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| CA-BUSINESS Summary Thursday, Apr 04, 2013 12:44 AM PDT GLOBAL MARKETS-Dollar jumps on BOJ easing, Europe waits for ECB LONDON (Reuters) - The dollar rose more than 2 percent against the yen after the Bank of Japan took surprisingly strong easing steps on Thursday, while Europe's share markets softened before a European Central Bank meeting later in the day. The BoJ announced a radical overhaul of its policy framework, shifting to a new target for setting monetary policy, and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation. ... Full Story | Top |
| GLOBAL MARKETS-Dollar jumps on BOJ easing, Europe waits for ECB Thursday, Apr 04, 2013 12:43 AM PDT  By Richard Hubbard LONDON (Reuters) - The dollar rose more than 2 percent against the yen after the Bank of Japan took surprisingly strong easing steps on Thursday, while Europe's share markets softened before a European Central Bank meeting later in the day. The BoJ announced a radical overhaul of its policy framework, shifting to a new target for setting monetary policy, and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation. The dollar jumped 2.4 percent to above 95 yen on the announcement and the euro gained 2. ... Full Story | Top |
| RBS faces $6 billion investor action Thursday, Apr 04, 2013 12:18 AM PDT  LONDON (Reuters) - A group of shareholders in Royal Bank of Scotland is suing the lender and four former directors for losses they claim they incurred when the bank succumbed to a state bailout in 2008. The RBoS Shareholders Action Group has issued proceedings against RBS, Fred Goodwin, Tom McKillop, Johnny Cameron and Guy Whittaker, in the chancery division of Britain's High Court to recover billions of pounds lost on the value of their shares in the run up to the bank's 45 billion pound taxpayer rescue. ... Full Story | Top |
| BOJ shocks with new base money target, boosts asset buying Thursday, Apr 04, 2013 12:11 AM PDT  By Leika Kihara and Stanley White TOKYO (Reuters) - The Bank of Japan shocked markets on Thursday with a radical overhaul of its policymaking, adopting a new balance sheet target and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation. At Governor Haruhiko Kuroda's first policy-setting meeting, the central bank shifted its policy target to the monetary base -- the total size of cash and bank deposits -- from the overnight call rate, which is at zero to 0.1 percent. ... Full Story | Top |
| S.Africa's rand muted ahead of central bank decisions Thursday, Apr 04, 2013 12:08 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand was trading in a narrow range on Thursday amid caution ahead of policy meetings at the European Central Bank and Bank of England. The rand was at 9.2500 to the dollar at 0558 GMT, 0.2 percent weaker than its close in New York on Wednesday. It has traded within the 9.18-9.25 band since the start of the week. The European Central Bank and the Bank of England will announce their interest rate decisions later on Thursday, with both expected to keep rates on hold. ... Full Story | Top |
| Kenya's top coffee price rises for fourth straight week Thursday, Apr 04, 2013 12:03 AM PDT  NAIROBI (Reuters) - The maximum price of Kenya's benchmark grade AA coffee rose for a fourth week in a row to $516 per bag at auction from $502 at the previous sale, the Nairobi Coffee Exchange said. Although the East African nation is a small producer compared with others such as Brazil, its specialty beans are sought after by global roasters, who blend them with coffee from other regions. At this week's sale the minimum price on grade AA coffee dropped to $84 from $202 per bag previously, due to the low quality of beans offered. ... Full Story | Top |
| US-INDUSTRY Summary Thursday, Apr 04, 2013 12:00 AM PDT Disney to shut LucasArts games studio, lay off workers LOS ANGELES/SAN FRANCISCO (Reuters) - Walt Disney Co plans to shut the 30-year-old LucasArts studio it inherited with the acquisition of George Lucas' film company last year, and focus on licensing its "Star Wars" brand externally, a spokesman said on Wednesday. The closure will involve an unknown number of layoffs. A "small team" will remain to handle licensing partnerships but all inhouse development has been halted, including its much-anticipated title "Star Wars 1313", said Miles Perkins, a spokesman for Lucasfilm Ltd. ... Full Story | Top |
| Vivendi to name new head of French telecoms: paper Thursday, Apr 04, 2013 12:00 AM PDT  PARIS (Reuters) - Vivendi plans to name its top telecoms executive Jean-Yves Charlier as head of French telecoms division SFR, newspaper Les Echos reported on Thursday. The appointment is likely to be announced around the time of the group's annual shareholder meeting on April 30, Les Echos said. Charlier, 49, will replace Stephane Roussel, the former Vivendi human resources chief who took the reins of SFR last summer after the departure of group Chief Executive Jean-Bernard Levy. Roussel will become chairman of SFR and will take on a new strategic role within Vivendi, Les Echos added. ... Full Story | Top |
| Australian gaming tycoon Packer eyes Sri Lanka bet Wednesday, Apr 03, 2013 11:35 PM PDT  COLOMBO/SYDNEY (Reuters) - Australian gambling tycoon James Packer may be lining up a bet on Sri Lanka, scouting the Indian Ocean island for potential investments as he seeks to build a global casino empire. Packer, who owns half of casino operator Crown Ltd , met with Sri Lankan ministers this week to discuss hotel and entertainment investment options, according to officials who met with him. "They have not finalized the area and the amount they are going to invest. ... Full Story | Top |
| Brent recovers from steep drop, stays above $107; US data hurts Wednesday, Apr 03, 2013 11:26 PM PDT  By Luke Pachymuthu SINGAPORE (Reuters) - Brent crude edged up above $107 on Thursday after its biggest fall in five months in the previous session, but prices stayed close to this year's low, as weak data and swelling inventories in top consumer the United States muddied the demand outlook. Wednesday's slide in oil prices was triggered by a U.S. jobs report that showed private sector hiring was less than expected in March. A spike in U.S. oil inventories to their highest since 1990 triggered further downside pressure, quashing any hopes of a robust recovery in oil demand. ... Full Story | Top |
| Gold hits 10-mth low on selloff to cover equity losses Wednesday, Apr 03, 2013 11:25 PM PDT  By Lewa Pardomuan SINGAPORE (Reuters) - Gold dropped to a ten-month low on Thursday as investors cashed in the precious metal to cover steep losses in equities after a disappointing U.S. private-sector job report. Gold, a traditional safe haven, also failed to capitalise on tensions in the Korean Peninsula, where North Korea has moved what appears to be a mid-range Musudan missile to its east coast, according to South Korea's Yonhap news agency. Gold fell as low as $1,541.14 an ounce, its lowest since May, and stood at $1,551.61 by 0557 GMT, down $5.74. ... Full Story | Top |
| Egypt plans to impose tax on bank loans Wednesday, Apr 03, 2013 11:18 PM PDT  CAIRO (Reuters) - Egypt will impose a tax of 0.001 percent on bank credit, loans and advances, according to a law approved in principle by the upper house of parliament on Wednesday, the state news agency and a lawmaker said. The law is part of a package of tax reforms that includes a previously announced 0.001 percent tax on paid by both buyer and seller in all Egyptian stock market transactions. It was provisionally endorsed as an International Monetary Fund mission was in Cairo for talks on a $4.8 billion loan needed to help overcome Egypt's deep economic malaise. ... Full Story | Top |
| Angola govt approves bidding round for onshore oil blocks Wednesday, Apr 03, 2013 11:17 PM PDT LISBON (Reuters) - Angola's government on Wednesday approved the guidelines of a plan to hold bidding for licences to explore for oil onshore in the Kwanza and Lower Congo basins, the cabinet office said on Wednesday. The government said in a statement that it has asked parliament to approve the plan. President Jose Eduardo dos Santos' ruling MPLA party has a large parliamentary majority. Angola, which is Africa's second-largest oil producer after Nigeria, plans to ramp up crude output to 2 million barrels per day (mbpd) in 2015 from around 1.75 mbpd last year. ... Full Story | Top |
| Saipem says 79 mln euros frozen in Algeria probe Wednesday, Apr 03, 2013 11:16 PM PDT MILAN (Reuters) - Italian oil service group Saipem has 79 million euros of funds frozen in Algeria in connection with an investigation into allegations of price inflation, the company said on Wednesday. Europe's biggest oil service group said in its annual report that a number of current accounts belonging to its Saipem Contracting Algerie unit had been frozen after a probe had been launched in 2010. "Some of these were subsequently unfrozen, though two in Algerian dinar, for a total of 79 million euros at January 25, 2013, remain blocked," the company said in the report. ... Full Story | Top |
| Nippon Steel to start developing Mozambique's Revuboe coal project Wednesday, Apr 03, 2013 11:11 PM PDT TOKYO (Reuters) - Nippon Steel Sumitomo, Japan's biggest steelmaker, said on Thursday it will start developing the Revuboe coking coal mine in Mozambique, a week after Anglo American abandoned plans to buy a majority stake in the project. Nippon Steel, which has a third of the project, said it will start production from the mine in 2016. The mine is expected to produce five million tonnes of coking coal a year. Mozambique holds some of the largest untapped deposits of coking coal and is slated to become a key source of the sought-after premium, hard grade that is used in making steel. ... Full Story | Top |
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