Euro, stocks slip as anti-austerity party wins Greek election
By Hideyuki Sano TOKYO (Reuters) - The euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders. The election was the second blow since last week for the euro, still smarting after the European Central Bank unveiled a huge bond-buying stimulus program. Both U.S. stock futures and Japan's Nikkei fell 0.6 percent while MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.1 percent on heightened concerns the Greek election results could lead to renewed instability in Europe. Syriza leader Alexis Tsipras is set to become prime minister of the first euro zone government openly opposed to bailout conditions imposed by the European Union and International Monetary Fund during the economic crisis.
Sun, 25 Jan 2015 21:33:10 -0500
Oil falls after Greek election sends euro tumbling
By Florence Tan SINGAPORE (Reuters) - Oil slid in early Asian trade on Monday, with U.S. crude falling close to a six-year low, after Greece's election results heightened uncertainty in the euro zone and depressed the bloc's currency against the dollar. Greece's left-wing Syriza appeared on course to trounce the ruling conservatives in Sunday's snap election, setting up a possible confrontation with international creditors. March Brent crude fell 44 cents to $48.35 a barrel by 0442 GMT, wiping out light gains made on Friday after the death of the Saudi King Abdullah, but off an early low of $47.85. West Texas Intermediate (WTI) crude for March delivery was trading down 57 cents at $45.02 a barrel.
Mon, 26 Jan 2015 00:17:48 -0500
Japan exports grow most in year, signaling steady recovery from recession
By Tetsushi Kajimoto TOKYO (Reuters) - Japan's exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the United States, an encouraging sign for the recession-hit economy even as doubts persist about the strength of global consumption. The 12.9 percent year-on-year rise in exports marked a fourth straight month of growth, supported by shipments of cars to the United States and of electronics parts to China, data by the Ministry of Finance (MOF) showed on Monday. A recovery in exports, which has been a soft spot in the world's third-largest economy, could be a source of comfort for Prime Minister Shinzo Abe, who is battling to re-kindle growth after an April sales tax hike drove Japan into a recession.
Sun, 25 Jan 2015 21:19:50 -0500
U.S. gas prices at April 2009 low, bottom in sight: Lundberg survey
The average price of a gallon of gasoline in the United States fell 13.3 cents in the past two weeks, falling to its lowest level since late April 2009, but the end of a months-long slide may be near, according to the Lundberg survey released Sunday. "The street price crash is either coming to an end or is already at its bottom," Lundberg said, noting that it would take another substantial slide in the price of oil to reverse the gains in wholesale prices. These shallower price losses were part of the reason why the gasoline price drop was less steep this week and contributed to the gains in wholesale prices.
Sun, 25 Jan 2015 15:45:05 -0500
Samsung Electronics to be main chip supplier for next iPhone: South Korea paper
South Korea's Samsung Electronics Co Ltd will be the main supplier of processors powering Apple Inc's next iPhone, Maeil Business Newspaper reported on Monday, citing unidentified sources in the semiconductor industry. Samsung will be responsible for around 75 percent of the chip production for the next iPhone, the South Korean newspaper said. The newspaper did not say how much the contract is worth and what other company will be supplying Apple. Samsung will make the chips from its factory in Austin, Texas, according to the report.
Sun, 25 Jan 2015 20:19:13 -0500
Hong Kong tycoon's M&A spree promises bumper year for Asia banks
By Denny Thomas HONG KONG (Reuters) - Li Ka-shing's hectic start to 2015 has meant record Asia M&A, loan and equity deals so far this month - good news for investment bankers close to the 86-year-old Hong Kong tycoon's empire. The brisk business - $108 billion of Asia M&A makes it the best start to a year, according to Thomson Reuters data - raises hopes that the Chinese Year of the Goat could bring a windfall to a region that has been starved of fees. Over the years, Goldman Sachs has emerged as Li's favored bank, pulling in an estimated $220 million in fees from Li's two main companies Hutchison Whampoa and Cheung Kong Holdings since 2000.
Sun, 25 Jan 2015 16:09:18 -0500
China train maker CNR says secures 30 deals worth $3.9 billion
SHANGHAI (Reuters) - China CNR Corp Ltd , one of the country's top train makers, said on Sunday it had recently signed 24.3 billion yuan ($3.9 billion) of deals with both Chinese and foreign firms. The 30 contracts involve high-speed trains, urban subways and electric vehicles, and are equivalent to about 25 percent of CNR's 2013 revenue, it said in a statement. CNR did not provide details on when the deals were signed. They included a 4.1 billion yuan ($658 million) subway deal with the Massachusetts Bay Transportation Authority, which Reuters reported in October. ...
Sun, 25 Jan 2015 19:32:21 -0500
India turns to corner shops, mobile phones for banking revolution
By Douglas Busvine and Devidutta Tripathy NEW DELHI/MUMBAI (Reuters) - India is betting that mobile phone vendors, fuel stations and corner stores can help it put basic banking within the grasp of hundreds of millions of its poor people living beyond the reach of traditional bank branches. The regulations announced by the central bank, the Reserve Bank of India (RBI), reflect a realization that traditional banks alone can't achieve the objective of financial inclusion championed by Prime Minister Narendra Modi. In a four-month campaign to end "financial untouchability", Modi has opened 115 million new bank accounts. Backers of the payments banks say they could help bring those accounts to life by bridging the gap from bank branches in town to India's 600,000 villages, making it easier to send money home, collect state benefits or do business deals.
Sun, 25 Jan 2015 21:06:29 -0500
All eyes on Fed, Greece after ECB fires bazooka
By Ingrid Melander PARIS (Reuters) - After the surprises from central banks which rocked markets at the start of the year, the U.S. Federal Reserve will be watched as closely as ever this week to see that it doesn't stray from its own policy path. The atmosphere will already be tense as the fallout from Sunday's snap election in Greece settles and concern has grown in some quarters that central banks, which played such a big part in guiding economies through the financial crisis, are becoming less predictable. The shock of the Swiss National Bank abandoning its cornerstone currency cap had yet to fully subside when the European Central Bank said it would flood markets with over a trillion euros, more than expected, to prevent the euro zone from sliding into deflation. Canada also cut its rate out of the blue and Denmark did so twice to navigate a world of tumbling oil prices and weak growth.
Sun, 25 Jan 2015 04:39:11 -0500
Venezuela's currency woes an increasing threat to U.S. corporate profits
By Tim McLaughlin and Svea Herbst-Bayliss (Reuters) - Venezuela's deepening economic troubles, and in particular the weakness of the bolivar and restrictive currency controls, have hurt U.S. corporate profits for the fourth quarter of 2014 and are set to inflict further pain this year. In a likely sign of things to come from a number of companies this results reporting season, Ford Motor Co on Friday said it was taking a pre-tax charge of $800 million for its Venezuela business. Ford also said that it was unable to maintain normal production in Venezuela with the availability of vehicle parts constrained. Also on Friday, diaper and tissue maker Kimberly-Clark Corp said it took a fourth-quarter charge of $462 million for its Venezuelan business.
Sat, 24 Jan 2015 11:52:55 -0500
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