Business News | Business News Headlines | Business Daily News - Yahoo! Maktoob News

Merck signs $5 billion share buyback agreement with Goldman Sachs

Wed, 22 May 2013 09:07:27 +0300

(Reuters) - Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics. Under the accelerated share repurchase agreement (ASR), Merck has agreed to repurchase about 99.5 million shares from Goldman Sachs based on current market prices. ...

Rupee falls for fourth day on weak equities, importer demand

Wed, 22 May 2013 14:43:44 +0300

By Subhadip Sircar MUMBAI (Reuters) - The rupee fell for a fourth successive session on Wednesday to mark its longest losing streak in over three months, hurt by dollar demand from oil refiners and a late fall in equities. The rupee's fall comes despite strong foreign flows into stocks and debt markets this year, as concerns about the current account deficit have revived after data earlier this month showed a spike in the April trade deficit. Global dollar strength has also hit the rupee. ...

Gold gains on U.S. stimulus hopes; Bernanke eyed

Wed, 22 May 2013 10:23:28 +0300

By A. Ananthalakshmi SINGAPORE (Reuters) - Gold rose on Wednesday on strong Chinese demand and after Federal Reserve officials allayed investor concerns that the U.S. central bank will soon exit its bullion-friendly bond purchases. Gold has been pressured in recent weeks by fears the Fed could scale back or halt its monthly $85 billion bond purchases that have buoyed bullion's appeal as a hedge against inflation. Spot gold rose 0.2 percent to $1,378.29 an ounce by 0628 GMT, but remains not far off a two-year low of $1,321.35 reached during a sell-off last month. ...

Sony to assess spin-off plan; cuts targets for cameras, smartphones

Wed, 22 May 2013 10:30:31 +0300

By Tim Kelly TOKYO (Reuters) - Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13-17 percent for the year to end-March 2015, but said there were "encouraging" ...

How Baby Boomers Take Jobs From Younger Workers

Tue, 21 May 2013 00:42:10 +0300

As the Class of 2013 migrates into the labor market, many fresh college grads will be startled by the lack of jobs. They might want to ask their grandparents if they know anything about that. The lean labor market has … Continue reading →

Nikkei rises 0.9 percent in turbulent session

Fri, 24 May 2013 09:18:08 +0300

TOKYO (Reuters) - The Nikkei share average rose on Friday in turbulent trade, stablising somewhat after a 7.3 percent dive in the previous session, but the extreme volatility and worries the bull-run may be running out of steam sidelined most buyers. The Nikkei rose 0.9 percent to 14,612.45 after dropping as much as 3.5 percent to 13,981.52 in the afternoon. In morning trade, it rose as high as 15,007.50, as investors picked up some of the beaten-down stocks after the market's largest one-day drop in two years on Thursday. The broader Topix gained 0.5 percent to 1,194.08. ...

India's HPCL to buy up to 40,000 bpd of Basra from Total

Fri, 24 May 2013 09:17:22 +0300

NEW DELHI, May 22 (Reuters) - Hindustan Petroleum Corp will buy up to 40,000 barrels per day (bpd) of Basralight oil from France's Total at a discount to theofficial selling price, said a source at the Indian firm. HPCL will lift 15,000 bpd of the Iraqi oil with an option tobuy another 25,000 bpd, said the source, who declined to benamed as he is not authorised to speak to media. He said that the deal was signed in the first week of May,but declined to give details on pricing. ...

Private consumption helps Germany to meagre growth in first-quarter

Fri, 24 May 2013 09:11:15 +0300

Berlin (Reuters) - Private consumption helped Germany eke out meagre economic growth of 0.1 in the first quarter of the year, compensating for declines in exports and investment in Europe's largest economy, data showed on Friday. The seasonally adjusted data from the Federal Statistics Office confirmed an earlier flash estimate showing Germany's gross domestic product (GDP) rose by 0.1 percent on the quarter and shrank by 1.4 percent on the year in the first quarter. Private consumption added 0.4 percentage points to GDP in the first quarter, while gross capital investment deducted 0. ...

Australia economy strong despite end to Ford production: PM

Fri, 24 May 2013 08:53:20 +0300

Australian Prime Minister Julia Gillard moved to allay fears about the economy on Friday saying it had strong fundamentals, after US carmaker Ford announced an end to production in the country.

Russia's top social network blacklisted by regulator

Fri, 24 May 2013 09:29:54 +0300

MOSCOW (Reuters) - Russia's top online social network was banned on Friday from distributing content across the country, raising concerns of a clampdown on a forum used by President Vladimir Putin's opponents to organise protests. The ban on VKontakte follows more than a month of pressure on the company and its founder, Pavel Durov, who has drawn comparisons with Facebook's Mark Zuckerberg for building an online network with 210 million registered users. ...

Japan's Nikkei turns positive in volatile trade

Fri, 24 May 2013 08:46:58 +0300

TOKYO (Reuters) - Japan's Nikkei stock average turned positive in a volatile session on Friday afternoon after the previous session's 7.3 percent plunge. The Nikkei was up 1 percent at 14,626.91 by 0543 GMT after shedding as much as 3.5 percent at one point earlier in the afternoon. The benchmark ended the morning session 2.7 percent higher. The broader Topix index gained 1.2 percent at 1,202.97. (Reporting by Dominic Lau; Editing by Kim Coghill)

Sun Pharma falls after unit's earnings disappoint

Fri, 24 May 2013 08:33:07 +0300

Reuters Market Eye - Shares in Sun Pharmaceutical Industries Ltd fall 3 percent after its unit Taro Pharmaceutical Industries Ltd posted a lower-than-expected January-March net profit, dealers say. New York-listed Taro said quarterly net profit rose to $49.2 million from $47.3 million a year earlier. Earnings were impacted by settlements and loss contingencies of $22 million, which the company said was "related to certain price reporting litigation". Taro did not provide more specifics about the litigation in a statement that came overnight India time. (Reporting by Abhishek Vishnoi)

Asian stocks shaky, Nikkei still seen vulnerable

Fri, 24 May 2013 08:16:25 +0300

By Ian Chua SYDNEY (Reuters) - Japanese stocks turned negative on Friday and the yen reversed early losses, keeping intact worries that the Nikkei's largest one-day drop in two years may be the start of a bigger rout. In a sign that many are still spooked by Thursday's eye-watering 7.3 percent Nikkei drop, share markets elsewhere in Asia extended their decline to a fresh one-month low. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.6 percent, extending Thursday's 2.2 percent fall. Australian shares underperformed the region, falling 1.9 percent. "There's a lot of ...

U.S. drone guidelines could reduce 'signature strikes'

Fri, 24 May 2013 08:13:49 +0300

By Tabassum Zakaria and Mark Hosenball WASHINGTON (Reuters) - New U.S. guidelines for conducting armed drone operations overseas set a higher bar for attacking non-Americans and could reduce controversial "signature strikes" targeted at suspicious groups rather than individuals. But the drone guidelines announced by President Barack Obama on Thursday still include vague language and loopholes that officials could use to conduct more expansive operations. ...

Obama seeks end to perpetual U.S. 'war on terror'

Fri, 24 May 2013 08:13:49 +0300

By Matt Spetalnick and Warren Strobel WASHINGTON (Reuters) - Twelve years after the "war on terror" began, President Barack Obama wants to pull the United States back from some of the most controversial aspects of its global fight against Islamist militants. In a major policy speech on Thursday, Obama narrowed the scope of the targeted-killing drone campaign against al Qaeda and its allies and took steps toward closing the Guantanamo Bay military prison in Cuba. He acknowledged the past use of "torture" in U.S. ...

Tata Steel surges; Q4 operating profit beats f'cast

Fri, 24 May 2013 08:06:37 +0300

MUMBAI (Reuters) - Tata Steel Ltd shares rose as much as 6.65 percent on Friday after its January-March quarterly operating profit beat analyst estimates. Brokerage IDFC estimated Tata Steel posted an adjusted standalone operating profit of 33 billion rupees in the previous quarter, compared to its forecast of 27.6 billion rupees. Tata Steel shares gained even as it posted a bigger-than-expected net loss, following a writedown. Shares at the steel maker were up 2.8 percent as of 10.36 a.m. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

Bridge collapses in Washington state, sending cars into river

Fri, 24 May 2013 07:54:00 +0300

By Jonathan Kaminsky OLYMPIA, Washington (Reuters) - Part of a four-lane freeway bridge over a river in a rural area north of Seattle collapsed on Thursday, sending vehicles and people into the frigid water below, authorities said. The collapse on Interstate 5 over the Skagit River happened at about 7 p.m. local time between the towns of Mount Vernon and Burlington, 55 miles (90 km) north of Seattle, Washington State Patrol spokesman Trooper Mark Francis said. "I've got reports of vehicles and people in the water," Francis said. He added that he did not know if anyone was injured. ...

Oil prices set for biggest weekly loss in five

Fri, 24 May 2013 07:41:21 +0300

* Shrinking factory activity in China limits oil demandgrowth * Rosy U.S. economic data raise worries Fed may end stimulussoon * Gasoline demand over U.S. summer driving season maydisappoint * Coming up: Germany detailed Q1 GDP; 0600 GMT (Adds quote, updates prices) By Florence Tan SINGAPORE, May 24 (Reuters) - Crude futures are set to posttheir biggest weekly loss in five weeks, with Brent edging downtoward $102 per barrel on Friday, as ample supply and a slowglobal economic recovery fuelled worries that demand for oilwould be hit. ...

Wockhardt slumps for second day on U.S. FDA import alert

Fri, 24 May 2013 07:25:47 +0300

MUMBAI (Reuters) - Shares in Wockhardt Ltd plummeted as much as 19.3 percent on Friday to their lowest since August 2012, continuing to reel for the second day, after the U.S. Food and Drug Administration imposed an "import alert" on a plant operated by the generic drugmaker. Wockhardt shares had already slumped by their daily limit of 20 percent on Thursday on the U.S. FDA action. An "import alert", effectively a ban, results in detention without physical examination of drugs from firms that have not met so-called good manufacturing practices, according to the FDA website. ...

Rupee marginally up; positive stock cues

Fri, 24 May 2013 07:24:20 +0300

Reuters Market Eye - The rupee opened at 55.61 and now at 55.57/58. The stock market may help firm up direction of the USD/INR pair. Dealers will watch for month-end importer demand, particularly from oil companies. The dollar recovered from two-week lows against the yen on Friday as a safety-bid for the Japanese currency ebbed after the Nikkei share average rebounded from the previous day's 7.3-percent plunge and Wall Street regained some stability by the close. (Reporting by Subhadip Sircar)

Magnitude 5.7 quake strikes Northern California: U.S. Geological Survey

Fri, 24 May 2013 07:15:10 +0300

(Reuters) - A magnitude 5.7 earthquake struck in Northern California on Thursday, according to the U.S. Geological Survey. The epicenter of the quake was located 2 miles north-northeast of the town of Canyondam, the USGS said. An initial report said the quake was magnitude 5.9. A 5.7 magnitude quake is considered moderate, but has the potential to cause considerable damage. There were no immediate reports of damage or injuries. (Writing by the Americas Desk)

Foreign investors still buy stocks, but pace slows

Fri, 24 May 2013 07:07:48 +0300

Reuters Market Eye - Foreign institutional investors (FIIs) extended their record net purchases of Indian stocks to a 26th consecutive sessions on Thursday, despite sharp share falls sparked by worries the Fed would unwind its monetary stimulus earlier than expected. FIIs were net buyers of 3.16 billion rupees of stocks on Thursday, while domestic institutional investors sold 5.4 billion rupees of stocks. That was below FIIs' net purchases of 5.4 billion rupees of stocks on Wednesday, which itself was well below the net buying of 25.8 billion worth of Indian shares on Tuesday. ...

BOJ Kuroda vows to calm JGBs, guide economy to recovery

Fri, 24 May 2013 07:07:28 +0300

By Leika Kihara TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda on Friday expressed confidence the central bank can stem bond market volatility with flexible market operations and engineer a steady recovery in the world's third-largest economy. Kuroda said the central bank's aggressive monetary stimulus launched in April was a "necessary and sufficient" step to achieve its 2 percent inflation target, and will stimulate the economy through various channels including by directly influencing borrowing costs. ...

PRECIOUS-Gold climbs as Fed official says no rush to end bond buying

Fri, 24 May 2013 06:50:54 +0300

* Gold on track for strongest week in a month * No rush to end monetary easing -Fed's Bullard * Nikkei, dollar gain after volatile trading on Thursday (Adds quotes, details and updates prices) By A. Ananthalakshmi SINGAPORE, May 24 (Reuters) - Gold rose on Friday and stayedon track for its strongest week in a month after a U.S. FederalReserve official said there was no rush to end the monetaryeasing programme that has increased the metal's appeal as ahedge against inflation. ...

Nava Bharat Ventures may restructure Odisha unit

Fri, 24 May 2013 06:21:42 +0300

REUTERS - Nava Bharat Ventures Ltd is considering restructuring its Odisha unit after regulatory restrictions hurt the operations at the ferro alloy and power generation unit, it said late on Thursday. The company is considering separating the two units to form special purpose vehicles (SPVs) for each, it said in a statement to the stock exchanges. It will then bring in strategic investors with mineral resources and sell shares in the SPVs to them. Identification of investors and evaluation of restructuring options are in progress, it said. ...

Nikkei recoups some of Thursday's 7.3 percent dive, bull run seen intact

Fri, 24 May 2013 06:11:06 +0300

By Dominic Lau TOKYO (Reuters) - The Nikkei share average regained ground on Friday after a 7.3-percent dive in the previous session, which most market watchers said marked a long-overdue correction and didn't presage the end of a remarkable six-month bull-run. Thursday's biggest one-day percentage drop in two years was triggered by weak manufacturing activity data in China, Japan's second-biggest export market, as well as worries about an earlier-than-expected roll-back of U.S. stimulus. The Nikkei climbed 2.7 percent to 14,867.90 after trading as high as 15,007.50. ...

Boy Scouts of America votes to end century-old ban on gay scouts

Fri, 24 May 2013 05:55:35 +0300

By Marice Richter GRAPEVINE, Texas (Reuters) - The Boy Scouts of America voted on Thursday to lift a century-old ban on openly gay scouts in a major victory for gay rights activists, but the decision means a sea of change for an organization that depends heavily on faith-based groups. More than 60 percent of the group's National Council, comprised of some 1,400 delegates, voted in favor of ending the ban, effective January 1, 2014, the group said in a statement. A prohibition on openly gay adult leaders remains in place. ...

Obama nominates Senate aides to serve as SEC commissioners

Fri, 24 May 2013 05:54:26 +0300

By Sarah N. Lynch WASHINGTON (Reuters) - President Barack Obama nominated two U.S. Senate aides on Thursday to serve as members of the Securities and Exchange Commission, the agency tasked with policing Wall Street. Obama said Kara Stein, an aide to Rhode Island Democratic Senator Jack Reed, would replace SEC Democratic Commissioner Elisse Walter. Michael Piwowar, an economist who works for the Senate Banking Committee, would replace SEC Republican Commissioner Troy Paredes, whose term is set to expire in June. The Senate must approve the nominations. ...

Hulu video site auction attracts four bidders - sources

Fri, 24 May 2013 05:50:23 +0300

By Ronald Grover LOS ANGELES (Reuters) - Former News Corp president Peter Chernin and private equity fund Guggenheim Digital Media have placed bids for Hulu, two people with knowledge of the matter told Reuters, triggering a tug-of-war for the online video service. Satellite operator DirecTV and cable operator Time Warner Cable Inc also put in bids, one of the people told Reuters. ...

EADS offers $2.0 bln sweetener for S.Korea jet deal

Fri, 24 May 2013 05:41:01 +0300

European aerospace giant EADS has offered a $2.0 billion investment sweetener as it seeks to edge out US rivals for a contract to provide 60 advanced fighter planes to South Korea.

Obama shifts U.S. from 'perpetual war-footing,' limits drone strikes

Fri, 24 May 2013 05:26:54 +0300

By Matt Spetalnick and Roberta Rampton WASHINGTON (Reuters) - President Barack Obama on Thursday shifted the United States away from a "boundless global war on terror," restricting deadly drone strikes abroad and signaling that America's long struggle against al Qaeda will one day end. In a major policy speech, Obama narrowed the scope of the U.S. targeted-killing campaign against al Qaeda and its allies and took new steps toward closing the Guantanamo Bay military prison - controversial elements of the U.S. counterterrorism fight that have drawn condemnation at home and abroad. ...

Pentagon sees doubled cost for rocket launch program

Fri, 24 May 2013 05:21:18 +0300

By Andrea Shalal-Esa WASHINGTON (Reuters) - The Pentagon on Thursday told Congress that a recent restructuring of its heavy rocket launch program to add 60 more launches and extend the schedule for a decade would more than double the program's projected cost to $70.7 billion. The Defense Department's annual report to Congress on major arms programs forecast an increase of $35.7 billion or 102 percent in the Air Force's Evolved Expendable Launch Vehicle (EELV) program, under which contractors provide launch services to lift big U.S. military, intelligence and NASA satellites into orbit. ...

Google, like Facebook, in talks to buy Waze for $1 billion: report

Fri, 24 May 2013 04:59:29 +0300

REUTERS - Google Inc is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook Inc , Bloomberg news reported, citing people familiar with the matter. Waze is seeking more than $1 billion and is fielding expressions of interest from multiple parties, Bloomberg cited a source as saying. Maps and navigation services have become a key asset for technology companies as consumers increasingly adopt smartphones and other mobile devices. Other media have reported that Facebook Inc has held talks to buy Waze for as much as $1 billion. ...

Venezuela, Russia in joint oil venture

Fri, 24 May 2013 04:56:26 +0300

Venezuela and Russia formed a joint venture to produce 120,000 barrels of oil a day by 2016 in two fields in the Orinoco Heavy Oil Belt.

Judge says leaning toward U.S. in Apple e-books case

Fri, 24 May 2013 04:11:41 +0300

By Nate Raymond NEW YORK (Reuters) - In an unusual move before a trial, a federal judge expressed a tentative view that the U.S. Justice Department will be able to show evidence that Apple Inc engaged in a conspiracy with publishers to increase e-book prices. U.S. District Judge Denise Cote, who is set to oversee a trial on June 3, gave her view during a pretrial hearing on Thursday. ...

P&G brings back former CEO to fix company

Fri, 24 May 2013 04:11:16 +0300

By Jessica Wohl (Reuters) - Procter & Gamble Co on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald immediately in the midst of a major restructuring. Lafley is taking on the roles of chairman, president and chief executive officer, effective immediately, while McDonald is set to retire on June 30 after 33 years at P&G. The move comes as some investors have pushed for faster improvements from the maker of Tide detergent and Gillette razors. P&G unveiled a $10 billion (6.6 billion pounds) restructuring program in February 2012. ...

Google, like Facebook, in talks to buy Waze for about $1 billion: report

Fri, 24 May 2013 04:07:29 +0300

(Reuters) - Google Inc is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook Inc, Bloomberg news reported, citing people familiar with the matter. Waze is seeking more than $1 billion and is fielding expressions of interest from multiple parties, said Bloomberg, citing a source. Other media have reported that Facebook Inc has held talks to buy Waze for as much as $1 billion. ...

Procter & Gamble brings back former CEO to fix company

Fri, 24 May 2013 04:00:58 +0300

NYMEX-Oil prices slip towards $94 on China data, Fed concerns

Fri, 24 May 2013 03:58:18 +0300

PERTH, May 24 (Reuters) - U.S. crude futures dropped toaround $94 a barrel on Friday after disappointing China data andon lingering concerns the U.S. Federal Reserve would curb itsstimulus programme. FUNDAMENTALS * The U.S. July oil futures contract had fallen 9cents to $94.16 a barrel by 0038 GMT. * Brent rose 5 cents to $102.49 a barrel. * China's factory activity shrank for the first time inseven months in May, a survey showed, stoking worries over thedemand outlook for commodities. * Strong U.S. housing data renewed worries the Fed wouldcurtail its bond-buying programme. ...

P&G brings back A.G. Lafley as CEO, McDonald out

Fri, 24 May 2013 03:57:45 +0300

By Jessica Wohl REUTERS - Procter & Gamble Co on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald immediately in the midst of a major restructuring. Lafley is taking on the roles of chairman, president and chief executive officer, effective immediately, while McDonald is set to retire on June 30 after 33 years at P&G. The move comes as some investors have pushed for faster improvements from the maker of Tide detergent and Gillette razors. P&G unveiled a $10 billion restructuring program in February 2012. ...