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| Renault plans China car venture with Dongfeng: media Sunday, Nov 25, 2012 08:06 PM PST  BEIJING (Reuters) - French carmaker Renault SA is planning to launch a joint venture to build cars in China with Dongfeng Motor Group Co , the country's second-largest automaker, a local newspaper reported. The two firms plan to invest a combined 6.5 billion yuan ($1.0 billion) in a plant in the central province of Hubei with an initial capacity of 200,000 cars a year, China Business News said on Monday, citing unnamed sources at Dongfeng. ... Full Story | Top |
| Qatar cashes in on remaining Barclays warrants Sunday, Nov 25, 2012 07:45 PM PST  (Reuters) - Qatar Holding LLC has cashed in on its remaining warrants in Britain's Barclays Plc , a move that still leaves the sovereign wealth fund as the bank's top shareholder while their relationship faces legal scrutiny. Qatar Holding said in a statement on Sunday it had monetized the remaining holding of 379 million units of Barclays warrants -- instruments that convert into shares -- as part of its active portfolio management, without affecting its 6.65 percent stake. In a separate statement on Sunday, Deutsche Bank AG and Goldman Sachs Group Inc said they would sell up to 303. ... Full Story | Top |
| Asian shares edge higher on hopes for Greek deal Sunday, Nov 25, 2012 07:18 PM PST  TOKYO (Reuters) - Asian shares inched up on Monday on hopes that Greece can avoid a near-term bankruptcy, with the market focusing on a euro zone finance ministers meeting later in the day, but a regional Spanish vote favoring separatist parties capped gains. It was the sixth day in a row of advances for MSCI's broadest index of Asia-Pacific shares outside Japan and comes after the euro and global shares climbed on Friday on expectations that an agreement will be reached soon to disburse aid for Greece, and on a rise in Germany's Ifo business climate index. ... Full Story | Top |
| Analysis: "Caveat emptor" as foreigners rush to ride China rebound Sunday, Nov 25, 2012 05:33 PM PST  HONG KONG (Reuters) - Foreign investors have started rebuilding their China equity portfolios, tempted by low valuations after two years of market underperformance and signs economic growth may be stabilizing. They have pumped nearly $4 billion into Chinese equity funds in the past two months alone, trying to get in early on what they hope will be a sustained rally. But sentiment looks to be running ahead of fundamentals. ... Full Story | Top |
| Holiday shoppers buy early, often, online Sunday, Nov 25, 2012 05:23 PM PST  CHICAGO (Reuters) - U.S. shoppers went to stores earlier this Thanksgiving weekend and bought online more than in years past, giving retailers a strong start to the holiday shopping season, data showed on Sunday. The more successful retailers, analysts said, were companies such as Wal-Mart Stores Inc and Macy's Inc, which did better at combining physical stores with their online and mobile channels into a seamless shopping experience. ... Full Story | Top |
| Black Friday sales online top $1 billion for first time: comScore Sunday, Nov 25, 2012 03:44 PM PST  SAN FRANCISCO (Reuters) - Black Friday retail sales online this year topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, comScore Inc said on Sunday. Online sales jumped 26 percent on Black Friday to $1.04 billion from sales of $816 million on the corresponding day last year, according to comScore data. Amazon.com was the most-visited retail website on Black Friday, and it also posted the highest year-over-year visitor growth rate among the top five retailers. ... Full Story | Top |
| Mexico "Buen Fin" sales up by nearly a third Sunday, Nov 25, 2012 03:25 PM PST MEXICO CITY (Reuters) - Retail sales during Mexico's "Buen Fin" campaign at stores that have been open for at least a year rose nearly 30 percent over last year, on strong sales of general merchandise, clothes and shoes, a retailers' association said on Sunday. "Buen Fin," which took place from November 16-19, is a campaign to boost consumer spending that was launched in 2011 with government and private sector support. It is modeled on the United States' "Black Friday," which is the day after the U.S. ... Full Story | Top |
| International arbitration for tax disputes, "baseball" style Sunday, Nov 25, 2012 02:54 PM PST WASHINGTON (Reuters) - The United States remains undefeated in the nearly two years since it began settling corporate tax disputes with Canada through a winner-takes-all process popularly known as "baseball arbitration." Tax lawyers and accountants in both countries said the U.S. Internal Revenue Service had won three of the binding decisions and Canada none. They said the IRS had collected a significant sum of money, possibly in excess of $100 million. ... Full Story | Top |
| Revenge of the nerds as banks see risk, compliance hiring boom Sunday, Nov 25, 2012 01:42 PM PST SINGAPORE (Reuters) - Tough regulations aimed at banks have jolted demand for compliance, risk and legal officers, creating one of the few bright spots in an otherwise dismal job market for the financial industry. Traditionally one of the least glamorous jobs in the sector, these staff are in hot demand at a time when nearly all other parts of the banking industry are getting cut. ... Full Story | Top |
| Analysis: India's deficit-cutting plan faltering as clock ticks Sunday, Nov 25, 2012 01:39 PM PST  NEW DELHI (Reuters) - India's finance minister has banned government officials from holding conferences at five-star hotels, restricted travel and ordered a freeze on hiring to fill vacant posts. A single-minded political veteran who commands both fear and respect in Indian officialdom, P. Chidambaram is squeezing government ministries hard to cut spending wherever they can, and quickly, to help rein in a widening fiscal deficit. He is a man under pressure and with an eye on the clock. ... Full Story | Top |
| Manila rising, so are rents as confidence in Philippines grows Sunday, Nov 25, 2012 01:23 PM PST  MANILA (Reuters) - Manila's changing skyline demonstrates a city coming up in the world. The capital of the Philippines is in the throes of a property boom described as the best in two decades, reflecting the increasing confidence in an economy that only recently began shedding its image as one of the region's basket cases. Nowhere is it more obvious than at Bonifacio Global City, a commercial and residential property development on a portion of land carved out from Manila's biggest army base. ... Full Story | Top |
| Holiday weekend retail spending up 12.8 percent: NRF Sunday, Nov 25, 2012 12:12 PM PST (Reuters) - Earlier Thanksgiving hours and shopping in both stores and online spurred an estimated 12.8 percent increase in U.S. retailers' sales over the four-day holiday weekend, an industry trade group said on Sunday. An estimated 139.4 million adults visited U.S. stores and websites from Thanksgiving through Sunday, up from 131 million last year, according to a survey from the National Retail Federation. Total spending for the weekend rose to $59.1 billion from $52.4 billion last year. ... Full Story | Top |
| Former SNC-Lavalin executive charged in Switzerland: report Sunday, Nov 25, 2012 12:09 PM PST TORONTO (Reuters) - A former executive of SNC-Lavalin has been indicted in Switzerland on allegations he laundered money in connection with $139 million in payments by the company, according to CBC News and RTS, the Swiss public broadcaster. Riadh Ben Aissa, a former vice president, has been charged with fraud, corruption and money laundering involving transactions executed in North Africa, according to the report. The Royal Canadian Mounted Police are working with Swiss police on the investigation, according to the CBC, citing unidentified police sources. ... Full Story | Top |
| Knight CEO plays down deal talk Sunday, Nov 25, 2012 11:32 AM PST  NEW YORK (Reuters) - Knight Capital Group , currently in talks with at least two firms on the possible sale of its largest business unit, is well capitalized and would only pursue a deal if it created value for its shareholders and clients, Knight's chief executive said in an internal memo. The electronic trading firm has been approached by rivals Getco LLC and Virtu Financial LLC about its market-making operation, which uses computer models to match buy and sell orders in stocks and options, executing around 10 percent of U.S. volume, according to people familiar with the talks. ... Full Story | Top |
| Sudan, China to set up agricultural free-trade zone Sunday, Nov 25, 2012 11:18 AM PST KHARTOUM (Reuters) - Sudan has allowed China to set up a free-trade zone for agricultural products and livestock to boost bilateral transactions, state news agency SUNA said on Sunday, as the African country seeks to increase farm exports to offset the loss of oil. China is Sudan's main trading partner and donor for development projects, throwing a lifeline as few Western countries or firms deal with Khartoum because of a U.S. embargo over the country's human rights record. ... Full Story | Top |
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