Growth in Chinas factory output and retail sales accelerated in October in a new sign an economic recovery might be taking shape as the Communist Party prepares to install a new generation of leaders. The government said Friday factory output rose 9.6% over a year earlier, up from the previous months 9.2%. Retail sales rose 14.5%, up from September's 14.2%. The data are welcome news for the ruling Communist Party, which is meeting in Beijing to carry out a once-a-decade handover of power to younger leaders.
EU official: Troika report on Greece by Monday
A European Union official says he expects a crucial report on Greece's budget reforms and debt sustainability to be delivered by Monday, when finance ministers from the 17 euro countries meet in Brussels. Greek officials say the country will run out of money Nov 16, and a new bailout disbursement is needed so the country won't default. That cannot be approved without a report from the troika of international lenders the International Monetary Fund, the European Central Bank, and the European Commission, the EUs executive arm.
Lonmin rebuffs Xstrata proposal to take control
Lonmin has rejected a reverse takeover proposal from its largest shareholder, Xstrata , which questioned the ability of the strike-hit platinum producer's current bosses to keep their loss-making group alive. At the centre of a wave of strikes at South African mines that have left dozens dead, Lonmin highlights the difficulties facing a platinum industry under pressure from low prices, rising costs and a restive labour force. The proposals from Xstrata were conditional proposals, with terms that did not favour all of our shareholders, Lonmin's acting chief executive, Simon Scott, said.
Schulzes Best Buy bid likely in December
An eventual bid for Best Buy Co Inc by founder Richard Schulze could come below his initial proposal of around $8 billion and is now not expected to be made before December, Reuters reported. Schulze has done most of his due diligence on Best Buy and has formed a business plan to turn around the world's largest consumer electronics chain, with his efforts now focused on securing financing commitments, the agency said. At least three private equity firms Apollo Global Management LLC, TPG Capital LP and Leonard Green & Partners LP are considering joining Schulze in the bid.
CNOOC confident of Nexen deal approval
CNOOC Ltd, China's top offshore oil and gas producer, said it is confident of winning regulatory approval from Canada this year for its $15.1 billion bid for Nexen Inc, even though Ottawa has extended its review of the deal twice. CNOOC launched China's richest foreign takeover bid in July when it agreed to buy Nexen. But the success of its bid began to look shaky after Canada held up Malaysian state oil company Petronas' $5.2 billion bid for Progress Energy Resources Corp. Canada has been conducting a review to determine whether a takeover by the Chinese state-owned enterprise would bring a net benefit to Canada. Ottawa said on Nov 2 that it has extended the review by a month to Dec 10. The extension was not a surprise, CNOOC Chairman Wang Yilin said on Friday.