Monday, May 31, 2010

Business - 31 May 2010

  • China's Wen says second global downturn possible
    Mon, 31 May 2010 09:59:59 -0700
    Chinese Premier Wen Jiabao warned on Monday that global economic growth remained vulnerable to sovereign debt risks and the possibility of a second downturn, while saying his own country's growth remained on track.
  • Acas eyes renewed BA strike talks
    Mon, 31 May 2010 08:58:19 -0700
    Conciliation service Acas is set to try to arrange more talks between British Airways and the Unite union.
  • China Is Failing to Fulfill Promises to Open Markets, EU Says
    Mon, 31 May 2010 08:52:13 -0700
    China is failing to carry out its pledges to liberalize its economy and open its markets to foreign companies, said the European Union, which accused the Asian nation of protectionism to prop up its domestic industry.
  • Iran Boosts IAEA Cooperation; Continues Uranium Enrichment
    Mon, 31 May 2010 08:52:09 -0700
    Iran boosted cooperation with UN nuclear inspectors while continuing to enrich uranium against Security Council demands for it to stop, United Nations inspectors said in a restricted report.
  • Czech Deficit Cutters Plan Coalition, Boost Koruna (Update3)
    Mon, 31 May 2010 08:48:00 -0700
    Czech parties who promised to cut spending moved toward forming a coalition in a second day of talks as they seek to form a government with the biggest majority in almost 20 years. Their surprise election win boosted the koruna and bonds on expectations a yearlong political stalemate will end.
  • Yen Trades Near Lowest in More Than a Week on Political Turmoil
    Mon, 31 May 2010 08:47:00 -0700
    The yen traded near its weakest level in more than a week against the dollar as gains in stocks spurred demand for higher-yielding assets and after Japan’s Social Democratic Party left a three-way coalition government.
  • Stocks Rise in Europe, Canada as Oil Gains; Spanish Bonds Drop
    Mon, 31 May 2010 08:45:00 -0700
    Stocks in Europe, Canada and Brazil advanced along with oil as investors speculated the global economy will withstand the debt crisis in the euro zone. Spanish government bonds fell after Fitch Ratings stripped the nation of its AAA rating, and shares fell in Israel.
  • May retail sales seen up but spending erratic
    Mon, 31 May 2010 08:44:33 -0700
    DETROIT (Reuters) - Retailers are expected to show a sizable increase in sales for the month of May, but erratic trends of consumer spending could grow more pronounced over a seasonally weaker period for shopping.

  • Global rebound anemic: Roubini
    Mon, 31 May 2010 08:39:21 -0700
    SAO PAULO (Reuters) - Advanced economies face years of anemic growth and the risk of a double-dip recession as their citizens cope with sluggish employment and highly indebted governments, economist Nouriel Roubini said on Monday.

  • Lula Cuts Bond Sales to 17-Month Low as Costs Climb (Update1)
    Mon, 31 May 2010 08:39:00 -0700
    Brazilian local government debt sales fell to a 17-month low in May after Europe’s debt crisis drove up emerging-market borrowing costs.
  • UN Security Council Sets Emergency Meeting on Middle East Clash
    Mon, 31 May 2010 08:38:10 -0700
    The United Nations Security Council scheduled an emergency meeting after pro-Palestinian activists died in a clash when Israeli forces intercepted ships carrying humanitarian aid supplies to the Gaza Strip.
  • Euro inches up while stocks remain flat after warning
    Mon, 31 May 2010 08:26:47 -0700
    LONDON (Reuters) - The euro steadied from recent falls and world stocks were becalmed on Monday with a Chinese warning about risks to global growth and a downgrade of Spain's credit heightening investor caution in holiday-thinned trade.

  • ECB ups bond purchases as Spain vows labor law
    Mon, 31 May 2010 08:26:08 -0700
    FRANKFURT/MADRID (Reuters) - The European Central Bank disclosed increased purchases of euro zone government bonds on Monday as Spain assured investors it would reform its rigid labor market even if employers and trade unions cannot agree.

  • MIDEAST STOCKS-Saudi bourse ends higher on oil, bucks trend
    Mon, 31 May 2010 08:18:39 -0700
    Most Gulf Arab bourses fell on Monday in subdued trading with markets in the United States and Britain closed for a holiday, while Saudi Arabia bucked the trend, buoyed by firmer oil prices.
  • Tanzania expects sovereign rating in 7-8 months
    Mon, 31 May 2010 08:14:33 -0700
    Tanzania plans to issue a debut Eurobond soon after it gets a sovereign rating in the next seven to eight months, the country's central bank governor told Reuters Insider in an interview.
  • Zara opens its first Indian store
    Mon, 31 May 2010 08:13:34 -0700
    Clothing chain Zara opens its first store in India, as its Spanish owner Inditex continues its global expansion.
  • Euro zone crisis: it's the politics, stupid!
    Mon, 31 May 2010 07:30:36 -0700
    PARIS (Reuters) - Bill Clinton famously won the U.S. presidential election in 1992 with the motto "It's the economy, stupid." But when it comes to the future of the euro, "It's the politics, stupid!" is the more appropriate slogan.
  • Karnataka Bank shares surge, MD denies sell-out talks
    Mon, 31 May 2010 07:30:26 -0700
    MUMBAI (Reuters) - Shares of Karnataka Bank surged on market talk that it may be a takeover target of larger lender Axis Bank but both banks denied the speculation.
  • Strike-hit Honda sees some progress on China output
    Mon, 31 May 2010 07:18:01 -0700
    FOSHAN, CHINA/TOKYO (Reuters) - Workers at a strike-bound Honda Motor parts factory in southern China pressed on with a drive to win higher wages on Monday while the carmaker lured back many to partly resume production.

  • Nigerian airlines to get bail-out
    Mon, 31 May 2010 07:09:46 -0700
    Nigeria's central bank is extending a 500bn naira ($3.3bn; £2.3bn) bail-out to its troubled airlines.
  • Weber says ECB bond buys must be tightly capped
    Mon, 31 May 2010 07:05:15 -0700
    VIENNA/FRANKFURT (Reuters) - European Central Bank policymaker Axel Weber on Monday urged a tight cap on the bank's government bond buying program, saying extraordinary steps taken to ease the debt crisis posed a risk to its main goal of price stability.

  • India's steel production to reach 124 million tonnes by 2012:...
    Mon, 31 May 2010 07:01:17 -0700
    New Delhi, May 31 (ANI): Union Minister of Steel Virbhadra Singh on Monday said India has set a target of 124 million tonnes of steel production by December 2012, adding that it is a viable target based on current position.
  • BP Prepared for Spill 10 Times Gulf Disaster, Permit Plans Say
    Mon, 31 May 2010 06:50:09 -0700
    BP Plc said in permit applications for drilling in the Gulf of Mexico that it was prepared to handle an oil spill more than ten times larger than the one now spewing crude into the waters off the southern United States.
  • Hewitt on Europe
    Mon, 31 May 2010 06:43:50 -0700
    Spanish debts and job queues add to euro woes
  • Swiss report slams government over UBS crisis
    Mon, 31 May 2010 06:41:33 -0700
    BERNE (Reuters) - The Swiss government failed to act swiftly to prevent a credit and tax crisis that had endangered banking giant UBS AG in 2008-2009 and could have sunk the Swiss economy, a parliamentary report said on Monday.

  • Morgan Stanley to move India headquarters to central Mumbai
    Mon, 31 May 2010 06:40:59 -0700
    MUMBAI (Reuters) - Morgan Stanley, whose operations in Mumbai are spread across several locations, said on Monday it will relocate its India headquarters to a newly built building in central Mumbai controlled by an arm of developer Indiabulls.
  • Munich Re wants to set up branch in India - exec
    Mon, 31 May 2010 06:40:49 -0700
    NEW DELHI (Reuters) - Munich Re is interested in opening a branch in India when the country's rules allow, a senior company official said on Monday, as the world's biggest reinsurer sees a growing economy boosting demand for reinsurance.
  • Global recovery is anaemic, outlook fragile - Roubini
    Mon, 31 May 2010 06:40:39 -0700
    SAO PAULO (Reuters) - The global economic outlook is fragile as debt problems persist in rich nations and the recovery remains anaemic, especially in the United States, economist Nouriel Roubini said on Monday.
  • Sahara to sponsor India team at 33.4 million rupees per match
    Mon, 31 May 2010 06:40:27 -0700
    NEW DELHI (Reuters) - Sahara India Financial Corporation have agreed a new deal to sponsor the Indian cricket team until December 2013 at a cost of 33.4 million rupees ($718,000) per match.
  • INTERVIEW - IVRCL sees FY11 orderbook at 320 bln rupees
    Mon, 31 May 2010 06:30:27 -0700
    MUMBAI (Reuters) - IVRCL Infrastructures & Projects Ltd expects the orderbook to rise to 320 billion rupees in FY11 on a rise in government orders, even as its FY10 net profit was hurt by a rise in income tax, a top official said.
  • Indian shares rise on strong GDP data
    Mon, 31 May 2010 06:29:48 -0700
    After seeing extreme volatility throughout the session Indian markets ended in the green for a fourth straight session on Monday, led by the strong GDP numbers.
  • Get cooking with 4 great grills
    Mon, 31 May 2010 06:25:52 -0700
    The backyard barbecue has gone high tech with new hybrid grills that sear, smoke, and roast. Get ready to become your neighborhood's top chef.
  • Spill spreads through gulf economies
    Mon, 31 May 2010 06:19:43 -0700
    As efforts to plug the ruptured well in the Gulf of Mexico continue to fall short, the stakes for the region's economy grow ever higher.
  • Stocks: New month, same malaise
    Mon, 31 May 2010 06:19:26 -0700
    Investors return from a long holiday weekend having bid adieu to the Dow's worst May since 1940. But the issues that caused the collapse haven't gone anywhere.
  • Rupee erases losses tracking shares, GDP growth
    Mon, 31 May 2010 06:10:39 -0700
    MUMBAI (Reuters) - The rupee erased its intraday losses on Monday as local shares reversed falls to gain on the day after official data showed economic growth in the March quarter was broadly in line with market expectations.
  • Fiscal deficit at 4.12 trillion rupees in 2009/10 - govt
    Mon, 31 May 2010 06:10:27 -0700
    NEW DELHI (Reuters) - India's fiscal deficit for the 2009/10 fiscal year that ended on March 31 was 4.12 trillion rupees ($88.9 billion), the government said in a statement on Monday.
  • NMDC sets iron ore export rates at double FY10 benchmark
    Mon, 31 May 2010 06:00:27 -0700
    NEW DELHI (Reuters) - India's largest iron ore producer, NMDC Ltd, has finalised quarterly contracts with Japanese and South Korean steelmakers at prices up to double the 2009/10 benchmark, a top official of the company said on Monday.
  • POLL - Fund managers to make most of market fall
    Mon, 31 May 2010 05:40:39 -0700
    NEW DELHI (Reuters) - Domestic fund managers plan to retain or increase their exposure to stocks over the next three months, while auto companies and financials will be their top bets, a Reuters poll showed.
  • Euro inches up, world stocks flat after China warning
    Mon, 31 May 2010 05:40:27 -0700
    LONDON (Reuters) - The euro steadied from recent falls and world stocks were becalmed on Monday with a Chinese warning about risks to global growth and a downgrade of Spain's credit heightening investor caution in holiday-thinned trade.
  • INTERVIEW - Zain Kenya says to launch 3G service in July
    Mon, 31 May 2010 05:30:38 -0700
    NAIROBI (Reuters) - Kenya's second largest mobile operator Zain plans to roll out a third-generation (3G) service in July this year after an expected cut in license fees by the regulator, its managing director said on Monday.
  • India gold seen gaining after last week's record
    Mon, 31 May 2010 05:30:26 -0700
    MUMBAI (Reuters) - India gold futures may extend gains for a second consecutive week as euro zone economic stablity could trigger safe-haven buying overseas, but slack local offtake could limit the upside, analysts said.
  • Most Asian stocks gain, China falls 2.4 pct
    Mon, 31 May 2010 04:04:30 -0700
    Most Asian markets ended higher on Monday with little impact from Fitch's downgrade of Spain on Friday, which jolted US markets.
  • Three BP fuel oil traders in U.S. quit
    Mon, 31 May 2010 03:48:12 -0700
    SINGAPORE (Reuters) - Resignations from BP Plc's fuel oil team have extended globally, with the departure of three traders from its U.S. office, including the team leader, and the head trader in London, three industry sources said on Monday.

  • Union warns British Airways of further strikes
    Mon, 31 May 2010 03:26:09 -0700
    LONDON (Reuters) - British Airways could face even more strike disruption this summer unless it resolves a dispute with cabin crew over travel perks, the co-leader of Britain's biggest union Unite said on Monday.

  • Bernanke, Trichet see key emerging economies role
    Sun, 30 May 2010 18:53:25 -0700
    SEOUL (Reuters) - The heads of the Federal Reserve and the European Central Bank on Monday both singled out emerging economies as key to global financial stability.