Today's Reuters Business News Headlines - Yahoo! News:
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Japan, India shares gain in holiday-thin Asia, U.S. hopes help
Sun,25 Dec 2011 10:52 PM PST
Reuters -  TOKYO (Reuters) - Japanese and Indian stocks outperformed the rest of Asia in thin trade Monday, with sentiment partly lifted by signs of U.S. economic recovery, although trading was subdued with many markets closed for Christmas holidays. Tokyo's Nikkei stock average ended up 1 percent, above its 25-day moving average of 8,459, while India's main 30-share BSE index rose 1.14 percent, as investors sought holiday-season bargains. But MSCI's broadest index of Asia Pacific shares outside Japan slipped from a two-week high touched earlier in the day to trade down 0.1 percent. U.S. ...
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Japan, Myanmar to launch talks on investment pact: report
Sun,25 Dec 2011 10:21 PM PST
Reuters - TOKYO (Reuters) - Japan and Myanmar agreed on Monday to launch negotiations aimed at clinching a bilateral investment pact, Kyodo news reported, as the isolated nation gradually opens up after decades of tight military rule. Japan hopes to promote Myanmar's transition towards democracy through stronger ties, Kyodo said, as Myanmar's new civilian government, which took power in March, begins to implement political reforms and re-engage with the global community. ... Full Story | Top |
Japan urges China to help keep in check North Korea
Sun,25 Dec 2011 10:17 PM PST
Reuters -  BEIJING (Reuters) - Japan urged China on Monday to shoulder a big role in ensuring that North Korea avoids volatile moves despite uncertainties created by the death of Pyongyang's leader, Kim Jong-il. Japanese Prime Minister Yoshihiko Noda also nudged Chinese President Hu Jintao to share information about developments in North Korea, where the succession of Kim's youngest son, Kim Jong-un, has fanned speculation about who will really control the secretive one-party state and its nuclear weapons programme. ...
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Yuan hits record vs dollar, on track for over-4-percent gain
Sun,25 Dec 2011 08:16 PM PST
Reuters -  SHANGHAI (Reuters) - The yuan hit an all-time trading high against the dollar on Monday, guided by a stronger mid-point by the People's Bank of China, and looks set for an over-4-percent appreciation for 2011, traders said. The yuan is expected to remain stable or rise slightly in the last week of the year to close 2011 near 6.30 versus the dollar, in line with market expectations. ...
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Japan, China look to trade talks, debt buys
Sun,25 Dec 2011 02:27 PM PST
Reuters -  BEIJING (Reuters) - Japan and China agreed to start formal talks early next year on a free trade pact that would also include South Korea, Japanese Prime Minister Yoshihiko Noda said on Sunday after talks that showed the deepening bonds between Asia's two biggest economies. Japan also said it was looking to buy Chinese treasury debt, and the two governments agreed to enhance financial cooperation. "On a free trade agreement among Japan, China and South Korea, we've made a substantial progress for an early start of negotiations," Noda told reporters after his meeting with Premier Wen Jiabao. ...
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Reversal of fortune
Sun,25 Dec 2011 02:25 PM PST
Reuters -  SINGAPORE (Reuters) - While the threat of credit rating downgrades hangs over Europe, a few big emerging market economies are on the upswing. Indonesia provides arguably the starkest contrast. Fitch's upgrade of Indonesia's sovereign rating on December 15 restored it to investment grade status for the first time in 14 years. Back in 1997, when the Asian financial crisis exploded, the International Monetary Fund had to step in with a three-year loan worth $10.1 billion at the time. ...
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Egypt's Citadel swings to loss in Q3
Sun,25 Dec 2011 06:48 AM PST
Reuters -  DUBAI (Reuters) - Egyptian private equity firm Citadel Capital said on Sunday it swung to a standalone loss of 20.7 million Egyptian pounds in the third quarter, compared with a net profit of 18.43 million pounds in the same period last year. The firm, which focuses on the Middle East and north Africa, said it made a consolidated net loss for the first nine months of 446.6 million Egyptian pounds according to a filing on the stock exchange on Sunday. The company had reported a net loss of 160.6 million pounds for the same period a year earlier, the exchange added. ...
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Egypt sells more 91-day T-bills than offered
Sun,25 Dec 2011 05:55 AM PST
Reuters -  CAIRO (Reuters) - Egypt's central bank sold more 91-day treasury bills than originally offered at an auction on Sunday but trimmed the amount 266-day T-bills sold, the Finance Ministry said on its website. The bank sold 3 billion Egyptian pounds of 91-day bills compared to the 2 billion it offered, with the average yield remaining steady from last week at 13.95 percent. It sold only 1 billion pounds of 266-day T-bills, short of the 3.5 billion pounds it had offered, with the average yield rising to 15.26 percent from 15.144 percent at the last issue on Dec 13. ...
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IMF's Lagarde warns global economy threatened
Sun,25 Dec 2011 04:49 AM PST
Reuters -  PARIS (Reuters) - The head of the International Monetary Fund said the world economy was in danger and urged Europeans to speak with one voice on a debt crisis that has rattled the global financial system. In Nigeria last week, IMF Christine Lagarde said the IMF's 4 percent growth forecast for the world economy in 2012 could be revised downward, but gave no new figure. "The world economy is in a dangerous situation," she told France's Journal du Dimanche in an interview published on Sunday. ...
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Japan looking to buy Chinese government bonds
Sun,25 Dec 2011 04:33 AM PST
Reuters - BEIJING (Reuters) - Japan will seek to buy Chinese government bonds, the Japanese government said in a statement issued after Prime Minister Yoshihiko Noda held talks in Beijing with Chinese Premier Wen Jiabao on Sunday. The statement given to reporters gave no details of when Japan might seek to buy the bonds or on what scale. Japan had earlier indicated it is in talks to buy Chinese government debt to strengthen economic ties. Despite sometimes rancorous political ties between the two neighbors, Japan's economic fortunes are increasingly tied to China's economic growth and consumer demand. ... Full Story | Top |
Audi CEO: Auto industry faces tougher year in 2012
Sun,25 Dec 2011 03:19 AM PST
Reuters - Ingolstadt, GERMANY (Reuters) - The automotive industry faces a tougher year in 2012 than it has done this year, Audi Chief Executive Rupert Stadler told Reuters in an interview for release on Sunday. "But this should not be a reason to fall into pessimism," he said, adding that the automotive industry will continue to grow over the next 10 years thanks to the enormous appetite for mobility among people in developing economies. ... Full Story | Top |
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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