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| Kenyan shilling weakens slightly, may stay in tight range Wednesday, Jul 03, 2013 12:58 AM PDT  NAIROBI (Reuters) - The Kenyan shilling edged down early on Wednesday, weighed by oil importers buying the dollar, traders said. At 0719 GMT, commercial banks quoted the shilling at 86.00/20 to the dollar, slightly down from Tuesday's close of 85.80/86.00. "There was some pent-up (dollar) demand from the oil guys that's coming in now. The dollar has also strengthened against major currencies," said John Muli, a trader at African Banking Corporation. ... Full Story | Top |
| China slowdown, Portugal tensions spook markets Wednesday, Jul 03, 2013 12:53 AM PDT  By Marc Jones LONDON (Reuters) - World shares pulled back on Wednesday as signs of slowing Chinese growth and escalating political tensions in Portugal, one of the euro zone's crisis hot-spots, spooked investors. European shares opened down 1.2 percent and euro zone periphery bonds tumbled after two high profile government resignations in two days threatened to plunge Portugal into a political crisis. Portugal's bond yields surged more than 1 percentage point to 8 percent . ... Full Story | Top |
| Tullow Oil reports Kenya exploration success Tuesday, Jul 02, 2013 11:55 PM PDT  By Andrew Callus LONDON (Reuters) - Africa-focused Tullow Oil Plc hailed a "very successful" exploration programme in frontier oil country Kenya on Wednesday, reporting a strong well test flow rate and doubling its estimates of the depth of the oil resource in the basin. In the first half 2013 trading statement it also announced confirmation of a new oil discovery at its Etuko prospect in the southern part of the Lokichar basin, and said its Sabisa-1 well in Ethiopia had established that the hydrocarbon system there was oil prone. ... Full Story | Top |
| South Africa's rand dips on stronger dollar, trading thin Tuesday, Jul 02, 2013 11:54 PM PDT  JOHANNESBURG (Reuters) - South Africa's rand breached the psychologically important 10-to-the-dollar level on Wednesday as a stronger greenback weakened global currencies while market liquidity remained thin. The rand was at 10.0350 to the dollar at 0635 GMT, nearly 0.5 percent weaker than its close in New York on Tuesday. U.S. data on Tuesday signaling the recovery of the world's largest economy was gaining momentum boosted the dollar ahead of the highly anticipated release of non-farm payrolls on Friday. U.S. ... Full Story | Top |
| CFR Pharmaceuticals makes cash and share offer for Adcock Ingram Tuesday, Jul 02, 2013 11:50 PM PDT JOHANNESBURG (Reuters) - South Africa's Adcock Ingram Holdings said on Wednesday it had received a non-binding offer from CFR Pharmaceuticals to acquire its entire share capital at 73.51 rand per share, to be paid for in both cash and shares. The offer is nearly 14 percent above Adcock's 64.50 rand closing price on Tuesday and if the deal goes through, the combined company would have annual revenue of about $1.3 billion. The deal would open the doors for the Chilean company to Africa's expanding markets, where Adcock sells over-the-counter drugs and antiretrovirals. ... Full Story | Top |
| Malaysian, Tanzanian firms sign $800 mln ammonia plant deal Tuesday, Jul 02, 2013 11:45 PM PDT DAR ES SALAAM (Reuters) - Malaysia's Huchems Fine Chemical Corporation has signed a memorandum of understanding with two Tanzanian firms to invest $800 million in a new ammonia plant following huge discoveries of natural gas in the east African country. Huchems, a unit of the South Korean chemical manufacturer with the same name, signed the deal for the plant with Gro Energy and Infotech Investments of Tanzania on June 29. "The plant will be located in Tanzania and will utilise the country's abundant natural gas resources. ... Full Story | Top |
| For online lenders, Wall Street cash brings growth and risk Tuesday, Jul 02, 2013 11:36 PM PDT  By Alistair Barr SAN FRANCISCO (Reuters) - Institutional investors are tripping over themselves to buy so-called peer-to-peer loans offered by a new breed of Internet lending companies, a development that could transform the nascent sector into significant player in the credit markets. P2P lending, as it is known, started in 2006 with the founding of Lending Club and Prosper Marketplace. Back then, the idea was to match individual borrowers with small investors looking to lend as little as $25. ... Full Story | Top |
| Toyota says to recall 185,000 cars globally, including Yaris Tuesday, Jul 02, 2013 10:46 PM PDT  TOKYO (Reuters) - Toyota Motor Corp said it is recalling around 185,000 vehicles globally including the Yaris compact due to a glitch in the electric power steering system, which could make the steering heavier. Yaris models, known as the Vitz in Japan, made between November 2010 to March 2012 have been recalled. Toyota said it is also recalling the Verso-S, known as the Lactis in Japan, manufactured from August 2010 to August 2011. ... Full Story | Top |
| New York's attorney general scrutinizes payroll cards: NYT Tuesday, Jul 02, 2013 10:45 PM PDT  (Reuters) - New York's top prosecutor is investigating some of the state's largest employers over their use of ATM-style cards to pay their hourly employees, the New York Times reported. New York Attorney General Eric Schneiderman sent letters seeking information to about twenty employers, including McDonald's, Walgreen Co and Wal-Mart, the paper said, citing people briefed on the matter. McDonald's, Walgreen and Wal-Mart were not immediately available for comment outside regular business hours. ... Full Story | Top |
| ECB's Asmussen: Greece has more to do to convince troika Tuesday, Jul 02, 2013 10:12 PM PDT  BERLIN (Reuters) - European Central Bank Executive Board member Joerg Asmussen told a German newspaper on Wednesday Greece had more to do to ensure a positive outcome to a review by its "troika" of international lenders, but said talk of debt write-downs was unhelpful. "The returning discussions about a debt write-down are not helpful as they distract from the necessary reform efforts," Asmussen said in comments published in Die Welt newspaper on Wednesday. "Despite progress there are still some things to do in order to conclude the review positively," he added. ... Full Story | Top |
| Chinese Nobel author trades pen for brush Tuesday, Jul 02, 2013 09:46 PM PDT  By Michael Gold TAIPEI (Reuters) - A dark figure stands alone in the centre of a bleak, shadowy landscape in one painting, while an ethereal tree-like form claims attention in another. The haunting black-and-white paintings are the work of Gao Xingjian, the first Chinese-born Nobel literature laureate, who traded pen for brush to explore a realm of mood and meditation in a rare exhibit in Taiwan's capital of Taipei. ... Full Story | Top |
| Fed's word is its bond, now lost in translation Tuesday, Jul 02, 2013 09:34 PM PDT  By Alister Bull and Jonathan Spicer WASHINGTON/NEW YORK (Reuters) - It probably seemed like a good idea to Federal Reserve officials at the time. But their decision to stick Fed Chairman Ben Bernanke out on live television two weeks ago to explain how the Fed aims to scale back and eventually end its massive economic stimulus program, without having the message in a well-parsed policy statement he could hide behind, backfired badly. ... Full Story | Top |
| China June HSBC services PMI expands modestly Tuesday, Jul 02, 2013 09:33 PM PDT  BEIJING (Reuters) - Activity in China's services sector was lackluster in June as new orders grew at their weakest pace in more than four years, a survey showed, providing further evidence that the world's second-largest economy was losing momentum. The HSBC/Markit Purchasing Managers' Index (PMI) for the services industry inched up to 51.3 last month from May's 51.2, after growth in new orders hit a 55-month low and business confidence slumped to depths last seen in late 2005 when records began. ... Full Story | Top |
| Strip mall owners struggle with lack of demand in second quarter Tuesday, Jul 02, 2013 09:06 PM PDT By Lauren Tara LaCapra NEW YORK (Reuters) - U.S. strip mall owners struggled with a lack of demand in the second quarter, although limited construction of new space led to a modest improvement in vacancy rates and slightly higher rents, according to a report released on Wednesday. The national vacancy rate dropped to 10.5 percent last quarter from 10.6 percent the previous period, according to the report by real estate research firm Reis Inc. ... Full Story | Top |
| Founder told to sweeten offer for Dell as Icahn ups the stakes Tuesday, Jul 02, 2013 08:46 PM PDT  By Soyoung Kim, Michelle Sierra and Leela Parker NEW YORK (Reuters) - Michael Dell has been advised to raise his $24.4 billion offer for Dell Inc, coming under further pressure as billionaire investor Carl Icahn revealed he had committed more than $3 billion to back an alternative proposal. The PC maker's special committee told Dell's founder and chief executive a few days ago that he should raise his offer if he wants it to succeed, a person familiar with the matter said on Tuesday. ... Full Story | Top |
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