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March 2011
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BOJ holds steady despite bond turmoil, upgrades economic outlook

By Stanley White and Leika Kihara TOKYO (Reuters) - The Bank of Japan kept policy steady on Wednesday despite concerns over recent volatility in bond market, saying growth is starting to pick up even as risks loomed from an uncertain global outlook. The central bank upgraded its assessment of the economy, saying it "has started picking up," as Prime Minister Shinzo Abe's program of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...

Insight: No more easy pickings in Russia's banking market

By Megan Davies MOSCOW (Reuters) - Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB. The latest to hit trouble has been France's Societe Generale. ...

The Irish loophole behind Apple's low tax bill

By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation revealed Tuesday that Apple, maker of iPhones, iPads and Mac computers, channeled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world. ...

Dollar, German bond yields ease before Bernanke

By Richard Hubbard LONDON (Reuters) - The dollar and benchmark German debt yields eased on Wednesday as expectations hardened that the head of the U.S. central bank will later in the day signal no tapering back of its ultra-loose monetary policy. Two senior Federal Reserve officials struck a dovish tone on the economy in comments on Tuesday, leading many in the market to assume Fed governor Ben Bernanke would follow a similar line when he addresses a congressional committee at 1400 GMT (10 a.m. EDT) That would temper speculation that improved U.S. ...

Rolls-Royce wins engine order from U.S. lessor CIT

LONDON (Reuters) - Britain's Rolls-Royce has won a contract to supply engines to power 23 Airbus aircraft ordered by U.S. leasing company CIT Aerospace, it said on Wednesday. Rolls, the world's second-largest maker of aircraft engines behind U.S. group General Electric , said the deal included Trent XWB engines to power 10 A350 aircraft and Trent 700 engines for 13 Airbus A330 jets. The Trent XWB, specifically designed for the Airbus A350, is the fastest selling Trent engine ever, with more than 1,200 already sold, according to Rolls. The A350 is due to enter service in 2014. ...

DBS-Danamon deal hinges on Singapore's invite to Indonesian banks

By Saeed Azhar and Janeman Latul SINGAPORE/JAKARTA (Reuters) - Southeast Asia's largest bank merger now depends largely on cooperation between Singaporean authorities and Indonesian politicians. Indonesia's central bank gave Singapore's DBS Group Holdings Ltd its long-awaited approval on Tuesday to buy a 40 percent, or $2.7 billion, stake in PT Bank Danamon Indonesia Tbk , a year after DBS proposed a majority takeover. ...

Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive - sources

By Deepa Seetharaman DETROIT (Reuters) - A boutique carmaker led by former General Motors Co executive Bob Lutz and China's largest auto parts supplier made an offer this month to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. This comes alongside a separate push by investors in Europe and Hong Kong, including billionaire Richard Li, to buy out the U.S. Department of Energy's position in Fisker. ...

Apple CEO makes no apology for company's tax strategy

By Patrick Temple-West and Kevin Drawbaugh WASHINGTON (Reuters) - Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence. ...

Airbus wins Oman Air order for three A330 planes

PARIS (Reuters) - Airbus has won an order for three A330-300 aircraft from Oman Air, the national carrier of the Sultanate of Oman, the European planemaker said on Wednesday. The order, which Airbus said would bring Oman Air's A330 fleet to 10 aircraft, is worth about $720 million based on list prices. The planes will be operated on long-haul routes and can seat close to 300 passengers, Airbus said. (Reporting by James Regan; Editing by John Irish)

Prosecutors consider using racketeering law against SAC: source

By Emily Flitter NEW YORK (Reuters) - Prosecutors are considering charging Steven A. Cohen's SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, according to a person familiar with the matter. Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act, most commonly associated with prosecutions against the mafia, to move against Cohen's $15 billion hedge fund company, said the person, who spoke on condition of anonymity. While this is one option under consideration, no final decision has been made, the source added. ...

Archive for March 3rd, 2011

03 Mar

Improving economy raises hopes for better hiring (AP)

AP - Economists are expecting a strong report on job growth in February, bolstered by news that fewer people sought unemployment benefits last week than in any week in nearly three years.
Original post by AP and software by Elliott Back

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Archive for March 3rd, 2011

Improving economy raises hopes for better hiring (AP)