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| Workers strike at Wescast Industries' Canadian plant Saturday, Oct 27, 2012 07:58 PM PDT TORONTO (Reuters) - Unionized workers at a Wescast Industries Inc plant in Strathroy, Ontario, have gone on strike, the auto parts maker and the union said on Saturday. Wescast, which supplies exhaust manifolds and other components for cars and light trucks, said union members at the machining plant began a legal strike on Saturday morning. "The company has put plans in place to ensure continued supply of parts to customers," it said in a brief statement. The Canadian Auto Workers union said in an email to Reuters that 75 workers have walked off the job. ... Full Story | Top |
| Family of BBC's Savile offers sympathy to abuse victims Saturday, Oct 27, 2012 10:45 AM PDT  LONDON (Reuters) - The family of the BBC presenter at the center of a sex abuse scandal that has rocked the broadcaster offered its "deepest sympathy" to the late Jimmy Savile's victims on Saturday, saying it felt "despair and sadness". The statement came as the Vatican, responding to a letter from the Catholic Church in England asking whether Savile's papal knighthood could be revoked, said the honor died with the person but in hindsight "should not have been bestowed". ... Full Story | Top |
| Hitachi near $629 million British nuclear project deal: media Saturday, Oct 27, 2012 10:03 AM PDT  TOKYO (Reuters) - Hitachi Ltd , Japan's largest industrial electronics maker, is close to buying British nuclear new-build project Horizon in a deal expected to be worth more than 50 billion yen ($628.46 million), Japanese media said on Saturday. Horizon, which plans to build 6 gigawatts of nuclear capacity, was put up for sale by its German owners E.ON AG and RWE AG in March, as Germany's decision to pull out of nuclear power hurt the utilities' finances. ... Full Story | Top |
| AngloGold says Tanzania law changes worry investors Saturday, Oct 27, 2012 09:15 AM PDT  ARUSHA, Tanzania (Reuters) - Tanzania should stick to existing agreements in the fast-growing mining sector or investors will lose confidence, the company which owns the country's biggest gold mine said on Saturday. Major international miners are still in talks with the government two years after it passed mining legislation that included a rise in royalties on gold exports to 4 percent of gross value from 3 percent of netback value. The law also required mining companies to pay the government 0.3 percent of their annual turnover, up from the previous requirement of a maximum $200,000 a year. ... Full Story | Top |
| German finance minister rules out Greek debt "haircut": radio Saturday, Oct 27, 2012 08:42 AM PDT  BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble ruled out public investors accepting a debt restructuring, or "haircut", on their Greek bonds but said in an interview to be aired on Sunday that a debt repurchasing program could be considered. "(A haircut) is a discussion that has little to do with the reality in the member states of the euro zone," Schaeuble said in an interview with Deutschlandfunk radio. Schaeuble said sovereign states could legally not write off billions of euros of losses on their official holdings of Greek government bonds. ... Full Story | Top |
| South African mine strikes wind down with Amplats deal Saturday, Oct 27, 2012 07:35 AM PDT JOHANNESBURG (Reuters) - Workers have reached a deal with Anglo American Platinum to reinstate 12,000 miners sacked for an illegal strike, which could end the last big industrial action that has rocked South Africa's massive mining sector. Months of often violent wildcat strikes have cut production in the platinum and gold sectors, raising concerns about slowing economic growth as well as awkward questions about President Jacob Zuma's management of the most damaging labor strife since the end of apartheid in 1994. ... Full Story | Top |
| MAN SE to halt truck production for 4 weeks: sources Saturday, Oct 27, 2012 07:34 AM PDT BERLIN (Reuters) - MAN SE plans to halt production of heavy-duty vehicles for four weeks at two German factories as the economic downturn curbs demand from freight transporters and construction firms, company sources said. Stoppages at MAN will affect about 15,000 workers and initially be limited to five days starting on Monday, paralyzing headquarters in Munich and another plant in Salzgitter, the two sources said on Saturday on condition they not be identified because the matter is confidential. ... Full Story | Top |
| Exclusive: Massachusetts' regulator eyes other firms on research Saturday, Oct 27, 2012 06:29 AM PDT  BOSTON (Reuters) - Massachusetts' top securities regulator said on Friday that his office is looking into whether top Wall Street investment banks in addition to Citigroup have leaked research in violation of state law on how to share this kind of information. "We are looking at all of them, Morgan Stanley, Goldman Sachs, JPMorgan," regulator William Galvin said in a telephone interview about the probe. "It is a very active investigation," Galvin said, declining to give more information about what kind of charges may be made. ... Full Story | Top |
| Moody's warns may downgrade five big Canadian banks Saturday, Oct 27, 2012 05:44 AM PDT NEW YORK/TORONTO (Reuters) - Moody's Investors Service warned on Friday it could cut its ratings on five top Canadian banks on concerns about a softening economy and volatile capital markets, a blow to a banking system named the soundest in the world four years in a row. But the outlook for the sector is no longer as rosy, Moody's said, because of the risks presented by the macroeconomic environment and a business mix that leans heavily on domestic mortgages and other consumer lending. ... Full Story | Top |
| Merkel urges more far-reaching financial regulation Saturday, Oct 27, 2012 03:42 AM PDT  BERLIN (Reuters) - German Chancellor Angela Merkel urged the world's top economies to push ahead with further financial regulation, saying that not enough had been achieved so far. The global financial crisis has prompted an overhaul of regulation in almost every part of the financial system from over-the-counter derivatives to bank capital requirements. But Merkel said in her weekly podcast that more was needed. "In my view, we are not where we ought to be yet," she said. "We had planned to regulate every financial centre, every financial actor and every financial market product. ... Full Story | Top |
| Insight - BP oil spill settlement before election seen unlikely Saturday, Oct 27, 2012 03:04 AM PDT  HOUSTON (Reuters) - For a president locked in a tough re-election fight, it may look like political gold: a settlement between the U.S. Justice Department and BP Plc over the Gulf of Mexico oil spill that could send billions of dollars to Florida, one of a handful of politically divided states that could decide the November 6 contest. Yet a last-minute settlement with London-based oil giant BP is unlikely before the election, experts say. ... Full Story | Top |
| Wall St ends flat on Apple picking, but off for week Saturday, Oct 27, 2012 02:36 AM PDT  NEW YORK (Reuters) - U.S. stocks finished flat on Friday, recovering from moderate declines as bargain hunters rushed in to buy Apple and other stocks recently battered by disappointing results. For the week, though, stocks slid, following a series of weak results, especially from U.S. multinational companies. Apple's stock pulled back sharply from the session low, although it still ended down 0.9 percent at $604. ... Full Story | Top |
| Critical IMF says no date for next Hungary aid talks Saturday, Oct 27, 2012 02:32 AM PDT  BUDAPEST (Reuters) - The International Monetary Fund has not fixed a date for its next round of aid talks with Hungary, the IMF's representative in Hungary said on Saturday, saying that Budapest's latest tax measures ran counter to its recommendations. Hungary on Friday scrambled to allay concerns that near year-long talks with the IMF were close to breaking down after a website said the IMF would not return to Budapest unless the government changed tack. Central Europe's most indebted nation, Hungary needs a financing backstop from the IMF in order to stabilize its shrinking economy. ... Full Story | Top |
| Reebok eyes sales rebound in 2013: magazine Saturday, Oct 27, 2012 02:31 AM PDT  BERLIN (Reuters) - German sporting goods maker Adidas AG's struggling Reebok brand expects sales to rebound next year, German magazine Wirtschaftswoche reported on Saturday, citing Chief Marketing Officer Matt O'Toole. "Orders for 2013 are looking good," the magazine quoted O'Toole as saying in an interview. "We're expecting noticeable growth" in sales. Global sales at Reebok slumped 16 percent year-on-year in the first half of 2012, Wirtschaftswoche said. That performance contrasts sharply with the rest of the Adidas group, which expects overall sales to rise nearly 10 percent to about 14. ... Full Story | Top |
| South African mine strikes ease with deal at Amplats Saturday, Oct 27, 2012 01:55 AM PDT  JOHANNESBURG (Reuters) - Striking workers have reached a deal with platinum giant Anglo American Platinum (Amplats) to reinstate 12,000 miners sacked for an illegal strike, which could end the last major industrial action rocking South Africa's mining sector. Months of often violent wildcat strikes have cut production in the platinum and gold sectors, raising concerns about slowing economic growth as well as awkward questions about President Jacob Zuma's management of the most damaging labor strife since the end of apartheid in 1994. ... Full Story | Top |
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