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| In Myanmar, Hyundai Motor basks in "Korean Wave": dealer says Tuesday, Oct 29, 2013 12:44 AM PDT SEOUL (Reuters) - Hyundai Motor aims to raise its market share in Myanmar to over 15 percent in the next three or four years, basking in the huge popularity of South Korean culture, the sole dealer for the automaker in the country said on Tuesday. Hyundai Motor, which opened its first showroom in Yangon in August, plans to set up 14 dealerships in major cities by 2018 as it seeks to crack into the small, but growing market dominated by Japanese carmakers, Kolao Holdings said. ... Full Story | Top |
| BOJ policy working, still has room to boost stimulus: IMF Tuesday, Oct 29, 2013 12:30 AM PDT  By Leika Kihara TOKYO (Reuters) - The Bank of Japan's massive stimulus is working, the International Monetary Fund's mission chief to Japan said, and there is still room to increase purchases of government bonds and exchange-traded funds if a further boost was needed. Jerry Schiff, who is also deputy director of the IMF's Asia-Pacific Department, stressed he saw no need for the central bank to offer additional stimulus for now with the world's third-largest economy in good shape. "There's no need for the BOJ to change what they're doing," Schiff said. ... Full Story | Top |
| Storm death toll rises as wind, rain batters northern Europe Tuesday, Oct 29, 2013 12:26 AM PDT  By Marie-Louise Gumuchian and Anthony Deutsch LONDON/AMSTERDAM (Reuters) - Hurricane strength winds battered northern Europe on Monday, killing more than a dozen people, cutting power and forcing the cancellation of hundreds of flights and train journeys. At least seven people died in Germany while there were four deaths in Britain and fatalities in the Netherlands, Denmark and France as the storm brought down trees, blew roofs off houses and turned over trucks, causing chaos across much of the region. ... Full Story | Top |
| Sweden cancels trains in south, issues storm warnings Tuesday, Oct 29, 2013 12:26 AM PDT STOCKHOLM (Reuters) - Sweden cancelled all passenger trains in the south of the country ahead of the arrival later in the day of a storm that had already killed three people in Britain and The Netherlands. Trains were to top running from late afternoon and remain halted through midday on Tuesday. The weather bureau issued Class 3 storm warnings - its highest alert - for areas in the south west of the country and lower Class 2 warnings for much of the south of the country. (Reporting by Simon Johnson Editing by Jeremy Gaunt) Full Story | Top |
| BP beats forecasts, hikes dividend as big oil Q3 kicks off Tuesday, Oct 29, 2013 12:16 AM PDT  LONDON (Reuters) - BP Plc kicked off the third quarter results season for the world's top five investor-owned oil companies with a forecast beating result and a dividend hike on Tuesday, delivering earnings for the quarter of $3.7 billion compared with a consensus forecast of $3.17 billion. (Reporting by Andrew Callus; Editing by Sarah Young) Full Story | Top |
| South Africa's rand weakens vs dollar, within recent range Tuesday, Oct 29, 2013 12:13 AM PDT  JOHANNESBURG (Reuters) - The rand weakened against the dollar early on Tuesday but stayed within a recent range as investors waited for local data and looked towards the U.S. Federal Reserve's interest rate decision this week. At 0648 GMT, the rand was down 0.36 percent against the dollar at 9.8610, weakening within a range set last week. South African Reserve Bank data released at 0600 GMT showed growth in private sector credit demand slowed to 7.55 percent in September, while money supply quickened to 7.03 percent. ... Full Story | Top |
| South Africa's credit growth slows to 7.55 percent y/y in Sept Monday, Oct 28, 2013 11:55 PM PDT  JOHANNESBURG (Reuters) - Growth in credit demand from South Africa's private sector slowed to 7.55 percent year-on-year in September, from a revised 8.11 percent in August, central bank data showed on Tuesday. Expansion in the broadly defined M3 measure of money supply quickened to 7.03 percent from 6.9 percent in August. Economists surveyed by Reuters had expected credit growth of 7.7 percent and money supply growth of 7.1 percent in September. Full Story | Top |
| Deutsche Bank says Libor could result in heavy financial penalty Monday, Oct 28, 2013 11:42 PM PDT FRANKFURT (Reuters) - Deutsche Bank said that probes by regulators into a possible manipulation of the Libor benchmark interest rate could result in harsh fines. "The investigations underway have the potential to result in the imposition of significant financial penalties and other consequences for the Bank," Germany's flagship lender said in its third quarter report published on Tuesday. Deutsche is cooperating with investigators and has also conducted an internal inquiry, led by its legal department, which resulted in the suspension of five Frankfurt-based traders in February. ... Full Story | Top |
| Senegal seek partners for Faleme iron ore mine Monday, Oct 28, 2013 11:41 PM PDT DAKAR (Reuters) - Senegal is seeking partners for its Faleme iron ore mine after the West African nation won a court case against steelmaker ArcelorMittal to rescind a $2.2 billion deal, the prime minister told parliament on Monday. The Faleme mine has estimated iron ore reserves of about 750 million tonnes. The International Chamber of Commerce's arbitration court in Paris ruled in September that Senegal was within its rights to cancel the 2007 deal because ArcelorMittal failed to honor a commitment to invest the funds for the project. ... Full Story | Top |
| Finland's Metso eyes growth in Africa Monday, Oct 28, 2013 11:41 PM PDT By Clara Ferreira-Marques LONDON (Reuters) - Africa, with its wealth of untapped natural resources, is the next frontier for Finland's Metso, as the engineering services and mining supplier searches for growth at a time of cost and spending cuts across the mining industry. Metso - which is splitting from its pulp and paper business - has struggled along with machinery making rivals like Sweden's Sandvik, Atlas Copco and even U.S. giant Caterpillar, as large mine projects are scrapped and costs cut in the face of cooling prices. ... Full Story | Top |
| Cameron to announce Islamic index on LSE Monday, Oct 28, 2013 11:41 PM PDT  By Shadi Bushra LONDON (Reuters) - The London Stock Exchange will launch an index to identify investment opportunities compliant with Islamic principles, aiming to capitalise on strong growth in the sector, Prime Minister David Cameron will tell a conference. The planned Islamic Market Index will identify companies that meet traditional Islamic investment principles and help London cement its position as the biggest centre for Islamic finance outside the Islamic world, Cameron will tell the World Islamic Economic Forum in London on Tuesday. ... Full Story | Top |
| Niger obtains $1 bln dollar loan from China Eximbank Monday, Oct 28, 2013 11:37 PM PDT  NIAMEY (Reuters) - Niger has obtained a $1 billion loan from Export-Import Bank of China, the West African nation's planning minister said on Monday, without giving details of project allocations. Amadou Boubacar Cisse said the credit facility with China Eximbank was negotiated in accordance with Niger's programme with the International Monetary Fund. "We have negotiated and obtained from Eximbank of China a loan of $1 billion, or about 500 billion CFA francs," Cisse said in a statement. ... Full Story | Top |
| South Africa's AMCU union says members vote for Implats strike Monday, Oct 28, 2013 11:35 PM PDT  By Ed Stoddard JOHANNESBURG (Reuters) - South Africa's Association of Mineworkers and Construction Union said on Monday its members voted to strike at Impala Platinum, but it would not immediately give the company a 48-hour notice, suggesting a stoppage might still be averted. "Yes, we got the mandate, they voted for the strike. But we are not in a rush to serve them notice, we want to clear up and discuss some issues first," AMCU spokesman Jimmy Gama told Reuters. AMCU's wage talks with the world's second-largest platinum producer broke down last week. ... Full Story | Top |
| Kenya shutdown tempers east African oil ambitions Monday, Oct 28, 2013 11:34 PM PDT  By Edmund Blair NAIROBI (Reuters) - Tullow Oil's suspension of drilling in Kenya after weekend protests shows that popular impatience for a share of the spoils is compounding the problems energy firms face building an oil and gas industry from scratch in east Africa. Backed by local politicians, demonstrators from Kenya's poor, northern Turkana community marched on Tullow sites demanding jobs and other benefits, prompting one of Sub-Saharan Africa's most experienced oil explorers to "temporarily" halt work. ... Full Story | Top |
| Angola leaves benchmark lending rate unchanged at 9.75 pct Monday, Oct 28, 2013 11:33 PM PDT LUANDA (Reuters) - Angola's central bank has left its benchmark interest rate unchanged at 9.75 percent, the bank said in a statement after a meeting of its monetary policy committee on Monday. In August, the committee cut the lending rate from 10 percent. Full Story | Top |
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