Monday, October 22, 2012

My News Daily Digest

The following are today's top stories on My News categories:


Business Briefing
1. Rosneft, BP Said to Near $28 Billion Deal for TNK-BP Stake
2. Japan Needs More Monetary Easing, Policy Stimulus, Maehara Says
3. Petronas Rejection Casts Doubt on Cnooc $15.1 Billion Nexen Bid
4. Hong Kong Dollar Forwards Suggest Ackman Bet Against Peg to Fail
5. News Corp. Denies Talks With Tribune or L.A. Times Newspaper

World News Briefing
6. URGENT: Police: 3 Dead, 4 Wounded in Wis. Spa Shooting
7. India Minister Denies Theft Rampant in $14 Billion Food Program

Malaysia
8. MALAYSIA DAYBOOK: Esthetics, Inflation, Palm Oil, TAS, Tiger
9. Pedrosa Wins Malaysian Motorcycle Grand Prix: MotoGP.com Link
10. Motorcycling: Pedrosa triumphs in Malaysia

Stock Market News
11. Rosneft-Gazprom Stock Link Busting on Takeover: Russia Overnight
12. Kuwait Stocks Tumble Most Since 2009 on Politics; Dubai Declines
13. Signs of Revival Spur Longest Rally Since April: China Overnight

Banking
14. MORE: Nationwide Mulls Takeover of RBS Bank Branches, Times Says
15. Kravis Says KKR May Buy Into Spain's Bad Bank, El Pais Reports
16. Bank Borrowing Binge Risks Renewed Lending Crunch: Turkey Credit

Commodities
17. Hedge Funds Cut Bets to 12-Week Low as Prices Drop: Commodities
18. ADM Targets GrainCorp to Tap Asia's Food Demand, Topeka Says
19. Jordan Arrests 11 Over Plot to Attack Malls, Strategic Sites


Business Briefing

1) Rosneft, BP Said to Near $28 Billion Deal for TNK-BP Stake
OAO Rosneft has agreed to the terms of a deal to buy BP Plc's half of its TNK-BP Russian venture, releasing the U.K. company from a fractious nine-year alliance and bringing state-backed Rosneft closer to becoming the world's biggest publicly traded oil producer, according to people familiar with the talks. In a transaction valued between $26 billion and $28 billion, BP will sell its 50 percent stake for just under ...

2) Japan Needs More Monetary Easing, Policy Stimulus, Maehara Says
Japanese Economy Minister Seiji Maehara said the country needs more monetary easing and policy efforts to encourage growth as the government prepares for election against an opposition that has stronger public support. The government plans to inject about 200 billion yen ($2.5 billion) into the economy, Maehara said yesterday on a Fuji Television program, without giving details on the source of those funds. Spending this fiscal year ...

3) Petronas Rejection Casts Doubt on Cnooc $15.1 Billion Nexen Bid
Canada's rejection of a bid by Malaysia's state oil company for Progress Energy Resources Corp. casts doubt on Beijing-based Cnooc Ltd.'s $15.1-billion takeover of Nexen Inc. and raises questions about the openness of Prime Minister Stephen Harper's government to foreign investment. Industry Minister Christian Paradis said in a statement he wasn't satisfied the C$5.2 billion ($5.23 billion) acquisition by ...

4) Hong Kong Dollar Forwards Suggest Ackman Bet Against Peg to Fail
Hong Kong's determination to maintain its exchange-rate peg to the U.S. dollar has the confidence of currency-forward traders even as it fails to sway hedge-fund investor William Ackman. The founder of New York-based Pershing Square Capital Management LP said Oct. 20 he is keeping a wager that would profit if Hong Kong allows its currency to appreciate. Two-year forwards contracts are weaker than they've been on average in the past three years and the ...

5) News Corp. Denies Talks With Tribune or L.A. Times Newspaper
Rupert Murdoch's News Corp. denied it has held talks to acquire the Los Angeles Times or Chicago Tribune once the newspapers' owner, Tribune Co., emerges from bankruptcy. "Reports that News Corp. is in discussions with Tribune or the L.A. Times are wholly inaccurate," Julie Henderson, a spokeswoman for the New York-based media company, said yesterday in an ...

World News Briefing

6) URGENT: Police: 3 Dead, 4 Wounded in Wis. Spa Shooting
Police in Wisconsin searched Sunday for a man suspected of killing three people and wounding four others in a shooting at a spa in suburban Milwaukee. Police identified the suspect as Radcliffe Franklin Haughton, 45, of Brown Deer. Brookfield Police Chief Dan Tushaus said Haughton's car had been found, but he was still at large. The shooting happened about 11 a.m. at the Azana Day Spa, a two-story, 9,000-square-foot building across from a major ...

7) India Minister Denies Theft Rampant in $14 Billion Food Program
India's system of distributing food to the poor isn't corrupt, according to Food Minister K.V. Thomas, who rejected findings by the World Bank, Supreme Court and news investigations that rampant theft is depriving as many as 160 million families of nourishment. About 5 percent to 10 percent of the food meant for the poor is lost, and that is due to mismanagement, Thomas said in an interview at his office in New Delhi. The ...

Malaysia

8) MALAYSIA DAYBOOK: Esthetics, Inflation, Palm Oil, TAS, Tiger
Esthetics International Group Bhd. (EIG MK), which operates skin-care centers and distributes branded products, received a mandatory takeover offer from Providence Capital Sdn. for all the shares it doesn't already own at 50 sen each. Providence already owns almost 60 percent of the company after acquiring an additional 43.8 million shares, or 23.7 percent stake, according to a Kuala Lumpur stock exchange filing. The offer price as a premium to the ...

9) Pedrosa Wins Malaysian Motorcycle Grand Prix: MotoGP.com Link
http://www.motogp.com/en/news/2012/malaysian%20race%20motogp%20pedrosa

10) Motorcycling: Pedrosa triumphs in Malaysia
Spain's Dani Pedrosa stormed to victory in the shortened Malaysian Motorcycle Grand Prix Sunday, keeping his championship title chase alive on a rain-soaked circuit with his sixth win of the year. The Honda rider passed pole-sitter and Yamaha ace Jorge Lorenzo, who is the championship points leader, midway through a race which saw a raft of riders crashing out. Organisers put out the red flag on lap 13 of the 20-lap race to stop the event due to the torrential ...

Stock Market News

11) Rosneft-Gazprom Stock Link Busting on Takeover: Russia Overnight
OAO Rosneft, Russia's state-owned crude producer, is breaking its link in the stock market with government-run OAO Gazprom as the oil company pursues a takeover that would boost output in line with Exxon Mobil Corp. Rosneft, based in Moscow, posted the biggest weekly surge in a month in London trading, pushing its 120-day correlation coefficient with Gazprom to 0.52 on Oct. 19, the lowest in four months. The rally sent Rosneft shares to 7 times ...

12) Kuwait Stocks Tumble Most Since 2009 on Politics; Dubai Declines
Kuwaiti stocks fell the most since 2009 after the government amended the electoral system, prompting calls by the opposition for more protests and a boycott of the elections. Dubai's index declined. Construction company Combined Group Contracting Co. decreased 4.4 percent. National Mobile Telecommunications Co., the company known as Wataniya, fell the most since June. Kuwait's Stock Exchange Price Index tumbled 3.1 percent, the ...

13) Signs of Revival Spur Longest Rally Since April: China Overnight
The benchmark index of Chinese stocks traded in New York climbed for a fourth week to cap the longest stretch of gains since April on signs Asia's largest economy is picking up after seven quarters of slowing growth. The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. added 1.9 percent last week, as software developer AsiaInfo-Linkage Inc. and circuit maker Semiconductor Manufacturing International Corp. drove gains. The ...

Banking

14) MORE: Nationwide Mulls Takeover of RBS Bank Branches, Times Says
316 branches put up for sale by Scottish bank, The Sunday Times reports, citing unidentified person close to the U.K.'s biggest building society. * Nationwide is watching the situation with interest: Times * Stuart Williamson, spokesman for the company, declined to comment when contacted by Bloomberg News today NOTE: Banco Santander abandoned plan to buy branches this month NSN MBXADK6S972R <GO> NOTE: Virgin Money, JC Flowers & ...

15) Kravis Says KKR May Buy Into Spain's Bad Bank, El Pais Reports
KKR may buy stake in Spain's bad bank or acquire its assets directly, El Pais cites Co-Chairman Henry Kravis as saying in interview. * Key question is whether assets are transferred to vehicle at appropriate value, Kravis says * Some assets could be transferred with 60% discount, "but in other cases another kind of price will have to be applied," Pais cites him saying * KKR also talking to Spanish companies interested in having ...

16) Bank Borrowing Binge Risks Renewed Lending Crunch: Turkey Credit
Turkish banks are borrowing at the fastest rate in eastern Europe, the Middle East and Africa, increasing their vulnerability to a credit crunch should a worsening in the euro-area debt crisis disrupt capital flows. Turkish lenders boosted their debt by 30 percent in the past 12 months to 235 billion liras ($130 billion), according to data compiled by Bloomberg, accounting for all loan growth to ...

Commodities

17) Hedge Funds Cut Bets to 12-Week Low as Prices Drop: Commodities
Hedge funds cut bullish commodity bets to the lowest since July as speculation that governments in China and Europe aren't doing enough to boost growth drove prices to the biggest loss in five weeks. Speculators reduced net-long positions across 18 U.S. futures and options by 4.4 percent to 1.18 million contracts in the week ended Oct. 16, the lowest since July 24, U.S. Commodity Futures Trading ...

18) ADM Targets GrainCorp to Tap Asia's Food Demand, Topeka Says
Archer-Daniels-Midland Co., the world's biggest corn processor, is targeting Australia's GrainCorp Ltd. to add agricultural assets that will help it tap growing demand in Asia, according to Topeka Capital Markets Inc. ADM raised its stake in eastern Australia's largest grain handler by 10 percent to 14.9 percent, and aims to win board support for a cash takeover of the "well-managed company," the Decatur, Illinois-based company said in an ...

19) Jordan Arrests 11 Over Plot to Attack Malls, Strategic Sites
Jordanian intelligence officials arrested 11 members of al-Qaeda after foiling a plot to attack shopping malls and strategic sites in the kingdom, the official Petra news agency reported. The group has been planning since June to implement a series of attacks initially targeting tourists, hotels, public places and shopping malls to draw the attention of the security services away from their main ...

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