The Star Online: Business
The Star Online: Business |
- NYMEXOil up Monday on hopes of Europe's debtcrisis resolution
- MUFG, M.Stanley Japan JV to cut up to 1,300 jobs source
- China's Sany seeks shareholder approval for HK offer delay
| NYMEXOil up Monday on hopes of Europe's debtcrisis resolution Posted: 16 Oct 2011 06:04 PM PDT SINGAPORE, Oct 17 (Reuters) Crude futures rose in early Asian trade on Monday, extending the sharp gains made in the previous session on hopes policymakers' would reach an agreement to tackle the euro zone's debt crisis and stem any slide in oil consumption. Brent crude rose 64 cents to $112.87 a barrel at 2322 GMT, while U.S. crude gained 72 cents to $87.52. On Friday, Brent for December rose $3.03 to settle at $112.23. The November contract, which expired on Friday, surged$3.57 to settle at $114.68 a barrel, the highest close since Sept. 15. U.S. November rose $2.57 to settle at $86.80 a barrel, the highest settlement since Sept. 20. FUNDAMENTALS * China's apparent oil demand growth slowed further in the third quarter, largely in line with economic growth in the world's secondlargest economy amid domestic policy constraints and global uncertainties. * The world's leading economies pressed Europe to act decisively within eight days to resolve the euro zone's sovereign debt crisis which is endangering the world economy. * Greece's debt crisis cannot be solved without larger write downs on Greek debt and governments are trying to persuade banks to accept this, German Finance Minister Wolfgang Schaeuble said, just days ahead of a key EU summit. * Arab foreign ministers stopped short of suspending Syria from their regional organisation on Sunday over its military crackdown on dissent, instead urging the government and opposition to negotiate an end to the violence. * Libyan government fighters battled on Sunday to subdue pockets of resistance by proGaddafi fighters, whose refusal to abandon the ousted leader's hometown of Sirte is delaying Libya's move to democracy. * Eight Yemenis, including five protesters, were killed in a new upsurge in violence in the capital on Sunday, hospital officials and witnesses said, and President Ali Abdullah Saleh said he expected China and Russia to block U.N. moves to end his rule. * Iran demanded consular access on Sunday to a man held in the United States over a suspected plot to kill the Saudi ambassador and vowed to respond robustly to any "inappropriate measure" by the West. * Residents returning to Sirte are accusing Libyan interim government fighters of demolishing and looting homes, shops and public buildings in Muammar Gaddafi's home town to take revenge for its support of the fugitive leader. MARKETS NEWS * The euro headed for its best week in nine months against the dollar on Friday on optimism that European leaders would take bold steps to tackle the debt crisis, but a lack of concrete actions could limit further gains. * U.S. stocks scored their first backtoback weekly gains since early July on Friday, on strong Google earnings and as investors kept riding the optimism for a solution to the euro zone's debt crisis. Full content generated by Get Full RSS. |
| MUFG, M.Stanley Japan JV to cut up to 1,300 jobs source Posted: 16 Oct 2011 06:01 PM PDT Published: Monday October 17, 2011 MYT 9:01:00 AMTOKYO, Oct 17 (Reuters) A Japanese brokerage joint venture between Mitsubishi UFJ Financial Group and Morgan Stanley is planning to cut 1,200 to 1,300 jobs, or about 20 percent of the total workforce, a source familiar with the matter said on Monday. A spokesman at Mitsubishi UFJ Morgan Stanley said his firm made a call for early retirements earlier this month but declined to say how many workers responded. A previous call for early retirements in February cut about 270 jobs. The company had about 6,600 employees at the end of March. |
| China's Sany seeks shareholder approval for HK offer delay Posted: 16 Oct 2011 05:58 PM PDT Published: Monday October 17, 2011 MYT 8:58:00 AMSHANGHAI, Oct 17 (Reuters) China's Sany Heavy Industry Co Ltd said on Monday that it would seek shareholder approval to extend a deadline for its share float in Hong Kong. Sany, China's largest construction machinery maker, in September postponed a maximum US$3.3 billion Hong Kong share offering due to tumbling global markets. Sany's board of directors agreed at a meeting on Friday to extend the deadline for the company's Hong Kong share offer by 18 months, pending shareholder approval, it said in a statement published in the official Shanghai Securities News. |
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