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| World Bank says global food prices fell again in latest period Friday, Jul 26, 2013 12:15 AM PDT  By Paige Gance WASHINGTON (Reuters) - Global food prices fell by 2 percent in the latest four-month period, marking the third straight period of declines, as declining imports in the Middle East and North Africa, and lower demand pushed prices down 12 percent from their August 2012 peak, the World Bank said on Thursday. The World Bank's Food Price Index showed international prices of wheat fell by 2 percent, sugar by 6 percent, soybean oil by 11 percent, and maize, or corn, by 1 percent during the four-month period between February and June. ... Full Story | Top |
| Vivendi selling most of Activision stake for $8.2 billion Friday, Jul 26, 2013 12:14 AM PDT  By Christian Plumb and Leila Abboud PARIS/BANGALORE (Reuters) - France's Vivendi said on Friday that it planned to sell 85 percent of its stake in Activision Blizzard Inc to the video games maker and its management for $8.2 billion, its second blockbuster deal in the past week. Vivendi is selling the shares for $13.60 each, a 10 percent discount to Activision's closing price on Thursday. After the deal, Vivendi will retain a stake of 83 million shares, or 12 percent of the video games maker best known for the Call of Duty series and online multi-player game World of Warcraft. ... Full Story | Top |
| South African rand steady, central bank could reiterate inflation concerns Friday, Jul 26, 2013 12:04 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand was flat against the dollar on Friday and looked to tread a narrow range in the absence of major market-moving economic data, both locally and abroad. Reserve Bank Governor Gill Marcus, in her opening address at 0800 GMT at the bank's annual general meeting, is likely to reiterate concerns about weak economic growth and upward risks to inflation from the rand's recent sharp decline. By 0648 GMT, the local currency traded at 9.7245 against the dollar, barely changed from its New York close at 9.7300 on Thursday. ... Full Story | Top |
| Church of England admits investing in backer of payday lender Thursday, Jul 25, 2013 11:53 PM PDT  LONDON (Reuters) - The Church of England confirmed on Thursday that its pension fund invests in Accel Partners, the U.S.-based venture capital firm that led fundraising in 2009 for Wonga, a payday lender. The Financial Times newspaper reported the investment a day after Archbishop of Canterbury Justin Welby said that the church would seek to drive payday lenders, such as Wonga, out of business by launching its own credit unions. Payday lenders have been criticized for trapping borrowers in a cycle of debt. ... Full Story | Top |
| Timeline: New tragedy on Spanish railways Thursday, Jul 25, 2013 11:52 PM PDT (Reuters) - A train derailed outside the ancient northwestern Spanish city of Santiago de Compostela on Wednesday evening, killing at least 78 people and injuring around 178 in one of Europe's worst rail disasters. Following is a timeline of some other major accidents on the country's railway lines: January 3, 1944 - Three trains collide inside a tunnel near the village of Torre del Bierzo in the region of Castile and Leon. While the official death toll was 78, recent studies put the number killed at over 500. ... Full Story | Top |
| Police to question driver after Spanish train crash kills 80 Thursday, Jul 25, 2013 11:52 PM PDT  By Tracy Rucinski SANTIAGO DE COMPOSTELA, Spain (Reuters) - The driver of a Spanish train that derailed, killing at least 80 people, was under police guard in hospital on Friday after the accident, which an official source said was caused by excessive speed. The eight-carriage train came off the tracks, hit a wall and caught fire just outside the pilgrimage destination Santiago de Compostela in northwestern Spain on Wednesday night. It was one of Europe's worst rail disasters. ... Full Story | Top |
| New Anglo CEO to slash costs as profit drops Thursday, Jul 25, 2013 11:47 PM PDT  LONDON (Reuters) - Global miner Anglo American, in the first set of earnings released under its new chief executive, vowed to slash spending and boost cash flow by $1.3 billion a year by 2016 as it reported a 15 percent drop in first-half profit. Anglo, the first of the diversified majors to publish results, said underlying operating profit fell in the six months to $3.3 billion, ahead of a consensus estimate of $3.12 billion. Underlying earnings per share (EPS) came to $0.98. ... Full Story | Top |
| BSkyB announces new buyback after strong year Thursday, Jul 25, 2013 11:35 PM PDT  LONDON (Reuters) - BSkyB announced a new 500 million pound ($766 million)share buyback on Friday as it released full-year results showing the group in fighting spirits ahead of its pending pay-TV battle with telecoms giant BT. Britain's dominant pay-TV group, which provides telephony, broadband and premium TV, said it intended to seek approval for the new capital return in November, while it also hiked its full-year dividend by 18 percent. That capped off full-year results which showed adjusted operating profit up 9 percent to 1. ... Full Story | Top |
| Dollar languishes at 5-wk low as Fed eyed, Japanese shares tumble Thursday, Jul 25, 2013 11:30 PM PDT  By Dominic Lau TOKYO (Reuters) - Tokyo shares tumbled on Friday on the back of a stronger yen and the dollar languished at a five-week low against a basket of currencies as investors waited for clarity on U.S. stimulus at the Federal Reserve's policy meeting next week. European shares were expected to open higher, with London's FTSE 100 seen up as much as 0.4 percent and Frankfurt's DAX indicated up 0.7 percent, while the S&P 500 index futures added 0.2 percent. ... Full Story | Top |
| Toshiba to cut costs in TVs, PCs by $300 million over next 2 years Thursday, Jul 25, 2013 11:29 PM PDT  TOKYO (Reuters) - Japan's Toshiba Corp said on Friday it aims to cut a combined 10 billion yen ($100 million) in costs in its television and PC businesses in the year to March 2014 and double that figure in the following year to cope with persistently weak demand. Toshiba said it will shift 400 staff from its domestic TV and PC businesses to its social infrastructure arm and other segments this fiscal year, after breaking up its Digital Products company into three divisions. ... Full Story | Top |
| Burundi government revenue tumbles in wake of market blaze Thursday, Jul 25, 2013 11:06 PM PDT BUJUMBURA (Reuters) - Burundi's tax revenue fell 20 percent in the first five months of 2013 due to an economic slowdown and a fire that destroyed a major marketplace in the capital, the finance minister said after parliament approved a revised budget on Thursday. The revised 2013 budget projects tax revenues of 547.5 billion Burundi francs, well down from an initial forecast of 621 billion francs. Burundi's government has already cuts its growth forecast for 2013 to 4.8 percent from 6. ... Full Story | Top |
| Ethiopia signs $700 mln mobile network deal with China's Huawei Thursday, Jul 25, 2013 11:06 PM PDT  By Aaron Maasho ADDIS ABABA (Reuters) - Ethiopia on Thursday signed a $700 million agreement with China's Huawei Technologies Co Ltd to expand mobile phone infrastructure and introduce high-speed 4G broadband network in the capital Addis Ababa and 3G service throughout the country. Huawei, the world's second largest telecom equipment maker, has been involved in developing phone and internet services in the Horn of Africa country for several years. ... Full Story | Top |
| Analysis: History shows India's growth concerns will override rupee defense Thursday, Jul 25, 2013 11:01 PM PDT  MUMBAI (Reuters) - If one thing is clear from India's impulsive strategies this month to defend a plunging currency, it is that the central bank's policy bias towards supporting growth is innate, even in a crisis. When the rupee hit a record low on July 8, the Reserve Bank of India (RBI) withdrew cash from money markets, making bets against the currency significantly more expensive. It intervened to stop the currency from dropping beyond 60 per dollar and at the same time tried to assure investors the shock measures were temporary. ... Full Story | Top |
| Toyota set to retain title of world's top automaker in Jan-June Thursday, Jul 25, 2013 10:40 PM PDT  TOKYO (Reuters) - Toyota Motor Corp looked set to retain its title as the world's top-selling carmaker in the first half of this year, company figures showed on Friday, outpacing General Motors and Volkswagen as it boosted overseas sales to a record high. The Japanese automaker said its groupwide global sales for the first six months totaled 4.911 million vehicles. That was down 1.1 percent from a year earlier due to weaker Japan sales following the end of green car subsidies, but sales in the United States, its biggest market, were strong. ... Full Story | Top |
| U.S. indicts hackers in biggest cyber fraud case in history Thursday, Jul 25, 2013 10:33 PM PDT  By David Jones and Jim Finkle NEWARK, N.J./BOSTON (Reuters) - Federal prosecutors said on Thursday they have charged five men responsible for a hacking and credit card fraud spree that cost companies more $300 million and two of the suspects are in custody, in the biggest cyber crime case filed in U.S. history. They also disclosed a new security breach against Nasdaq, though they provided few details about the attack. Other companies targeted by the hackers include a Visa Inc licensee, J.C. ... Full Story | Top |
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