Sun Life, Khazanah to buy Aviva/CIMB Malaysia insurance business for $563 million – sources

HONG KONG/SINGAPORE (Reuters) – A consortium of Canada’s Sun Life Financial Inc and Malaysian state investor Khazanah Nasional Bhd has agreed to buy British insurer Aviva plc’s Malaysian insurance joint venture with CIMB Group for about 1.7 billion ringgit ($ 563 million), sources said on Sunday, helping the Canadian company to expand its Asian foot print.

Sun Life Financial Inc (SLF.TO) and Khazanah (KHAZA.UL) edged out rival Manulife Financial Corp (MFC.TO) to win the eight-month old auction, sources familiar with the sale process said.

Britain’s No.2 insurer Aviva is exiting from marginal markets across the world and the sale of Malaysian unit is part of that overhaul. Last month, Aviva sold its U.S. business for $ 1.8 billion, its biggest disposal, aimed at boosting its underperforming share price.

The deal is expected to be signed on Monday, the sources added.

A Sun Life spokeswoman did not offer an immediate comment. Aviva could not be reached for a comment immediately. CIMB and Khazanah officials were not available for an immediate comment.

(Additional reporting by Yantoultra Ngui in KUALA LUMPUR and Clare Baldwin in HONG KONG; Reporting by Denny Thomas and Saeed Azhar; Editing by Jeremy Laurence)

Business & Finance News – Yahoo! Finance

Read More..

Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

Read More..

2013 home equity rates forecast

Interest rate forecast

If you are lucky enough to have equity in your home, you should be able to obtain a home equity loan with a low rate in 2013.

These rates should remain stable this year, says John Walsh, president of Total Mortgage Services, in Milford, Conn.

“I don’t see that changing much in 2013,” Walsh says.

Rate movement in 2012

The average rate for the typical $ 30,000 home equity loan — which is a second mortgage and generally carries higher rates than first mortgages — was 6.41 percent in 2012. For the typical $ 30,000 home equity line of credit, or HELOC — which works like a credit card, except it is secured by the equity in your home — the average rate in 2012 was 5.21 percent.

What’s a consumer to do?

Remember that HELOCs and home equity loans are still difficult to qualify for, and many lenders haven’t offered these types of loans since the financial crisis of 2008. But these loans are slowly returning to the market.

“A lot of people don’t have equity, but we are seeing more (home equity loans) getting done than two years ago,” Walsh says. “That product will come back.”

More From Bankrate.com

Yahoo! Finance – Personal Finance | Loans

Title Post: 2013 home equity rates forecast
Url Post: http://www.news.fluser.com/2013-home-equity-rates-forecast/
Link To Post : 2013 home equity rates forecast
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..

Stock index futures point to flat open

LONDON (Reuters) - Stock index futures indicated a flat-to-slightly lower open on Wall Street on Friday, with some traders citing nervousness ahead of results from financial group Wells Fargo due later in the day.

Futures for the S&P 500 and Nasdaq 100 were flat by 04.30 EST, while futures for the Dow Jones were 0.1 percent lower.

"There's maybe a little bit of nervousness ahead of Wells Fargo's results," said Darren Easton, director of trading at London-based firm Logic Investments.

Boeing Co's 787 Dreamliner jet suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday - the latest in a series of incidents to test confidence in the sophisticated new aircraft.

Infosys Ltd posted flat third-quarter net profits, beating analyst expectations, as the second-largest Indian software services provider maintained margins despite higher operating costs. It also raised revenue forecast for the full year to end March.

Credit card company American Express Co said it would cut about 5,400 jobs, or 8.5 percent of its workforce, as it restructures its business and pays legal bills.

SAC Capital Advisors expects client withdrawals of at least $1 billion in 2013 as the hedge fund battles intense regulatory scrutiny over insider trading allegations, the Wall Street Journal reported on Friday.

Unsecured creditors of MF Global Holdings Ltd on Thursday proposed a liquidation plan that could pay the brokerage's former customers in full.

Exxon Mobil Corp reported flaring at its 344,500 barrel-per-day (bpd) Beaumont, Texas, refinery, according to a message posted on a community information line.

Tycoon Carlos Slim's retail unit said it plans to relist on the Mexican stock exchange, offering a 15.2 percent stake to raise some $720 million to fund expansion plans, including possible acquisitions.

Supervalu Inc struck a $3.3 billion deal to reduce its burdensome debt by selling five of its supermarket chains to an investor group led by Cerberus Capital Management LP .

The Federal Reserve's policy of zero interest rates and asset purchases is appropriate and perhaps even insufficient, said Narayana Kocherlakota, president of the Minneapolis Fed.

European shares were flat on Friday although the pan-European FTSEurofirst 300 index <.fteu3> remained within sight of two-year highs.

Asian shares and Brent crude futures fell as a pick-up in Chinese inflation prompted profit taking, although an improving outlook for global economies curbed losses.

U.S. stocks rose on Thursday and the S&P 500 <.spx> ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects.

The Dow Jones industrial average <.dji> gained 80.71 points, or 0.60 percent, to 13,471.22. The Standard & Poor's 500 Index rose 11.10 points, or 0.76 percent, to 1,472.12. The Nasdaq Composite Index <.ixic> added 15.95 points, or 0.51 percent, to 3,121.76.

(Reporting by Sudip Kar-Gupta; Editing by Susan Fenton)

Read More..

Auto loan rates for Jan. 10, 2013

• 4.15% (60-month, new car)


• 4.84% (36-month, used car)

Auto loan rates fell a little bit for the second straight week.

Average rates for 60-month and 48-month new-car loans fell 1 basis point to 4.15 percent and 4.07 percent, respectively. A basis point is one-hundredth of 1 percentage point.

For used cars, the average rate on a 36-month loan was down 3 basis points to 4.84 percent.

Automakers showed off a wide variety of new electronic options for car buyers at this week’s annual International Consumer Electronics Show, according to The Detroit News. Demand for such electronics has risen in recent years, with spending expected to reach $ 11.7 billion this year, according to the report.

Yahoo! Finance – Personal Finance | Loans

Title Post: Auto loan rates for Jan. 10, 2013
Url Post: http://www.news.fluser.com/auto-loan-rates-for-jan-10-2013/
Link To Post : Auto loan rates for Jan. 10, 2013
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..

Stock index futures point to second day of gains

LONDON (Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all around 0.2 percent higher at 0920 GMT.

European shares traded in sight of recent multi-month highs, with FTSEurofirst 300 <.fteu3> flat at 1,167.51 points by 0913 GMT <.eu> while Asian markets closed higher, supported by solid Chinese data <.t>.

China's export growth rebounded surprisingly sharply in December to a seven-month high, in a strong finish to the year for an economy that had slowed for seven quarters, but the spike may not herald an enduring recovery as global demand stays subdued.

U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season. The Dow Jones industrial average <.dji> gained 61.66 points, or 0.46 percent, to 13,390.51. The Standard & Poor's 500 Index <.spx> rose 3.87 points, or 0.27 percent, to 1,461.02. The Nasdaq Composite Index <.ixic> gained 14.00 points, or 0.45 percent, to 3,105.81.

The nascent earnings season pauses, with no S&P 500 companies scheduled to report on Thursday.

Casual dining chain Ruby Tuesday Inc lowered the upper end of its full-year adjusted profit forecast after posting a wider-than-expected second-quarter loss. Shares fell after the bell.

U.S. asset manager BlackRock is to buy Swiss bank Credit Suisse's exchange-traded fund business for an undisclosed price.

A relatively thin U.S. data calendar features December trade data at 1330 GMT and budget figures at 1900 GMT.

Both the Bank of England and the European Central Bank are expected to announce on-hold policy ahead of U.S. market open, with the focus for the latter on the 1330 GMT press conference.

(Reporting By Toni Vorobyova; Editing by Catherine Evans)

Read More..

Beware the costly, complicated AMT

Taxes » Income Taxes » Beware The Costly, Complicated AMT

Three letters, AMT, are striking tax fear in the hearts of more and more middle-class filers.

These folks are simply trying to use the tax code, legally, to lower their annual Internal Revenue Service bills. They claim exemptions for eligible dependents, deduct the interest on their mortgage and associated equity loan, and write off the state income taxes they pay. Some of these tax breaks, however, will do them no good under the alternative minimum tax system.

Commonly referred to as the AMT, this tax has its own set of rates (26 percent and 28 percent) and requires a separate computation that could substantially boost your tax bill. Basically, it’s the difference between your regular tax bill, figured using ordinary income tax rates, and your AMT bill, figured by filling out more IRS paperwork. When there’s a difference, you must pay that amount, the AMT, in addition to your regular tax.

The AMT was designed in 1969 to ensure that wealthy taxpayers didn’t use loopholes to escape paying their fair share of taxes. The original target was 155 filers with the then-exorbitant income of $ 200,000 who avoided paying any federal taxes.

Permanent AMT relief

When an AMT payment is required, affected taxpayers could end up paying thousands more in taxes.

That possibility has been a major threat since the alternative tax’s creation because it was not indexed for inflation. Without that annual adjustment, a yearly raise of a few percentage points meant a taxpayer was closer to or even into the income realm that the tax law deemed almost 40 years ago as prime AMT bait.

You could owe AMT if your taxable income in 2012 was more than:

• $ 78,750 for a married couple filing a joint return and surviving spouses.


• $ 50,600 for singles and heads of household.


• $ 39,375 for a married person filing separately.

In past years, Congress bumped up the earnings amounts to keep more middle-income filers from paying more under the AMT system.

And on Jan. 2, 2013, with the enactment of the American Taxpayer Relief Act, the AMT was permanently indexed for inflation.

Calculation insult to tax injury

Adding insult to injury, the AMT’s parallel system demands that taxpayers do more work to pay more in taxes. The effort is required in filing paperwork (the dense, two-page Form 6251, Alternative Minimum Tax — Individuals) and maintenance of separate records for regular and alternative tax purposes.

Even filers who escape actual payment of the higher tax still must do additional work just to learn that they are off the AMT hook.

To help sort through the AMT mess, some taxpayers turn to computer software packages, most of which include AMT computation, or hire professional help. Both choices should help you stay on the IRS’ good side, especially if you owe AMT, or at least put your mind at ease if you don’t.

But the options also will add to the overall cost of calculating your tax bill.

Free help in figuring your AMT

For the last couple of years, the IRS has provided some free AMT calculation assistance.

AMT Assistant is an online tool to help taxpayers determine whether they owe the tax. You just answer a few questions about entries on your draft 1040 and the system does the rest. Based on your entries, the calculator will tell you that either you do not owe the AMT or that you must go further and complete more computations to find out if you owe the AMT.

The AMT Assistant is especially welcome to filers who still do their taxes by hand, because the automated program essentially replaces the tedious work sheet taxpayers are instructed to use to determine if they fall under the AMT.

With the online program, says the IRS, most people will spend only about 10 minutes to find out their AMT fates.

There are a few special instances where a filer will need to take a few extra online steps, such as claiming the foreign tax credit, dealing with disaster-related tax issues or preparing a return for a child. But most taxpayers will need just Form 1040, completed through line 44, (that’s the tax you owe under the regular system), and Schedule A if itemizing.

You don’t have to enter your name, Social Security number or other identifying data. The program, which guides you through a series of question-and-answer pages, only wants the numerical data from your forms.

When you’re finished, it will tell you whether you now have to fill out the AMT form, but it won’t tell you the actual tax damage. You’ll still have to fill out Form 6251 to find out that amount.

AMT starting point

How do you know, without using tax software or the AMT Assistant, if you might be caught in the AMT net? There are some indicators, but it’s not always easy to tell.

The starting point for figuring any AMT is your regular taxable income. This is the stage where the AMT Assistant (or work sheet, if you still insist on doing things by hand) kicks in.

Basically, some of the deductions you claimed to figure your regular tax bill must be added back. These are known as tax-preference items. You also might find a special exemption amount is subtracted. The resulting amount is subject to the alternative tax.

Many of the tax breaks not allowed under the AMT system do affect predominantly wealthy individuals or businesses with complicated tax circumstances. These include incentive stock options, intangible drilling costs, tax-exempt interest from certain private activity bonds, and depletion and accelerated depreciation on certain leased personal or real property.

Common tax breaks disallowed

The AMT also rejects or reduces many common tax breaks used every year by individual taxpayers to lower their IRS bills.

For example, under the AMT, you cannot deduct state and local taxes. This is a major blow to many filers, because most states collect income taxes and all jurisdictions have some type of levy that generally can be counted against a federal tax bill.

Medical costs are still allowed, but the AMT requires they exceed at least 10 percent of your adjusted gross income rather than the 7.5 percent threshold of the regular tax system for tax year 2012. In 2013, as part of health care reform the allowable medical deduction threshold amount for regular tax and AMT will be 10 percent of AGI.

Miscellaneous itemized deductions, although limited under the regular tax system, are disallowed under the AMT. Even large families can be hit. If your personal exemption total is big, look out.

Own a home? Some cherished home-related tax breaks take an AMT hit. While mortgage interest on your main and second home is still AMT-deductible, home equity loan interest is restricted. It can’t be deducted unless the money is used solely to pay for home improvements. Your home’s property taxes also are disallowed as deductions under the AMT.

Other commonly claimed credits also technically affect AMT calculations, such as those for dependent care and education costs. However, for the last few years the congressional AMT patch has allowed AMT taxpayers to continue to count these in their calculations.

Once you add back these AMT disallowances and run the numbers, you might be subject to a bigger IRS bill if your taxable income exceeds the annual exemption amount for your filing status.

If you find you must pay the AMT, the extra money you owe, along with the added paperwork hassle, is never welcome. But dealing with it now is better than the alternative: letting the IRS discover that you should have paid it. When Uncle Sam comes asking for back taxes, he wants interest and penalties, too.

More From Bankrate.com

Yahoo! Finance – Personal Finance

Title Post: Beware the costly, complicated AMT
Url Post: http://www.news.fluser.com/beware-the-costly-complicated-amt/
Link To Post : Beware the costly, complicated AMT
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..

Global shares buoyed by Alcoa earnings, dollar gains on yen

LONDON (Reuters) - World shares staged a modest recovery from two days of losses on Wednesday after aluminum giant Alcoa opened the U.S. earnings season with an optimistic outlook for world demand.

However, with European and British central banks due to hold policy meetings on Thursday, the same day Spain will test demand for its debt and China releases its latest trade data, investors were in a cautious mood.

Alcoa, the largest aluminum producer in the United States, rose 1.3 percent in after-hours trade after it reported a fourth-quarter profit in line with Wall Street expectations and revenues that beat forecasts.

The results lifted Asian stock markets and pushed Europe's FTSE Eurofirst 300 index <.fteu3> up around 0.2 percent in early trade, leaving the MSCI world equity index <.miwd00000pus> up 0.1 percent. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were flat to 0.2 percent higher.

U.S. stock futures were up 0.15 percent, suggesting a firmer start on Wall Street. <.l><.eu><.n/>

Corporate profits are expected to be higher than the third quarter's lackluster results, but analysts' estimates are down sharply from where they were in October.

"Expectations are quite low going into the earnings season as we saw a lot of downward guidance in the past few months. There is potential for an upside surprise to come through," said Robert Parkes, equity strategist at HSBC Securities.

SOVEREIGN DEBT TEST

In European fixed income markets German Bund prices dipped slightly as investors prepared for the government's auction of 5 billion euros' worth of new five-year bonds following successful debt sales in Austria, the Netherlands and Ireland on Tuesday.

Investors were also looking ahead to Spanish and Italian bond auctions on Thursday for the new year's first test of market appetite for peripheral euro zone debt.

The Spanish auction could also provide clues on the timing of a much anticipated request by Madrid for fresh financial aid from the ECB. [ID:nL5E9C46KK]

The dollar meanwhile climbed against the yen, moving back towards a 2-1/2 year high hit last week, on expectations of a much bolder monetary easing from the Bank of Japan at its next meeting later this month.

The U.S. currency was up 0.7 percent at 87.61 yen, above a near one-week low of 86.82 hit earlier in Tokyo.

"No one is going to want to be short yen going into the BOJ meeting," said Derek Halpenny, European head of FX research at Bank of Tokyo-Mitsubishi.

Sources familiar with the BOJ's thinking told Reuters the central bank was likely to adopt a 2 percent inflation target at the meeting, double its current goal, and issue a statement with the government pledging to pursue bold monetary easing steps.

The BOJ will also consider easing monetary policy again this month, probably through a further increase in its 101 trillion yen ($1.2 trillion) asset buying and lending programme, the sources said.

The euro held steady against the dollar at $1.3080, with most analysts forecasting the European Central Bank will keep interest rates on hold on Thursday, though some believe rates will be cut later this year.

CHINA DEMAND EYED

Brent crude oil slipped around 0.3 percent to below $112 per barrel as the market awaited the latest trade data from China, the world's biggest energy consumer, due on Thursday.

"What we're seeing in the oil markets is the cautious sentiment playing up ahead of some key economic events this week," said Ker Chung Yang, senior investment analyst at Phillips Futures in Singapore.

However, iron ore jumped to its highest since October 2011, stretching a rally that has lifted prices by more than a third since December as China replenished stockpiles and as supply in the spot market remained limited.

Iron ore, a raw material used to make steel, has now risen 83 percent since falling to below $87 in September.

(Additional reporting by Nia Williams and Atul Prakash; Editing by Will Waterman)

Read More..

Medistem Inc. Appoints Biotechnology Veteran John Chiplin, Ph.D. to Board of Directors

SAN DIEGO, CA–(Marketwire – Jan 8, 2013) – Medistem Inc. ( PINKSHEETS : MEDS ), announced today that John Chiplin, Ph.D., has been elected to its Board of Directors. Dr. Chiplin has over 25 years of experience as a biopharmaceutical executive and is currently CEO of Polynoma, a Phase III cancer vaccine company. Dr. Chiplin is also on the Board of Directors of Benitec, an RNA interference company with which Medistem has authored two peer-reviewed scientific publications. Dr. Chiplin’s appointment expands the number of Medistem board members to six.

“To my knowledge Medistem is the only company in the history of cell therapy to take a cell from discovery to FDA clearance and clinical trials in the span of 4 years,” said Dr. Chiplin. “I believe Medistem has an outstanding management team and have watched with great interest the company’s evolution. I believe the company is well positioned to transform the stem cell industry and I look forward to helping shape the company’s future as a member of the board.”

Dr. Chiplin has broad-based experience in the life science and technology industries in both leadership and investment roles. Prior to Polynoma, Dr. Chiplin was founding CEO of Arana Therapeutics, a new generation antibody developer and a board member of Domantis, Inc., prior to the acquisition of these companies by Cephalon ($ 329 million) and GSK ($ 458 million), respectively. Prior to founding Arana, Dr. Chiplin was Managing Director of U.K. based ITI Life Sciences investment Fund. Dr. Chiplin holds Pharmacy and Doctoral degrees from the University of Nottingham, UK.

“We are delighted to have John join our board. The combination of scientific and business acumen, as well as practical knowledge of biotherapeutic development that John possesses is an extremely rare combination,” said Alan Lewis, Ph.D., CEO of Medistem. “John has been involved in several successful exits, we are looking forward to synergizing with his talents at optimizing the value of our universal donor stem cell product.”

About Medistem Inc.

Medistem Inc., is focused on the development of the Endometrial Regenerative Cell (ERC), a universal donor adult stem cell product. ERCs possess specialized abilities to stimulate new blood vessel growth and can differentiate into lung, liver, heart, brain, bone, cartilage, fat and pancreatic tissue. These unique properties have applications for treatment of critical limb ischemia (CLI), congestive heart failure (CHF), neurodegenerative diseases, liver failure, kidney failure, and diabetes. ERCs have been cleared by the FDA to begin studies in the United States.

Certain statements herein may be forward-looking and involve risks and uncertainties. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medistem Inc. These can be identified by the use of forward‐looking words, such as “believes,” “expects,” “may,” “intends,” “anticipates,” “plans,” “estimates,” or any other analogous or similar expressions intended to identify forward‐looking statements. These forward‐looking statements and estimates as to future performance, estimates, and other statements contained herein regarding matters that are not historical facts, are only predictions and actual events or results may differ materially. We cannot assure or guarantee that any future results described in this presentation will be achieved, and actual results could differ materially as a result of a variety of factors, including the risks associated with the effect of changing economic conditions and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Marketwire News Archive – Yahoo! Finance

Read More..

Stock index futures signal lower Wall Street open

LONDON (Reuters) - U.S. stock index futures pointed to a slightly lower Wall Street open on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 down 0.1 to 0.3 percent.

Alcoa and Monsanto are two of the first large companies to report quarterly results as the earnings season begins. Wall Street expects both the companies to show improved profit from a year ago.

ICSC/Goldman Sachs release chain store sales for the week ended January 5 at 1245 GMT. In the previous week, sales rose 0.6 percent.

Samsung Electronics said it likely earned a quarterly profit of $8.3 billion as it sold close to 500 handsets a minute and as demand picked up for the flat screens it makes for mobile devices, including those for rival Apple Inc products.

Redbook releases its Retail Sales Index of department and chain store sales for January at 1355 GMT. In the previous month, sales rose 0.1 percent.

Sears Holdings Corp said late on Monday Chief Executive Louis D'Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.

National Federation of Independent Business releases small business optimism index for December at 1230 GMT. In the previous month, the index read 87.5.

The FTSEurofirst 300 <.fteu3> index of top European shares turned flat in morning session on Tuesday after opening lower, with gains in telecom stocks offsetting declines in financial and mining shares.

U.S. stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.

The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.

(Reporting by Atul Prakash; Editing by Alistair Lyon)

Read More..

StrataFusion Announces Mark Egan, Former VMware CIO, to Lead IT Transformation Practice

LOS GATOS, CA–(Marketwire – January 07, 2013) -  StrataFusion, one of the premier business consulting and technology services firms, announced today that Mark Egan has joined as a Partner. In this role, Mark will report to CEO Ken Crafford and lead the IT Transformation and Information Security consulting practices. Before joining StrataFusion, Mark most recently served as CIO of VMware where he supported the company transformation from a server virtualization vendor with $ 2 billion in revenue to a $ 5 billion market leader of cloud solutions. Prior to VMware during his 6 years as CIO at Symantec, Mark’s leadership in IT was instrumental in supporting the company’s transformation from a $ 600 million consumer software publisher to a $ 5 billion market leader of enterprise security solutions.

“Mark brings a wealth of IT operational and CIO experience to StrataFusion,” said Ken Crafford, StrataFusion’s Chief Executive Officer. ”The technology industry is going through a major transformation today and we are pleased to have Mark lead our new consulting practice that will assist our clients in taking advantage of cloud, mobile, social, and big data technology to accelerate their business. StrataFusion has a long track record of delivering value-added services to our clients and we are excited about these new service offerings.”

“StrataFusion’s Partners have a long-standing reputation for high quality advisory services and are uniquely positioned to provide specialized transformational client services,” said Egan. “I look forward to executing a focused strategy which will lead to substantial growth in these new practice areas.” For more information about StrataFusion’s IT Transformation and Information Security consulting practices, please visit http://www.stratafusion.com/our-practice-areas/.

About StrataFusion
StrataFusion is a boutique management consulting and technology services firm providing high-end technology consulting and “CIO for Hire” services. StrataFusion has a unique model of CIO experts and Executive operational advisors that help top management solve their most challenging business problems. StrataFusion’s Partners, Principals, and management consultants have combined empirical data, industry best practices, and analytical models to create a competitive advantage for our Fortune 500 and mid-market clients. Our proprietary methodologies and tools have been refined to help organizations reduce project complexities and accelerate investment returns. 

Marketwire News Archive – Yahoo! Finance

Read More..

Global shares, oil fall, but growth prospects limit falls

LONDON (Reuters) - World stocks and oil prices eased on Monday as some investors booked profits after last week's strong rally, but signs of a brightening global economic growth outlook limited the falls.

Data from the United States on Friday showed employers kept up a steady pace of hiring in December and its vast services sector was expanding at a brisk rate, while manufacturing surveys last week pointed to a pick up in China.

This compounded the boost to markets from the last-minute deal to avert a U.S. fiscal crisis reached at the start of the year, at least for the moment.

"Overall, the market's positive trend is still intact," said Lionel Jardin, head of institutional sales at Assya Capital in Paris. "The (stock) market is ripe for a pause, but with so much cash on the sidelines, there are a lot of buyers showing up each time we have a dip."

After touching a 22-month peak last week, the FTSE Eurofirst <.fteu3> index of top European shares was down 0.2 percent at 1,164 points. The UK's FTSE 100 index <.ftse> was down 0.25 percent, Germany's DAX index <.gdaxi> fell 0.4 percent, and France's CAC 40 <.fchi> eased 0.5 percent.

Asia-Pacific shares outside Japan <.miapj0000pus>, which reached their highest levels since August 2011 on Thursday, eased 0.1 percent, while Tokyo's Nikkei share average <.n225> ended down 0.8 percent, just below a 23-month high.

MSCI's broad world equity index <.miwd00000pus> had dipped 0.1 percent but wasn't far from an 18-month peak scaled when investors returned to the market after an immediate U.S. fiscal crisis was averted.

Financial shares outperformed the broader market after global regulators agreed to give banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help economies grow.

The STOXX 600 European banking index <.sx7p> was up by 1.5 percent to 172.58 points.

"The move gives the banking sector some breathing space, which would be good for the economy as a whole," said Koen De Leus, senior economist at KBC Group.

U.S. stock index futures point to a weaker open on Wall Street later as buyers take a breather after they pushed the benchmark Standard & Poor's 500 index <.spx> to a five-year high on Friday in the wake of the jobs report. <.n/>

Brent crude oil futures slipped 40 cents to $110.89 per barrel after rising 0.6 percent last week.

ECB LOOMS

Investors were beginning to look to the first policy meetings of the year at the European Central Bank and Bank of England on Thursday, when no rate moves are expected but new euro zone forecasts are due.

Some analysts expect the ECB to point to the prospect of easier rates early this year, a week after the U.S. Federal Reserve indicated it may pursue less accommodative policies in future. The Bank of Japan is also expected to take major steps to stimulate the country's economy later this month as the new government aims to end deflation and recession.

The possibility of less monetary stimulus in 2013 from the Fed and more from the BOJ sent the dollar to a two-and-a-half year peak against the yen last week. However, profit taking saw it pull back on Monday by 0.5 percent to 87.75 yen.

The euro eased 0.2 percent to $1.3040 but was trading above a three-week low of $1.2998 hit on Friday. Analysts said it could stay around these levels until the ECB meeting.

DEBT STEADIES

In the European bond markets, investors scooped up German government bonds after their steep falls last week as expectations changed over the Fed's next move.

Ten-year German cash yields were 2.2 basis points lower on the day at 1.523 percent. Other euro zone bond yields were steady to slightly higher as traders awaited debt auctions by Spain and Italy later in the week.

U.S. Treasury 10-year notes were mostly steady at 1.90 percent after reaching 1.975 percent on Friday in a sell-off fuelled by the expectations of less easy monetary policy this year.

Further moves are likely to be limited due to sales of three-year notes on Tuesday, 10-year notes on Wednesday and 30-year bonds on Thursday.

Gold was off its lows of last week but in line with equities and oil had eased slightly. Spot gold was down 0.15 percent $1,653.50 an ounce though above Friday's $1,625.79, its lowest price since August.

(Additional reporting by Blaise Robinson and Atul Prakash,; editing by David Stamp)

Read More..

Sudan, South Sudan agree to implement oil deal

ADDIS ABABA, Ethiopia (AP) — The presidents of Sudan and South Sudan agreed Saturday to the unconditional and speedy implementation of deals reached in September to demilitarize their shared borders and allow oil exports to flow from South Sudan’s oil fields north through Sudan’s pipelines, an African Union official said.

Sudan President Omar al-Bashir and South Sudan President Salva Kiir met on Friday and Saturday in Ethiopia’s capital to revive a stalled oil exportation deal that has lagged for months over disputes on the setup of security arrangements in the border regions.

AU mediator Thabo Mbeki told reporters late Saturday that the two presidents agreed to the “speedy, unconditional and coordinated” implementation of the agreements.

“We are very, very pleased indeed with the outcome of this because it has indeed opened the way for the implementation of all of these various agreements,” said Mbeki. “They have also agreed that action should be taken immediately, as soon as possible, to implement all the existing agreements unconditionally.”

AU mediators will present officials of the two sides the timetable for oil exports and the withdrawal of military forces from border areas. The schedule will be ready by Jan. 13, Mbeki said.

“The presidents agreed that steps should be taken without any further delay to demarcate those parts of the border which have been agreed,” said Mbeki.

Ethiopian Prime Minister Hailemariam Desalegn hailed the two leaders’ agreements. Hailemariam last week went to both capitals to help move the process forward. The two sides fought a decades-long war and still don’t trust each other. South Sudan alleged that Sudan carried out attacks against its territory even when Hailemariam was in the Sudanese capital Khartoum.

The two sides are still at odds over some disputed areas, including the contested Abyei region.

South Sudan chief negotiator Pagan Amum on Friday said that in case of disagreements over the recommendation of the mediators, his country is proposing to go to binding international arbitration. There was no agreement on the issue during the summit and AU officials say how the two sides would proceed in such events remains open ended.

South Sudan held a vote and broke away from Sudan in 2011. South Sudan was pumping its oil through Sudan’s pipelines up until early 2012, when it accused Sudan of stealing its oil. That decision has crippled government budgets in both countries.

International News and Information on Yahoo! Finance

Title Post: Sudan, South Sudan agree to implement oil deal
Url Post: http://www.news.fluser.com/sudan-south-sudan-agree-to-implement-oil-deal/
Link To Post : Sudan, South Sudan agree to implement oil deal
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..

"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.

Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.

That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.

Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.

In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.

"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.

Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.

U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.

Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.

"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.

Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.

REVENUE WORRIES

One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.

S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.

On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.

For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.

Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.

In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.

"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.

Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.

Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.

(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)

Read More..

Primary Petroleum Completes Phase I Exploration Program on its Southern Alberta Basin Prospect in NW Montana

Read More..

Mediocre job growth points to slow grind for U.S. economy

WASHINGTON (Reuters) - The pace of U.S. job growth slowed a bit in December, keeping the unemployment rate steady at 7.8 percent, but details of the Labor Department's U.S. employment report were fairly encouraging.

* Nonfarm payrolls increased 155,000, but job gains for the previous month were revised up to show 15,0000 more positions created than previously reported.

* Construction employment rebounded strongly, gaining 30,000 jobs after sagging 10,000 in November, reflecting increased residential construction activity as the housing market recovery gains traction.

* Manufacturing payrolls gained 25,000 after rising 5,000 in November. Manufacturing working hours increased, a positive sign for a sector that has been cooling in recent months. That helped to lift the overall average workweek to 34.5 hours from 34.4 hours in November.

* With workers putting in more time, the average hourly earnings increased 0.3 percent after rising by the same margin in November.

* More people entered the labor force, a sign of confidence in the jobs market, keeping the unemployment rate elevated. The household survey also showed a modest increase in employment, but more people reported they did not have jobs.

* The bad news is that government shed 13,000 jobs in December after a loss of 10,000 the prior month.

* Temporary help jobs, often seen as a harbinger for permanent hiring, fell in December and retail employment declined by 11,300 jobs after a hiring spree the previous months.

(Reporting By Lucia Mutikani)

Read More..

Grantham University Named Top University for Veterans

KANSAS CITY, MO–(Marketwire – Jan 4, 2013) – For the third year in a row, Grantham University, an online university dedicated to providing educational opportunities to working adults, has been named a top university for veterans by Military Times EDGE.

In the midst of a competitive field of 650 higher learning institutions, Grantham University ranked among the top twenty online educational institutions for veterans. Learning institutions were evaluated on their performance against twelve criteria, which included presence of a veteran’s office and veteran-specific staff and academic support.

“It is an honor to be recognized by Military Times EDGE for our work with veterans and to be associated with such a fine group of colleges and universities as a ‘Best for Vets’ program,” said Dr. Jeffrey Cropsey, Grantham’s vice president for strategic initiatives. “We have worked hard to meet the educational needs of our nation’s veterans, service members and their families for more than six decades. Our commitment to the future success of our nation’s finest is one of our greatest strengths.”

Grantham University received 3.5 out of 4 stars for its high quality veterans staff. Students receive one-on-one support in the form of a student advisor who is there to answer questions and provide motivation and encouragement. Its Veterans Services department provides guidance related to VA education benefits. Faculty is trained in military culture, adult learning strategies and online best practices.

As part of its ongoing commitment to military and veteran students, Grantham University is heavily involved in the Association of Private Sector Colleges and Universities (APSCU) Blue Ribbon Taskforce for Military and Veterans Education with Dr. Cropsey serving as co-chair. The group is comprised of key veteran service organizations, institutional leaders and representatives from military and veteran organizations. Its goal is to develop a series of best practices for veterans education to be used by all colleges and universities.

“The mission of the taskforce is to ensure that our veterans, service members, and their families are provided with the quality education they deserve at every institution of higher education,” said Dr. Cropsey. ”We believe that by working together, this task force can develop actionable ideas on how we might better serve those who have served us.”

For more information about Grantham University and its online degree programs, visit: www.grantham.edu or call 1-800-955-2527.

About Grantham University:
Established in 1951, Grantham University is a private institution that specializes in online education for the working adult student. Its mission is to provide accessible, affordable, professionally relevant degree programs in a continuously changing global society. Grantham’s courses are 100% online, allowing students to study at home, at work, on Temporary Duty (TDY) or from almost anywhere in the world. Accredited since 1961 by the Accrediting Commission of the Distance Education and Training Council, Grantham University has compiled a distinguished record as a respected and accredited distance learning university spanning six decades of service to education.

Marketwire News Archive – Yahoo! Finance

Title Post: Grantham University Named Top University for Veterans
Url Post: http://www.news.fluser.com/grantham-university-named-top-university-for-veterans/
Link To Post : Grantham University Named Top University for Veterans
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..

Global shares, oil slip on Fed stimulus nerves

LONDON (Reuters) - World shares edged lower and the dollar rose before U.S. jobs data on Friday which investors will watch even more closely than usual after Fed officials raised concerns about possible side effects of its stimulus program.

Minutes from the Federal Reserve's December policy meeting unsettled financial markets on Thursday after they showed some policymakers were worried about the program's longer-term impact.

Fed bond-buying has underpinned appetite for risk and the comments reopened debate on how much longer the central bank will keep stimulating the U.S. economy, unnerving investors before the U.S. employment figures.

European shares echoed their Asian peers to edge lower. But following a sharp jump on Wednesday after the United States edged back from the "fiscal cliff" budget crisis, they were on track for weekly gains of almost 2.7 percent.

Tentative signs that the euro zone economy may have passed the worst of its downturn also helped to restrict the moves.

Markit's Euro zone Composite PMI, which gauges business activity across thousands of the region's companies, rose in December to 47.2 from 46.5 in November - below the 50 line which divides growth from contraction but at its highest level since March last year.

"The surveys at least bring some substance to the belief that the worst is over and that a return to growth is in sight for the region in 2013," said Chris Williamson, chief economist at Markit.

London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were down 0.1-0.5 percent by mid-morning, while the MSCI index of world shares was just over 0.2 percent lower at 345.85.

Wall Street was expected to open slightly higher though, with S&P 500 futures up 0.1 percent and contracts for the Dow Jones and the Nasdaq 100 up 0.2 percent.

U.S. stocks will largely depend on the non-farm payrolls report due at 8:30 a.m. ET and any clues it gives on the health of the U.S. and global economies.

Analysts polled by Reuters expect a 150,000 rise in jobs, with unemployment holding steady at 7.7 percent. However, after a better-than-expected ADP employment report on Thursday, many may now be betting on an above-consensus jobs number.

"The Fed has made it clear that it will keep policy loose until unemployment drops to 6.5 percent or below, so strong jobs data will undoubtedly raise expectations of a more hawkish Fed," analysts at Tradition brokerage said in a note.

CORE WEAKNESS

The Fed's concerns about the longer-term impact of its policies gave fresh momentum to the recent slide by low-risk bonds including U.S. and German debt.

Bund futures slipped almost half a point to 143.12, having already fallen steeply from last week's close of 145.64.

Benchmark U.S. Treasury yields continued their climb, hitting an eight-month high of 1.96 percent, while in Asia, 10-year Japanese government bond yields touched a 3-1/2-month high of 0.83 percent.

In the currency market, the dollar hit its highest level against the yen since July 2010 at 87.835 while the euro fell to a three-week low of $1.3006. The dollar <.dxy> also touched a six-week high against a basket of currencies.

"We have seen quite a broad-based dollar rally after the minutes which has ignited a fresh debate about how much liquidity the Fed is going to pump into the economy," said Daragh Maher, FX strategist at HSBC.

The yen has fallen in recent weeks as investors bet the new government will push the Bank of Japan to weaken the currency by implementing aggressive economic stimulus.

"Breaking through 88 in dollar/yen is a significant move. It was a target for a number of people in the market and the question is now whether we have a mindset of taking profit or we look to extend," added Maher.

The dollar's recent climb makes dollar-based assets more expensive for non-dollar investors and this hit precious metals and oil.

Brent crude shed 0.6 percent to $111.47 a barrel while gold fell 1 percent to $1,645, dragging silver down more than 2 percent to $29.48.

(Additional reporting by William James and Anooja Debnath; editing by David Stamp)

Read More..

Auto loan rates for Jan. 3, 2013

• 4.16% (60-month, new car)


• 4.87% (36-month, used car)

Auto loan rates are down slightly this week.

Average rates for 60-month and 48-month new-car loans fell 1 basis point to 4.16 percent and 4.08 percent, respectively. A basis point is one-hundredth of 1 percentage point.

For used cars, the average rate on a 36-month loan fell 2 basis points to 4.87 percent.

This week, Avis announced plans to buy Zipcar, the nation’s largest car-sharing service, for $ 491.2 million. Under the terms of the deal, Zipcar, which opened its doors in 2000 and has 760,000 members nationwide, will become a subsidiary of the car rental giant. Unlike traditional car rental agencies, which typically rent their cars out by the day, car-sharing services such as Zipcar typically rent vehicles out on an hourly basis.

Yahoo! Finance – Personal Finance | Loans

Title Post: Auto loan rates for Jan. 3, 2013
Url Post: http://www.news.fluser.com/auto-loan-rates-for-jan-3-2013/
Link To Post : Auto loan rates for Jan. 3, 2013
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..

Asia stocks eke out gains on China hopes, oil eases

HONG KONG (Reuters) - Most Asian stock markets edged higher on Thursday on hopes of a steady economic revival in China, although oil gave back part of the previous session's strong gains as investors took some money off the table and braced for more U.S. budget battles.

The MSCI Asia Pacific ex-Japan index of stocks <.miapj0000pus> rose 0.2 percent following Wednesday's 2 percent jump on relief that U.S. politicians had averted the "fiscal cliff".

Data from China showing the services sector expanded in December continued to underpin expectations of an economic recovery that has helped spur a strong rally in Hong Kong-listed Chinese shares <.hsce> over the past month.

The China Enterprises index <.hsce> which rallied more than 4 percent in the previous session eased 0.2 percent. Onshore Chinese markets will resume trading on Friday.

"China looks like it's improving at the margin and the market has momentum that could last for at least a few months," said Christian Keilland, head of trading at BTIG in Hong Kong.

"Investors seem to have accepted that reforms are underway but they're going to happen at a slower pace."

Australian stocks <.axjo> rose 0.7 percent to their highest in more than 19 months, with mining giants Rio Tinto up 2.4 percent and BHP Billiton up 0.8 percent, among the top gainers on the benchmark S&P ASX/200 index. <.axjo/>

South Korea's Kospi <.ks11> underperformed the region, falling 0.4 percent as automakers and other exporters slumped on a stronger Korean won, which hit a 16-month high against the dollar overnight.

In other currency markets, the Japanese yen bounced after hitting a 29-month low versus the dollar earlier in the day but analysts warned that any strength is likely to be short-lived.

"Technically dollar/yen looks somewhat overbought here. It's gone a long way in a very short time," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore, adding that the dollar could see some consolidation in the near term before heading higher.

The euro which in overnight trading was close to a 8-1/2 month high against the dollar, slipped 0.1 percent.

The U.S. dollar rose 0.2 percent <.dxy> against a basket of major currencies.

President Barack Obama and congressional Republicans face even bigger budget battles in the next two months after a hard-fought deal averted the fiscal cliff of automatic tightening that threatened to push the U.S. into recession.

Strength in the dollar and profit-taking pushed oil prices lower with Brent crude slipping 0.3 percent and U.S. crude futures down 19 cents to $92.93.

"After the initial excitement, reality sets in," said Victor Shum, oil consultant at IHS Purvin & Gertz. "There will be other negotiations and the deal is a compromise."

(Reporting by Vikram Subhedar; Editing by Kim Coghill and Eric Meijer)

Read More..