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| Brent nudges above $103 on Mideast, Africa supply concerns Tuesday, Jul 02, 2013 12:28 AM PDT By Florence Tan SINGAPORE (Reuters) - Brent crude rose above $103 a barrel on Tuesday, extending gains to a second day due to concerns about supply disruptions in the Middle East and Africa. Oil output in Libya has fallen by a third after protesters shut several oilfields and anti-government demonstrations in Egypt raised concerns about the stability of the whole region. Brent crude futures for August delivery rose 31 cents to $103.31 a barrel by 0640 GMT after rising 0.82 percent the previous day. U.S. crude futures for August was up 18 cents to $98. ... Full Story | Top |
| Unmanned Russian rocket crashes after launch in Kazakhstan Monday, Jul 01, 2013 10:57 PM PDT By Dmitry Solovyov ALMATY, Kazakhstan (Reuters) - An unmanned Russian rocket carrying three navigation satellites crashed shortly after lift-off from the Russian-leased Baikonur launch facility in Kazakhstan on Tuesday, spilling its highly toxic propellant. State-run Rossiya-24 television showed footage of the Proton-M booster rocket veering off course seconds after lift-off. It fell apart in flames in the air and crashed in a big ball of fire near the launch pad. There were no reported injuries. ... Full Story | Top |
| Japan, Canada investors to buy U.S. power plant for $2 billion: Nikkei Monday, Jul 01, 2013 05:38 PM PDT TOKYO (Reuters) - A consortium including Mitsubishi Corp and Japanese and Canadian pension funds will buy a U.S. gas-fired power plant in Michigan this month for nearly 200 billion yen ($2.01 billion), the Nikkei business daily reported on Tuesday. Mitsubishi, Japan's Pension Fund Association, Mizuho Bank , the Japan Bank for International Cooperation (JBIC), and Canadian pension fund Omers will acquire all shares in the parent firm of the 1.63-gigawatt power plant, the report said, without citing sources. The current owners include a Swedish investment fund, said. ($1 = 99. ... Full Story | Top |
| Jennifer Lopez unaware of rights issues before Turkmenistan visit -publicist Monday, Jul 01, 2013 04:26 PM PDT  By Eric Kelsey LOS ANGELES (Reuters) - Jennifer Lopez would not have performed a private concert in Turkmenistan at the weekend had she known about charges of human rights violations in the Central Asian nation, her publicist said on Monday. Human rights campaigners, who accuse Turkmenistan's government of restricting free speech and jailing political opponents, criticized Lopez for performing at the concert attended by Turkmen President Kurbanguly Berdymukhamedov on Saturday. ... Full Story | Top |
| Sudan, South Sudan vow to end oil row, but offer no concrete steps Monday, Jul 01, 2013 03:39 PM PDT  By Khalid Abdelaziz KHARTOUM (Reuters) - The vice presidents of Sudan and South Sudan pledged on Monday to resolve a conflict over Juba's alleged support for rebels that is threatening cross-border oil flows, but failed to offer any concrete solutions. Last month, bilateral ties hit a new low when Sudan said it would halt South Sudanese oil exports passing through the north for shipment unless Juba ended support for rebels operating across the shared border. South Sudan denies the claims. ... Full Story | Top |
| Pfizer, Novartis may join Amgen in bidding for Onyx: sources Monday, Jul 01, 2013 03:37 PM PDT By Soyoung Kim and Jessica Toonkel NEW YORK (Reuters) - Onyx Pharmaceuticals Inc , whose cancer drugs promise a strong revenue stream, is attracting preliminary buyout interest from several large pharmaceutical companies such as Pfizer Inc and Novartis AG , two people familiar with the matter said on Monday. Onyx, a biotechnology company with a market value of around $9.5 billion, put itself up for sale on Sunday, citing "expressions of interest" from unnamed companies. It also said it had rejected a recent $8.7 billion offer from larger biotech Amgen Inc as too low. ... Full Story | Top |
| OGX down 39 percent as Brazil oil company fights to survive Monday, Jul 01, 2013 03:18 PM PDT By Jeb Blount RIO DE JANEIRO (Reuters) - Brazilian billionaire Eike Batista's flagship oil company OGX Petroleo e Gas SA slashed capital spending on Monday and pulled the plug on three offshore oil prospects, the latest move by his EBX Group to bolster finances and avert collapse. OGX shares fell as by as much as 39 percent, touching a record low. Once Brazil's second largest oil company by market value and a symbol of Brazil's now-stalling, decade-long commodities boom, OGX shares are trading at less than 3 percent of their all-time high. ... Full Story | Top |
| Commodity investors race to adapt on fear of supercycle end Monday, Jul 01, 2013 12:31 PM PDT  By Barani Krishnan NEW YORK (Reuters) - Investors who have plowed some $400 billion into raw materials markets over the past 10 years are accelerating efforts to change their strategies, if not their allocations, on the growing belief the commodities "supercycle" has come to an end. While pension funds and other institutional investors have been quick to bail on gold as bullion fell deeper into bear market territory in the second quarter, they have yet to abandon other markets like oil and metals en masse, asset allocation experts and analysts say. ... Full Story | Top |
| Colombian peace talks resume in Cuba amid tensions Monday, Jul 01, 2013 10:03 AM PDT By Marc Frank HAVANA (Reuters) - The Colombian government and leftist FARC rebels clashed on Monday over how to incorporate Latin America's oldest guerrilla movement into the democratic process, as they began the latest round of peace talks in Havana. The FARC reiterated its demand that Colombia's 2014 general election be postponed a year in favor of a constituent assembly to chart the country's political future. The government has repeatedly rejected the proposal and insisted a peace agreement must be reached by the end of 2013. ... Full Story | Top |
| China investigates EU wines in latest trade spat Monday, Jul 01, 2013 09:41 AM PDT  BEIJING (Reuters) - China formally began an investigation on Monday into whether Europe is selling wine in China below cost, a response to escalating trade tensions with the European Union. The Chinese government said it would seek to determine if EU producers benefited from unfair subsidies following a complaint from its own wine producers. EU officials have said China is only targeting the EU wine industry in retaliation for a dispute with the European Union over cheap Chinese solar panels. ... Full Story | Top |
| Top banker takes on City watchdog to clear name of market abuse Monday, Jul 01, 2013 08:36 AM PDT By Clara Ferreira-Marques and Clare Hutchison LONDON (Reuters) - One of London's most prominent bankers begins a battle this week to overturn a 2012 fine for market abuse, in a high-profile case likely to test Britain's newly beefed-up regulator. Ian Hannam was famous in financial circles as a so-called rainmaker at JP Morgan - his presence alone enough to bring in clients, money and respect. But the former soldier, known for his bulging contacts book and knack for a new idea, fell foul of the City watchdog last year and was hit by a fine of 450,000 pounds. ... Full Story | Top |
| Multiple disruptions cut Libyan oil output Monday, Jul 01, 2013 08:12 AM PDT By Ghaith Shennib and Marie-Louise Gumuchian TRIPOLI (Reuters) - New protests have shut down several Libyan oilfields, cutting output by around a third, industry sources said, as Libya struggles to maintain stability in an industry vital to the economy and state revenue. Workers calling for management change shut down production at several fields belonging to Zueitina Oil Company on Monday, while a separate security dispute closed the Sharara field. ... Full Story | Top |
| Lockheed Martin creates international arm in sales push Monday, Jul 01, 2013 08:10 AM PDT  LONDON (Reuters) - Lockheed Martin , the Pentagon's biggest supplier by revenue, is drawing together its overseas sales efforts in a new international arm as it tries to win more contracts outside the United States. Like its rivals Boeing Co and Raytheon Co , Lockheed has made foreign sales a priority as it grapples with billions of dollars of U.S. defense budget cuts in recent years. But it remains more exposed than its competitors to the domestic market. ... Full Story | Top |
| Insmed's lung infection drug fares no better than rival, shares fall Monday, Jul 01, 2013 07:38 AM PDT (Reuters) - Insmed Inc's experimental lung infection drug fared no better than a competing drug developed by Novartis AG in a lung function test, sending shares in the company down 27 percent in pre-market trading. Insmed's drug, Arikace, was being tested as a treatment for a bacterial lung infection that often affects cystic fibrosis patients. Insmed said in a statement that the trial met its main goal of showing that Arikace was not inferior to the competing drug. ... Full Story | Top |
| Blasting heat forecast for U.S. Western states Monday, Jul 01, 2013 06:46 AM PDT  (Reuters) - Residents of western U.S. states awoke on Monday to more scorching heat that was expected to break record highs and grip the region through the early part of the holiday week, meteorologists said. Temperatures were likely to hit well over 100 degrees Fahrenheit (38 degrees Centigrade) in Fresno, California, Phoenix and to the north in Boise, Idaho, and Spokane, Washington, according to Accuweather.com. Temperatures in western states are 10 to 20 degrees above average, according to the National Weather Service. ... Full Story | Top |
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