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| China HSBC services PMI shows some resilience Sunday, Aug 04, 2013 08:59 PM PDT  BEIJING (Reuters) - Activity in China's services sector defied the country's economic cool down to expand modestly in July, a private survey showed on Monday, as new business orders recovered from a multi-year low in a rare sign of resilience. But that was tempered by a fall in prices charged by companies to a nine-month low, suggesting demand was still too weak for them to raise prices, and as business expectations hovered near their lowest since 2005. The HSBC/Markit Purchasing Managers' Index (PMI) for the services industry stood at 51. ... Full Story | Top |
| Australian miners facing bust look to China's Zijin Sunday, Aug 04, 2013 08:43 PM PDT By James Regan KALGOORLIE, Australia (Reuters) - Gold miner Dianmin Chen - running Australia's Norton Gold Ltd for China's biggest gold producer Zijin Mining Group - says there's still money to be made in mining. While other companies are bracing for tough times by laying off workers and closing mines, Chen has been given a mandate to nearly double gold production and is keeping an eye out for potential acquisitions. "We see this lower market as an opportunity to grow," he said in an interview. ... Full Story | Top |
| U.S. ambulance operator Rural/Metro files for bankruptcy Sunday, Aug 04, 2013 08:31 PM PDT (Reuters) - Ambulance operator Rural/Metro Corp, owned by private equity firm Warburg Pincus, filed for Chapter 11 bankruptcy with the aim of cutting its debts after it missed an interest payment in July, according to court filings. The Scottsdale, Arizona-based company also intends to renegotiate unprofitable contracts and free up capital for investments through the bankruptcy process, according to the filings. The provider of private ambulance and fire protection services declared liabilities and assets each worth more than $500 million. ... Full Story | Top |
| Asian shares, dollar soft after tepid U.S. jobs data Sunday, Aug 04, 2013 08:27 PM PDT  By Hideyuki Sano TOKYO (Reuters) - Asian shares were soft and the U.S. dollar was on the defensive on Monday after data showed U.S. employers slowed their pace of hiring in July, while the New Zealand dollar tumbled after a food-safety scare affected dairy exports of the country's largest company. Japan's Nikkei share average fell 1.0 percent while ex-Japan Asian shares dropped 0.2 percent, in contrast to Wall Street which ended at record highs on Friday in part helped by expectations the U.S. Federal Reserve may delay scaling back its stimulus. ... Full Story | Top |
| Vietnam orders recall of Fonterra milk powder Sunday, Aug 04, 2013 08:06 PM PDT HANOI (Reuters) - Vietnam has ordered an immediate recall and halt of circulation of a milk powder manufactured by Fonterra after New Zealand authorities said some of the protein concentrate produced there was found to be contaminated. Abbott Laboratories S.A office in Vietnam, the owner of the milk powder manufactured by Fonterra in New Zealand, will conduct the recall and report the result by August 9, the Health Ministry-run Vietnam Foodstuff Safety Department said in a statement on its website (vfa.gov.vn). ... Full Story | Top |
| GM says July China auto sales up 11.1 percent year on year Sunday, Aug 04, 2013 07:48 PM PDT  BEIJING (Reuters) - General Motors Co and its Chinese joint ventures sold 221,580 vehicles in China in July, up 11.1 percent from a year earlier, the U.S. automaker said on Monday. That compares with a 10.6 percent year-on-year gain in June. GM makes vehicles in China in partnership with FAW Group and SAIC Motor Corp Ltd . (Reporting by Jonathan Standing; Editing by Paul Tait) Full Story | Top |
| Australia new vehicle sales up 4.1 percent in July: industry Sunday, Aug 04, 2013 07:12 PM PDT  SYDNEY (Reuters) - Sales of new vehicles in Australia were up 4.1 percent in July, compared to the same month last year, though down from a record peak in June when demand is typically boosted by end of financial year discounts. The Australian Federal Chamber of Automotive Industries VFACTS report showed total vehicle sales in July were 90,235, compared to 86,641 last year and 118,758 in June. Sales for the first seven months of 2013 were running 4.6 percent ahead of the same period last year, while annualized sales were up at 1.135 million. ... Full Story | Top |
| Beijing invites foreign bids for $55 billion in infrastructure projects Sunday, Aug 04, 2013 06:38 PM PDT SHANGHAI (Reuters) - Beijing's Commission of Reform and Development, the city's economic planner, will invite foreign investors to bid on 126 urban infrastructure projects collectively seeking 338 billion yuan ($55 billion) in financing, the China Daily said on Monday. The projects include rail transport, roads, rail transit complexes, drainage treatment facilities, waste disposal and heat supply. The report said private bids will be treated on an equal footing with bids from state-owned firms, and predicted an internal return rate of 8 percent. ... Full Story | Top |
| Analysis: T.J. Maxx, others look past chaos to e-commerce bonanza Sunday, Aug 04, 2013 06:03 PM PDT  By Phil Wahba NEW YORK (Reuters) - Low-price retailer T.J. Maxx plans to open an online store this year, as does rival Saks Inc's Off Fifth outlets, making 2013 the year technology may have caught up with the speed of fashion. For such chains, which feature clearance items, last-year's fashions and overruns, their fast-moving and often unpredictable inventory has made selling goods over the web complex. "Retail is chaotic. Off-price retail is even more chaotic," said Fiona Dias, a leading e-commerce expert and chief strategy officer at ShopRunner. ... Full Story | Top |
| Phoenix-area bus drivers reach deal to end strike Sunday, Aug 04, 2013 05:17 PM PDT By David Schwartz (Reuters) - Union bus drivers reached a contract agreement with managers on Sunday to end a four-day strike that left 57,000 Phoenix-area commuters scrambling for alternate routes to work, officials said. Union officials said striking drivers are expected to return to work in time for the Monday morning commute after marathon negotiations produced a tentative three-year pact between Amalgamated Transit Union Local 1433 and bus operator First Transit Inc, which is part of FirstGroup Plc. ... Full Story | Top |
| HSBC set for 15 percent profit jump as cost cuts pay off Sunday, Aug 04, 2013 04:35 PM PDT  LONDON (Reuters) - HSBC's half-year profit is set to rise 15 percent to more than $14 billion as a three-year cost cutting plan starts to pay off and lower bad debts compensate for a fall in revenue at Europe's biggest bank. The results, due to be released on Monday, are likely to lack the drama of British rivals last week - a rights issue at Barclays , a new chief executive at RBS and the prospect of a swift government sale of shares in Lloyds . Instead, HSBC will show how cutting costs and restructuring is essential for an industry struggling to grow. ... Full Story | Top |
| Time Warner-CBS blackout may last until Sept: analysts Sunday, Aug 04, 2013 04:19 PM PDT  By Ashley Lau NEW YORK (Reuters) - Millions of Time Warner Cable subscribers in New York, Los Angeles and Dallas could be without CBS Corp programming for several weeks as the two companies appear no closer to settling a fee dispute, analysts said. The blackout that began on Friday, when Time Warner Cable dropped the No. 1-rated U.S. broadcast network, has affected an estimated 3.5 million customers, including golf fans who missed Tiger Woods' victory in the Bridgestone Invitational on Sunday. ... Full Story | Top |
| Insight: China turf war over yuan reform rattles foreign firms Sunday, Aug 04, 2013 04:13 PM PDT  By Pete Sweeney SHANGHAI (Reuters) - Multinational companies in China say they are being forced to pick sides in a turf war between two major financial regulators fighting over which agency will drive currency and capital account liberalization. The conflict between the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) risks undermining confidence in the country's commitment to pulling down barriers that will finally open up the economy, analysts say. ... Full Story | Top |
| Lloyds CEO sees dividend payout by 2015: FT Sunday, Aug 04, 2013 04:09 PM PDT  (Reuters) - Lloyds Banking Group Chief Executive Antonio Horta-Osorio told potential investors that he expects to see up to 70 percent of the bank's earnings returned to shareholders by 2015, the Financial Times reported, citing sources. The dividend target was revealed during recent shareholder roadshows aimed at attracting investment before the British government sells its 39 percent stake in Lloyds, the FT said on its website. (http://link.reuters.com/hym22v) The government could sell a tranche of about 5 billion pounds ($7. ... Full Story | Top |
| Man arrested after woman killed in California boardwalk hit-and-run rampage Sunday, Aug 04, 2013 04:05 PM PDT  By Dana Feldman LOS ANGELES (Reuters) - A California man has been arrested on suspicion of murder after a driver plowed his car into pedestrians on the popular Venice Beach boardwalk, killing an Italian woman on her honeymoon and injuring 11 other people, police said on Sunday. Witnesses said it appeared the car's driver had been aiming for pedestrians on Saturday while driving down the popular oceanside walkway at speeds up to 20 miles per hour while people screamed and scrambled to get out of the way. "Bodies were flying in the air and people were screaming. ... Full Story | Top |
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