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| Dow, S&P flat in choppy action following Fed minutes Wednesday, Jul 10, 2013 12:37 PM PDT  By Leah Schnurr NEW YORK (Reuters) - Stocks were mostly flat in choppy trading on Wednesday, stalling after a four-day winning streak as investors kept trying to gauge when the Federal Reserve may scale back on its economic stimulus. Minutes from the Federal Reserve's June policy meeting released on Wednesday afternoon showed many officials wanted more reassurance that the labor market was improving before reining in stimulus measures. Even so, consensus built within the Fed about the likely need to begin pulling back soon. The three major U.S. ... Full Story | Top |
| Italy investigating deportation of Kazakh oligarch's wife Wednesday, Jul 10, 2013 09:44 AM PDT By Steve Scherer and Naomi O'Leary ROME (Reuters) - Italian Prime Minister Enrico Letta has ordered an investigation into the deportation in May of the wife and daughter of fugitive Kazakh oligarch and dissident Mukhtar Ablyazov as questions about its legality multiply. The mysterious operation in which Ablyazov's wife Alma Shalabayeva and their six-year-old daughter were seized and whisked off to Kazakhstan on a non-commercial flight two days later has put pressure on Interior Minister Angelino Alfano. ... Full Story | Top |
| Nigeria forces disperse rival youth factions in oil city Wednesday, Jul 10, 2013 08:52 AM PDT PORT HARCOURT, Nigeria (Reuters) - Nigerian security forces fired tear gas on Wednesday to prevent hundreds of youths loyal to President Goodluck Jonathan and to his bitter rival, Rivers state governor Rotimi Amaechi, clashing in the main oil hub of Port Harcourt. A Reuters witness saw around 2,000 youths from the two factions arrive in some 30 commercial buses at the Rivers state parliament in Port Harcourt, the main hub of Africa's biggest energy industry in the swampy Niger Delta and historically a flashpoint for political violence. ... Full Story | Top |
| Police boost number of Quebec disaster missing and dead to 60 Wednesday, Jul 10, 2013 08:34 AM PDT  By Julie Gordon and Richard Valdmanis LAC-MEGANTIC, Quebec (Reuters) - The number of people dead or missing after an oil-tanker train exploded in the Quebec town of Lac-Megantic has risen to 60 from 50, police said on Wednesday, as 200 investigators sifted through the charred wreckage of what they said is a crime scene. The runaway train derailed and blew up in the middle of the town of 6,000 near the Maine border early on Saturday morning, flattening dozens of buildings in Lac-Megantic's historic downtown and leaving it looking like a war zone. ... Full Story | Top |
| China worries fuel TSX decline as market eyes Fed Wednesday, Jul 10, 2013 08:14 AM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index dipped on Wednesday as sluggish economic data from China spurred declines in most major sectors, while the market awaited the U.S. Federal Reserve's comments on its bond buying program. Investors closely watched as China, a big consumer of Canada's commodity exports, warned of a "grim" outlook for trade after a surprise fall in June exports, raising fresh concerns about the extent of the slowdown in the world's second-largest economy. The market will also be looking for clues about the outlook for U.S. ... Full Story | Top |
| Insight: Events in Egypt may influence, won't define Syria war Wednesday, Jul 10, 2013 07:50 AM PDT  By Samia Nakhoul BEIRUT (Reuters) - The fall of the Muslim Brotherhood in Egypt has put a new spring in the step of Bashar al-Assad, who sees it as a sign that Islamists - including those spearheading the Sunni-dominated rebellion against him - are in decline. Exuding confidence after a recent successful army counter-offensive, and speaking as the Egyptian army was deposing Islamist president Mohamed Mursi, Assad said "what is happening in Egypt is the fall of what is known as political Islam." "After a whole year, reality has become clear to the Egyptian people. ... Full Story | Top |
| Power company to reduce NY's electricity use again due to heat Wednesday, Jul 10, 2013 07:34 AM PDT (Reuters) - The state-owned New York Power Authority (NYPA) on Wednesday will activate its program to reduce electricity use in New York City for a third consecutive day as more customers turn up their air conditioners to escape the hot, humid weather, a spokeswoman for the company said. "The electric system experiences its greatest challenges during the hottest summer days when demand for air-conditioning skyrockets and the margins between available generating capacity and electricity use narrow the most," Gil Quiniones, NYPA president and CEO, said in a statement. ... Full Story | Top |
| Roche halts diabetes drug trial in blow to pipeline Wednesday, Jul 10, 2013 07:24 AM PDT  By Katharina Bart ZURICH (Reuters) - Roche will halt development of a diabetes drug partly because of its undesired side-effects, marking another high-profile setback for the Swiss company as it struggles to diversify outside its core cancer drug portfolio. The news is a fresh blow for Roche's Basel research operations, known as pRED, which have languished in the shadow of the work done at Genentech, the 2009 acquisition that cooked up Roche's four top-selling medicines in 2011. ... Full Story | Top |
| After boom years, some Chinese firms run into trouble in crisis-hit Sudan Wednesday, Jul 10, 2013 07:23 AM PDT  By Ulf Laessing OMDURMAN, Sudan (Reuters) - When Chinese clothing wholesaler Chan Cui Xiao signed a deal with a Sudanese businessman to export colourful bed sheets to the African country he was confident of making good money. A few months later he is in serious financial trouble - he shipped his goods to Sudan but did got paid and has rushed to the country to try to track down his local business partner. The Sudanese had sent him credit and bank financing letters, and as Chan had done business that way in Egypt and other Arab countries he thought it was safe to export his goods. ... Full Story | Top |
| Pfizer gets EU approval for wider use of Prevenar vaccine Wednesday, Jul 10, 2013 05:36 AM PDT (Reuters) - Pfizer Inc said it received approval from the European health regulator to expand use of its anti-bacterial vaccine to a wider population of adults aged 18 to 49 years. The vaccine, Prevenar 13, was previously approved in Europe for use in infants, young children and adolescents between the ages of 6 weeks and 17 years and adults of 50 years and over. It is used to prevent infections from 13 strains of the Streptococcus pneumoniae bacterium, which can cause pneumonia, ear infections and even fatal diseases such as pneumococcal meningitis. ... Full Story | Top |
| South Africa's Eskom to look at Islamic bonds as funding source Wednesday, Jul 10, 2013 04:17 AM PDT  JOHANNESBURG (Reuters) - South African power utility Eskom will look at new funding opportunities such as Islamic bonds to finance its capacity expansion projects as it battles to keep the lights on in Africa's biggest economy, the company said on Wednesday. A lower than hoped for rise in power rates has left state-owned Eskom with an expected revenue gap of 225 billion rand over the next five years. The utility had applied for a 16 percent hike in power rates over the next five years, which translated into revenue of 1 trillion rand over the period, but was granted an 8 percent annual hike. ... Full Story | Top |
| Police sift through 'crime scene' days after Quebec train crash Wednesday, Jul 10, 2013 03:57 AM PDT  By Julie Gordon and Richard Valdmanis LAC-MEGANTIC, Quebec (Reuters) - Investigators sifted through the charred remains of Lac-Megantic's historic downtown early Wednesday morning, as they searched for clues into what could turn out to be North America's worst railway disaster since 1989. Police said they are investigating whether Saturday's derailment and subsequent explosion - which leveled the center of the lakeside Quebec town killing at least 15 and probably dozens more - involved foul play or criminal negligence. "We are conducting a criminal investigation. ... Full Story | Top |
| UK prompt gas prices dip on ample supply Wednesday, Jul 10, 2013 03:33 AM PDT LONDON (Reuters) - British prompt gas prices fell on Wednesday morning due to an oversupplied transmission network, as warm weather cut heating demand. The price of gas for Thursday delivery fell 0.40 pence to 65.50 pence per therm at 0900 GMT, pulled lower by rising supplies. Gas for instant delivery also traded at 65.50 pence per therm, down 0.55 pence on the day. Later-dated gas contracts were buoyed by firmer oil prices. Gas demand is expected to reach 161. ... Full Story | Top |
| Brent slips towards $107 on concerns of weakness in China economy Wednesday, Jul 10, 2013 12:21 AM PDT By Jessica Jaganathan SINGAPORE (Reuters) - Brent crude slipped towards $107 on Wednesday on concerns about weakness in the recovery of China, the world's second biggest oil consumer, while U.S. crude turned higher after data showed a bigger-than-expected fall in crude oil stocks. China's imports of crude oil imports for June were down 7.4 percent from the previous month, according to customs data, while trade data also pointed to a downward trend, adding to signs of an economic slowdown. But U.S. ... Full Story | Top |
| Kenya seizes more smuggled ivory destined for Malaysia Tuesday, Jul 09, 2013 11:11 PM PDT  By Joseph Akwiri MOMBASA, Kenya (Reuters) - Kenyan officials have impounded another large consignment of smuggled elephant ivory barely a week after intercepting a similar haul, highlighting the rise of poaching in Africa. The ivory, weighing 3.3 tonnes and valued at 65 million shillings, was impounded this week. It had been wrapped in gunny sacks and declared as groundnuts being shipped to Malaysia from Kenya's capital, Nairobi, officials said on Tuesday. ... Full Story | Top |
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