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| South Africa's Sappi narrows Q3 loss sees more cost cuts in Europe Thursday, Aug 01, 2013 11:55 PM PDT JOHANNESBURG (Reuters) - South African paper maker Sappi posted a narrower quarterly loss on Friday, hit again by weak demand in Europe, where it said it plans significant cost cuts over the next three years. Sappi, the world's largest maker of fine paper used in glossy magazines, reported a loss of 8 U.S. cents per share for its April-June third quarter, compared with a loss of 20 cents a year earlier. Sales fell 8 percent to $1.4 billion. ... Full Story | Top |
| Small manufacturers bet on Detroit brand despite bankruptcy Thursday, Aug 01, 2013 11:33 PM PDT  By Nick Carey DETROIT (Reuters) - For nearly six decades Detroit's story has been one of relentless erosion of its once mighty manufacturing base, but even as the Motor City faces a long bankruptcy a clutch of small producers has moved in to rekindle the "Made in Detroit" brand. Making products ranging from bicycles to luxury watches and "sleeping bag" coats designed for the homeless, these small firms have tapped into a surprising amount of demand for goods made in a city more commonly associated today with failure and decline. ... Full Story | Top |
| RBS names McEwan as CEO after swinging to H1 profit Thursday, Aug 01, 2013 11:29 PM PDT  LONDON (Reuters) - Royal Bank of Scotland said Ross McEwan will take over as its new chief executive in October, just over a year after he arrived to run its retail bank, as the state-backed bank reported a return to profit in the first half of the year. McEwan had been widely tipped to get the job to replace Stephen Hester, who was ousted by the government in June, and will be tasked with completing RBS's restructuring and ensuring its shares rise above the government's break-even price so that its stake can be sold. RBS said on Friday it made a pretax profit of 1.4 billion pounds ($2. ... Full Story | Top |
| Toyota raises profit forecast, boosted by weak yen, strong U.S. sales Thursday, Aug 01, 2013 11:18 PM PDT  TOKYO (Reuters) - Toyota Motor Corp raised its operating profit forecast for the financial year ending in March 2014 by 7.8 percent on Friday as the weakening yen makes its export business more profitable and as it posted strong sales in its biggest market, the United States. The world's best-selling carmaker now expects to book 1.94 trillion yen ($19.55 billion) in annual operating profit, up from its previous forecast of 1.8 trillion yen. That is lower than the 2.27 trillion yen estimated by 26 analysts. Toyota posted an 87.9 percent rise in operating profit to 663. ... Full Story | Top |
| UK house prices grow at fastest rate in nearly three years - Nationwide Thursday, Aug 01, 2013 11:06 PM PDT  LONDON (Reuters) - British house prices grew at their fastest annual rate for nearly three years last month, mortgage lender Natonwide said on Friday, citing a stronger economy and government measures to aid home purchases. Nationwide said that the monthly rate of house price increases jumped to 0.8 percent in July from 0.3 percent in June, beating economists' forecasts of a 0.4 percent rise. House prices are now 3.9 percent higher than last July, the strongest annual rise since August 2010 and again stronger than forecast. ... Full Story | Top |
| Insight: Carrefour in the trenches of the hypermarket war Thursday, Aug 01, 2013 10:53 PM PDT  By Dominique Vidalon PARIS (Reuters) - Fifty years ago, on June 15, 1963, two French families opened Europe's first hypermarket in Sainte-Genevieve-des-Bois near Paris. Stocking 5,000 products over 2,500 square meters, it was three times the size of most grocery stores. Today, owned by retail giant Carrefour, it has tripled in size and offers 19,000 different products. ... Full Story | Top |
| Asian shares buoyed by U.S. data, accommodative central banks Thursday, Aug 01, 2013 10:48 PM PDT  By Hideyuki Sano TOKYO (Reuters) - Asian shares advanced on Friday after brisk U.S. factory activity data and a commitment to easy monetary policy by European central banks and the Federal Reserve buoyed Wall Street to record highs overnight. Stirred by optimism on the U.S. economic recovery, the yield on benchmark U.S. Treasuries edged closer to a two-year high and triggered a sharp rebound in the dollar from a six-week low hit against a basket of currencies on Wednesday. European shares look set to reach highs not seen for more than two months, with Germany's Dax seen rising as much as 0. ... Full Story | Top |
| Talks resume to end Phoenix area bus strike Thursday, Aug 01, 2013 10:27 PM PDT By David Schwartz PHOENIX (Reuters) - Striking bus drivers and management in the Phoenix area resumed talks late on Thursday to end a strike that left some 57,000 weekday commuters scrambling to find rides to work during the morning rush hour. The strike over pay and conditions shut down about 40 bus routes on Thursday including ones that serve the cities of Chandler, Gilbert, Mesa and Tempe and others that reach Phoenix and Scottsdale. ... Full Story | Top |
| Even when jobs return, Detroit's workers fall short on skills Thursday, Aug 01, 2013 10:09 PM PDT  By Nick Carey DETROIT (Reuters) - Detroit emergency manager Kevyn Orr has a long list of things to fix in the city and among them is one that may sound surprising: there are not enough skilled workers to fill job openings as they become available. "Every problem in this city revolves around jobs," said Lindsay Chalmers, vice president of non-profit Goodwill Industries of Greater Detroit. "That's at the heart of the issue for Detroit. ... Full Story | Top |
| U.S. bankruptcy court to shed light on Detroit case timeline Thursday, Aug 01, 2013 10:04 PM PDT  By Karen Pierog (Reuters) - A court hearing on Friday may provide a roadmap for how Detroit's historic bankruptcy filing will unfold as the judge overseeing the case could set a speedy schedule, appoint a mediator and rule on other matters. The hearing in U.S. Bankruptcy Court is a key step toward Detroit Emergency Manager Kevyn Orr's effort to see the city emerge from the largest U.S. municipal bankruptcy filing in history by September 2014. But Detroit must first prove it qualifies to file for bankruptcy and then file a reorganization plan. U.S. ... Full Story | Top |
| U.S. hiring data expected to show modest progress Thursday, Aug 01, 2013 10:01 PM PDT  By Jason Lange WASHINGTON (Reuters) - U.S. employers likely hired enough workers in July to push the jobless rate to a near four-year low, which could bolster expectations the Federal Reserve will start drawing down its huge economic stimulus program later this year. The number of jobs outside the farming sector could increase by 184,000, with the unemployment rate ticking down a tenth of a point to 7.5 percent, according to a Reuters poll of economists. While the U.S. ... Full Story | Top |
| Chinese tycoon plans $3.8 billion casino resort in Australia Thursday, Aug 01, 2013 10:00 PM PDT By Maggie Lu Yueyang and Farah Master SYDNEY/HONG KONG (Reuters) - Chinese tycoon Tony Fung has proposed to build a A$4.2 billion ($3.75 billion) casino and resort project in Australia's Cairns city, close to the world-heritage Great Barrier Reef, a move set to accelerate competition in the country's gambling and tourism market. The Queensland state government said on Friday that Fung's casino proposal was declared a "coordinated project" on August 1, the first step in the government's approval process. ... Full Story | Top |
| Dell shareholders convene a third time as buyout battle escalates Thursday, Aug 01, 2013 09:01 PM PDT  By Eileen O'Grady and Poornima Gupta ROUND ROCK, TEXAS/SAN FRANCISCO (Reuters) - Dell Inc shareholders convene for a third time on Friday to vote on CEO Michael Dell's $24.4 billion buyout, helping decide the fate of the No. 3 PC maker after months of dueling with Carl Icahn and other unhappy investors. The meeting in Round Rock, Texas, comes after two previous adjournments, when the company wasn't certain of gaining enough votes for what would be the largest buyout since the financial crisis. ... Full Story | Top |
| Australia boasts tourist boom, thanks to rugby Thursday, Aug 01, 2013 08:41 PM PDT SYDNEY (Reuters) - Australia boasted the largest ever rise in visitor arrivals in June as fans of the British and Irish Lions invaded the country to watch a one-in-12 year rugby test series. In a boost to the economy that might make up for Australia losing the series, arrivals from the UK surged 68 percent in June to a record 81,400. That helped lift overall June visitor arrivals by a thumping 7.6 percent on seasonally adjusted basis to 564,100, according to data from Australian Bureau of Statistics released on Friday. That was also the highest on record and up 10 percent from June last year. ... Full Story | Top |
| Japan's deputy PM Aso says he won't resign over Nazi comments Thursday, Aug 01, 2013 08:17 PM PDT  TOKYO (Reuters) - Japan's Deputy Prime Minister Taro Aso said on Friday he has no intention of resigning over comments he made, but were later retracted, that were interpreted as praise for Germany's Nazi regime and Adolf Hitler's rise to power. The comments by Aso, who is also finance minister and a former premier, drew criticism from a U.S.-based Jewish rights group as well as in media in South Korea, where bitter memories of Japan's World War Two militarism run deep. ... Full Story | Top |
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