commodity news

• Glencore-Xstrata in $90bn merger

Anglo-Swiss mining group Xstrata announces a $90bn merger with Glencore, the world's largest commodity trader.
• UBS profits down on weak business

Profits at Swiss bank UBS slump by three-quarters and the outlook remains tough as the eurozone crisis saps business.
• BP ups dividend as profits rise

BP announces sharply higher profits and increases its dividend to shareholders for the first time since the 2010 Deepwater Horizon oil disaster.
• Greece says lender talks 'tough'

Greece holds further talks with its international lenders, as the debate on more austerity measures continues.
• Citi to launch China credit cards

The Chinese unit of Citigroup wins approval to launch credit cards in China, the first non-Asian bank to do so.

• RBA Unexpectedly Holds Rates, Leaves Door Open to Cut

Australia's central bank held its cash rate steady at 4.25 percent on Tuesday, a surprise to many who had thought it would cut rates, though it did leave the door open to an easing in coming months if the economy weakened.
• Toyota Quarterly Profit Up, Sees 'Tough Race' in America


• Japan Reveals Stealth Yen Intervention, Ready to Do More


• Dreamliner Delays Seen as Boeing Tackles New Glitch


• Google, Facebook Pull Content After India Court Warning

• What Deadline? Greek Debt Talks Enter Bizarre Phase

European Union officials and Greek officials couldn’t seem to agree whether Greece had missed a deadline to agree to austerity measures. Indeed, they couldn’t agree whether there was a deadline at all.
• UBS Profit Misses Forecasts; Bank Warns on Revenue


• Greek Default: Why Now May Be Best Time to Do It


• European Regulator: No Plans to Challenge Banks' Plans


• People Are Indifferent to Greece: Expert

• Bombardment of Syria's Homs resumes: activists

AMMAN (Reuters) - Heavy bombardment of the Syrian city of Homs resumed on Tuesday after at least 95 civilians were killed on Monday in an offensive to put down a popular revolt against President Bashar al-Assad's rule, activists and residents said.
• Iran: US assets ban "antagonistic," will have no impact

TEHRAN (Reuters) - Iran on Tuesday denounced as "an antagonistic move" a tightening of U.S. sanctions targeting Tehran's central bank and giving U.S. banks new powers to freeze Iranian government assets, and said it would have no impact.
• Maldives president resigns after police mutiny

MALE (Reuters) - Maldivian President Mohamed Nasheed resigned on Tuesday after three weeks of opposition-led protests in the Indian Ocean archipelago boiled over into a police mutiny.
• Exclusive: Iran defaults on rice payments to India

NEW DELHI (Reuters) - Iranian buyers have defaulted on payment for about 200,000 tonnes of rice from their top supplier India, exporters and rice millers said on Tuesday, as trade between the two countries comes under mounting pressure from a new wave of Western sanctions against Tehran.
• U.S. lifts restrictions to support IFIs work in Myanmar

(Reuters) - The United States has eased some restrictions on Myanmar to support ongoing work by International Financial Institutions (IFIs) like the Asian Development Bank carrying out economic assessments and technical assistance to its new civilian government.

general news

• Glencore to buy Xstrata in $90 billion deal

LONDON (Reuters) - Commodities trader Glencore agreed an all-share takeover of mining group Xstrata worth $90 billion on Tuesday in the industry's largest ever deal, creating a powerhouse spanning mining, agriculture and trading.
• Santorum aims for a victory in Republican contests

DENVER (Reuters) - Republican candidate Rick Santorum is gunning for a victory in at least one of the three states holding presidential nominating contests on Tuesday in an attempt to slow down front-runner Mitt Romney and revive his fading White House hopes.
• Greek leaders face crunch talks as unions strike

ATHENS (Reuters) - Greek leaders face crunch talks on Tuesday to secure a new international bailout and avoid a chaotic debt default, caught between EU demands that they accept painful reforms now and a national strike against more austerity.
• Bombardment of Syria's Homs resumes: activists

AMMAN (Reuters) - Heavy bombardment of the Syrian city of Homs resumed on Tuesday after at least 95 civilians were killed on Monday in an offensive to put down a popular revolt against President Bashar al-Assad's rule, activists and residents said.
• Toyota Q3 jumps, sees "tough race" in North America

TOKYO (Reuters) - Toyota Motor Corp reported a stronger-than-expected quarterly operating profit and raised its annual forecast on cost cuts and Japanese government subsidies, though this is still some way below analysts' expectations.

• Europe Markets: Europe stocks fall on miners, Greece

Most European stock markets edge lower Tuesday, as investors focus on a merger deal in the resource sector, while Greece prepares to continue austerity talks.
• Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.
• Asia Markets: Chinese stocks slide to lead most of Asia lower

Chinese shares fall to lead major Asian markets down as investors disappointed by lack of monetary easing sell down stocks across the board.
• Currencies: Dollar adds to gains; yen moves lower

The U.S. dollar extends its recent gains amid concern about Greece’s debt crisis, while reports of secret forex intervention in Japan appear to weigh on the yen.
• Australian shares fall after rate decision

Australian shares close lower after the Reserve Bank of Australia unexpectedly kept its key cash rate on hold at 4.25%.

• Mining Giants Set Terms

Anglo-Swiss miner Xstrata formally announced plans to merge with commodities titan Glencore International to create a $90 billion, sector-straddling giant.
• For Sale: AIG's Subprime Bonds

Five Wall Street banks have been invited by the New York Fed to bid for a multibillion-dollar bundle of risky mortgage bonds it owns as a result of its 2008 rescue of AIG.
• Rate Probe Keys On Traders

Investigators in a world-wide probe of how crucial interest rates are set are focusing on a small number of traders suspected of trying to influence other bank employees to manipulate the rates.
• Greece to Cut Public-Sector Jobs

Greece has agreed to lay off 15,000 public-sector workers by the end of 2012, as international pressure mounts on Athens to agree on austerity measures needed to secure major new debt agreements.
• Profit Falls at UBS

Presenting its first set of earnings under new Chief Executive Sergio Ermotti, UBS reported a 76% fall in fourth-quarter net profit, as trading in shares and bonds slowed. The Swiss bank also said its bonus pool will be cut 40%.

• Canada Sets Initial Price Guidance On US$3 Billion 5-Year Bond

Canada has set initial price guidance on its planned US$3 billion, five-year bond in the area of eight to 10 basis points over Treasurys, one of the banks running the sale said Tuesday.
• Standard Life To Vote Against Glencore-Xstrata Unless Terms Improved

Standard Life Investments Tuesday said it will vote against plans for a merger of Anglo-Swiss miner Xstrata PLC (XTA.LN) and commodities titan Glencore International PLC (GLEN.LN) unless terms of the deal are improved.
• Gazprom Denies Breaking Export Contracts; Can't Satisfy EU Demand

Russian gas firm OAO Gazprom (GAZP.RS) has denied breaking export contract obligations with European buyers during the recent spell of cold weather, but acknowledges it can't keep up with rapidly rising demand, a company executive said.
• Glencore Xstrata Able To Play In M&A Market - Xstrata CEO

The combined Xstrata Glencore will have the capacity and flexibility to capitalize on new opportunities, including M&A deals, in the commodities markets, the chief executives of the two companies said Tuesday.
• Bank Overnight ECB Deposits Fall After Reaching 2nd-Highest Amount

Euro-zone banks' overnight deposits at the European Central Bank fell slightly Monday after reaching the second-highest amount ever Friday, indicating that the amount of excess liquidity in the banking system remains high as the end of the reserve period approaches.

• NO WELFARE AT STRIP CLUBS

If welfare recipients want to dole out the dollar bills at a strip club, they'd better make sure it's not government money ... at least if a bill in Congress becomes law.
• Stocks close lower amid Greece jitters

U.S. stocks hovered below the breakeven line throughout the trading day Monday, as investors anxiously awaited a Greek government decision on budget cuts that are key to securing a second bailout and avoiding default.
• Electric car maker, U.S. loan recipient cuts jobs

Fisker Automotive, the electric car company that received a half-billion dollars in Energy Department loan guarantees, announced layoffs at its Delaware production facility Monday.
• Foreclosure deal has 40 states, but others balk

More than 40 states have signed on to a draft deal settling claims of improper mortgage servicing that's aimed at relieving homeowners struggling with loans bigger than their home's value.
• The Romney kids' $100 million trust fund

Mitt Romney's five sons -- Matt, Tagg, Craig, Ben and Josh -- are sitting pretty with a trust fund worth $100 million.