Today's Reuters Business News Headlines - Yahoo! News:
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Egypt mobile phone subscriptions up 18 pct in 2011
Wed,29 Feb 2012 10:53 PM PST
Reuters -  CAIRO (Reuters) - The number of mobile phone subscriptions in Egypt rose 18 percent to 83.43 million last year, shrugging off an economic crisis sparked by the overthrow of President Hosni Mubarak, government figures showed on Thursday. In December 2010, Egypt's three mobile operators -- Etisalat Egypt, Mobinil and the Egyptian unit of Vodafone -- had 70.66 million subscriptions. Vodafone and Mobinil -- controlled by Egypt's Sawiris family and France Telecom -- have been competing fiercely for market leadership. ...
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Bank of America considers checking account fee revamp: report
Wed,29 Feb 2012 10:21 PM PST
Reuters - (Reuters) - Bank of America Corp is planning to introduce a monthly fee for its customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances, the Wall Street Journal said. The report on the new fee initiative at the nation's second-largest bank comes after it had faced a major consumer backlash last year when it disclosed plans for a $5-per-month debit card fee, forcing the bank to drop the plan. ... Full Story | Top |
Wall St snaps 4-day advance after Bernanke remarks
Wed,29 Feb 2012 10:08 PM PST
Reuters - NEW YORK (Reuters) - U.S. stocks slipped on Wednesday, snapping a four-day winning streak after comments from U.S. Federal Reserve Chairman Ben Bernanke disappointed investors hoping for a strong signal of more stimulus. The Fed chairman's comments drove the dollar up 0.7 percent against a basket of major currencies and sent materials lower. Gold fell 5 percent in late trading. The S&P Materials Index lost 1.7 percent, making it the S&P 500's worst-performing sector. Bernanke offered a tempered view of the U.S. ... Full Story | Top |
Gold edges up 1 pct after plunge on Bernanke
Wed,29 Feb 2012 09:55 PM PST
Reuters -  SINGAPORE (Reuters) - Spot gold rose more than 1 percent on Thursday, recovering from its biggest fall in more than three years in the previous session when U.S. Federal Reserve Chairman Ben Bernanke failed to signal further monetary easing. Prices moved up rapidly after the Shanghai Gold Exchange started trading, as investors took advantage of a discount of about $10 in spot gold to Shanghai prices. ...
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Brent steady above $122 on supply concerns, China, US
Wed,29 Feb 2012 09:30 PM PST
Reuters -  SINGAPORE (Reuters) - Brent crude futures held steady above $122 on Thursday, drawing support from a faster-than-expected expansion of the U.S. economy and better factory data from China amid concerns of supply disruption from the Middle East. Positive numbers from two of the world's biggest oil consumers have put a floor on Brent even after the contract surged 10.5 percent last month, the highest since February 2011. U.S. crude is under pressure from a surprise build in stockpiles last week. Front-month Brent rose 8 cents to $112.74 a barrel by 0325 GMT, after settling $1.11 higher at $122. ...
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China exports may stay strong despite weak Europe
Wed,29 Feb 2012 09:11 PM PST
Reuters - BEIJING (Reuters) - Workers at an electrical products factory in eastern China received a pleasant shock when they returned to their jobs after the Chinese Lunar New Year holidays. They expected a worryingly quiet period at the Zhejiang TTN factory in Wenzhou because orders from Western Europe, traditionally a key market, have been falling. Instead, the workers had to scramble to adjust production lines because the factory surprisingly had secured big orders from new markets -- one from Russia and another from India. ... Full Story | Top |
China's big factories rebound as smaller firms lag
Wed,29 Feb 2012 07:44 PM PST
Reuters - BEIJING (Reuters) - China's factories grew more than expected in February as new export orders for big firms bounced back, a government survey showed, while a private-sector report portrayed a different picture of smaller companies lagging behind the rebound. China's official purchasing managers' index (PMI) rose to 51.0, above expectations of 50.7 and higher than 50.5 in January, while the final reading of the HSBC PMI stood at 49.6, a shade higher than January's reading of 48.8, but still under the 50-point threshold demarcating expansion from contraction. ... Full Story | Top |
EU says Ireland may need to revise budget
Wed,29 Feb 2012 06:23 PM PST
Reuters - BERLIN (Reuters) - Ireland may need to make further changes to its budget this year if the economy continues to deteriorate, the European Commission said on Wednesday in a draft of a report obtained by Reuters. Halfway through an unprecedented austerity drive, Ireland is implementing 3.8 billion euros ($5.08 billion) worth of tax hikes and spending cuts to reduce its budget deficit to 8.6 percent of gross domestic product (GDP) this year. Weaker than expected growth has forced Dublin to increase the target to 3.8 billion euros from the 3. ... Full Story | Top |
Facebook woos Madison Ave in pre-IPO mobile push
Wed,29 Feb 2012 05:00 PM PST
Reuters -  NEW YORK/SAN FRANCISCO (Reuters) - Facebook has unveiled new ways for businesses to reach its 845 million users directly across all devices, including mobile, as it races toward a multibillion dollar IPO. With new "Premium on Facebook" ads, marketers can expand their reach on the social network by paying for a video, a coupon or other message to appear on the homepages of Facebook users, on the log-out screen and even within users' newsfeeds. Until now the newsfeed had been free of paid marketing messages. ...
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Ford may lose up to $600 million in Europe in 2012: CFO
Wed,29 Feb 2012 04:50 PM PST
Reuters - DETROIT (Reuters) - Ford Motor Co may lose up to $600 million in Europe this year as the ongoing debt crisis hurts overall auto sales in the region, Chief Financial Officer Lewis Booth said on Wednesday. Industry-wide sales in Europe appear to be heading toward 14 million vehicles this year, Booth said. This represents the low end of Ford's annual sales forecast for the region. "We've seen Europe get off to a tough start," Booth told reporters at Ford's global headquarters in Dearborn, Michigan. "We think Europe is much more likely now to be at the bottom end of the scale. ... Full Story | Top |
Transocean says may face $473 million U.S. tax bill
Wed,29 Feb 2012 04:45 PM PST
Reuters - (Reuters) - Transocean Ltd may face $473 million in U.S. back taxes, according to its annual filing, though it also said it was cleared in a similar dispute dating back eight years, which may give its lawyers a useful precedent. Transocean, owner of the world's largest offshore oil rig fleet, said the latest assessment received this month for 2008 and 2009 related to accounting between subsidiaries, for both engineering services performed between them and transfer pricing for rig charters. ... Full Story | Top |
February auto sales seen up slightly
Wed,29 Feb 2012 03:34 PM PST
Reuters - DETROIT (Reuters) - U.S. auto sales for February are expected to post a modest rise from year-earlier levels, as the industry continues its gradual recovery thanks to a rise in consumer confidence and the need to replace aging cars and trucks. "Between surprisingly strong sales over Presidents Day weekend, optimistic economic news, and unseasonably mild weather conditions across the country, things seem to be breaking the right way for both car buyers and dealers," said Jessica Caldwell, analyst at Edmunds.com. Automakers will post U.S. sales results for February on Thursday. ... Full Story | Top |
Canada budget set for March 29, cuts to be tame
Wed,29 Feb 2012 02:32 PM PST
Reuters - OTTAWA (Reuters) - Canada's budget will be delivered on March 29 and will contain only modest spending cuts rather than the massive reductions that some unions are anticipating, Finance Minister Jim Flaherty said on Wednesday. The governing Conservatives say they plan to cut between C$4 billion ($4 billion) and $8 billion a year to eliminate the budget deficit by the 2015-16 fiscal year. "This is a jobs and growth budget," Flaherty told reporters in Ottawa. "We are on track still (to balance the budget) for the medium term. There's been no significant change in the track. ... Full Story | Top |
Former top Citigroup executive Terri Dial dies
Wed,29 Feb 2012 02:25 PM PST
Reuters -  (Reuters) - Terri Dial, a former senior executive of some of the world's largest banks and one of the leaders of Citigroup's post-crisis restructuring, has died. Dial, 62, died Tuesday of pancreatic cancer, according to media reports. Citi Chief Executive Vikram Pandit sent a message to the bank's staff Wednesday confirming her passing. "Starting as a teller, she rose to become one of the most influential bankers of her generation -- and by any measure, one of the most powerful women in our industry," Pandit said. ...
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Ford may lose up to $600 million in Europe this year: CFO
Wed,29 Feb 2012 02:23 PM PST
Reuters - DETROIT (Reuters) - Ford Motor Co may lose between $500 million and $600 million this year in Europe, where auto sales are heading toward the low end of the company's forecast, Chief Financial Officer Lewis Booth said on Wednesday. The second-largest U.S. automaker had projected 2012 industry sales between 14 million and 15 million in Europe, down from 15.3 million vehicles in 2011. "We think Europe is much more likely now to be at the bottom end of the scale," Booth told reporters at Ford's global headquarters in Dearborn, Michigan. ... Full Story | Top |
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