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| Commodity investors race to adapt on fear of supercycle end Monday, Jul 01, 2013 12:31 PM PDT  By Barani Krishnan NEW YORK (Reuters) - Investors who have plowed some $400 billion into raw materials markets over the past 10 years are accelerating efforts to change their strategies, if not their allocations, on the growing belief the commodities "supercycle" has come to an end. While pension funds and other institutional investors have been quick to bail on gold as bullion fell deeper into bear market territory in the second quarter, they have yet to abandon other markets like oil and metals en masse, asset allocation experts and analysts say. ... Full Story | Top |
| Colombian peace talks resume in Cuba amid tensions Monday, Jul 01, 2013 10:03 AM PDT By Marc Frank HAVANA (Reuters) - The Colombian government and leftist FARC rebels clashed on Monday over how to incorporate Latin America's oldest guerrilla movement into the democratic process, as they began the latest round of peace talks in Havana. The FARC reiterated its demand that Colombia's 2014 general election be postponed a year in favor of a constituent assembly to chart the country's political future. The government has repeatedly rejected the proposal and insisted a peace agreement must be reached by the end of 2013. ... Full Story | Top |
| China investigates EU wines in latest trade spat Monday, Jul 01, 2013 09:41 AM PDT  BEIJING (Reuters) - China formally began an investigation on Monday into whether Europe is selling wine in China below cost, a response to escalating trade tensions with the European Union. The Chinese government said it would seek to determine if EU producers benefited from unfair subsidies following a complaint from its own wine producers. EU officials have said China is only targeting the EU wine industry in retaliation for a dispute with the European Union over cheap Chinese solar panels. ... Full Story | Top |
| Top banker takes on City watchdog to clear name of market abuse Monday, Jul 01, 2013 08:36 AM PDT By Clara Ferreira-Marques and Clare Hutchison LONDON (Reuters) - One of London's most prominent bankers begins a battle this week to overturn a 2012 fine for market abuse, in a high-profile case likely to test Britain's newly beefed-up regulator. Ian Hannam was famous in financial circles as a so-called rainmaker at JP Morgan - his presence alone enough to bring in clients, money and respect. But the former soldier, known for his bulging contacts book and knack for a new idea, fell foul of the City watchdog last year and was hit by a fine of 450,000 pounds. ... Full Story | Top |
| Multiple disruptions cut Libyan oil output Monday, Jul 01, 2013 08:12 AM PDT By Ghaith Shennib and Marie-Louise Gumuchian TRIPOLI (Reuters) - New protests have shut down several Libyan oilfields, cutting output by around a third, industry sources said, as Libya struggles to maintain stability in an industry vital to the economy and state revenue. Workers calling for management change shut down production at several fields belonging to Zueitina Oil Company on Monday, while a separate security dispute closed the Sharara field. ... Full Story | Top |
| Lockheed Martin creates international arm in sales push Monday, Jul 01, 2013 08:10 AM PDT  LONDON (Reuters) - Lockheed Martin , the Pentagon's biggest supplier by revenue, is drawing together its overseas sales efforts in a new international arm as it tries to win more contracts outside the United States. Like its rivals Boeing Co and Raytheon Co , Lockheed has made foreign sales a priority as it grapples with billions of dollars of U.S. defense budget cuts in recent years. But it remains more exposed than its competitors to the domestic market. ... Full Story | Top |
| Insmed's lung infection drug fares no better than rival, shares fall Monday, Jul 01, 2013 07:38 AM PDT (Reuters) - Insmed Inc's experimental lung infection drug fared no better than a competing drug developed by Novartis AG in a lung function test, sending shares in the company down 27 percent in pre-market trading. Insmed's drug, Arikace, was being tested as a treatment for a bacterial lung infection that often affects cystic fibrosis patients. Insmed said in a statement that the trial met its main goal of showing that Arikace was not inferior to the competing drug. ... Full Story | Top |
| Blasting heat forecast for U.S. Western states Monday, Jul 01, 2013 06:46 AM PDT  (Reuters) - Residents of western U.S. states awoke on Monday to more scorching heat that was expected to break record highs and grip the region through the early part of the holiday week, meteorologists said. Temperatures were likely to hit well over 100 degrees Fahrenheit (38 degrees Centigrade) in Fresno, California, Phoenix and to the north in Boise, Idaho, and Spokane, Washington, according to Accuweather.com. Temperatures in western states are 10 to 20 degrees above average, according to the National Weather Service. ... Full Story | Top |
| Kazakhstan to Britain: Don't lecture us on human rights Monday, Jul 01, 2013 06:34 AM PDT  By Andrew Osborn ASTANA (Reuters) - Kazakh President Nursultan Nazarbayev said on Monday nobody had the right to lecture his country after British Prime Minister David Cameron raised concerns about human rights in the former Soviet state. In Kazakhstan on a brief visit which saw 700 million pounds of business deals, Cameron, sitting shoulder-to-shoulder with Nazarbayev, said he had discussed "at length" allegations about government repression. ... Full Story | Top |
| Four Egyptian ministers resign after protests: cabinet official Monday, Jul 01, 2013 05:45 AM PDT CAIRO (Reuters) - Four Egyptian ministers resigned from the government on Monday, a cabinet official said, a day after protesters poured onto streets to demand President Mohamed Mursi resign. "Four ministers presented their resignations today," said the official, who asked not to be named. He gave no reason but the state news agency had earlier said the ministers were considering resigning in sympathy with the protesters. ... Full Story | Top |
| U.S. says oil market can cope with more Iran export cuts Monday, Jul 01, 2013 04:00 AM PDT  By Fredrik Dahl VIENNA (Reuters) - The top U.S. energy official said world oil markets could cope with further cuts in Iran's oil exports from tighter sanctions over its nuclear program as rising supply from the United States and Iraq offsets the loss. U.S. lawmakers are embarking this summer on a campaign to deal a deeper blow to Iran's diminishing oil exports, and analysts say the ultimate goal could be a near total cut-off. But U.S. Energy Secretary Ernest Moniz said growing U.S. ... Full Story | Top |
| Gunmen free 175 prisoners in Nigeria jailbreak Sunday, Jun 30, 2013 11:43 PM PDT ONITSHA, Nigeria (Reuters) - Gunmen shot dead two civilians and then used explosives to free 175 inmates from a prison in Nigeria's southern town of Akure overnight, a prison official said on Sunday. Islamist sect Boko Haram and al Qaeda-linked group Ansaru have been behind several prison raids in recent years. It was not clear whether they were behind this jail break at Olokuta prison in Ondo state or whether they had members held there. ... 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 |
| Factbox: Chile presidential favorite Bachelet's policy proposals Sunday, Jun 30, 2013 07:13 PM PDT SANTIAGO (Reuters) - Michelle Bachelet handily won her leftist bloc's primary election on Sunday, reaffirming the popular politician is likely to stage a presidential comeback against a struggling right-wing rival in the November 17 vote. Bachelet, Chile's first female president who governed the world's top copper-exporting nation from 2006 to 2010, has a clear at defeating conservative Pablo Longueira and winning a second term. A pediatrician turned politician, Bachelet's first term was marked by market-friendly economic policies, welfare programs and her affable personal style. ... Full Story | Top |
| Factbox: Chile presidential underdog Longueira's policy proposals Sunday, Jun 30, 2013 07:03 PM PDT SANTIAGO (Reuters) - Veteran politician Pablo Longueira won his weakened right-wing bloc's primary election on Sunday, but the former economy minister faces an uphill battle to defeat presidential favorite Michelle Bachelet in November. Longueira, an industrial civil engineer by training, has said he wants to continue the policies of conservative President Sebastian Pinera, who is barred from seeking a second consecutive term in office. ... Full Story | Top |
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