Developing

  • Euro zone economy worsens markedly in April - PMIs

    Reuters - Fri, May 4, 2012

    LONDON (Reuters) - The euro zone's vast services sector shrivelled at a much faster rate in April than initially thought, a business survey showed on Friday, suggesting that the bloc's recession could extend through to mid-year. The final reading of April's Markit Eurozone Services PMI came in at 46.9, a full point lower than the preliminary reading of 47.9 reported two weeks ago, which itself was far weaker than any economist polled by Reuters had expected. It was the steepest downward revision to the PMI since October 2008 - a month after Lehman Brothers collapsed - and a sharp fall from 49. ... More »Euro zone economy worsens markedly in April - PMIs

  • Euro zone economy worsens markedly in April - PMIs

    Reuters - Fri, May 4, 2012

    LONDON (Reuters) - The euro zone's vast services sector shrivelled at a much faster rate in April than initially thought, a business survey showed on Friday, suggesting that the bloc's recession could extend through to mid-year. The final reading of April's Markit Eurozone Services PMI came in at 46.9, a full point lower than the preliminary reading of 47.9 reported two weeks ago, which itself was far weaker than any economist polled by Reuters had expected. It was the steepest downward revision to the PMI since October 2008 - a month after Lehman Brothers collapsed - and a sharp fall from 49. ... More »Euro zone economy worsens markedly in April - PMIs

  • Greek conservative head makes last pitch to voters

    Reuters - Fri, May 4, 2012

    ATHENS (Reuters) - Greek conservative leader Antonis Samaras on Thursday made a last-ditch appeal to voters in Athens, his biggest constituency, for a strong mandate in Sunday's elections to lead the debt-stricken country back to growth and stability. Samaras, 60, is hoping a last-minute polarisation of voters will get him enough ballots to rule alone, although recent polls hint this is unlikely, meaning a new coalition will need to be formed to carry on with policies agreed under an EU/IMF bailout. ... More »Greek conservative head makes last pitch to voters

  • BNP nears end of asset sales as profit rises

    Reuters - Fri, May 4, 2012

    PARIS (Reuters) - BNP Paribas , France's No.1 listed bank, said on Friday it had almost wrapped up its plan to sell assets and cut debt to strengthen financial firepower after its first-quarter profits were boosted by the sale of shares in Klepierre . Euro zone-focused BNP, one of the world's biggest banks by assets, has been retrenching from its international empire since last summer's flare-up of the euro zone debt crisis triggered a fresh wave of cutbacks across the investment-bank industry. ... More »BNP nears end of asset sales as profit rises

  • UK has no desire to sell RBS at current price -CEO

    Reuters - Fri, May 4, 2012

    LONDON (Reuters) - The government has "no desire" to sell its stake in Royal Bank of Scotland at current prices and a deal is not imminent, the bank's boss said on Friday. "As far as I am aware there is no desire to sell at current share prices and I find that entirely understandable," RBS Chief Executive Stephen Hester said on a conference call. "While everyone is focused on that being the desired end game, I'm not aware of anything that's imminent. ... More »UK has no desire to sell RBS at current price -CEO

  • Air France-KLM widens core losses in first-quarter

    Reuters - Fri, May 4, 2012

    PARIS (Reuters) - Air France-KLM unveiled a wider first-quarter operating loss on Friday as increased passenger traffic failed to compensate for weak international trade and record fuel costs. Operating losses grew to 597 million euros (485 million pounds) from 403 million euros a year ago on revenue which grew 6 percent to 5.645 billion euros. Net losses were flat at 368 million euros. "As expected, the first quarter was difficult in spite of an improvement in activity in March," Chairman and Chief Executive Jean-Cyril Spinetta said in a statement. ... More »Air France-KLM widens core losses in first-quarter

  • Twin bomb attacks kill 12 in Russia's Dagestan

    Reuters - Fri, May 4, 2012

    MAKHACHKALA, Russia (Reuters) - Suicide bombers killed 12 people and wounded 110 in attacks on a police post on the outskirts of the capital of Russia's Dagestan region, local investigators and law enforcement sources said on Friday. The attacks outside Makhachkala late on Thursday were the deadliest in months, undermining efforts by Russian security forces to contain an Islamist insurgency in the North Caucasus near Sochi, where Russia will host the Winter Olympics in 2014. ... More »Twin bomb attacks kill 12 in Russia's Dagestan

  • China says dissident Chen can apply to study abroad

    Reuters - Fri, May 4, 2012

    BEIJING (Reuters) - China's Foreign Ministry said on Friday that blind dissident Chen Guangcheng, who sought refuge in the U.S. embassy in Beijing after fleeing house arrest, could apply to study abroad. "Chen Guangcheng is currently being treated in hospital," spokesman Liu Weimin said in a statement. "If he wants to study abroad, he can apply through normal channels to the relevant departments in accordance with the law, just like any other Chinese citizen." (Reporting by Ben Blanchard; Editing by Ken Wills) More »China says dissident Chen can apply to study abroad

  • Japan switches off last nuclear power plant; will it cope?

    Reuters - Fri, May 4, 2012

    TOKYO (Reuters) - Japan shuts down its last working nuclear power reactor this weekend just over a year after a tsunami scarred the nation and if it survives the summer without major electricity shortages, producers fear the plants will stay offline for good. The shutdown leaves Japan without nuclear power for the first time since 1970 and has put electricity producers on the defensive. Public opposition to nuclear power could become more deeply entrenched if non-nuclear generation proves enough to meet Japan's needs in the peak-demand summer months. ... More »Japan switches off last nuclear power plant; will it cope?

  • Facebook 'worth up to 95bn dollars'

    Press Association - Fri, May 4, 2012

    Facebook has set a price range for an initial public offering of stock that values the company at up to 95 billion dollars (£58.6 billion) . More »Facebook 'worth up to 95bn dollars'

  • China dissident says unable to meet U.S. officials

    Reuters - Fri, May 4, 2012

    BEIJING (Reuters) - Blind Chinese dissident Chen Guangcheng said on Friday he was increasingly worried after being unable to meet U.S. diplomats face-to-face since Wednesday, and he repeated his wish to stay in the United States "for a time". In a brief telephone interview, Chen told Reuters from a Beijing hospital that he was also worried because his wife Yuan Weijing's movements had been restricted and monitored. He said he had heard that his friends had also been harassed. ... More »China dissident says unable to meet U.S. officials

  • BNP Paribas CEO says deleveraging almost over

    Reuters - Fri, May 4, 2012

    PARIS (Reuters) - BNP Paribas' drive to shed assets, cut debt and reduce headcount will be over by the summer, allowing it to focus on growing its business as the banking industry races to adapt to tougher regulation, BNP's chief executive told Reuters Insider. "Eighty percent of the deleveraging is done," Jean-Laurent Bonnafe said. "We can close everything by the summer." France's No. 1 bank has meanwhile seen a "less positive" start to the second quarter in its capital-markets business compared with the first quarter, he added. ... More »BNP Paribas CEO says deleveraging almost over

  • Respect ousts Bradford Labour boss

    Press Association - Fri, May 4, 2012

    George Galloway's Respect Party has followed up its shock by-election victory by winning five seats on Bradford Council, including that of the Labour leader. More »Respect ousts Bradford Labour boss

  • Haiti's foreign minister approved as new premier

    Reuters - Fri, May 4, 2012

    PORT-AU-PRINCE (Reuters) - Haitian lawmakers approved the nomination of a close adviser to President Michel Martelly as prime minister on Thursday, raising hopes of ending a political stalemate that has stalled reconstruction efforts after Haiti's devastating 2010 earthquake. The lower house of parliament voted 62-3, with two abstentions, to approve Martelly's nomination of Laurent Lamothe, currently Haiti's foreign minister. Lamothe, a 39-year-old former businessman and close friend of Martelly, was approved by Haiti's Senate last month. ... More »Haiti's foreign minister approved as new premier

  • Iran holds run-off parliamentary election

    Reuters - Fri, May 4, 2012

    DUBAI (Reuters) - Iranians voted on Friday in a run-off parliamentary election that could establish a new balance between Iran's top leader and its president in the legislative assembly. State television reported that polling stations in 33 constituencies, including the capital Tehran, opened to voters at 8 a.m. (5:30 a.m. British time). They are due to close at 6 p.m, although officials have said the time could be extended. ... More »Iran holds run-off parliamentary election

  • Clinton tells Hu that China-U.S. ties strong

    Reuters - Fri, May 4, 2012

    BEIJING (Reuters) - U.S. Secretary of State Hillary Clinton told Chinese President Hu Jintao on Friday that relations between their two countries were the strongest they had ever been, even as the two countries are engaged in a spat over China's treatment of a blind dissident. "We believe that the China U.S. relationship is stronger than it's ever been," Clinton said during a meeting at the Great Hall of the People. "We have developed a very open and honest relationship where we can discuss our differences, and we remain committed to bridging those differences whenever and wherever possible. ... More »Clinton tells Hu that China-U.S. ties strong

  • Argentina nationalizes oil company YPF

    Reuters - Fri, May 4, 2012

    BUENOS AIRES (Reuters) - Argentina's Congress nationalized the country's biggest oil company, YPF , by an overwhelming lower house vote on Thursday that underscored broad popular support for a measure that threatens to scare off foreign investment. The Chamber of Deputies voted 207-32 in favour of expropriating YPF, clearing the way for President Cristina Fernandez to sign the bill into law. The Senate last week approved the measure by a similarly overwhelming margin. ... More »Argentina nationalizes oil company YPF

  • Bin Laden's Letters Reveal Al Qaeda Rifts

    Sky News - Fri, May 4, 2012

    The United States has released letters written by Osama bin Laden in his final hideout showing how he fretted about his increasingly dysfunctional terror network. More »Bin Laden's Letters Reveal Al Qaeda Rifts

  • China paper calls Chen a U.S. pawn; envoy is a "troublemaker"

    Reuters - Fri, May 4, 2012

    BEIJING (Reuters) - One of China's main official newspapers accused blind dissident Chen Guangcheng on Friday of serving as a "tool" for American subversion of Communist Party power and called the U.S. ambassador a backpack-wearing, Starbucks-sipping troublemaker. The commentary in the Beijing Daily was the strongest Chinese state media condemnation yet of the U.S. administration in a standoff over Chen, who sought protection in the U.S. embassy in Beijing, then left, and has now said he regrets that choice and wants exile in the United States. ... More »China paper calls Chen a U.S. pawn; envoy is a "troublemaker"

  • Argentina nationalizes YPF with house vote

    Reuters - Fri, May 4, 2012

    BUENOS AIRES (Reuters) - Argentina's Congress nationalized the country's biggest oil company, YPF , by an overwhelming lower house vote that underscored wide popular support for a measure that has rattled foreign investors and trade partners. The Chamber of Deputies voted 207-32 in favour of expropriating YPF, clearing the way for President Cristina Fernandez to sign the bill into law. The Senate last week approved the measure by a similarly overwhelming margin. ... More »Argentina nationalizes YPF with house vote

  • Lawyer for U.S. soldier accused of Afghan massacre objects to background check

    Reuters - Fri, May 4, 2012

    SEATTLE (Reuters) - The lawyer representing Robert Bales, the U.S. Army staff sergeant accused of killing 17 Afghan villagers, is objecting to a routine background check required by the military. Seattle-based attorney John Henry Browne, a self-described ex-hippie who has been married seven times and used to play bass in a rock band, said he has no secrets to hide but is opposed to the check on principle. "I don't think a defence lawyer should be 'vetted' by the government," Browne wrote in an email to Reuters on Thursday. "It is intrusive and has a chilling effect on the right to counsel. ... More »Lawyer for U.S. soldier accused of Afghan massacre objects to background check

  • Contractors end protest at Escondida mine in Chile

    Reuters - Fri, May 4, 2012

    SANTIAGO (Reuters) - Contract workers late on Thursday ended a partial blockade on roads to Chile's giant Escondida mine, a union leader told Reuters, in a short disruption that both he and majority owner BHP Billiton said had not affected output at the world's No. 1 copper mine. "We've unblocked access to the mine," said the vice president of Escondida's contract workers union, Roberto Rojas, who added production had not been hit by the labour action. "Escondida mine is going to review our demands and give us an offer. ... More »Contractors end protest at Escondida mine in Chile

  • No rubber stamp for Lehman executives' settlement

    Reuters - Fri, May 4, 2012

    (Reuters) - With a nod to country singer Kenny Rogers, a federal judge has refused for now to allow insurers for former officers and directors of Lehman Brothers Holdings Inc to pay $90 million to settle a fraud lawsuit brought by investors. U.S. District Judge Lewis Kaplan in Manhattan on Thursday directed five former officers of the investment bank, including Chief Executive Richard Fuld, to file financial paperwork by May 10 to help him decide whether the settlement is fair. ... More »No rubber stamp for Lehman executives' settlement

  • Bin Laden had disdain for al Qaeda affiliates - documents

    Reuters - Thu, May 3, 2012

    WASHINGTON (Reuters) - Osama bin Laden showed disdain for al Qaeda affiliates, fretted about his organization's image and was deeply worried about its security, according to documents seized from his hideout in Pakistan and released publicly on Thursday. The Combating Terrorism Center, a privately funded research center at the U.S. Military Academy at West Point, posted on its website 17 declassified documents seized during the raid on bin Laden's house in Abbottabad in which he was killed by U.S. commandos a year ago. (http:www.ctc.usma. ... More »Bin Laden had disdain for al Qaeda affiliates - documents

  • Contractors protest at BHP's Escondida in Chile

    Reuters - Thu, May 3, 2012

    SANTIAGO (Reuters) - Contract workers on Thursday blocked some roads to Chile's giant Escondida mine, but a deal to end the unrest at the world's No. 1 copper mine was "imminent," a union leader said in a disruption both he and majority owner BHP Billiton said had not affected output. The vice president of Escondida's contract workers union, Roberto Rojas, told Reuters the partial blockade could "possibly" be lifted later on Thursday if an agreement is clinched. "The blockades continue ... We're starting to see the lights of an agreement. ... More »Contractors protest at BHP's Escondida in Chile

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