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| China factory activity up for first time in sour months in August: survey Sunday, Sep 01, 2013 07:53 PM PDT  BEIJING (Reuters) - China's factory activity expanded for the first time in four months in August as domestic demand rebounded, a private survey showed on Monday, the latest sign that the world's second-largest economy may have avoided a sharp slowdown. The final Markit/HSBC Purchasing Managers' Index (PMI) climbed to 50.1 in August, up sharply from July's 47.7 and in line with last week's flash preliminary reading. The survey came a day after China's official manufacturing PMI showed factory activity expanded at the fastest pace in more than a year in August with a jump in new orders. ... Full Story | Top |
| Asian shares, Aussie dollar lifted by China data, yen retreats Sunday, Sep 01, 2013 07:47 PM PDT  By Dominic Lau TOKYO (Reuters) - Asian shares climbed to a two-week high on Monday, and the Australian dollar and copper gained, as China said its manufacturing expanded in August at the fastest pace in more than a year. A delay in potential U.S. military action against Syria, as U.S. President Barack Obama sought Congressional support, also helped boost short-term risk appetite. China's bullish purchasing managers' index joined recent positive data from the U.S. and Europe, raising hopes the global economy was on a firmer footing. ... Full Story | Top |
| UK manufacturers' investment plans strongest in six years - poll Sunday, Sep 01, 2013 06:52 PM PDT  LONDON (Reuters) - British manufacturers are planning the fastest increase in capital investment in the year ahead since before the financial crisis, a survey showed, suggesting the economy could be heading for a more balanced recovery. Manufacturers' association EEF and accountants BDO LLP said on Monday a balance of 24 percent of companies intended to buy machinery and equipment, up from 7 percent in the May poll. That was the highest reading since 2007 and the second-highest since the quarterly survey began in the mid-1990s. ... Full Story | Top |
| Verizon, Vodafone to announce $130 billion U.S. deal Sunday, Sep 01, 2013 06:24 PM PDT  By Soyoung Kim and Kate Holton NEW YORK/LONDON (Reuters) - Verizon Communications and Vodafone plan to announce a $130 billion deal on Monday that will give the U.S. telecom giant complete control of Verizon Wireless, subject to final board approval, people familiar with the matter said. Vodafone said in a statement late on Sunday it was in advanced talks with Verizon to sell its 45 percent stake in the joint venture for $130 billion, comprising cash and common shares, but that there was no certainty an agreement would be reached. ... Full Story | Top |
| Alpine Wrestling festival spotlights brawn, Swiss pride Sunday, Sep 01, 2013 04:50 PM PDT  By Caroline Copley BURGDORF, Switzerland (Reuters) - Matthias Sempach, a 27-year-old farmer and butcher, knew exactly what he had to do to earn his title on Sunday of "King of the Alpine Wrestlers": hang onto his opponent's shorts. Sempach was one of the "baddies", as Switzerland's best wrestlers are known, who pitted it out in a two-day contest that drew more than 250,000 people to the cheesemaking region of Emmental for the Swiss Wrestling and Alpine Herdsman Games. For Sempach, the prize was a bull. ... Full Story | Top |
| Future America's Cup sailors seek national bragging rights in Youth Cup Sunday, Sep 01, 2013 04:26 PM PDT By Noel Randewich SAN FRANCISCO (Reuters) - Ten catamarans from eight countries battled in scrappy fleet races on San Francisco Bay on Sunday in the Red Bull Youth America's Cup, with American and New Zealand sailors dominating the first day of the regatta. That was one of the few parallels with the coming final competition for the 162-year old trophy between Oracle Team USA and Emirates Team New Zealand that starts September 7. The crews in the Youth America's Cup are the best up and coming yachtsmen in each country. ... Full Story | Top |
| Syria vote complicates U.S. fiscal debate; stop-gap more likely Sunday, Sep 01, 2013 03:59 PM PDT  By David Lawder WASHINGTON (Reuters) - A vote in Congress over whether to launch U.S. attacks against Syria is expected to wreak collateral damage - leaving too little time on Capitol Hill to deal with fast-approaching fall deadlines to fund government agencies and raise the debt limit. That increases the likelihood that U.S. lawmakers will agree to a short-term government funding measure to get them through the fall, postponing for another day any broader deal or big showdowns. ... Full Story | Top |
| Stock futures higher as concerns over Syria ease Sunday, Sep 01, 2013 03:23 PM PDT  NEW YORK (Reuters) - Stock futures rose on Sunday, a day after U.S. President Barack Obama opted to seek congressional authorization for military action against Syria, a move that was likely to delay any strike for at least nine days. Equities have been pressured recently by the prospect of a Western strike against Syria after chemical weapons were used to kill civilians. The geopolitical uncertainty contributed to steep losses in August, which marked the worst month for the S&P 500 since May 2012. ... Full Story | Top |
| Verizon, Vodafone to announce $130 billion U.S. deal on Monday Sunday, Sep 01, 2013 02:23 PM PDT By Soyoung Kim and Kate Holton NEW YORK/LONDON (Reuters) - Verizon Communications and Vodafone plan to announce a $130 billion deal on Monday that will give the U.S. telecom giant complete control of Verizon Wireless, subject to final board approval, people familiar with the matter said. Vodafone said in a statement late on Sunday it was in advanced talks with Verizon to sell its 45 percent stake in the joint venture for $130 billion, comprising cash and common shares, but that there was no certainty an agreement would be reached. ... Full Story | Top |
| TV confessions in China an unsettling new trend for executives Sunday, Sep 01, 2013 02:22 PM PDT  By Megha Rajagopalan BEIJING (Reuters) - A series of confessions by foreign and local executives on China's state-controlled television has spurred anxiety among the business community about a trend that some lawyers say makes a mockery of due process. Confessions have long been part of China's legal landscape, with petty criminals routinely admitting their guilt on television. But rarely have senior business figures been put on television in orange prison jumpsuits to confess. ... Full Story | Top |
| Speedier clearances no magic wand for India's infrastructure logjam Sunday, Sep 01, 2013 02:20 PM PDT  By Matthias Williams and Manoj Kumar NEW DELHI (Reuters) - Scrambling for remedies as investors' faith in India sagged, the government said last week it fast-tracked approval for a slew of infrastructure projects worth $28 billion: but the stroke of a pen in New Delhi will not be enough. The government hopes that speeding up the launch of hundreds of new power plants, highways and oil exploration blocks will breathe new life into an economy that has fallen off its perch as an emerging market high-flier. ... Full Story | Top |
| Insight: India's crisis within a crisis; finance minister fights on two fronts Sunday, Sep 01, 2013 02:17 PM PDT  By Sanjeev Miglani NEW DELHI (Reuters) - Late last month, with their doors shut to the mounting market panic outside as investors fled the country, India's cabinet ministers gathered to give final approval to a cheap food scheme for the poor. It was hardly a difficult decision for a government that needs to shore up its sagging popularity before elections due by next May. But officials familiar with the discussion say there was one dissenting voice over what is now destined to become one of the world's largest welfare programs. Finance Minister P. ... Full Story | Top |
| Ditch the stats: China retailers don't buy signs of recovery Sunday, Sep 01, 2013 02:07 PM PDT  By Anne Marie Roantree and Donny Kwok HONG KONG (Reuters) - If things are really starting to look up for China's economy, as a recent spate of better-than-expected government data seems to suggest, nobody appears to have told its biggest retailers. A Reuters review of first-half earnings showed that more than 20 Chinese companies selling everything from footwear to food were not convinced the economic slowdown had bottomed out, and neither were their traditionally thrifty customers. ... Full Story | Top |
| Ackermann feared suicide would thwart Zurich performance drive Sunday, Sep 01, 2013 01:50 PM PDT  By Edward Taylor and Philipp Halstrick FRANKFURT (Reuters) - Josef Ackermann resigned because he saw the suicide of Zurich Insurance Group's finance chief curbing his ability to drive through change to revive profits, a source close to the former chairman said on Sunday. Top managers at the Swiss insurer, now battling to reassure investors, told Reuters they were puzzled by Ackermann's abrupt departure after less than 18 months in the job and by his explanation that Pierre Wauthier's family blamed him for driving the Zurich CFO to kill himself - an allegation Ackermann denied. ... Full Story | Top |
| BRICS agree on bank's structure, progress difficult: Russia Sunday, Sep 01, 2013 01:07 PM PDT  By Lidia Kelly and Alonso Soto MOSCOW/BRASILIA (Reuters) - The BRICS bloc of large, emerging economies has agreed on the structure of a proposed development bank with $50 billion in capital, but ironing out "difficult" details may take months, Russian Deputy Finance Minister Sergei Storchak said. Officials from Brazil, China, India, Russia and South Africa agreed in early August that the bank's capital should come from three payment categories, including subscriptions, Storchak told journalists in remarks for publication on Monday. ... Full Story | Top |
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