Reuters: Business News

Grocers' non-food sales seen to rise

Wed, 25 Nov 2009 06:26:19 GMT

LONDON (Reuters) - Sales of non-food ranges at grocers are set to rise 40 percent over the next five years, a study said on Wednesday, piling pressure on specialist retailers already hit by recession and online competition.

Gold hits record highs again

Wed, 25 Nov 2009 06:24:08 GMT

TOKYO (Reuters) - Gold rose to a record high above $1,175 on Wednesday, the second time this week it has notched up a new high on solid investment sentiment and expectations of more gold buying by the public sector.

Minara, China group in Ravensthorpe bid

Wed, 25 Nov 2009 06:19:14 GMT

SYDNEY (Reuters) - Australian nickel miner Minara Resources Ltd will submit a joint bid with a Chinese firm on Wednesday for BHP Billiton's Ravensthorpe nickel operation, a source familiar with the bid told Reuters.

BBC mulls floating BBC Worldwide -report

Wed, 25 Nov 2009 06:16:56 GMT

LONDON (Reuters) - The BBC has been holding talks with City advisers about floating part of BBC Worldwide, its commercial arm, the Financial Times reported in its Wednesday editions.

Federal Reserve sees firmer U.S. growth

Wed, 25 Nov 2009 06:10:17 GMT

WASHINGTON (Reuters) - Federal Reserve officials are increasingly confident the U.S. economic recovery will be durable, but do not see employment or inflation picking up soon, minutes from their November meeting showed.

World Bank warns on quick rates hikes

Wed, 25 Nov 2009 06:07:30 GMT

SINGAPORE (Reuters) - Swift interest rate hikes aimed at containing inflation in product and asset prices could cause another downturn in the slowly recovering economies of the United States and Europe, the head of the World Bank said.

AIG board authorises CEO pay

Wed, 25 Nov 2009 05:59:49 GMT

NEW YORK (Reuters) - American International Group Inc , the insurer that received billions of dollars in a U.S. bailout, has been authorised by its board to pay Chief Executive Robert Benmosche's $7 million (4.2 million pound) compensation, after it laid to rest concerns that he may quit the post.

Asia shares gain; Nikkei falters

Wed, 25 Nov 2009 04:30:29 GMT

HONG KONG (Reuters) - Asian stocks climbed on Wednesday after the Federal Reserve raised U.S. growth forecasts for 2010 but Japanese shares fell to a four-month low on worries about capital raisings and government economic policy.

Hormones, incentive "make best traders"

Wed, 25 Nov 2009 00:40:13 GMT

LONDON (Reuters) - British scientists say a perfect combination of testosterone, experience and a hunger for a share of profits can produce financial traders who consistently outperform the market -- even during a crisis.

Fed sees firmer U.S. growth

Tue, 24 Nov 2009 22:51:30 GMT

Saab sale collapses as buyer backs out

Tue, 24 Nov 2009 22:42:16 GMT

DETROIT (Reuters) - A deal for General Motors Co to sell Saab collapsed on Tuesday when the buyer pulled out in a move that threatens a 60-year-old Swedish auto brand with closure after mounting losses.

Global stocks trim losses after FOMC

Tue, 24 Nov 2009 22:21:49 GMT

NEW YORK (Reuters) - World stocks ended lower on Tuesday after the Federal Reserve revised upward its growth estimates for 2010, while the U.S. dollar rose on data showing the American economy grew at a slower pace than expected in the third quarter.

Bank loaned £60 billion to RBS, HBOS

Tue, 24 Nov 2009 21:01:16 GMT

LONDON (Reuters) - The Bank of England disclosed on Tuesday that it provided almost 62 billion pounds in emergency loans to Royal Bank of Scotland and HBOS at the height of the credit crisis last year.

FTSE closes lower

Tue, 24 Nov 2009 20:34:29 GMT

LONDON (Reuters) - The leading share index ended 0.6 percent lower on Tuesday, with sentiment dampened by data showing the United States economy grew at a slower pace than previously thought, pressuring banks and commodity stocks.

Rajaratnam denies insider charges

Tue, 24 Nov 2009 19:50:10 GMT

NEW YORK (Reuters) - Galleon Group hedge fund founder Raj Rajaratnam attacked a U.S. regulator's lawsuit on Tuesday, denying insider trading charges and saying government wiretaps violated his constitutional rights.

Stanford sues Lloyd's of London

Tue, 24 Nov 2009 19:40:39 GMT

HOUSTON (Reuters) - Allen Stanford, who faces U.S. criminal and civil charges for allegedly leading a $7 billion (4.22 billion pound) Ponzi scheme, is suing Lloyd's of London for defence costs.

Mandelson calls for car industry revamp

Tue, 24 Nov 2009 19:12:26 GMT

LONDON (Reuters) - Tackling the problem of overcapacity is key to the long-term future success of the automobile industry in Britain and Europe, Business Secretary Peter Mandelson said on Tuesday.

U.S. GDP revised down to 2.8 pct

Tue, 24 Nov 2009 18:01:10 GMT

WASHINGTON (Reuters) - The U.S. economy grew more slowly than first thought in the third quarter, but a fifth month of gains in house prices in September and an improvement in consumer morale signalled the anaemic recovery was intact.

Three-way MPC split "not surprising"

Tue, 24 Nov 2009 17:29:23 GMT

LONDON (Reuters) - The three-way split among monetary policymakers' last meeting should be no surprise given the economy is at a turning point, Bank of England Governor Mervyn King said on Tuesday.

Lloyds prices £13.5 billion rights issue

Tue, 24 Nov 2009 16:21:49 GMT

LONDON (Reuters) - Lloyds Banking Group Plc pushed ahead with the world's largest rights issue on Tuesday, setting a price of 37 pence per share as it taps shareholders for 13.5 billion pounds to avoid costly state support.

Tate&Lyle ups bond buyback

Tue, 24 Nov 2009 15:39:08 GMT

LONDON (Reuters) - Tate & Lyle increased a bond buyback to 100 million pounds from a planned 70 million after its offer attracted strong demand, the sugar and sweetener group said on Tuesday.

Informa in talks to buy Springer unit

Tue, 24 Nov 2009 13:15:52 GMT

LONDON (Reuters) - Informa is in talks to buy Springer Science and Business Media in a 2.6 billion euros (2.35 billion pound) deal including debt that would boost its more resilient academic publishing unit but could require a new rights issue to fund it.

Topps Tiles to raise £15 million

Tue, 24 Nov 2009 11:35:23 GMT

LONDON (Reuters) - Tile and wood flooring retailer Topps Tiles raised 15.4 million pounds from a share placing to bolster its balance sheet against a possible double-dip recession.

Hedge funds seen set for rebound

Tue, 24 Nov 2009 10:36:32 GMT

LONDON (Reuters) - Investment flows into hedge funds have turned net positive and the sector is heading towards having assets under management of around $1.75 trillion (1.06 trillion pounds) by year-end, according to Morgan Stanley.

German business morale at 15-month high

Tue, 24 Nov 2009 09:52:16 GMT

BERLIN (Reuters) - German business morale rose in November to levels not seen since the collapse of U.S. investment bank Lehman Brothers last year, boosting hopes that a recovery in Europe's largest economy can gain momentum.