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| Syria doubts drive up oil, yen; stocks slip Tuesday, Aug 27, 2013 12:58 AM PDT  By Richard Hubbard LONDON (Reuters) - Uncertainty about the possibility of military action against the Syrian government lifted oil towards a five-month high on Tuesday and undercut share prices and spurred demand for safe-haven assets like the yen. Dealers said the moves, spurred by reports from Washington that a strike may be imminent, were not massive as investors are waiting to see how the situation unfolds. ... Full Story | Top |
| Brent climbs to near $111 as tension over Syria rises Tuesday, Aug 27, 2013 12:35 AM PDT By Florence Tan SINGAPORE (Reuters) - Brent crude edged up to near $111 a barrel on Tuesday as rising tensions over a suspected chemical weapons attack in Syria raised the prospect of more military action in the Middle East. The United States and its allies have met in Jordan for what could be a council of war should they decide to punish Syrian President Bashar al-Assad, who has denied using chemical weapons and blamed rebels for staging such attacks. Brent crude for October was at $110.98, up 25 cents by 0646 GMT, after settling down 0.3 percent in the previous session. Brent hit $111. ... Full Story | Top |
| Gold eases after recent gains, struggles to stay above $1,400 Tuesday, Aug 27, 2013 12:34 AM PDT By A. Ananthalakshmi SINGAPORE (Reuters) - Gold struggled to stay above the key $1,400 an ounce level and slipped on Tuesday as traders took profits after a recent price rally, though it remained near 11-week highs on hopes of U.S. monetary stimulus measures being prolonged. Gold rose to $1,406.04, its highest since June 7 in early Asian trading, but failed to find enough support to stay at those levels. Weak U.S. durable goods data had pushed gold past $1,400 on Monday. ... Full Story | Top |
| South African stocks hit record highs Tuesday, Aug 27, 2013 12:30 AM PDT JOHANNESBURG (Reuters) - South African stocks hit record highs for the third straight trading session on Tuesday, edging up as the weaker rand currency help lift battered stocks like Impala Platinum. The benchmark Top-40 index hit a lifetime high of 38,964.42, while the broader All-Share traded as high as 43,345.27. Full Story | Top |
| Geopolitical jitters unsettle Asia stocks; yen rises Tuesday, Aug 27, 2013 12:30 AM PDT By Ian Chua SYDNEY (Reuters) - Asian stocks fell on Tuesday and the Turkish lira hit a record low after the United States signalled possible military action against the Syrian government over a suspected chemical weapons attack last week. Dealers said there was no panic selling though, just truncated trading as investors waited nervously to see how the situation unfolds. European stocks were seen opening lower, with the Eurostoxx 50 futures, Germany's DAX futures and France's CAC 40 futures all down. ... Full Story | Top |
| Ackman turns back on J.C. Penney, sells entire stake in retailer Tuesday, Aug 27, 2013 12:15 AM PDT  By Svea Herbst-Bayliss (Reuters) - Hedge fund manager William Ackman, the biggest shareholder in J.C. Penney Co Inc, said on Monday he had sold his entire stake after his campaign to overhaul the retailer failed. Ackman's Pershing Square Capital Management sold 39.1 million shares, or 18 percent of the company, to Citigroup Inc, which is now offering the shares to other investors, the company and the $11 billion hedge fund said in separate announcements. ... Full Story | Top |
| China August official PMI seen hitting three-month high Monday, Aug 26, 2013 11:55 PM PDT  BEIJING (Reuters) - China's factory activity in August may have expanded at the fastest pace in three months, a Reuters poll showed, adding to evidence that the world's second-largest economy may be stabilizing after slowing for more than two years. The median forecast of 12 economists polled by Reuters showed China's official manufacturing managers' index (PMI) in August may have risen to 50.6 from July's 50.3. A reading above 50 indicates expanding activity while one below it points to a contraction. ... Full Story | Top |
| South Africa mines less violent as AMCU union plays by rules Monday, Aug 26, 2013 11:53 PM PDT  By Ed Stoddard JOHANNESBURG (Reuters) - A year ago, militant South African miners affiliated to upstart union AMCU were marching with spears, clubs and knives in often violent wildcat strikes and protests against management bosses. But in recent months leaders of the Association of Mineworkers and Construction Union, an emerging force on the labour stage of Africa's biggest economy, have been sitting down to tough but peaceful wage talks with mining executives. Strikes still look certain in the struggling mining sector as soaring union wage demands collide head on with depressed metals prices. ... Full Story | Top |
| Bayer's Nexavar gets priority review as thyroid cancer drug Monday, Aug 26, 2013 11:52 PM PDT  FRANKFURT (Reuters) - Bayer's cancer drug Nexavar was given priority review status by U.S. healthcare regulators for the oral drug's use against a difficult-to-treat type of thyroid cancer, the company said on Tuesday. The U.S. Food and Drug Administration aims to complete the priority review within six months, rather than the standard review of about 10 months, Bayer said. ... Full Story | Top |
| Japan's debt-funding costs to hit $257 billion next year: document Monday, Aug 26, 2013 11:48 PM PDT  By Takaya Yamaguchi TOKYO (Reuters) - Japan expects to spend a record $257 billion to service its debt during the next fiscal year, a document obtained by Reuters showed, underscoring the huge burden created by the government's borrowings. The amount to be allocated for debt-servicing for the year that will begin on April 1 is nearly as large as the gross domestic product of Singapore, which the World Bank put at $275 billion at the end of 2012. Japan's Ministry of Finance (MOF), charged with drafting the state budget and issuing government bonds, will request 25. ... Full Story | Top |
| South Africa's rand extends losses ahead of GDP release Monday, Aug 26, 2013 11:48 PM PDT  JOHANNESBURG (Reuters) - South Africa's rand extended losses against the dollar on Tuesday, weighed down by worsening labour strife that threatens to hurt growth in Africa's largest economy. The rand was at 10.3535 to the dollar at 0625 GMT, 0.2 percent weaker than its close in New York on Monday. GDP growth figures for the second quarter of 2013 will be released at 0930 GMT and could put further pressure on the rand if they disappoint. Economists polled by Reuters forecast GDP growth of 3.3 percent, up from 0.9 percent in the first quarter. ... Full Story | Top |
| Nigeria power privatisation bidders complete payments Monday, Aug 26, 2013 11:46 PM PDT ABUJA (Reuters) - Nigeria's President Goodluck Jonathan said on Monday that bidders for state electricity assets had completed payments, clearing a major hurdle in a privatisation scheme meant to end the country's chronic power shortages. Bidders had until last Thursday to pay the remaining three-quarters of their bids to meet the deadline. Some did, but complications such as labour issues had been holding others up. ... Full Story | Top |
| Japan's newest rocket fails to lift off Monday, Aug 26, 2013 11:33 PM PDT By Elaine Lies TOKYO (Reuters) - Japan's first new rocket in 12 years failed to lift off on Tuesday, dealing a potential blow to hopes that Japan may be able to take a larger share of the growing, multi-billion dollar satellite launch industry. It was the second setback for the Epsilon rocket this month. An earlier launch was postponed because of a computer glitch. No word was immediately available on the cause of the problem on Tuesday or when the launch might be tried again. ... Full Story | Top |
| High speed rail plan 'not worth the money' - business group Monday, Aug 26, 2013 11:24 PM PDT  LONDON (Reuters) - Britain should abandon plans for a multi-billion-pound high speed rail link between London and central and northern England because it will not offer value for money, an influential business group said on Tuesday. The government has said the project will generate thousands of jobs and boost business by slashing travel times from regional cities to the economic powerhouse in the capital. ... Full Story | Top |
| Hong Kong Exchange names former NYSE LIFFE executive as LME CEO Monday, Aug 26, 2013 10:55 PM PDT  HONG KONG (Reuters) - The Hong Kong Stock Exchange named industry veteran Garry Jones as the CEO of the London Metal Exchange, ending a high-profile recruitment process by selecting a former top executive at the NYSE Liffe. Jones, with 30 years of experience in exchanges and financial services, but limited experience in metals, inherits a difficult role at a time when the LME is caught in a controversy over warehousing metals and its impact on consumers. ... Full Story | Top |
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