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| S.Africa's rand remains on defensive Monday, Oct 29, 2012 12:34 AM PDT JOHANNESBURG (Reuters) - South Africa's rand is expected to take its direction from a slew of month-end data due this week but the currency is expected to remain on the defensive due to a wider budget deficit and recent credit rating downgrades. The rand was at 8.6619 to the dollar at 0608 GMT, 0.3 percent weaker than Friday's New York close. The releases expected this week include September trade data on Wednesday, unemployment and manufacturing figures on Thursday and vehicle sales statistics on Friday. ... Full Story | Top |
| S.Africa's Nedbank says on track for FY targets Monday, Oct 29, 2012 12:18 AM PDT JOHANNESBURG (Reuters) - South Africa's Nedbank Group on Monday reported a 14 percent increase in non-lending revenue for the first nine months of the year, helped by higher fees and said it was on track to meet its full-year earnings target. Nedbank, South Africa's fourth-largest bank, said in a trading statement that non-interest revenue, which includes fees and commissions, rose 13.9 percent to 12.4 billion rand in the nine months to end-September. ... Full Story | Top |
| In San Francisco, tech investor leads a political makeover Monday, Oct 29, 2012 12:13 AM PDT  SAN FRANCISCO (Reuters) - One morning in April, Ron Conway, the billionaire technology investor, sat in a conference room on the second floor of San Francisco's City Hall with about 50 representatives from the city's business community. On the agenda was a sweeping proposal by Mayor Ed Lee to reform the city's payroll tax, a plan that would favor companies with many employees but little revenue â€" tech start-ups, namely â€" while shifting the burden to the real estate and financial industries. ... Full Story | Top |
| Honda sees China business impact until February holidays Sunday, Oct 28, 2012 11:54 PM PDT TOKYO (Reuters) - Honda Motor Co expects production cuts to continue in China until the second half of November, after sales plunged in mid-September in the world's biggest auto market amid a territorial row between Japan and China, a senior executive said on Monday. Production in China is likely to start recovering after that period, as Honda expects growing vehicle demand ahead of and around a Chinese holiday season in February, Executive Vice President Tetsuo Iwamura told a news conference. ... Full Story | Top |
| S.Africa Sept credit growth quickens to 9.07 pct y/y Sunday, Oct 28, 2012 11:20 PM PDT  JOHANNESBURG (Reuters) - Growth in credit demand by South Africa's private sector accelerated to 9.07 percent year-on-year in September compared with 7.93 percent rise in August, central bank data showed on Monday. Growth in the broadly defined M3 measure of money supply however slowed to 7.54 percent year-on-year in September after rising by 7.78 percent the previous month. Economists surveyed by Reuters forecast year-on-year private sector credit growth of 8.3 percent in September while M3 was seen expanding by 7.8 percent. Full Story | Top |
| Asian shares ease on uncertain growth, corporate outlook Sunday, Oct 28, 2012 11:17 PM PDT  TOKYO (Reuters) - Asian shares slipped on Monday as investors switched their focus away from signs of stable U.S. growth, looking instead at tepid global corporate earnings and the uncertain economic outlook. European shares were seen as lackluster, with financial spreadbetters expecting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX to open down about 0.1 percent. U.S. stock futures were down 0.4 percent. U.S. ... Full Story | Top |
| Analysis: Euro zone ponders best path to "GEMU" Sunday, Oct 28, 2012 10:58 PM PDT  PARIS (Reuters) - In the rich lexicon of Brussels acronyms, a new treasure has entered the vocabulary since June: GEMU. It stands for Genuine Economic and Monetary Union, a term used in the conclusions of the last two European Union summits in a tacit acknowledgement that the single currency created by the 1992 Maastricht Treaty was flawed and woefully incomplete. ... Full Story | Top |
| Factbox: Wall Street's plans for Hurricane Sandy Sunday, Oct 28, 2012 10:27 PM PDT NEW YORK (Reuters) - Wall Street firms were set to open with limited staffing on Monday, as stock markets remain closed ahead of Hurricane Sandy's approach and many traders in other markets as well as other financial professionals worked from home. Here is a breakdown of what the major financial institutions said about carrying out business on Monday: SECURITIES INDUSTRIES AND FINANCIAL MARKETS ASSOCIATION (SIFMA) The investor group said it is recommending an early close of noon EDT on Monday for the trading of U.S. dollar-denominated, fixed-income securities. ... Full Story | Top |
| Stock markets closed as storm hobbles New York Sunday, Oct 28, 2012 10:15 PM PDT  NEW YORK (Reuters) - U.S. stock and options markets will be closed on Monday, and possibly Tuesday, as regulators, exchanges and brokers worry about the integrity of markets and the safety of employees in the face of Hurricane Sandy. Market participants and regulators decided late on Sunday to shut the market, reversing a plan to keep electronic trading going on Monday. Bond markets will remain open, but will close at noon, a trade group said. ... Full Story | Top |
| Petronas agrees to renew bid for Canada's Progress: sources Sunday, Oct 28, 2012 10:10 PM PDT  KUALA LUMPUR (Reuters) - Malaysian state oil firm Petronas will renew a bid for gas producer Progress Energy Resources, Petronas sources said, seeking to assure the Canadian government that the C$5.17 billion ($5.2 billion) deal will benefit the country. Canada blocked Petronas' bid for Progress this month after Industry Minister Christian Paradis said it was not likely to bring a "net benefit" to the country. He gave Petronas 30 days to make additional representations to amend its bid. ... Full Story | Top |
| Ford to sell climate control business to Detroit Thermal Systems Sunday, Oct 28, 2012 10:03 PM PDT  (Reuters) - Ford Motor Co said it has agreed to sell its climate control business, the automaker's last remaining automotive components operation, to Detroit Thermal Systems LLC for an undisclosed price. The climate control business was part of Ford's Automotive Components Holdings (ACH). ACH was formed in 2005 when Ford took back from its former subsidiary Visteon Corp 17 plants with the intent of preparing each of the plants for a sale. Detroit Thermal Systems is a joint venture formed by France's Valeo SA and V. Johnson Enterprises. ... Full Story | Top |
| Base Resources shares dive on Kenya mine ownership law Sunday, Oct 28, 2012 10:00 PM PDT MELBOURNE (Reuters) - Australian miner Base Resources' shares slumped 31 percent on Monday on worries that Kenya may take over part of its key project under a new law requiring the state to own at least a 35 percent stake in mining licenses. The company said late on Friday it was trying to line up talks with the Kenyan government to understand whether the rule would apply to its $275 million Kwale mineral sands project, which would be the country's first large-scale mine. ... Full Story | Top |
| South Africa's Natref refinery shut for planned maintenance Sunday, Oct 28, 2012 09:57 PM PDT  SINGAPORE (Reuters) - South Africa's 108,500 barrels-per-day Natref refinery will be shut until late November for planned maintenance, a company spokesman said. The refinery, which is jointly owned by Sasol and Total, will be shut down from October 6 to November 21 for scheduled maintenance, the spokesman said in an email statement. "Sasol Oil has put contingencies in place to manage product flow, including the increase of our product stockpile prior to the shutdown, to maintain market supply for the duration of the maintenance," he said, without providing further details. ... Full Story | Top |
| Brent slips near $109 as Hurricane Sandy approaches US Sunday, Oct 28, 2012 09:55 PM PDT  SINGAPORE (Reuters) - Oil slipped on Monday, with Brent near $109 a barrel, as refineries along the U.S. East Coast lowered run rates ahead of approaching Hurricane Sandy, reducing crude use in the world's largest oil consumer. The run cuts come after a rise of nearly 6 million barrels in U.S. crude stocks in the week to October 19. The world's spare oil production capacity outside of Iran also rose in the last two months as U.S. gasoline demand waned and oil use for power generation fell in the Middle East, the U.S. government said in a bimonthly report. ... Full Story | Top |
| China eyes consolidation in eight industries: paper Sunday, Oct 28, 2012 09:17 PM PDT BEIJING (Reuters) - The Chinese government is reviewing a plan to push forward mergers and acquisitions in eight industries it views as key, including automobiles, rare earths and aluminum, the Economic Information Daily newspaper reported on Monday. The paper also said the steel, cement, machinery manufacturing, pharmaceuticals, and electronic information industries may also see restructuring. ... Full Story | Top |
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