| Fed waits for job market to perk up Posted: 27 Jan 2013 11:05 AM PST  LONDON (Reuters) - The Federal Reserve's ultra-loose monetary policy is a root cause of the "currency wars" that some see as a looming threat to the world economy, but don't expect the U.S. central bank to signal a shift back to normal any time soon. The Fed, whose policy-setting Federal Open Market Committee concludes a two-day meeting on Wednesday, said just last month that it expects to keep short-term interest rates exceptionally low until the U.S. unemployment rate falls to 6.5 percent, inflation permitting. That goal is still distant. ...
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| Exclusive: Bank probes find manipulation in Singapore's offshore FX market - source Posted: 27 Jan 2013 02:26 PM PST  SINGAPORE (Reuters) - Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries. The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set. ...
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| Lauvergeon takes center-stage in EADS board shake-up Posted: 27 Jan 2013 02:12 PM PST  PARIS (Reuters) - French officials threw support behind former nuclear boss Anne Lauvergeon to be the first chairwoman of EADS on Sunday in a move likely to test efforts to wrest the European aerospace group away from political influence. An adviser to French Prime Minister Jean-Marc Ayrault said the Socialist government strongly supported Lauvergeon, a former aide of late President Francois Mitterrand and France's most high-profile female business leader. ...
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| In Asia's trend-setting cities, iPhone fatigue sets in Posted: 27 Jan 2013 01:29 PM PST  SINGAPORE (Reuters) - Apple Inc's iconic iPhone is losing some of its luster among Asia's well-heeled consumers in Singapore and Hong Kong, a victim of changing mobile habits and its own runaway success. Driven by a combination of iPhone fatigue, a desire to be different and a plethora of competing devices, users are turning to other brands, notably those from Samsung Electronics Co Ltd, eating into Apple's market share. In Singapore, Apple's products were so dominant in 2010 that more devices here ran its iOS operating system per capita than anywhere else in the world. ...
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| Analysis: In Davos, world seeks U.S. engagement Posted: 27 Jan 2013 12:55 PM PST  DAVOS, Switzerland (Reuters) - As President Barack Obama starts his second term, the world's business and political elite pines for greater American engagement to tackle a thicket of security challenges. From Syria to Mali, from Iran to the South China Sea, the United States' reluctance to be drawn into conflicts far from its shores was a leitmotiv of geopolitical debate at this year's World Economic Forum in Davos. ...
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| In search of business, Europe changes tone in Latin America Posted: 27 Jan 2013 02:05 PM PST  SANTIAGO (Reuters) - Five years ago during the closing speeches of a summit in Chile, Spain's king told Venezuelan President Hugo Chavez to "shut up" in an exchange that epitomized the fruitless meetings between Europe and Latin America at the time. Dominated by leftist rhetoric and instability in the Andes, the summits were sideshows to the rapid economic growth in Europe that followed the introduction of the euro a decade ago, and the concerns of Madrid and Brussels lay elsewhere. ...
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| Investigators still unable to find cause of 787 fire Posted: 27 Jan 2013 12:59 PM PST  WASHINGTON (Reuters) - Further testing still has not found the cause of a battery fire aboard a Boeing Co 787 Dreamliner in Boston earlier this month, the National Transportation Safety Board said on Sunday. In a statement released Sunday, the safety regulator said "no obvious anomalies were found" in its initial investigation of an undamaged battery aboard the plane and that a more detailed examination would follow. ...
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| GM adding third shift, 2630 jobs at Brazil complex - company Posted: 27 Jan 2013 01:52 PM PST  (Reuters) - General Motors Co will add a third production shift at a complex in Brazil, a move it expects will create 2,630 factory and supplier jobs, the company said Sunday in a statement on its website. GM will add the shift at the Gravataí Industrial Complex, in the south of Brazil, where it makes the Chevrolet Celta and Onix, according to the company. The move, reported earlier on Sunday by Bloomberg, will create 1,450 new jobs at the plant and another 1,000 at suppliers located at the same facility. The company will create another 180 jobs at a new powertrain plaint. ...
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| Monte Paschi seeks new investor as scandal deepens Posted: 27 Jan 2013 11:43 AM PST  ROME/MILAN (Reuters) - Monte dei Paschi di Siena said on Sunday it was seeking a financial investor as the political storm over a derivatives scandal at the ailing bank intensified ahead of next month's Italian election. Italy's third-biggest lender, which needs state loans to stay afloat, this week revealed opaque derivatives trades, conducted between 2006 and 2009, that could cost it some 720 million euros. ...
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| Wall Street Week Ahead: Bears sleep as stocks near record highs Posted: 27 Jan 2013 09:53 AM PST  NEW YORK (Reuters) - U.S. stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now. Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again. The Standard & Poor's 500 Index is up 5.4 percent this year and above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. ...
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| Ryan says deep budget cuts likely unavoidable Posted: 27 Jan 2013 11:44 AM PST WASHINGTON (AP) — The chairman of the House Budget Committee says Republicans will oppose tax increases and, as a result, deep, unpopular budget cuts will likely take effect. |
| Fragile economy, other global woes dominated Davos Posted: 27 Jan 2013 10:13 AM PST  DAVOS, Switzerland (AP) — The fragile state of the world economy, coupled with the relentless turmoil in Syria and the rocky fallout from the Arab Spring, dominated discussions during this year's annual gathering of the global elite at Davos, leaving many participants uneasy about what lies ahead as they left for home Sunday.
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| Iran formally snubs EU after oil, gas bans Posted: 27 Jan 2013 02:28 AM PST TEHRAN, Iran (AP) — Iran's oil ministry spokesman says all crude oil and gas exports have been banned to the 27-nation European Union, which has already imposed its own boycott on Iranian energy imports as part of sanctions over Tehran's nuclear program. |
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