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| Nissan confirms plans for second, $358 million Thai plant Thursday, Nov 01, 2012 08:50 PM PDT  BANGKOK (Reuters) - Nissan Motor Co Ltd said on Friday it was investing 11 billion baht ($358 million) to build a second assembly plant in Thailand that will have an annual production capacity of 75,000 vehicles when it opens in August 2014. Capacity would eventually be raised to 150,000 vehicles. "Adding 150,000 units of production capacity will not only enable us to raise our competitiveness in the domestic market but will ensure Thailand's position as a key strategic global export hub for Nissan," executive vice-president Hiroto Saikawa said in a statement. ... Full Story | Top |
| Auto supplier collapse threatens GM, Ford production in Australia Thursday, Nov 01, 2012 08:40 PM PDT  CANBERRA (Reuters) - The closure of Australia's Autodom Ltd , a top Australian auto parts supplier, could shut down production at local units of Ford and General Motors by next week and executives are working frantically to save the company. Autodom, a $2.1 million supplier of parts to local units of Ford , Toyota and the General Motors Holden unit of GM , has indefinitely closed its plants in two Australian cities amid a halving of car production in the wake of the global financial slowdown. ... Full Story | Top |
| Asian shares rise as positive data buoys risk appetite Thursday, Nov 01, 2012 08:39 PM PDT  TOKYO (Reuters) - Asian shares advanced with returning risk appetite on Friday as overnight data suggested some stabilization in the global recovery trend, particularly in the United States and China. Positive U.S. private sector employment and consumer confidence reports drove the dollar higher, while the yen retreated as demand for safe-haven assets weakened. The MSCI index of Asia-Pacific shares outside Japan climbed 0.6 percent to a near two-week high, tracking European and U.S. ... Full Story | Top |
| Tax agency appeals Solyndra's bankruptcy exit plan Thursday, Nov 01, 2012 07:26 PM PDT  (Reuters) - The U.S. Internal Revenue Service on Thursday appealed a court decision to approve solar panel maker Solyndra's plan to exit bankruptcy protection. Solyndra, which filed for bankruptcy in September last year despite a $528 million federal loan, won court approval on October 22 to repay its creditors after a judge overruled objections by the U.S. government. U.S. Bankruptcy Judge Mary Walrath in Delaware had rejected the government argument that the plan was improper because its main purpose was to provide tax breaks. ... Full Story | Top |
| AEG, anti-poverty groups settle dispute on football field Thursday, Nov 01, 2012 07:04 PM PDT LOS ANGELES (Reuters) - Anschutz Entertainment Group (AEG), owned by billionaire Phil Anshutz, has settled a dispute with several anti-poverty groups, clearing the way for the sports and entertainment empire to build a football stadium in downtown Los Angeles. AEG, which operates entertainment venues worldwide and also owns sports assets, has put itself on the block and is seeking bids in the $10 billion range. Its plans to bring a National Football League team to Los Angeles is for some potential buyers an attractive part of deal. ... Full Story | Top |
| U.S. shale gas boom requires rethink of natgas export policy: Senator Thursday, Nov 01, 2012 07:03 PM PDT WASHINGTON (Reuters) - The United States needs to reconsider its rules on exporting natural gas - even to countries with which it has free trade agreements - now that a surge in drilling has made the nation one of the world's fastest-growing producers, U.S. Senator Ron Wyden said on Thursday. Advanced drilling techniques have allowed energy companies to tap vast shale gas reserves, opening the door to U.S. exports after years of projections that the United States would have to rely on foreign gas to meet its energy needs. ... Full Story | Top |
| UK economy may grow 1.1 percent in 2013 - NIESR Thursday, Nov 01, 2012 05:29 PM PDT  LONDON (Reuters) - Britain's economy will return to modest growth in 2013 after flatlining this year, with developments in the euro zone posing the biggest risk, a leading think-tank said on Friday. The National Institute for Economic and Social Research (NIESR) forecast that GDP would dip this year by 0.1 percent, up from its August forecast of a 0.5 percent contraction, after surprisingly strong expansion in the third quarter. However, NIESR revised down its 2013 growth forecast to 1.1 percent from 1.3 percent, due to a weaker global outlook. ... Full Story | Top |
| Factbox - Reviews suggest changes to Bank of England Thursday, Nov 01, 2012 05:29 PM PDT LONDON (Reuters) - The Bank of England should open up to a broader range of views when producing its economic forecasts and clarify the role of its key committees in policy decisions, three independent reviews of the central bank's operations recommended. Following are some of the key recommendations: MONETARY POLICY COMMITTEE'S FORECASTING CAPABILITY: The review, conducted by David Stockton, former director of research and statistics at the Board of Governors of the U.S. Federal Reserve, suggested integrating a wider range of views in the forecasting process and to improve communication. ... Full Story | Top |
| Bank of England gets long to-do list from reviews Thursday, Nov 01, 2012 05:29 PM PDT  LONDON (Reuters) - The Bank of England should open up to a broader range of views when producing inflation and growth forecasts and clarify the role of its key policy-setting committees, three independent reviews of the central bank's operations recommended. Just five weeks before the appointment of a new governor, the reviews of the BoE's forecasting capabilities, its liquidity framework and its provision of emergency assistance gave a list of improvements for the institution, which will get far-reaching powers as the country's top financial regulator in 2013. ... Full Story | Top |
| RBS to report profit uplift amid UK share sale hope Thursday, Nov 01, 2012 05:03 PM PDT  LONDON (Reuters) - Royal Bank of Scotland reports third quarter results on Friday amid heightened speculation that Britain could begin selling shares in the part-nationalized bank before the next election in 2015. But compensation pay-outs for mis-sold loan insurance, plus investigations into interest rate rigging and possible breaches of sanctions on Iran still hang over the bank's recovery. ... Full Story | Top |
| Starbucks raises 2013 forecast, defies industry trend Thursday, Nov 01, 2012 04:55 PM PDT  (Reuters) - Starbucks Corp raised its profit forecast for the current fiscal year after sales in its top market of the United States topped expectations, giving the company optimism that has eluded much of the U.S. restaurant industry in recent months. Shares of the world's biggest coffee chain jumped 7 percent to $49.90 in extended trading on Thursday. ... Full Story | Top |
| Standard Chartered close to U.S. settlement on Iran transactions Thursday, Nov 01, 2012 04:52 PM PDT  WASHINGTON (Reuters) - Standard Chartered is close to wrapping up discussions to resolve U.S. investigations into its Iran-linked transactions and nearing agreement on a fine in the $300-million range, mirroring a much-publicized state settlement over similar allegations, according to four people familiar with the matter. The London-based bank agreed in August to pay New York's banking regulator $340 million after that authority filed a surprise order accusing the bank of hiding some $250 billion worth of transactions with Iran. ... Full Story | Top |
| Fed's Rosengren draws line in the sand on QE3 bond buys Thursday, Nov 01, 2012 04:22 PM PDT  WELLESLEY, Massachusetts (Reuters) - The Federal Reserve should buy bonds at least until the U.S. jobless rate falls below 7.25 percent, a top Fed official said on Thursday, pitching a plan that includes the first specific target for ending the central bank's quantitative easing program. Under the proposal unveiled by Boston Fed President Eric Rosengren, who is one of 19 Fed policymakers, the U.S. central bank's large-scale asset purchases would continue as long as inflation expectations remained subdued and they would not necessarily stop once the 7.25-percent jobless threshold was crossed. ... Full Story | Top |
| World Bank earmarks $245 million for Myanmar, outlines work plan Thursday, Nov 01, 2012 04:17 PM PDT WASHINGTON (Reuters) - The World Bank on Thursday earmarked $245 million in credit and grant funding for Myanmar under an 18-month work plan, the first lending to the southeast Asian nation in 25 years and another sign the country is opening up after years of military rule. The interim country strategy, endorsed by the World Bank board at a meeting in Washington, will guide the institution's work in Myanmar, also known as Burma. The bank also approved an $80 million grant for community-driven rural projects. ... Full Story | Top |
| Sandy seen costing telco, cable hundreds of millions of dollars Thursday, Nov 01, 2012 04:11 PM PDT NEW YORK (Reuters) - Hurricane Sandy will likely cost telephone and cable service providers hundreds of millions of dollars, with companies such as Verizon Communications and Cablevision Systems Corp hit hardest, according to analysts. The storm could end up costing cable and telephone network operators $550 million to $600 million in clean-up and repair costs, according to Barclays analyst James Ratcliffe. Along with Cablevision and Verizon, Ratcliffe also included costs at Time Warner Cable and the wireless operations of AT&T Inc and Sprint Nextel in his estimate. ... Full Story | Top |
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