News 25 January 2012 by gegeshandong


									Business News, Wednesday 25 January 2012
Britain may be heading for recession

25.1.12 (Reuters) LONDON – Britain's economy contracted at the end of last year, growth numbers
are expected to show on Wednesday, pointing towards a mild recession and setting the stage for
further stimulus by the Bank of England.

Greek Nov tourism income drops, fewer Germans come

24.1.12 (Reuters) ATHENS – A sharp drop in the number of German visitors contributed to a 12.5
percent fall in Greek tourism receipts in November 2011 compared to the same month a year
earlier, the central bank said on Tuesday.

Switzerland needs to rein in mortgage lending-OECD

24.1.12 (Reuters) ZURICH – To avoid a housing bubble Switzerland should take steps to curb
excessive mortgage lending, including phasing out tax allowances on interest expenses, the
Organisation for Economic Co-operation and Development said on Tuesday.

Petrol price to rise as UK refinery shut, no spike

24.1.12 (Reuters) – Gasoline prices may rise from already record levels in Europe after the closure of
Britain's Petroplus-owned Coryton refinery, but a sharp spike is unlikely because of slack demand
and ample alternative sources of supply.

Deutsche Boerse optimistic about 2012 after good 2011

24.1.12 (Reuters) FRANKFURT – Deutsche Boerse Chief Executive Reto Francioni said the Frankfurt-
based exchange operator remains optimistic about business in 2012, after having a "good year" in
2011, even as the European Commission looks poised to block a planned takeover of NYSE Euronext.

Swiss union mulls Petroplus fuel blockade

24.1.12 (Reuters) ZURICH – Swiss union UNIA on Tuesday blamed managers and what it described as
"greedy" hedge funds for the collapse of refiner Petroplus and said it was considering seizing oil
products from the Cressier refinery to pay plant workers.

Oxfam launches emerging market small business fund

24.1.12 (Reuters) LONDON – Aid agency Oxfam has launched a new fund aimed at helping small-and-
medium sized enterprises (SMEs) in developing countries, in conjunction with asset management
company Symbiotics.

Group calls for U.S. to break up Bank of America

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25.1.12 (Reuters) – A group of consumer advocates, academics and economists want to end "too-
big-to-fail" banks, starting with Bank of America Corp.

Fed set to push back timing of eventual rate hike

25.1.12 (Reuters) WASHINGTON – The Federal Reserve looks set to keep monetary policy on hold on
Wednesday, even as it releases forecasts expected to show interest rates will be near zero for at
least two more years.

Starbucks expanding beer, wine sales this year

24.1.12 (Reuters) – Starbucks Corp , which sells the coffee that helps many Americans get
wound up for their day, is offering more of their customers a way to wind down.

Mixed earnings, Greece end Wall Street's 5-day run

24.1.12 (Reuters) NEW YORK – Stocks edged lower on Tuesday, ending a five-day rally for the S&P
500, as talks to resolve Greece's debt crisis hit a snag and earnings from a number of blue chips
disappointed investors.

U.S. growth solid in fourth quarter, pace seen slowing
24.1.12 (Reuters) WASHINGTON – The U.S. economy appears to have shaken off the gloom from
Europe's debt crisis in the fourth quarter, pushing ahead at what was likely its fastest pace in nearly
two years.

Fed to shed light on policy

24.1.12 (Reuters) WASHINGTON – The Federal Reserve is expected to break new ground this week
by providing a clearer window into official thinking on monetary policy and is expected to signal that
interest rates will be held near zero into 2014.

Rio Tinto moves to majority stake in Ivanhoe

24.1.12 (Reuters) LONDON – Global miner Rio Tinto has raised its stake in Canada's Ivanhoe Mines,
owner of Mongolia's massive Oyu Tolgoi copper-gold project, to a majority holding but said on
Tuesday it had no current plans to buy more shares.

MIDEAST STOCKS-Political optimism lifts Egypt, Kuwait bourses

24.1.12 (Reuters)CAIRO/DUBAI – Signals of political stability lifted risk appetite and the bourses in
Egypt and Kuwait on Tuesday while other Gulf markets were mixed, showing little reaction to rising
tensions over a European ban on oil imports from Iran.

X5 Retail Launches Online Store

25.1.12 (Ria Novosti) MOSCOW – Russia's largest grocery retailer, X5 Retail Group, has launched, an online store selling non-grocery products, the company said on Wednesday.

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Rostelecom to buy back 4 pct of its shares

24.1.12 (Reuters) MOSCOW – Russian telecoms operator Rostelecom will buy back nearly 4 percent
of its shares, worth around $575 million as of Tuesday's close, as part of a buyback programme that
could lead to a fund-raising secondary share placement in London.

Indian cash rates firm; liquidity seen easing next week

25.1.12 (Reuters) MUMBAI – Indian cash rates held firm above the central bank's repo rate of 8.50
percent on Wednesday as cash supply remained tight in a holiday-shortened week.

India money supply grows 15.8 pct on year as on Jan 13-RBI

24.1.12 (Reuters) MUMBAI – India's M3 money supply rose an annual 15.8 percent as on Jan. 13,
from 15.6 percent two weeks earlier, the Reserve Bank of India said on Wednesday.

Citi says to cut about 100 jobs in India

24.1.12 (Reuters) MUMBAI – Citigroup Inc said it will cut about 100 jobs in India, where it has been
expanding rapidly, while reiterating that the country remained among its highest priority markets.

India's GMR withdraws Croatia airport bid, looks to Brazil

24.1.12 (Reuters) MUMBAI – India's GMR Infrastructure has withdrawn its bid to modernise and
expand an airport in Croatia, but is preparing to bid on similar projects in Brazil, a company official

Chinese healthcare firms seek opportunities in Gulf Arab region

25.1.12 (Xinhua) DUBAI – About 350 Chinese medical companies are participating the ongoing Arab
Health Congress in Dubai, aiming to flood the Middle East with their products, as the region is
developing fast in relation to health care services.

Guangxi becomes China's largest coal importer

24.1.12 (Xinhua) NANNING – Ports in China's southwestern Guangxi Zhuang autonomous region
surpassed their counterparts in neighboring Guangdong province to boast the country's largest
throughput of coal imports in 2011.

S.Africa stocks pause after record run

24.1.12 (Reuters) JOHANNESBURG – South African stocks took a breather after five straight record
highs on Tuesday, edging down as concerns over Greece's debt deal prompted investors to cash in
Standard Bank and other recent gainers.

Investors see Africa as most attractive destination - EIU poll

24.1.12 (Reuters) LONDON – More than one in two institutional investors see Africa as the most
attractive region to invest in the next decade, with one in three expecting to put at least 5 percent of
their portfolios into the continent by 2016, a survey showed on Tuesday.
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Japan's first trade deficit since 1980 raises debt doubts

25.1.12 (Reuters) TOKYO – Japan first annual trade deficit in more than 30 years calls into question
how much longer the country can rely on exports to help finance a huge public debt without having
to turn to fickle foreign investors.

Thailand cuts rates again, flood impact worse than thought

25.1.12 (Reuters) BANGKOK – The Bank of Thailand cut its main interest rate by 25 basis points to
3.00 percent on Wednesday, as expected, saying the impact of flooding last year had been worse
than expected and global economic risks had grown.

Seoul shares end flat after touching 6-mth peak

25.1.12 (Reuters) SEOUL – Seoul shares ended nearly flat on Wednesday, back-pedalling after an
early rally that saw the main bourse touch a six-month intraday peak as retail and institutional
investors cashed in on recent gains, despite an extended buying run by offshore investors.

Australian house prices tick up on falling rates-report

24.1.12 (Reuters) SYDNEY – Australian house prices edged up in the December quarter from the
previous quarter, marking the first rise since September 2010, as falling interest rates supported the
market, a report by property data provider Australian Property Monitors said.

IMF's Lagarde: combining ESM, EFSF would boost confidence

25.1.12 (Reuters) PARIS – IMF Managing Director Christine Lagarde said on Wednesday that
combining the European Union's temporary EFSF rescue fund with its permanent ESM mechanism
would help restore confidence in the flagging region and provide a solid firewall to the Greek crisis.

Global FDI defies crisis to jump 17 pct in 2011

24.1.12 (Reuters) GENEVA – Global foreign direct investment flows jumped by 17 percent in 2011
despite worldwide economic turmoil and there is reason to be cautiously optimistic of another rise
in 2012, a United Nations report said on Tuesday.

Urgent reform key to securing Asia’s pension systems, says OECD

25.1.12 – Asia’s pension systems need modernising urgently to deliver secure, sustainable and
adequate retirement incomes for today’s workers, according to a new OECD report.
Pensions at a Glance: Asia/Pacific 2011 says that many of the region’s retirement-income systems
are ill prepared for the rapid population ageing that will occur over the next two decades.

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