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| China August official PMI seen hitting 3-month high Monday, Aug 26, 2013 09:13 PM PDT  BEIJING (Reuters) - China's factory activity in August may have expanded at the fastest pace in three months, a Reuters poll showed, adding to evidence that the world's second-largest economy may be stabilizing after slowing for more than two years. The median forecast of 12 economists polled by Reuters showed China's official manufacturing managers' index (PMI) in August may have risen to 50.6 from July's 50.3. A reading above 50 indicates expanding activity while one below it points to a contraction. ... Full Story | Top |
| Exclusive: Nasdaq, NYSE at odds on outage cause as SEC seeks facts Monday, Aug 26, 2013 09:09 PM PDT  By John McCrank and Angela Moon NEW YORK (Reuters) - U.S. regulators have asked Nasdaq OMX Group and NYSE Euronext to come up with a timeline of Thursday's three-hour trading disruption, but the rival exchange operators have been unable to agree on the details, according to several sources familiar with the situation on Monday. Five days after a glitch that paralyzed Nasdaq-listed stocks for three hours on all U.S. ... Full Story | Top |
| High speed rail plan 'not worth the money' - business group Monday, Aug 26, 2013 08:52 PM PDT  LONDON (Reuters) - Britain should abandon plans for a multi-billion-pound high speed rail link between London and central and northern England because it will not offer value for money, an influential business group said on Tuesday. The government has said the project will generate thousands of jobs and boost business by slashing travel times from regional cities to the economic powerhouse in the capital. ... Full Story | Top |
| Daimler's Mercedes-Benz outlines strategic plan for China growth Monday, Aug 26, 2013 08:51 PM PDT  By Norihiko Shirouzu BEIJING (Reuters) - Daimler AG's Mercedes-Benz will launch around 20 new or upgraded car models in China over the next two years, part of a broader turnaround effort aimed at reversing the brand's recent struggles in the world's biggest auto market. Unveiling details of the strategy in Beijing on Tuesday, Daimler's new China chief, Hubertus Troska, said the company would spend 2 billion euros ($2.67 billion) over the next two years as it seeks to boost sales of Mercedes-Benz cars in China by a third to more than 300,000 cars a year by 2015. ... Full Story | Top |
| China's antitrust probes not just aimed at foreign firms: official media Monday, Aug 26, 2013 08:44 PM PDT SHANGHAI (Reuters) - A series of antitrust investigations by Chinese regulators are part of efforts to toughen enforcement of a 2008 anti-monopoly law and are not just directed at foreign firms, the official China Daily reported on Tuesday. Some foreign executives in China have said recent high-profile probes into the milk powder and pharmaceutical sectors appeared to show foreign companies were being singled out. ... Full Story | Top |
| Geopolitical jitters unsettle Asia stocks; yen rises Monday, Aug 26, 2013 08:16 PM PDT  By Ian Chua SYDNEY (Reuters) - Asian stocks slipped on Tuesday, while the Turkish lira hit a record low after the United States signaled possible military action against the Syrian government over a suspected chemical weapons attack. Dealers said there was no panic selling though, just truncated trading interest as investors waited nervously to see how the situation unfolds. "Given the headlines overnight regarding (a potential U.S. strike) in Syria, it's a situation when people are prepared to sit there and wait," said Simon Twiss, a dealer at Arnhem Investment Management. ... Full Story | Top |
| Sirius XM sued for digital royalty underpayment Monday, Aug 26, 2013 07:36 PM PDT By Nate Raymond (Reuters) - A U.S. nonprofit charged with collecting digital royalties for music artists sued satellite radio service provider Sirius XM Radio Inc for at least $50 million on Monday for underpaying on recordings, including ones from before 1972. The lawsuit was filed in the U.S. District Court for the District of Columbia by SoundExchange Inc, an entity appointed by the Copyright Royalty Board to collect and distribute performance royalties established under federal law. ... Full Story | Top |
| China's vice finance minister says no need for economic stimulus Monday, Aug 26, 2013 07:28 PM PDT  BEIJING (Reuters) - China's Vice Finance Minister Zhu Guangyao said there was no need for the government to stimulate the world's No. 2 economy, saying on Tuesday that growth can instead be supported through structural adjustments. Zhu said while China faced a severe economic environment at home and abroad, it would keep economic policies stable. Speaking at a briefing ahead of G20 meeting in Russia next week, he said the United States must consider when and how fast it moderates its ultra-loose monetary policy. ... Full Story | Top |
| Argentina offers bond swap to skirt U.S. court rulings Monday, Aug 26, 2013 07:27 PM PDT By Alejandro Lifschitz and Brad Haynes BUENOS AIRES (Reuters) - Argentina's government is proposing a voluntary bond swap on its foreign debt, shifting payments to Buenos Aires, if it cannot overturn U.S. court rulings that threaten to trigger its second debt crisis in just over a decade. The bond swap would allow Argentina to keep paying the creditors who agreed to restructure the country's sovereign debt after a record $100 billion default in 2002, President Cristina Fernandez said in a televised address on Monday night. ... Full Story | Top |
| Japan Economics Minister: No instructions from PM Abe to mull corporate tax cut Monday, Aug 26, 2013 07:00 PM PDT  TOKYO (Reuters) - Japanese Economics Minister Akira Amari said on Tuesday that Prime Minister Shinzo Abe has given no instructions to mull a cut in the country's corporate tax. Amari made the remark at a news conference after a regular cabinet meeting. Government officials have said cutting Japan's corporate tax may be among options Abe's administration may consider to ease the pain from an expected hike in the sales tax starting next year. ... Full Story | Top |
| Japan's ANA to buy 49 percent in Myanmar's Asian Wings Airways: source Monday, Aug 26, 2013 06:56 PM PDT  TOKYO (Reuters) - Japan's ANA Holdings Inc will buy a 49 percent stake in Myanmar carrier Asian Wings Airways as part of a strategy to expand overseas by investing in airline related businesses, an industry source familiar with the agreement said. ANA, will pay 3 billion yen ($30.45 million) for the stake, the Nikkei business daily reported earlier. The two carriers may announce the deal later Tuesday, the source said on condition he was not identified. ... Full Story | Top |
| Four-way Latin America bloc strikes deal to remove all trade tariffs Monday, Aug 26, 2013 06:50 PM PDT PLAYA DEL CARMEN, Mexico (Reuters) - Mexico, Colombia, Peru and Chile said on Monday they had wrapped up negotiations to remove all trade tariffs between them, cementing a bloc that the four hope will encourage free trade between Latin America and the rest of the world. Ministers from the four member states of the Pacific Alliance group announced the agreement, which is due to be ratified later this year, at a joint news conference in Playa del Carmen, a beach resort on Mexico's Caribbean coast. "You're looking at a deal ... ... Full Story | Top |
| Ackman turns back on J.C. Penney, sells entire stake in retailer Monday, Aug 26, 2013 06:18 PM PDT  By Svea Herbst-Bayliss (Reuters) - Hedge fund manager William Ackman, the biggest shareholder in J.C. Penney Co Inc, said on Monday that he sold his entire stake after his campaign to overhaul the retailer failed. Ackman's Pershing Square Capital Management sold 39.1 million shares, which amounted to 18 percent of the company, to Citigroup Inc, which is now offering the shares to other investors, the company and the $11 billion hedge fund said in separate announcements. ... Full Story | Top |
| Barnes & Noble's retail head sells shares Monday, Aug 26, 2013 06:08 PM PDT  (Reuters) - Barnes & Noble Inc's retail group head Mitchell Klipper sold about two-thirds of his shares in the beleaguered retailer in the past few days, according to a filing with the Securities and Exchange Commission. Klipper, 55, who has been the chief executive of Barnes & Noble's retail group since March 2010, sold about 400,996 shares at prices ranging from $13.99 to $14.53, raising more than $5.5 million, the filing showed. (http://link.reuters.com/fam62v) As of the company's recent proxy filing dated July 29, Klipper owned 622,000 shares. ... Full Story | Top |
| Madoff trustee reaches $98 million settlement with Maxam fund Monday, Aug 26, 2013 05:58 PM PDT NEW YORK (Reuters) - The trustee seeking money for victims of Bernard Madoff has reached a $98 million settlement with Maxam Absolute Return Fund, which fed cash into the imprisoned swindler's Ponzi scheme. The accord, disclosed in court papers filed in U.S. Bankruptcy Court in Manhattan on Monday, followed a series of other settlements with so-called feeder funds reached by the trustee, Irving Picard. The settlement with Maxam returns $97.8 million that the fund had withdrawn from Madoff's firm, according to court papers. Maxam in exchange will now have an allowed claim of nearly $276. ... Full Story | Top |
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