- 123jump.com Staff
- 29 Apr, 2008
- New York City
The Reserve Bank of India left its key rate unchanged at 6% and issued a guideline to fight inflation and control liquidity. The central bank hiked cash reserve ratio by 25 basis points to 7.75%. The RBI also said that the inflation for the current fiscal year should be brought down to 5% and in the longer term to 3%. The central bank also estimated the economic growth rate in the current fiscal year between 8% and 8.5%.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
Westpac Banking Corp, the third bank to raise its variable mortgage rate by 10 basis points to 9.47% at the end of this week. Earlier, ANZ and NAB raised their rates for mortgage loans. The Reserve Bank of Australia last increased its official rates in February, when its cash rate was increased to 7.25%. Westpac share was up 1.2%, ANZ rose 3.2% and National Australia Bank Ltd added 3.2%. Orica reported 7% rise in earnings and said its cost savings plan from the merger with Dyno is on track.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
Germany reported lower inflation in April but estimates of economic growth in the 15-countries that use euro was revised lower to 1.7% from 1.8% and 1.5% in 2009. In merger news, Freenet, mobile telecom operator agreed to purchase Debitel AG in Germany for 1.6 billion euros from a private equity group Permira. Metals, banks and energy stocks gained in the region.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
U.S. stocks traded in a tight range ahead of a rate decision from the Fed on Wednesday. Mars agreed to acquire Wrigley for $80 per share or $23 billion in cash. The deal will be financed by Goldman Sachs, Berkshire Hathaway and the company. Verizon and Humana closed higher after the earnings. RadioShack and AlbertoCulver fell after the earnings. Visa fell in the after hours trading after it reported 39 cents per share or 52 cents per share on adjusted basis. Southern Copper Peru declined.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
The Office of Fair Trade is likely to expand its investigation of price fixing between consumer companies and consumer products manufacturers. Several retailers including WM Morrison, Asda, and Sainsbury are likely to be contacted by the OFT. Home prices in the UK in fell 0.6% in April from March and dropped 0.9% from a year ago. The prices in London fell 0.7% in the month. UK refinery strike continues for the second day.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
China Life Insurance reported first quarter earnings declined 61% on recent weakness in stock market volatility. Earnings in the quarter fell to 3.47 billion yuan from 8.89 billion yuan on 5.5 billion yuan loss in its investment portfolio. China Life relies on the stock market gains for most of its portfolio and Shanghai market has lost nearly 33% of its value in the quarter. Gross premium in the quarter rose 39.5% to 101.5 billion yuan. Bank of China earnings rose 85%.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
March retail sales in Japan rose 1.1% from a year earlier and added 0.5% form February. Local media report sugeested that Matsushita Electric may take a stake in Sanyo Electric and purchase 300 billion yen of preferred stocks from Goldman Sachs at a discount. Stocks in Japan gained on the speculation that credit market related losses are not likely to rise after UBS upgraded its opinion on U.S. banks. Yahoo Japan fell 10% and led decliners in the Nikkei 225 index.
- 123jump.com Staff
- 28 Apr, 2008
- New York City
Wrigley has agreed to be acquired by Mars for $80 per share or $23 billion. The deal will be partly financed by Goldman Sachs and Berkshire Hathaway. Wrigley offer is 28% premium from Friday closing price. On the earnings front Humana reported revenue and earnings rise of 12%. RadioShack first quarter sales declined 4% and earnings fell to 30 cents per share. Royal Bank of Scotland is likely to eliminate 25% of its staff.
- 123jump.com Staff
- 25 Apr, 2008
- New York City
European markets edged higher on rising commodities, energy and financial stocks. UK reported its first quarter 2008 GDP growth of 0.4% after rising at 0.6% in fourth quarter of 2007. Crude oil futures rebounded on continued supply disruptions from Nigeria, new troules in the Middle East and BP action ahead of strike. Ericsson surged after it reported rise in sales and better than expected earnings. Valeo SA, auto parts maker rose after earnings rise on cost cutting.
- 123jump.com Staff
- 25 Apr, 2008
- New York City
U.S.stocks traded in a tight range after a hectic day of earnings. Microsoft earnings declined and issued a cautious guidance for the rest of the year. American Express earnings and revenue declined but international markets showed healthy gains. Energy producers rose after oil and commodities rebounded. Dollar traded firm against euro and pound.
- 123jump.com Staff
- 25 Apr, 2008
- New York City
Nomura Holdings reported first quarter loss of 154 billion yen compared to a profit of 33 billion yen from a year ago. The largest brokerage firm in Japan set aside $1.5 billion to cover bond insurance losses. Nomura fell 12% and dragged Daiwa Securities 9% as well. Quarterly trading revenue declined 80%. For the year 2007 Nomura reported a loss of 68 billion yen compared to a gain of 176 billion yen in 2006.
- 123jump.com Staff
- 25 Apr, 2008
- New York City
Stocks in Hong Kong edged lower today but surged 5.5% for the week. In Shanghai trading stocks rose 0.8% and for the week soared 16%. The reduction in stamp duty on trading in China lifted stocks for the second day in a row. Citic Securities, Haitong Securities and China Vanke led gainers in the CSI 300 index. Air China gained 4% after it reported 147% rise in earnings. Yunnan Copper full year profit declined 47% in 2007. Bao Steel is looking to raise $8.5 in international offering.
- 123jump.com Staff
- 25 Apr, 2008
- New York City
Stocks in India closed higher on earnings and despite rising inflation.
Bharti Airtel gained 9% to 920.10 rupees and led gainers in the Sensex index. The company reported 39.3% rise in net profit to 1,792.30 crore rupees on 41.8% increase net revenues to 7,446.82 crore rupees in the fourth quarter. Ideal Cellular rose 4.7% to 107.80 rupees. The company posted 44.6% rise in net profit to 278.20 crore rupees on 50.7% increase in net sales to 1,972.40 crore rupees in the fourth quarter.
- 123jump.com Staff
- 25 Apr, 2008
- New York City
Tech stocks fell after a cautious outlook from Microsoft. Microsoft earnings declined 11% to $4.39 billion on nearly flat revenue of $14.45 billion. Weak guidance for the current quarter dragged the stock lower 6%. However, American Express surged 4% after it reported 11% decline in revenue and earnings. Baidu.com revenue soars 108% from a year ago.
- 123jump.com Staff
- 24 Apr, 2008
- New York City
European stocks market averages gained on a rally in financial stocks. Credit Suisse statement that for now it has adequate capital despite a large loss at the end of the first quarter lifted stocks in the sector. Futures of metals, energy and commodities generally declined. Gold fell below $900 per ounce. European business climate index fell on the rising worries related to global economic conditions and inflation in raw material prices.