Today's Reuters Business News Headlines - Yahoo! News:
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Analysis: Banks' contribution overstated, but retreat painful
Tue,29 Nov 2011 10:57 PM PST
Reuters - LONDON (Reuters) - Banks' contribution to the economy may be hugely overstated, underscoring anger about the scale of taxpayer rescues and resultant government cutbacks, but a sharp retreat of banking worldwide looks painful for all and needs calibrating. As sovereign debts and austerity bite across the West, spurring popular protest over rising inequality and malfunctioning capitalism, governments have been under pressure to act tough on the outsized and risky banking that was deemed too big to fail. ... Full Story | Top |
Caution on euro zone bailout progress hits Asian shares
Tue,29 Nov 2011 10:45 PM PST
Reuters -  TOKYO (Reuters) - Asian shares fell and the euro trimmed gains on Wednesday as caution set in over the chance for more progress in resolving euro zone debt woes after officials agreed to strengthen a rescue fund and seek more aid from the International Monetary Fund. European share markets were set to dip, with financial spreadbetters expecting Britain's FTSE 100 and France's CAC-40 to open down 0.9 percent and Germany's DAX to open down 0.6 percent. ...
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BOJ's Nishimura warns of risk of broad credit crunch
Tue,29 Nov 2011 10:44 PM PST
Reuters - KYOTO, Japan (Reuters) - There is no quick fix to Europe's debt woes that threaten to escalate into a more widespread credit crunch, Bank of Japan Deputy Governor Kiyohiko Nishimura warned on Wednesday, voicing policymakers' growing concern about the deepening damage from the crisis. Nishimura, known as one of more pessimistic board members, also said Tokyo must take resolute action if currency moves are out of line with economic fundamentals in an attempt to keep markets on guard against another yen-selling intervention in the event of a renewed yen spike. ... Full Story | Top |
Wall St up for 2nd day on brighter consumer outlook
Tue,29 Nov 2011 10:03 PM PST
Reuters - NEW YORK (Reuters) - The Dow and S&P 500 advanced for a second day on Tuesday as stronger-than-expected consumer confidence data and hopes for further progress on a solution to Europe's fiscal mess bolstered sentiment. However, in a sign investors are still nervous about the European debt crisis, defensive sectors such as utilities and consumer staples were among the best performers. The Nasdaq composite index also closed lower. ... Full Story | Top |
Namibia clears Extract to build Husab uranium mine
Tue,29 Nov 2011 09:41 PM PST
Reuters -  MELBOURNE (Reuters) - Extract Resources has won a licence to develop its Husab uranium mine in Namibia, which could help push up the price a Chinese suitor may offer for the $2 billion Australia-based company in a widely expected buyout bid. State-owned China Guangdong Nuclear Power Corp (CGNPC) is in talks to take over Extract's 43 percent shareholder, Kalahari Minerals, with Husab, the world's fourth-largest uranium deposit, seen as the key target. ...
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TMX says regulator has "serious concerns" about Maple deal
Tue,29 Nov 2011 09:36 PM PST
Reuters -  (Reuters) - TMX Group said Canada's commissioner of competition expressed "serious concerns" about the likely competitive effects of Maple Group's proposed plan to buy the owner of the Toronto Stock Exchange. The commissioner has serious concerns about the likely competitive effects of the proposed transactions in the current environment, primarily in connection with equities trading and clearing and settlement services in Canada, the parties said in a statement on Tuesday. ...
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Analysis: AMR bankruptcy clouds Boeing jet order
Tue,29 Nov 2011 08:46 PM PST
Reuters -  (Reuters) - Boeing could be at a disadvantage to Airbus because the bankruptcy of AMR Corp , the parent of American Airlines, places up to $40 billion of jet orders at the mercy of a U.S. bankruptcy court, lawyers and bankruptcy experts said. It faces a lengthy await for confirmation of a key order for 100 of its latest type of jet, a fuel-efficient version of its best-selling 737, hampering efforts to level the playing field with rival Airbus after a patchy 2011. AMR filed for bankruptcy on Tuesday. ...
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Goldman raises money to invest in start-up hedge funds: report
Tue,29 Nov 2011 07:43 PM PST
Reuters -  (Reuters) - Goldman Sachs has raised $600 million from clients such as pension funds, wealthy families and large institutions for a new fund that would provide start-up money to hedge-fund managers, the Wall Street Journal said. Goldman plans investments in eight to 10 new hedge funds, to get them up and running, the Journal said, citing people familiar with the matter. Each hedge fund can expect to receive between $75 million and $150 million from Goldman's fund, which is expected to raise about $1 billion in total, the WSJ said. ...
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Policy uncertainty hitting job creation: Fed report
Tue,29 Nov 2011 06:05 PM PST
Reuters - WASHINGTON (Reuters) - Small businesses would hire and invest more if Washington offered a clearer idea about plans for taxes and government spending, researchers at the Federal Reserve Bank of Cleveland said on Tuesday. Measuring the impact of policy uncertainty has long dogged economists. The question of its impact is particularly relevant now because measures of uncertainty have spiked in recent years. The issue also colors the political debate on the regulation of banks and the healthcare market, and whether to extend tax cuts that could prop up economic growth next year. ... Full Story | Top |
Fed's No. 2 sees room for further monetary easing
Tue,29 Nov 2011 06:05 PM PST
Reuters -  SAN FRANCISCO (Reuters) - Janet Yellen, the Federal Reserve's influential vice chair, said on Tuesday the U.S. central bank has room to ease monetary policy further, possibly by providing more information on the path of interest rates. Another top official, Atlanta Federal Reserve Bank President Dennis Lockhart, said he sees a benefit in providing more information on the policy assumptions underlying Fed forecasts. He made clear, however, that he believes the current policy stance is appropriate. ...
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On eve of bankruptcy, Wall St said hang on to AMR
Tue,29 Nov 2011 05:39 PM PST
Reuters - (Reuters) - Investors who took Wall Street at its word would have been clinging to shares of American Airlines' parent company AMR Corp before Tuesday morning, or even planning to add to their holdings. Trouble is, AMR filed for bankruptcy on Tuesday. Fourteen of the brokerage firms that cover AMR had a hold or buy rating on the stock before the company filed for bankruptcy protection. Such positive ratings are common for many U.S. firms and show how fallible sell side equities analysts can be. ... Full Story | Top |
American Airlines draws new bankruptcy judge in NY
Tue,29 Nov 2011 05:39 PM PST
Reuters - (Reuters) - American Airlines, its unionized employees and other creditors may be headed into what could be a lengthy, contentious bankruptcy in front of a new judge with an unknown track record. Judge Sean Lane, who was sworn in as a bankruptcy judge in September 2010, will oversee the bankruptcy. The company filed for Chapter 11 on Tuesday, saying it needed to cut costs amid high fuel costs and weak travel demand. "Everybody gets there first big case at some point," said one New York-based lawyer who requested anonymity because of concerns of speaking about a sitting judge. ... Full Story | Top |
Societe Generale says TCW Group not for sale
Tue,29 Nov 2011 05:30 PM PST
Reuters -  (Reuters) - The French bank Societe Generale SA on Tuesday said its TCW Group unit, one of the largest U.S. asset managers, is not for sale, rejecting a published report to the contrary. The denial came after Bloomberg News, citing unnamed sources, earlier Tuesday said the Paris-based lender was considering a management-led buyout or an initial public offering for TCW, which may be valued at $1 billion. In its statement, Societe Generale repeated that an IPO is possible in the next two to three years, but that a sale is not in the offing. ...
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S&P cuts ratings on big banks after criteria change
Tue,29 Nov 2011 05:23 PM PST
Reuters -  NEW YORK (Reuters) - Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria. JPMorgan Chase & Co , Bank of America Corp , Citigroup Inc , Wells Fargo & Co , Goldman Sachs Group Inc , Morgan Stanley , Barclays Plc , HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG , were among the banks that had their ratings reduced by one notch each. A notch is one third of a letter rating. ...
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Lehman says wins broad support for bankruptcy plan
Tue,29 Nov 2011 05:16 PM PST
Reuters -  NEW YORK (Reuters) - Lehman Brothers Holdings Inc said on Tuesday it has won overwhelming support for its reorganization plan, including from creditors with $400 billion of claims, an important step toward ending its record bankruptcy. The company said creditors asserting more than $405 billion of claims voted on the plan, and that 71,553 creditors representing 98.7 percent of this amount voted in favor. A total of 75,322 creditors voted on the plan, and every creditor class that voted on the plan overwhelmingly accepted it, Lehman said in a court filing. ...
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