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| RBS returns to profit, to finish restructuring in 2014 Friday, May 03, 2013 12:55 AM PDT  LONDON (Reuters) - State-backed Royal Bank of Scotland reported its first quarterly profit in 18 months on Friday and said it expected to complete its restructuring during 2014, potentially enabling the government to start selling shares. RBS, which is 82 percent-owned by the taxpayer, made a pretax profit of 826 million pounds ($1.3 billion), compared with a loss of 1.5 billion pounds in the same period last year. Analysts had forecast a profit of 800 million pounds. ... Full Story | Top |
| April employment data to point to sluggish economy Friday, May 03, 2013 12:46 AM PDT  By Lucia Mutikani WASHINGTON (Reuters) - U.S. employment growth likely picked up in April, but probably not by enough to counter other signs that suggest the economy has lost a step in recent weeks. Nonfarm payrolls are expected to have increased by 145,000 jobs, according to a Reuters survey of economists, after braking to a nine-month low of 88,000 in March. Taken together, the job creation pace over the past two months would still be far below the average of 200,000 for the first two months of this year. ... Full Story | Top |
| CA-BUSINESS Summary Friday, May 03, 2013 12:46 AM PDT Share gains pause as jobs report eyed, euro recovers LONDON (Reuters) - A rally in global share markets paused on Friday as investors braced for monthly jobs data from the United States, while the euro recovered slightly from losses driven by the European Central Bank's decision to cut rates. Analysts expect the April nonfarm payrolls report, due at 1230 GMT (8.30 a.m. ET), to show American employers hired 145,000 people last month, up from March's dismal pace of 88,000 but not enough to erase fears the world's biggest economy is losing steam. ... Full Story | Top |
| Share gains pause as jobs report eyed, euro recovers Friday, May 03, 2013 12:46 AM PDT  LONDON (Reuters) - A rally in global share markets paused on Friday as investors braced for monthly jobs data from the United States, while the euro recovered slightly from losses driven by the European Central Bank's decision to cut rates. Analysts expect the April nonfarm payrolls report, due at 1230 GMT (8.30 a.m. ET), to show American employers hired 145,000 people last month, up from March's dismal pace of 88,000 but not enough to erase fears the world's biggest economy is losing steam. ... Full Story | Top |
| Nedbank says to acquire Mozambique Banco Unico stake Friday, May 03, 2013 12:39 AM PDT JOHANNESBURG (Reuters) - South Africa's Nedbank Group said on Friday it plans to acquire an initial 36 percent share of Mozambique's sixth-largest lender Banco Unico, and that it would later increase the stake to a majority shareholding. The announcement comes as South African lenders are scouring the underbanked African continent in the hope of making acquisitions to hedge rising competition back home. Nedbank, South Africa's fourth largest banking group, also plans to convert a $285 million loan to pan-African lender Ecobank later this year, it said. ... Full Story | Top |
| In gloom of economic data, hope flickers for China Inc Friday, May 03, 2013 12:35 AM PDT  By Clement Tan HONG KONG (Reuters) - Improving first-quarter results from some of China's biggest steel and cement firms suggest that Beijing's economic recovery plan may be starting to filter through into corporate profits. That would bring a leavening touch to data released this week indicating that China's factories are expanding less quickly than expected, more evidence that the pace of recovery is slowing despite a boom in credit supply. Earnings growth for China-listed companies averaged 10. ... Full Story | Top |
| Falling demand leaves platinum market over-supplied in 2013-GFMS Friday, May 03, 2013 12:13 AM PDT  By Jan Harvey LONDON (Reuters) - The global platinum market is expected to swing into surplus this year as demand for the autocatalyst metal from carmakers in Europe weakens further, consultancy GFMS said on Thursday. Yet despite the expected oversupply, simmering unrest in the South African mining sector could push prices as high as $1,750 an ounce, some 18 percent above current levels, if further strife piques investment interest in the metal. ... Full Story | Top |
| Boeing agrees to compensate Air India for Dreamliner grounding: minister Friday, May 03, 2013 12:10 AM PDT NEW DELHI (Reuters) - Boeing Co has agreed to compensate state-run Air India Ltd for the grounding of 787 Dreamliner passenger jets, the Indian aviation minister said on Friday, adding the details have yet to be finalized. The carrier expects to restart Dreamliner operations for domestic flights by mid-May, Ajit Singh said. Air India has six Dreamliners and has ordered 21 more. The planes have been grounded worldwide since January following incidents of overheating in the batteries providing auxiliary power. ... Full Story | Top |
| Bond yields too low? There's always Rwanda Friday, May 03, 2013 12:09 AM PDT By Carolyn Cohn LONDON (Reuters) - Last summer, euro zone member Spain was struggling to borrow money for 10 years at a yield below 7 percent. Last week, Rwanda had no trouble. Rock-bottom interest rates in the developed world have left investors scrambling for yield, while economies in the developing world are eager to raise capital to boost their economies and reduce their dependence on international aid. The result in the past few years has been a frenzy of unfamiliar names issuing dollar debt, and finding huge demand. ... Full Story | Top |
| S. African bond yields at record lows, rand steady Friday, May 03, 2013 12:04 AM PDT JOHANNESBURG (Reuters) - South African government bond yields were at record lows on Friday as the hunt for high-yielding assets intensified, while the rand was steady against the dollar. The currency was at 8.9505 to the dollar at 0650 GMT, in line with its close in New York on Thursday. It had been supported by improved manufacturing and vehicle sales data this week. South Africa's seasonally adjusted Purchasing Managers' Index expanded in April, edging above the key 50 level to 50.5, a survey showed on Thursday, although the manufacturing sector is still struggling. ... Full Story | Top |
| Boeing plans to build world's longest-range passenger jet Thursday, May 02, 2013 11:32 PM PDT  By Tim Hepher and Praveen Menon PARIS/DUBAI (Reuters) - Boeing has shown airlines a blueprint for the world's longest-range passenger jet, adding spice to a long-awaited revamp of its 777 wide-body jet, people familiar with the matter said. Boeing on Wednesday launched a race against Airbus for sales of the newest long-haul jets by announcing it had begun selling an upgraded aircraft family code-named 777X. First seen in the 1990s, the 777 cornered the market for large twin-engine aircraft able to fly routes previously only possible with four engines, earning it the nickname "mini-jumbo. ... Full Story | Top |
| BRIEF-Nedbank says Q1 net interest income up 7.3 pct Thursday, May 02, 2013 11:26 PM PDT JOHANNESBURG (Reuters) - Nedbank Group Ltd: * Says entered into an agreement to acquire an initial 36% share in banco unico of mozambique * Says net interest income grew 7,3% to R5 121m (Q1 2012: R4 774m) * Says elevated consumer indebtedness and unsecured lending continued into 2013, leading to higher retail impairments * Says credit loss ratio increased to 1,22% (Q1 2012: 1,08%) * Says cautious in outlook for the year but remains on track to achieve medium to long term earnings growth target Full Story | Top |
| S.Africa's Harmony Gold Q3 earnings slide on mines closure Thursday, May 02, 2013 10:53 PM PDT JOHANNESBURG (Reuters) - South African gold producer Harmony Gold slumped to a loss in third-quarter earnings after the temporary closure of one of its mines ate into its quarterly production. In the three months to end March, gold production fell 15 percent to 247,529 ounces while headline earnings, which strip out some one-time items, fell to a loss of 47 cents per share compared with a positive 158 cents the previous quarter. Lower earnings have forced the minet to slash capital expenditure in South Africa and Papua New Guinea by 1.4 billion rand for the 2014 financial year. ... Full Story | Top |
| Consumer watchdog expands probe into auto lender industry: WSJ Thursday, May 02, 2013 10:50 PM PDT (Reuters) - The Consumer Financial Protection Bureau (CPFB) expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products like extended warranties, the Wall Street Journal reported on Thursday, citing people familiar with the investigation. The consumer bureau is investigating whether terms and prices for auto loans, as well as additional products like extra insurance, are properly disclosed. The probe follows a similar investigation into deceptive marketing practices by credit card companies, the Journal said. ... Full Story | Top |
| Analysis: TPG-Axon won't find quick fixes for SandRidge Thursday, May 02, 2013 10:09 PM PDT  By Anna Driver and Michael Erman (Reuters) - Hedge fund TPG-Axon Capital has won nearly half the seats on SandRidge Energy Corp's board but faces an uphill battle to reverse the oil and gas company's slumping stock price. SandRidge shares have tumbled 20 percent this year to around $5 on disappointing forecasts for its wells in Oklahoma and Kansas, as well as investor uncertainty over its strategic direction. ... Full Story | Top |
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