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Spain's Bankia eyes stake sales after record bailout

Sat, 26 May 2012 21:54:09 +0530

MADRID (Reuters) - Spain's fourth biggest lender, Bankia, on Saturday prepared to sell stakes it holds in companies to meet European competition rules after a state rescue that has so far cost 23.5 billion euros. Bankia's parent company BFA asked for a higher-than-expected 19 billion euros in government help on Friday, in addition to 4.5 billion the state has already pumped in, to cover possible losses on repossessed property, loans and investments. ...

Direct yuan-yen trading could start in June - media

Sat, 26 May 2012 20:24:18 +0530

TOKYO (Reuters) - Japan and China plan to start direct trading of the yen and yuan as early as June, aiming to make trade and financial transactions between the countries easier, Japanese media reported on Saturday. The step follows an agreement between the leaders of Asia's two largest economies in December to promote direct trading of their currencies without the interim step of using dollars to set exchange rates. The two countries are planning to set up markets in Tokyo and Shanghai for this trading, the Yomiuri newspaper and other media reported. ...

No German money for Greek 'bottomless pit' - minister

Sat, 26 May 2012 19:19:55 +0530

BERLIN (Reuters) - Germany will not "pour money into a bottomless pit" and patience with Greece is growing thin ahead of a new election in the Mediterranean country, a conservative member of Chancellor Angela Merkel's cabinet was quoted on Saturday as saying. Interior Minister Hans-Peter Friedrich told the Leipziger Volkszeitung newspaper that Germany, Europe's largest economy and the biggest contributor to rescue efforts, is glad to help Greece help itself but expects it to honour its agreements. "We're not willing to pour money into a bottomless pit," he told the newspaper. ...

Sensex snaps 4-week losing streak, gains 65 points

Sat, 26 May 2012 17:21:09 +0530

Mumbai, May 26 (IANS) Snapping a four-week losing streak, a benchmark index of the Indian equities markets gained 65 points this week as the hike in petrol price signalled that the government may take tough decisions to control the fiscal deficit and push forward other reforms.

Asian markets shrug off risk, may regret it

Sat, 26 May 2012 18:35:00 +0530

SINGAPORE (Reuters) - After a three-week selloff in financial markets, measures of risk show investors in Asia are assuming a return to stability, and with a level of confidence that could be horribly misplaced. Asset classes from commodities to equities are moving in lockstep to a degree not seen since March 2010, while currencies such as the yen and defensive stocks such as utilities have unusually joined the rout. But measures of volatility remain low and credit curves flat. Scarcely any foreign money has left the region, suggesting that investors continue to price in a benign environment. ...

Afghan road lifelines blocked by graft, kickbacks

Sat, 26 May 2012 15:37:54 +0530

KABUL (Reuters) - When the Afghan government unveiled plans for a road linking his small village to larger centres elsewhere, Rahmanullah was so enthusiastic he offered a section of his farm for the route, thinking it would help move his produce to larger markets. He even signed up for the construction gang, earning $6 a day to help build the 28 kilometre-long route from Gardez, the capital of east Paktia province, and Rahmanullah's home in the mountainous Mirzaki district. ...

Nomura linked to another insider trading case - sources

Sat, 26 May 2012 15:32:32 +0530

TOKYO (Reuters) - Japan's securities regulator will seek a fine against a fund management arm of Sumitomo Mitsui Trust Holdings for insider trading for the second time and believes an employee of broker Nomura Holdings was again the source of the leak, two people with direct knowledge of the matter said. ...

IFC plans to invest in Malaysia's Khazanah healthcare arm

Sat, 26 May 2012 15:06:03 +0530

KUALA LUMPUR (Reuters) - International Financial Corp (IFC), a member of the World Bank Group, is planning to take part in the planned $1.5 billion listing of Malaysia's Integrated Healthcare Holdings (IHH) in a move to help validate IHH's emerging markets strategy, according to IFC's official website. The largest global development institution focused on the private sector in developing countries said the move would help the healthcare firm with its pan-Asia expansion strategy. ...

Toyota rejigs sales plan

Sat, 26 May 2012 05:30:00 +0530

New Delhi, May 25: Toyota Motor Corporation expects emerging markets such as India to contribute 50 per cent to its global sales and is betting on the small cars it will roll out over the next few years to achieve the target.Encouraged by the response to the Etios series launched in India in 2010, the Japanese car maker wants to shift focus to such growth markets and gradually reduce its dependence on North America, Europe and Japan.The company sells more than 3 million vehicles a year in India, China and Brazil, which make up 45 per cent of its global sales of 7.1 million units. ...

Spain region, Greek exit warnings rattle euro zone

Sat, 26 May 2012 13:13:48 +0530

REUTERS - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout programme result. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. ...

Spain region, Greek exit warnings rattle euro zone

Sat, 26 May 2012 02:57:18 +0530

(Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout programme result. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. ...

Stocks, euro fall on fears of Greek euro exit

Sat, 26 May 2012 02:27:20 +0530

NEW YORK (Reuters) - U.S. stocks and the euro slipped o n F riday as Spain's deteriorating finances and a possible Greek exit from the euro overshadowed an upbeat report on U.S. consumer confidence. Oil prices edged higher due to a lack of progress in talks with Iran over its disputed nuclear program and the rise in U.S. consumer confidence. European equities rose for a second straight day, but gains were driven by defensive plays like utilities and drugmakers. A tough economic outlook in Europe dampened investors' appetite for riskier assets. After notching some gains earlier in the day, U.S. ...

Facebook options debut a wild card for volatility

Sat, 26 May 2012 02:16:41 +0530

REUTERS - Investors can hope the debut of options on Facebook Inc goes more smoothly than the long-awaited debut of the social networking service's stock on May 18. While the stock's puts and calls are expected to be popular, the big wild card is volatility and ultimately, the options price. Traders will get a fresh start on options on the Internet giant when the contracts are offered on U.S. options exchanges on May 29. ...

S&P cuts ratings on five Spanish banks

Fri, 25 May 2012 23:35:53 +0530

NEW YORK (Reuters) - Ratings agency Standard & Poor's cut the ratings on five Spanish banks on Friday, another blow to the country's ailing banking sector as the nation's deteriorating finances rattle global investors. But S&P left unchanged its ratings on the country's two biggest banks, Santander and Banco Bilbao Vizcaya Argentaria. The Standard & Poor's ratings actions come about a week after Moody's Investors Service carried out a sweeping downgrade of Spain's banks, pointing to the government's weakened ability to support lenders. ...

U.S. stocks, euro ease slightly, Spain dims sentiment

Fri, 25 May 2012 22:44:42 +0530

NEW YORK (Reuters) - U.S. stocks and the euro eased slightly on Friday as Spain's deteriorating finances and a possible Greek exit from the euro weighed on investor sentiment more than an upbeat report on U.S. consumer confidence. Oil prices and European stocks rebounded after recent declines, but shares in Europe were lifted by defensive plays like utilities and drugmakers. Trading volume in Europe was lower than an already weak 90-day average, reflecting a downbeat mood that was heightened by concerns about Greece ahead of a three-day U.S. holiday weekend. ...

HSBC sees "no big deals" as pay row fizzles

Fri, 25 May 2012 21:58:12 +0530

LONDON (Reuters) - HSBC said it had no appetite to take advantage of turmoil in the euro zone and make big acquisitions there or anywhere else where rivals are selling major assets. "We're good at running our own businesses, we're not so good at making acquisitions, so history suggests that we would do better to run our own firm and focus on that," said Stuart Gulliver, chief executive of Europe's biggest bank. Gulliver was speaking after the bank's AGM, where the bank sidestepped an investor backlash on pay on the scale seen by some rivals. It said 10. ...

EXCLUSIVE: Syria grain trade signals alarm for Assad

Fri, 25 May 2012 21:04:55 +0530

LONDON/HAMBURG (Reuters) - Syria is struggling to meet its grain import needs because of sanctions, raising the risk of bread shortages that could sap public support for President Bashar al-Assad as he tries to snuff out a 15-month-old uprising. Trade sources said a reluctance among foreign banks, shipowners and grain traders to sell to import-dependent Syria - even though food is not itself subject to sanctions - has forced Damascus into an array of unusually small deals, many arranged by shadowy middlemen around the Middle East and Asia. ...

GLOBAL MARKETS WEEKAHEAD - Summer of discontent beckons

Fri, 25 May 2012 20:10:56 +0530

LONDON (Reuters) - The late spring warmth spreading across Europe and the United States is unlikely to soothe a growing anxiety in financial markets that the global outlook is anything but balmy. An escalating euro zone crisis and weak data from China and Europe have turned investment flows ever more firmly toward safe-haven assets, mainly in the U.S., and away from anything with a hint of risk - a trend that is firmly entrenched. In the coming week investors find out if the list of current concerns extends to the health of the giant U.S. ...

ITC quarterly net profit grows 26 percent

Fri, 25 May 2012 19:40:23 +0530

New Delhi, May 25 (IANS) Diversified conglomerate ITC Friday posted a 26 percent rise in net profit at Rs.1,614 crore for the quarter ended March 31 against Rs.1,281.5 crore during the like period of the previous financial year.

Wall Street dips on more Europe woes

Fri, 25 May 2012 19:11:01 +0530

NEW YORK (Reuters) - U.S. stocks dipped at the open on Friday as fresh warnings about Greece kept investors away from risky assets while trading was expected to be volatile and light throughout the day heading into a long weekend in the United States. The Dow Jones industrial average was down 31.93 points, or 0.25 percent, at 12,497.82. The S&P 500 Index slipped 0.51 points, or 0.04 percent, at 1,320.17. The Nasdaq Composite dipped 1.47 points, or 0.05 percent, at 2,837.91. (Reporting by Rodrigo Campos, editing by Dave Zimmerman)