- 123jump.com Staff
- 26 Mar, 2008
- New York City
Tata Group agreed to purchase Jaguar and Land Rover brands from Ford Motor company for $2.3 billion. The deal financed with short term debt may challenge the management at Tata. Jaguar despite receiving more than $10 billion in investment from Ford in the last fifteen years has failed to generate consistent profit and lost sales. In January of 2007, Tata purchased Corus for $11.3 billion. Tata Group generates more than third of its revenue from international sales.
- 123jump.com Staff
- 26 Mar, 2008
- New York City
Hong Kong surplus in the fourth quarter 2007 jumped to 78.3 billion and in the year rose to 114.5 billion or 7.1% of GDP. Higher tax receipts and rising property values played a key role in the surge. Hong Kong, earlier had proposed to lower personal taxes on low income families on the rising government receipts. ICBC net income surged 65% to Rmb 82.3 billion lifting bank stocks. Jiangxi Copper declied 2% after reporting 12% drop in 2007 profit.
- 123jump.com Staff
- 26 Mar, 2008
- New York City
Trade surplus of Japan in February increased 0.9% from a year ago on rising exports to emerging markets and China. Imports increased 10.1% and exports rose 8.7%. Trade with the U.S. generated 70% of total trade surplus. Exports to the U.S. fell 6% and imports increased 3.7% generating a surplus of nearly $7 billion in the month, underscoring its dependence on the U.S. demand.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
European markets surged after a rally in the financials lifted averages across the region. The ECB provided additional liquidity in the market but at a higher interest rate than a week ago. Markets in the region surged more than 3%. Adidas lifted Reebok sales growth estimate. France lowered its annual growth rate to 1.7% from 2%. Ford is likely to announce sale of its luxury car group to Tata based in India, tomorrow. Impreglio of Italy won a water project for Las Vegas City for $450 million.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
U.S. stocks closed mixed at close after a rally of four days in a row. February consumer confidence declined to a five-year low after a persistent rise in food and energy cost and falling home prices. Separately, home prices in the metropolitan areas declined, for the thirteen months in a row. European makrets closed higher and Asian markets surged in the overnight trading. Argentina, Brazil and Mexico surged.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
Australian stocks surged as markets in Asia rallied. ASX 200 gained 3.7% or 190.0 to 5,318.40. The sharp rise in stocks in the U.S. on better than expected home sales in February and revised bid for JP Morgan lifted the sentiment in the region. NAB increased its home loan rate by 0.09% to 9.36%. Santos chief executive resigned. Leighton surged 9% after it won a $795 million contract to build pipeline for ONGC near Mumbai, India.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
Stocks in Hong Kong surged after a revised bid for Bear Stearns and better than expected home sales in February lifted U.S. stocks. Hong Kong and Indian stock market averages led the rise in Asian markets. Hang Seng Index rose 6.43% or 1,356.30 to 22,464.52. After the close, ICBC reported a sharp rise in profit. Airline stocks gained on the speculation that newly elected government in Taiwan will open direct flight routes between the country and China.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
Tokyo stocks rallied on the back of higher closing in the U.S. in Monday trading. Banks and brokerage stocks led the advancing issues. In Tokyo trading, Nikkei 225 rose 2.12% or 265.13 at 12,745.22, and the broader Topix Index increased 1.5% or 18.83 to 1,242.98. Nippon Glass forecasted 20% rise in sales and 50% surge in operating profit on higher demand in the next fiscal year.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
Stock in Mumbai trading surged after a rally in Asia stocks lifted market averages across the region. Hong Kong and India led the region with a sharp rebound of more than 6%. Realty, banks and technology stocks led the gainers in Mumbai trading. Sensex gained 6.1% or 928.09. At close, the BSE 30 share closed at 16,217.49. Nifty gained 5.1% or 267.65 to close at 4,877.50 levels.
- 123jump.com Staff
- 25 Mar, 2008
- New York City
February consumer confidence index fell to a five-year low as rising fuel and energy prices and falling home values affected consumers. The outlook for the next six months according to index appear to be gloomy. Home prices in February declined 10.7% from January. The two measures left U.S. market averages were lower in the morning trading hours. European markets jumped more than 2.5% and Asian markets rallied. In the overnight rally, India and Hong Kong surged above 6%.
- 123jump.com Staff
- 24 Mar, 2008
- New York City
Nasdaq surge of 3% led the U.S. stock rally. JP Morgan revised its offer to purchase Bear Stearns and agreed to purchase 39.5% of the broker at $10 per share from the previous bid of $2 per share. Existing home sales in February rose 2.9% from February but fell 24% from a year ago. The surprise rise in home sales and revised bid for Bear lifted financial, home builders, and retail stocks. European markets were closed and Brazil and Mexico added 1.9% and 1.5% respectively. Shanghai fell 5%.
- 123jump.com Staff
- 24 Mar, 2008
- New York City
JP Morgan agreed to purchase additional 95 million shares and revised the purchase price to $10 per share. The bank after a near revolt from Bear Stearns shareholder, agreed to lift the bid. JP Morgan will also bear the first $1 billion in losses of the $30 billion guarantee offered by the Federal Reserve Bank. Merger is anticipated to be completed on or before April 8, 2008.
- 123jump.com Staff
- 24 Mar, 2008
- New York City
U.S. stocks rose in the morning trading, extending a two-day rally. JP Morgan lifted its Bear Stearns bid to $10 per share from $2 as Bear Stearns shareholders mounted aggressive campaign to scuttle the deal. Dow, Nasdaq, and S&P 500 jumped 1% in the morning trading. Tiffany soared 13% after it reported better than expected earnings. Walgreen Co earnings jumped 5% on 10% rise in sales.
- 123jump.com Staff
- 20 Mar, 2008
- New York City
Lihir Gold agreed to merge with Equigold to create leading independent gold producer in the world with a market capitalization of $9 billion and 25 million ounces of proven reserves. The comdined company plans to mine 1.2 million ounces of gold in 2009. The merger will exchange 33 Lihir shares for every 25 Equigold stocks.
- 123jump.com Staff
- 20 Mar, 2008
- New York City
European markets were on the decline with gold, silver, oil, and agricultural commodities trading lower. Credit Suisse loss forecast unnerved investors. Credit Suisse blamed fired employees to misprice bonds to hide losses. The string of unforeseen losses at the bank has put the management credibility in question. German state controlled bank IKB received the fourth capital injection to cover 450 million asset write-down. Silver and oil dragged the commodities markets lower.