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| ECB set for rate cut as inflation falls sharply Wednesday, May 01, 2013 05:08 PM PDT  By Eva Kuehnen FRANKFURT (Reuters) - The European Central Bank is expected to cut its main interest rate for the first time in 10 months on Thursday, driven to act by an economy wallowing in recession and freed to do so by sharply falling inflation Economic data over the past weeks since ECB President Mario Draghi said the bank stood ready to act if necessary has shown growth prospects darkening. Unemployment hit a record high in April. Inflation had its biggest monthly drop more than four years, to 1.2 percent, well below the banks target of 2 percent or slightly below. ... Full Story | Top |
| Asian shares fall on weak China PMI, ECB in focus Thursday, May 02, 2013 12:41 AM PDT  By Chikako Mogi TOKYO (Reuters) - Weak Chinese manufacturing data reinforced doubts over the health of global economies and pushed Asian shares lower on Thursday, as investors cautiously awaited a European Central Bank meeting that could see interest rates cut to support growth. European stock markets were seen tracking Asian shares lower, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX would open down as much as 1 percent. U.S. stock futures were up 0.2 percent to suggest a firm Wall Street open. ... Full Story | Top |
| Kenyan shilling steady, seen firmer ahead of rate meeting Thursday, May 02, 2013 12:24 AM PDT  NAIROBI (Reuters) - The Kenyan shilling was steady on Thursday and tipped to firm on reduced corporate dollar demand ahead of a central bank meeting next week where policymakers are widely expected to keep interest rates unchanged. At 0653 GMT, commercial banks quoted the shilling at 83.70/90 per dollar, the same level it closed at on Friday. "The shilling could benefit from reduced demand for dollars as corporate end-month orders subside ahead of (the)... meeting" on May 6, said Bank of Africa in a daily report. ... Full Story | Top |
| Algeria gas plant has restarted 2nd processing train -Statoil CEO Thursday, May 02, 2013 12:21 AM PDT  OSLO (Reuters) - Production on the second of three processing trains at the In Amenas gas plant in Algeria resumed a short time ago but it is unclear when the third one will resume operations, Statoil chief executive Helge Lund said on Thursday. The plant at In Amenas was attacked by Islamist militants in January, leading to the deaths of some 70 employees. Statoil is the co-operator of the plant, together with BP and state-owned Algerian Sonatrach. Full Story | Top |
| S.Africa's rand eases on fall in commodities Thursday, May 02, 2013 12:19 AM PDT JOHANNESBURG (Reuters) - South Africa's rand fell against the dollar on Thursday on softening precious metal prices, erasing modest gains made earlier in the week. The rand was at 9.0425 to the dollar at 0632 GMT, 0.8 percent weaker than its close in New York on Tuesday. The market was closed on Wednesday for a public holiday. Data released on Tuesday showing a narrower-than-expected trade deficit in March bolstered the rand but a fall in commodities prices put it on the back foot. ... Full Story | Top |
| CA-BUSINESS Summary Thursday, May 02, 2013 12:15 AM PDT Asian shares fall on weak China PMI, ECB in focus TOKYO (Reuters) - Weak Chinese manufacturing data reinforced doubts over the health of global economies and pushed Asian shares lower on Thursday, as investors cautiously awaited a European Central Bank meeting that could see interest rates cut to support growth. European stock markets were seen tracking Asian shares lower, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX would open down as much as 1 percent. ... Full Story | Top |
| Exclusive: China investment guru Fang targets comeback with $2 billion Hopu II fund Thursday, May 02, 2013 12:13 AM PDT By Stephen Aldred HONG KONG (Reuters) - Fang Fenglei, a former Goldman Sachs banker and co-founder of Hopu Investment Management, is raising up to $2 billion in a new fund, people familiar with the matter said, as one of China's best known bankers seeks to add to his riches. The launch of another Hopu fund removes the mystery surrounding the next move of a politically connected and closely watched China financier who stepped out of the limelight three years ago. ... Full Story | Top |
| Rolls-Royce's aerospace boss King to leave Wednesday, May 01, 2013 11:56 PM PDT  LONDON (Reuters) - Britain's Rolls-Royce on Thursday announced the shock departure of Mark King, the highly regarded boss of its key aerospace business. Rolls, the world's second-largest maker of aircraft engines behind U.S. group General Electric , on Thursday said King, the president of its aerospace unit had decided to resign from the company at the end of June and would be replaced by Tony Wood, the president of Rolls' marine unit on May 13. ... Full Story | Top |
| Boeing says taking next step toward launching 777X jet Wednesday, May 01, 2013 11:51 PM PDT  By Alwyn Scott SEATTLE (Reuters) - Boeing Co said it is taking the "next step" toward launching its long-awaited 777X wide-body jet by discussing price, schedule and other details with potential customers. The move follows a board meeting on Monday and means the commercial airplane division can begin taking orders from airlines for the new fuel-efficient jet, which could include folding wing tips to increase wingspan while fitting at the same airport gates. "We are taking the next step when it comes to engaging customers on the 777X," spokesman Doug Alder told Reuters. ... Full Story | Top |
| US-INDUSTRY Summary Wednesday, May 01, 2013 11:46 PM PDT Viacom and CBS beat expectations in tough TV ad market (Reuters) - Sumner Redstone had a good day on Wednesday as his two companies Viacom Inc and CBS Corp reported quarterly results that beat Wall Street estimates on the back of unexpectedly strong TV advertising revenue. Viacom reversed a long ad revenue slide, surprising analysts by posting growth in the first quarter. CBS reported a profit that easily beat the most optimistic of Wall Street estimates, as special events helped its broadcast network increase ad revenue by 8 percent. ... Full Story | Top |
| BSkyB adds 550 jobs to meet strong demand Wednesday, May 01, 2013 11:46 PM PDT LONDON (Reuters) - BSkyB said it would create 550 new jobs to meet strong demand for its television and broadband products, as it reported third quarter results showing profits racing ahead. Britain's dominant pay-TV group, which is 39-percent-owned by Rupert Murdoch's News Corp, provides fixed-line telephony, TV and broadband. It said it had signed up an extra 70,000 new households, in line with forecasts, taking the total retail subscriber base to 10.8 million. ... Full Story | Top |
| Ford hires 2,000 in Kansas City, pickup truck demand booms Wednesday, May 01, 2013 11:18 PM PDT  By Deepa Seetharaman DETROIT (Reuters) - Ford Motor Co is adding more than 2,000 jobs at its pickup truck factory in Kansas City as growth in the U.S. housing and oil sectors trigger a boom in truck sales. The second-largest U.S. automaker said on Thursday that it will add 900 jobs and a third shift at its Kansas City Assembly Plant to build the F-150 pickup truck, the top-selling U.S. vehicle for well over three decades. Another 1,100 jobs will be added starting in the fourth quarter to prepare for the 2014 introduction of the Ford Transit full-size van. ... Full Story | Top |
| Facebook's mobile business expands in first quarter Wednesday, May 01, 2013 11:16 PM PDT  By Alexei Oreskovic (Reuters) - Facebook Inc's mobile advertising revenue growth gained momentum in the first three months of the year as the social network sold more ads to users on smartphones and tablets, partially offsetting higher spending which weighed on profits. New types of ads designed for smartphones, particularly ads aimed at enticing Facebook users to install mobile apps on their phones, helped lift revenue while traffic to the social network remained strong. ... Full Story | Top |
| China, India PMIs show factory-sector growth stumbling Wednesday, May 01, 2013 11:00 PM PDT  By Langi Chiang and Jonathan Standing BEIJING (Reuters) - Factory-sector growth in China and India stumbled in April to further underline the impact of a fragile global economy, which is under pressure from the euro zone recession and fresh signals of weakness in the United States. Reports on Wednesday showed manufacturing growth in the United States eased in April, while figures due later on Thursday from the euro zone are expected to show the sector there firmly entrenched in contractionary territory. ... Full Story | Top |
| MTN-TURKCELL-LAWSUIT-20130502 Wednesday, May 01, 2013 10:49 PM PDT  WASHINGTON (Reuters) - Turkish telecom company Turkcell dismissed its multibillion-dollar U.S. lawsuit against rival African mobile phone group MTN, citing a recent U.S. Supreme Court ruling that hurt its case. MTN and its local partners won a lucrative licence in 2005 to launch a new Iranian mobile-phone carrier, but the deal became embroiled in controversy when Turkcell last year filed a $4.2 billion lawsuit in Washington alleging corruption. Full Story | Top |
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