Business News


  • MOSCOW, Oct 3- Promsvyazbank, one of Russia's largest privately owned lenders, set an indicative price range on Wednesday for its initial public offering of stock at $10- $12 per Global Depository Receipt.

  • HONG KONG, Oct 3- Hong Kong authorities began inspecting the wreckage of a leisure ship on Wednesday amid questions over how a collision with a commuter ferry in relatively calm weather could have killed 38 people in one of the city's worst accidents in recent decades.

  • GREECE - Factors to Watch on October 3 Wednesday, 3 Oct 2012 | 2:53 AM ET

    Greece's Piraeus Bank has struck a preliminary deal to buy French lender Societe Generale's loss-making Greek unit Geniki. FRANCE, FINLAND WANT SWIFT SPAIN, GREECE SOLUTIONS.

  • TOKYO, Oct 3- Failed chipmaker Elpida Memory Inc. A committee set up by the court to examine plans involving a takeover by U.S. rival Micron Technology Inc and rival one from a group of Elpida bondholders is now expected to make a recommendation by Oct. 29, one month later than earlier estimated, Elpida said in a statement posted on its website on Friday.

  • SINGAPORE, Oct 3- Brent crude futures slipped below $111 per barrel on Wednesday, hurt by persistent concerns over global growth and oil demand, while Europe's festering debt crisis added to uncertainty.

  • The gap between U.S. and euro zone equities is set to narrow further, as risk premium attached to the euro zone fades, economic growth in the United States risks disappointing and investors move away from extreme positioning, says BNP Paribas. S&P 500 on a six to 12 months horizon.

  • RESEARCH ALERT-UBS cuts Schroders to sell Wednesday, 3 Oct 2012 | 2:46 AM ET

    *UBS cuts Schroders to sell from neutral For a summary of rating and price target changes on U.S. companies:. Reuters Station users, click. 1568. Reuters Station users, click. 4899.

  • MADRID, Oct 3- Spain's Telefonica said on Wednesday it expected to list its German unit, Telefonica Deutschland Holding A.G., on the Frankfurt stock exchange in the fourth quarter of this year. The company said had not yet decided what percentage of capital it would list.

  • LONDON, Oct 3- Pearson Chief Executive Marjorie Scardino is to step down after 16 years in the job in which she transformed the group from a diverse set of assets into an educational and media powerhouse.

  • RESEARCH ALERT-Finncap raises BTG to hold Wednesday, 3 Oct 2012 | 2:41 AM ET

    *Finncap raises BTG PLC to hold from sell. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.

  • UPDATE 1-UK Stocks-Factors to watch on Wed, Oct 3 Wednesday, 3 Oct 2012 | 2:40 AM ET

    *Britain's FTSE 100 index is seen opening 9 to 14 points lower, or as much as 0.2 percent, on Wednesday, according to financial bookmakers.

  • LONDON, Oct 3- European stocks were set for a slightly lower open on Wednesday as new gloomy economic data and uncertainty about Spain's debt crisis eclipsed underlying optimism about coordinated monetary support from central banks across the world.

  • BRUSSELS, Oct 3- Heineken NV said on Wednesday it had cancelled a 2.5 billion euro bridge loan to fund its acquisition of Asia Pacific Breweries after the issue of dollar-denominated notes.

  • NEW DELHI, Oct 3- India's Kingfisher Airlines Ltd, which has cancelled all flights through Thursday, faces a potentially prolonged shutdown until the cash-strapped carrier clears a salary backlog going back months. Kingfisher has debt of $1.4 billion, owed mostly to government-controlled banks including State Bank of India, the country's top lender.

  • JOHANNESBURG, Oct 3- Anglo American Platinum Ltd:.

  • WARSAW, Oct 3- GDF Suez would demand compensation from Poland if the country brings in a new renewables law cutting support for green energy, Chief Executive of GDF's Polish unit Grzegorz Gorski was quoted saying on Wednesday.

  • CLSA Asia Pacific Markets sees a further downside risk to consensus earnings estimates in the Indonesian coal sector and advises investors to remain underweight and avoid chasing momentum. "Despite market optimism, Newcastle thermal benchmark coal prices have trended down to $84/ tonnes.

  • Japan retrieves first shale oil in test drills Wednesday, 3 Oct 2012 | 2:32 AM ET

    TOKYO, Oct 3- Japan Petroleum Exploration. The country's oil and gas needs have spiked after most of Japan's nuclear power stations were shut down due to the Fukushima nuclear disaster, forcing Tokyo to spend millions of dollars more on fuel for electricity generation.

  • Australia shares clinch highest close in 14-months Wednesday, 3 Oct 2012 | 2:29 AM ET

    MELBOURNE, Oct 3- Australian shares edged up to a 14- month closing high on Wednesday as banks and broader stocks were boosted by an interest rate cut and the local dollar weakened, enhancing export prospects.

  • UPDATE 1-NORDIC STOCKS - Factors to watch on Oct 3 Wednesday, 3 Oct 2012 | 2:29 AM ET

    HELSINKI, Oct 3- The following stocks may be affected by newspaper reports and other factors on Wednesday:. The government, which owns 13.5 percent of Nordea's shares, has been clear it wants to sell its stake and has a mandate from the parliament. It already sold 6.3 percent of Nordea shares in February 2011.