21 Apr
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Breaking News- Asian markets hammered on China fears, Fed exit planBy Chikako Mogi and Wayne Cole TOKYO/SYDNEY (Reuters) - Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second-largest economy hit a nine-month low. Shares, currencies and commodities all crumbled as spooked investors rushed to unwind crowded trades in emerging markets. Central banks across the region were busy intervening trying to put out spot fires, but with only limited success. ...
- China factory activity hits nine month low, policy action eyedBy 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 planBy 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 helmBy 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 yearBy 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 HiraiTOKYO (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)
- Japan's Nomura cuts Australian jobs as banks trim costsSYDNEY (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. ...
- Analysis: Sprint should raise Clearwire bid to avoid Dish tensionBy Sinead Carew and Liana B. Baker NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie Ergen. Shareholders of Clearwire, already majority owned by Sprint, will vote on June 24 on Sprint's $3.40-a-share offer to buy the rest of the company. But Clearwire's board has recommended shareholders instead accept a higher, $4.40-a-share tender offer from Dish. ...
- UK watchdog details bank capital shortfallsLONDON (Reuters) - Lloyds Bank has a capital shortfall of 8.6 billion pounds, Britain's banking regulator said on Thursday, a day after the UK government signaled plans to return the part-state owned lender to the private sector. The Prudential Regulation Authority said the aggregate capital shortfall at UK five banks at the end of 2012 was 27.1 billion pounds, slightly higher than its 25 billion initial estimate in March this year. In March, the banks had plans to raise 12.5 billion pounds during this year, and the PRA raised this estimate to 13.7 billion on Thursday. ...
- Icahn reiterates commitment for Dell buyBy Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...
- Asian markets hammered on China fears, Fed exit plan
