Sunday, June 27, 2010

Business News - 27 June 2010

  • Markets Outlook Goes Cloudy
    Sun, 27 Jun 2010 16:45:07 -0700
    World stocks, as measured by the MSCI, are down more than 7% since January, leaving many investors wondering where grow...
  • Economy, Banks To Dominate Equities, Bonds
    Sun, 27 Jun 2010 16:44:40 -0700
    Worries about bank regulation, the global economy, US economic growth and BP saw markets finish mostly lower on Friday.T...
  • BP Dominates Oil Markets
    Sun, 27 Jun 2010 16:44:04 -0700
    Oil prices rose more than 3% on Friday, but it had nothing to do with the normal ebb and flow of the markets and daily a...
  • US Economic Growth Slides
    Sun, 27 Jun 2010 16:42:33 -0700
    Last week the US Federal Reserve surprised with a post meeting statement that weakened its previously confident stance a...
  • DIARY: End of Quarter, Half Year, Financial Year
    Sun, 27 Jun 2010 16:41:48 -0700
    A big week for markets here and offshore, and for investors large and small.The 2009-10 financial year and the second q...
  • World Cup: Guerillas on the Pitch
    Sun, 27 Jun 2010 10:05:22 -0700
  • Iran Has Enough Enriched Uranium for Two Weapons, Panetta Says
    Sun, 27 Jun 2010 09:52:09 -0700
    Central Intelligence Agency Director Leon Panetta said today that the U.S. believes Iran has enough low-enriched uranium to produce two nuclear weapons that could be ready for delivery within two years.
  • G20 nears deal on recession risks
    Sun, 27 Jun 2010 09:45:45 -0700
    Leaders at the G20 summit are trying to thrash out an agreement to cut national budget deficits within three years.
  • G-20 Protests May Continue After Day of Violence in Toronto
    Sun, 27 Jun 2010 09:33:01 -0700
    Protest organizers planned new rallies to mark the final Group of 20 meetings in Toronto a day after demonstrators set police cars on fire and smashed store and office building windows.
  • Japan Companies May Forecast First Spending Increase Since 2007
    Sun, 27 Jun 2010 09:20:11 -0700
    The Bank of Japan’s Tankan survey this week will probably show that companies’ reluctance to deploy record stockpiles of cash is diminishing as they become more confident in the economic outlook.
  • Gillard Flexibility on Mine Tax Revives Labor Election Chances
    Sun, 27 Jun 2010 09:12:09 -0700
    Australian Prime Minister Julia Gillard’s willingness to compromise on a mining tax proposed by her predecessor may prevent opposition leader Tony Abbott from reaping gains in elections likely to be held later this year.
  • RBS tells clients to prepare for "monster" money printing by the Federal Reserve
    Sun, 27 Jun 2010 09:11:46 -0700
    As recovery starts to stall in the US and Europe with echoes of mid-1931, bond experts are once again dusting off a speech by Ben Bernanke given eight years ago as a freshman governor at the Federal Reserve.
  • G-20 Moves Toward Tackling Deficits, With Flexibility
    Sun, 27 Jun 2010 09:05:00 -0700
    Group of 20 leaders are poised to endorse targets to tackle deficits, while giving nations flexibility to carry out their stimulus plans, according to excerpts of a draft of the statement sent to reporters.
  • Storm Alex Moves Over Yucatan Away From Spill for Now
    Sun, 27 Jun 2010 09:01:00 -0700
    Alex, the first named storm of the Atlantic hurricane season, weakened to a tropical depression as it moved across Mexico’s Yucatan Peninsula today on a track that may keep it away from the largest oil spill in U.S. history.
  • Shrinking civil service to hit rents
    Sun, 27 Jun 2010 09:00:41 -0700
    The property industry could be facing a slight problem. One of its largest and most reliable payers of rent is preparing to dramatically scale back its requirements for office space - the Government.
  • G20 drops China-sensitive plaudits on yuan reform
    Sun, 27 Jun 2010 08:59:48 -0700
    TORONTO (Reuters) - World leaders looked set to ditch plans to welcome Beijing's shift toward greater exchange rate flexibility at a G20 summit on Sunday, financial policy sources said, highlighting China's sensitivity over the issue.

  • Beware a 'short squeeze' on coffee
    Sun, 27 Jun 2010 08:45:02 -0700
    Prices for high-quality beans have hit 12-year highs forcing hedge funds to deliver on contracts they had sold in recent years betting on a fall in coffee prices.
  • Employers moan about skills but still turn the skilled away
    Sun, 27 Jun 2010 08:40:40 -0700
    Management expert John Timpson tackles skills shortages, pricing products and the value of free publicity
  • Ten Questions to Ask When Booking a Charter Plane
    Sun, 27 Jun 2010 08:37:25 -0700
    People who charter someone else's plane rely on FAA oversight and their own research -- or their Bro
  • G20 aims for economic balance in an uneven recovery
    Sun, 27 Jun 2010 08:35:19 -0700
    TORONTO (Reuters) - World leaders put the finishing touches on plans to build a more stable global economy on Sunday but backed away from one-size-fits-all pledges as two years of crisis give way to an uneven recovery.

  • Oil spill teams keep wary eye on storm in Gulf
    Sun, 27 Jun 2010 08:30:48 -0700
    CHETUMAL, Mexico (Reuters) - The Atlantic hurricane season's first named storm posed an uncertain threat to the Gulf of Mexico on Sunday, as a report said relief wells may halt the worst U.S. oil spill ahead of schedule.

  • New F-16s May Give Pakistan Advantage Over Insurgents
    Sun, 27 Jun 2010 08:16:00 -0700
    The Pakistan Air Force today received its first four of 18 Lockheed Martin Corp. F-16s that the U.S. hopes will give the Afghan neighbor nation a crucial edge against Taliban and al-Qaeda fighters in its northwest.
  • Yemen builds coastguard base in strategic strait
    Sun, 27 Jun 2010 08:10:38 -0700
    SANAA (Reuters) - Yemen is building a coastguard base on an island in the strategic Bab al-Mandab strait to protect traffic in the crucial shipping lane that links Europe and Asia, the Yemeni coastguard said on Sunday.
  • INTERVIEW - De Beers diamond sales recover, still wary of
    Sun, 27 Jun 2010 08:10:26 -0700
    CAPE TOWN (Reuters) - De Beers, the world's top diamond producer, had a strong first half but remains cautious about further recovery due to global economic risks, a top executive told Reuters on Sunday.
  • G20 drops China-sensitive plaudits on yuan reform
    Sun, 27 Jun 2010 08:00:26 -0700
    TORONTO (Reuters) - World leaders looked set to ditch plans to welcome Beijing's shift towards greater exchange rate flexibility at a G20 summit on Sunday, financial policy sources said, highlighting China's sensitivity over the issue.
  • G20 aims for economic balance in an uneven recovery
    Sun, 27 Jun 2010 07:50:26 -0700
    TORONTO (Reuters) - World leaders put the finishing touches on plans to build a more stable global economy on Sunday but backed away from one-size-fits-all pledges as two years of crisis give way to an uneven recovery.
  • U.S. vs. Europe: Keep spending? Or pull back?
    Sun, 27 Jun 2010 07:04:25 -0700
    Spending is becoming a dirty word in Congress and in Europe because of concerns over unsustainable growth in debt.
  • No Saudi plan to buy European sovereign debt - banker
    Sun, 27 Jun 2010 06:40:26 -0700
    JEDDAH (Reuters) - Saudi Arabia does not plan to buy European government bonds, the Gulf oil producer's central bank governor Muhammad al-Jasser was quoted as saying on Sunday.
  • Kuwait Stocks Lead Middle East Drop on Global Growth Concern
    Sun, 27 Jun 2010 06:36:00 -0700
    Kuwait stocks lost the most in two weeks, leading a decline in Middle East markets, on concern Europe’s debt crisis will slow the global economic recovery and speculation Gulf earnings may disappoint. Israel shares fell. The Kuwait SE Price Index slid 0.8 percent, the most since June 14, to 6,571. Agility led the drop, slumping to the lowest since 2003, after U.S. federal prosecutors said the logistics company may still be overbilling the American government. Saudi Arabia’s benchmark lost 0.6 percent. The TA-25 Index declined 0.7 percent to 1,086
  • Shell CEO says to continue with deep-water drilling
    Sun, 27 Jun 2010 06:30:26 -0700
    CAPE TOWN (Reuters) - Royal Dutch Shell will continue its deep-water drilling to meet rising global oil demand, its chief executive said on Sunday, despite safety concerns following rival BP's Gulf of Mexico blowout.
  • Fitness First aims for $1.8 bln Asia float - paper
    Sun, 27 Jun 2010 06:20:26 -0700
    LONDON (Reuters) - British-based gym operator Fitness First is preparing for a share listing in Hong Kong, Singapore or Shanghai, newspaper The Sunday Telegraph said.
  • Equity losses look like a bearish signal
    Sun, 27 Jun 2010 06:10:38 -0700
    NEW YORK (Reuters) - U.S. stocks are struggling to regain momentum in what could be a bearish signal as the market tries to sustain a rally after recent heavy falls.
  • G20 statement will not refer to China yuan - sources
    Sun, 27 Jun 2010 06:10:26 -0700
    TORONTO (Reuters) - Group of 20 leaders will not make explicit reference to China or China's exchange rate in the statement they are to issue at the end of their meeting on Sunday, two sources familiar with the document said.
  • Keep gunning for growth - U.S.
    Sun, 27 Jun 2010 05:46:46 -0700
    The leaders of the Group of Eight global economic powers pledged Saturday to continue working together as the world "begins a fragile recovery from the greatest economic crisis in generations."
  • ANALYSIS - Austerity row underscores Romanian gov't weakness
    Sun, 27 Jun 2010 05:40:26 -0700
    BUCHAREST (Reuters) - A legal ruling that threw out the Romanian government's plan for harsh spending cuts has undermined its authority at a time when the EU's second poorest member needs strong leadership to tackle the recession.
  • Stocks: Closing out a rough first half
    Sun, 27 Jun 2010 05:37:01 -0700
    It's the last week of the month, the second quarter and the first half of the year -- and there are big questions about the health of the economy and whether stocks can regain momentum.
  • Obama, Cameron Say Sustained Growth Common Goal
    Sun, 27 Jun 2010 05:22:12 -0700
    The leaders said they share the goal of sustaining economic growth even as they differ on how quickly to address deficits
  • Tata Steel says Corus chief to step down from Oct 1
    Sun, 27 Jun 2010 05:10:38 -0700
    MUMBAI (Reuters) - The head of Tata Steel's European unit Corus is to step down later this year, the company said on Sunday.
  • Conflicting signals as H2 kicks off
    Sun, 27 Jun 2010 05:10:26 -0700
    LONDON (Reuters) - Investors head into the second half of this year facing various conflicting signals on the global economy, which might be unnerving for those who are keen to recoup equity market losses from the first six months.
  • Senator's concern may complicate Wall Street bill vote
    Sun, 27 Jun 2010 05:03:24 -0700
    WASHINGTON (Reuters) - President Barack Obama's efforts to win final approval of a historic financial regulatory reform bill looked more complicated on Saturday after a Republican senator threatened to oppose it.

  • World's biggest gold coin fetches over 3 mln euros
    Sun, 27 Jun 2010 05:00:26 -0700
    VIENNA (Reuters Life!) - A Spanish precious metals trading company bought the world's largest gold coin for 3.27 million euros, its exact material worth, from the estate of an insolvent investment firm at a rare auction in Vienna.
  • Reliance Comm, GTL Infra to merge tower ops
    Sun, 27 Jun 2010 04:40:39 -0700
    MUMBAI (Reuters) - Reliance Communications, India's second biggest cellphone operator, has agreed to merge its telecoms communication towers business with that of GTL Infrastructure Ltd to create what it said would be the world's largest telecoms infrastructure firm not controlled by an operator.
  • BP shares fall on funding concern
    Sun, 27 Jun 2010 02:18:22 -0700
    Britain and the US have agreed that they want a 'strong and stable' BP, the oil company under intense pressure over the Gulf of Mexico oil leak.
  • Venezuela says will pay for nationalized H&P rigs
    Sat, 26 Jun 2010 20:08:06 -0700
    CARACAS (Reuters) - Venezuela will pay Helmerich and Payne for a fleet of oil rigs it seized from the U.S. company, the oil minister said on Saturday, warning that five drills at a Chevron venture were also at risk of nationalization.

  • Corus chief quits after restructuring steel maker
    Sat, 26 Jun 2010 14:54:44 -0700
    Corus chief executive Kirby Adams will stand down from his role at the steel producer in October, after guiding the company through the tail-end of the financial crisis.

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