604 GMT, up from 85.30/50 at the close of trade on Thursday . Full Story | Top |
| Baer says Merrill Lynch unit integration on track Monday, Apr 01, 2013 10:50 PM PDT  ZURICH (Reuters) - Julius Baer has transferred ownership of businesses in Chile, Uruguay, Monaco and Luxembourg which it bought from Merrill Lynch as it integrates the wealth management businesses it acquired from the U.S. bank. The Swiss bank said on Tuesday the transfers would substantially boost its businesses in South America and Monaco. "Moreover, we enter the market in the important financial center Luxembourg with a substantial client base, which also opens up new business opportunities," said Baer Chief Executive Boris Collardi in a statement. ... Full Story | Top |
| Like employment, demand for office space improves Monday, Apr 01, 2013 10:17 PM PDT  By Ilaina Jonas NEW YORK (Reuters) - The office vacancy rate fell only slightly during the first quarter, as a lack of significant job growth continued to impede demand for space, according to a quarterly report released on Tuesday. At the same time, U.S. office construction during the first quarter reached a 14-year low as developers remain spooked by soft demand and meager rent growth, according to real estate research firm Reis Inc. Persistent lackluster U.S. job growth was behind the 0.1 percentage point U.S. office vacancy rate decline. ... Full Story | Top |
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