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| South Africa's rand steady vs dollar, bonds supported Monday, Jul 01, 2013 12:33 AM PDT JOHANNESBURG (Reuters) - South Africa's rand held steady against the dollar early on Monday, trading stronger than the psychologically key 10-to-the-dollar level as investors' concerns eased about an early withdrawal of U.S. stimulus. At 0654 GMT, the rand was at 9.8870 to the dollar, not far off its 9.8800 close in New York on Friday. "Dollar/rand (is) pushing at the key 9.83/85 support level. A break would open up scope for a proper rand recovery but if the level holds, we could be trapped in a range for a while," said Rand Merchant Bank in a note to clients. ... Full Story | Top |
| South Africa's Sappi to sell Usutu Forest for $101 mln Monday, Jul 01, 2013 12:24 AM PDT JOHANNESBURG (Reuters) - South African paper maker Sappi said on Monday it plans to sell its Usutu Forest Products Company to Swaziland's Montigny Investments for 1 billion rand. The deal is subject to several conditions including a nod from Swaziland's king and approval from competition authorities in both countries. Full Story | Top |
| Asian factory blues deepen in June, exports drop Monday, Jul 01, 2013 12:12 AM PDT  By Langi Chiang and Yati Himatsingka BEIJING/BANGALORE (Reuters) - Asian factories were buffeted by stronger growth headwinds in June, as crumbling foreign and domestic demand knocked activity in China to multi-month lows and shrank orders for Indian producers for the first time in more than four years. China's official purchasing managers' index (PMI) showed factory growth stalling last month, while a similar private survey offered a bleaker picture and showed manufacturing activity tumbling to a nine-month low. ... Full Story | Top |
| Gulf mkts mixed but bulls dominate in Q2; Egypt rises Monday, Jul 01, 2013 12:00 AM PDT By Nadia Saleem DUBAI (Reuters) - Gulf bourses were mixed on Sunday and for the month of June but bulls ran ahead in the second quarter, outperforming frontier peers and a poor performance on emerging markets, as attractive valuations and strong economic outlook spurred buying. Egypt's bourse however, rose to a near-three-week high on Sunday in very thin trading but posted its third consecutive quarterly loss as bears dominated amid escalating political tensions. ... Full Story | Top |
| Stakes raised as Greece, lenders resume talks on bailout loan Sunday, Jun 30, 2013 11:51 PM PDT  By Harry Papachristou ATHENS (Reuters) - Greece and its international lenders resume talks on Monday to unlock 8.1 billion euros ($10.5 billion) of rescue loans after a two-week break during which the government almost collapsed over redundancies at state broadcaster ERT. Prime Minister Antonis Samaras has said he expects the talks to conclude successfully, despite setbacks to the country's privatization program and delays in public sector reforms. ... Full Story | Top |
| Nokia to take full control of network venture for $2.2 billion Sunday, Jun 30, 2013 11:30 PM PDT  By Terhi Kinnunen HELSINKI (Reuters) - Nokia will pay $2.2 billion to buy out partner Siemens AG in their network equipment joint venture, a deal that is likely to bring some stability to the company after it stumbled in smartphones. Loss-making Nokia also gained full control of the profitable venture, Nokia Siemens Networks (NSN), at a cheaper than-expected price, analysts said. "With this transaction, Nokia buys itself a future, whatever happens in smartphones and feature phones," Bernstein analyst Pierre Ferragu wrote in a note to clients. ... Full Story | Top |
| Nokia CEO says synergies not part of NSN deal consideration Sunday, Jun 30, 2013 11:30 PM PDT HELSINKI (Reuters) - Nokia Chief Executive Stephen Elop said the company had not considered synergies when deciding to buy Siemens' stake in Nokia Siemens Networks and that the future of the network gear maker was open. When asked if Nokia could sell or list the network gear maker, Elop told the conference call: "As for the future of NSN, as we've said consistently there is a range of options that could exist for NSN over time. All of those options remain open." (Reporting by Terhi Kinnunen) Full Story | Top |
| Investment adviser opposes McKesson CEO's re-election: WSJ Sunday, Jun 30, 2013 11:25 PM PDT (Reuters) - A union pension adviser opposes the re-election of drug wholesaler McKesson Corp.'s chief executive, citing excessive pay and the failure to heed a shareholder advisory vote to split the chairman and chief executive roles, the Wall Street Journal reported. In a letter expected to be sent on Monday, CtW Investment Group urged McKesson's shareholders to vote against the re-election of CEO John Hammergren and directors Alton Irby III and Jane Shaw, the business daily said. Irby and Shaw head the board's compensation and governance committees, respectively. ... Full Story | Top |
| Analysis: Shale oil storm blows U.S. tanker trade out of doldrums Sunday, Jun 30, 2013 11:18 PM PDT  By Anna Louie Sussman (Reuters) - Thanks to the U.S. shale energy boom, the once-quiet niche of U.S.-flagged oil tankers is in unprecedented flux. A half-dozen vessels that typically carried gasoline to Florida are now rushing crude oil along the Texas coast. Major investment at the port of Corpus Christi, which now exports more than half of all Eagle Ford shale oil, suggests more to come even as new pipeline projects promise further market shifts. The shale oil revolution, now in its third year, has already scrambled the inland U.S. ... Full Story | Top |
| San Francisco transit strike looms as talks break down Sunday, Jun 30, 2013 11:12 PM PDT SAN FRANCISCO (Reuters) - The San Francisco Bay Area braced for transport chaos late Sunday as 2,400 employees of the BART commuter rail system prepared to go on strike. Negotiations reached a stalemate Sunday evening, with both sides blaming the other for abandoning the talks. Labor agreements with two BART unions expire at midnight Sunday, and the unions have authorized a strike if no deal is reached. BART serves about 400,000 riders daily, and a strike is expected to result in widespread travel disruptions and traffic gridlock. ... Full Story | Top |
| Stocks slip on Fed policy worries, China PMIs Sunday, Jun 30, 2013 10:53 PM PDT  By Masayuki Kitano and Ian Chua SINGAPORE/SYDNEY (Reuters) - Asian equities edged lower on Monday, hurt by worries that the U.S. Federal Reserve could start scaling back its massive monetary stimulus in September, and signs of an economic slowdown in China. European stocks were seen likely to fall on Monday. Financial spreadbetters expect Germany's DAX to open down 0.44 percent, and France's CAC 40 to open down 0.37 percent. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, having last week posted a 2.8 percent rally, its biggest weekly gain since September 2012. ... Full Story | Top |
| Toyota heir takes center stage in drive to shed 'boring' tag Sunday, Jun 30, 2013 10:52 PM PDT  By Yoko Kubota NAGOYA, Japan (Reuters) - Toyota Motor Corp executives have sometimes seemed to share the personality of the automaker's best-selling cars - dependable and efficient, but also a bit boring and bland. That's changing. In recent months, Toyota founding family scion and President Akio Toyoda has emerged from the bureaucratic shadows to present himself as the company's car-loving, fashion-forward salesman-in-chief. The marketing campaign aides have built around Toyoda is an unconventional move for a Japanese corporate icon where team play is prized above outsized personalities. ... Full Story | Top |
| Kendrick Lamar, Gabrielle Douglas among BET Award winners Sunday, Jun 30, 2013 10:26 PM PDT  NEW YORK (Reuters) - Teenage Olympian Gabrielle Douglas, rapper Kendrick Lamar, actor Jamie Foxx as well as singers Rihanna and Nicki Minaj were among the top winners at the annual BET Awards on Sunday. The BET Awards celebrate black musicians, actors and athletes. The program is televised on the cable TV network BET, Black Entertainment Television, part of Viacom Inc. Lamar, who scored eight nominations, won the awards for best new artist and best male hip-hop artist at the 3-1/2 hour show at Hollywood's Nokia Theater, which was hosted by actor and comedian Chris Tucker. ... Full Story | Top |
| Special Report: The Bundesbank's fight to be heard Sunday, Jun 30, 2013 10:16 PM PDT  By Andreas Framke and Paul Carrel FRANKFURT (Reuters) - Meeting in Bratislava's neo-classical Reduta concert hall on May 2 this year, the 23 men who form the European Central Bank's policymaking Governing Council were divided. With inflation undershooting their target of close to 2 percent and most of the euro zone in the clutches of recession, the vast majority wanted to cut borrowing costs. ... Full Story | Top |
| Weak China June factory activity deepens growth worries Sunday, Jun 30, 2013 09:51 PM PDT  By Langi Chiang and Koh Gui Qing BEIJING (Reuters) - Growth in China's vast factory sector slowed to multi-month lows in June on faltering new orders, a pair of surveys showed on Monday, boding ill for the world's second-largest economy still smarting from fears of a credit crunch. Economists said the two purchasing managers' indices (PMI) reinforced their concerns that China's economic cooldown could deepen in the second quarter, especially with Beijing looking increasingly reluctant to take action to stimulate growth. ... Full Story | Top |
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