U.S. Economy » 2012

June 2012
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Bonds, shares slump as Fed signals end to stimulus

By Richard Hubbard LONDON (Reuters) - Bonds, shares and commodities fell sharply around the world on Thursday and the dollar rose after the U.S. Federal Reserve explicitly signaled an end to easy money and data showed China's economy slowing down. The sell-off began after Fed chairman Ben Bernanke confirmed that U.S. economic growth was strong enough to begin tapering back on its $85 billion in monthly asset purchases later this year. ...

Airbus pieces together air show order finale

PARIS (Reuters) - European planemaker Airbus sought to finalize a flurry of orders on Thursday to avoid a rare defeat to U.S. arch-rival Boeing at its domestic Paris Airshow. As of Wednesday, Airbus lagged its competitor with 211 firm orders against 265 for Boeing. Airbus had commitments for a further 165 jets, compared with 127 for Boeing. The order tallies from both planemakers included major purchases of narrowbody medium-haul jets from Europe's two biggest low-cost carriers, Ryanair and easyJet . ...

Euro zone business slump eases but second quarter contraction likely: PMI

By Jonathan Cable LONDON (Reuters) - The euro zone's private sector slump has eased more than expected this month, business surveys showed on Thursday, but a continued slide in new orders suggested a full recovery is still some way off. The data will come as good news for the European Central Bank as the decline eased across the 17-nation bloc. Markit's Flash Eurozone Composite Purchasing Managers' Index, which makes up around 85 percent of the final reading and is seen as a reliable economic growth indicator for the bloc, rose to 48.9 in June from May's 47.7. ...

China factory activity hits nine month low, policy action eyed

By Kevin Yao BEIJING (Reuters) - China's factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed, heightening the risk of a sharper second quarter slowdown and increasing the heat on the central bank to loosen policy. China's economy grew at its slowest pace for 13 years in 2012 and so far this year data has been weaker than expected, bringing warnings the country could miss its growth target of 7.5 percent for this year, though possibly not by much. ...

Sony CEO asks for patience as shareholders press on spinoff plan

By Mari Saito TOKYO (Reuters) - Sony Corp shareholders pressed its chief executive for a response to hedge fund Third Point's proposal for a partial spinoff of its profitable entertainment arm but Kazuo Hirai pleaded for patience as management reviews the bold plan. Daniel Loeb, the billionaire hedge fund manager of Third Point and Sony's top shareholder, wants the electronics empire to sell to the public as much as one-fifth of its entertainment units and use the proceeds to bolster its struggling hardware divisions. ...

SandRidge ousts CEO Ward, Bennett takes the helm

By Anna Driver and Michael Erman (Reuters) - SandRidge Energy Inc's board of directors removed the energy company's founder and chief executive, Tom Ward, on Wednesday after a months-long struggle with activist investors who accused him of strategic mistakes and self-dealing at the expense of shareholders. Ward, who was also under fire for his high pay, will receive a severance payment of more than $90 million in cash and stock. The oil and gas company's board named its president, James Bennett, to replace Ward as CEO, citing a need for new leadership. ...

Bernanke says Fed likely to reduce bond buying this year

By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...

Sony to consider Third Point's proposal: Sony CEO Hirai

TOKYO (Reuters) - Sony Corp CEO Kazuo Hirai said on Thursday that the electronics firm's board will consider hedge fund Third Point's suggestion to spin-off the electronics company's profitable entertainment arm. Hirai made the comments at an annual shareholders' meeting in Tokyo. Hirai said it was important for Sony to revitalize its electronics division as well as to continue growth of its entertainment and financial businesses, which have steadily contributed profits to the overall group. (Reporting by Mari Saito; Editing by Edmund Klamann)

Asia dominates world's most expensive office spaces: report

By Ilaina Jonas NEW YORK (Reuters) - Five of the six most expensive office areas in the world are in Asia, as demand by global companies to locate their outstripped the supply, according to a semiannual report released on Thursday by real estate services company CBRE Inc. For the third consecutive time, Hong Kong's Central business district had the highest overall occupancy cost, which includes local taxes and service charges. Hong Kong's Central averaged $235.23 per square foot annually at the end of March, leading London's West End at $222.58. Beijing's Finance Street followed at $195. ...

Japan's Nomura cuts Australian jobs as banks trim costs

SYDNEY (Reuters) - Japan's biggest brokerage firm Nomura Holdings Inc flagged redundancies in its Australian equities team, in an internal memo seen by Reuters. Nomura is removing duplication from its equities business after its acquisition of the Instinet trading platform, a source familiar with the process said. Nomura's move to slim its equities presence in Australia comes against the backdrop of wider job losses in the banking sphere. Rival Deutsche Bank has trimmed its Australian headcount to 725 from 1,000 in the last few years. ...

Archive for June, 2012

30 Jun

Survey shows Chinese manufacturing slows in June

A survey shows China’s manufacturing grew in June by its slowest pace in seven months, raising questions about efforts to prevent the world’s second-biggest economy from slowing too quickly.
Original post by Associated Press and software by Elliott Back

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Archive for June, 2012

Survey shows Chinese manufacturing slows in June