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| Yen on defensive on U.S. fiscal worry, helps Nikkei Monday, Dec 24, 2012 06:11 PM PST  TOKYO (Reuters) - Uncertainty over whether U.S. lawmakers will strike a deal by an end-of-year deadline to avert a severe fiscal retrenchment undermined the yen and bolstered Japanese shares, but trading volume was low with many participants on Christmas holiday. House of Representatives Speaker John Boehner failed to gain support for a tax plan at the end of last week, raising fears that the United States may face the "fiscal cliff" of some $600 billion in automatic spending cuts and tax increases set to start on January 1. U.S. ... Full Story | Top |
| New Jersey pension fund sues NYSE Euronext on ICE deal Monday, Dec 24, 2012 02:08 PM PST  NEW YORK (Reuters) - A pension fund that holds shares of NYSE Euronext has sued the exchange operator over its proposed $8.2 billion sale to IntercontinentalExchange Inc , saying the deal undervalues the company's stock. The New Jersey Carpenters Pension Fund late on Friday filed a complaint in New York State Supreme Court in Manhattan contending that NYSE Euronext breached its duty to maximize returns for shareholders. The lawsuit seeks class action status on behalf of other NYSE Euronext shareholders and aims to block the sale. ... Full Story | Top |
| Lawmakers play waiting game with "fiscal cliff" deadline in sight Monday, Dec 24, 2012 10:52 AM PST  WASHINGTON (Reuters) - With only a week left before a deadline for the United States to go over a "fiscal cliff," lawmakers played a waiting game on Monday in the hope that someone will produce a plan to avoid harsh budget cuts and higher taxes for most Americans from New Year's Day. Though Republicans and Democrats have spent the better part of a year describing a plunge off the cliff as a looming catastrophe, the nation's capital showed no outward signs of worry, let alone impending calamity. The White House has set up shop in Hawaii, where President Barack Obama is vacationing. ... Full Story | Top |
| TSX closes lower as U.S. budget fears linger Monday, Dec 24, 2012 10:50 AM PST  TORONTO (Reuters) - Canada's main stock index ended down after a quiet, shortened Christmas Eve trading session on Monday, as oil prices extended their retreat on worries about U.S. 'fiscal cliff' budget measures, pulling energy shares lower. With U.S. lawmakers suspending talks on the spending cuts and tax increases that could send the economy back into recession until after Christmas, the market was cautious. Rick Hutcheon, President and Chief Operating Officer at RKH Investments, said uncertainty around the U.S. fiscal cliff was weighing on the market. "We have to get past the fiscal cliff. ... Full Story | Top |
| Chevron to buy stake in Kitimat LNG from Encana, EOG Monday, Dec 24, 2012 10:49 AM PST  CALGARY, Alberta (Reuters) - Chevron Corp said on Monday it will enter the Canadian liquefied natural gas business with the acquisition of the 50 percent stake in the Kitimat LNG project held by Encana Corp and EOG Resources Inc. Chevron will take Encana's and EOG's 30 percent stakes in the LNG-export project for an undisclosed price as the No.2 U.S. oil company looks to jumpstart North American natural gas exports. ... Full Story | Top |
| Start of "Santa Claus rally" dampened by "cliff' worries Monday, Dec 24, 2012 10:27 AM PST  NEW YORK (Reuters) - U.S. stocks edged lower on Monday as caution over the potential for volatility driven by worries about the U.S. "fiscal cliff" dampened enthusiasm at the start of a seasonally strong period for equities. Investors are betting Congress will reach a deal to avert most of the austerity measures due to come into force at the start of next year. That has led to the best year for stocks since the post-financial crisis rebound. But those gains may be quickly reversed if a deal is not reached soon. ... Full Story | Top |
| U.S. budget woes weigh on stocks, yen off Monday, Dec 24, 2012 09:48 AM PST  NEW YORK (Reuters) - The yen tumbled on Monday in an otherwise quiet day as a continued deadlock in U.S. budget talks left an undercurrent of uncertainty in markets ahead of the Christmas break. Volume was light going into the holiday, with many traders already out on vacation. The U.S. stock and bond markets close early, while a number of global markets, including those in Germany and Italy, were closed. The major mover was the yen, which fell to 20-month lows after incoming premier Shinzo Abe renewed pressure over the weekend on the Bank of Japan to adopt a 2 percent inflation target. ... Full Story | Top |
| Carlyle takes on KKR in race for Reynolds and Reynolds: sources Monday, Dec 24, 2012 07:04 AM PST NEW YORK (Reuters) - Private equity firms Carlyle Group LP and KKR & Co LP have emerged as the lead contenders to take over Reynolds and Reynolds, a software company hoping to sell itself for $5 billion, three people familiar with the matter said. Dayton, Ohio-based Reynolds, which provides business management software for auto dealers in North America and Europe, had hired technology-focused investment bank Qatalyst Partners to run a sale, people familiar with the matter told Reuters in October. ... Full Story | Top |
| Botswana cbank keeps bank rate at 9.5 percent Monday, Dec 24, 2012 06:38 AM PST JOHANNESBURG (Reuters) - Botswana's central bank left its main lending rate unchanged at 9.5 percent on Monday, saying short-term price developments were unfavourable and inflation would remain above the 3-6 percent target range in the near term. "However, the underlying trend remains downwards and, in the circumstances, inflation is expected to converge to the medium-term objective range in the second half of 2013," the Bank of Botswana said in a statement. Full Story | Top |
| Yields at Egypt auction of 5-year bonds Monday, Dec 24, 2012 06:37 AM PST  CAIRO (Reuters) - The maximum yield at an auction of 500 million Egyptian pounds of five-year bonds edged up to 14.37 percent on Monday from 14.25 percent two weeks earlier, the central bank said. Bond yields climbed after a political battle that broke out over the country's new constitution last month threatened to undermine the government's efforts to prop up the economy and public finances. "Rates are climbing due to the elevated economic and political risk," said a Cairo-based fixed income manager. ... Full Story | Top |
| Kenya's economic growth leaps on strong agriculture Monday, Dec 24, 2012 06:33 AM PST  NAIROBI (Reuters) - Kenya's economic growth leapt in the third quarter, boosted by the agriculture sector, while a gradual slowdown in investment shows investors may be focusing on elections in March 2013. Growth Domestic Product rose by 4.7 percent in the third quarter from 4 percent in the same period last year, the statistics office said on Monday. The figure was roughly in line with expectations. The pick up was led by agriculture, which accounts for a quarter of the economy, as well as fishing and manufacturing. Agriculture grew by 6.9 percent during the third quarter, up from 0. ... Full Story | Top |
| Kenya shilling flat vs dollar, stocks edge lower Monday, Dec 24, 2012 06:32 AM PST  NAIROBI (Reuters) - The Kenyan shilling was steady against the dollar on Monday as most commercial banks in the market closed early for Christmas holidays, while stocks inched lower on thin volumes. At the close of markets 1300 GMT, banks quoted the shilling at 85.80/86.00 to the dollar, barely changed from Friday's close of 85.85/95. "Its quiet because there is no demand. Most buyers have closed for the holiday," said John Kiriinya, a trader at African Banking Corporation. "We expect this trend to continue this week. ... Full Story | Top |
| Nigeria's Dangote Cement expects 38 pct rise in Q1 profit Monday, Dec 24, 2012 06:29 AM PST  LAGOS (Reuters) - Nigeria's biggest listed company, Dangote Cement, expects pretax profit to rise 38.9 percent year-on-year to 42.09 billion naira in the first three months of next year, it said in a filing with the Nigerian Stock Exchange. Dangote Cement, Nigeria's biggest cement producer, said it expected turnover of around 81.6 billion naira in the first quarter, compared with 64.1 billion naira it achieved in the same period in 2012. ... Full Story | Top |
| Sears Canada finance head to quit Monday, Dec 24, 2012 06:18 AM PST  (Reuters) - Sears Canada Inc said Chief Financial Officer Sharon Driscoll will resign, two years after being promoted as the finance head of the retailer which is in the middle of a turnaround plan. Sears Canada, majority-owned by Sears Holdings Corp , last year hired Calvin McDonald as chief executive to lead a three-year plan that includes focusing on categories in which it is strongest such as mattresses and major appliances. Driscoll, the company's finance head since December 2010, will be resigning effective January 4, Sears Canada said on Monday. ... Full Story | Top |
| Xstrata ups Papua New Guinea mine cost estimate Monday, Dec 24, 2012 06:04 AM PST  MELBOURNE (Reuters) - Xstrata has raised its capital spending estimate for the undeveloped Frieda River copper mine in Papua New Guinea by $300 million to $5.6 billion, as costs to develop new mines continue to escalate. Xstrata Copper delivered a feasibility study to minority partner Highlands Pacific on Friday that indicated the $5.6 billion capital cost estimate, Paul Gow, general manager of the Frieda River project, said in a statement. ... Full Story | Top |
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