World stocks rise as Alcoa sees stronger demand

BANGKOK (AP) — World stock markets rose Wednesday after the fourth-quarter earnings season got off to a positive start in the U.S. with aluminum giant Alcoa forecasting higher demand for 2013.Demand for aluminum has been hurt by the weak global economy, but Alcoa predicted a 7 percent increase in demand this year, slightly better than the 6 percent increase in 2012. Because Alcoa makes aluminum for...

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Futures rise as earnings season begins in the US

NEW YORK (AP) — Stock futures are rising after a pair of U.S. companies opened the earnings season with a surprisingly strong start.Dow Jones industrial futures are up 13 points to 13,280. The broader S&P futures have added 0.80 points to 1,435.10. Nasdaq futures are up 0.25 points to 2,714.25.After markets closed Tuesday, Alcoa predicted rising demand for its aluminum this year and topped revenue...

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Stocks open higher for first day in three

NEW YORK (AP) — Stocks rose on Wall Street in early trading Wednesday after U.S. corporate earnings reports got off to a strong start.The Dow Jones industrial average rose 75 points to 13,403 after the first hour of trading. The Dow is coming off of two days of losses.The Standard & Poor's 500 index rose six to 1,463 and the Nasdaq composite rose 16 to 3,108.Alcoa predicted rising demand for...

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Samsung Says It's Making More Money Than Apple, Now

Riding the wave of gadget goodness from the Consumer Electronics Show in Las Vegas, Samsung released a pretty impressive set of fourth quarter earnings estimates, including a record high profit. The South Korean electronics manufacturer says that it will make $8.3 billion in profits on $52.7 billion in revenue. That's a shade better than Apple's own record high profit of $8.2 billion on just $32...

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Samsung sees record-high 4Q profit

SEOUL, South Korea (AP) — Samsung Electronics Co., the world's largest technology company by revenue, expects record earnings for the fourth quarter of 2012 as shoppers continued to snap up its smartphones and tablets.The company said Tuesday its operating profit for the October-December quarter would be about 8.8 trillion won ($8.3 billion), up 89 percent from a year earlier and higher than expectations....

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Asia stocks down ahead of US corporate earnings

 Asian stock markets headed lower Tuesday as investors turned cautious before U.S. earnings season kicks off this week.Investors will get a feel for corporate America's outlook as earnings reports start coming. Aluminum producer Alcoa Inc. will unofficially launch the reporting season for the fourth quarter of 2012 on Tuesday after U.S. markets close.Events during the quarter such as Superstorm...

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Eli Lilly banks on cost controls for higher 2013 profit

(Reuters) - Eli Lilly and Co said on Friday it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.Lilly, whose shares were up nearly 4 percent on Friday, said 2013 sales will be flat to a bit higher, despite the loss of patent on its $5 billion-a-year antidepressant, Cymbalta, in December.The Indianapolis-based...

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Lilly 2013 profit forecast tops expectations

INDIANAPOLIS (AP) — Eli Lilly and Co. unveiled a better-than-expected 2013 earnings forecast Friday, in part because the pharmaceutical company expects growth from several established drugs to help make up for revenue lost to generic competition.The Indianapolis drug developer saw sales for its all-time best-selling drug, the antipsychotics Zyprexa, crater in 2012 after it lost U.S. patent protection....

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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates...

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Lending to businesses still weak in Europe

FRANKFURT, Germany (AP) — Bank loans to companies fell again in Europe, another sign that the economy remains slack in the 17 European Union countries that use the euro.The European Central Bank said Thursday that loans to non-financial corporations fell by 1.4 percent in November from the year before.It's a sign that businesses remain reluctant to take on risk and borrow, despite the ECB's record...

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German jobless rate up to 6.7 percent

Germany's unemployment rate crept up to 6.7 percent in December due to seasonal factors and a more sluggish economy, but the labor market remained robust and the average number of people out of work last year was the lowest in more than two decades.The unadjusted jobless rate rose from 6.5 percent in November, the Federal Labor Agency said Thursday. Some 2.84 million people were registered unemployed...

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Japan's finance minister in Myanmar with development pledges

NAYPYITAW, Myanmar (Reuters) - Japan's new government confirmed its support for the emerging democracy in Myanmar on Thursday when Finance Minister Taro Aso visited the country to reaffirm Japan's intention to cancel debt and help develop a big industrial zone.Myanmar has implemented rapid economic and political reforms since President Thein Sein's quasi-civilian government took over from a long-ruling...

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Uganda holds key rate with eye on growth, inflation

KAMPALA (Reuters) - Uganda's central bank held interest rates on Thursday, treading a path between managing inflation and supporting an economic upturn it said would likely lead it to cut borrowing costs in the coming year.With the country's currency under pressure, traders and analysts had mostly expected the Central Bank of Uganda to leave the key lending rate at 12 percent - ending a run of growth-boosting...

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Botswana GDP growth at 1.1 pct q/q in Q3 2012

JOHANNESBURG (Reuters) - Botswana's economy grew by 1.1 percent quarter-on-quarter in the third quarter of 2012 after rising by a revised 0.3 percent in the second quarter, data from the Central Statistics Office showed on Thursday.On a year-on-year basis growth was at 5.7 percent in the third quarter compared with a revised 8.5 percent in the previous quart...

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China academics warn of "violent revolution" if no political reform

A prominent group of Chinese academics has warned in a bold open letter that the country risks "violent revolution" if the government does not respond to public pressure and allow long-stalled political reforms.The 73 scholars, including well-known current and retired legal experts at top universities and lawyers, said political reform had not matched the quick pace of economic expansion."If reforms...

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Gold ticks higher; on track for 12th annual gain

 Gold ticked up to around $1,660 an ounce on Monday after the euro firmed against the dollar, but wary investors stayed on the sidelines as last-ditch attempts by U.S. lawmakers to resolve a fiscal crisis seemed to be getting nowhere.Lawmakers pushed the United States to the edge of the "fiscal cliff" as they struggled to reach a last-minute deal that could prevent the world's largest economy...

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Zambia extends deadline for new bank capital rules

Zambia's central bank has extended a deadline for commercial banks to meet new minimum capital requirements by a year to December 31, 2013, saying it was satisfied with progress made so far.Zambia raised its capital requirements for foreign banks to $100 million from $2 million this year to insulate its banking sector from the effects of a weak global economy.The capital requirement for local banks...

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S.Africa stocks up 22 pct in 2012 on retail surge

 South African stocks ended the year near record highs on Monday, after a 22 percent surge that marks their best annual return since 2009, lifted by a runaway performance from the booming retailing industry.Equities in Africa's biggest economy have confounded market watchers this year, as shares largely shrugged off lacklustre economic growth and three months of crippling strikes in the crucial...

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China to keep prudent monetary policy in 2013: central bank

 China will stick to a prudent monetary policy next year and keep consumer prices stable, its outgoing central bank governor, Zhou Xiaochuan, said on Monday, in fresh sign that Beijing won't be changing direction when the new government takes over in 2013.Reiterating China's long-stated vow to reduce the level of central planning in its economy and make room for more market forces, Zhou also...

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Japan's policy veteran Motegi likely to serve as trade minister: media

 Incoming Japan Prime Minister Shinzo Abe is likely to pick policy veteran Toshimitsu Motegi as trade minister, who will also take charge of energy and other key economic policies, media reported on Tuesday.Motegi, 57, a former policy affairs chief for the Liberal Democratic Party (LDP), will tackle energy problems after last year's Fukushima nuclear crisis, as well as issues such as the U.S.-led...

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