Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Weaker yen helps keep Sony on course for profit target






TOKYO (Reuters) – Sony Corp stuck with its full-year profit forecast as a weaker yen and asset sales underpinned earnings, offsetting weaker demand for its televisions, game consoles and other devices.


Sony, which is doubling down on consumer electronics in a bid to revive the company, joined domestic rivals Sharp and Panasonic in reporting a quarterly operating profit, although analysts are skeptical the industry can regain its former status.






The maker of PlayStation games and Bravia TVs held its full-year operating profit forecast of 130 billion yen ($ 1.4 billion), compared with a consensus estimate of 119 billion yen of 19 analysts surveyed by Thomson Reuters I/B/E/S. Sony made a 67 billion yen operating loss in 2011/12.


“If this weak yen rate persists it should provide us with a big upside,” said Chief Financial Officer Masaru Kato.


In the three months to December 31, Sony posted 46.4 billion yen in operating profit compared with a 91.7 billion yen loss a year ago. The result came in below the average 72.1 billion yen profit estimated by six analysts.


Japanese firms, once key innovators in consumer electronics, have been overtaken by rivals such as Samsung Electronics and Apple Inc , and have lost out as consumers flock to smartphones and tablets.


Sony under its latest CEO, Kazuo Hirai, is focusing on mobile phones and tablets, cameras and gaming in a bid to return the company to profit. It is also expanding its medical devices through an investment in endoscope maker Olympus Corp .


Sony cut its November forecast for full-year sales of TV sets from 14.5 million to 13.5 million, but kept its prediction for an 11 percent decline in sales of its PlayStation games console to 16 million.


The company also pared its estimate for sales of compact cameras for the year to 15 million from an earlier estimate of 16 million. It was down from 21 million a year earlier.


It cut its estimate for PSP and PS Vita handheld devices to 7 million from a November estimate of 10 million.


ASSET SALES


Sony for now is boosting earnings through asset sales it books as operating profit. A rapid fall in the value of the yen against the dollar, and other currencies is also helping the company, which sells most of its products outside Japan. The yen weakened 11 percent against the U.S. dollar during the final three months of the year, and by 14 percent against the euro.


Hirai said in January that any assets not adding to core business, helping grow new businesses or aiding the turnaround of the TV unit could be sold.


Sony, which is also axing 10,000 jobs this business year, last month agreed to sell its U.S. headquarters building in New York City for $ 1.1 billion. It has also put one of its main buildings in central Tokyo up for sale in a deal that could raise a further $ 1.1 billion, sources have told Reuters.


The tech giant last year sold its chemical unit to a state-sponsored bank in Japan for $ 700 million, and is also mulling the sale of its battery business.


With its credit rating eroding, including a downgrade along with Panasonic, to below investment grade by Fitch last year, Sony faces higher borrowing costs.


Since the start of the year Sony’s shares have gained nearly 60 percent, rebounding from 30-year lows, compared with a 9 percent rise in the benchmark Nikkei 225 <.n225>. Its share rose 2.6 percent on Thursday to close at 1,519 yen before it released its results for the quarter. ($ 1 = 93.5450 Japanese yen)</.n225>


(Editing by Richard Pullin)


Business News Headlines – Yahoo! News





Title Post: Weaker yen helps keep Sony on course for profit target
Url Post: http://www.news.fluser.com/weaker-yen-helps-keep-sony-on-course-for-profit-target/
Link To Post : Weaker yen helps keep Sony on course for profit target
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Liberty Global to buy Virgin Media







US billionaire John Malone’s cable group, Liberty Global, has agreed to buy the UK’s Virgin Media in a cash and stock deal worth $ 23.3bn (£15bn).






The deal will create the world’s largest broadband company, with 25 million customers in 14 countries.


In the UK, it will be the second biggest pay-TV business after BSkyB.


The merger, subject to shareholder and regulatory approval, puts Mr Malone in competition with Rupert Murdoch, whose media empire owns 39% of BSkyB.


Liberty Global already has operations in various European countries including Germany and Belgium.


“Adding Virgin Media to our large and growing European operations is a natural extension of the value creation strategy we’ve been successfully using for over seven years,” said Mike Fries, chief executive of Liberty Global.


Under the terms of the agreement, Virgin Media shareholders will receive $ 17.50 in cash, 0.2582 Liberty Global Series A shares and 0.1928 Liberty Global Series C shares for each Virgin Media share that they hold.


This implies a price of $ 47.87 per Virgin Media share – a 24% premium to Virgin Media’s closing price on 4 February.


Alongside the announcement of the deal, Virgin Media reported a 30% rise in operating profit to £699.1m last year.


It said it added a record 88,700 new customers to its cable business during the year.


Shares jump


Continue reading the main story
  • Revenues of $ 10bn, 90% coming from Europe

  • Nearly $ 1bn of revenues from Chile

  • Operates in 13 countries

  • Over 34 million video, voice and internet subscriptions

  • Consumer brands include UPC, Unitymedia, Kabel BW, Telenet and VTR

  • 19.6 million customers

  • 21,000 employees worldwide

  • Market capitalisation of nearly $ 18bn

  • Debt of nearly $ 30bn

Figures correct as at September 2012



Neil Berkett, chief executive of Virgin Media, said: “The combined company will be able to grow faster and deliver enhanced returns by capitalising on the exciting opportunities that the digital revolution presents, both in the UK and across Europe.”


Virgin Media was created from the merger of NTL and Telewest, and Sir Richard Branson’s Virgin Mobile in 2006.


As part of that deal Sir Richard retained a 3% stake in the company, which has a 30-year brand licensing agreement with his Virgin Group.


Mr Malone, who is the chairman of Liberty Global, clashed with News Corp’s Mr Murdoch in 2007 when the two companies vied for control of DirecTV Group, the largest US satellite TV broadcaster.


BSkyB leads the UK pay-TV market with 10.7 million customers compared with Virgin Media’s 4.9 million.


Virgin Media’s main listing is in the US on the Nasdaq technology stock exchange, where its shares jumped 17.9% on Tuesday amid speculation that a deal was imminent.


BBC News – Business





Title Post: Liberty Global to buy Virgin Media
Url Post: http://www.news.fluser.com/liberty-global-to-buy-virgin-media/
Link To Post : Liberty Global to buy Virgin Media
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Euro, oil slide on European worries, shares flat






LONDON (Reuters) – The euro and oil fell on Tuesday while European shares were largely flat as renewed worries over political risks in the euro zone trimmed demand for riskier assets for a second day.


A rise in political uncertainty in Spain, where the prime minister is facing calls to resign, and in Italy, which holds a general election later this month, provoked a big sell off on Monday, ending a solid new year rally.






The euro, which has taken the brunt of the selling, had risen 2.3 percent against the U.S. dollar this year to a high of just over $ 1.37 on Friday, before the selloff began and was down 0.4 percent at $ 1.3460 in early European trade.


The broad FTSE Eurofirst 300 index <.fteu3> of top European shares dropped 1.5 percent to its lowest level of the year on Monday, steadied to open up 0.1 percent up. Across Europe London’s FTSE 100 <.ftse>, Paris’s CAC-40 <.fchi> and Frankfurt’s DAX <.gdaxi> were all recovering from the previous days sharp falls.</.gdaxi></.fchi></.ftse></.fteu3>


Most analysts see this week’s selloff as a correction to a rally linked to signs of growing euro zone economic stability and an improving global outlook, which has been underpinned by the easier monetary policies of major central banks.


“What we are looking at, at the moment, is a correction, a consolidation or even a ‘baby risk off’, ” said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.


“Nevertheless our working hypothesis remains that after the correction the trends in place before will continue as the two main drivers are still there; namely central banks continuing to inject liquidity and more and more proof of an economic recovery,” he said.


Bond markets have also stabilized after a sharp rise in yields on Spanish and Italian debt and growing demand for safe-haven German government bonds. This followed a narrowing of spreads this year between peripheral and core government debt.


“We had a very strong rally in peripheral markets, strong spread compression in January which was probably faster than fundamentals were favoring, so we are in a correction. It’s not a new trend, it’s just a correction,” Patrick Jacq, European rate strategist at BNP Paribas said.


(Additional reporting by Ana Nicolaci da Costa and Atul Prakash.)


Business News Headlines – Yahoo! News





Title Post: Euro, oil slide on European worries, shares flat
Url Post: http://www.news.fluser.com/euro-oil-slide-on-european-worries-shares-flat/
Link To Post : Euro, oil slide on European worries, shares flat
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

World stock markets cautious after US rally






SEOUL, South Korea (AP) — World stock markets moved cautiously higher Monday as investors continued to feel confident about stocks following last week’s U.S. jobs report and Wall Street’s rally.


Solid corporate earnings reports and expectations that the weaker yen will enhance the bottom line of Japanese exporters also lured investors to stocks. Investors were also awaiting the release later in the day of U.S. factory orders for December.






In early European trading, Britain’s fell 0.2 percent to 6,335.65. Germany’s DAX was marginally higher at 7,834.47. France’s CAC-40 was flat at 3,772.96. Wall Street appeared headed for a slightly higher open with Dow Jones industrial futures gaining almost 0.1 percent at 13,937. S&P 500 futures were nearly unchanged at 1,506.80.


Japan’s Nikkei 225 was 0.6 percent higher at 11,260.35. Hong Kong’s Hang Seng fell 0.2 percent to 23,685.01. South Korea’s Kospi edged down 0.2 percent to 1,953.21. Shares in mainland China were mixed and Australia’s S&P/ASX 200 declined 0.3 percent to 4,907.50.


Last week, the Dow Jones industrial average closed above 14,000 on Friday for the first time in more than five years as investors became less risk-averse following solid economic indicators from the U.S. and Europe.


U.S. government revised upward how many people were hired in the last two years — adding an upbeat note to earlier news that Europe saw a lower-than-expected unemployment rate in December.


These indicators help ease investor aversion for risky assets, assuring them that the U.S. economic recovery is not losing steam and that the slump in eurozone economic activity might be bottoming out.


Improved sentiment helped the Shanghai Composite Index rise 0.4 percent to close at 2,428.15.


“The mood is improving in Shanghai with the main index surpassing 2,400 as investors are less hesitant about betting on risks,” said Yun hang-jin, a market analyst at Korea Investment Securities. “There are expectations that policies from China and other emerging markets will boost stock markets.”


Investors in Asian markets are also keen on the lunar New Year holidays starting this weekend, which could boost retail sales and increase inflow of Chinese tourists to neighboring countries.


Among individual stocks, shares of Panasonic Corp. skyrocketed more than 17 percent. The company, which reported a 61.4 billion yen ($ 667 million) profit for the October-December period Friday, has gotten a boost from a favorable exchange rate.


South Korean exporters Samsung Electronics Co. and LG Electronics Inc. saw their shares fall 0.3 percent and 1.8 percent respectively, as the stronger won threatens to erode their overseas revenues.


Benchmark oil for March delivery fell 50 cents to $ 97.28 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 28 cents to finish at $ 97.77 a barrel on the Nymex on Friday.


In currencies, the euro fell to $ 1.3600 from $ 1.3662 in late trading Friday in New York. The dollar rose to 92.93 yen from 92.75 yen.


Economy News Headlines – Yahoo! News





Title Post: World stock markets cautious after US rally
Url Post: http://www.news.fluser.com/world-stock-markets-cautious-after-us-rally/
Link To Post : World stock markets cautious after US rally
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

China services’ slow uptick highlights mildness of recovery






BEIJING (Reuters) – Growth in China‘s increasingly important services sector rose for the fourth straight month in January, though the slim increase added to evidence that the recovery in the world’s second-largest economy remains a modest one.


China’s official purchasing managers’ index (PMI) for the non-manufacturing sector rose to 56.2 in January from 56.1 in December, the National Bureau of Statistics (NBS) said on Sunday.






The figure follows the bureau’s PMI for the manufacturing sector on Friday, which eased to 50.4 in January, missing market expectations. A reading above 50 indicates growth is accelerating, while one below 50 indicates it is slowing.


“This marginal rise of non-manufacturing PMI again casts doubt on the strength and sustainability of the recovery,” said Zhang Zhiwei, chief China economist at Nomura in Hong Kong.


He noted that new orders declined, pointing to weaker demand, while a rise in input service prices suggested inflationary pressure.


“We believe the government cannot further loosen policies given inflationary pressure, as growth may weaken beyond Q1 as policy easing runs out of steam,” Zhang said.


The NBS said in a statement that the retail, air cargo and shipping sectors all reported levels of activity above 60 in January, though the construction sector, one of the big drivers of growth in December, ticked down slightly to 61.6 from 61.9.


The new orders index fell to 53.7 from the previous month’s 54.3, showing a slowdown in demand even though the overall figure remained well above the 50 mark separating growth from contraction.


The intermediate input price index jumped to 58.2 from 53.8 last month, indicating rising costs for enterprises, with a big rise in costs the construction sector.


MODEST RECOVERY


The marginal rise in the services PMI is consistent with the view of many economists that recent data signals a modest recovery for China and that steady policy support may well be needed to keep it on track.


A Reuters poll last month showed that China’s economic growth is likely to edge up to 8.1 percent in 2013 from 7.8 percent last year, which had been the economy‘s slowest growth since 1999.


But the recovery could fizzle in 2014 as a pick-up in inflation forces the central bank to revert to modest policy tightening, the poll found.


The services sector generated 44 percent of China’s GDP in 2011, up from 35 percent in 2000, and Beijing has acknowledged that greater consumer activity is needed to reduce the economy’s reliance on exports and investment-led growth.


The services industry has so far weathered the global slowdown much better than the factory sector, with the PMI consistently signalling healthy expansion and hitting a 10-month high of 58.0 in March.


That is partly due to a maturing economy as well as a historic shift in the last decade leading a majority of Chinese to live and work in cities rather than the countryside.


The January index of expected activity also fell from December, but remained above 60, indicating that service sector enterprises continued to be optimistic, the bureau said.


(Editing by Sanjeev Miglani)


Economy News Headlines – Yahoo! News





Title Post: China services’ slow uptick highlights mildness of recovery
Url Post: http://www.news.fluser.com/china-services-slow-uptick-highlights-mildness-of-recovery/
Link To Post : China services’ slow uptick highlights mildness of recovery
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

RBS must meet Libor fines – Osborne







Any fines by US authorities on Royal Bank of Scotland over the Libor scandal should be met by bankers not taxpayers, Chancellor George Osborne has insisted.






A ruling on the involvement of RBS in the fixing of the key industry interest rate is due imminently.


It is expected to be higher than the fine of nearly £300m imposed on Barclays last year.


RBS, which is majority owned by the government, is now in final talks with US and UK authorities over Libor.


An announcement could be made within days. In effect, the fine imposed by the British financial authorities will be the UK taxpayer paying the UK taxpayer, but there has been concern over how the US fine was to be paid.


Bonus awards


Senior sources at the Treasury said the chancellor had made it clear that the financial penalty imposed by American regulators must be covered by deductions from the bonuses of bankers at RBS.


These would be either clawed back from previous years or deducted from future bonus awards.


Two leading banks, Barclays and UBS, have reached settlements with regulators over their involvement with Libor (London Interbank Offered Rate), with fines of £290m and £940m respectively.


Libor tracks the average rate at which the major international banks based in London lend money to each other.


BBC business editor Robert Peston has said the talks include “other necessary remediation, including a possible senior resignation”.


But the bank’s board does not believe chief executive Stephen Hester needs to resign.


BBC News – Business





Title Post: RBS must meet Libor fines – Osborne
Url Post: http://www.news.fluser.com/rbs-must-meet-libor-fines-osborne/
Link To Post : RBS must meet Libor fines – Osborne
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

S.Africa’s PMI at 49.1 in January






JOHANNESBURG (Reuters) – South Africa‘s seasonally adjusted Purchasing Managers‘ Index (PMI) was at 49.1, below the key 50 mark that distinguishes contraction from expansion for the fifth straight month in January.


The employment component of the index fell to its lowest since the middle of 2011, signaling bleak prospects for job creation in manufacturing, a sector that contributes about 15 percent of GDP to Africa’s biggest economy.






Economy News Headlines – Yahoo! News





Title Post: S.Africa’s PMI at 49.1 in January
Url Post: http://www.news.fluser.com/s-africas-pmi-at-49-1-in-january/
Link To Post : S.Africa’s PMI at 49.1 in January
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

If the Xbox Came to China, Would the Chinese Notice?







Twenty-four-year-old Zhu, a banker in southwestern China, took time Tuesday out of his busy schedule working for one of China’s leading banks and playing five to six hours of video games a week, to share his gaming ambitions. He loves the multiplayer online game World of Tanks—which has 45 million registered users worldwide—plays mostly alongside close friends, primarily uses his own laptop, and usually commands digital armored vehicles on weekends.


However, he wasn’t all that excited about rumors that the Chinese government might lift a ban on legal imports of video game consoles—a tidbit first attributed to an unnamed source in the state-run and sometimes unintentionally hilarious China Daily on Monday, and subsequently picked up by Reuters and other Western outlets. It’s not clear there’s anything to the chatter, as a second culture official denied the report to Reuters. Still, the news item did give an apparent next-day boost to the Tokyo-listed stock prices of Nintendo and Sony (SNE), which make the popular Wii and PlayStation game consoles (a rare instance of state-run Chinese media helping Japanese companies).






If the rumor were true, would it have much impact—is China home to millions of Xbox-deprived youth? Zhu says the ban hasn’t proven a huge impediment to him: It’s “not difficult to get a PlayStation Portable or Xbox in China. … I believe most of them are smuggled.”


His friend in Chengdu and fellow gamer, Deng, who is 24, works for a family business, plays six to seven hours per week, and favors the online game World of Warcraft (it has about 9 million global subscribers). He in fact already owns a Sony PlayStation—there’s “no problem purchasing it in China.” However, Deng adds, “I don’t really use it very often.” The reason is telling: “Unlike online games, PlayStations have no friends’ connections”—in other words, most of his friends don’t own them, and so they can’t play together simultaneously.


Gaming culture in China has evolved as something distinctly social. Maybe it’s seen as antisocial to outsiders—but among gamers, it’s clear that you play with friends, both side by side and remotely. (Zhu and Deng are often joined online by a hometown friend who now lives in Australia.) The current equipment they have—a computer with an Internet connection—works just fine, say Zhu and Deng. At present, they wouldn’t want to sacrifice connectivity for additional features.


The sale of actual video game consoles has been illegal in mainland China since 2000. The official reason is to shield youth from bad influences. Several industry analysts, however, suspect the real reason may in part be protectionist, as the leading makers of game consoles are Japanese and American companies: Nintendo (NTDOY), Sony, and Microsoft (MSFT).


The ban certainly hasn’t done much to stop the explosion of gaming culture in China, which has evolved to focus on multiplayer online gaming. The total revenue for online computer games has ballooned, according to data from Niko Partners, a California-based consultancy focused on the Asian video game market, from about $ 10 million in 2001 to $ 9.4 billion in 2012. Lisa Cosmas Hanson, the company’s founder and managing partner, estimates there are now 30 million to 40 million people in China who spend more then 22 hours a week playing video games—she classifies them as “hard-core gamers.” (Those who play more than 30 hours a week are labeled “super hard-core gamers.”) Roughly 70 percent of hard-core gamers are men. Many others, male and female, play games more casually, for instance, on mobile phones.


“The games that work better on computers become the most popular in China,” says Charlie Custer, editor of the Tech in Asia online news site. Consoles “don’t do the kinds of online games that Chinese gamers like the most: massively multiplayer online role-playing game, with thousands of people all playing the same game online at the same time.” These games generate revenue either through subscription models or, Custer explains, “based on in-game transactions—for example, the sale of special weapons or costume items.”


Even if it were legal to stock Xboxes in Chinese hypermarkets—and even if Chinese gaming tastes evolved to create a demand—Michael Pachter of the financial-services and investment firm Wedbush Securities says, “You still can’t make money with the current business model … because of piracy.” Typically, “game consoles are sold at low prices, or a loss, and the money is made on software sales.” But that requires a level of anti-piracy enforcement not present in China today. “I don’t know that Sony or Nintendo are ever going to make a large profit on games in China.”


Hanson says she speaks regularly with officials from the Ministry of Culture and the Ministry of Industry and Information Technology, which jointly oversee regulations pertinent to gaming in China, including the console import ban. Although rumors from time to time emerge that a change might be coming, she says, “Right now, I see no reason to suspect the ban will be lifted.”


Zhu and Deng aren’t holding their breath either. Besides, they have digital armies to command—alongside World of Tank’s 45 million other online users.



Larson is a Bloomberg Businessweek contributor.


Businessweek.com — Top News





Title Post: If the Xbox Came to China, Would the Chinese Notice?
Url Post: http://www.news.fluser.com/if-the-xbox-came-to-china-would-the-chinese-notice/
Link To Post : If the Xbox Came to China, Would the Chinese Notice?
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

World stocks gain as Fed winds up 2-day meeting






BANGKOK (AP) — World stock markets were slightly higher Wednesday as investors anticipated the U.S. Federal Reserve will stick to a policy of keeping its key interest rate near zero until a firm recovery in the world’s No. 1 economy takes hold.


A two-day policy meeting of the central bank’s Federal Open Market Committee wraps up later Wednesday. If the Fed sticks to its commitment to low interest rates, that would drive more money toward stock markets, said Linus Yip, a strategist at First Shanghai Securities in Hong Kong.






“The main focus is whether there will be some hints given out about what will be going on in future interest rate moves,” Yip said. “Right now, market sentiment remains good.”


Last month the Fed said that as long as the inflation outlook is mild, it could keep short-term rates near zero until the unemployment rate dips below 6.5 percent from the current 7.8 percent. That could take until the end of 2015, the Fed predicted.


Britain’s FTSE 100 was nearly unchanged at 6,339.23. Germany’s DAX rose nearly 0.1 percent to 7,852.80. France’s CAC-40 advanced 0.1 percent at 3,789.28. Wall Street futures were flat: Dow Jones industrial futures stood at 13,908. S&P 500 futures held steady at 1,505.


Japan’s Nikkei surged 2.3 percent to 11,113.95, its highest closing since late April 2010, as the yen continued to weaken against the U.S. dollar.


Hong Kong’s Hang Seng rose 0.7 percent to 23,822.06. South Korea’s Kospi rose 0.4 percent to 1,964.43 after the government said manufacturing output rose 0.8 percent in December from November.


Gains in resource stocks helped lift Australia’s S&P/ASX 200 by 0.2 percent to 4,896.70. Mining giant Rio Tinto Ltd. gained 1.5 percent and rival BHP Billiton advanced 1.2 percent.


Benchmarks in Singapore, Taiwan, the Philippines, mainland China and Indonesia rose.


Meanwhile, a survey on U.S. consumer confidence Tuesday was unexpectedly weak, but analysts said the result was likely a one-time blip due to the payroll tax increase that was part of the agreement reached by U.S. lawmakers to avert bigger spending cuts and tax increases.


Wall Street stocks rose Tuesday after drugmaker Pfizer posted strong earnings. The Dow Jones industrial average ended higher for the seventh day in eight.


Currently, analysts expect fourth-quarter earnings for 2012 to increase by an average of 4.7 percent for S&P 500 companies, according to the latest data from S&P Capital IQ. That’s an improvement on the previous quarter when profit grew by 2.4 percent.


Benchmark oil for March delivery was down 3 cents to $ 97.55 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $ 1.13, or 1.2 percent, to close at $ 97.57 on the Nymex on Tuesday.


In currencies, the euro rose to $ 1.3511 from late Tuesday in New York. The euro hit its highest level against the dollar in nearly 14 months Tuesday after data was released showing a rise in German consumer confidence. The dollar rose to 91.16 yen from 90.69 yen.


___


Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson


Economy News Headlines – Yahoo! News





Title Post: World stocks gain as Fed winds up 2-day meeting
Url Post: http://www.news.fluser.com/world-stocks-gain-as-fed-winds-up-2-day-meeting/
Link To Post : World stocks gain as Fed winds up 2-day meeting
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Philips to exit hi-fis and video







Dutch electronics giant Philips is to sell off its home entertainment business, including hi-fis and DVD players, to Japan’s Funai Electric.






Funai will pay 150m euros ($ 200m; £130m) and a regular brand licensing fee to take on the product lines.


The company wants to focus on its healthcare, light bulbs and home appliances businesses as part of its “Accelerate!” restructuring plan.


Philips also reported a 355m-euro loss for the last three months of 2012.


The loss was in line with expectations and was largely due to a 509m-euro fine imposed on the company last year by the European Commission for participating in a cartel to fix prices in the television business.


Philips announced last year that it was transferring its loss-making television unit to a new joint venture arrangement with Hong Kong’s TPV.


Its latest divestments will not happen immediately – its audio business will pass to Funai in the latter half of this year, while the transfer of its video business will not take place until 2017.


The Dutch firm’s underlying profitability in the last quarter – net of the fine and various restructuring costs – improved to 875m euros, beating the expectations of most market analysts.


However, chief executive Frans van Houten said he expected sales to remain subdued in the first half of this year, because of the “challenging market” in the US and Europe, which account for well over half of Philips’ revenues.


BBC News – Business





Title Post: Philips to exit hi-fis and video
Url Post: http://www.news.fluser.com/philips-to-exit-hi-fis-and-video/
Link To Post : Philips to exit hi-fis and video
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Japan raises growth forecast as yen slides






TOKYO (AP) — Japan’s government has raised its growth forecast, predicting the economy will expand 2.5 percent in the coming fiscal year, thanks to a weakening yen and improved global demand for exports.


The Cabinet office said Monday that expectations the weaker yen will boost exports and fatten manufacturers’ earnings prompted the revision from the earlier estimated 1.7 percent growth in fiscal 2013, which begins April 1.






The consumer price index is forecast to rise 0.5 percent, less than the inflation target of 2 percent. Inflation-adjusted growth for this fiscal year is estimated at 1.0 percent.


The revised forecasts assume the yen will average 87.8 yen per U.S. dollar in fiscal 2013, compared with 81.9 yen per dollar for this fiscal year.


Economy News Headlines – Yahoo! News





Title Post: Japan raises growth forecast as yen slides
Url Post: http://www.news.fluser.com/japan-raises-growth-forecast-as-yen-slides/
Link To Post : Japan raises growth forecast as yen slides
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Italy central bank approves Monte Paschi bailout request






ROME/MILAN (Reuters) – Italy‘s central bank on Saturday gave its approval to a request by scandal hit bank Monte dei Paschi di Siena for 3.9 billion euros ($ 5.3 billion) of state loans, the latest step in the battle to revive the ailing bank.


The Bank of Italy‘s backing was the final stage required to free up the financial help for Italy’s third biggest lender, which this week revealed loss-making derivatives trades that could cost it about 720 million euros.






After a meeting that lasted most of Saturday, the central bank issued a brief statement to say its board had given “a favorable opinion” on the bailout. It gave no further details.


The scandal surrounding Italy’s oldest bank has hit its share price and prompted questions about how the risky deals could have been hidden from regulators.


The issue has shot to the center of the campaign for a February 24-25 national election and politicians have blamed the Bank of Italy (BOI), led by current European Central Bank President Mario Draghi at the time of the deals, for failing to spot them.


At Saturday’s meeting the BOI’s four member board, chaired by Governor Ignazio Visco, had to judge whether the bank’s current and future capital adequacy and stability were sufficient to receive the loans.


The Tuscan bank was forced to seek state aid last year for the second time since 2009 after becoming one of just four European lenders that failed to meet tougher capital requirements set by regulators.


Under the loan scheme the bank will issue 3.9 billion euros of bonds to the Italian Treasury, with just under half of these replacing 1.9 billion euros of existing state help.


The lender’s new management, appointed last year to turn it around, said on Friday the situation was “completely under control”.


The bank will pay a hefty 9 percent coupon on the bonds, which are worth more than its current market capitalization of 3 billion euros. The coupon will increase by 0.5 percentage point every two years up to a maximum of 15 percent.


At a stormy meeting at Monte Paschi‘s Siena headquarters on Friday, shareholders approved two capital increases for 6.5 billion euros to be carried out if needed in the next five years, which are a condition of the state bailout.


That raises the prospect of possible nationalization, because if the bank cannot repay the state bonds or the coupons attached to them, it will have to issue shares to the Treasury.


Prime Minister Mario Monti said late on Friday he considered nationalization a “remote hypothesis”.


TAXPAYERS’ MONEY


Monti, bidding for a second term in the election, defended his government’s decision to rescue it with taxpayers’ money. “It’s a loan, with a high interest rate,” he said.


At the World Economic Forum in Davos on Friday Visco sought to deflect accusations the BOI had not done its job properly.


“It is wrong to insinuate that there was a lack of supervision by the Bank of Italy,” he said, adding the BOI would cooperate with prosecutors investigating the lender.


Draghi, also in Davos, took no questions from reporters.


Visco’s task was made more difficult by a report in the Corriere della Sera daily which included excerpts of a document drafted by six BOI inspectors expressing concerns over the two main trades under scrutiny as long ago as 2010.


That document would have been sent to the BOI’s head of bank supervision at the time, Anna Maria Tarantola, who has since left the bank to become president of state broadcaster RAI.


Visco sidestepped questions about whether Draghi knew about the 2008-09 derivatives trades, which involved Japanese bank Nomura and Deutsche Bank.


Internal auditors at Monte Paschi had detected anomalies at the bank’s finance department responsible for derivative trades three years ago, daily Il Sole 24 Ore said on Saturday.


Monte Paschi was already under investigation over its 9-billion-euro cash acquisition of smaller lender Antonveneta from Spain’s Santander in 2007.


Santander had bought Antonveneta for 6.6 billion euros in a three-way break-up bid for Dutch bank ABN AMRO, and almost immediately sold it on to Monte dei Paschi netting a hefty gain.


(Additional reporting by Danilo Masoni; Editing by Andrew Heavens and Jason Neely)


Business News Headlines – Yahoo! News





Title Post: Italy central bank approves Monte Paschi bailout request
Url Post: http://www.news.fluser.com/italy-central-bank-approves-monte-paschi-bailout-request/
Link To Post : Italy central bank approves Monte Paschi bailout request
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

The Woman Who Is Making Chicago Greener






0ef61  design gang05  01  304x407 The Woman Who Is Making Chicago GreenerPhotograph by Roger Deckker for Bloomberg Businessweek


Studio Gang Architects—run by Jeanne Gang, 48, and her husband, Mark Schendel—moved into the gritty Chicago neighborhood of Wicker Park in 2002. Initially, they shared their floor, above an Aldo shoe store, with a personal injury lawyer, a communist bookstore, and a poetry group. As these neighbors moved on and Gang’s reputation grew—she won a MacArthur Fellow “genius” grant in 2011—Studio Gang took over. Inside, research specimens line several of the orderly studio’s walls and windowsills: mushrooms, rocks, bent baseball cards, and various samples of wood. “A lot of the stuff we do involves testing materials or making big, giant mock-ups,” says Gang, who is slim with light gray eyes, a wavy chestnut bob, and an uninhibited laugh. “There’s a lot of craftsmen out here, people who fabricate things for us. It’s almost like a whole ecology.”






Among Gang’s intentions is to invite a “more wild version” of nature into cities, using what she refers to as “green infrastructure” to support and enhance urban landscapes. “Nature as we see it in cities is created, it’s man-made, it’s redesigned in a certain sense,” says Gang. “I think it’s important not for romantic reasons, but for practical and experiential reasons, to extend biodiversity within the ecosystem.”


This fall, Chicago broke ground on Gang’s biggest designed wilderness to date: Northerly Island. The plan, devised by Gang in collaboration with the landscape architecture firm SmithGroupJJR, fashions a public park out of Meigs Field, a former airport on a 91-acre man-made peninsula just off the southern tip of downtown Chicago. There will be beaches, woodlands, wetlands, and a prairie region. An archipelago of islands and reefs will be constructed to protect the peninsula from Lake Michigan’s waves. The arc will enclose a half-mile-long harbor perfect for fish as well as for divers and kayakers.


0ef61  design gang05  01  inline605 The Woman Who Is Making Chicago GreenerStudio Gang ArchitectsPlans for Chicago’s Northerly Island


In forging the plan, Gang assessed every aspect of the peninsula, including soil quality, topography, bird migration, and the changing climate. Debra Mitchell, senior vice president of SmithGroupJJR, says the final plan succeeded because of Gang’s ethos. “She’s less about ‘I am the style, and you must have the style whether it works or not,’ than ‘I want my building or my landscape to function as intended,’ ” says Mitchell. “It’s very unusual for an architect.”


The economic impact of well-designed green space is substantial. Chicago’s Millennium Park, for example, formerly an industrial wasteland close to Northerly, attracts 5 million visitors annually, yielding $ 78 million in tax revenue, according to SmithGroupJJR and the Landscape Architecture Foundation. The park’s completion will fuel an estimated $ 1.4 billion worth of nearby projected residential development by 2015. “If you follow the story of these major, signature urban parks and you look at the real estate benefits of the surrounding area—phenomenal,” says Mitchell.


Not all of Gang’s ideas for Northerly Island went over with the public. One early plan, which involved reshaping the peninsula to spell out the word “Chicago” so it would be visible to airplanes, was panned by architecture critic Blair Kamin, who wrote in the Chicago Tribune that it took “the desire to create an iconic design to a ridiculous extreme.”


0ef61  design gang05  03  inline202 The Woman Who Is Making Chicago GreenerSteve Hall/Hedrich BlessingAqua’s undulating terraces provide shade and views


Gang didn’t mind abandoning her “Chicago” model in favor of the current plan. Still, she insists, “you get these purists who think it should look natural, but it’s not natural.” Without human guidance, she adds, damaged sites can take hundreds of years to flourish. “If you let the field be just weeds, you get species that take over the entire thing,” she says. “And they might not be ones that support animals that are coming in. You have to have knowledge to make it work.”


Gang’s most famous project, the Aqua skyscraper, began with a chance encounter. In 2004, at a Harvard alumni function, Gang chatted with a developer who had built several condominium towers in Illinois. He liked Gang and, despite her lack of experience, commissioned her to design a skyscraper in downtown Chicago. The result is an 82-story apartment tower that, because of its irregular, undulating balconies, looks draped in fluttering fabric. In 2009 the tower, which has been 98 percent occupied since its opening, won the Emporis Skyscraper Award as best of the year. Aqua is also the highest building in the world designed by a woman. “I hope that record is shattered in short order,” says Gang, “and I think it will be. … It’s only 82 stories.”


Aqua fits Gang’s goal of creating compact, vertical, green cities and strengthening communities. Her plan for Chicago’s Lincoln Park Zoo pavilion and its surrounding environment entailed redoing a pond to better drain and hold storm water while also supporting ecological diversity and attracting such wild animals as herons and coyotes. Gang’s SOS Children’s Villages, a light-filled community center on Chicago’s South Side, is made from striated mixtures of concrete intended to highlight the many donations that funded the project. Her design for the Arcus Center for Social Justice Leadership at Kalamazoo College revives an old technique called “wood masonry,” which involves using wood as bricks to create low-carbon, highly insulating walls.


0ef61  design gang05  02  inline202 The Woman Who Is Making Chicago GreenerStudio Gang ArchitectsThe Solar Carve Tower would give 200 extra hours of sunlight to Manhattan’s High Line


Gang’s future projects include a commercial tower that, pending approval, would flank New York’s High Line, the elevated park built on a defunct freight train line on Manhattan’s West Side. The gem-like glass building would cut away from the street at an angle so that 200 extra hours of direct sunlight would hit the High Line each year.


Detecting a signature style is made difficult by the range of Gang’s projects, although one unifying theme is the pursuit of a structure that “has fragility but is superstrong.” In general, she lets each design evolve out of exhaustive research and experimentation. She’s been using the $ 500,000 MacArthur grant mainly to do more research and publish books. These include Reverse Effect: Renewing Chicago’s Waterways, which calls for a barrier between the Great Lakes and Mississippi watersheds to keep Asian carp from entering Lake Michigan.


Gang’s love of structures and wilderness began in childhood. Born and raised in Belvidere, Ill., Gang is the third of four sisters. For vacations, her father, a civil engineer, would pack the family into a Pontiac Grand Safari and drive across the country to visit bridges. Her sisters weren’t wild about the trips, but Gang loved them. “Some of the bridges were superlong or really amazing, but what really excited me was, I think, the landscapes in between,” she says. “Just driving and driving and driving in this big country, and seeing the West and the South and the North, it’s really ingrained in my mind.” Gang’s ever-growing rock collection, early evidence of her obsession with natural materials, also dates to those trips. “There were so many different kinds of rocks,” she says. “I had to take one from every place. My dad would be like, ‘What’s in this suitcase?’ ”


In high school, Gang considered becoming an engineer or a painter, but ultimately decided architecture best merged her cultural, social, design, and math interests. “You feel like you’re part of defining who we are as people,” she says. After finishing at Harvard’s Graduate School of Design in 1993, she worked in Lille, France, for Rem Koolhaas, the Dutch architect and Pritzker Prize winner. It was there she met Schendel, who joined Studio Gang a year after Gang founded it in 1997. “He’s kind of the business side, and she’s the idea side,” says Mitchell of SmithGroupJJR. “He protects her so that she doesn’t have to worry about any of that.”


These days, Studio Gang is collaborating with the Army Corps of Engineers as they begin shifting soil on Northerly to sculpt hills and valleys. Gang returns each month anyway, to walk the windswept terrain. “Every time it’s slightly different,” she says. “Different birds, migrations, behaviors, nests.” The peninsula, she jokes, is becoming a perfect example of green infrastructure: Rather than a private downtown airstrip for the 1 Percent, it’s now a runway for birds.


Businessweek.com — Top News





Title Post: The Woman Who Is Making Chicago Greener
Url Post: http://www.news.fluser.com/the-woman-who-is-making-chicago-greener/
Link To Post : The Woman Who Is Making Chicago Greener
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Current account changes ‘needed’







Further significant changes are needed in the market for personal current accounts, the Office of Fair Trading (OFT) has said.






The OFT has been reviewing the way the UK’s banks run these accounts, because of concerns over competition and a lack of focus on customers’ needs.


Despite improvements since its last review in 2008, it said consumers still lacked confidence to switch accounts.


But the OFT chose not to refer the market to the Competition Commission.


The OFT found that, since 2008, the major banks had increased their market share, occasions when new competitors entered the market remained infrequent, and consumers still only rarely switched to an alternative provider.


However, it also pointed to some specific improvements. For instance, it estimated that consumers had saved up to £928m a year from the fall in unauthorised overdraft charges between 2007 and 2011, though it added that overdraft charging structures remained too complex.


Major changes


Clive Maxwell, chief executive of the OFT, said that despite some improvements, the market for personal current accounts was still not serving consumers as well as it should.


“Customers still find it difficult to assess which account offers the best deal and lack confidence that they can switch accounts easily. This prevents them from driving effective competition between providers,” he said.


But he added that there would be some major changes to the market taking place in the coming months, including the sale of Lloyds and RBS branches – as mandated by European competition authorities – and a new automated account switching service.


The OFT also made some new recommendations to make current account costs more transparent, to make the switching process more reliable and to improve the way unarranged overdrafts are provided.


It said that these changes had the potential to have a positive impact on competition and therefore it had decided not to refer the industry to the Competition Commission.


But Mr Maxwell added: “The retail banking sector needs to become more competitive and customer-focused to ensure that further action by the competition authorities is not required.”


BBC News – Business





Title Post: Current account changes ‘needed’
Url Post: http://www.news.fluser.com/current-account-changes-needed/
Link To Post : Current account changes ‘needed’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Europe Groans at Cameron’s Talk of an EU Exit






Viewed from across the English Channel, Prime Minister David Cameron’s call Wednesday for a referendum on British membership in the European Union was either a pretty bad idea—or a downright dangerous one.


EU leaders accused Cameron of pandering to British euroskeptics and warned that uncertainty about London’s commitment would hurt Britain as well as other bloc members. He “is playing a dangerous game for tactical, domestic reasons,” Martin Schulz, a German Social Democrat who is president of the European Parliament, told Bloomberg News.






In a speech at Bloomberg headquarters in London, Cameron promised to call a referendum by 2017 if his Conservative Party wins reelection in 2015. The prime minister faces pressure within his own ranks for Britain to negotiate more-flexible EU ties or leave the bloc altogether.


While Cameron says he wants to remain in the union, critics warned that he risks triggering a wave of anti-EU sentiment that will overwhelm him. Cameron “resembles the sorcerer’s apprentice who cannot tame the forces that he has conjured,” Schulz said.


Others rebuked Britain for trying to set its own ground rules for EU membership. “Imagine the EU was a football club,” French Foreign Minister Laurent Fabius said in an interview on France Info radio. “Once you’re joined up and you’re in this club, you can’t then say you want to play rugby.” German Foreign Minister Guido Westerwelle told reporters in Berlin that British “cherry picking is not an option.” The EU needs “more, not less, integration,” he said.


German Chancellor Angela Merkel sounded a more conciliatory tone. “Every member state of the EU has its own interest,” she told reporters in Berlin. “In this context, we are certainly prepared to talk about British interests, but [we] have to keep in mind that other countries have their own wishes, and we always have to come to a fair compromise in the end.”


The U.S. also signaled concern over a possible British exit. “A strong Britain in a strong EU is what I think is best for Britain, Europe, and the United States,” Undersecretary of State Robert Hormats said in a Bloomberg News interview Wednesday at the World Economic Forum in Davos.


British business officials attending the Davos forum said that even if Britain remains in the EU, leaving the question unresolved for four years could cause damage to the country’s economy. “Uncertainty over this relationship with Europe risks making the U.K. less attractive as an international center across many industries,” said Mark Boleat, policy chairman at the City of London Corporation, the financial district’s local government.


Indeed, there’s plenty at risk. About half of Britain’s exports go to EU neighbors, and London serves as the financial hub of the region’s $ 17 trillion economy. Economists at Citigroup (C) estimate that EU trade accounts for 15 percent of Britain’s gross domestic product, while trade with Britain amounts to only 2.5 percent of the EU’s total GDP.


“The British economy is highly interdependent with the rest of Europe,” John Nelson, chairman of the Lloyd’s of London insurance group, told Bloomberg News in Davos. “My guess and hope is that common sense will break out and we’ll stay” in the EU.


Businessweek.com — Top News





Title Post: Europe Groans at Cameron’s Talk of an EU Exit
Url Post: http://www.news.fluser.com/europe-groans-at-camerons-talk-of-an-eu-exit/
Link To Post : Europe Groans at Cameron’s Talk of an EU Exit
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Japan’s Abe treads warily around military shift after Algeria deaths






TOKYO (Reuters) – The Algeria hostage crisis has given ammunition to Japanese conservatives keen to ease limits on military actions abroad, but Japan’s post-World War Two pacifist legacy is forcing Prime Minister Shinzo Abe to tread carefully.


Abe, already labeled a right-wing nationalist, seems wary of upsetting volatile voters – whose top priority is reviving a stagnant economy – by appearing to use the deaths of seven Japanese to push his broader, hawkish security agenda.






Narushige Michishita, a professor at the National Graduate Institute for Political Studies in Tokyo, said the crisis would bolster the argument of Abe and those in the ruling Liberal Democratic Party (LDP) who want to expand the role of the Self-Defence Forces, as Japan’s military is known.


“But they shouldn’t overplay this game … because it might backfire,” he said.


Japan has for decades been stretching the limits of its 1947, U.S.-drafted pacifist constitution – which if strictly interpreted bans even the maintenance of a military. It has dispatched troops for international peace keeping operations and to Iraq on a non-combat reconstruction mission in 2004-2006.


But changes have been politically contentious, while signs Japan is flexing its military muscle have the potential to upset rival China, where memories of Tokyo’s wartime aggression run deep and which is now locked in a territorial row with Japan.


The seven Japanese were among the 38 mostly foreign hostages killed during the four-day siege of a desert gas plant complex in Algeria by Islamic militants and another three Japanese nationals are missing.


Defence Minister Itsunori Onodera ordered a government plane to bring home the seven surviving employees of engineering firm JGC Corp and the bodies, the first time a military plane has gone on such a distant mission.


But under the existing law governing the SDF, military personnel can only be sent to evacuate citizens if the area is deemed safe. Even then, land transport is banned and the use of weapons to protect the civilians is restricted.


The LDP, which proposed easing those stringent conditions two years ago, says the hostage crisis had underscored the need for change.


“Under the current SDF law, if an upheaval occurs overseas and our citizens make it at risk to their lives to airports or ports, military personnel cannot go there unless their safety is assured,” the party’s No.2 executive, former defence minister Shigeru Ishiba, told reporters this week.


BROADER AGENDA, WARY TONE


On Tuesday, the LDP and its smaller coalition partner agreed to speed up talks on the topic with an eye to submitting changes to parliament in a session that begins on Monday.


Abe and his top government spokesman, however, have sounded a warier tone out of what analysts said was consideration not only for public opinion ahead of an upper house poll in July but for its more dovish coalition partner, the New Komeito Party.


“For troops who must make life or death decisions in a tenth of a second to be forced to act within the limits of the law or risk violating, it is a harsh restriction,” Abe said in a TV interview late on Tuesday, referring to the law’s restrictions to use of weapons by troops on overseas rescue missions.


“But we have no idea of using this incident to try to pass such a law (revising this),” Abe added. “There are various problems including information gathering so after investigating it will be necessary to consider how to resolve such problems.”


Abe and like-minded conservatives, in fact, want to go beyond the piece-meal approach of past governments in expanding the military’s role abroad to implement a broader agenda that would break what they consider the shackles of a pacifist regime imposed on Japan by the United States after World War Two.


Included in that agenda is a push to re-interpret the constitution to allow Japan to exercise its right of collective self-defence, or coming to the aid of an ally under attack, and eventually, to revise the constitution’s pacifist Article Nine to make clear Japan’s right to maintain a standing military.


Shorter term, Abe’s government is embarking on the first revision of U.S.-Japan defence cooperation guidelines in 15 years and a make-over of its basic defence policy to better cope with a rising China. But precisely because of that well-known agenda, Abe seems for now intent on going slow.


“Abe knows he has that image (as a right-wing hawk) and he is wary of appearing to use this incident in such a way,” said Katsuhiko Nakamura, executive director at think tank Asian Forum Japan. “He is going to be very careful about how he responds and I think that is reflected in his choice of words.”


Close Abe aide Isao Iijima, who advises the premier on political strategy, said it was premature for Abe to push his broader security agenda since the election win that propelled the LDP back to power was mainly a vote against its rivals.


“Seventy-five percent of the people didn’t like either Mr. Abe or the LDP,” Iijima told Reuters in an interview. “The Abe cabinet has a responsibility to take into account the view of that 75 percent,” he said. “I think Mr. Abe understands that. So constitutional revision is far off.”


(Additional reporting by Kiyoshi Takenaka; Editing by Nick Macfie)


Economy News Headlines – Yahoo! News





Title Post: Japan’s Abe treads warily around military shift after Algeria deaths
Url Post: http://www.news.fluser.com/japans-abe-treads-warily-around-military-shift-after-algeria-deaths/
Link To Post : Japan’s Abe treads warily around military shift after Algeria deaths
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Rose replaces Grade in Ocado role







Online grocer Ocado has appointed former Marks and Spencer chairman Sir Stuart Rose as chairman.






Sir Stuart, who left M&S in early 2011, will join in March as non-executive director, and take up the chairmanship on 10 May.


He will replace current chairman Lord Michael Grade, who joined the Ocado board in 2006.


Lord Grade, previously chairman of the BBC and executive chairman at ITV, said he was retiring.


“It has been a privilege to be a part of their story,” Lord Grade said of his six years as chairman.


The hiring of Sir Stuart comes as Ocado, which mainly delivers Waitrose groceries, embarks on expansion plans. “We are looking forward to benefiting from his extensive retail experience and counsel,” the company said in a statement.


Continue reading the main story


Sir Stuart said he expected Ocado to become “a powerful online player” as retail shifted towards a digital world.


He has taken on a number of part-time roles since leaving M&S, including acting as an adviser to Bridgepoint, the private equity firm, and as a non-executive director of Woolworths Holdings, the South African retailer.


Ocado, which floated on the stock exchange in July 2010, has yet to make an annual profit. It saw a £2.2m loss in 2011 and a £12.2m loss in 2010.


Its most recent results for the 53 weeks to 2 December 2012 showed sales up 13.9% year-on-year.


Shares in the group closed up 9.25% on Monday at a six-month high of 95p – boosted by market speculation of a potential takeover by M&S.


However, the shares remain almost half the 180p per share price they listed at in 2010.


BBC News – Business





Title Post: Rose replaces Grade in Ocado role
Url Post: http://www.news.fluser.com/rose-replaces-grade-in-ocado-role/
Link To Post : Rose replaces Grade in Ocado role
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

European shares test two-year highs, yen volatile before BOJ






LONDON (Reuters) – European shares inched towards two-year highs and German Bund futures dipped on Monday, as a political attempt to break a budget impasse in the United States revived appetite for shares and dented appetite for safe-haven assets.


U.S. House Republican leaders said on Friday they would seek to pass a three-month extension of federal borrowing authority in the coming days to buy time for the Democrat-controlled Senate to pass a plan to shrink budget deficits.






European shares <.fteu3> were supported by the news <.eu>, but with no clear response from the Democrats and a thin session expected due to a market holiday in the United States, the impact on other assets such as Bunds is likely to be limited.</.eu></.fteu3>


London’s FTSE 100 <.ftse>, Paris’s CAC-40 <.fchi> and Frankfurt’s DAX <.gdaxi> opened between 0.4 and 0.5 percent higher, lifting the pan-European FTSEurofirst 300 0.3 percent and MSCI’s world index 0.1 percent. <.l><.eu></.eu></.l></.gdaxi></.fchi></.ftse>


“There’s a bit of encouragement coming out of the U.S.,” said Toby Campbell-Gray, head of trading at Tavira Securities in Monaco.


He added that equity markets had remained resilient in the face of an uncertain economic outlook as many investors had stepped in to buy “on the dip” on days when shares had fallen.


Ahead of the region’s first finance ministers’ meeting of the year the euro was steady against the dollar, while the yen firmed after touching a new low, ahead of a Bank of Japan decision expected to deliver bold monetary easing.


The dollar slipped back to a low of 89.42 yen and was last trading at 89.57 yen, while the euro also fell to a low of 119.08 and last traded at 119.27 yen.


With little in the way of economic data or debt issuance and U.S. markets shut for the Martin Luther King Jr. public holiday, it was expected to be a fairly quite market day.


Oil prices took their cues from a report in the United States at the end of last week that showed consumer sentiment at its weakest in a year as a result of the uncertainty surrounding the country’s debt crisis.


Concerns about demand overshadowed supply disruption fears reinforced by the Islamist militant attack and hostage-taking at a gas plant in Algeria, a member of the Organization of Petroleum Exporting Countries.


U.S. crude futures fell 0.5 percent to $ 95.08 a barrel, while Brent fell 0.3 percent to $ 111.55 early on Monday but had recovered to almost flat as European trading gathered pace.


(Additional reporting by Sudip Kar-Gupta; Editing by Will Waterman)


Business News Headlines – Yahoo! News





Title Post: European shares test two-year highs, yen volatile before BOJ
Url Post: http://www.news.fluser.com/european-shares-test-two-year-highs-yen-volatile-before-boj/
Link To Post : European shares test two-year highs, yen volatile before BOJ
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Egypt’s foreign reserves rise after Qatar deposit






CAIRO (Reuters) – Egypt‘s foreign reserves have risen to $ 15.5 billion, helped by a deposit by Qatar to support the economy, its finance minister said, although they are still close to critical levels after being run down to defend Egypt’s currency.


The central bank put reserves at $ 15.015 billion at the end of December. It has implemented a new regime for buying and selling foreign currency and currency controls to try to stem a fall in reserves, which have tumbled from $ 36 billion before the uprising that toppled Hosni Mubarak in early 2011.






Finance Minister Al-Mursi Al-Sayed Hegazy told reporters about the new reserve figure on Saturday without giving further details about the deposit by Qatar, a generous donor to Egypt.


Qatar said earlier this month it had lent Egypt $ 2 billion and given it $ 500 million outright. It has pledged to stand by Egypt to help support the nation, which has been battered by political turmoil and violence that has scared away investors.


Hegazy said reserves should rise further in future after approval of a draft law allowing Egypt to issue sovereign Islamic bonds, known as sukuk. The draft law was passed by cabinet this week but needs the backing of the Islamist-led upper house of parliament.


The minister said in December that Qatar had deposited $ 500 million, although the reserve figure for that month was still around $ 15 billion, the same as at the end of November.


The central bank has said reserves have reached a critical level. At $ 15 billion, reserves cover roughly three months of imports.


Egypt has spent about $ 21 billion of its reserves since the start of 2011 when the uprising against Mubarak erupted, plus several billion dollars in additional aid and support from Qatar and other donors to defend the Egyptian pound.


Cairo is negotiating a $ 4.8 billion loan from the International Monetary Fund. After the deal was agreed in principle in November, it was delayed after Egypt postponed some unpopular tax rises viewed as needed to secure the IMF funds.


An IMF team is expected to return to Egypt in the coming weeks for fresh discussions.


Economy News Headlines – Yahoo! News





Title Post: Egypt’s foreign reserves rise after Qatar deposit
Url Post: http://www.news.fluser.com/egypts-foreign-reserves-rise-after-qatar-deposit/
Link To Post : Egypt’s foreign reserves rise after Qatar deposit
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Fed ‘underestimated 2007 crisis’







The US Federal Reserve may have underestimated the looming 2007 global financial crisis, released transcripts from its meetings that year have shown.






The documents suggested Fed Governor Ben Bernanke wanted to hold off from addressing rising panic in the markets.


He said in December of that year that he did not “expect insolvency or near insolvency among major financial institutions”.


Yet many US banks and other financial firms had to be rescued in 2008.


With most of the country’s major lenders discovering billion-dollar losses linked to bad mortgage debt as the US housing market collapsed, investment banks such as Bear Stearns needed government funds ahead of being sold off cheaply, while another, Lehman Brothers, was ultimately closed down.


In 2008, the US government also had to bailout the federal mortgage agencies, Fannie Mae and Freddie Mac.


Although the financial crisis started in the US as a result of the sharp downturn in the country’s housing market, it quickly spread around the world as US mortgage debt had been repackaged and sold to banks and other financial institutions around the globe.


‘No indication’


The released Fed documents from 2007 also suggest current US Treasury Secretary Timothy Geithner underestimated the crisis.


Mr Geithner, who at the time was president of the New York Federal Reserve Bank, said in August of that year: “We have no indication that the major, more diversified institutions are facing any funding pressure.”


Meanwhile in October 2007 Janet Yellen, another member of the Fed’s most senior committee, the Federal Open Market Committee, said: “I think the most likely outcome is that the economy will move forward toward a soft landing.”


The Fed did, however, take some action in 2007 to try to resolve the growing problems in the financial sector, cutting US interest rates three times.


In September it reduced its core rate to 4.75% from 5.25%, where it had been for more than a year. Two other rate cuts followed by the end of the year, before numerous further reductions in 2008.


And Ms Yellen said in December that “the possibilities of a credit crunch developing and of the economy slipping into a recession seem all too real”.


US rates currently stand at between 0% and 0.25%, where they have been since December 2008.


BBC News – Business





Title Post: Fed ‘underestimated 2007 crisis’
Url Post: http://www.news.fluser.com/fed-underestimated-2007-crisis/
Link To Post : Fed ‘underestimated 2007 crisis’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..