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| Kenya tea exports hurting from Egypt unrest Monday, Jul 29, 2013 12:56 AM PDT  By Joseph Akwiri MOMBASA, Kenya (Reuters) - Kenya's tea exports to Egypt have fallen in the past three weeks, hurt as turmoil in the biggest market for the top grade Kenyan product hit sales, traders said. Egypt has been convulsed by protests and violence since the army deposed Mohamed Mursi on July 3, following huge rallies against the Islamist president. The Muslim fasting month of Ramadan, which began earlier in July, had also dampened demand. During Ramadan, Muslims do not eat or drink during daylight hours. ... Full Story | Top |
| Siemens CEO intent on fighting for his job at Wednesday meeting: paper Monday, Jul 29, 2013 12:35 AM PDT  FRANKFURT (Reuters) - Siemens Chief Executive Peter Loescher plans to fight for his job at Wednesday's supervisory board meeting, a German newspaper said, despite the German industrial group saying at the weekend that it will sack him. Siemens, Germany's No. 2 company by market value, shocked markets on Thursday when it scrapped its 2014 profit margin targets, its second profit warning this year. Citing company sources, Sueddeutsche Zeitung said on Monday that Loescher was only willing to resign if Chairman Gerhard Cromme, who hired him six years ago, also quit. ... Full Story | Top |
| Spain to mourn train crash victims; driver freed pending trial Monday, Jul 29, 2013 12:29 AM PDT  By Tracy Rucinski SANTIAGO DE COMPOSTELA, Spain (Reuters) - Spain was to hold a memorial service on Monday for the 79 people who died in the country's worst rail disaster in decades, hours after the driver of the train was freed pending trial on charges of reckless homicide. The ceremony takes place at 1900 (1 p.m.ET) in the cathedral of Santiago de Compostela, a world-famous pilgrimage city in northwestern Spain where the high-speed train derailed. Prime Minister Mariano Rajoy, several ministers and the King's children Prince Felipe and Infanta Elena will attend. ... Full Story | Top |
| Apple-supplier Pegatron violates China workers' rights: China Labor Watch Monday, Jul 29, 2013 12:21 AM PDT  By Paul Carsten BEIJING (Reuters) - Pegatron Corp, a Taiwanese company that makes Apple Inc products, is violating workers' rights at its Chinese factories in Shanghai and Suzhou, New York-based rights group China Labor Watch said in a report on Monday. Pegatron, which assembles iPads and iPhones at its China factories, is forcing employees to work unpaid overtime in poor working and living conditions, among other violations of Chinese regulations, China Labor Watch said. ... Full Story | Top |
| Drugmaker Perrigo to buy Ireland's Elan for $8.6 billion Sunday, Jul 28, 2013 11:56 PM PDT By Padraic Halpin DUBLIN (Reuters) - U.S. generic drugmaker Perrigo agreed to buy fellow drug company Elan for $8.6 billion on Monday in a deal that will hand it royalty rights from a blockbuster treatment and tax savings from being domiciled in Ireland. The deal ends a bitter takeover saga in which Elan rejected three hostile bids by U.S. investment firm Royalty Pharma amid injunctions, court hearings and a war of words before putting itself up for sale last month. ... Full Story | Top |
| Egypt's Meditrade seeking 20,000 tonne soybean oil - trade Sunday, Jul 28, 2013 11:55 PM PDT ABU DHABI (Reuters) - Egyptian commodity purchasing business Meditrade has issued an international tender to buy up to 20,000 tonnes of soybean oil, a Cairo-based trader said on Monday Meditrade on July 22 announced a tender closing on July 30 for 30,000 tonnes of sunflower oil. It is now seeking the soybean oil in addition to the sunflower oil within the tender framework. Delivery is sought in the first half of September, the trader said. Full Story | Top |
| South Africa's credit growth slows in June Sunday, Jul 28, 2013 11:54 PM PDT JOHANNESBURG (Reuters) - Growth in credit demand from South Africa's private sector slowed to 8.91 percent year-on-year in June from 9.05 percent in May, central bank data showed on Monday. Expansion in the broadly defined M3 measure of money supply also braked, to 9.18 percent from 9.75 percent. Economists surveyed by Reuters had expected credit growth to slow even more, to 8.75 percent while money supply growth was seen virtually steady at 9.7 percent. Full Story | Top |
| South African rand softer, month-end import pressure seen Sunday, Jul 28, 2013 11:53 PM PDT JOHANNESBURG (Reuters) - South Africa's rand was softer against the dollar in early Monday trade, retreating a few cents after Reserve Bank data showed growth in credit extension to the private sector slowed again in June. The data backs the case for the Reserve Bank to consider another interest rate cut - rates have been steady since the last reduction in 2012 - to boost consumer demand and spur economic growth. By 0645 GMT the rand was at 9.8200 against the dollar, down 0.55 percent from its New York close at 9.7660 on Friday. ... Full Story | Top |
| Japanese stocks lead Asia lower as yen firms Sunday, Jul 28, 2013 11:52 PM PDT  By Ian Chua SYDNEY (Reuters) - The yen rose to a one-month high against the dollar on Monday as investors braced for another round of disappointing economic news out of China, knocking Japanese stocks to four-week lows and dragging down regional markets. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.6 percent, giving back a chunk of last week's 1.9 percent gain. Tokyo's Nikkei share average slid 3.3 percent to its lowest close this month, and has now lost more than 7 percent in three days. ... Full Story | Top |
| British banks still credit-shy towards small firms, study finds Sunday, Jul 28, 2013 10:35 PM PDT  LONDON (Reuters) - Britain's risk-wary banks are reluctant to lend to small firms or pass on cuts in interest rates, according to government-commissioned research that points to a lack of supply rather than demand as the main brake on transactions. Banks have clashed with policymakers and regulators over the reasons for scant flows of credit to small and medium-sized enterprises, seen as vital to Britain's economic recovery, arguing that firms lack confidence to borrow and invest. ... Full Story | Top |
| BOJ's Kuroda: Economy can handle sales tax increase Sunday, Jul 28, 2013 10:32 PM PDT  By Stanley White TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said a planned increase in the sales tax rate would not hurt the economy and was needed to repair public finances, amid growing signs on Monday the prime minister could delay or even water down the policy. Kuroda, appointed by Prime Minister Shinzo Abe earlier this year, said fiscal discipline was important because long-term yields could rise if investors thought the central bank's purchases of government debt were aimed at financing spending. ... Full Story | Top |
| Analysis: What next for the 'Wall Street Refiners' as JPM exits physical commodities? Sunday, Jul 28, 2013 10:29 PM PDT  By David Sheppard NEW YORK (Reuters) - As JPMorgan Chase & Co prepares to exit physical commodities trading, the spotlight is turning to the future of the two banks that have dominated Wall Street's involvement in the natural resources supply chain for 30 years. Goldman Sachs and Morgan Stanley two decades ago became known as the 'Wall Street Refiners' for their mastery of both financial and physical commodities. But since 2012 Morgan Stanley has looked at selling its commodity arm and Goldman has made moves to scale back its physical operations. ... Full Story | Top |
| Spain's banks face uphill battle despite dramatic profits boost Sunday, Jul 28, 2013 10:09 PM PDT  By Laura Noonan and Sarah White LONDON/MADRID (Reuters) - The dramatic earnings turnaround boasted by four Spanish banks obscures the uphill battle they still face to contain bad debts, grow their businesses and increase shareholder value against the backdrop of one of Europe's most challenging economies. Bailed-out Bankia last week announced it had swung to a 200 million euros profit in the first half of 2013 against a 4.5 billion euros loss a year earlier. Bankinter increased earnings more than four-fold, La Caixa more than doubled its profits and Sabadell's were up 37 percent. ... Full Story | Top |
| Exclusive: Bakken flaring burns more than $100 million a month Sunday, Jul 28, 2013 10:07 PM PDT  By Ernest Scheyder NEW YORK (Reuters) - Oil drillers in North Dakota's Bakken shale fields are allowing nearly a third of the natural gas they drill to burn off into the air, with a value of more than $100 million per month, according to a study to be released on Monday. Remote well locations, combined with historically low natural gas prices and the extensive time needed to develop pipeline networks, have fueled the controversial practice, commonly known as flaring. While oil can be stored in tanks indefinitely after drilling, natural gas must be immediately piped to a processing facility. ... Full Story | Top |
| Analysis: JPMorgan faces 'hard sell' in crowded market for commodity traders Sunday, Jul 28, 2013 09:08 PM PDT  By Jonathan Leff and Josephine Mason NEW YORK (Reuters) - For third time in five years, one of the world's biggest commodity trading desks is for sale. JPMorgan Chase & Co. said on Friday it would seek "strategic alternatives" for its physical oil, gas, power and metals trading division, the core of which is a group that's already been through two ownership changes since 2008. It was a surprise about-face for a bank that spent billions of dollars over the past five years assembling the largest physical trading platform on Wall Street. ... Full Story | Top |
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