Today's Reuters Business News Headlines - Yahoo! News:
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Pressure mounts on Europe as finance ministers meet
Mon,28 Nov 2011 11:09 PM PST
Reuters -  BRUSSELS (Reuters) - Euro zone finance ministers are to agree on Tuesday the details of bolstering their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to staunch a two-year-old debt crisis. President Barack Obama pressed European Union officials on Monday to act quickly and decisively to resolve their sovereign debt crisis, which the White House said was weighing on the American economy. ...
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Euro consolidates gains; yen edges lower
Mon,28 Nov 2011 10:38 PM PST
Reuters - SINGAPORE (Reuters) - The euro edged up against the dollar on Tuesday, consolidating the gains made the previous day on hopes that European officials will finally make some progress in tackling their debt crisis this week. But ever conscious that policymakers can easily disappoint yet again, markets will be hard pressed to keep pushing the common currency higher in the absence of concrete action, traders said. There was little reaction in Asia to news Fitch had cut the credit outlook for the United States to negative, though it expected no move on the actual rating until late 2013. ... Full Story | Top |
Shares, euro extend gain after rally on euro
Mon,28 Nov 2011 10:37 PM PST
Reuters - TOKYO (Reuters) - Asian shares and the euro extended a rally into a second day on Tuesday, as investors were buoyed by expectations that European policy makers will outline details of how they will leverage a bailout fund so as to avert contagion in sovereign debt markets. MSCI's broadest index of Asia Pacific shares outside Japan rose 1.6 percent, adding to Monday's jump of more than 2 percent. The index hit a seven-week low last Friday. Japan's Nikkei closed up 2.3 percent, moving further away from two-and-a-half year lows also hit last week. U.S. ... Full Story | Top |
Brent climbs above $107; euro zone meet eyed
Mon,28 Nov 2011 10:37 PM PST
Reuters - SINGAPORE (Reuters) - Brent crude rose above $109 on Tuesday as supply worries triggered by concerns over sanctions against Iran and Syria checked initial losses, while investors kept a watch on developments in Europe for further trading cues. All eyes are now on a meeting of euro zone finance ministers later in the day, at which they are expected to approve detailed rules for the region's 440 billion euro bailout fund that will clear the way for the facility to attract cash from private and public investors to its co-investment funds. ... Full Story | Top |
Asian shares gain amid rally on euro zone hopes
Mon,28 Nov 2011 10:25 PM PST
Reuters -  TOKYO (Reuters) - Asian shares and the euro extended a rally into a second day on Tuesday, as investors were buoyed by expectations that European policy makers will outline details of how they will leverage a bailout fund so as to avert contagion in sovereign debt markets. MSCI's broadest index of Asia Pacific shares outside Japan rose 1.6 percent, adding to Monday's jump of more than 2 percent. The index hit a seven-week low last Friday. Japan's Nikkei closed up 2.3 percent, moving further away from two-and-a-half year lows also hit last week. U.S. ...
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Wall Street snaps 7-day slide but volume is low
Mon,28 Nov 2011 10:25 PM PST
Reuters - NEW YORK (Reuters) - U.S. stocks rebounded from seven days of losses on Monday as investors used the latest effort from European leaders to resolve the region's debt crisis as an opportunity to cover short positions. Trading was light, a sign skepticism remains high. Just 6.2 billion shares changed hands during the day on U.S. exchanges, well below the daily average of 8 billion shares. Retailers were among the strong sectors following an robust start to the U.S. holiday shopping season. Record sales over the Thanksgiving weekend buoyed gains in large retailers, including Macy's, which rose 4. ... Full Story | Top |
Gold steady ahead of EU ministers meeting
Mon,28 Nov 2011 10:16 PM PST
Reuters - SINGAPORE (Reuters) - Spot gold held steady above $1,700 per ounce on Tuesday, as investors watch a meeting of euro zone finance ministers later in the day in hopes that European policymakers will take decisive steps to tackle the region's debt crisis. Finance ministers of the euro zone are expected to approve details of leveraging the European Financial Stability Facility rescue fund to help prevent contagion in bond markets, and release a vital aid lifeline for Greece. ... Full Story | Top |
S.Africa's Oct credit growth up at 5.52 pct y/y
Mon,28 Nov 2011 10:09 PM PST
Reuters -  JOHANNESBURG (Reuters) - Growth in credit demand by South Africa's private sector was less than expected at 5.52 percent year-on-year in October from a slightly revised 5.42 percent rise in September, central bank data showed on Tuesday. But growth in the broadly defined M3 measure of money supply quickened to 7.26 percent year-on-year compared with 6.8 percent in September. Economists surveyed by Reuters last week forecast private sector credit expansion of 5.62 percent year-on-year in October while growth in M3 was seen at 6.7 percent.
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Nigeria withdraws $2 bln from oil savings: finance
Mon,28 Nov 2011 10:07 PM PST
Reuters - ABUJA (Reuters) - Nigeria has withdrawn $2 billion from its crude oil savings for 'various projects' and distributed more money in October to the three tiers of government than the previous month, the minister of state for finance said on Monday. Yerima Ngama told reporters that 615.76 billion naira was distributed from federal accounts to the three tiers of government for October, up from 611.5 billion in September. ... Full Story | Top |
Banks, MBIA in talks to settle legal dispute: report
Mon,28 Nov 2011 10:04 PM PST
Reuters - (Reuters) - Several big banks are in talks to reach a settlement with bond insurer MBIA Inc that could end a legal battle over billions of dollars in losses triggered by the financial crisis, the Wall Street Journal said, citing people familiar with the matter. Seven big banks, including Bank of America and Morgan Stanley are suing over the split of MBIA's municipal bond business from its structured-finance operations, which suffered big losses from insuring mortgage debt. The lawsuits assert the reorganization left the structured-finance unit unable to pay off billions of dollars in claims. ... Full Story | Top |
Sierra Leone to post mining revenues online
Mon,28 Nov 2011 10:03 PM PST
Reuters - FREETOWN (Reuters) - Sierra Leone will soon launch a public web site to detail mining revenues, in an effort that will help ensure that an expected resource bonanza is handled transparently, officials said. The West African state is poised to grow at a staggering 51.4 percent in 2012, according to an IMF projection, as two large-scale iron ore mines come into production. "By the end of 2012 you are going to find every cent that is paid to the government on this web site," Jonathan Sharkah, director of mines at Sierra Leone's ministry of mineral resources, told reporters in Freetown last week. ... Full Story | Top |
Piraeus says StanChart ends talks to buy Egypt arm
Mon,28 Nov 2011 10:01 PM PST
Reuters - CAIRO (Reuters) - Standard Chartered has ended talks to acquire the Egyptian unit of Greece's Piraeus Bank because of a worsening economic climate, Piraeus said on Monday. Egypt's crisis-hit economy suffered a fresh blow last week when street violence and political chaos helped push the pound currency to its lowest in more than six years and Standard & Poor's lowered its credit rating on Egypt, saying a "weak political and economic profile" had worsened. ... Full Story | Top |
Naspers H1 profit up, development costs jump
Mon,28 Nov 2011 09:59 PM PST
Reuters - JOHANNESBURG (Reuters) - South African media and e-commerce firm Naspers reported a 7 percent gain in first-half profit on Tuesday, hit by higher development costs as its spends more to bulk up its widespread operations. The Cape Town-based company said core headline earnings per share totalled 921 cents in the six months to end-September, compared with 860 cents a year earlier. The company considers core headline earnings, which exclude one-time items, to be the most accurate measure of its earnings. Naspers said this month it expected earnings to rise by 5 to 15 percent. Revenue totalled 18. ... Full Story | Top |
Slice of missing MF Global customer cash may be in Britain
Mon,28 Nov 2011 08:56 PM PST
Reuters - (Reuters) - About $200 million in customer funds missing at MF Global may have surfaced at JP Morgan Chase in Britain, the New York Times said, citing people briefed on the matter. During MF Global's last days, it overdrew an account at JPMorgan, the newspaper said, citing a person close to the matter. MF Global transferred roughly $200 million in the days before the firm filed for bankruptcy, the paper reported. MF Global filed for Chapter 11 protection on October 31 after the New York-based company revealed it had made a $6.3 billion bet on European sovereign debt, spooking investors. ... Full Story | Top |
AT&T's T-Mobile deal could be affected by election
Mon,28 Nov 2011 07:18 PM PST
Reuters -  NEW YORK (TheWrap.com) - The chances of an AT&T-T-Mobile merger grow dimmer by the day, but there may yet be hope on the horizon for the telecommunications giants -- next year's election. The telecom industry has benefited from a change in administration before: In the 1990s, the Federal Communications Commission opposed SBC's acquisition of AT&T during a Democratic administration, only to later approve it under a Republication administration. ...
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