| | |
| Germany's Ifo says economy to grow 0.6 percent in 2013 Wednesday, Jun 26, 2013 12:39 AM PDT By Michelle Martin BERLIN (Reuters) - Germany's Ifo institute has trimmed its forecast for economic growth this year to 0.6 percent because Europe's largest economy had a subdued first quarter and only narrowly avoided a recession, it said on Wednesday. Ifo, which in December had forecast growth of 0.7 percent for 2013, remains more optimistic than the government and the Bundesbank, which expect growth of 0.5 percent and 0.3 percent respectively. The German economy eked out 0.1 percent growth in the first quarter on the back of private consumption after contracting in late 2012. ... Full Story | Top |
| Wal-Mart names interim head for India business Wednesday, Jun 26, 2013 12:07 AM PDT  MUMBAI (Reuters) - Wal-Mart Stores Inc , which has spent years trying to crack the long-restricted India market, said on Wednesday its country head had left the company and named an interim replacement. Wal-Mart, the world's biggest retailer, did not explain the reason for the change. The company has been the most aggressive among global supermarket chains trying to set up in India but in November its local joint venture suspended its chief financial officer and others as it investigated alleged violations of U.S. anti-bribery laws. ... Full Story | Top |
| Mauritius trims 2013 GDP forecast to 3.3 pct: statistics office Wednesday, Jun 26, 2013 12:04 AM PDT  PORT LOUIS (Reuters) - Mauritius revised its 2013 economic growth forecast down to 3.3 percent from 3.5 percent, official data showed on Wednesday, due to an anticipated contraction in the construction sector and slower growth in financial services and ICT. "On the basis of information gathered on key sectors of the economy and performance of the first quarter, GDP is forecasted to grow by 3.3 percent, lower than the 3.5 percent forecasted in March 2013," Statistics Mauritius said in a statement. Full Story | Top |
| Carphone says Andrew Harrison to be CEO from July Wednesday, Jun 26, 2013 12:03 AM PDT  LONDON (Reuters) - Carphone Warehouse , Europe's biggest independent mobile phone retailer, said Andrew Harrison would be promoted to chief executive next month as the firm met guidance for year earnings. The group, which in April agreed to buy back Best Buy's stake in its European joint venture for 471 million pounds ($726 million), said on Wednesday Harrison would take on the CEO role at the annual shareholders' meeting on July 24. Current CEO Roger Taylor will switch to deputy chairman on the same date, maintaining many of his existing responsibilities. ... Full Story | Top |
| Vulnerable South Africa's rand rebounds on corporate demand Wednesday, Jun 26, 2013 12:03 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand bounced back in early trade on Wednesday as flows of offshore corporate earnings ahead of the end of the financial quarter offset strong demand for the dollar. The rand was at 10.0551 against the dollar at 0651 GMT, 0.4 percent stronger than its New York close of 10.0975 overnight. The local unit, which is slightly stronger so far this month, has been resilient in the past few days after slumping to a four-year low in early June but traders have said the recovery lacked solid fundamentals. ... Full Story | Top |
| Insurer Direct Line to cut about 2,000 jobs Tuesday, Jun 25, 2013 11:59 PM PDT (Reuters) - Britain's Direct Line Insurance Group Plc , the motor insurer spun out of Royal Bank of Scotland , said it plans to cut about 2,000 positions as it looks to trim costs and boost profit. European motor insurers have been faced with sluggish price growth because of intense competition, exacerbated in the past decade by the rise of price-comparison websites. "This is another step in the ongoing transformation of Direct Line Group and an important part of our aim to regain competitive edge," Chief Executive Paul Geddes said. ... Full Story | Top |
| Stagecoach profit up on UK and U.S. bus growth Tuesday, Jun 25, 2013 11:55 PM PDT LONDON (Reuters) - Transport operator Stagecoach posted an 8 percent rise in full-year profit, driven by strong growth at its British regional bus business and its U.S. division. The bus and rail operator on Wednesday reported a pretax profit of 218.9 million pounds ($337.21 million) for the year to the end of April on revenues 8.2 percent higher at 2.8 billion pounds. The Scotland-based company said operating profit at its UK regional bus business rose 62 percent during the year, though profit fell at its London bus arm. ... Full Story | Top |
| Rio suspends Mozambique coal exports due to security fears Tuesday, Jun 25, 2013 11:55 PM PDT  MAPUTO (Reuters) - Rio Tinto has suspended coal exports from Mozambique's northwest Tete province due to security concerns after threats by the opposition Renamo party to disrupt the Sena railway line, a provincial official said on Wednesday. "As for Rio Tinto's goods trains, the company decided to suspend them," Tete provincial governor Rachid Gogo told Radio Mozambique. A Rio spokesman in Johannesburg was not immediately available for comment. Officials at Brazilian mining giant Vale, the other commercial user of the Sena line, were also unavailable. ... Full Story | Top |
| Kenya tea prices slip in latest auction Tuesday, Jun 25, 2013 11:46 PM PDT  NAIROBI (Reuters) - The average price of Kenya's top-grade Broken Pekoe Ones tea slipped to $3.19 per kg at this week's auction from $3.26 per kg at last week's sale, trader Africa Tea Brokers said on Tuesday. Tea is a major source of foreign exchange for Kenya, the world's leading exporter of black tea. It earned 112 billion Kenyan shillings from the commodity last year. ATB said that Best Broken Pekoe Ones (BP1) at auction on Tuesday fetched $2.92 to $3.46 per kg, compared with $2.88 to $3.64 per kg at the previous sale. Best Pekoe Fanning Ones (PF1) sold at $2.54 to $3.15 per kg, from $2. ... Full Story | Top |
| Uganda agrees to plan for oil pipeline to new Kenya port Tuesday, Jun 25, 2013 11:46 PM PDT By Elias Biryabarema KAMPALA (Reuters) - Uganda has agreed to a plan to build a pipeline from its oilfields to a new port being developed on Kenya's northern coast, Uganda's foreign minister said on Tuesday, enabling crude exports and boosting its oil industry. The pipeline to Kenya's Lamu port, where work on berths is starting, would also provide a route to export crude oil from South Sudan, which now relies on a pipeline through its northern neighbour Sudan. Rows between the two have disrupted flows. ... Full Story | Top |
| Most Asia shares rebound on PBOC, Shanghai extends slide Tuesday, Jun 25, 2013 11:44 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares turned around a four-day losing streak and rose on Wednesday after China's central bank assured it will offer funds to banks if needed, but lingering fears of a credit crunch and slower loan growth continued to drive selling of Shanghai shares. Financial stocks fell nearly 2 percent in Shanghai, in turn dragging Japan's Nikkei to close down 1 percent after a solid start, overshadowing positive data from the United States underscoring an American recovery. ... Full Story | Top |
| China's ICBC says happy to help, hopes for clearer policy signals Tuesday, Jun 25, 2013 11:42 PM PDT  By Jason Subler and Xiaowen Bi BEIJING (Reuters) - China's biggest bank was uncertain of how to respond to turmoil in money markets last week because there was no clear direction from policymakers on what they wanted to achieve, according to its top executive. Jiang Jianqing, Chairman of Industrial and Commercial Bank of China Ltd (ICBC) , stopped short of directly criticizing regulators for their handling of the stand-off over money market liquidity, which saw overnight borrowing rates soar and caused panic at some smaller banks. ... Full Story | Top |
| Mexico aims to bring shadow economy into the light Tuesday, Jun 25, 2013 11:32 PM PDT By Krista Hughes MEXICO CITY (Reuters) - Seeking to dismantle a black economy dragging on economic growth, Mexico wants to lure informal workers into the social security net - and the reach of the tax man. Six in 10 Mexican workers, or 30 million people, live in the informal economy, eroding Mexico's already-low tax base and hindering plans to set up a universal social security system. ... Full Story | Top |
| AkzoNobel to sell 72 paint shops in Germany Tuesday, Jun 25, 2013 11:18 PM PDT  AMSTERDAM (Reuters) - Dutch paints and chemicals group AkzoNobel NV said on Wednesday it plans to sell its 72 decorative paints stores for professionals in Germany to independent wholesale distributors to improve efficiency. "The new set-up will allow AkzoNobel to select the most efficient distribution channels for its professional paint products, rather than operating its own stores," the company said in a statement, adding that it wants to enter into strategic partnership agreements with the future shop owners. No financial details were given. ... Full Story | Top |
| German consumer sentiment at highest in almost six years: GfK Tuesday, Jun 25, 2013 11:08 PM PDT  BERLIN (Reuters) - Morale among German consumers rose to its highest level in almost six years heading into July thanks to a robust labor market and strong wage hikes, adding to signs that Europe's largest economy is slowly recovering after a weak start to 2013. GfK market research group said on Wednesday its forward-looking consumer sentiment indicator, based on a survey of around 2,000 Germans, climbed to 6.8 going into July - its highest level since September 2007 - from 6.5 in June. That was well above the consensus forecast in a Reuters poll of economists for a reading of 6. ... Full Story | Top |
|
No comments:
Post a Comment