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| S. Africa's rand firms vs dollar with higher commodity prices Monday, Apr 29, 2013 12:15 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand gained against the dollar early on Monday as resource-heavy currencies were supported by higher commodity prices and global monetary stimulus was expected to support inflows to emerging market bonds. Dealers expect that the European Central Bank (ECB) will cut interest rates later this week, driving investors to higher yielding emerging markets such as South Africa. ... Full Story | Top |
| Birmingham City owner pleads not guilty to money laundering Sunday, Apr 28, 2013 11:53 PM PDT  By Grace Li HONG KONG (Reuters) - Birmingham City football club owner Carson Yeung pleaded not guilty to charges of laundering more than HK$720 million ($92.74 million) and his defense team sought to have the case thrown out, saying some related documents were no longer available. Yeung, dressed in a dark suit and striped tie, appeared calm as he denied five charges, which prosecutors said occurred between 2001 and 2007, of dealing with property known or believed to represent proceeds of an indictable offence. ... Full Story | Top |
| Asia shares edge up; markets look for central bank largesse Sunday, Apr 28, 2013 11:42 PM PDT  By Wayne Cole SYDNEY (Reuters) - Asian shares inched ahead while the dollar lost ground as investors counted on easy money from central banks in the euro zone and United States to offset the risk of further disappointment from global economic data. Activity was sporadic with Japanese markets closed for a holiday and China off until Thursday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.26 percent, but off a six-week high touched on Friday. Singapore's share market added 0.2 percent, while Australia's market added 0. ... Full Story | Top |
| VTB says Norway, Qatar, Azerbaijan back $3.3 billion share offer Sunday, Apr 28, 2013 11:41 PM PDT  MOSCOW (Reuters) - Russia's second-largest bank VTB said on Monday investors have subscribed for the entirely of its 102.5 billion rouble ($3.3 billion) share offering, with bids from sovereign wealth funds in Norway, Qatar and Azerbaijan. VTB is raising the funds to bolster its capital and to allow it to increase lending capacity. The bank's supervisory board on Friday approved the issue of 2.5 trillion new shares at 4.1 kopecks each, a discount of around 9 percent to the price at which the stock ended the week. ... Full Story | Top |
| Gold rises 1 percent, holds near one-week high Sunday, Apr 28, 2013 11:41 PM PDT  By Lewa Pardomuan SINGAPORE (Reuters) - Gold rose more than 1 percent on Monday and held near its highest in more than a week, as a rebound in prices from multi-year lows failed to damp investor appetite for the precious metal, causing a shortage in physical supply. Recent bleak U.S. growth data that raised hopes the Federal Reserve would keep its current pace of bond buying at $85 billion a month also supported gold, widely seen as a hedge against inflation. U.S. gold futures, which often provide trading cues to cash gold, hit a high of $1,472.20 an ounce. By 0553 GMT, prices stood at $1,468. ... Full Story | Top |
| Brent slips under $103 on murky global economic outlook Sunday, Apr 28, 2013 11:40 PM PDT  By Luke Pachymuthu SINGAPORE (Reuters) - Brent crude dropped below $103 a barrel on Monday as investors fretted about the uncertain outlook for growth in the world's two largest oil consumers, the United States and China. The crude benchmark remains more than 6 percent below its starting point in April, pressured by a slew of economic data in recent weeks suggesting the global economy remains on a fragile footing at best. Brent had slipped 49 cents to $102.67 a barrel by 0502 GMT, after last week racking up its biggest one-week gain since November 2012. U.S. crude was down 35 cents at $92. ... Full Story | Top |
| Coal of Africa third-quarter output hit by floods, derailment Sunday, Apr 28, 2013 11:09 PM PDT  JOHANNESBURG (Reuters) - Junior coal mining company Coal of Africa reported a 21 percent drop in third-quarter run of mine coal output as heavy rains in South Africa and a derailment on a railway line hit operations. The company said run of mine coal production in the quarter to end-March fell to 911,563 tonnes, from 1.15 million tonnes in the previous quarter. Heavy rainfall halted operations at its Vele Colliery in South Africa for three weeks, weighing on production, the company said. ... Full Story | Top |
| IMF flags risks of asset bubbles, middle income trap in Asia Sunday, Apr 28, 2013 10:48 PM PDT  By Kevin Lim SINGAPORE (Reuters) - Asia needs to guard against asset bubbles and its emerging economies must improve government institutions and liberalize rigid labor and product markets if they wish to reach the level of developed countries, the International Monetary Fund said on Monday. "Emerging Asia is potentially susceptible to the 'middle-income trap,' a phenomenon whereby economies risk stagnation at middle-income levels and fail to graduate into the ranks of advanced economies," the IMF said in its latest Regional Economic Outlook for Asia and the Pacific. ... Full Story | Top |
| CA-BUSINESS Summary Sunday, Apr 28, 2013 10:32 PM PDT Still stuck on central-bank life support LONDON (Reuters) - Five years after the onset of the global financial crisis, the world economy is in such a chronic condition that the European Central Bank might cut interest rates this week and the Federal Reserve is likely to indicate no let-up in the stimulus it is providing the U.S. economy. With the euro zone economy in recession, momentum is building for the ECB to lower interest rates for the first time since July 2012, according to senior sources involved in the deliberations. ... Full Story | Top |
| Analysis: China's 4G bonanza to shake up mobile gear vendor market Sunday, Apr 28, 2013 10:32 PM PDT  By Simon Johnson and Leila Abboud STOCKHOLM/PARIS (Reuters) - Chinese telecom operators will start awarding contracts for super-fast mobile networks this year, kicking off the third wave of a global investment cycle that is reshaping the competitive landscape among telecom equipment makers. China, the world's biggest mobile market with 1.1 billion subscribers, is likely to further alter the picture at the expense of European suppliers by giving a huge boost to Huawei and its smaller Chinese rival ZTE. ... Full Story | Top |
| Japan factory output seen up for fourth straight month, recovery slow Sunday, Apr 28, 2013 07:18 PM PDT  By Stanley White TOKYO (Reuters) - Japan's industrial production is expected to have risen for a fourth consecutive month in March albeit at a modest pace, a Reuters survey showed, in a sign that factory output is recovering slowly as exports struggle to gain momentum. The median forecast was for a 0.4 percent rise from the previous month, which would follow a 0.6 percent increase in February and a 0.3 percent rise in January. The data are due on Tuesday at 8:50 a.m. (Monday at 1950 EST). ... Full Story | Top |
| Asian insurance M&A gets pricey as region's promise beckons Sunday, Apr 28, 2013 07:15 PM PDT  By Denny Thomas and Clare Baldwin HONG KONG (Reuters) - A deal-making frenzy in Asia's insurance industry is turning up the heat on buyers to fork out huge sums or miss out on a prime chance to tap into the sector's fastest growing market, and few predict a slowdown despite the eye-popping prices. The appeal of Asia's growing middle class and rising personal income pushed insurance takeovers in the region to a record $30.5 billion last year, according to S&P Capital IQ, a data compiler. ... Full Story | Top |
| MUFJ unit in talks to sell services to Morgan Stanley trust clients Sunday, Apr 28, 2013 05:40 PM PDT  NEW YORK (Reuters) - A U.S. unit of Mitsubishi UFJ Financial Group Inc is in talks to acquire the rights to sell trust-banking services to Morgan Stanley's clients, in the bank's latest bid to expand its business abroad, a source familiar with the matter said on Sunday. The proposed deal involves Mitsubishi UFJ's Union Bank providing services to trust accounts worth an estimated $4 billion, which Morgan Stanley will continue to manage. Union Bank will earn fees on the trust services it sells, the source familiar with the matter said. ... Full Story | Top |
| BHP Billiton sells Arizona copper mine for $650 million Sunday, Apr 28, 2013 05:36 PM PDT  MELBOURNE (Reuters) - BHP Billiton has agreed to sell its Pinto Valley copper mine and a railroad in Arizona to Capstone Mining Corp for $650 million, the latest in a spate of asset sales by the top global miner as it tightens its belt in a weaker market. BHP and its global mining peers have put billions of dollars worth of mines, projects and aluminium operations up for sale as they look to slash costs, cut debt and focus on their highest returning assets as commodity prices slump. Pinto Valley takes BHP's total asset sales over the past 12 months to $5 billion. ... Full Story | Top |
| Sumitomo pulls out of Aquila coal JV in Australia Sunday, Apr 28, 2013 05:33 PM PDT SYDNEY (Reuters) - Aquila Resources on Monday suffered a set back to its plans to raise capital via asset sales to help fund a A$7.4 billion ($7.6 billion) Australian iron ore project after Sumitomo Corp pulled out of a coal exploration partnership. A memorandum of understanding reached between the two companies a year ago was designed to pave the way for an acquisition by Sumitomo of a 20-50 percent interest in coal mining tenements held by Aquila in Queensland state. "Following two independent valuations, averaging A$108. ... Full Story | Top |
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