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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 |
| Narendra Modi: the Indian leader who came in from the cold Sunday, Oct 28, 2012 08:41 PM PDT  AHMEDABAD/ALINA, India (Reuters) - For many Indians, Narendra Modi is the man of the moment, a possible prime minister. Others see the chief minister of western Gujarat state as a Hindu zealot who did not stop the massacre of Muslims in religious riots a decade ago. As the 62-year-old moved from village to village on the campaign trail this month, he was greeted by ecstatic crowds, surging forward to catch a glimpse or to touch him as though he were a living god. ... Full Story | Top |
| Evacuations, market shutdowns as U.S. braces for storm Sunday, Oct 28, 2012 08:30 PM PDT  NEW YORK (Reuters) - Hurricane Sandy, which could become the largest storm ever to hit the United States, is set to bring much of the East Coast, including New York and Washington, to a virtual standstill in the next few days with battering winds, flooding and the risk of widespread power outages. About 50 million people are in the path of the massive storm, which has already killed 66 people in the Caribbean and is expected to hit the U.S. Eastern Seaboard on Tuesday morning. ... Full Story | Top |
| Undeterred by storm, U.S. top court sticks to schedule Sunday, Oct 28, 2012 08:04 PM PDT WASHINGTON (Reuters) - Hurricane Sandy may shut down much of the federal government and halt public transport in Washington, D.C., on Monday but it will be business as usual at the U.S. Supreme Court, where justices - appointed for life - pride themselves in all manner of staying power. The country's highest court is keeping to its oral-argument schedule and intends to hear cases through Wednesday, court spokeswoman Kathy Arberg said late on Sunday. ... Full Story | Top |
| U.S. regulator needs new authority over compounding pharmacies: report Sunday, Oct 28, 2012 07:56 PM PDT WASHINGTON (Reuters) - The U.S. Food and Drug Administration's power to regulate compounded drugs similar to those linked to a deadly meningitis outbreak is legally nonbinding and lacks the authority of stringent standards imposed on drug manufacturers, according to a congressional report released on Sunday. The report, compiled by the staff of U.S. ... 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 |
| Factbox: U.S. Northeast service suspensions due to Hurricane Sandy Sunday, Oct 28, 2012 07:27 PM PDT (Reuters) - As the U.S. Northeast braces for Hurricane Sandy, the following is a list of service suspensions for New York, New Jersey and the District of Columbia area starting on Sunday evening: More than 7,100 flights canceled so far because of the storm, according to flight tracker FlightAware.com Airlines expected to cease flights Sunday night at the five major airports in New York and New Jersey - Port Authority American Airlines, United Airlines, Delta Airlines, JetBlue Airways, USAirways Group Inc to stop flights tonight at NY/NJ airports. ... Full Story | Top |
| Hurricane Sandy blows U.S. election off course Sunday, Oct 28, 2012 07:21 PM PDT  WASHINGTON (Reuters) - Hurricane Sandy blew the U.S. presidential race off course on Sunday even before it came ashore, forcing Republican Mitt Romney to shift his campaign inland and fueling fears that the massive storm bearing down on the East Coast could disrupt an election that is already under way. As he juggled his governing duties with his re-election effort, President Barack Obama said the heavily populated East Coast could face power failures and other disruptions for several days. ... Full Story | Top |
| Hurricane forces Obama to balance governing, campaigning Sunday, Oct 28, 2012 06:52 PM PDT WASHINGTON (Reuters) - President Barack Obama faced the delicate task on Sunday of balancing his response to a potentially huge natural disaster with his own tough re-election effort as Hurricane Sandy bore down on the U.S. East Coast nine days before Election Day. Trying to demonstrate that he had learned the lessons of White House predecessor George W. Bush's botched handling of Hurricane Katrina in 2005, Obama sought to project the image of a president fully engaged in marshaling resources to deal with a looming national emergency. ... Full Story | Top |
| Insight: China grassroots democracy challenge awaits new leaders Sunday, Oct 28, 2012 05:59 PM PDT  XIAOSHAN/WUKAN, China (Reuters) - Hua Youjuan is an unlikely Chinese official. Free-spirited but driven, she left her village at age 17, got a degree in marketing, and opened a string of businesses in nearby cities in eastern China before settling in the coastal boomtown of Ningbo, 160 km (100 miles) from home. ... Full Story | Top |
| Lithuania opposition talks on government after austerity backlash election Sunday, Oct 28, 2012 05:46 PM PDT VILNIUS (Reuters) - Lithuanian opposition parties that won Sunday's election in a backlash against years of spending cuts and austerity held talks early on Monday on a new government that could determine the country's path to the euro zone. In a warning to other governments in the midst of budget cuts, the Social Democratic Party, the Labour Party and the party of an impeached former president said they had displaced Prime Minister Andrius Kubilius in an election on Sunday. ... 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 |
| Ukraine ruling party seems set for election win, nationalist surge seen Sunday, Oct 28, 2012 05:39 PM PDT  KIEV (Reuters) - Ukrainian President Viktor Yanukovich's party looks set to win a parliamentary majority after Sunday's election, but it may be hard pressed by an opposition boosted by resurgent nationalists and a liberal party headed by boxing champion Vitaly Klitschko. Leaders of the ruling Party of the Regions claimed victory after exit polls put it in the lead with 28-30 percent of the voting in the part of balloting conducted by party lists. ... Full Story | Top |
| UK firms plan to add staff over next 12 months - CBI survey Sunday, Oct 28, 2012 05:06 PM PDT  LONDON (Reuters) - British firms plan to hire more staff over the next 12 months, a survey by business lobby CBI showed on Monday, raising hopes that a strong improvement of the labour market will continue. The survey of 300 firms, employing over 1.4 million people between them, showed that 35 percent of employers expect staffing levels to rise over the next 12 months, while 15 percent see it shrinking, the CBI said. While the resulting balance of +20 was lower than at the same point last year, the survey still bode well for the labour market, the CBI said. ... Full Story | Top |
| Finnish eurosceptics gain local seats but lose momentum Sunday, Oct 28, 2012 05:01 PM PDT  HELSINKI (Reuters) - The anti-euro Finns Party won 12.3 percent of votes in Finnish municipal polls on Sunday, showing its popularity down from last year's national election while still strong enough to pressure the pro-Europe government. Prime Minister Jyrki Katainen's conservative National Coalition party won the most seats with 21.9 percent of votes, followed by his coalition partners the Social Democrats with 19.6 percent. The Finns Party was fourth, behind another opposition group, the traditionally agrarian Centre Party, which got 18.7 percent. ... 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 |
| Lithuania opposition wins vote in austerity backlash Sunday, Oct 28, 2012 03:49 PM PDT VILNIUS (Reuters) - Lithuanians angry at spending cuts put left-wing opposition parties on the path to power in an election on Sunday that likely spelled the end for a conservative government praised abroad as a model of austerity. The Social Democratic Party and the Labour Party, which have promised to raise the minimum wage and shift the tax burden to the better off, were headed for a parliamentary majority in combination with their likely partner, the Paksas Party, according to preliminary results from the second-round vote. ... Full Story | Top |
| Evacuations, shutdowns on East Coast before storm Sunday, Oct 28, 2012 03:21 PM PDT  NEW YORK (Reuters) - Tens of millions of East Coast residents scrambled on Sunday to prepare for Hurricane Sandy, which could make landfall as the largest storm to hit the United States, bringing battering winds, flooding and even heavy snow. The massive storm, which has already killed 66 people in the Caribbean, was headed toward a densely populated region that includes Washington, New York and Boston and its effects could be felt for hundreds of miles, officials warned. It could be the largest storm to hit the United States, according to the National Oceanic and Atmospheric Administration. ... Full Story | Top |
| Federal offices in Washington area closed Monday due to storm Sunday, Oct 28, 2012 03:14 PM PDT WASHINGTON (Reuters) - Federal offices in the Washington, D.C., area will be closed to the public and non-emergency federal employees will be granted administrative leave on Monday as Hurricane Sandy approaches. The U.S. Office of Personnel Management said on its website that employees scheduled to telework must work the full day or request leave. Sandy is expected to come ashore late on Monday. (Reporting By Emily Stephenson; editing by Christopher Wilson) Full Story | Top |
| Ukraine's ruling party leads in election: exit polls Sunday, Oct 28, 2012 02:35 PM PDT KIEV (Reuters) - Ukrainian President Viktor Yanukovich's pro-business party seemed likely to hold on to a majority in parliament after an election on Sunday, but it will face a revitalized opposition boosted by a resurgent nationalist party, exit polls showed. Leaders of the Party of the Regions claimed victory after two exit polls put it in the lead with between 28 percent and 30.5 percent of the voting in the part of balloting conducted by party lists. ... Full Story | Top |
| Syria air force bombs cities, truce "practically over" Sunday, Oct 28, 2012 02:30 PM PDT  AMMAN (Reuters) - Syrian jets bombarded Sunni Muslim regions in Damascus and around the country on Sunday, activists said, as President Bashar al-Assad kept up air strikes against rebels despite a U.N.-brokered truce that now appears to be in tatters. The Local Coordination Committees activists' organization said air raids killed 14 civilians, including women and children, in the town of Bara in the northern province of Idlib, where fighting has continued between Assad's forces and rebels who have seized large parts of the rugged region. "The ceasefire is practically over. ... Full Story | Top |
| Indian state's industrial dream mired in delays, protests Sunday, Oct 28, 2012 02:14 PM PDT  ANGUL, India (Reuters) - A few hundred meters from the high walls and barbed wire guarding billionaire Naveen Jindal's upcoming steel plant, a dozen men have gathered at a tea stall. Their plan for this and every day: disrupt any attempt by Jindal's company to lay a water pipeline. The men, from villages near Angul in India's Odisha state, have twice scuttled efforts to lay the pipeline in protest against Jindal Steel & Power's unwillingness to increase compensation and offer permanent jobs for taking over their land. "The company doesn't come clean on exact terms. ... Full Story | Top |
| South Korea pension fund needs more contributions, new investments Sunday, Oct 28, 2012 02:09 PM PDT  SEOUL (Reuters) - The first payouts from South Korea's state pension fund only started in 2008, but faced with the fastest ageing population among developed nations and one of the lowest birthrates, the country needs to deal with a looming funding crunch. The world's third-largest state fund by assets is generating more than $2 billion a month in new net funding as contributions outpace payments, but by 2034 that will end as South Koreans retire and the working age population falls. By 2050, there will only be 1. ... Full Story | Top |
| Greece says EU/IMF lenders refuse to concede on reforms Sunday, Oct 28, 2012 01:44 PM PDT ATHENS (Reuters) - Greece's foreign lenders have refused to make any further concessions on changes to labour laws contested by a junior coalition partner, the country's finance minister said on Sunday, prolonging an impasse on a crucial austerity package. Athens has been locked in talks with its European Union and International Monetary Fund lenders on the austerity package for months, but a final agreement has been held up by the small Democratic Left party's refusal to back the new wage laws. ... Full Story | Top |
| Opposition parties take lead in Lithuanian election Sunday, Oct 28, 2012 01:21 PM PDT VILNIUS (Reuters) - Two opposition centre-left parties appeared to be lead contenders to form a coalition government in Lithuania after a second-round election on Sunday, partial results showed. With votes counted in 1,359 polling stations out of a total 1,861, the Social Democratic Party and Labour Party, which aim to work together, were set for a combined 68 seats in the 141-seat parliament. A likely third coalition partner, the party of an impeached ex-president, was headed for 11 seats. ... Full Story | Top |
| Opposition parties lead in Lithuanian poll: partial results Sunday, Oct 28, 2012 01:04 PM PDT VILNIUS (Reuters) - Two opposition centre-left parties were on track in Lithuania's election on Sunday to be in pole position to form a new ruling coalition, partial results showed. The Social Democratic and Labour parties have benefited from voter anger at years of austerity under Prime Minister Andrius Kubilius. (Reporting by Patrick Lannin; Editing by Ralph Gowling) Full Story | Top |
| Governments to debate 50 billion euro cut to EU budget Sunday, Oct 28, 2012 12:58 PM PDT BRUSSELS (Reuters) - European Union governments will debate a cut of at least 50 billion euros this week as the starting point for negotiations on the bloc's proposed 1 trillion-euro ($1.3 trillion) long-term budget, a source familiar with the issue said. The cut will be proposed in the latest EU negotiating text on the bloc's spending plan for 2014-2020, but is unlikely to be deep enough to satisfy Britain, Germany, France and other net budget contributors. ... Full Story | Top |
| Suicide bomber kills 8, wounds 100 in Nigerian church Sunday, Oct 28, 2012 12:11 PM PDT  KADUNA, Nigeria (Reuters) - A suicide bomber drove a jeep full of explosives into a Catholic church during morning mass in northern Nigeria on Sunday, killing at least eight people, wounding more than 100 and triggering reprisal attacks that killed at least two more. There was no claim of responsibility but Islamist sect Boko Haram has bombed several churches in the past in its fight to create an Islamic state in Nigeria where the 160 million population is evenly split between Christians and Muslims. ... Full Story | Top |
| Analysis: What's eating Australia? Foreign buyers at the farm gate Sunday, Oct 28, 2012 12:04 PM PDT SYDNEY/CANBERRA (Reuters) - Australia risks losing an opportunity to become a farmyard for Asia, as growing unease over foreigners buying rural land threatens to provoke protectionist policies that may deter much needed investment in agriculture. With its vast landmass, abundant natural resources and stable government, Australia has relied on foreign farm investments for more than 100 years, with interest set to grow as the world looks to dramatically boost food production to feed Asia's booming middle class over the next 40 years. "I think we are going to see a continued interest. ... Full Story | Top |
| Ukraine leader's party expects majority in parliament Sunday, Oct 28, 2012 11:51 AM PDT KIEV (Reuters) - Ukrainian President Viktor Yanukovich's Party of the Regions expects to secure a parliamentary majority after the election on Sunday, Borys Kolesnikov, deputy prime minister and one of the Regions' leaders, said after voting ended. "There are 225 single-seat constituencies and we see our candidates winning 2/3 of them," he said after exit polls showed the Regions winning about 30 percent in party-list voting, in which the other 225 seats are allocated. (Reporting by Pavel Polityuk; Writing by Olzhas Auyezov; Editing by Richard Balmforth) Full Story | Top |
| U.S. Congress may face another debt-limit showdown in 2013 Sunday, Oct 28, 2012 11:39 AM PDT WASHINGTON (Reuters) - A U.S. debt-ceiling increase could be headed for a Wall Street-rattling showdown in 2013 if Congress, as expected, shuns a quick and easy fix at the end of this year in favor of another round of last-minute brinkmanship. Regardless of who wins the November 6 elections, many congressional aides and Capitol Hill observers are predicting that lawmakers will go right up to the deadline - probably around mid-February or early March - before increasing the $16.4 trillion limit on borrowing that is nearly exhausted. ... Full Story | Top |
| Obama sees no hurricane impact on voting "at this point" Sunday, Oct 28, 2012 11:35 AM PDT WASHINGTON (Reuters) - President Barack Obama said on Sunday that he did not expect that Hurricane Sandy would have an impact on voting for the November 6 election but suggested it was something that would have to be examined later. "We don't anticipate that at this point, but we're obviously going to have to take a look," Obama said during a visit to the government's storm response center when asked whether Hurricane Sandy, bearing down on the East Coast, might affect voting. The massive storm's approach has already raised fears of a disruption of early voting in some states. ... Full Story | Top |
| Former pop star Gary Glitter held in Savile probe Sunday, Oct 28, 2012 11:16 AM PDT  LONDON (Reuters) - British police arrested convicted sex offender and former pop star Gary Glitter on Sunday as part of an investigation into allegations of child sex abuse by the late BBC presenter Jimmy Savile, media said. Glitter was released on bail some 10 hours later. But the arrest - the first to be reported in the case - widened a scandal that has already damaged the reputation of the publicly-funded BBC and the legacy of Savile, a former DJ who was one of the broadcaster's top show hosts and a prolific charity fundraiser. ... Full Story | Top |
| Former UK pop star Gary Glitter held in Savile probe Sunday, Oct 28, 2012 11:16 AM PDT  LONDON (Reuters) - British police arrested convicted sex offender and former pop star Gary Glitter on Sunday as part of an investigation into allegations of child sex abuse by the late BBC presenter Jimmy Savile, media said. Glitter was released on bail some 10 hours later. But the arrest - the first to be reported in the case - widened a scandal that has already damaged the reputation of the publicly-funded BBC and the legacy of Savile, a former DJ who was one of the broadcaster's top show hosts and a prolific charity fundraiser. ... Full Story | Top |
| Berlusconi threat to topple Monti shows party divisions Sunday, Oct 28, 2012 11:09 AM PDT  ROME (Reuters) - Former premier Silvio Berlusconi's threat to bring down Italy's government underscores deep divisions in his center-right party ahead of next year's elections and risks rattling markets which see Prime Minister Monti as Italy's saviour. Berlusconi made the unexpected threat on Saturday, still fuming from his conviction 24 hours earlier on charges of tax fraud and a jail sentence of four years which he will not have to serve until all appeals are exhausted. ... Full Story | Top |
| Analysis: Fiscal cliff could hit economy harder than many expect Sunday, Oct 28, 2012 10:50 AM PDT  WASHINGTON (Reuters) - The United States runs the risk of a recession far deeper than many investors and policymakers may think if lawmakers fail to avert looming tax hikes and cuts to public spending. Absent action by Congress, the country will face the so-called fiscal cliff at the start of next year, a combination of lower spending and higher taxes that is expected to extract about $600 billion from the economy. Many economists think every dollar of deficit reduction will subtract nearly the same amount from economic growth. ... Full Story | Top |
| Top regulators warn on expanding president's powers Sunday, Oct 28, 2012 10:35 AM PDT WASHINGTON (Reuters) - Top financial regulators have told two senators a bill they are sponsoring would give the president undue influence on supervisory authorities and hurt the agencies' ability to do their job. Six regulators, including Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Chairwoman Mary Schapiro, weighed in against the "Independent Agency Regulatory Analysis Act of 2012. ... Full Story | Top |
| Will Supreme Court turn up its nose at drug-sniffing dogs? Sunday, Oct 28, 2012 10:34 AM PDT  (Reuters) - Two dogs, a chocolate Labrador retriever named Franky and a German shepherd named Aldo, should have their day at the U.S. Supreme Court. The court is scheduled on Wednesday to hear Florida's appeal of two decisions by that state's highest court that found the detection of drugs by trained police dogs had violated the constitutional ban on unreasonable searches and seizures under the Fourth Amendment of the U.S. Constitution. ... Full Story | Top |
| Poland stumbles on journey from low-cost to hi-tech Sunday, Oct 28, 2012 10:18 AM PDT  WARSAW, Oct 28 Reuters) - Polish scientist Miroslaw Grudzien built the infra-red detectors that NASA uses to explore Mars, but getting a business development loan nearly defeated him. His firm, which made sensors on the U.S. space agency's Mars rover Curiosity, sought financing from banks for a new production facility. Because the loan was to be partly paid back from European Union funds, the government had to sign off on it. In the end, Grudzien got his money, but it took a year, forcing his company, VIGO System, to delay the launch of a new range of high-technology sensors. ... Full Story | Top |
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