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| CA-BUSINESS Summary Monday, May 27, 2013 12:45 AM PDT European stocks claw back ground as markets steady LONDON (Reuters) - European stocks, bonds and the dollar traded in a calmer fashion on Monday after last week's turbulence, though another three percent dive in Japan's Nikkei kept investors on edge. Last week's shakeout of equity, bond and currency markets was triggered by concerns the U.S. Federal Reserve could wind in its support sooner that had been expected, weak China data and doubts over how low Japan will allow the yen to go. ... Full Story | Top |
| European stocks claw back ground as markets steady Monday, May 27, 2013 12:44 AM PDT  By Marc Jones LONDON (Reuters) - European stocks, bonds and the dollar traded in a calmer fashion on Monday after last week's turbulence, though another three percent dive in Japan's Nikkei kept investors on edge. Last week's shakeout of equity, bond and currency markets was triggered by concerns the U.S. Federal Reserve could wind in its support sooner that had been expected, weak China data and doubts over how low Japan will allow the yen to go. With UK and U.S. markets both closed for public holidays, European equity and bond markets saw a quieter than usual start to the week. ... Full Story | Top |
| S.Africa not at risk from unsecured credit-c.bank deputy governor Monday, May 27, 2013 12:41 AM PDT PRETORIA (Reuters) - South Africa's unsecured credit levels are still too small to pose a risk to the banking industry in Africa's top economy, Lesetja Kganyago, the deputy governor of the South African Reserve Bank said on Monday. Unsecured lending grew by 12.3 percent to 452 billion rand in March 2013 from 364 billion rand in March 2012, he said. Full Story | Top |
| Kenyan shilling weakens, support seen at 85.20 against dollar Monday, May 27, 2013 12:08 AM PDT  NAIROBI (Reuters) - The Kenyan shilling weakened early on Monday as importers from the oil and manufacturing industries bought dollars to meet their end-of-month commitments. The currency of east Africa's biggest economy fell 0.5 percent to 84.65/85 per dollar by 0638 GMT. "We saw some dollar demand from the oil and manufacturing sectors last week and there seems to be a continuation this morning," said Dickson Magecha, a trader at Standard Chartered Bank. Traders said technical charts showed the shilling supported at 85.20. ... Full Story | Top |
| S.Africa's rand under strain amid subdued trading Monday, May 27, 2013 12:07 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand started the week on the back foot against the dollar amid thin trading due to public holidays in the United States and Britain. The rand was at 9.6045 to the dollar at 0624 GMT, 0.3 percent weaker than its close in New York on Friday. A stronger dollar and concerns about the U.S. Federal Reserve scaling down its bond-buying programme, as well as the possibility of more bad news from the local mining sector, could keep the rand under pressure, analysts said. "Not only could the rand remain vulnerable to such a strong U.S. ... Full Story | Top |
| Freeport to restart Indonesia open-pit mining soon: government official Sunday, May 26, 2013 11:50 PM PDT  JAKARTA (Reuters) - Freeport McMoRan Copper & Gold Inc's Indonesian unit will restart open-pit mining operations at its Papua copper mine soon, Deputy Energy and Mineral Resources Minister Susilo Siswo Utomo said on Monday, after a tunnel collapse that killed 28 people. Arizona-based Freeport suspended operations at the world's No. 2 copper mine on May 15, a day after the training tunnel, away from its main operations, fell in on 38 workers. ... Full Story | Top |
| S.Africa's Famous Brands FY earnings up 22 pct Sunday, May 26, 2013 11:49 PM PDT  JOHANNESBURG (Reuters) - South African fast-food company Famous Brands reported a 22 percent increase in full-year earnings on Monday, helped by solid sales growth and an increase in new stores. Headline earnings for the year to end-February came in at 339 cents per share versus 278 cents a year earlier. Famous Brands holds the franchise rights to some of South Africa's best known fast-food outlets and despite the subdued macro-economic climate has grown its business to 1,764 restaurants and plans to expand in the UK and India. ... Full Story | Top |
| Lanxess says work resumes at its S.African chrome mine Sunday, May 26, 2013 11:47 PM PDT JOHANNESBURG (Reuters) - Striking workers at a South African chrome mine owned by German chemicals group Lanxess returned to work on Monday, ending a week-long illegal walkout. Mineworkers won a one-off payment to end the wildcat strike, reaching a deal that added Lanxess to the list of South African platinum producers who have given in to militant labour pressure. "Operations are back to normal," said spokeswoman Sibonile Dube. "The first shift reported for duty this morning. ... Full Story | Top |
| China's migrant worker pay growth nearly halved in 2012 Sunday, May 26, 2013 11:08 PM PDT  BEIJING (Reuters) - The annual increase in pay for China's 163 million migrant workers almost halved in 2012, an official survey showed on Monday, signaling a looser labor market as economic growth slows. The average monthly wage of migrant workers grew 11.8 percent in 2012 from the previous year to 2,290 yuan ($370). That marked a sharp slowdown from the annual 21.2 percent surge in 2011, according to the latest survey by the National Bureau of Statistics. ... Full Story | Top |
| EU to close excessive deficit procedure vs Italy on Wednesday: media Sunday, May 26, 2013 11:05 PM PDT  MILAN (Reuters) - The European Commission will close on Wednesday a procedure against Italy started in 2009 when Rome breached the European Union's deficit ceiling of 3 percent of gross domestic product, several Italian newspapers said quoting Commission documents. The decision is much awaited in Italy, which has introduced strict fiscal discipline under the government of former prime minister Mario Monti even as it was fighting a deep recession. ... Full Story | Top |
| BOJ board rift over ambitious price goal will test Governor Kuroda Sunday, May 26, 2013 10:57 PM PDT  By Leika Kihara TOKYO (Reuters) - A rift within the Bank of Japan's board over how to steer its radical monetary stimulus to end nearly two decades of damaging deflation underlined the early challenges Governor Haruhiko Kuroda faces in his efforts to foster sustained growth. The differences of opinion were highlighted in the minutes of the April 26 meeting, which showed some policymakers opposed targeting 2 percent inflation in two years and called for more flexibility in guiding monetary policy. ... Full Story | Top |
| Analysis: Europe's austerity-to-growth shift largely semantic Sunday, May 26, 2013 10:55 PM PDT  By Paul Taylor PARIS (Reuters) - To listen to some European leaders, especially in France, you would think the era of austerity was over and the euro zone was going full steam ahead to revive economic growth. In a striking change of tone, European Commission President Jose Manuel Barroso said last month that austerity - the policy of cutting public debt by reducing spending and raising taxes - had reached the limits of public acceptance. In reality, the shift is more in words than deeds. The rhetoric has changed but there has been no policy U-turn. ... Full Story | Top |
| China profit growth quickens, no harbinger of recovery Sunday, May 26, 2013 07:53 PM PDT  BEIJING (Reuters) - China's industrial profits growth quickened in April from the previous month, though the government noted that the pickup was due mainly to a low comparative base, indicating that the world's second largest economy still faces slack domestic and external demand. Chinese firms made profits of 436.7 billion yuan ($71.22 billion) in April, up 9.3 percent from the same month last year, quickening from a year-on-year growth of 5.3 percent in March, the National Bureau of Statistics said on Monday. ... Full Story | Top |
| Economic reality finally cracks market fervor Sunday, May 26, 2013 07:33 PM PDT  By Andy Bruce LONDON (Reuters) - As evidence mounts that a mid-year slowdown is taking place in the world economy, the next few days will offer a clearer glimpse of how that will impinge on policymaking and buoyant financial markets. Global stocks stumbled last Thursday in one of the few times the grey economic reality cut through this year's reverie in financial markets. And that could mark the start of a trend, after Federal Reserve Chairman Ben Bernanke last week hinted the U.S. central bank could soon scale back its monthly bond purchases that have flooded stock markets with new cash. ... Full Story | Top |
| Europe investigates Apple's iPhone tactics: FT Sunday, May 26, 2013 07:20 PM PDT  (Reuters) - The European Commission is investigating whether Apple Inc is using anti-competitive iPhone sales tactics and technical restrictions to squeeze out rival smartphone makers from the European market, according to documents seen by the Financial Times. According to a questionnaire sent last week to several European mobile network operators, the Commission is focusing on distribution terms that might favour Apple by ensuring no rival can secure a better sales deal, said the newspaper. Apple said its contracts comply with EU laws, said the FT. ... Full Story | Top |
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