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Reuters Business Summary

Reuters - 57 minutes ago

NBC Universal, partners to buy Weather Channel

PHILADELPHIA - NBC Universal and private equity firms Bain Capital and Blackstone Group <BX.N> said on Sunday they agreed to buy The Weather Channel from Landmark Communications. Terms of the widely expected deal were not disclosed, but sources familiar with the transaction said the price tag was just under $3.5 billion.

Is capitulation on the cards?

LONDON - Profit warnings, breaches of key index levels, record oil prices, stressed consumers and investors seeking safety provide the background for markets this week, and many people are wondering how long this will all last. There has been no classic "capitulation" -- a market concept which states that heavy, sometimes panic, selling of stocks heralds the bottom and a beginning of an upturn. But there is enough gloom around to make a contrarian bullish.

Toyota to add solar panels to Prius hybrid: Nikkei

TOKYO - Toyota Motor Corp <7203.T> plans to install solar panels on its next-generation Prius hybrid cars, becoming the first major automaker to use solar power for a vehicle, the Nikkei business daily reported on Monday. The paper said Toyota would equip solar panels on the roof of the high-end version of the Prius when it redesigns the gasoline-electric hybrid car early next year, and the power generated by the system would be used for the air conditioning.

Postbank sale may fail over target price: report

FRANKFURT - The sale of Germany's biggest retail bank Deutsche Postbank could fail because the price potential bidders are willing to pay does not meet the expectations of the lender's parent, Deutsche Post, a German magazine reported on Saturday. Business weekly Wirschaftswoche cited sources close to Germany's Finance Ministry as saying that Deutsche Post, which owns a stake of 50 percent plus one share in Postbank, expected offers valuing the lender at more than 10 billion euros , but has received non-binding offers only of between 8 and 9 billion euros.

Auto sector woes could spur deals: Renault CEO

AIX-EN-PROVENCE, France - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday. "Something will have to happen," Renault Chief Executive Carlos Ghosn told delegates at a business conference in this southern French city.

Hyundai cuts, Kia lifts domestic sales target

SEOUL - Hyundai Motor Co <005480.KS>, South Korea's top auto maker, said on Sunday it had cut its local sales target for this year by 6 percent as record-breaking oil prices are hitting consumer sentiment in Asia's fourth-largest economy. But its affiliate Kia Motors Corp <000270.KS> and the country's No.2 car maker said it had raised its domestic sales target by 11 percent, helped by the popularity of its fuel-efficient mini-car and new model launches.

Economy casts pall on Sun Valley media fest

NEW YORK - The deteriorating U.S. economy and slumping stock prices will frame discussions among top media and technology executives at the 26th annual Allen & Co confab in Sun Valley, Idaho, next week. Talk of deals, investment picks and hot start-ups will still work their way into the meeting -- especially since attendees include News Corp's <NWSa.N> Rupert Murdoch, Google Inc's <GOOG.O> Eric Schmidt and Yahoo Inc's <YHOO.O> Jerry Yang.

UBS, CS may have to set aside $68 billion: report

ZURICH - Swiss authorities could require UBS <UBSN.VX> and Credit Suisse <CSGN.VX> to set aside an additional 70 billion Swiss francs in capital, a newspaper reported on Sunday, citing lawmakers. "40 billion for UBS, 30 billion francs for CS," parliamentarian Hans Kaufmann told Swiss weekly Sonntag, referring to the additional capital the banks would have to put aside under the proposal.

Alitalia to get 700-800 mln euros: report

MILAN - Alitalia <AZPIa.MI> will receive a capital injection of 700 million to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday. The paper, without citing sources, said some 10 businessmen would take part in the rescue plan being drawn up by the government-appointed adviser, bank Intesa Sanpaolo <ISP.MI>, but did not name them.

Global finance regulation "found wanting": UK's FSA

AIX-EN-PROVENCE, France - Weaknesses in the regulation of the global financial system have been revealed during the recent credit crunch, the chairman of Britain's Financial Services Authority said on Sunday. "Throughout the world, regulation has been found wanting," Financial Services Authority Chairman Callum McCarthy told delegates at a business conference in southern France.

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