Europe's utility stocks made the most of a quiet session on Monday as investors played a cautious game in the absence of trade in both the UK and the US.In morning trade, the FTSE Eurofirst 300 was down... Source: Infocious RSS raw feed - channel BNPaperBusiness | 26 May 2008 | 10:07 am
Only very weak data in the coming days are likely to prompt any rethink on interest rates in the UK, US or eurozone as the main central banks struggle to contain inflation.All three have data on consumer... Source: Infocious RSS raw feed - channel BNPaperBusiness | 26 May 2008 | 10:07 am
JERUSALEM (Reuters) - Major economies, particularly the United States, must better balance market discipline and supervision to cushion future financial market crises, New York Federal Reserve President Timothy Geithner said on Monday.
Deutsche Telekom denies bugging its phones, but says it did hire an investigator to examine phone records. Source: BBC News | Business | World Edition | 26 May 2008 | 9:55 am
The chief executive of Insurance Australia Group (IAG) quit on Monday after losing the support of key shareholders following last week's rejection of an A$8.7bn offer from larger rival QBE.Michael Hawker... Source: Infocious RSS raw feed - channel BNPaperBusiness | 26 May 2008 | 9:50 am
Reuters - Samsung Electronics Co Ltd (005930.KS),
the world's top memory chip maker, said on Monday it plans to
invest 946.8 billion won ($902.2 million) in upgrading memory
lines this year. Source: Yahoo! News: Business | 26 May 2008 | 9:44 am
SEOUL (Reuters) - Samsung Electronics Co Ltd , the world's top memory chip maker, said on Monday it plans to invest 946.8 billion won ($902.2 million) in upgrading memory lines this year.
The pay and prospects of IT support staff in the UK have stagnated as services are outsourced across Asia. Source: BBC News | Business | World Edition | 26 May 2008 | 9:40 am
Solar energy may be the wave of energy's future, but companies like Google (GOOG) and Chevron (CVX) may best start-ups in getting to the benefits. A number of large American companies with tremendous balance sheets are pouring money into solar energy based on the fact that it is becoming more competitive with oil. According to Bloomberg, "Costs for the technology will fall below coal as soon as 2020, the U.S. government estimates. JPMorgan Chase & Co. and Wells Fargo & Co. invested last year in the biggest solar plant built in a generation; Chevron and Google are funding research; and...
Saudi Arabia says it will up its investment in oil drilling and infrastructure. That should, in theory, help the kingdom push more crude out in the years to come. According to the FT, "State oil giant Saudi Aramco plans to invest $129 billion on new energy projects in the next five years." The capital will be invested in, among other things, refineries in the US and China, the world's two largest crude consumers. As bank robber Willie Sutton said when as "Go where the money is...and, go there often". Douglas A. McIntyre
The battle for Midwest Corporation took a fresh twist on Monday when the Australian iron ore group agreed an all-share deal with local rival Murchison Metals that trumped a recommended cash bid from Sinosteel,... Source: Infocious RSS raw feed - channel BNPaperBusiness | 26 May 2008 | 9:13 am
Sirius (SIRI) has been waiting for approval or rejection of its merger with XM Satellite (XMSR) by the FCC since the Stone Age. That could change. The agency is hinting a decision will be issued next month. The news is probably not trustworthy. There are almost weekly rumors about the fate and date of the deal. According to Bloomberg, the head of the FCC, Kevin Martin, said ``The commission could act by the end of the second quarter.'' That may end up being too late. During the year-and-a-half since the satellite company began to seek approval for its deal, competition...
HSBC Holdings may abandon its $6.2 billion takeover bid for Korea Exchange Bank, South Korea’s fifth-largest bank, unless progress is made before the proposal expires at the end of June, according to a published report Monday.
One of the most important outposts that Microsoft (MSFT) has on the internet is its browser, Internet Explorer. The huge majority of people who visit sites online use the Redmond product for access and movement around the web. The lists of consumer "favorites" on IE comes pre-loaded with web destinations from Microsoft and its partners. Internet Explorer is where online security is set by consumers and where "cookies" which track web behavior can be viewed and deleted. The software also stores the user's history of sites visited. Microsoft's main browser competitor, Mozilla, is coming out with a new version of...
AP - A U.S. Treasury official said Monday the global credit crunch is gradually calming following efforts by the Federal Reserve and other central banks.
A U.S. Treasury official said Monday the global credit crunch is gradually calming following efforts by the Federal Reserve and other central banks. Clay Lowery, assistant secretary... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 8:50 am
MTN Group, Africa's largest mobile phone operator, has entered into talks with
Reliance Communications, India's second-largest wireless operator, over a
potential merger of the emerging markets telecoms giants. Source: Latest Business News from Times Online | 26 May 2008 | 8:40 am
U.S. regulators are considering overseeing the fees that wireless-service providers charge consumers who cancel cellphone contracts early, The Wall Street Journal reported.
Advertising-supported cable networks are having a good year, and much of that is at the expense of traditional broadcast operations. The one of those which is a standalone company is CBS (CBS). Perhaps that is why it has made a desperate bid to get further into the online ad business by overpaying to acquire CNET (CNET). According to The New York Times "Cable channels have been eroding broadcast viewership for years, and comparisons between them are inexact. This television season, though, the shifts are especially sharp." CBS relies almost exclusively on its broadcast operations to drive revenue. The company's shares...
George Soros thinks oil prices are starting to look like a classic bubble. His view is that current increases in the price of crude are based more on speculation that any rational balance of supply and demand. The billionaire investor told The Telegraph "that although the weak dollar, ebbing Middle Eastern supply and record Chinese demand could explain some of the increase in energy prices, the crude oil market had been significantly affected by speculation." He also said a recession in the US and the rest of the West would bring oil prices down sharply. Soros adds his name to...
India's Reliance Communications on Monday said it was holding exclusive negotiations with MTN Group with respect to a potential combination of their businesses.The company issued the statement after the... Source: Infocious RSS raw feed - channel BNPaperBusiness | 26 May 2008 | 8:25 am
The major US airlines can no longer get "net 30 days" as credit terms, or any terms at all. Fuel companies want cash. They do not want to end up holding the tank if a carrier defaults and its receiveables go into a pool as part of a bankruptcy. According to The Times of London, "Sources within the airline industry indicate that credit is being denied to most of the leading American carriers and the practice is moving to Europe and Asia." Such action by major suppliers is often a sign of concern that some airlines won't make it. Suppliers...
British house prices dropped for the eighth month in a row in May as buyers continued to avoid the market, housing data provider Hometrack said Monday.
China is overhauling its phone industry to make it more competitive and pave the way for the launch of 3G services. Source: BBC News | Business | World Edition | 26 May 2008 | 8:08 am
Traders in Europe are in a defensive posture on Monday in a light-volume holiday session, with investors opting for telecommunications firms and utilities at the expense of banks and automakers.
According to Reuters, Asian economy's may be severely damaged by rising oil and commodities prices. Reuters writtes that European Central Bank head Jean-Claude Trichet say that the markets are going through an ongoing correction. Reuters reports that Warren Buffett believes that most of the current credit crisis was cause by bank mortgage lending practices. Reuters reports that the CEO of Honda (HMC) is preparing for an assault on Toyota's (TM) hybrid market share. The Wall Street Journal writes that the bribe probe of Siemens (SI) could grow larger. The Wall Street Journal writes that Paramount's "Indian Jones" brought in $101...
Markets in Asia were off sharply The Nikkei fell 2.3% to 13,690;. Sony (NYSE:SNE) fell 2.6% to 2910 yen. Toyota (NYE:TM) fell 2.5% to 5010. Yahoo Japan rose 4.6% to 45850. The Hang Seng sold off 2.1% to 24,196. China Mobile (NYSE:CHL) fell 8% to 115.80 yuan. PetroChina (NYSE:PTR) dropped 2.7% to 10.66. The Shanghai Composite fell 3.1% to 3,385. Data from Reuters Douglas A. McIntyre
Reuters - Major economies, particularly the
United States, must better balance market discipline and
supervision to cushion future financial market crises, New York
Federal Reserve President Timothy Geithner said on Monday. Source: Yahoo! News: Business | 26 May 2008 | 7:32 am
Like spring flowers, the "For Sale" signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 7:31 am
Samsung Electronics Co, the world's largest computer chip maker, said Monday it has developed a new solid-state drive which is expected to replace hard disk drives in laptop computers. Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 7:18 am
Reuters - Asian stocks fell on Monday, with
shares in Japan suffering their biggest fall in six weeks, as
investors feared rising inflation and sluggish U.S. economic
growth would seriously dent consumer demand in the region's
biggest export market.
HONG KONG (Reuters) - Asian stocks fell on Monday, with shares in Japan suffering their biggest fall in six weeks, as investors feared rising inflation and sluggish U.S. economic growth would seriously dent consumer demand in the region's biggest export market.
Indonesian President Susilo Bambang Yudhoyono on Monday defended his unpopular fuel price hike as necessary to avoid an economic meltdown similar to the 1997 financial crisis. Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 6:33 am
Reuters - Oil rose towards $133 a barrel on Monday,
extending the previous session's gains on a supply outage at
the Statfjord oilfield in the North Sea and a weak U.S. dollar.
PERTH (Reuters) - Oil rose towards $133 a barrel on Monday, extending the previous session's gains on a supply outage at the Statfjord oilfield in the North Sea and a weak U.S. dollar.
Asian stocks are sharply lower Monday, with automotive shares leading declines in Tokyo after the yen firmed against the dollar, while shares of China Mobile are off in Hong Kong, sending the Hang Seng index lower, amid uncertainty of who will win in the looming telecom-industry reforms.
Reliance Communications enters talks with South African mobile firm MTN after rival Bharti Airtel pulls out. Source: BBC News | Business | World Edition | 26 May 2008 | 6:02 am
The UK's biggest union Unite is on the brink of a formal tie-up with a prominent North American union. Source: BBC News | Business | World Edition | 26 May 2008 | 6:01 am
Oil was supported above $132 a barrel Monday in Asia by ongoing worries about global petroleum supplies and the outlook this week for the U.S. dollar. The dollar has weakened over the... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 5:12 am
The New Zealand dollar had a quiet day as it continued to settle after last week's budget announcement and international holidays accounted for subdued trading.
Westpac market strategist Michael Gordon said the Government budget... Source: New Zealand Herald - Business | 26 May 2008 | 5:10 am
BANGKOK, Thailand, May 26 /PRNewswire/ -- Asian Oasis has been recognized as one of the first travel operators in Thailand realizing the significance of responsible... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 5:06 am
The fourth and long-awaited installment of Steven Spielberg's "Indiana Jones" series starring Harrison Ford racks up an estimated $126 million in ticket sales at the box office in the U.S., according to studio estimates, putting it in position to become the second-biggest Memorial Day opening.
The countryside property business is booming, says PGG Wrightson Real Estate, which announced today it had sold $2.3 billion of rural property in the 12 months to March 31 - a 65 per cent jump.
Slumping real estate stats from the... Source: New Zealand Herald - Business | 26 May 2008 | 4:39 am
Chinese oil giant CNOOC is in talks with Canadian-based Talisman Energy over a possible takeover deal, a report in Hong Kong said Monday. CNOOC, China's third largest oil... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 4:18 am
SEOUL (Reuters) - HSBC said on Monday it was committed to a $6.3 billion takeover of South Korea's No. 6 bank, but warned it would not wait forever for approval of a deal seen as a major... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 4:00 am
SEOUL (Reuters) - HSBC said on Monday it was committed to a $6.3 billion takeover of South Korea's No. 6 bank, but warned it would not wait forever for approval of a deal seen as a major test of the country's openness to foreign investors.
Australian iron ore miners Murchison Metals Ltd. and Midwest Corp Ltd. said on Monday they had both requested that trading in their shares be suspended pending an announcement. Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 3:39 am
New Zealand's trade deficit was wider than expected in April due to the impact of imported oil production equipment, official figures showed on Monday. The trade deficit of... Source: Infocious RSS raw feed - channel BNewsBusiness | 26 May 2008 | 3:28 am
The Commerce Commission has reduced its estimate of the cost to Telecom of providing local services to non-viable residential customers in 2005/06 by $13.6 million.
A fortnight ago it similarly reduced the cost for the 2004/05... Source: New Zealand Herald - Business | 26 May 2008 | 2:34 am
Reuters - Insurance Australia Group Ltd
, which last week spurned a takeover offer by rival QBE
, said on Monday its Chief Executive Michael Hawker had
resigned with immediate effect, triggering a 3 percent jump in
its shares.
MELBOURNE (Reuters) - Insurance Australia Group Ltd , which last week spurned a takeover offer by rival QBE , said on Monday its Chief Executive Michael Hawker had resigned with immediate effect, triggering a 3 percent jump in its shares.
Air New Zealand is looking to save more than $100 million in fuel costs a year as it puts smaller planes on services to London.
Surging oil prices are causing airlines around the world to brace for slower growth, tighter earnings... Source: New Zealand Herald - Business | 26 May 2008 | 12:38 am
A New Zealand Concept Centre in Shanghai will lend a helping hand to businesses looking to enter the Chinese market , Trade Minister Phil Goff says.
Mr Goff today said the new Shanghai centre, operated by New Zealand Trade and... Source: New Zealand Herald - Business | 26 May 2008 | 12:13 am
German leaders are to propose a worldwide ban on oil trading by speculators, blaming the latest spike in crude prices on manipulation by hedge funds. Source: Telegraph Business | 26 May 2008 | 12:01 am
The rapid explosion of the internet into British life has been underlined by a survey showing that almost 60pc of Britons spend at least five hours online each week. Source: Telegraph Business | 26 May 2008 | 12:01 am
The Financial Services Authority is just days away from naming Lord Adair Turner as chairman to succeed Sir Callum McCarthy, who steps down in September. Source: Telegraph Business | 26 May 2008 | 12:01 am
The acrimonious battle between J-Power, one of Japan's biggest energy producers, and hedge fund TCI has escalated after J-Power published an open letter to shareholders. Source: Telegraph Business | 26 May 2008 | 12:01 am
Willie Walsh must be a sucker for punishment. Oil hits $135 a barrel. Every airline on the planet is squealing. So where does the British Airways chief executive stick himself for a few days? Houston, Texas - the energy capital of the world. Source: Telegraph Business | 26 May 2008 | 12:01 am
Directors of HSBC will face a stormy reception from shareholders at the group's annual meeting on Friday over its investment in the troubled US market and a controversial new bonus scheme. Source: Telegraph Business | 26 May 2008 | 12:01 am
Petrol prices rise: shock horror! House prices rise: what good news! Isn't it odd that when the price of ordinary goods and services rises we think this is bad but when the price of property rises we think this is good? The former we call inflation but not the latter. Something does not add up. Source: Telegraph Business | 26 May 2008 | 12:01 am
Boss of UK travel website Cheapflights.com is going full throttle with expansion plans, writes Dominic White. Source: Telegraph Business | 26 May 2008 | 12:01 am
New York property developer Harry Macklowe has agreed to sell the landmark General Motors Building for $3bn (£1.52bn) - the highest price ever achieved for a single skyscraper. Source: Telegraph Business | 26 May 2008 | 12:01 am
Anheuser-Busch, the brewer of Budweiser at the centre of takeover speculation, may find it harder to resist a bid from European rival InBev after weakening its defence against potential suitors. Source: Telegraph Business | 26 May 2008 | 12:01 am
New Zealand's exports to the world rose nearly 20 per cent in April, reaching $3.8 billion for the month.
But the other side of the equation was up too - with $4.1 billion of imports, up 22 per cent from April last year.
Both... Source: New Zealand Herald - Business | 25 May 2008 | 11:50 pm
Hundreds of thousands of Argentines attend rival rallies by farmers and the government, in a tax dispute. Source: BBC News | Business | World Edition | 25 May 2008 | 11:35 pm
Caravans look likely to make a comeback this summer, as high bills, the low
pound and environmental concerns drive holidaymakers back to Britain's camp
sites. Source: Latest Business News from Times Online | 25 May 2008 | 11:01 pm
Coal has fuelled an appetite for British mining stocks in the first quarter of
this year, despite the wider mining sector facing a more challenging
environment, according to research by Ernst & Young. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
Airlines are being forced to pay cash in advance for jet fuel as the major oil
companies tighten the screws on an industry that is being crushed by an
extraordinary surge in the price of crude oil. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
HSBC, Britain's largest bank, is the latest company at the centre of a
controversy over directors' pay. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
One of Britain’s leading biofuels companies is facing criticism for
encouraging the growth of jatropha – a toxic weed that produces seeds that
can be refined into biodiesel – in developing countries. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
The euro is growing up. Next month, the European Central Bank, the single
currency's guardian, will mark its tenth anniversary. Soon after, in
January, the euro itself will turn ten. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
As if completing a gruelling engineering degree was not enough, a new
generation of globetrotting Indian IT workers faces extra schooling on how
to deal with British quirks of business. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
Indian petrol refineries are on a financial knife edge after being forbidden
by their Government to pass on record-high oil prices to consumers. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
Falling sales of home improvement products are casting a pall over the Bank
Holiday for DIY retailers who are expecting less hammering, painting and
shelf installation as the housing market continues to slow. Source: Latest Business News from Times Online | 25 May 2008 | 11:00 pm
Despite concerns around the world about the impact of surging oil prices, the New Zealand sharemarket made small gains in the first few minutes after opening today.
Helping lift the market, even as leading stocks declined, was... Source: New Zealand Herald - Business | 25 May 2008 | 10:40 pm
The government will ask the international community for a half a billion dollars to build a city for 3m people, complete with electric tram system and a huge central park Source: FT.com - US homepage | 25 May 2008 | 10:31 pm
Potential employers from New Zealand and overseas have expressed interest in hiring workers facing redundancy at PPCS' Oringi meatworks, and some have already found new jobs.
Workers at the plant near Dannevirke were warned nearly... Source: New Zealand Herald - Business | 25 May 2008 | 10:21 pm
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Tuesday's session are Borders Group Inc., Donaldson Co. and Jamba Inc.
A top member of staff at the US Senate has said that a multi-million-dollar package to help Mexico fight drugs would be agreed by mid-June, but warned that the final version would contain strong conditions on human rights Source: FT.com - US homepage | 25 May 2008 | 9:06 pm
NEW YORK (Reuters) - The Securities and Exchange Commission's investigation of Maurice "Hank" Greenberg goes beyond the one deal that was the subject of a criminal trial earlier this year and includes a second deal made by his former company, American International Group , according to an article in The Wall Street Journal.
Casualties are mounting among airlines as they face fuel bills US$70 billion ($89 billion) bigger than last year.
The pace of merger talks is also quickening and profit warnings are getting louder by the day.
In the United States... Source: New Zealand Herald - Business | 25 May 2008 | 8:00 pm
State oil giant Saudi Aramco plans to invest $129 billion on new energy projects in the next five years, the company's executive vice president of operations has said Source: FT.com - US homepage | 25 May 2008 | 7:43 pm
As anyone with an ear on the marine forecast knows, it's seldom flat on the West Coast.
The reliable surf, originating from weather systems deep in the Southern Ocean, has got an Australian company interested in our western coastline.
Perth-based... Source: New Zealand Herald - Business | 25 May 2008 | 7:30 pm
The property tycoon is to sell the General Motors Building to Mort Zuckerman's Boston Properties for $3.95bn. The deal could help loosen New York's commercial real estate logjam Source: FT.com - US homepage | 25 May 2008 | 7:26 pm
Life insurance firm Scottish Widows is facing a legal claim over allegedly misleading pension schemes. Source: BBC News | Business | World Edition | 25 May 2008 | 7:23 pm
Investor sentiment is improving, but analysts are warning against complacency as a combination of slowing growth, inflationary pressures and the threat of company defaults could trigger another wave of turbulence Source: FT.com - US homepage | 25 May 2008 | 7:06 pm
Hedge funds that place bets based on views of the global economic outlook are the only categories of their class to have made double-digit returns Source: FT.com - US homepage | 25 May 2008 | 7:00 pm
Military chiefs have hailed the death of a legendary leftwing guerrilla leader as the 'hardest blow' ever suffered by Farc, Latin America's oldest rebel group Source: FT.com - US homepage | 25 May 2008 | 6:42 pm
A week after having been on the brink of civil war, Lebanon is in euphoric mood as parliament confirmed army commander General Michel Suleiman as the country's new president – a post that has been vacant for six months Source: FT.com - US homepage | 25 May 2008 | 6:32 pm
Spiritual leader tells the FT he is losing the support of many of his followers because of Beijing's refusal to strike a deal with him over the territory's future Source: FT.com - US homepage | 25 May 2008 | 6:04 pm
The Indian group is reviving its earlier interest in tying up with the South African mobile carrier, following the sudden collapse of talks between MTN and Reliance's arch-rival, Bharti Airtel Source: FT.com - US homepage | 25 May 2008 | 5:07 pm
This coming Thursday after the close, we'll get to see earnings out of Dell, Inc. (NASDAQ: DELL). Unless others steal the show with unknown news, this should dominate much of the tech earnings on a shortened week. Now that Hewlett-Packard (NYSE: HPQ) has already given the all clear sign and now that it has made a huge game-changing offer to buy EDS (NYSE: EDS), you have to wonder if things are going to stay status quo at Dell. First Call has the computer giant posting earnings at $0.33 EPS on $15.66 Billion in revenues. Estimates for next quarter are $0.34...
NEW YORK (Reuters) - Oil prices will likely take on more importance for the stock market this week as the summer driving season officially kicks off and as more companies feel the pinch of higher energy prices on their profit margins.
MADRID (Reuters) - Blame for the sub-prime crisis lies at the feet of banks who took too many risks in mortgage lending, U.S. billionaire investor Warren Buffett told newspaper El Pais in an interview published on Sunday.
AP - A U.S. Treasury official said Monday the global credit crunch is gradually calming following efforts by the Federal Reserve and other central banks.
Reuters - Asian stocks fell on Monday, with
shares in Japan suffering their biggest fall in six weeks, as
investors feared rising inflation and sluggish U.S. economic
growth would seriously dent consumer demand in the region's
biggest export market.
Reuters - Oil rose towards $133 a barrel on Monday,
extending the previous session's gains on a supply outage at
the Statfjord oilfield in the North Sea and a weak U.S. dollar.
Reuters - Insurance Australia Group Ltd
, which last week spurned a takeover offer by rival QBE
, said on Monday its Chief Executive Michael Hawker had
resigned with immediate effect, triggering a 3 percent jump in
its shares.