Reuters: Business News

UK set to snatch GM's Astra from Germany - sources

Wed, 16 May 2012 19:06:04 GMT

LONDON (Reuters) - Britain is on the cusp of securing a deal that would see General Motors build the next generation of its Astra compact model at Ellesmere Port rather than in Germany, sources said on Wednesday.

U.S. stocks mixed, euro down on ECB news, Fed minutes

Wed, 16 May 2012 18:53:00 GMT

NEW YORK (Reuters) - U.S. stocks were flat to lower and the euro slid on Wednesday on news that some Greek banks face emergency funding needs, while minutes from an April Federal Reserve meeting showed U.S. economic prospects remain sobering.

Police radio maker Sepura targets private sector

Wed, 16 May 2012 18:34:22 GMT

LONDON (Reuters) - Walkie-talkie maker Sepura is targeting cash-rich mining, oil and utility companies with its acquisition of Austria's 3T, as growth prospects in the public sector slow, its chief executive told Reuters on Wednesday.

JPMorgan still employs "whale" trader

Wed, 16 May 2012 18:30:47 GMT

(Reuters) - Bruno Iksil, the London-based JPMorgan Chase & Co trader known as the "whale" believed to have been involved in the company's $2 billion (1.25 billion pounds) loss in derivatives, is still employed by JPMorgan, a spokeswoman for the bank said on Wednesday.

Police radio maker Sepura targets private sector

Wed, 16 May 2012 18:21:43 GMT

Hutchison Whampoa go to court to keep Eircom bid alive

Wed, 16 May 2012 18:04:12 GMT

DUBLIN (Reuters) - Lawyers for Hutchison Whampoa Ltd made a last ditch attempt to salvage the Hong Kong company's bid for Eircom, the struggling Irish telecoms firm that is to be handed over to its lenders.

Exclusive - ECB stops operations with some Greek banks

Wed, 16 May 2012 17:52:54 GMT

BERLIN/FRANKFURT (Reuters) - The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalised, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters.

EU lawmaker backs faster stock settlement time

Wed, 16 May 2012 17:28:52 GMT

LONDON (Reuters) - The prospect of a common transatlantic approach to curbing settlement risk in securities trading was boosted on Wednesday after a senior European Union lawmaker signalled backing for a core element of draft EU law.

Spain funding costs spike, banking doubts gnaw

Wed, 16 May 2012 17:06:58 GMT

MADRID (Reuters) - Spain's prime minister voiced concern on Wednesday about the state's ability to finance itself as fears mounted over a spread of the euro zone debt crisis from Greece and a nationalised bank delayed publishing accounts amid talk of it needing more aid.

Athens angst knocks back FTSE 100

Wed, 16 May 2012 16:58:36 GMT

LONDON (Reuters) - The benchmark FTSE 100 index fell to its lowest closing level in more than four months on Wednesday, as new fears about the Greek banking system killed off a brief afternoon rally on the market.

Glencore tightens grip on global zinc market

Wed, 16 May 2012 16:41:50 GMT

LONDON (Reuters) - Commodity trader Glencore is tightening its grip on the global zinc market by moving material to inaccessible locations, forcing industrial users to pay high physical premiums for a metal that is in surplus.

Spain's Bankia delays results, shares dive

Wed, 16 May 2012 16:10:34 GMT

MADRID (Reuters) - Troubled Spanish bank Bankia delayed publishing first quarter results on Wednesday, stoking fears over the scale of losses at the newly nationalised lender and sending shares down 10 percent.

EU talking to U.S. on oil release - EU energy chief

Wed, 16 May 2012 15:59:35 GMT

BRUSSELS (Reuters) - The European Commission is in close contact with the United States and the International Energy Agency (IEA) but sees no immediate need for any release of oil stocks, the EU's energy chief said on Wednesday.

EU energy chief favours carbon at 12-18 eur/t

Wed, 16 May 2012 15:56:18 GMT

LONDON (Reuters) - European carbon prices should be at least twice their current value of just over 6 euros ($7.66) a tonne in order spur investment in cleaner technology, EU Energy Commissioner Guenther Oettinger said on Wednesday.

Verizon sees revenue increase from shared plans

Wed, 16 May 2012 15:44:03 GMT

NEW YORK (Reuters) - Verizon Wireless should see an increase in date revenue after it offers new shared data plans this summer, according to a top executive for parent company Verizon Communications Inc .

Barclays Bank of Kenya Q1 pretax profit up 21 percent

Wed, 16 May 2012 15:36:18 GMT

NAIROBI (Reuters) - Barclays Bank of Kenya first quarter pretax profit rose 21 percent on higher total interest income outpacing costs which were almost flat, the bank said on Wednesday.

LME profits fall on higher costs, investments - FT

Wed, 16 May 2012 15:28:19 GMT

LONDON (Reuters) - Profits at the London Metal Exchange (LME) fell 19 percent last year, as higher costs and investments outweighed a sharp rise in trading volumes, the Financial Times reported on Wednesday.

Euro crisis leaves door open for more BoE easing

Wed, 16 May 2012 14:54:51 GMT

LONDON (Reuters) - The escalating danger from the neighbouring euro zone debt crisis prompted the Bank of England on Wednesday to keep alive the prospect of more help for an ailing economy it said was growing more slowly than expected.

Pearson buys Certiport to expand testing business

Wed, 16 May 2012 14:23:49 GMT

LONDON (Reuters) - British education and publishing group Pearson has bought Certiport, which provides testing and certification services for leading IT companies, for $140 million (87.8 million pounds) in cash from Spire Capital Partners, it said on Wednesday.

FSA seeks to ban BGC broker

Wed, 16 May 2012 14:21:29 GMT

LONDON (Reuters) - BGC Partners broker Anthony Verrier faces a lifetime ban from working in the U.K financial services industry, after he poached staff from rival Tullett Prebon .

Huge finds make East Africa the next big gas source

Wed, 16 May 2012 13:44:58 GMT

LONDON (Reuters) - Western companies announced finds of huge additional quantities of gas off the coast of Mozambique and Tanzania, cementing the future of East Africa as a major new supplier exporting liquefied natural gas (LNG) to energy-hungry Asia.

UK attracts CCS funding interest from 16 bidders

Wed, 16 May 2012 13:40:08 GMT

LONDON (Reuters) - At least 16 companies are interested in participating in Britain's one-billion pound competition to fund one or more carbon capture and storage (CCS) projects, the government said on Wednesday, hoping to encourage competitors to link projects together.

Small business fund looks to fill bank gap

Wed, 16 May 2012 13:20:56 GMT

LONDON (Reuters) - A fund set up to support small and medium-sized businesses aims to make around 25 investments this year, its chief executive said, as it looks to fill a gap left by banks cutting funding for thousands of growth companies.

Ireland raises doubts over timing of bailout exit

Wed, 16 May 2012 13:06:46 GMT

DUBLIN (Reuters) - The mood of uncertainty spreading across Europe could scupper Ireland's plans to exit its international bailout with a return to bond markets next year, its finance minister said, raising the spectre of contagion from the deepening crisis in Athens.

3i seen unveiling new CEO with full-year results

Wed, 16 May 2012 12:59:25 GMT

LONDON (Reuters) - 3i , Britain's largest listed private equity investment group, is thought likely to name a new chief executive when it reports full-year results on Thursday.