Reuters: Money News

Vatican financial body investigating possible money laundering

Wed, 22 May 2013 16:56:38 GMT

VATICAN CITY (Reuters) - The Vatican's new financial watchdog said on Wednesday it had detected six possible attempts to use the Holy See to launder money last year, citing this as proof of its commitment to transparency.

Daiichi Sankyo says it was misled over Ranbaxy probes

Wed, 22 May 2013 16:50:21 GMT

MUMBAI (Reuters) - Japanese drugmaker Daiichi Sankyo Co, which bought control of Ranbaxy Laboratories in 2008, said it believes unnamed former shareholders of the company hid information regarding U.S. regulatory probes into Ranbaxy.

Bernanke comments spur volatility, but stocks, dollar gain

Wed, 22 May 2013 16:29:59 GMT

NEW YORK (Reuters) - Stocks, bonds and currencies took a wild ride on Wednesday after Federal Reserve Chairman Ben Bernanke said the U.S. central bank's massive bond-buying program would remain in place for now, even as the bank considers cutting back stimulus in coming months.

Srei Infrastructure to buy Austrian bank unit - paper

Wed, 22 May 2013 16:19:48 GMT

VIENNA (Reuters) - Srei Infrastructure Finance Ltd is poised to buy the domestic banking unit of nationalised Austrian lender Hypo Alpe Adria for 65.5 million euros, the newspaper Die Presse said.

Gold erases gains after Bernanke comments

Wed, 22 May 2013 15:50:18 GMT

LONDON (Reuters) - Gold was flat on Wednesday, giving up earlier gains after U.S. Federal Reserve Chairman Ben Bernanke warned of the risks of holding interest rates too low for too long, which boosted the dollar.

Bernanke offers no hint of pullback in Fed stimulus

Wed, 22 May 2013 15:43:12 GMT

WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday.

Wall St extends gains after Bernanke comments

Wed, 22 May 2013 14:29:04 GMT

NEW YORK (Reuters) - U.S. stocks extended gains on Wednesday immediately following prepared testimony from Federal Reserve Chairman Ben Bernanke before a congressional panel.

Analysis: Rich country investors returning home

Wed, 22 May 2013 14:28:28 GMT

LONDON (Reuters) - The world's biggest investors may be rethinking 20 years of boosting overseas holdings and are instead seeking more stable cash income at home, as aging societies and tighter regulation dull risk appetite.

Just Dial's 9.4 billion rupee IPO covered 11.6 times

Wed, 22 May 2013 13:41:25 GMT

REUTERS - Just Dial's up to 9.4 billion rupee ($170 million) initial public offer was subscribed 11.6 times on closing on Wednesday, in what is the biggest IPO in the country so far this year.

L&T looks overseas to offset weak home market

Wed, 22 May 2013 13:19:26 GMT

NEW DELHI/MUMBAI (Reuters) - Larsen and Toubro Ltd, India's largest engineering and construction group, will look overseas to offset a weak economy and project bottlenecks at home that led to a bigger-than-expected profit drop.

Europe closes in on tax havens; Austria agrees to swap bank data

Wed, 22 May 2013 13:18:21 GMT

BRUSSELS (Reuters) - Europe moved closer to ending banking secrecy on Wednesday after Austria dropped objections to sharing data on foreign depositors and the EU focused on negotiating a similar agreement with Switzerland.

Kazakhs delay Kashagan stake decision to July

Wed, 22 May 2013 12:14:18 GMT

By Mariya Gordeyeva, Raushan Nurshayeva and Vladimir Soldatkin

Rupee falls for fourth day on weak equities, importer demand

Wed, 22 May 2013 11:43:45 GMT

MUMBAI (Reuters) - The rupee fell for a fourth successive session on Wednesday to mark its longest losing streak in over three months, hurt by dollar demand from oil refiners and a late fall in equities.

AirAsia's profits hit by financing costs

Wed, 22 May 2013 11:41:12 GMT

KUALA LUMPUR (Reuters) - Malaysia's AirAsia Bhd , Southeast Asia's biggest budget airline by passenger traffic, posted a 39.23 percent fall in first-quarter profits on Wednesday, hurt mainly by higher finance costs and a foreign exchange loss on borrowings.

Sensex falls for third day; L&T results spark worries

Wed, 22 May 2013 11:29:40 GMT

MUMBAI (Reuters) - The BSE Sensex fell for a third consecutive session on Wednesday, to mark its lowest close in almost two weeks after Larsen & Toubro slumped nearly 6 percent as its orderbook guidance sparked worries about the health of the domestic economy.

Physical gold market awaits fresh import guidelines

Wed, 22 May 2013 10:19:22 GMT

MUMBAI (Reuters) - Indian gold rose half a percent on Wednesday to extend gains for another session but the physical market remained muted, awaiting fresh guidelines from the Reserve Bank of India (RBI) after restrictions were placed on consignment imports.

Court to continue hearing on Sterlite case on Thursday

Wed, 22 May 2013 09:34:26 GMT

NEW DELHI (Reuters) - A court will continue hearing into complaints of emissions from the country's largest copper smelter, shut since March 30, on a daily basis from Thursday, a judge said.

L&T sees FY14 sales growth at 15-17 pct

Wed, 22 May 2013 09:17:34 GMT

MUMBAI (Reuters) - Larsen & Toubro Ltd expects sales to rise 15-17 percent for the fiscal year to March 2014, Executive Chairman A.M. Naik said on Wednesday.

Puravankara sets price band for $33 mln share issue

Wed, 22 May 2013 08:15:42 GMT

REUTERS - Real estate developer Puravankara Projects has set a price band of 80 rupees to 85 rupees for its up to 1.84 billion rupees share sale, it said in a statement late on Tuesday.

Senate panel passes U.S. immigration bill; Obama praises move

Wed, 22 May 2013 08:11:43 GMT

WASHINGTON (Reuters) - A U.S. Senate panel on Tuesday approved legislation to give millions of illegal immigrants a path to citizenship, setting up a spirited debate next month in the full Senate over the biggest changes in immigration policy in a generation.

Nikkei hits fresh 5-1/2-year high on BOJ optimism, Sony soars

Wed, 22 May 2013 07:55:45 GMT

TOKYO (Reuters) - The Nikkei average climbed 1.6 percent to a fresh 5-1/2-year high on Wednesday, spurred on by the Bank of Japan's optimism about the economic outlook, while Sony Corp surged on reports it may consider a proposal to spin off its entertainment assets.

Gold gains on U.S. stimulus hopes; Bernanke eyed

Wed, 22 May 2013 07:23:29 GMT

SINGAPORE (Reuters) - Gold rose on Wednesday on strong Chinese demand and after Federal Reserve officials allayed investor concerns that the U.S. central bank will soon exit its bullion-friendly bond purchases.

Copper smelter closures put cable makers in tight spot

Wed, 22 May 2013 07:14:41 GMT

NEW DELHI (Reuters) - India's cable makers face a severe shortage of copper and potential manufacturing delays after the closure of the country's two biggest copper smelters, which has pushed up prices and led to a spike in imports.

Asian stocks supported by Fed reassurance; BOJ stands pat

Wed, 22 May 2013 07:12:44 GMT

SINGAPORE (Reuters) - Some Asian stock markets rose on Wednesday following a positive lead from Wall Street, with Japan's Nikkei reaching a 5-1/2 year high and staying firm as the Bank of Japan stood pat after unleashing massive stimulus last month.

Britvic to cut costs and take Fruit Shoot to India

Wed, 22 May 2013 06:59:52 GMT

LONDON (Reuters) - British soft drinks maker Britvic will close two factories and a warehouse in the UK and roll out the Fruit Shoot brand in India as part of a new strategy announced with its interim results.