Today's Reuters Business News Headlines - Yahoo! News:
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Euro, oil fall on Spain, growth worries
Sun,30 Sep 2012 05:26 PM PDT
Reuters -  TOKYO (Reuters) - The euro and oil prices fell on Monday as uncertainty about Spain's bailout and concerns over slumping demand due to a slowdown in global growth weighed on investor sentiment. Several Asian markets are closed for holidays on Monday, including China, Hong Kong and South Korea, keeping activity subdued. Investors will wait on China's official purchasing managers index, expected at 0100 GMT, for clues about the country's economic outlook. Analysts expect a reading for the index, which tracks mainly big firms, of 49.8 in September, up from August's 49.2. "Another sub 50. ...
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Europe focused on union rather than breaking up banks
Sun,30 Sep 2012 05:01 PM PDT
Reuters - BRUSSELS (Reuters) - Experts may recommend this week that European banks should separate retail banking from their riskier investment arms to make them safer and soften the impact of financial crises. But European Union regulators are unlikely to pursue such a radical reform at a time when they are trying to build a banking union to underpin the euro currency and the financial sector. The European Commission asked the group of experts, led by Bank of Finland Governor Erkki Liikanen, to explore a reform of bank structures in the wake of the 2007 global financial crisis. ... Full Story | Top |
Canadian Auto Workers back labor deal with Chrysler
Sun,30 Sep 2012 04:56 PM PDT
Reuters - (Reuters) - Unionized workers at the Canadian operations of Fiat SpA's Chrysler Group LLC have voted in favor of a four-year labor agreement with the company, the Canadian Auto Workers union said on Sunday. Some 90 percent of the Chrysler workers who voted backed the deal, the CAW said in a statement. The agreement covers 8,000 employees. The Chrysler agreement was the last reached and approved by employees of a Detroit Three automaker in Canada after unionized workers at Ford Motor Co and General Motors Co ratified their contracts. ... Full Story | Top |
News Corp hires U.S. compliance officials: FT
Sun,30 Sep 2012 04:34 PM PDT
Reuters -  LONDON (Reuters) - Rupert Murdoch's News Corp has hired a senior official from the U.S. Securities and Exchange Commission and a former federal prosecutor to lead new compliance units, the Financial Times reported on Monday. Gerson Zweifach, News Corp's general counsel and new chief compliance officer, is set to announce five appointments on Monday, the FT said. They include John McCoy, the associate regional director of the SEC's enforcement arm in Los Angeles, and Brian Michael, a former federal prosecutor for the U.S. Attorney's Office in New York. ...
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Big money bets on China growing old, and rich
Sun,30 Sep 2012 02:17 PM PDT
Reuters - HONG KONG/SINGAPORE (Reuters) - At the Happy Community housing development in Beijing, China's largest property developer is setting aside 24,000 square meters (258,000 sq ft) for active seniors to test whether this rapidly ageing nation will pay for Western-style retirement living. China Vanke Co Ltd thinks there is "ample room for development" in the senior care sector, a spokesman said, and is testing a second pilot project for seniors in the coastal city of Qingdao. The company plans to open a showroom in the Chinese capital over the Lunar New Year in February. ... Full Story | Top |
Analysis: China slides faster into pensions black hole
Sun,30 Sep 2012 02:07 PM PDT
Reuters - QINGHAI, LEDU COUNTY, China (Reuters) - Eighty-year-old Chinese farmer Guo Shuhe receives a state pension equivalent to just $9 a month, not enough to buy a month worth of groceries, but enough it seems, to risk punching a gaping hole in government finances. Guo, whose palms are thick and rough from a life spent hoeing fields in southwest China, is one of over 150 million people covered by a rapidly expanding rural retirement scheme which is accelerating the nation's slide into a pension crisis. ... Full Story | Top |
U.S. group urges $2 trillion alternative to fiscal cliff "time bomb"
Sun,30 Sep 2012 01:55 PM PDT
Reuters - WASHINGTON (Reuters) - The independent watchdog group Taxpayers for Common Sense will unveil a $2 trillion deficit-reduction proposal in hopes of averting an economic debacle at year's end known as the fiscal cliff. On Monday, the group plans to detail about 130 specific deficit-reduction steps the U.S. Congress could take to replace across-the-board spending cuts of $1.2 trillion that are scheduled to take effect on January 2. These would occur just as tax increases for all income groups are due to kick in. ... Full Story | Top |
EADS, BAE chiefs tout merger, blast "misconceptions"
Sun,30 Sep 2012 01:11 PM PDT
Reuters -  PARIS/FRANKFURT (Reuters) - The bosses of EADS and BAE Systems sought to reassure investors over the benefits of their planned $45 billion merger amid what they described as "myths and misconceptions" over the creation of a pan-European defense giant. BAE Systems chief executive Ian King and Tom Enders, his counterpart at Airbus parent EADS, said in a joint newspaper article that the plan to join forces was born out of "opportunity, not necessity," and would create growth. ...
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Euro zone won't last in current form, will be smaller: Slovak PM
Sun,30 Sep 2012 01:10 PM PDT
Reuters -  BRATISLAVA (Reuters) - The euro zone will not survive in its current form and one or possibly two countries will be forced to leave the currency bloc because they will be unable to meet their commitments, Slovak Prime Minister Robert Fico said on Sunday. "I think the time will come when it will be clear that some countries are not able to deliver when it comes to fiscal consolidation and commitments and that one or maybe two countries will not be part of the euro zone in its current form," he told Slovak TV channel Markiza. ...
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Shell shuts major oil pipeline in Nigeria
Sun,30 Sep 2012 12:21 PM PDT
Reuters - ABUJA (Reuters) - Shell's Nigerian unit shut its Bonny oil pipeline and deferred 150,000 barrels per day of production on Sunday after oil thieves caused a fire, the company said. "Shell ... has shut the 28-inch Bomu-Bonny Trunkline after discovering a fire on it early this morning," a statement from the company said. "A burning vessel, thought to be involved in the theft of crude oil from the line, was sighted near the incident site. The line conveys crude oil to Bonny Terminal. ... Full Story | Top |
Goldman Sachs shares could rally 25 percent: Barron's
Sun,30 Sep 2012 11:42 AM PDT
Reuters -  (Reuters) - Goldman Sachs Group Inc shares could rise at least 25 percent in the next year as capital markets improve, Barron's said on Sunday. Wall Street's largest pure investment bank and institutional broker has a leadership position in most of its activities and is financially sturdier and less burdened by competition than it was five years ago, the financial weekly said. The weekly also cited Goldman's ability to continue growing its book value and the fact that it is better capitalized than most large peers. ...
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Spain Popular approves capital hike of up to 2.5 billion euros: source
Sun,30 Sep 2012 11:29 AM PDT
Reuters - MADRID (Reuters) - The board of Spain's Banco Popular has approved a capital increase of up to 2.5 billion euros ($3.2 billion), a source close to the process said on Sunday. The bank's directors also agreed that Popular would remain independent rather than searching for a partner, the source said. Popular declined to comment. ($1 = 0.7773 euros) (Reporting and editing By Jesus Aguado, Writing by Paul Day) Full Story | Top |
Kazakhstan gets first Saks Fifth Avenue store
Sun,30 Sep 2012 10:44 AM PDT
Reuters - NEW YORK (Reuters) - Saks Inc opened its first Saks Fifth Avenue store in Kazakhstan on Sunday, as the retailer seeks to tap a growing appetite for luxury in emerging markets. The tri-level, 91,000-square-foot (8,450-square-meter) store is located in the Esentai Shopping Mall, the first of its kind in Kazakhstan, Saks said in a news release. The mall is part of Esentai Park, a new development in Almaty that includes luxury residential and commercial towers as well as a five-star hotel that is expected to open next year. The Saks store is being licensed by the VILED Group, a local company. ... Full Story | Top |
Wall Street Week Ahead: Bulls eye Spain, Bernanke and jobs
Sun,30 Sep 2012 08:27 AM PDT
Reuters -  NEW YORK (Reuters) - Wall Street will open October with a busy week, highlighted by low expectations for global manufacturing data and the U.S. jobs report. Any positive surprises may help lift the market. Spain is the wild card. And if it's played well, then the bulls might dance. The S&P 500 finished its third positive quarter in the last four on Friday, despite suffering its largest weekly percentage decline since June. For the past three months, the S&P 500 gained 5.9 percent - its best third quarter since 2010. In contrast, the index was down 1.3 percent for the week. ...
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Insight: Mom and pop investors miss out on stock market gains
Sun,30 Sep 2012 08:17 AM PDT
Reuters -  NEW YORK (Reuters) - Stocks have more than doubled since the financial crisis and are closing in on a five-year high, but many Main Street investors have been absent from the party - especially those with the least saved. Those who missed much of the rally did so because they reduced equity exposure after the benchmark S&P 500 index plummeted 57 percent between late 2007 and March 2009, according to an analysis by Reuters of mutual fund flows and changes in assets held in retirement accounts. Investors with the smallest savings typically saw the lowest percentage recovery in returns. ...
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