Nikkei slides 6 percent as yen advances, banks slide
TOKYO (Reuters) - Japan's Nikkei average fell more than 6 percent on Monday to a 26-year-low, beaten down as Canon Inc and other exporters slipped on the yen's advance against the dollar and bank shares tumbled. Shares of Mitsubishi UFJ and other large banks were hammered on concerns they may need to raise billions of dollars each to offset hefty losses on their stock portfolios.
Foreshadow of a rebound?
TORONTO (Reuters) - A see-saw session on the Toronto Stock Exchange on Friday saw the main index slump to hit a four-year low and then bounce back in a late-session rebound that could lead to a strong opening on Monday. But market players are nowhere near confident enough to forecast any sustained rally.
Oil falls below $64 as economy outweighs OPEC
PERTH (Reuters) - Oil fell to a 17-month low on Monday, extending the previous session's $4 loss, as an emergency production cut by OPEC was shrugged off by traders anxious about the onset of a deep global recession. On Friday, OPEC reached swift agreement to chop production by 1.5 million barrels per day from November 1, but traders said OPEC's action might not be enough to arrest oil's slide of more than 56 percent from a record $147 a barrel in July.
Citigroup and Vancouver Airports eye Gatwick: report
LONDON (Reuters) - The infrastructure fund of Citigroup
Russia's Severstal to pay less in PBS Coals deal
TORONTO (Reuters) - OAO Severstal
MUFG may raise up to $10.6 bln in capital: sources
TOKYO (Reuters) - Mitsubishi UFJ Financial Group <8306.T>, Japan's largest bank, is considering raising up to 1 trillion yen ($10.6 billion) to replenish its capital, people familiar with the matter said. Japanese broadcaster NHK reported earlier that Mizuho Financial Group <8411.T> and Sumitomo Mitsui Financial Group Inc <8316.T>, the country's No. 2 and No. 3 banks, may also look to raise several hundreds of billions of yen.
Hungary and IMF agree on rescue package
WASHINGTON (Reuters) - Hungary has reached agreement with the International Monetary Fund and European Union on a broad economic rescue package, including substantial financing, to stabilize its economy rocked by the global financial crisis, the IMF said on Sunday. "A substantial financing package in support of these strong policies will be announced when the program is finalized in the next few days," IMF Managing Director Dominique Strauss-Kahn said in a statement that did not indicate the size of the package.
China's top aluminum maker Chalco net dives 92 percent
HONG KONG (Reuters) - Aluminum Corp of China Ltd <2600.HK><601600.SS>, the world's No.3 alumina producer, said on Sunday its third quarter net profit dived 92 percent, dented by high production costs and sliding aluminum prices amid weakening demand in a slowing world economy. Also known as Chalco, the country's top alumina and aluminum maker reported a net profit of 182.9 million yuan ($26.7 million) in the quarter ended September, down from a restated profit of 2.29 billion yuan a year ago, under Chinese accounting standards.
Finance minister says Canada headed for rough times
NIAGARA FALLS, Ontario (Reuters) - Canadians are headed for tough economic times but the country is better able to withstand them than most others in the West, Finance Minister Jim Flaherty said on Friday. "We're in for rough times. These are difficult times. Canadians should not underestimate what we're facing. We're not an island. We're a trading nation," the newly reelected Conservative minister told a news conference.
British Columbia mulls small-business pension fund
VANCOUVER, British Columbia (Reuters) - Details of British Columbia's proposal to create a group pension fund for businesses that can't offer their own plans will take a while to work out, the province's finance minister said on Friday. The plan, unveiled by Premier Gordon Campbell on Wednesday, called for a privately financed, defined-contribution fund for the estimated 75 percent of private sector workers in the province who don't have access to group pension plans.
© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
