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| Philippines' surprisingly strong first-quarter growth eclipses China Thursday, May 30, 2013 12:27 AM PDT  By Karen Lema MANILA (Reuters) - The Philippines on Thursday posted surprisingly strong growth in the first quarter, knocking China from pole position in Asia, driven by robust domestic consumption and government spending. The stellar pace of expansion, which blew past expectations, pulled the peso up from an 11-month low and cemented views the central bank would leave its key policy rate on hold this year. Growth is seen powering on after the Philippines earlier this month got an investment grade rating from Standard & Poor's, the second debt agency to do so this year. ... Full Story | Top |
| S.African rand edges up but weakening likely to resume Thursday, May 30, 2013 12:15 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand broke a four-day decline on Thursday, taking a slight breather from recent heavy selling that had brought it to a four-year low and within sight of key support at around 10.0 to the U.S. dollar. The local currency was at 9.810 versus the greenback at 0646 GMT, up 0.1 percent from the previous day's close. The rand had touched a four-year low of 9.86 on Tuesday, weighed down by weak domestic growth data and labour trouble in the crucial mining sector that could slow the growth of Africa's largest economy. ... Full Story | Top |
| Fiat in talks for up to $10 billion financing for Chrysler deal: report Wednesday, May 29, 2013 11:56 PM PDT  MILAN (Reuters) - Italy's Fiat is in talks for as much as $10 billion in financing from a pool of banks to buy the stake in Chrysler it does not already own and refinance the two automakers' debt, Bloomberg reported on Thursday. Citing people familiar with the matter, the report said the banks were discussing lending Fiat the money to buy a 41.5 percent stake in Chrysler held by the United Auto Workers' healthcare trust Veba. ... Full Story | Top |
| Weak demand and wet weather hammers Kingfisher profits Wednesday, May 29, 2013 11:53 PM PDT  LONDON (Reuters) - Kingfisher, Europe's largest DIY retailer, posted a near-30 percent drop in first quarter profit as weak demand and poor weather continued to hit trade in its key markets. The group, which runs B&Q and Screwfix in the UK and Castorama and Brico Depot in France, on Thursday said retail profit was 114 million pounds ($172 million) in the 13 weeks to May 4, down 29.2 percent on a year ago and well below a company compiled consensus forecast of 137 million pounds. Revenue was 2.6 billion pounds, down 4.2 percent on a like for like basis, and deteriorating from a 3. ... Full Story | Top |
| S.Africa's Tiger Brands H1 profit flat Wednesday, May 29, 2013 11:49 PM PDT JOHANNESBURG (Reuters) - Africa's biggest consumer foods group, Tiger Brands, barely increased first-half profit as debt-laden consumers cut back on spending, while higher input costs and tougher competition hit margins. South Africa-based Tiger Brands, which makes bread, breakfast cereal and energy drinks, said headline earnings per share totalled 818.3 cents in the six months to end-March, up 4 percent from 786.5 cents a year earlier. Headline EPS, South Africa's most widely used profit gauge, strips out some one-off items. ... Full Story | Top |
| S.Africa April credit growth quickens to 9.13 percent y/y Wednesday, May 29, 2013 11:48 PM PDT  JOHANNESBURG (Reuters) - Growth in credit demand by South Africa's private sector accelerated to 9.13 percent year-on-year in April from a revised 7.85 percent in March, central bank data showed on Thursday. Expansion in the broadly defined M3 measure of money supply was also higher at 9.98 percent year-on-year in April from 8.07 percent the previous month. Economists surveyed by Reuters forecast year-on-year private sector credit growth of 8.75 percent in April and a 9.2 percent rise in money supply. Full Story | Top |
| S.Africa's Rainbow Chicken moves into Zambian market Wednesday, May 29, 2013 11:47 PM PDT JOHANNESBURG (Reuters) - South Africa's Rainbow Chicken said on Thursday that it plans to establish a joint hatchery operation in Zambia in partnership with Zambeef. Rainbow and Zambeef will own 51 percent and 49 percent of the new Zamhatch business respectively. The business is expected to be operational within the next two to three years. Full Story | Top |
| S.Africa's Standard Bank net interest income up Wednesday, May 29, 2013 11:47 PM PDT  JOHANNESBURG (Reuters) - South Africa's Standard Bank said on Thursday net interest income after impairments for the first four months of the year has shown "pleasing growth" over the same period in 2012. The bank, which is 20 percent owned by China's ICBC, said while fees and commissions have recorded positive growth, costs continue to be affected by the continued weakness in the rand. Full Story | Top |
| Shares under pressure on Fed stimulus jitters Thursday, May 30, 2013 12:39 AM PDT  By Marc Jones LONDON (Reuters) - World shares were under pressure for a second day on Thursday and the dollar slipped against the yen, as uncertainty over when the U.S. Federal Reserve might slow its stimulus program dominated markets. Top European stocks were rangebound after heavy falls on Wednesday, but another 5 percent dive in Japan's Nikkei in Asian trading left MSCI's world index at a three-week low. "The market is being dominated by expectations of Fed tightening," said Daiwa securities economist Tobias Blattner. "German government bond... ... Full Story | Top |
| House prices rise at fastest pace since November 2011 - Nationwide Wednesday, May 29, 2013 11:15 PM PDT  LONDON (Reuters)- House prices have risen at their fastest annual rate since November 2011 this month, buoyed by a Bank of England initiative to reduce the cost of credit, data from mortgage lender Nationwide showed on Thursday. Nationwide said house prices rose by an annual 1.1 percent in May, slightly more than expected and up from April's 0.9 percent annual increase. On the month, prices were 0.4 percent higher, in line with forecasts, after holding steady in April. "There has been an improvement in the availability ... ... Full Story | Top |
| Mystery and science fiction author Jack Vance dead at 96 Wednesday, May 29, 2013 09:48 PM PDT LOS ANGELES (Reuters) - Mystery and science fiction writer Jack Vance, whose works included "The Dragon Master" and "The Last Castle," has died at age 96, according to a statement posted on his official website on Wednesday. Vance passed away at his Oakland, California, home on Sunday, according to the statement at www.jackvance.com, a site maintained by his friends and family. He won the Hugo award for his science fiction book "The Dragon Masters" in 1963 and again in 1967 for "The Last Castle." The Hugo is given for excellence in the fields of science fiction and fantasy. ... Full Story | Top |
| CA-BUSINESS Summary Wednesday, May 29, 2013 09:12 PM PDT TSX ends lower on BMO results, stimulus worries TORONTO (Reuters) - Canada's benchmark stock index fell on Wednesday as a decline in Bank of Montreal shares after the lender's quarterly profit missed estimates and market weakness following worries about the U.S. stimulus program overshadowed a surge in gold producers. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 17.91 points, or 0.14 percent, at 12,732.61. Seven of the 10 main sectors on the index were in the red. Sprint, SoftBank agree to U.S. ... Full Story | Top |
| Dish tops rival Sprint's bid for Clearwire Wednesday, May 29, 2013 09:11 PM PDT  (Reuters) - Dish Network Corp raised its buyout offer for Clearwire Corp to $4.40 per share, valuing the wireless service provider at $6.5 billion and topping a rival bid by Sprint Nextel Corp by nearly 30 percent. Sprint, the No. 3 U.S. mobile service provider, already owns just over 50 percent of Clearwire's shares and had increased its offer to $3.40 per share last week under pressure from activist shareholders. Dish, which is also locked in a battle with Japan's SoftBank Corp to acquire Sprint, raised its bid just two days before the Sprint offer goes to a vote. ... Full Story | Top |
| Foreclosure sales tumble in first quarter: RealtyTrac Wednesday, May 29, 2013 09:06 PM PDT  NEW YORK (Reuters) - Sales of U.S. homes in foreclosure fell in the first quarter, a report from RealtyTrac showed on Thursday, the latest data to suggest the housing market is on the mend. There were 190,121 properties sold that were in the foreclosure process or already seized by lenders, down 18 percent from the last quarter of 2012 and a decrease of 22 percent from the first quarter the year before. That accounted for 21 percent of all home sales, down from 25 percent in the first quarter of 2012. ... Full Story | Top |
| Thailand's CP Foods says considered bidding for Smithfield Wednesday, May 29, 2013 09:01 PM PDT HONG KONG (Reuters) - Charoen Pokphand Foods Plc, controlled by Thai billionaire Dhanin Chearavanont, said on Thursday it had considered bidding for Smithfield Foods Inc. On Wednesday, China's privately-owned Shuanghui International agreed to buy Smithfield Foods for $4.7 billion in cash to feed growing Chinese appetite for U.S. pork, in a deal that has already stirred concern from U.S. politicians. CP Foods declined to give more details due to a non-disclosure agreement. (Reporting by Denny Thomas and Khettiya Jittapong; Editing by Ryan Woo) Full Story | Top |
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