- 123jump.com Staff
- 28 Dec, 2007
- New York City
Holland based ING has agreed to sell its U.S. based re-insurance unit for 300 million euros or $440 million to an insurance subsidiary of Berkshire Hathaway. The sale will free capital for ING from possible long term liabilites from tobacco and asbestos claims. The sale will result in 100 million euro capital loss at ING but will improve its debt to capital ratio.
- 123jump.com Staff
- 28 Dec, 2007
- New York City
U.S. market averages lost early momentum after finacials and retail stocks declined. Citigroup and HSBC are looking to sell assets to improve capital base. November new home sales declined 9% from October and fell 34.4% from a year ago, the steepest decline in the last sixteen years. Median price of new home sold declined 0.4% to $239,100. Berkshire plans to launch a bond insurance unit hurting MBIA and Ambac stocks. Oil and gold edged near recod high.
- 123jump.com Staff
- 28 Dec, 2007
- New York City
Stocks in Japan struggled today as they have done for the year. Nikkei fell 0.6% to 15,546.69 and for the year is down 11%. Credit market worries, slumping U.S. and Japanese economic growth, and virtual halt in construction industry has crimped economic vitality. Consumer price index in November rose at one of the fastet rates in a decade on rising food and energy prices. Japan Airlines stock fell after talks of 150 billion yen offering to raise additional funds.
- 123jump.com Staff
- 28 Dec, 2007
- New York City
ASX 200 index lost 0.2% to 6,339.90. Rams Home Loans extended a $500 million loan and the maturity of two of its funds by four months. Centro Direct Property Fund and international fund will pay reduced dividends for the fourth quarter. The Board of IMX Resources today signs an agreement with Jilin Tonghua Iron & Steel Mining Company Ltd for the sale of Cairn Hill ROM magnetite /copper ore in South Australia. Australian dollar closed higher.
- 123jump.com Staff
- 27 Dec, 2007
- New York City
European markets edged higher led by a rise in oil price after the weekly U.S. inventory report showed a decline in inventories. Statoilhydro, Cairn Energy, Eni, and Total advacned. Munich Re estimated that global losses from natural disaster to insurance companies in 2007 rose to $30 billlion, nearly twice the level in 2006. Mortgage approvals in UK fell 44% in November, nearly a ten-year record. Mediobanca, the largest Italian bank has agreed to buy Linea SpA for 389 million euros.
- 123jump.com Staff
- 27 Dec, 2007
- New York City
U.S. stocks declined sharply after November durable goods orders rose less than anticipated, jobless claims gained, and oil price rose near record levels. Nasddaq fell 1.75% and Dow and S&P 500 lost 1.4%. All thirty stocks in Dow fell. Of the stocks in S&P 500, 474 fell. Oil rose after the weekly inventory report showed a decline. Former Prime Minister of Pakistan Benazir Bhutto was killed by a suicide bomber.
- 123jump.com Staff
- 27 Dec, 2007
- New York City
U.S. stocks trended downwards after a weker than anticipated November durable goods orders. Orders in the month rose 0.1% on weak transportation and defense orders. Weekly jobless claims rose at the end of the last week. Oil jumped above $97 after weekly report showed another decline in inventories. Pakistan was thrown in turmoil after suicide attack killed Benazir Bhutto, the front-runner in the upcoming election. Musharraf is increasingly perceived as weak and ineffective.
- 123jump.com Staff
- 27 Dec, 2007
- New York City
The Australian stock market remained in positive territory buoyed by
activity in resources stocks including Rio Tinto and BHP Billiton and higher commodity prices. ASX 200 index closed at 6,350.90. Primary Health Care Ltd extends its $2.1 billion takeover bid for Symbion Health Ltd by two weeks. Fortescue Metals Group rose after ten for one split. Rio Tinto''s chairman happy with deadline. Dollar stronger.
- 123jump.com Staff
- 26 Dec, 2007
- New York City
U.S. stocks traded sideways on weak holiday sales, rising energy prices, and falling home prices. MasterCard report on holiday sales showed 2.4% increased when gasoline sales were excluded. S&P/Case-shiller index tracking ten metropolitan homes fell 6.7% in October. Earlier OFHEO index showed a smaller decline in november, which tracks larger number of markets. Oil jumped above $95 a barrel and gold avanced to $830.
- 123jump.com Staff
- 26 Dec, 2007
- New York City
U.S. stocks fell after one hour of trading on weaker than anticipated consumer spending during the holiday period. Sharp rise in gasoline price of 27% sucked consumer appetite for apparel, furniture, appliances, and jewelry. MasterCard reported 3.6% increase in spending in the holiday period but excluding gasoline sales, spending was weak. Retailers and restaurant stocks fell on the data. Asian markets closed higher. Crude oil traded above $95 a barrel on Turkish incursion in Kurdistan.
- 123jump.com Staff
- 26 Dec, 2007
- New York City
Shanghai Automotive Industry and smaller rival Nanjing Auto merged after China encouraged industry consolidation. Chinese auto industry is expected to grow to 8 million units in 2008 and has 45 automakers. The fiercely competitive industry is long anticipated to consolidate and foreign makers add capacity for the local market. Toyota and Volkswagen expect to increase capacity by 10% in the next year.
- 123jump.com Staff
- 26 Dec, 2007
- New York City
Asian stocks closed higher on optimism of better than expected sales during the holiday period in the U.S. and rising expectations of earnings for the current quarter. India and Indonesia led the region on local buying. Dollar edged higher against yen but bearish outlook for the dolar continued for the year 2008. Australia and Hong Kong markets were closed today.
- 123jump.com Staff
- 24 Dec, 2007
- New York City
European stocks closed higher led by a rise in FTSE 100 in London trading of 0.7%. Intensa Sanpaolo agreed to a settlement of 420 million euros with Parmalat over its 14 billion debt fraud and subsequent bankruptcy filing. Capgemini rose 11% after news report that India based wipro may bid for the consulting company. Miners and defense stocks rallied in London. All-business class airline MAXjet filed for bankruptcy protection in the wake of competition from American Air and higher fule cost.
- 123jump.com Staff
- 24 Dec, 2007
- New York City
U.S. stocks edged higher after a rally in retail and financial brokerage stocks. Merrill Lynch sold it commercial finance division to General Electric and receed a total of $6.2 billion investment from Singapore and Davis Fund. The news on the investment lifted brokerage stocks. Retail stocks rallied on the hopes that holiday sales looked better than earlier forecats. Oil jumped above $94 a barrel. Asian and European markets closd higher.
- 123jump.com Staff
- 24 Dec, 2007
- New York City
Merrill Lynch added 4% after asset sale and investment from two investors. Merrill sold its commercial finance division to General Electric with asset base of $10 billion. Merriill expects the sale will allow it to deploy $1.3 billion for other activities. Merrill also accepted $4.4 billion in investment with one-year lock up from Singapore controlled fund with an option to add $600 million more. Davis Advisors controlled fund has agreed to purchase $1.2 billion in stocks.