Today's Reuters Business News Headlines - Yahoo! News:
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Panasonic names Tsuga to replace Ohtsubo as president
Mon,27 Feb 2012 11:22 PM PST
Reuters - TOKYO (Reuters) - Panasonic Corp said on Tuesday its president, Fumio Ohtsubo, would step down to become chairman and that Senior Managing Director Kazuhiro Tsuga would take his place. Panasonic, which earlier this month warned of a record annual net loss of 780 billion yen ($9.7 billion), said it will hold a news conference at 6 p.m. (0900 GMT). ($1 = 80.4600 Japanese yen) (Reporting by Mayumi Negishi) Full Story | Top |
S.Africa's rand firms, to test 7.50 resistance
Mon,27 Feb 2012 11:20 PM PST
Reuters -  JOHANNESBURG (Reuters) - South Africa's rand firmed against the dollar on Tuesday, and looked set to launch another assault on a strong resistance level at 7.52 on the back of higher appetite for riskier emerging market currencies. Approval of a Greece bailout package cheered global markets and a Reuters poll of money market traders suggested banks would take up 500 billion euros in cheap three-year loans from the European Central Bank, giving authorities more time to sort out the sovereign debt crisis. "Everything looks positive. ...
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RBPlat sees challenging year ahead
Mon,27 Feb 2012 10:58 PM PST
Reuters -  JOHANNESBURG (Reuters) - Royal Bafokeng Platinum, a mid-tier producer of platinum group metals, on Tuesday reported 12.6 percent drop in earnings after it increased the number of shares in issue as part of its listing in Johannesburg last year. Headline earnings per share of 167 cents were reported for the 12 months to end December from 191 cents the year before. Headline earnings are the main profit gauge in South Africa, and strip out certain one-time items. The weighted average number of shares in issue since its November listing are about 163.7 million, compared to just over 141. ...
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McDonald's plans to expand franchising in China
Mon,27 Feb 2012 10:54 PM PST
Reuters - SHANGHAI (Reuters) - McDonald's Corp , the world's biggest hamburger chain said it plans to increase the number of franchised stores in China as it ramps up expansion in one of the world's fastest-growing consumer markets. McDonald's relies heavily on franchises in more mature markets such as the United States, but has almost exclusively opened self-operated stores in China since entering the market two decades ago. It has 36 franchised stores in the country, the company's website showed. "Right now, it's a low percentage. ... Full Story | Top |
FirstRand H1 up on higher lending income
Mon,27 Feb 2012 10:41 PM PST
Reuters - JOHANNESBURG (Reuters) - FirstRand, South Africa's second-largest lender by market value, reported a 26 percent rise in first-half profit, helped by a decline in bad debts and higher income from loans. Normalised earnings per share, which excludes certain items, totalled 102.4 cents in the six months to end-December, from a restated 81.1 cents a year ago. FirstRand had said its diluted normalised EPS would rise by as much as 28 percent. Net interest income, a measure of earnings from lending, rose 22 percent. ... Full Story | Top |
James Bond and Batman help rescue London developers
Mon,27 Feb 2012 10:40 PM PST
Reuters - LONDON (Reuters) - Hollywood is helping London developers weather the financial crisis by turning empty offices into film sets, providing cash and publicity for landlords struggling to fill buildings with tenants because of the uncertain economic outlook. In addition to films and television shows, a growing number of developers are also opening their doors to events like London Fashion Week or temporary retail sites for online companies such as Amazon , eBay and Google . ... Full Story | Top |
Falling oil lifts Wall St to highest since 2008
Mon,27 Feb 2012 10:06 PM PST
Reuters - NEW YORK (Reuters) - The benchmark S&P 500 closed at its highest level since mid-2008 on Monday, extending gains for a third session as oil prices retreated after a recent rally and data showed further improvement in the U.S. housing market. The S&P and the Nasdaq both eked out gains, while the Dow closed barely lower. An industry group reported that contracts for home resales hit a near two-year high in January, lifting the Dow Jones home construction index 1.50 percent, while the PHLX housing sector index rose 1.19 percent. ... Full Story | Top |
S.Africa's rand hits 2 week-high on offshore buying
Mon,27 Feb 2012 09:55 PM PST
Reuters -  JOHANNESBURG (Reuters) - The rand turned firmer against the dollar in late afternoon trade on Monday, hitting a fresh two-week high as offshore hedge funds saw the local currency attractive at levels below previous resistance. Investors were also cheered by reports of the approval of a Greece bailout package. The rand was 0.7 percent firmer at 7.5422 at 1650 GMT, levels last seen on February 8, reversing the day's losses after offshore traders came into the market to sell dollars on Monday. The currency is now just short of testing resistance at 7.52, a level it bounced from earlier this ...
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Nigeria urges Chevron to help fire victims
Mon,27 Feb 2012 09:49 PM PST
Reuters -  KOLUAMA, Nigeria (Reuters) - Nigeria's president visited the site of a fire caused by an accident at Chevron's offshore Funiwa oil facility and urged the company to give more aid to the communities affected. The fire has been raging since a gas explosion in the middle of January that left two oil workers missing, feared dead. Chevron has begun the process of drilling a relief well to put it out. ...
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Brent slips below $124 after rally, supply woes support
Mon,27 Feb 2012 09:48 PM PST
Reuters -  SINGAPORE (Reuters) - Brent crude futures extended losses and slipped below $124 on Tuesday, snapping a surge that threatened to hurt the global economy while concerns over supply from the Middle East helped stem the slide. Broader financial markets consolidated after sliding on fears that the rise in oil to near 10-month highs last week would further strain the economies of Europe, already struggling with a debt crisis. Front-month Brent fell 47 cents to $123.70 a barrel by 0252 GMT, after settling more than $1 lower. U.S. crude slipped 64 cents to $107. ...
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Factbox: The "Big Four" accounting firms in China
Mon,27 Feb 2012 09:16 PM PST
Reuters - (Reuters) - The 'Big Four' international audit firms face a major re-organization in China as they are forced to abandon their foreign joint venture arrangements. Following are facts about the Big Four accounting firms' China practices. DELOITTE TOUCHE TOHMATSU Deloitte opened its first office in Shanghai in 1917, but has seen the most significant growth in the region in the last eight years. Its workforce in mainland China and Hong Kong has grown to more than 8,000 in 2011 from 2,300 in 2003. ... Full Story | Top |
"Big Four" auditors brace for big changes in China
Mon,27 Feb 2012 09:15 PM PST
Reuters - (Reuters) - The Big Four global audit firms, which dominate the Chinese market, are negotiating with Beijing to lessen the impact of forced changes that could mean only accountants with Chinese qualifications can be partners in their audit practices. The overhaul comes at a delicate time for an audit industry reeling from a rash of accounting scandals at Chinese companies, particularly those listed in high-profile overseas markets such as the United States. ... Full Story | Top |
BofA APAC equities financing head Canniffe leaves: sources
Mon,27 Feb 2012 08:53 PM PST
Reuters - HONG KONG (Reuters) - Bank of America Corp's head of global markets financing and futures in Asia-Pacific, Brian Canniffe, has left the company, according to an internal memo seen by Reuters. The Wall Street bank has replaced Canniffe with Richard Boseley, head of Asia-Pacific equity sales, who has assumed the additional responsibility, the memo and sources said. A Bank of America Corp spokesman declined comment. Bank staff were told about the departure in a memo yesterday by Stu Hendel, global head of prime brokerage, and Peter MacDonald, head of Asia Pacific equities. ... Full Story | Top |
HSBC says it may face criminal charges for transactions
Mon,27 Feb 2012 07:42 PM PST
Reuters -  (Reuters) - HSBC Holdings Plc said on Monday it will likely face criminal or civil charges from an expanding investigation into its ties to allegedly illegal money transactions, including some tied to Iran. The disclosure in a regulatory filing shows the increasingly serious nature of inquiries into the London-based bank's business. HSBC already is the subject of multiple U.S. law-enforcement probes for ties to illegal money transactions. Monday's filing was the first time the bank disclosed that Iranian transactions are under scrutiny and that it could face a criminal charge. ...
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Morgan Stanley details effect of possible downgrade
Mon,27 Feb 2012 04:41 PM PST
Reuters - (Reuters) - Morgan Stanley said it will have to post another $6.52 billion in collateral to counterparties and clearinghouses if Moody's follows through on a warning that it might cut the Wall Street bank's long-term debt rating by up to three notches. A one-notch downgrade by Moody's would require $1.04 billion in additional collateral, and a two-notch downgrade would require $5.17 billion in additional collateral, Morgan Stanley said in its annual filing with the U.S. Securities and Exchange Commission on Monday. Those figures are higher than the $1.69 billion and $5. ... Full Story | Top |
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