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| Honda cuts FY profit forecast as China backlash hits Sunday, Oct 28, 2012 08:58 PM PDT  TOKYO (Reuters) - Japan's Honda Motor Co cut its full-year net profit forecast by a fifth after sales in China, the world's biggest autos market, were hit by a popular backlash against Japanese products in a dispute over East China Sea islands. The substantial cut makes it likely that rivals Toyota Motor and Nissan Motor will follow suit when they report quarterly earnings early next week. "It's likely Toyota and Nissan are going to cut forecasts in the same way. ... Full Story | Top |
| Petronas agrees to Canada extension on $5.2 billion Progress bid: sources Sunday, Oct 28, 2012 08:48 PM PDT  KUALA LUMPUR (Reuters) - Malaysian state oil firm Petronas has agreed to the Canadian government's extension of a review of its C$5.17 billion ($5.2 billion) bid for gas producer Progress Energy Resources, said two Petronas sources familiar with the deal. The decision was made by a regular monthly Petronas board meeting, the sources told Reuters, adding the Malaysian firm is also studying additional steps to reassure Canada that the proposed acquisition will have a "net benefit" for the country, the sources said. "Petronas will go all the way to secure this deal. ... Full Story | Top |
| American Airlines suspends operations due to Hurricane Sandy Sunday, Oct 28, 2012 08:35 PM PDT (Reuters) - U.S. airlines American Airlines and American Eagle said on Sunday they will be suspending operations at a number of airports in the Mid-Atlantic and Northeast regions due to severe weather from Hurricane Sandy. The shutdown starts from late on Sunday and would last until about midday on Wednesday, the airlines said. The companies said it was also possible additional delays might be seen in the aftermath of Hurricane Sandy and some scheduled flights might be canceled beyond Wednesday. (Reporting by Sakthi Prasad in Bangalore; Editing by Robert Birsel) Full Story | Top |
| U.S. airlines cancel flights, hotels book up before hurricane Sunday, Oct 28, 2012 08:35 PM PDT  NEW YORK (Reuters) - Hurricane Sandy will likely cause financial headaches for U.S. airlines that canceled more than 7,000 flights to and from the Northeast corridor on Sunday. Hotels in the region were busy handling cancellations for guests who could not get to destinations in the Northeast, extending stays for guests who could not leave town, and booking rooms for people who left their homes. Airlines started cancelling flights in the U.S. Northeast region Sunday evening as cities from Washington D.C. ... Full Story | Top |
| Asian shares edge higher on U.S. growth data Sunday, Oct 28, 2012 08:29 PM PDT  TOKYO (Reuters) - Asian shares edged higher on Monday as investors took comfort in signs of stable growth in the United States, though caution over the uncertain global corporate earnings outlook capped prices. The MSCI index of Asia-Pacific shares outside Japan added 0.2 percent after shedding 1 percent on Friday and posting its biggest weekly drop in two months, 1.3 percent. Australian shares rose 0.6 percent, buoyed by solid U.S. economic growth in the third quarter, while South Korean shares rose 0.3 percent, supported by solid earnings from IT firms and a better U.S. outlook. ... Full Story | Top |
| Stock markets to close on Monday, possibly Tuesday Sunday, Oct 28, 2012 08:13 PM PDT  (Reuters) - U.S. stock trading will be closed on Monday and possibly Tuesday in response to Hurricane Sandy, NYSE Euronext said late on Sunday. NYSE Euronext, which runs the New York Stock Exchange, had previously said that electronic trading would remain open and that only the exchange's trading floor would close. In a statement, the company said that "the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority. ... Full Story | Top |
| Factbox: Wall Street's plans for Hurricane Sandy Sunday, Oct 28, 2012 07:55 PM PDT NEW YORK (Reuters) - Wall Street firms and exchanges prepared to open for business on Monday, at least with a skeleton staff, with many executives, traders and bankers set to work from home, particularly those whose office is in lower Manhattan's Financial District, which is more vulnerable to storm surge caused by Hurricane Sandy. ... Full Story | Top |
| U.S. to release spending data despite government closure Sunday, Oct 28, 2012 07:40 PM PDT WASHINGTON (Reuters) - The U.S. government plans to issue data on personal income and spending for September on Monday even though the government has shut down to brace for Hurricane Sandy. The Federal Reserve, however, will postpone its regularly scheduled data. The Commerce Department will post the monthly report on consumer spending on its web site at 8:30 a.m. (1230 GMT), as regularly scheduled. In contrast, the Fed said it would wait until the federal government reopens to release its data, including a weekly report on selected interest rates and figures on commercial paper issuance. ... Full Story | Top |
| Companies delay earnings reports due to hurricane Sunday, Oct 28, 2012 06:40 PM PDT NEW YORK (Reuters) - Drugmaker Pfizer Inc and power companies Entergy Corp and NRG Energy Inc said they would postpone releasing quarterly earnings results because of the hurricane approaching the U.S. Northeast. Pfizer and Entergy had been due to report their third-quarter results on Tuesday. NRG was scheduled to release its results on Wednesday. Pfizer rescheduled the release of its results and its conference call with analysts until Thursday, November 1, citing "the expected severe weather conditions associated with Hurricane Sandy." Entergy pushed its conference call back to November 5. ... Full Story | Top |
| China mulls lower tax levels to boost long-term investment: report Sunday, Oct 28, 2012 05:44 PM PDT SHANGHAI (Reuters) - China may apply a sliding scale to taxing stock dividends in a bid to encourage long-term investment, the China Securities Journal reported on Monday, citing unidentified government officials. Under the proposal, investors holding a stock for more than a month would gain preferential tax treatment, while holding a stock for more than a year would win deeper tax cuts, the newspaper said. The government was also studying tax policies in relation to Qualified Foreign Institutional Investors (QFII) and the trading of crude oil futures, it said. ... Full Story | Top |
| BoE's Dale says UK growth to falter after Olympic boost: Times Sunday, Oct 28, 2012 05:25 PM PDT LONDON (Reuters) - Economic growth in Britain will be "materially" lower in the fourth quarter, after an unexpectedly strong boost from the Olympic Games, and it will remain weak for the next couple of years, Bank of England chief economist Spencer Dale told the Times newspaper. Dale welcomed last week's news that Britain's economy grew by a "strong" 1 percent in the second quarter, but warned that the next set of data would look much worse by comparison. ... Full Story | Top |
| Presidential contenders await payroll fallout Sunday, Oct 28, 2012 05:04 PM PDT (Reuters) - The last employment report before the U.S. presidential election is likely to have something for everyone - for those bullish and bearish on the economy and for Barack Obama and Mitt Romney. Non-farm payrolls in October are forecast to have risen 124,000, barely more than September's 114,000 gain, according to 78 economists polled by Reuters. The unemployment rate probably edged back up to 7.9 percent after falling to 7.8 percent from 8.1 percent last month. The figures are due on Friday. ... Full Story | Top |
| China banks leaving London to escape tougher rules: FT Sunday, Oct 28, 2012 04:42 PM PDT (Reuters) - Chinese banks are shifting the focus of their European business away from London toward Luxembourg as they seek to escape tougher British regulation, the Financial Times said on Monday. The newspaper said Chinese banks had complained to the British government over what they called uneven regulation and "rigorously demanding" liquidity rules in a recent letter. ... Full Story | Top |
| Wall Street to open Monday as storm hobbles New York Sunday, Oct 28, 2012 04:40 PM PDT  NEW YORK (Reuters) - Wall Street firms prepared to open for business on Monday at least with skeletal staff, booking hotel rooms for key employees and leaning on offices in other cities as Hurricane Sandy forced the New York mass transit system to shut down, leaving tens of thousands of employees stuck at home. ... Full Story | Top |
| Analysis: Oh, what a sinking feeling: Toyota misfires with Chinese buyers Sunday, Oct 28, 2012 02:22 PM PDT  BEIJING (Reuters) - The roots of Toyota Motor Corp's China troubles run far deeper than the anti-Japan protests that have swept the country, stretching back to the 2008 launch of the Yaris subcompact -- a spectacular flop with price-conscious Chinese buyers. The car, a success elsewhere, was meant to help build brand loyalty and send Toyota hurtling towards a still-unattained goal of selling one million vehicles annually in the world's largest auto market. However the Yaris missed the mark with China's traditional higher-end customers as well as its new emerging middle class. ... Full Story | Top |
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