Today's Reuters Business News Headlines - Yahoo! News:
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World economy to trudge on in 2012 despite Europe: Reuters poll
Sat,24 Dec 2011 06:15 PM PST
Reuters - LONDON (Reuters) - Europe faces another year of dismal economic performance in 2012 that will weigh on global growth, but emerging markets and the United States should at least keep the world economy moving in the right direction. There are several reasons why next year may be nothing to look forward to, according to Reuters polls from the last few months. Many of the world's biggest developed economies are heading into recession, global stock markets look set to recoup only a fraction of their heavy losses in 2011, oil prices will head lower, and asset managers are unsure where best to ... Full Story | Top |
China central bank chief: cut reliance on rating agencies
Sat,24 Dec 2011 06:14 PM PST
Reuters - BEIJING (Reuters) - China's Central Bank Governor Zhou Xiaochuan said financial companies must cut their reliance on ratings agencies, and that China is considering setting up a system where investors pay for ratings, rather than bond issuers. Zhou was speaking at a forum in Beijing. (Reporting by Aileen Wang and Koh Gui Qing) Full Story | Top |
ECB's Visco hints at lower rates if economy worsens
Sat,24 Dec 2011 09:31 AM PST
Reuters -  MILAN (Reuters) - European Central Bank Governing Council Member Ignazio Visco said in a newspaper interview on Saturday that the bank will be attentive to the economic cycle when setting monetary policy, suggesting rates could fall more if the euro zone economy worsens. The ECB has cut interest rates for two months in a row and this month unveiled a raft of measures to support Europe's cash-starved banks to counter a forecast recession brought on by widespread austerity measures. "Monetary policy will be attentive to the (economic) cycle. ...
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Rwanda cbank sees 2012 growth at 7.6 pct
Sat,24 Dec 2011 06:46 AM PST
Reuters -  KIGALI (Reuters) - Rwanda's economy may expand 7.6 percent in 2012 after 8.8 percent growth this year, the central bank governor said on Saturday, as the euro zone debt crisis, higher oil prices and a weaker dollar weigh, while inflation is likely to come to 7.5 percent. Claver Gatete, whose central African country has benefited from single-digit inflation and a stabler currency than most of its struggling east African neighbours, also said he was looking at issuing 7- and 10-year bonds next year and a Eurobond in 2013. "We are projecting economic growth of 7. ...
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"Theme Park 2.0" features pricey, high-tech attractions
Sat,24 Dec 2011 05:27 AM PST
Reuters -  ORLANDO, Fla (Reuters) - Investment in theme parks and cutting-edge attractions along the lines of the Wizarding World of Harry Potter at Universal Orlando surged during the recession, leading one developer to suggest the business is entering a new Golden Age. "It's almost like a Theme Park 2.0, or a re-boot," said Brent Young, co-founder of the Super 78 production studio in Hollywood, California. "We're really coming into a second Golden Age in theme park development," he said. ...
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Santa rally may face test next week
Sat,24 Dec 2011 04:18 AM PST
Reuters -  NEW YORK (Reuters) - Get ready. The last trading week of the year will be a test for stocks to prove whether they have the strength to carry a rally into next year. The broad S&P 500 index broke through its 200-day moving average on Friday after turning positive for the year as a four-day rally lifted stocks following a spell of better-than-expected economic data. At Friday's close, the S&P 500 was up 0.6 percent for the year. But despite the recent economic data that suggest the U.S. ...
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World economy to trudge on in 2012 despite Europe: poll
Sat,24 Dec 2011 03:41 AM PST
Reuters - LONDON (Reuters) - Europe faces another year of dismal economic performance in 2012 that will weigh on global growth, but emerging markets and the United States should at least keep the world economy moving in the right direction. There are several reasons why next year may be nothing to look forward to, according to Reuters polls from the last few months. Many of the world's biggest developed economies are heading into recession, global stock markets look set to recoup only a fraction of their heavy losses in 2011, oil prices will head lower, and asset managers are unsure where best to ... Full Story | Top |
OPEC has "gentleman's" deal on Libyan output: Libya
Sat,24 Dec 2011 02:55 AM PST
Reuters - CAIRO (Reuters) - Libyan Oil Minister Abdulrahman Ben Yazza said on Saturday there was a "gentleman's agreement" in OPEC to accommodate Libya as it lifts oil production back to levels before a civil war this year hit output. "There is a gentleman's agreement to accommodate Libyan production," Ben Yazza told reporters on the sidelines of an Arab oil ministers meeting in Cairo. Libyan National Oil Corp (NOC) Chairman Nouri Berrouin earlier told reporters at meeting that production levels in Libya were now "a bit more than a million" barrels per day (bpd). ... Full Story | Top |
S&P 500 turns positive for the year
Sat,24 Dec 2011 12:31 AM PST
Reuters -  NEW YORK (Reuters) - The S&P 500 turned positive for the year and closed out its third week of gains in four on Friday as equities extended their rally after a string of unexpectedly strong economic data. The Dow Jones industrial average was up 124.35 points, or 1.02 percent, to end unofficially at 12,294. The Standard & Poor's 500 Index was up 11.33 points, or 0.90 percent, to finish unofficially at 1,265.33. The Nasdaq Composite Index was up 19.19 points, or 0.74 percent, to close unofficially at 2,618.64. For the week, stocks rose, with the Dow up 3.6 percent, the S&P 500 up 3. ...
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Shell's Nigeria oil spill gets muted response
Sat,24 Dec 2011 12:29 AM PST
Reuters -  LONDON (Reuters) - Royal Dutch Shell's Nigerian oil spill, the largest in the African nation since 1998, highlights the different world responses to oil spills. Nigerian authorities on Thursday put emergency measures in place to prevent the spill of less than 40,000 barrels from the Shell facility, the biggest leak in Nigeria for more than 13 years, washing up on its coast. The spill is small compared to last year's much documented rupture of BP's Macondo well off the United States but critics say the fact it happened in Nigeria means little attention has been paid to it. ...
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Sinopec says completes Daylight Energy buy
Fri,23 Dec 2011 06:37 PM PST
Reuters - HONG KONG (Reuters) - China's Sinopec Group, parent of top Asia refiner Sinopec Corp , said it had completed the acquisition of Canadian oil and gas explorer Daylight Energy Ltd for C$2.2 billion ($2.16 billion). Its subsidiary Sinopec International Petroleum Exploration and Production Corp (SIPC) will get Daylight's assets in 69 oil and gas fields in northwest Alberta and northeast British Columbia via the deal, Sinopec said in a statement late Friday. ... Full Story | Top |
BofA mulls more asset sales to boost capital
Fri,23 Dec 2011 02:29 PM PST
Reuters -  (Reuters) - Bank of America Corp is lagging behind its major U.S. competitors in complying with new capital rules, leading the bank to consider even more asset sales, sources said. The bank's management is focused on not being an outlier compared to its peers and believes it has "viable alternatives" to increase its capital levels, a person familiar with the situation told Reuters. The bank, for example, could consider selling its Indian back-office processing operation, as other banks have, sources said. ...
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Wall St Week Ahead: Santa rally may face test next week
Fri,23 Dec 2011 02:20 PM PST
Reuters -  NEW YORK (Reuters) - Get ready. The last trading week of the year will be a test for stocks to prove whether they have the strength to carry a rally into next year. The broad S&P 500 index broke through its 200-day moving average on Friday after turning positive for the year as a four-day rally lifted stocks following a spell of better-than-expected economic data. At Friday's close, the S&P 500 was up 0.6 percent for the year. But despite the recent economic data that suggest the U.S. ...
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U.S. economy hopes boost stocks, oil
Fri,23 Dec 2011 01:51 PM PST
Reuters -  NEW YORK (Reuters) - Wall Street stocks rose on Friday and oil prices edged up as upbeat data reinforced a slightly better outlook for the U.S. economy, curbing a bid for safe-haven U.S. Treasury debt. The euro was little changed, but was expected to face further weakness. Euro zone governments face large refinancing needs in early 2012, and investors say the region's leaders have not made much progress in dealing with their fiscal problems. ...
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Miner Crystallex files for bankruptcy
Fri,23 Dec 2011 01:39 PM PST
Reuters - (Reuters) - Crystallex International , a Canadian miner that tried for years to develop a massive gold deposit in Venezuela, filed for bankruptcy protection on Friday and will be delisted from the Toronto Stock Exchange. The Vancouver-based company rose to prominence after winning a contract to develop the 17-million-ounce Las Cristinas deposit in 2002. However, the company ran into delays securing environmental approvals and the contract was abruptly withdrawn by the Hugo Chavez government in 2007. Chavez has since announced he will nationalize the country's gold industry. ... Full Story | Top |
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