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| Asia shares edge up; markets look for central bank largesse Sunday, Apr 28, 2013 08:36 PM PDT  By Wayne Cole SYDNEY (Reuters) - Asian shares inched ahead while the dollar lost ground as investors counted on easy money from central banks in the euro zone and United States to offset the risk of further disappointment from global economic data. Activity was sporadic with Japanese markets closed for a holiday and China off until Thursday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.26 percent, but off a six-week high touched on Friday. Singapore's share market added 0.2 percent , while Australia's market added 0. ... Full Story | Top |
| IMF flags risk of "middle-income trap" in emerging Asia Sunday, Apr 28, 2013 08:10 PM PDT  SINGAPORE (Reuters) - Middle-income Asian economies enjoy better growth prospects than countries in other parts of the world but they must improve government institutions and liberalize rigid labor and product markets if they wish to reach the level of developed countries, the International Monetary Fund (IMF) said on Monday. ... Full Story | Top |
| CA-BUSINESS Summary Sunday, Apr 28, 2013 07:20 PM PDT Still stuck on central-bank life support LONDON (Reuters) - Five years after the onset of the global financial crisis, the world economy is in such a chronic condition that the European Central Bank might cut interest rates this week and the Federal Reserve is likely to indicate no let-up in the stimulus it is providing the U.S. economy. With the euro zone economy in recession, momentum is building for the ECB to lower interest rates for the first time since July 2012, according to senior sources involved in the deliberations. ... Full Story | Top |
| Japan factory output seen up for fourth straight month, recovery slow Sunday, Apr 28, 2013 07:18 PM PDT  By Stanley White TOKYO (Reuters) - Japan's industrial production is expected to have risen for a fourth consecutive month in March albeit at a modest pace, a Reuters survey showed, in a sign that factory output is recovering slowly as exports struggle to gain momentum. The median forecast was for a 0.4 percent rise from the previous month, which would follow a 0.6 percent increase in February and a 0.3 percent rise in January. The data are due on Tuesday at 8:50 a.m. (Monday at 1950 EST). ... Full Story | Top |
| Asian insurance M&A gets pricey as region's promise beckons Sunday, Apr 28, 2013 07:15 PM PDT  By Denny Thomas and Clare Baldwin HONG KONG (Reuters) - A deal-making frenzy in Asia's insurance industry is turning up the heat on buyers to fork out huge sums or miss out on a prime chance to tap into the sector's fastest growing market, and few predict a slowdown despite the eye-popping prices. The appeal of Asia's growing middle class and rising personal income pushed insurance takeovers in the region to a record $30.5 billion last year, according to S&P Capital IQ, a data compiler. ... Full Story | Top |
| MUFJ unit in talks to sell services to Morgan Stanley trust clients Sunday, Apr 28, 2013 05:40 PM PDT  NEW YORK (Reuters) - A U.S. unit of Mitsubishi UFJ Financial Group Inc is in talks to acquire the rights to sell trust-banking services to Morgan Stanley's clients, in the bank's latest bid to expand its business abroad, a source familiar with the matter said on Sunday. The proposed deal involves Mitsubishi UFJ's Union Bank providing services to trust accounts worth an estimated $4 billion, which Morgan Stanley will continue to manage. Union Bank will earn fees on the trust services it sells, the source familiar with the matter said. ... Full Story | Top |
| BHP Billiton sells Arizona copper mine for $650 million Sunday, Apr 28, 2013 05:36 PM PDT  MELBOURNE (Reuters) - BHP Billiton has agreed to sell its Pinto Valley copper mine and a railroad in Arizona to Capstone Mining Corp for $650 million, the latest in a spate of asset sales by the top global miner as it tightens its belt in a weaker market. BHP and its global mining peers have put billions of dollars worth of mines, projects and aluminium operations up for sale as they look to slash costs, cut debt and focus on their highest returning assets as commodity prices slump. Pinto Valley takes BHP's total asset sales over the past 12 months to $5 billion. ... Full Story | Top |
| Sumitomo pulls out of Aquila coal JV in Australia Sunday, Apr 28, 2013 05:33 PM PDT SYDNEY (Reuters) - Aquila Resources on Monday suffered a set back to its plans to raise capital via asset sales to help fund a A$7.4 billion ($7.6 billion) Australian iron ore project after Sumitomo Corp pulled out of a coal exploration partnership. A memorandum of understanding reached between the two companies a year ago was designed to pave the way for an acquisition by Sumitomo of a 20-50 percent interest in coal mining tenements held by Aquila in Queensland state. "Following two independent valuations, averaging A$108. ... Full Story | Top |
| Zames' star ascends in latest JPMorgan shakeup Sunday, Apr 28, 2013 04:15 PM PDT  By Richard Leong NEW YORK (Reuters) - JPMorgan Chase & Co said on Sunday Matt Zames will fully assume the role of chief operating officer as his former partner in the job leaves, which was part of the latest management shakeup at the biggest U.S. bank. Zames, who has been seen as a strong candidate to succeed the bank's Chief Executive and Chairman Jamie Dimon, had been co-chief operating officer with Frank Bisignano, the New York-based bank said in a statement. In the latest move, Zames now has sole responsibility in another critical senior post at JPMorgan. ... Full Story | Top |
| London property being snapped up as quickly as before 2007 crisis - Hometrack Sunday, Apr 28, 2013 04:11 PM PDT  LONDON (Reuters) - Property in London is being snapped more quickly than at any time since October 2007 when the market hit its peak before the financial crisis, according to figures from real estate data firm Hometrack. Homes in London were typically on the market for 4.6 weeks in April - nearly half the period of more than eight weeks seen at the end of 2008 at the height of the financial crisis. Sellers achieved more than 95 percent of their asking price, also a level not seen since 2007. Property prices in the capital rose 0. ... Full Story | Top |
| Mitsubishi UFJ eyes $4 billion Morgan Stanley assets: Bloomberg Sunday, Apr 28, 2013 02:25 PM PDT NEW YORK (Reuters) - Japan's Mitsubishi UFJ Financial Group is in discussion to buy trust-banking assets worth about $4 billion from Morgan Stanley , in the bank's latest bid to expand its business abroad, Bloomberg said on Sunday. The report, citing two people with knowledge of the matter who asked not to be identified, said UnionBanCal Corp, a Mitsubishi unit based in San Francisco, is expected to acquire the assets. Mitsubishi is Morgan Stanley's biggest shareholder. Through UnionBanCal, Japan's biggest bank agreed to pay $3.7 billion for U.S. ... Full Story | Top |
| Earnings beating forecasts but jury's out on rest of season Sunday, Apr 28, 2013 02:13 PM PDT  By Caroline Valetkevitch and Ben Berkowitz NEW YORK (Reuters) - U.S. companies have easily beaten expectations for first-quarter earnings so far in the reporting season, but nearly half of the members of the S&P 500 are yet to announce results and they are unlikely to be as robust. With results in from 271 of the S&P 500 companies, year-over-year earnings growth is projected at 3.9 percent, compared with a forecast for 1.5 percent growth at the start of the earnings season, Thomson Reuters data shows. That figure includes those that have reported and analyst estimates for those who have not. ... Full Story | Top |
| Maverick operator Digicel takes on the big boys in Myanmar Sunday, Apr 28, 2013 02:05 PM PDT  By Jeremy Wagstaff SINGAPORE (Reuters) - Cellular operator Digicel Group Ltd jumped into Myanmar early and big, hiring staff, funding local sports, negotiating land deals for thousands of cell tower sites and signing up hundreds of partners for retail outlets. The strategy helped propel it onto the shortlist for a mobile license in one of the world's last mobile frontiers, putting an operator that ranks 65th globally in terms of customers up against giants such as Vodafone Group Plc. ... Full Story | Top |
| Greece passes reform law to unlock more EU/IMF rescue loans Sunday, Apr 28, 2013 01:54 PM PDT  ATHENS (Reuters) - Greek lawmakers on Sunday approved a reform law to unlock about 8.8 billion euros ($8.9 billion) of rescue loans from the European Union and the International Monetary Fund. The law, which was a condition for further aid installments, passed easily with the solid backing of the three parties comprising Greece's ruling coalition, by 168 to 123 votes. Following parliament's approval, senior euro zone officials will meet on Monday to approve overdue payment of 2.8 billion euros ($3.65 billion) in rescue loans, finance minister Yannis Stournaras said. ... Full Story | Top |
| U.S. Steel locks out workers at Lake Erie in Canada: union Sunday, Apr 28, 2013 01:14 PM PDT TORONTO (Reuters) - United States Steel Corp has locked out all unionized employees at its Lake Erie works in Canada, the United Steelworkers union said on Sunday. The move, part of a contract dispute, affects nearly 1,000 workers at the Nanticoke, Ontario plant, which produced about 10 percent of U.S. Steel's raw steel output in 2012. It is the third lockout at a former Stelco facility since U.S. Steel acquired the Canadian company in 2007. The last lockout at Lake Erie, which started in August 2009 and ran for eight months, halted production at the plant. ... Full Story | Top |
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