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| Japan PM Abe: Watching market closely, won't comment on moves Sunday, Jun 02, 2013 08:56 PM PDT  YOKOHAMA (Reuters) - Japanese Prime Minister Shinzo Abe said on Monday he is closely watching market movements but refrained from commenting on them. Abe, speaking to reporters after the Tokyo International Conference on African Development(TICAD) held in the city of Yokohama, said he expected the financial markets to calm down gradually as the Bank of Japan is communicating with the markets. The benchmark Nikkei share average tumbled to a nearly six-week low on Monday as sharp declines in U.S. stocks dampened already fragile sentiment in Japanese equities that have now fallen 15. ... Full Story | Top |
| Freight cars fall into Ontario river after train derails Sunday, Jun 02, 2013 08:18 PM PDT (Reuters) - A freight train derailed in Ontario on Sunday morning when it was crossing a bridge, sending several cars into the Wahnapitae River, Canadian Pacific Railway said, marking the second derailment for the railroad operator in less than two weeks. Canadian Pacific Railway Ltd, the country's second-largest railroad operator, said late on Sunday that the northbound freight train containing about 24 containers derailed east of Sudbury near Wanup, Ontario. No injuries were reported. ... Full Story | Top |
| S.Korea says finds no GMO in initial tests of U.S. wheat Sunday, Jun 02, 2013 08:00 PM PDT  SEOUL (Reuters) - South Korea has not detected genetically modified wheat in initial tests of imports of the grain and flour from Oregon, after news last week that a rogue strain of the crop had been discovered in the U.S. state spooked buyers globally. Korean millers on Friday suspended imports of U.S. wheat until the final results of government tests on shipments from around the United States, now expected on Wednesday. The wheat found in a northeast Oregon field in late April was developed by biotech giant Monsanto Co more than a decade ago but never put into commercial production. ... Full Story | Top |
| CA-BUSINESS Summary Sunday, Jun 02, 2013 07:52 PM PDT Asian shares cautious on U.S. data, Fed concerns TOKYO (Reuters) - Asian shares were capped on Monday as investors took profits from recent highs in the face of uncertainty over how much longer the current U.S. stimulus would continue, and data underscoring the fragility of China's economy. Investors will scrutinize more data this week from the United States for clues to growth and demand prospects in the world's largest economy. ... Full Story | Top |
| Asian shares cautious on U.S. data, Fed concerns Sunday, Jun 02, 2013 07:51 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares were capped on Monday as investors took profits from recent highs in the face of uncertainty over how much longer the current U.S. stimulus would continue, and data underscoring the fragility of China's economy. Investors will scrutinize more data this week from the United States for clues to growth and demand prospects in the world's largest economy. Speculation over whether and when the U.S. ... Full Story | Top |
| Frontman of Australian band Yothu Yindi dies Sunday, Jun 02, 2013 07:26 PM PDT SYDNEY (Reuters) - Mandawuy Yunupingu, lead singer of Australian rock band Yothu Yindi, which mixed traditional Aboriginal music and modern rock, has died at the age of 56 after battling kidney disease. Best known for their 1991 hit "Treaty", Yothu Yindi were strong advocates of reconciliation between white and Aboriginal Australians and helped put the issue on Australia's national stage. The album "Tribal Voice" hit number three on the Billboard top world music albums chart in 1992. ... Full Story | Top |
| China PMIs highlight economic momentum slowing down Sunday, Jun 02, 2013 07:22 PM PDT  BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as both domestic and external demand softened, while growth in the services sector cooled, pointing to slowing momentum in the world's second-largest economy. The HSBC/Markit Purchasing Managers' Index (PMI) for May fell to 49.2, the lowest level since October 2012 and down from April's final reading of 50.4. The figure was slightly lower than a preliminary reading of 49.6 released on May 23. Fifty divides expansion from contraction compared with the month before. ... Full Story | Top |
| Insight: North Korean economy surrenders to foreign currency invasion Sunday, Jun 02, 2013 06:32 PM PDT  By John Ruwitch and Ju-min Park CHANGBAI, China/SEOUL (Reuters) - Chinese currency and U.S. dollars are being used more widely than ever in North Korea instead of the country's own money, a stark illustration of the extent to which the leadership under Kim Jong-un has lost control over the economy. The use of dollars and Chinese yuan, or renminbi, has accelerated since a disastrous revaluation of the North Korean won in 2009 wiped out the savings of millions of people, said experts on the country, defectors and Chinese border traders. ... Full Story | Top |
| Angelina Jolie makes first public appearance after mastectomy Sunday, Jun 02, 2013 06:30 PM PDT  By Edward Baran LONDON (Reuters) - Angelina Jolie made her first public appearance since announcing her double mastectomy on Sunday, joining fiance Brad Pitt on the red carpet in London where she welcomed the debate on women's health that the surgery had sparked. The Oscar-winning actress has stayed out of the spotlight since announcing her operation in a New York Times column last month, saying the decision was made after finding she carried a gene giving her an 87 percent chance of getting breast cancer. ... Full Story | Top |
| ECB's Draghi says euro zone on track for "very gradual" recovery Sunday, Jun 02, 2013 06:24 PM PDT  SHANGHAI (Reuters) - The euro zone economy is on track for a recovery later this year driven by the European Central Bank's loose monetary policy and demand from abroad, the bank's President Mario Draghi said. The ECB cut interest rates to a new record low in May and said it would act again if necessary but its hand may in part be stayed this month and going forward by a rebound in inflation, which rose back to 1.4 percent in May from 1.2 percent in April. That is still way below the bank's roughly 2 percent target and unemployment in the euro zone reached a fresh high in April at 12. ... Full Story | Top |
| SAC Capital braces for $3.5 billion in redemptions: WSJ Sunday, Jun 02, 2013 05:04 PM PDT NEW YORK (Reuters) - Hedge fund billionaire Steven A. Cohen's SAC Capital Advisors LP is bracing for about $3.5 billion in redemptions from outside investors as a probe into insider trading at his $15 billion fund intensifies, the Wall Street Journal reported on Sunday, citing people briefed on the matter. A spokesman for SAC Capital declined to comment on the Journal report. Monday is the deadline for investors to submit second-quarter redemption notices. Outside investors account for roughly $6.75 billion of SAC Capital's assets. ... Full Story | Top |
| Insight: A Singapore wealth manager under fire amid crackdown Sunday, Jun 02, 2013 05:01 PM PDT  By Rachel Armstrong and John O'Callaghan SINGAPORE (Reuters) - The email landed at a tough time for David Chong, the colorful founder and chairman of Portcullis TrustNet, one of Asia's biggest wealth advisory companies. By threatening to publish offshore companies and trusts held by his clients, it hit a raw nerve at a company whose customers rely on its discretion. But it also came as the wealth management industry faces a wave of global scrutiny from regulators trying to weed out tax dodgers. ... Full Story | Top |
| Three storm chasers among 13 killed by Oklahoma tornadoes Sunday, Jun 02, 2013 04:32 PM PDT  By Daniel Trotta and Jonathan Allen (Reuters) - Three storm chasers were among 13 people killed by tornadoes that rampaged through central Oklahoma on Friday, underscoring the high risk of tracking tornadoes and forcing the media to rethink how they cover deadly twisters. Tim Samaras, 55, a leading storm chaser and founder of the tornado research company Twistex, was killed in the Oklahoma City suburb of El Reno along with his son, Paul Samaras, 24, and Carl Young, 45, a Twistex meteorologist, according to a statement from Tim Samaras' brother, Jim Samaras. ... Full Story | Top |
| British manufacturers urge health budget cuts to fund growth Sunday, Jun 02, 2013 04:09 PM PDT  LONDON (Reuters) - British manufacturers urged the government on Monday to cut the healthcare budget and put money into growth-generating areas such as infrastructure and technology when it unveils its latest spending review next month. The criticism of Prime Minister David Cameron's decision to exempt healthcare from budget cuts highlights growing concerns that efforts to reduce Britain's fiscal deficit could endanger its economic recovery. ... Full Story | Top |
| Cash brews robust U.S. craft coffee market Sunday, Jun 02, 2013 03:25 PM PDT  By Lisa Baertlein, Marcy Nicholson and Martinne Geller (Reuters) - For exotic coffee connoisseurs like Geoff Watts, the search for the perfect bean isn't the solitary quest it once was. On a recent visit to Ethiopia's southern Yirgacheffe region eight hours from Addis Ababa, the buyer for Intelligentsia Coffee bumped into a familiar face. "I saw a random white guy walking around in a field, and it turned out he was a friend and competitor," said Watts. U.S. craft coffee purveyors are getting less lonely. The segment is a small but growing slice of the $27.9 billion U.S. ... Full Story | Top |
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