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| Watchdog faults Treasury, Fed for Libor use, wants alternatives Wednesday, Oct 24, 2012 09:06 PM PDT  WASHINGTON (Reuters) - The U.S. Treasury Department and Federal Reserve need to stop using the benchmark interest rate known as Libor in financial rescue programs, as it might not be reliable and could put taxpayer dollars at risk, a federal watchdog said on Thursday. The special inspector-general for the Troubled Asset Relief Program, the bailout vehicle launched during the financial crisis, recommended that the Treasury and the Fed change some initiatives to ensure participating U.S. firms use alternatives to the London inter-bank offered rate in pricing billions of dollars in loans. ... Full Story | Top |
| China says 2011 R&D spending up 23 percent on year Wednesday, Oct 24, 2012 08:43 PM PDT BEIJING (Reuters) - China's spending on research and development (R&D) grew an annual 23 percent in 2011 to 868.7 billion yuan $139 billion), the National Bureau of Statistics said on Thursday. That was equivalent to 1.84 percent of gross domestic product (GDP), up from 1.76 percent in 2010, the bureau said in a report on its website: www.stats.gov.cn Chinese industries spent 599.4 billion yuan on R&D in 2011. The spending was led by makers of computers, electronics and telecommunications equipment, which poured 94.1 billion yuan Into R&D, followed by chemicals producers' outlay of 46. ... Full Story | Top |
| U.S. business group urges regulation of litigation funders Wednesday, Oct 24, 2012 08:41 PM PDT WASHINGTON (Reuters) - A business lobby group has called on the U.S. Congress to regulate companies that provide financing for commercial lawsuits, describing the practice as "coercive enterprise". The U.S. Chamber of Commerce Institute for Legal Reform, a long-time critic of third-party litigation funders like Juridica Investments Ltd and Burford Capital Ltd, issued a report on Wednesday urging regulation by the U.S. Federal Trade Commission. ... Full Story | Top |
| Australia's Whitehaven clears hurdle to coal project Wednesday, Oct 24, 2012 08:39 PM PDT MELBOURNE (Reuters) - Whitehaven Coal has won state approval to develop its most valuable project, the A$651 million ($673 million) Maules Creek mine, and now just needs federal clearance, Australia's largest independent coal miner said on Thursday. Whitehaven aims to start operations at the mine in mid-2013, ramping up to produce more than 10 million metric tons (11 million tons) a year of mostly high quality semi-soft coking coal, used to make steel, from fiscal 2016. The approval relieves some pressure on Whitehaven, whose shares have plunged 43 percent from a high of A$5. ... Full Story | Top |
| China industrial output may be faster in fourth quarter vs third: Ministry Wednesday, Oct 24, 2012 07:56 PM PDT BEIJING (Reuters) - China's industrial output growth may be faster in the final three months of 2012 compared to the third quarter, the Ministry of Industry and Information Technology said on Thursday. "The industry sector performance has shown signs of stabilization and we can see an even clearer growing trend from the month-on-month figures in the third quarter," Zhu Hongren, the spokesman and chief engineer of the Ministry, told a news conference. ... Full Story | Top |
| China says industry recovery trend not yet stable Wednesday, Oct 24, 2012 07:25 PM PDT  BEIJING (Reuters) - China's industrial sector is still not on a stable recovery track, particularly in export markets, the Ministry of Industry and Information Technology said on Thursday. "The stabilization trend of China's industrial sector is not yet solid and we are still facing many challenges and difficulties to realize stable growth," the Ministry said in a statement released ahead of a scheduled news conference. China's industrial output in September grew 9.2 percent, picking up from a rise of 8. ... Full Story | Top |
| U.S. sues Bank of America over "Hustle" mortgage fraud Wednesday, Oct 24, 2012 07:17 PM PDT  NEW YORK (Reuters) - The United States filed a fraud lawsuit against Bank of America Corp, accusing it of causing taxpayers more than $1 billion of losses by selling thousands of toxic mortgage loans to Fannie Mae and Freddie Mac. Wednesday's case, originally brought by a whistleblower, is the U.S. Department of Justice's first civil fraud lawsuit over mortgage loans sold to the big mortgage financiers, bailed out in 2008. It also compounds the legal problems that Bank of America Chief Executive Brian Moynihan faces over the second-largest U.S. ... Full Story | Top |
| Canada's Agnico profit rises on record gold output Wednesday, Oct 24, 2012 06:58 PM PDT  (Reuters) - Canada's Agnico-Eagle Mines Ltd reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5 percent. The company now expects to produce some 1.03 million ounces of gold in 2012, up from a previous estimate of 975,000 ounces, with total cash costs falling to $660 per ounce, down from the $690 touted previously. Agnico expects to pass the 1-million ounce threshold this year as it improves output at its Meadowbank mine in the Canadian territory of Nunavut and on strong production at its Kittila mine in northern Finland. ... Full Story | Top |
| Fed sticks to stimulus plan, says economy a bit firmer Wednesday, Oct 24, 2012 06:13 PM PDT  WASHINGTON (Reuters) - The Federal Reserve on Wednesday stuck to its plan to keep stimulating U.S. growth until the job market improves even as it acknowledged some parts of the economy were looking a bit better. In a statement after a two-day meeting, the central bank repeated its vow to keep rates near zero until mid-2015 and its pledge to keep supporting growth while the recovery strengthens. The Fed's policy-setting panel made no change in its plan to purchase $40 billion in mortgage-backed debt per month to push interest rates lower and spur a stronger recovery. ... Full Story | Top |
| Teck defers capital spending; profit sags Wednesday, Oct 24, 2012 05:46 PM PDT TORONTO (Reuters) - Teck Resources Inc said on Wednesday it will defer C$1.5 billion ($1.51 billion) in capital spending planned through 2013 and cut costs as Canada's largest diversified miner feels the pinch of a global economic slowdown. Teck's shares closed up 2.8 percent, however, as the miner's third-quarter earnings per share were not far off analysts' expectations despite a sharp fall in profit on sagging coal sales and prices. ... Full Story | Top |
| Apple's Mac flies in under the radar Wednesday, Oct 24, 2012 05:44 PM PDT  SAN FRANCISCO (Reuters) - Amid the fanfare accompanying the noisy launch of the iPad mini this week, Apple Inc also took the wraps off new Mac computers. The facelift may help revitalize an important lineup that -- while seeing growth tail off in the early part of 2012 -- yields 14 percent of revenue and still racks up sales growth numbers that are the envy of a flagging PC world. ... Full Story | Top |
| Best Buy warns on profit; U.S. unit head to leave Wednesday, Oct 24, 2012 05:30 PM PDT  (Reuters) - Retailer Best Buy Co Inc warned that earnings and same-store sales would fall for its third quarter, and said the head of its U.S. business will leave as the world's largest consumer electronics chain starts to restructure under a new CEO. The news, which pushed its shares down 6.8 percent in after-hours trading, came less than a month before the unofficial start of the biggest selling season of the year. U.S. business president Mike Vitelli will exit at the end of the current fiscal year in early February with a lump-sum payment of $1. ... Full Story | Top |
| Greece says it has been given more time on austerity Wednesday, Oct 24, 2012 05:02 PM PDT  ATHENS (Reuters) - Greece's finance minister said on Wednesday that his country had been given more time by its international lenders to implement austerity cuts, an assertion played down by leading European Union officials. European paymaster Germany said the EU would only decide on the matter after receiving a report on Greece's progress from the 'troika' of lenders - the European Commission, the European Central Bank (ECB) and the International Monetary Fund - while ECB President Mario Draghi said no final decision had been made. ... Full Story | Top |
| Britain probably out of recession as one-offs boost growth Wednesday, Oct 24, 2012 05:02 PM PDT LONDON (Reuters) - Britain probably came out of recession between July and September, economic growth numbers are widely expected to show later on Thursday, but the dangers of a relapse loom large. A Reuters poll showed that Britain's economy is expected to post 0.6 percent quarterly growth after companies recovered production lost due to an extra public holiday in June and ticket sales for the Olympic and Paralympic Games added a boost. ... Full Story | Top |
| As investors bet on election, odd trading crops up Wednesday, Oct 24, 2012 04:50 PM PDT NEW YORK (Reuters) - Money managers across the United States are avidly watching the November 6 presidential election, gaming out investing strategies in the event of a second term for Barack Obama or a first one for Mitt Romney. Others are simply betting on the election itself. The online betting markets that offer this opportunity have been pretty consistent, with narrow odds favoring Obama. Every so often, however, odd trading occurs as these markets are notably less liquid and active than the average stock exchange. Tuesday was one such example. ... Full Story | Top |
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