Today's Reuters Business News Headlines - Yahoo! News:
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Central banks spur Asian shares to two-week high
Wed,30 Nov 2011 11:07 PM PST
Reuters -  TOKYO (Reuters) - Asian shares rallied to two-week highs on Thursday, building on strong global gains after the world's six major central banks moved to tame a liquidity crunch for European banks by providing cheaper dollar funding. Financial spreadbetters expect the leading European benchmark indexes to rise on Thursday, extending a sharp four-session rally on increased risk appetite following the central bank joint action. The U.S. ...
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UBS brings back old risk boss after trading scandal
Wed,30 Nov 2011 11:00 PM PST
Reuters - ZURICH (Reuters) - UBS appointed Philip Lofts back to his former role as chief risk officer on Thursday, removing Maureen Miskovic after less than a year in the job following the Swiss bank's $2 billion trading scandal. In a sign new Chief Executive Sergio Ermotti -- appointed after the scandal -- is beginning to leave his mark on the crisis-shaken bank, he also gave new responsibilities to two of his rivals for the top job: Ulrich Koerner and Bob McCann. ... Full Story | Top |
Egypt mobile phone Aug subscriptions up 28 pct
Wed,30 Nov 2011 10:54 PM PST
Reuters -  CAIRO (Reuters) - The number of mobile phone subscriptions in Egypt grew 28.4 percent from a year earlier to 78.99 million as of August, government figures showed on Thursday. In July the number of mobile phone subscriptions was 77.76 million. In August 2010, Egypt's three mobile operators -- Etisalat Egypt, Mobinil and Vodafone's unit in Egypt -- had 61.500 million subscriptions. Egypt is the Arab world's most populous country, with more than 80 million people. To access the data, click on www.eip.gov.eg
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S.African bonds firm, rand weakens but should gain
Wed,30 Nov 2011 10:53 PM PST
Reuters -  JOHANNESBURG (Reuters) - Yields on South African government bonds were at two-week lows on Thursday with bonds supported by a global liquidity injection that boosted risk sentiment in the previous session. The volatile rand had pulled back from that rally by early morning trade, in a show investors were waiting for a sustainable solution to Europe's debt crisis before comfortably buying into risk again. Seasonal factors should allow for rand gains however as importers decrease in the market. The four-year bond yield dropped 5.5 basis points to 6. ...
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Asia's factories stall; China urges stimulus
Wed,30 Nov 2011 10:41 PM PST
Reuters - (Reuters) - The world economy faces a worse situation than in 2008 and stimulating growth is the top priority, a Chinese official said on Thursday, as data showed slumping export demand stalled manufacturing in some of Asia's biggest economies. China's official purchasing managers' index (PMI) showed factory activity shrank in November for the first time in nearly three years, while growth in India's sector slowed down. ... Full Story | Top |
Olympus ex-CEO campaigns to reclaim top job
Wed,30 Nov 2011 10:27 PM PST
Reuters -  NEW YORK/TOKYO (Reuters) - The former chief executive of disgraced Olympus Corp, Michael Woodford, launched a campaign on Thursday to oust the board of directors, reclaim his old job and bring in his own team to save the Japanese firm from a big accounting scandal. Woodford, who blew the whistle on accounting tricks at Olympus after he was sacked in October, said he was putting together a team of candidates for a new board and talking to shareholders about replacing the current leadership, hopefully by February. ...
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Pancontinental to raise $15 mln for Africa exploration
Wed,30 Nov 2011 10:18 PM PST
Reuters - NAIROBI (Reuters) - Australia's Pancontinental Oil and Gas said on Thursday it was planning to raise up to $15 million through a cash call to fund its exploration activities in Kenya and Namibia and boost its working capital. The company said it would float up to 200 million shares in the placement at an issue price of 7.5 cents per share. ... Full Story | Top |
Harmony not selling S.Africa's Joel mine: paper
Wed,30 Nov 2011 10:10 PM PST
Reuters -  JOHANNESBURG (Reuters) - Harmony Gold, the world's fifth-largest gold producer, is not planning to sell its Joel mine in South Africa, the Business Day newspaper reported on Thursday. The paper quoted Harmony chief executive officer Graham Briggs as saying the mine had a reasonable life left and was profitable. "This is a prized asset and it is not for sale," Briggs was quoted as saying. The paper said there was a rumour in the market that Wits Gold, a South African gold and uranium exploration company, wanted to buy the Joel operations. ...
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Wall St rallies on central banks' help for Europe
Wed,30 Nov 2011 10:01 PM PST
Reuters - NEW YORK (Reuters) - U.S. stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the euro-zone debt woes from turning into a full-blown credit crisis. The Dow posted its best day since March 2009 after the Federal Reserve, the European Central Bank and other major central banks stepped in to head off escalating funding pressures that threaten the key arteries of the world's financial system. The S&P 500 scored its best daily percentage gain since August. ... Full Story | Top |
Africa needs non-GM green revolution to boost food
Wed,30 Nov 2011 09:38 PM PST
Reuters -  MILAN (Reuters) - Africa will rely on non-transgenic crop breeding to boost food output to feed its rapidly growing population in the coming decades but will also need genetically modified products (GM), the head of a pan-African farm think tank said on Wednesday. The world needs to boost cereals output by 1 billion tonnes and produce 200 million extra tonnes of livestock products a year by 2050 to feed a population projected to rise to 9 billion from about 7 billion now, the United Nations estimates. ...
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Sudan gives top jobs to opposition sons: state media
Wed,30 Nov 2011 09:37 PM PST
Reuters -  KHARTOUM (Reuters) - Sudan appointed the sons of two prominent opposition figures as presidential assistants, state media reported on Wednesday, in a possible move to form a more inclusive government as the country faces rebellions and an economic crisis. Inflation in Sudan hit 19.8 percent in October, about double the level a year ago, an economic hardship exacerbated by the secession of oil-producing South Sudan in July. The country is also fighting armed insurgencies in its South Kordofan and Blue Nile border states and western Darfur region. ...
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EU faces deadline Thursday in Airbus spat with U.S.
Wed,30 Nov 2011 09:21 PM PST
Reuters - WASHINGTON (Reuters) - A dispute over government aid for aircraft rivals Airbus and Boeing enters a delicate stage on Thursday as Europe faces a deadline to tell the United States how it is eliminating billions of dollars in subsidies struck down by the World Trade Organization. "It is by a huge margin the most commercially significant case the United States has ever prosecuted at the WTO," U.S. Trade Representative Ron Kirk said in a speech on Wednesday at the U.S. Chamber of Commerce. ... Full Story | Top |
Senators to probe regulators' role in MF Global
Wed,30 Nov 2011 09:13 PM PST
Reuters -  WASHINGTON (Reuters) - Senators plan to press regulators on Thursday on whether they were asleep at the switch as now-bankrupt MF Global took on massive risky bets, and why hundreds millions of dollars in customer funds are still missing. Commodity Futures Trading Commission Chairman Gary Gensler is one of the regulators called to testify before the Senate Agriculture Committee, in the first major congressional hearing about MF Global since it filed for bankruptcy on October 31. ...
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Blackstone, Bain plan Yahoo bid: source
Wed,30 Nov 2011 08:19 PM PST
Reuters -  NEW YORK (Reuters) - Blackstone Group and Bain Capital are preparing a bid for all of Yahoo Inc with Asian partners in a deal that could value the Internet company at about $25 billion, a source familiar with the matter said on Wednesday. The potential bid by the consortium, which would include China's Alibaba Group and Japan's Softbank Corp, has not yet been finalized, the source and two other people familiar with the matter said. ...
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China factory sector shrinks first time in nearly 3 years
Wed,30 Nov 2011 08:05 PM PST
Reuters -  BEIJING (Reuters) - China's factory sector shrank in November in the face of weakening demand both at home and abroad, two surveys showed on Thursday, underlining the central bank's move to cut bank reserve requirements to shore up the economy. The official and HSBC purchasing managers' indexes are likely to feed worries that the global economy is on a slippery slope as the euro zone is marred by its debt crisis, reinforcing expectations that China will ease policy further. ...
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