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| Osborne says seven government departments agree spending cuts Tuesday, May 28, 2013 12:36 AM PDT  LONDON (Reuters) - British chancellor George Osborne said seven government departments have agreed to spending cuts of up to 10 percent as part of a spending review, the next big challenge as he tries to shrink the national budget deficit. Osborne said Britain's justice, energy and communities departments were among those facing "significant savings" but that the country's National Health Service would remain protected from cuts. "I've made a tough decision that I'm going to protect spending on the NHS," he told BBC television, saying he would also try to protect spending on schools. ... Full Story | Top |
| Shares higher, Bunds dip on central bank pledges Tuesday, May 28, 2013 12:34 AM PDT  By Richard Hubbard LONDON (Reuters) - European shares rose on Tuesday and German bond prices dipped as investors drew support from signals of ongoing central bank stimulus. Investors turned cautious after the U.S. Federal Reserve cast doubt on the future of its stimulus plan last week. But both the Bank of Japan and the European Central Bank have since reaffirmed that their expansive policies will stay in place. ... Full Story | Top |
| Brent steadies below $103 as demand outlook dims Tuesday, May 28, 2013 12:33 AM PDT By Ramya Venugopal CHENNAI, India (Reuters) - Brent crude held below $103 per barrel on Tuesday amid worries about the global economy and ample supply, while some traders said the onset of the summer driving season in top oil consumer the United States may support prices. A contraction in Chinese factory activity and a buildup in U.S. gasoline inventories have been dragging on oil prices, with analysts saying Brent could drop further. ... Full Story | Top |
| Gold falls as stocks hold firm; physical demand stays strong Tuesday, May 28, 2013 12:32 AM PDT  By A. Ananthalakshmi SINGAPORE (Reuters) - Gold fell on Tuesday as Asian stock markets and the dollar firmed after a turbulent week, undermining the metal's appeal as a safe haven and prompting more selling in bullion-backed exchange traded funds. Demand in the physical market continued to hold prices near $1,400 an ounce as the recent drops in the spot market lured buyers to invest in bullion. Spot gold fell 0.26 percent to $1,390.71 an ounce by 0230 GMT, after gaining more than half a percent on Monday. ... Full Story | Top |
| Britain's FTSE reopens to bounce back towards 13 year highs Tuesday, May 28, 2013 12:30 AM PDT  LONDON (Reuters) - Britain's top share index rose on Tuesday, buoyed by the prospect of continued monetary easing and catching up with Europe after a public holiday on Monday saw it miss out on the previous session's gains. Banks led Britain's FTSE higher, benefitting from calmed nerves over monetary stimulus programmes after European and Japanese central bankers renewed their commitment to continued supportive policies. Banks had been among Europe's top gainers on Monday. The FTSE 100 was up 61.11 points, or 0.9 percent, at 6,715.45 by 0704 GMT, with financials adding 17.5 points to the ... Full Story | Top |
| AstraZeneca buys heart firm Omthera for up to $443 million Tuesday, May 28, 2013 12:14 AM PDT By Ben Hirschler LONDON (Reuters) - AstraZeneca is to buy Omthera Pharmaceuticals for as much as $443 million to build up its cardiovascular drug business, a priority area for Britain's second-biggest drugmaker. The acquisition of the U.S.-based specialist in fish oil-derived medicine underscores a drive by new Chief Executive Pascal Soriot to revive AstraZeneca's fortunes through a series of bolt-on deals. It is his second purchase in the cardiovascular field, following the acquisition last month of AlphaCore Pharma, a small early-stage U.S. biotechnology company. ... Full Story | Top |
| Factbox: Europe's lead over U.S. on heart device approvals Tuesday, May 28, 2013 12:07 AM PDT (Reuters) - U.S. cardiologists have become increasingly frustrated by lengthy delays in approvals of medical technology used in heart procedures, often coming three years or more after European approvals. The following are some heart-related devices in use in Europe that are either awaiting U.S. approval or were approved in the United States long after becoming available to European patients. CE Mark is the designation for European approval. ... Full Story | Top |
| Heart device approval delays leave U.S. doctors frustrated Tuesday, May 28, 2013 12:06 AM PDT  By Bill Berkrot NEW YORK (Reuters) - Americans accustomed to immediate access to the newest technology may be shocked to find that is not the case when it comes to devices that treat ailing hearts. U.S. approval requirements for cardiac devices are much more stringent than in Europe, where there is no centralized decision-making body. But a growing number of U.S. heart doctors feel the regulations are so demanding that patients are being denied access to beneficial therapies. ... Full Story | Top |
| S.Africa's rand down nearly 1 pct, bonds sold Monday, May 27, 2013 11:59 PM PDT  JOHANNESBURG (Reuters) - South Africa's rand fell against the dollar early on Tuesday and was likely to stay under pressure with market players anticipating weak economic growth data later in the session. The rand gave up 0.8 percent from its previous close to trade at 9.67, not far off a its next support level at 9.70. The currency has been trading in a narrow band set last week when it last tested four-year lows just shy of 9.70. Economic growth data for the first quarter of the year is due at 0930 GMT and is expected to show GDP slowed compared to last year. ... Full Story | Top |
| Chinese city bans anti-refinery protests ahead of trade fair Monday, May 27, 2013 11:48 PM PDT BEIJING (Reuters) - The government of the southwestern Chinese city of Kunming on Tuesday banned residents from protesting next week against planned chemical production at a refinery, the ban coinciding with the opening of an important trade fair. An increasingly affluent urban population has begun to object to a China's policy of growth at all costs, which has fuelled the economy for three decades, with the environment emerging as a focus of concern and protests. ... Full Story | Top |
| EU duties on Chinese solar panels losing member-state support Monday, May 27, 2013 11:38 PM PDT  By Robin Emmott and Ethan Bilby BRUSSELS (Reuters) - A majority of EU governments oppose a plan to impose hefty duties on solar panel imports from China, a survey of member states showed on Monday, undermining efforts by Brussels to pressure Beijing over its trade practices. The European Commission, the EU's executive, accuses Chinese firms of selling solar panels at below cost in Europe - a practice known as "dumping" - and plans to impose duties, making it far harder for China to gain market share. ... Full Story | Top |
| Volkswagen nears wage deal for more than 100,000 workers Monday, May 27, 2013 11:37 PM PDT  HANOVER, Germany (Reuters) - Volkswagen is nearing a deal with the IG Metall labor union to raise wages for workers at its German factories, just as Europe's biggest automaker grapples with slowing sales and falling profit. "We will reach a deal," a spokesman for IG Metall said early on Tuesday. A spokesman for Volkswagen added that some details still needed to be worked out before an agreement could be signed, while declining to provide specifics. Volkswagen and IG Metall are due to hold a news conference at 10 a.m. (0800 GMT). ... Full Story | Top |
| Credit Suisse warns of U.S. tax spat escalation if talks fail Monday, May 27, 2013 11:24 PM PDT  ZURICH (Reuters) - Credit Suisse's chairman warned that a long-running tax dispute with the United States over hidden Swiss bank accounts could easily escalate and spill over to rivals if not settled. "What looks to be a painful solution at first glance is better for everyone than none at all," Urs Rohner was quoted as telling the Neue Zuercher Zeitung daily on Tuesday. Rohner's comments come as the Swiss government said it hopes it is nearing a deal with U.S. authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax. ... Full Story | Top |
| US-INDUSTRY Summary Monday, May 27, 2013 11:18 PM PDT News Corp denies having record of Fox News subpoena (Reuters) - News Corp said on Monday it is still reviewing whether it has any record of a notification from the United States government involving a subpoena for a Fox News reporter's phone records. The media conglomerate was responding to the Justice Department, which said it told News Corp about the seizure of phone records for James Rosen, a reporter with Fox News, in August 2010. ... Full Story | Top |
| News Corp denies having record of Fox News subpoena Monday, May 27, 2013 11:17 PM PDT  (Reuters) - News Corp said on Monday it is still reviewing whether it has any record of a notification from the United States government involving a subpoena for a Fox News reporter's phone records. The media conglomerate was responding to the Justice Department, which said it told News Corp about the seizure of phone records for James Rosen, a reporter with Fox News, in August 2010. ... Full Story | Top |
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