Today's Reuters Business News Headlines - Yahoo! News:
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Samsung wins reconsideration of Galaxy Tab sales ban
Fri,28 Sep 2012 10:57 AM PDT
Reuters -  SAN FRANCISCO (Reuters) - A U.S. appeals court ruled on Friday that a lower court should reconsider a sales ban against Samsung's Galaxy Tab 10.1 won by Apple in a patent dispute with the South Korean electronics maker. The injunction was put in place ahead of a month-long trial that pitted iPhone maker Apple Inc against Samsung Electronics Co Ltd in a closely watched legal battle that ended with a resounding victory for Apple last month on many of its patent violation claims. ...
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For Japan's carmakers, Europe market is worth the struggle
Fri,28 Sep 2012 10:47 AM PDT
Reuters - PARIS (Reuters) - Japanese automakers, battered by a strong yen, are hunkering down in a stormy Europe, taking tentative steps to stand up to their aggressive South Korean rivals, in a market they see as challenging, but worth the effort. All Japanese carmakers' sales declined in Western Europe in the eight months to August from a year ago, ranging from Toyota Motor Corp's 0.9 percent dip to Mitsubishi Motors' 34.5 percent tumble. That compares with South Korean Hyundai Motor's 9.3 percent rise and its affiliate Kia Motors' 25. ... Full Story | Top |
France unveils tough budget, Spain's Rajoy wins time
Fri,28 Sep 2012 10:37 AM PDT
Reuters -  PARIS/MADRID (Reuters) - France unveiled an austerity budget that would tax business and the super rich, but a report showing Spain's banks needed a manageable 59 billion euros in new funds bought time for Prime Minister Mariano Rajoy as he seeks to avoid a bailout. Socialist President Francois Hollande's 2013 budget amounts to France's toughest belt-tightening for 30 years as the debt crisis takes its toll on the euro zone. The package aims to narrow France's deficit to 3.0 percent of national output next year from 4. ...
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Spanish bank audit buys more time for PM Rajoy
Fri,28 Sep 2012 10:35 AM PDT
Reuters -  MADRID (Reuters) - An independent audit of Spanish banks confirmed a manageable 59.3 billion euros in extra capital is needed for them to ride out a serious economic downturn, buying time for Prime Minister Mariano Rajoy who faces intense pressure to seek a bailout. The audit, carried out by consultant Oliver Wyman, is a condition of getting European funds to patch up Spanish banks damaged by a prolonged real estate crash and identifies which banks need more capital and precisely how much each requires. ...
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French guarantees for lender CIF worth 28 billion euros
Fri,28 Sep 2012 10:32 AM PDT
Reuters - PARIS (Reuters) - France's 2013 budget foresees guarantees worth up to 28 billion euros ($36.02 billion) for troubled mortgage lender Credit Immobilier de France (CIF), up from 20 billion euros flagged previously, according to budget documents. The government agreed to extend guarantees to the bank earlier this month after it failed to find a buyer and faced an imminent funding crunch that threatened its survival. ... Full Story | Top |
French government proposes law to stem industrial closures
Fri,28 Sep 2012 10:32 AM PDT
Reuters - PARIS (Reuters) - The French government aims to pass a law before the end of the year that would force companies intent on closing down industrial plants to sell them to alternative operators, Industry Minister Arnaud Montebourg said on Friday. The push comes as the Socialist government is battling to prevent the permanent closure of two idled blast furnaces at a steel mill in northeastern France that symbolize an industrial decline President Francois Hollande has promised to tackle. ... Full Story | Top |
Wall Street dips on quarter end; Spain tests as expected
Fri,28 Sep 2012 10:26 AM PDT
Reuters -  NEW YORK (Reuters) - U.S. stocks fell on Friday after investors sold shares to lock in gains at the end of equities' robust third quarter and as Spanish banks' stress tests were mostly within expectations. An independent audit of Spain's 14 main banks showed they had 59.3 billion euros ($76.3 billion) in extra capital to ride out a serious economic downturn, nearly matching expectations. However, Moody's review of Spain's credit rating, due later in the day, could add to the nation's challenges in dealing with its debt. ...
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FSA seeks to mend "broken" Libor, not end it
Fri,28 Sep 2012 10:15 AM PDT
Reuters -  LONDON (Reuters) - The Financial Services Authority (FSA) delivered a 10-point plan to overhaul Libor on Friday but stopped short of scrapping the benchmark interest rate discredited by a rigging scandal. The Financial Services Authority's plan marks the first concrete step by regulators to repair a system of interest rates that underpins more than $300 trillion (185.8 trillion pounds) of contracts and loans from U.S. mortgages to Japanese interest-rate swaps. Faith in the system plummeted after Barclays was fined in June for rigging Libor. Other banks are under investigation. ...
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U.S. council moves ahead with picking "systemic" nonbank firms
Fri,28 Sep 2012 10:09 AM PDT
Reuters - WASHINGTON (Reuters) - The U.S. Treasury Department said on Friday that a council tasked with overseeing financial system stability voted to move companies forward in the process of determining which nonbank financial firms are "systemically important." The Financial Stability Oversight Council will notify the companies that moved along in the process but will not announce the names publicly until the council makes its final decision, a Treasury spokesman said. ... Full Story | Top |
G4S backs CEO over Olympic fiasco
Fri,28 Sep 2012 09:51 AM PDT
Reuters -  LONDON (Reuters) - G4S stood by its chief executive Nick Buckles but said two other senior executives would go following its probe into an embarrassing Olympic contract blunder. G4S admitted just two weeks before the London Olympics that it could not provide a promised 10,400 guards, forcing troops to step in and make up the shortfall in a contract failure that threatens the security firm's commercial relationship with the British government. ...
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BofA to pay $2.43 billion to settle shareholder lawsuit
Fri,28 Sep 2012 09:35 AM PDT
Reuters -  NEW YORK/CHARLOTTE, North Carolina (Reuters) - Bank of America Corp agreed on Friday to pay $2.43 billion to settle a shareholder lawsuit over its 2008 buyout of Merrill Lynch in one of the largest-ever settlements of a securities fraud class action. The accord is by far the biggest settlement of an investor class action arising from the 2008 financial crisis. Bank of America denied allegations it misled shareholders ahead of the Merrill deal, causing them huge losses, but said it agreed to settle to put the case behind it. The bank expects to incur total litigation expenses of about $1. ...
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T-Mobile USA in $2.4 billion tower deal with Crown Castle
Fri,28 Sep 2012 09:32 AM PDT
Reuters - NEW YORK (Reuters) - T-Mobile USA is selling the rights to operate 7,200 of its wireless broadcast towers for $2.4 billion to Crown Castle International Corp to help fund a network upgrade and reduce debt at its parent Deutsche Telekom. Crown Castle has the option to pay another $2.4 billion to buy the towers outright from T-Mobile USA at the end of the lease term for each tower - between 2025 and 2048 - under the deal announced on Friday. Analysts said it was a good deal for T-Mobile USA, which is spending $4 billion on a network upgrade. ... Full Story | Top |
Analysis: Gold favors slow burn over surge post-Fed easing
Fri,28 Sep 2012 09:30 AM PDT
Reuters - LONDON (Reuters) - The Federal Reserve's multi-billion dollar, open-ended monetary easing pledge is being hailed as the catalyst for another crack at record highs in gold, but its failure to spark a high-octane rally suggests other factors are in play for the bullion market. The Fed's plan to buy $40 billion a month in mortgage-backed securities has been launched in a different gold market to the one in 2008, when an initial round of easing sparked a surge in volatility and a rush to consecutive record gold price highs. ... Full Story | Top |
Rand weakens on wider trade deficit, bonds supported
Fri,28 Sep 2012 09:27 AM PDT
Reuters -  JOHANNESBURG (Reuters) - South Africa's rand weakened against the dollar on Friday, weighed down by a wider-than-expected trade deficit figure and a subdued sentiment towards riskier assets, although it found some support from late-session bond buying. South Africa's trade deficit widened to 12.2 billion rand in August after a 6.7 billion rand shortfall in July, putting pressure on the currency. The rand was 0.22 percent weaker at 8.268 against the dollar at 1453 GMT, from last night's close of 8.2520. ...
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Rehn says euro bank debt to be dealt with case-by-case
Fri,28 Sep 2012 09:26 AM PDT
Reuters - TURKU, Finland (Reuters) - The European Union's top economic official said decisions on how to recapitalize struggling European banks should be decided on a case-by-case basis that policymakers will eventually agree on how to deal with bank debts despite their current differences. EU Economic and Monetary Affairs Commissioner Olli Rehn told Reuters that a June agreement among EU leaders made it possible to recapitalize banks separately after the European Stability Mechanism is established. ... Full Story | Top |
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