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09 Feb 2010 07:10
, Feb 09 10:07, Feb 09 15:07, Feb 10 00:07Equities, Euro, Commodities Rally on Greek Aid Speculation Stocks rallied, with emerging-market equities recovering from the worst three-day slide in a year, and the euro and commodities gained on speculation Greece will get European help to tackle its budget deficit.
American to Boost Japan Air Ties as Asian Carrier Rebuffs Delta AMR Corp.’s American Airlines will deepen ties to Japan Airlines Corp. on routes across the Pacific after Asia’s largest carrier by sales rebuffed an alliance offer from Delta Air Lines Inc.
Brazil May Tax Ore Exports, Seek More Steel Plants (Update2) Brazil, the world’s second-biggest iron-ore exporter, may start taxing shipments of the steelmaking raw material as it seeks to lure investment in domestic steel plants, Energy and Mining Minister Edison Lobao said.
Washington Shutters Offices, Readies for Second Storm (Update1) Federal government offices remain closed for a second full day as Washington, still reeling from a weekend blizzard, prepared for what may be a “paralyzing” storm packing as much as 20 inches (51 centimeters) of snow.
British Airways Pilot Averted Worse Crash, Study Says (Update1) A British Airways Plc jet that crash- landed at London’s Heathrow airport with 152 people on board in 2008 avoided a more serious accident after the pilot executed a last-minute maneuver to clear antennas fringing the runway.
Loews CEO Tisch Says U.S. Sounded Hotel ‘Death Knell,’ Hurt AIG Jim Tisch, the leader of Loews Corp., said the U.S. did a “good job of killing” the hotel business by lambasting corporate travel and hurt American International Group Inc.’s ability to return bailout funds by curbing pay.
Russia Vows to Defend Rights as Czarist Creditors Seek Lawsuit The Russian government vowed to “defend our rights” after French holders of czarist bonds valued at as much as 100 billion euros ($137 billion) threatened to sue the Kremlin and seize property it owns in Paris.
Portugal to Sell Bonds Via Banks Amid Deficit Concern (Update1) Portugal hired banks to help it sell bonds amid concern the nation will be forced to pay more to borrow as it struggles to cut its budget deficit.
Fidelity International Seeks $984 Million for Bolton China Fund Fidelity China Special Situations Plc, a new closed-end investment company, seeks to raise 630 million pounds ($934 million) and list on the London Stock Exchange, Fidelity International said today in a statement.
Coca-Cola Profit Rises as Sales Gain in India, China (Update1) Coca-Cola Co., the world’s largest soft-drink maker, said fourth-quarter profit gained 55 percent as volume sales grew in markets including China and India. The shares rose in early U.S. trading.
EU Finance Ministers Urged to Skirt Question of Greek Default European Union finance ministers were instructed last week to skirt questions on a possible bailout of Greece and emphasize their support for the government’s deficit- cutting measures, according to a draft document.
Lawmaker Murtha, Supporter of Troops, Dies at Age 77 (Update1) Representative John Murtha, a staunch supporter of the U.S. military who became an outspoken opponent of the Iraq war, died at age 77 yesterday after a 36-year career in Congress.
India Economic Potential at Six-Year High, Singh’s Adviser Says India is poised to resume its record pace of expansion, Prime Minister Manmohan Singh’s top economic adviser said, as global companies flock to the fastest-growing major economy after China.
McDonald’s January Sales Rise 2.6%, Topping Analysts’ Estimates McDonald’s Corp., the world’s largest restaurant company, said global sales rose 2.6 percent in January, topping some analysts’ estimates, on demand in Asia, France and the U.K.
EU Backs New Economy Team Amid Greek Woes, Bank-Oversight Push The European Union approved new economic leadership, putting a Finn in charge of policing Greece’s deficit, a Frenchman at the helm of bank regulation and a Spaniard in the top antitrust job.
Timoshenko Prepares to Contest Ukraine Runoff Defeat (Update2) Yulia Timoshenko, who this week lost Ukraine’s presidential election to Viktor Yanukovych, has told her party to gather evidence to prove electoral fraud and allow her to challenge the result in court.
McDonald’s Says Global Same-Store Sales Rose 2.6% in January McDonald’s Corp., the world’s largest restaurant company, said global same-store sales climbed 2.6 percent in January. U.S. comparable sales dropped 0.7 percent.
China Becomes Oil ETF’s No. 4 Holder, Buys SPDR Gold (Update2) China Investment Corp., the nation’s sovereign wealth fund, invested for the first time in the U.S. Oil Fund, an exchange-traded crude-futures fund, joining Morgan Stanley & Co. and Goldman Sachs Group among the top holders.
Coca-Cola Fourth-Quarter Comparable EPS 66c; Est. 66c Coca-Cola Co., the world’s largest soft-drink maker, posted fourth-quarter profit of 66 cents a share. Analysts surveyed by Bloomberg estimated average profit of 66 cents.
U.S. Small-Business Index Rises for First Time in Three Months Confidence among U.S. small businesses increased in January for the first time in three months as the outlook for sales improved, according to the National Federation of Independent Business optimism index.
Gold May Drop to $1,025, Commerzbank Says: Technical Analysis Gold, which dropped the previous four weeks, may extend its decline to $1,025 an ounce, according to technical analysis by Commerzbank AG.
Vestas Hires Banks to Meet Bond Investors in Europe (Update1) Vestas Wind Systems A/S rose after the world’s biggest maker of wind turbines said it may sell bonds for the first time after meeting with fixed-income investors this week.
Greece Says Call for Aid Would Send ‘Worst Signal’ (Update2) Greek Finance Minister George Papaconstantinou said he can’t call for outside aid as his government struggles to cut the European Union’s largest budget deficit.
Apotheker ‘Did What Was Best’ for SAP Amid Slump (Update1) SAP AG Chief Executive Officer Leo Apotheker, who resigned unexpectedly this week after the board decided not to renew his contract, told employees that he did what was best for the company during a “brutal economic crisis.”
U.K. FSA CEO Hector Sants Will Step Down This Year (Update1) Hector Sants, the chief executive officer of Britain’s financial regulator, will leave the agency following a national election that will determine the future of the Financial Services Authority.
Stiglitz Sees No Greek Default as ‘Speculative Attacks’ Persist Nobel laureate Joseph Stiglitz said Greece’s budget deficit reduction plan will prevent a default, and reiterated his call for the European Union to aid the nation against “speculative attacks” in financial markets.
RBS, Lloyds Stakes May Be Sold by U.K. in 5 Years (Update1) British taxpayers may sell their stakes in Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc in five years, with RBS exiting the government asset- insurance program in “two to three years,” a panel of lawmakers reported, citing testimony by Treasury officials.
UBS Reports Higher Client Outflows, Return to Profit (Update1) UBS AG, the European bank with the biggest losses from the credit crisis, said withdrawals by wealthy clients accelerated in the fourth quarter even as the company reported its first profit in more than a year.
Junk Bonds Show Ebbing Distress on Record Sales: Credit Markets Investors in the lowest rated corporate bonds are looking past concern that worsening government finances will derail the economy, paying prices that imply the fastest drop in defaults in more than a decade.
Toyota Extends Recalls to Hybrids to Repair Brakes (Update2) Toyota Motor Corp. will recall 437,000 hybrid cars globally to fix faulty braking systems on four models, including the Prius, adding to almost 8 million vehicles the company is repairing for separate defects.
‘Avatar’ Swamps State-Backed ‘Confucius’ at China Box Office A film about the Chinese philosopher Confucius was overwhelmed at the box office by News Corp.’s “Avatar,” grossing 97 million yuan ($14 million) in 2½ weeks on the mainland and failing to break even, its producer said.
Citic Newedge to Double Staff on China Stock Futures (Update2) Citic Newedge Futures Co., the joint venture between Citic Group and Newedge Group, plans to almost double its staff in China by the end of this year to prepare for increased trading from the introduction of stock-index futures.
Euro, Asian Stocks Gain on Speculation Europe Will Help Greece The euro rallied and stocks in Asia reversed losses as speculation European officials will help Greece tackle its deficit eased concern that rising debt burdens will derail the global economic recovery. Oil and copper rose.
Mongolia to Raise Up to $1.2 Billion in Bond Sale (Update3) Mongolia plans to sell as much as $1.2 billion of bonds overseas later this year, its first benchmark offering of dollar-denominated debt, to fund infrastructure to support its mining industry, Finance Minister Sangajav Bayartsogt said.
China January Passenger-Car Sales Surge on Stimulus (Update2) China’s passenger-car sales more than doubled in January after the government extended economic stimulus measures, helping boost demand for General Motors Co. minivans and Volkswagen AG sedans.
Koito Plunges on 150,000 Airbus, Boeing Seat Repairs (Update3) Koito Industries Ltd., the Japanese supplier of seats used in Airbus SAS and Boeing Co. planes, plunged a record 33 percent after saying it will repair about 150,000 seats because of falsified safety data.
Sugar Shortage May Turn ‘Acute’ in Third Quarter (Update2) A global sugar shortage, which drove prices to the highest level in three decades, may peak in the third quarter this year on demand from the U.S., Mexico, India and Pakistan, according to U.K.-based Tropix Capital Management.
Gates Shores Up War Allies, Urges Pressure on Iran (Update1) Defense Secretary Robert Gates returns to Washington today after a weeklong Europe tour spent shoring up coalition support for Afghanistan and calling for sustained pressure on Iran to curtail its nuclear ambitions.
Nissan Expects Full-Year Profit on Rising Sales (Update2) Nissan Motor Co. predicted a return to profit this fiscal year, scrapping an earlier loss estimate, citing government incentives that boosted demand for the company’s vehicles in China and Japan.
North Korea’s Kim Reiterates Denuclearization Pledge (Update1) North Korean leader Kim Jong Il said he remained committed to giving up the country’s nuclear weapons program as diplomatic efforts intensified to end a 14-month hiatus in multilateral disarmament talks.
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08 Feb 2010 11:11
, Feb 08 14:07, Feb 08 19:07, Feb 09 04:07U.S. Stocks Retreat as Europe Concern Overshadows Upgrades U.S. stocks retreated, adding to losses from four straight weekly declines, as concern over deteriorating European government finances overshadowed analyst upgrades of Home Depot Inc., Google Inc. and Amazon.com Inc.
Petrobras Steps Up Drilling at Site of 1939 Discovery (Update2) Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, is accelerating exploration at the onshore Reconcavo basin, where Brazil found its first oil in 1939, the country’s oil regulator said.
Cuomo Reaches Pension Pacts With Markstone, Wetherly (Update2) Markstone Capital Group LLC and Wetherly Capital Group LLC will return a combined $19 million to the New York state pension fund to resolve a probe into “pay- to-play” political contributions, New York Attorney General Andrew Cuomo said.
Brazil’s Biggest Banks Boost Rate-Increase Forecasts (Update2) Brazil’s biggest banks are moving up forecasts for interest-rate increases to as soon as next month as concern mounts that an economic recovery will fuel inflation.
Blackstone, Quattrone Return to IPOs as Offers Slump (Update1) Blackstone Group LP and Frank Quattrone are returning to the U.S. initial public offerings market after half of this year’s IPOs were postponed or delayed and stocks posted their longest slump since July.
Dartmouth Will Cut 76 Jobs to Close $100 Million Gap (Update1) Dartmouth College is eliminating about 76 jobs to help erase a $100 million deficit during the next two years, as U.S. universities feel the effects of last year’s record endowment declines.
Obama Asks Republicans to Health-Care Overhaul Talks (Update1) President Barack Obama is pushing lawmakers to restart a stalled overhaul of the U.S. health-care system by inviting Republican and Democratic lawmakers from the House and Senate to a half-day meeting on Feb. 25.
Yale to Cut Capital Spending by 60% After Endowment Losses Yale University, the second-richest institution of higher learning in the U.S., will cut its capital program by 60 percent to $250 million next year after endowment losses, according to bond offering documents.
America’s Cup Sinks as Sponsors Flee Billionaire Feud (Update2) Billionaires Larry Ellison and Ernesto Bertarelli have turned an America’s Cup boom into bust.
Telecom Argentina Is Cheap Amid Antitrust ‘Circus’ (Update2) Telecom Argentina SA’s decline over the past two years pushed the stock to the cheapest valuation among its Latin American peers, a signal to some analysts that government antitrust allegations are keeping investors away.
Jumbo Mortgage ‘Serious Delinquencies’ Rise to 9.6% (Update1) U.S. prime jumbo mortgages at least 60 days late backing securities reached 9.6 percent in January from 9.2 percent in December, the 32nd straight increase for “serious delinquencies,” according to Fitch Ratings.
New York May Get Snow as Northeast Faces Round Two (Update1) A new storm system barreling across the country may bring as much as 12 inches (30 centimeters) of snow to New York, Washington and Baltimore starting late tomorrow, forecasters said.
Body Found on Delta Flight From JFK at Tokyo Airport (Update1) A body was found in the landing-gear compartment on a Delta Air Lines Inc. flight from New York after the plane arrived at Tokyo’s Narita Airport.
Greece Not Named as New EU President Sets Tone for Summit A European Union summit this week will focus on long-term economic strategy, President Herman Van Rompuy said, making no direct reference to Greece’s fiscal crisis.
Blumenthal Says 148 Taxpayers Disclosed UBS Accounts (Update1) Connecticut may retrieve millions in revenue from 148 state residents who used UBS AG accounts to evade taxes, Attorney General Richard Blumenthal said.
Brazil Coffee Output May Miss Government Forecast (Update1) Coffee output in Brazil, the world’s largest grower, may fall short of the Agriculture Ministry’s forecast this year as rains damage the crop, a government meteorologist said.
Pimco’s El-Erian Favors Brazil’s Bonds, Chinese Yuan (Update3) Mohamed A. El-Erian, whose company runs the world’s biggest mutual fund, favors investments in emerging markets on expectations they’ll outpace developed economies in growth and wealth.
Gruebel Turnaround Means UBS May Trump Credit Suisse (Update2) UBS AG, the European bank with the biggest losses from the credit crisis, is poised for an earnings rebound that may help it catch up to Credit Suisse Group AG.
CVS Net Rises on 90-Day Prescription Sales at Stores (Update3) CVS Caremark Corp., the largest U.S. distributor of prescription drugs, said fourth-quarter profit climbed 11 percent as consumers purchased more 90-day supplies of medicines at retail locations. The shares gained as much as 9.2 percent.
Spain Will Take More Deficit Action If Growth Misses Estimates Spain’s government will take more steps to cut the budget deficit if economic growth falls short of government forecasts, Deputy Finance Minister Jose Manuel Campa said.
Most Independents Disapprove of Obama’s Performance, Poll Finds More than half of U.S. voters who describe themselves as independents disapprove of President Barack Obama’s job performance for the first time since he took office in January 2009, according to a poll released today.
Corporate Bond Spreads Rise Most Since November: Credit Markets Corporate borrowing costs are rising at the fastest pace in more than two months on concern that worsening government finances will slow the global economy and make it harder for companies to meet debt payments.
Greece Needs IMF Program to Stem Contagion, Das Says (Update1) Greece needs an International Monetary Fund program and further spending cuts to allay investor concerns about its debt load and contagion in other European markets, said Roubini Global Economics’ Arnab Das.
Feinberg Says He Spoke With Blankfein About Pay Plans (Update1) Kenneth Feinberg, the U.S. special master on executive compensation, said Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein consulted with him on the firm’s pay plans and adopted his “prescriptions.”
Mexican Stocks Raised to ‘Overweight’ at Citigroup (Update1) Mexican stocks were raised to “overweight” from “neutral” at Citigroup Inc., which cited the companies’ “attractive” valuations, an economic recovery and expectations that interest rate increases will be delayed until September.
Monsanto, Dow Argentina Chemical Sales Soar on Rains (Update1) Monsanto Co., Dow Chemical Co. and BASF SE said pesticide sales in Argentina are booming as farmers fight to save a record soy crop from insect and fungi attacks.
China January Loan Growth, Consumer Prices Probably Accelerated China’s banks probably made more new loans in January than the previous three months combined as lenders sought to head off a credit clampdown by policy makers seeking to stem rising inflation pressures.
SAP CEO Apotheker Unexpectedly Leaves; Co-CEOs Named (Update2) SAP AG Chief Executive Officer Leo Apotheker unexpectedly resigned, amid customer and employee discontent, and a failure to boost revenue at the world’s largest business-management software maker.
Pope Says Some Priests ‘Violated’ Rights of Children (Update2) Pope Benedict XVI, poised to write an open letter to Irish Roman Catholics addressing sex-abuse scandals that have rocked the church, said some clergy violated the rights of children.
CBS Says 46% of U.S. Homes Watched Super Bowl, Up From 2009 CBS Corp. said 46 percent of U.S. homes watched the New Orleans Saints defeat the Indianapolis Colts in yesterday’s Super Bowl, a 10 percent increase from last year and the highest in 23 years.
Air France, BA May Lag Behind Asia in Raising Prices (Update1) Air France-KLM Group, British Airways Plc and other European carriers are likely to lag behind their Asian counterparts in increasing ticket prices this year, the International Air Transport Association said today.
Aviva, Swiss Life Lead European Insurers Lower on Bond Concern Aviva Plc, Legal & General Group Plc and Swiss Life Holding AG led a decline in European insurers amid concern holdings of corporate and government debt may threaten the companies’ capital as state finances worsen.
Probe Begins Into Fatal Blast at Connecticut Plant (Update1) The U.S. Chemical Safety and Hazard Investigation Board and the Connecticut State Police’s major- crimes unit joined the investigation into the cause of yesterday’s blast at a Kleen Energy Systems LP power plant that killed five people and injured at least 12.
Toyoda Hears Emulating Ford Necessity to Save Legacy (Update2)
AIG Hires Hancock to Oversee Risk, Derivatives Unit (Update2) American International Group Inc. named Peter Hancock, described by a former employer as an “architect” of the derivatives business, to oversee finance and risk, including the insurer’s money-losing credit-default swap unit.
Kirin Seeks Overseas Expansion After Abandoning Suntory Merger Kirin Holdings Co., Japan’s biggest brewer, plans to accelerate overseas expansion after talks to take over Suntory Holdings Ltd. failed over the merger ratio.
Employment Index in U.S. Climbed in January to One-Year High A measure of U.S. job prospects rose in January to the highest level in a year, signaling the labor market is poised to add workers in the coming months, a private report showed.
S&P 500 Plunge Fails to Shake Gabelli on Technology (Update2) The combination of record earnings growth and the fastest withdrawals from mutual funds since before credit markets froze is creating opportunities for Mario Gabelli.
CIT Names Ex-Merrill Chief John Thain to Run Lender (Update3) John Thain, the ousted chief of Merrill Lynch & Co., was named to lead CIT Group Inc., the commercial lender that emerged from bankruptcy in December, after almost a four-month search for a replacement.
Obama Debt Market Catches Break as U.S. Auctions Peak (Update3) The Treasury’s decision to stop increasing the size of debt auctions may temper a rise in bond yields and bolster the economy just as the Federal Reserve withdraws emergency spending measures.
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07 Feb 2010 16:23
, Feb 07 19:22, Feb 08 00:22, Feb 08 09:22Graff Buys Picasso as Sales Double, Giacometti Clues Revealed Russian collectors and a U.K.-based diamond dealer emerged as big buyers in this month’s record- breaking London art auctions. They battled for trophies by 20th- century artists such as Alberto Giacometti and Pablo Picasso, pushing up prices and the sales’ total to double last year.
Polanski’s Ghost, Scorsese’s Island to Debut at Berlin Festival Roman Polanski, holed up in his Swiss ski chalet and facing possible extradition to the U.S. on a 30- year-old child-abuse case, is a notable absentee from this year’s Berlin Film Festival, where his new film is showing.
German Bounty Tears Veil Off Swiss Secrecy: Celestine Bohlen The Swiss are shocked again, this time over the German decision to buy a list of some 1,500 possible tax cheats saved on a disc lifted from a Swiss bank. It’s stolen property, say the Swiss bankers. It’s bank robbery, cry the lawyers. It is behavior unfitting of a “civilized state,” harrumphed one Swiss politician.
Australia Stocks Rise on Valuations; Japan Futures Drop on Euro Australian stocks rose after a two- day drop sent shares to the cheapest level in six months. Japan’s futures fell after the euro weakened versus the yen to a one-year low.
Obama Invites Republicans to Discuss Health Care (Update1) President Barack Obama invited Republican and Democratic lawmakers from the House and Senate to a Feb. 25 meeting to discuss ways to get an overhaul of the U.S. health-care system through Congress.
U.S. Mid-Atlantic Cleans Up From Snow; More Coming (Update4) Baltimore, Washington and Philadelphia began digging out today from a blizzard that dumped as much as three feet of snow on parts of the mid-Atlantic region and left thousands without power.
SAP CEO Apotheker Unexpectedly Resigns; Board Names Co-CEOs SAP AG Chief Executive Officer Leo Apotheker unexpectedly resigned after the world’s largest business-management software maker’s supervisory board decided not to extend his mandate.
Connecticut Power Plant Blast Kills 5, Injures 12, Mayor Says A blast at a power plant in Connecticut has killed five people and injured 12, Middletown Mayor Sebastian Giuliano said at a press conference broadcast on the Hartford Courant’s Web site.
Yanukovych May Have Won Ukraine Presidency, Poll Says (Update2) Viktor Yanukovych, the Ukrainian opposition leader whose first presidential election victory was thrown out in the 2004 Orange Revolution when a court ruled it was fraudulent, may have won his second attempt after promising to end years of turmoil, exit polls showed.
Kuwaiti Central Bank Cuts Key Rate to 2.5% to Boost Growth Kuwait’s central bank cut its benchmark interest rate by half a percentage point to boost economic growth as inflation slowed.
China Resources Land Latest Chinese Stock to Join Hang Seng China Resources Land Ltd., a state- controlled developer, will become the latest Chinese company to join Hong Kong’s Hang Seng Index following a quarterly review of the city’s benchmark stock gauges.
Tibet Outpaces China’s Growth as Investment Jumps: Chart of Day Tibet’s economy will grow at least 14 percent this year and may outpace China’s for a decade as the government boosts spending in the autonomous region to improve social stability, China International Capital Corp. said.
Obama Says He Wants to Consult With Republicans on Health Care President Barack Obama said he wants to consult with Republicans on health-care overhaul. Health-care costs will be a “huge drain” on the U.S. economy, the president said during a live television interview with “CBS Evening News” anchor Katie Couric during the network’s Super Bowl XLIV pregame show “Super Bowl Today.”
Kleen Energy Connecticut Plant Explodes, Killing Two (Update4) An explosion and fire ripped through a natural gas-fired power plant being built by Kleen Energy Systems LP in Middletown, Connecticut, killing at least two workers and causing “mass injuries,” according to the city’s police department.
Yanukovych May Have Won Ukraine Presidency, Poll Says (Update5) Viktor Yanukovych, the Ukrainian opposition leader whose first election victory was thrown out in the 2004 Orange Revolution when a court ruled it was fraudulent, may have won his second attempt after promising voters stability following years of turmoil, exit polls showed.
Palin ‘Won’t Close the Door’ on Presidential Campaign (Update2) Sarah Palin said she “won’t close the door” on a potential presidential bid during an interview on the “Fox News Sunday” program.
‘Dear John’ Pushes ‘Avatar’ Aside as the No. 1 Movie (Update1) “Dear John,” a romantic drama based on the novel by Nicholas Sparks, was the top film in the U.S. and Canada, knocking “Avatar” after seven weeks from its perch atop the rankings.
Australia Removes Funding Guarantee Even as Economy Is Fragile The Australian government is withdrawing a guarantee on large deposits and wholesale funding that helped banks access credit after the global financial crisis, even as the economy overall remains “fragile.”
SAP CEO Apotheker Resigns With Immediate Effect, Co-CEOs Named SAP AG, the world’s biggest maker of business-management software, said Chief Executive Officer Leo Apotheker has resigned with immediate effect and will be replaced by Bill McDermott, head of field organization, and Jim Hagemann Snabe, head of product development.
U.S. Gasoline Falls to $2.67 a Gallon, Lundberg Survey Shows The average price of regular gasoline at U.S. filling stations declined to $2.67 a gallon as gasoline futures plunged and demand weakened.
Toyoda Hears Emulating Ford Necessity to Salvage Toyota Legacy As Akio Toyoda struggles to salvage the decades-old bond with customers that made Toyota Motor Corp. the world’s largest automaker, he can borrow the playbook from a rival who learned how to obtain victory from defeat: Bill Ford.
SAP CEO Apotheker Resigns With Immediate Effect, Co-CEOs Named SAP AG said Chief Executive Officer Leo Apotheker has resigned with immediate effect and will be replaced with Bill McDermott, head of field organization, and Jim Hagemann Snabe, head of product development, in a co-CEO structure, the company said. SAP’s supervisory board reached a mutual agreement with Apotheker not to extend his contract as a member of the SAP executive board, it said.
Kleen Energy Connecticut Plant Explodes; Many Injured (Update3) An explosion and fire ripped through the Kleen Energy Systems natural gas-fired power plant near Middletown, Connecticut, killing at least two workers and causing “mass injuries,” according to the city’s police department.
Greenspan Says Unemployment Not Likely to Fall Soon (Update2) Former Federal Reserve Chairman Alan Greenspan said it is “very difficult” to see U.S. unemployment falling soon and that an economic recovery is “going to be a slow, trudging thing.” He also expressed concern about falling stock prices.
India Can’t Be Lax as It Aims to Cool Prices, Chakrabarty Says India can’t afford to be lax about fighting inflation as the nation seeks to slow price gains to 5 percent or less, central bank Deputy Governor K.C. Chakrabarty said yesterday.
Kleen Energy Plant Explodes in Connecticut (Update2) A Kleen Energy plant in Middletown, Connecticut, exploded, injuring or killing several workers.
Bombing Suspect Criticism Comes ‘After the Fact,’ Brennan Says John Brennan, President Barack Obama’s counterterrorism adviser, said he told Republican congressional leaders on Christmas night about the interrogation of terror suspect Umar Farouk Abdulmutallab, and called subsequent criticism “a bit of an outcry after the fact.”
Iran Charges Seven With Overthrow Plot Ahead of Anniversary Iran’s intelligence agency said security forces arrested seven people linked to a U.S.-funded Farsi-language radio station, including several CIA agents, who were plotting to overthrow the Islamic government.
U.S. Mid-Atlantic Cleans Up From Snow; More Coming (Update2)
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06 Feb 2010 22:41
, Feb 07 01:37, Feb 07 06:37, Feb 07 15:37Costa Ricans May Elect First Female President in Vote Today Costa Rica’s Laura Chinchilla, who may become the first female president to oversee Central America’s second-biggest economy, heads into elections today with a 17-point lead over her closest opponent.
Australia Remembers Victims a Year After ‘Black Saturday’ Fires Prime Minister Kevin Rudd paid tribute to victims of bushfires that broke out a year ago today and killed 173 people in Australia’s Victoria state.
Sarah Palin Tells Tea Party U.S. Needs ‘Another Revolution’ Sarah Palin criticized President Barack Obama’s first year in office by saying “the list of broken promises is long” as she addressed the Tea Party movement’s inaugural national convention.
Mexico’s Sanchez ‘Ready to Be Surprised’ by Economic Recovery Mexico’s economy may expand more than expected in 2010 as the nation recovers from last year’s global slump, central bank Deputy Governor Manuel Sanchez Gonzalez said in an interview today.
Retail Sales Probably Climbed in January: U.S. Economy Preview The rebound in spending that gave U.S. retailers a lift during the holiday season probably carried over into the new year, signaling consumers may contribute more to growth, economists said before reports this week.
G-7 Vows to Keep Economic Stimulus Even as Budget Deficits Grow Group of Seven finance ministers pledged to press ahead with economic stimulus measures even as investors intensify their focus on mounting budget deficits.
G-7 Considers Levy to Force Banks to ‘Bear Cost’ of Failure Group of Seven finance ministers moved closer to ensuring banks cover more of the cost of financial crisis after the recent turmoil saddled taxpayers with trillions of dollars in costs and liabilities.
Toyota Tells U.S. Dealers to Expect Prius Plan Update This Week Toyota Motor Corp., grappling with record U.S. recalls, said it told U.S. dealers to expect an update early this week on steps the company plans to take to address complaints over brakes on the 2010 model Prius hybrid.
U.S. Mid-Atlantic Cleans Up From Snowstorm; More Is in Store Baltimore, Washington and Philadelphia begin cleaning up and digging out today from a storm that dumped two feet of snow on much of the mid-Atlantic region and left thousands without power.
Australia Removes Large Deposit, Funding Guarantee (Update1) Australia is withdrawing its guarantee for large deposits and wholesale funding in a sign the nation’s banks are recovering from the global financial crisis.
Korea Electric, Areva Sign Uranium-Mining Agreement (Update2) Korea Electric Power Corp., supplier of almost all of the country’s electricity, said it signed a partnership agreement on uranium mining with Areva SA.
Palin Tells Tea Party U.S. Ready for ‘Revolution’ (Update1) Sarah Palin criticized President Barack Obama’s first year in office by saying “the list of broken promises is long” as she addressed the inaugural national convention of the Tea Party movement.
Sea Shepherd, Japan Whalers Collide in Latest Clash (Update1) The Sea Shepherd Conservation Society and a research institute have traded accusations over the latest mid-sea confrontation between Japanese whalers and anti-whaling activists.
Australian Finance Minister Says More Stimulus Needed (Update2) Australian Finance Minister Lindsay Tanner said the nation’s economy remains fragile and that it will require more stimulus this year.
Emmitt Smith, Jerry Rice Elected to Pro Football Hall of Fame Emmitt Smith and Jerry Rice, the National Football League’s all-time leaders in rushing and receiving yards, were elected to the Pro Football Hall of Fame in their first year of eligibility.
Tea Party Convention Awaits Sarah Palin Appearance in Opryland Sarah Palin, a hero amid the leaderless Tea Party movement, was to appear before hundreds of fans at the group’s inaugural national convention.
U.S. Stocks Drop a Fourth Straight Week on Concern Over Europe U.S. stocks fell a fourth straight week, the longest streak since July, as concern grew that widening budget deficits in Europe will slow the economic recovery. A 167-point rally in the Dow Jones Industrial Average during the final hour of trading failed to erase losses.
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06 Feb 2010 05:28
, Feb 06 08:22, Feb 06 13:22, Feb 06 22:22Obama Says Small Business Will Lead Hiring in Economic Recovery President Barack Obama said small businesses are “the places where most new jobs begin” and will be at the forefront of new hiring as the economy recovers.
American Missionary Freed by North Korea in Beijing (Update1) A U.S. missionary released from North Korea arrived in Beijing today, South Korea’s Yonhap News agency reported, without saying where it got the information
U.S. Missionary Released by North Arrives in Beijing (Correct) A U.S. missionary released from North Korea arrived in Beijing today, South Korea’s Yonhap News agency reported, without saying where it got the information
Pratt & Whitney Plant Shutdown Plan Blocked By U.S. Judge Pratt & Whitney, a unit of United Technologies Corp., had its plan to close two Connecticut aircraft repair plants blocked by a federal judge who ruled the jet engine manufacturer breached its collective bargaining agreement with a labor union.
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04 Feb 2010 22:12
, Feb 05 01:07, Feb 05 06:07, Feb 05 15:07North Korea to Release Detained U.S. Missionary Park (Update2) North Korea said it will release an American missionary it detained in December for entering the country illegally, an indication the communist country is seeking to maintain improved relations with the U.S.
China’s Stocks Drop for Third Week on Global Recovery Concern China’s stocks fell, sending the benchmark index to its longest weekly losing streak since October, on concern faltering global economic growth will prevent the nation’s exports from sustaining a recovery.
AIG Jet-Lease Chief Udvar-Hazy Steps Down Ahead of Asset Sales American International Group Inc.’s Steven Udvar-Hazy stepped down as chief executive officer of the bailed-out insurer’s plane-leasing unit he founded 37 years ago as the parent company prepares to sell jets to help repay debt.
BofA’s Lewis Faces Squeeze by Cuomo Over Role in Credit Crunch Kenneth D. Lewis, who presided over two bailouts at Bank of America Corp., now stands as the only chief among the biggest U.S. banks officially accused of wrongdoing during the financial industry’s near collapse.
Amerindo’s Tanaka Faces Prison as His Horses Win for a Friend For Annelies Glen-Teven, the downfall of former Amerindo Investment Advisors Inc. partner and horse- racing enthusiast Gary Tanaka has been her ticket to the winner’s circle.
Ken Lewis, Bank of America Sued by Cuomo for Fraud Over Merrill Former Bank of America Corp. Chief Executive Officer Kenneth Lewis was sued by New York Attorney General Andrew Cuomo for defrauding investors and the government when buying Merrill Lynch & Co. The bank agreed to pay $150 million to settle a related lawsuit by U.S. regulators.
Toyota Faces at Least 29 Class-Action Suits Over Acceleration Toyota Motor Corp., the world’s largest automaker, faces at least 29 lawsuits filed on behalf of customers in the U.S. and Canada seeking a range of damages from loss of cars’ value to a return of profits.
Bank of America E-Mails Show Lehman, Not Merrill Was Buy Target When Bank of America Corp.’s board met to approve the acquisition of an investment bank on Sept. 15, 2008, members thought they were going to buy Lehman Brothers Holdings Inc., not Merrill Lynch & Co., according to New York Attorney General Andrew Cuomo.
Obama Seeks to Channel Reagan as Democrats Prepare for Election President Barack Obama’s politics may be drawing inspiration from an unlikely source: Ronald Reagan.
Senators’ Propose 50% Bonus Tax on Banks That Got Bailout Funds Senate Democrats Barbara Boxer and James Webb proposed a 50 percent tax on bonuses of more than $400,000 at financial firms including Goldman Sachs Group Inc. and Bank of America Corp. that received U.S. bailout money.
Swine Acronym Ordered Out of Barclays Capital Research Reports At Barclays Capital, Piigs won’t fly.
Travolta Struts in Paris Gunfest; Gangs Battle in Walled Ghetto It’s guys night at the cineplex, thanks to two new movies involving French action master Luc Besson, director of “The Fifth Element” and ‘La Femme Nikita.”
U.S. Payrolls May Have Climbed in January as Economy Recovered The economy in the U.S. probably added jobs in January for the second time in three months, showing the pickup in growth is beginning to boost the labor market, economists said before a government report today.
Prime Minister Defends Spain’s Deficit to U.S. Business Leaders Spanish Prime Minister Jose Luis Rodriguez Zapatero defended his country’s budget deficit and urged more U.S. investment in Spain during a meeting with U.S. business leaders, as investor concerns caused stocks to plummet in Spain.
Obama’s ‘Volcker Rule’ May Not Survive Congressional Skepticism President Barack Obama’s “Volcker Rule” to ban proprietary trading at U.S. banks may not survive in Congress, hampered by criticism that the administration waited too long and offered too few details.
Super Bowl Sunday Means Insurance Claims as Pizza Drivers Crash Super Bowl Sunday means money for speedy pizza-delivery drivers: In the U.S., it’s the busiest sales day of the year.
Summers Sees Labor-Market Rebound as U.S. Economy Strengthens White House economic adviser Lawrence Summers expressed confidence the U.S. will see employment growth as the economic recovery strengthens.
China to Impose Dumping Penalties on U.S. Chicken (Update1) China will impose anti-dumping measures on imports of some chicken products from the U.S. after an investigation showed they had harmed local producers, the Ministry of Commerce said.
Hong Kong Stocks Fall; Longest Run of Weekly Losses Since 2008 Hong Kong’s benchmark stock index fell in the longest weekly losing streak since October 2008 after the former chairman of Esprit Holdings Ltd. sold shares and commodity producers dropped along with metal prices.
Suntory Family Said to Want Third of Firm Merged With Kirin Suntory Holdings Ltd.’s founding family is trying to gain at least a one-third stake in a new company formed after Japan’s second-biggest drinks maker is sold to rival Kirin Holdings Co., two people familiar with the negotiations said.
Macquarie Topless-Photo Browsing Banker Keeps Job After Review Macquarie Group Ltd. said an employee in Sydney who was caught on live television looking at topless photographs on his computer will stay at the bank.
Companies in Vietnam Struggling to Buy Dollars, Citigroup Says Companies in Vietnam are struggling to buy dollars, damaging confidence in the Asian nation’s currency and financial markets, Citigroup Inc. said.
Taiwan Demands China Steel Cut Emissions, Buy Credits (Update1) Taiwan is forcing some of its largest companies including China Steel Corp. to cut emissions in return for permission to expand on the island, where greenhouse-gas output per capita is almost three times the world average.
TPG’s Bank Tabungan Loans Grow 50% as It Taps Indonesia’s Poor PT Bank Tabungan Pensiunan Nasional, controlled by TPG, said lending rose more than 50% last year, about 10 times the industry average, as it gained access to the “mass market” in Indonesia.
Roche Diagnostic Sales May Rise 20% in Asia on China (Update1) Roche Holding AG expects sales at its diagnostics unit to climb more than 20 percent in Asia-Pacific markets this year, helped by health-care spending in China.
Aussie May Fall to 73.99 Yen on Fibonacci: Technical Analysis The Australian dollar is set to fall to 73.99 yen, the lowest since July 14, after dipping below a key level of support, according to Ueda Harlow Ltd. in Tokyo.
Mitsubishi Motors Says Peugeot Capital Deal Is Option (Update1) Mitsubishi Motors Corp., in a partnership with PSA Peugeot Citroen since 2005, said an equity tie-up is an option if the alliance with Europe’s second-biggest carmaker expands.
Stocks Slump, Euro Drops, Bond Risk Soars on Jobs, Debt Concern Asian stocks plunged the most in 10 weeks, extending a global rout, the euro fell and bond default risk jumped after an unexpected increase in U.S. jobless claims and on growing concern over European sovereign debt.
Bank of Baroda Said to Cancel Planned Sale of Bonds (Update2) Bank of Baroda’s planned sale of bonds denominated in U.S. dollars has been canceled, according to three people familiar with the matter.
Xinjiang Stocks Advance in China on Stimulus Report (Update1) Xinjiang Tianye Co. led gains by companies based in China’s westernmost province after the National Business Daily reported China is proposing an economic stimulus plan for the autonomous region.
Esprit Slides After Ex-Chairman Sells $600 Million of Stock Esprit Holdings Ltd., the biggest Hong Kong-listed clothier, fell the most in seven weeks on the city’s stock exchange after former Chairman Michael Ying sold HK$4.67 billion ($600 million) of stock.
Aussie Dollar May Drop to 82 Cents on Slow Rate Gains, RBC Says The Australian dollar may extend this week’s declines and drop to 82 U.S. cents by mid-year on prospects the central bank will raise interest rates at a slower pace than traders had anticipated, RBC Capital Markets said.
Emerging Equity Funds Post Most Outflows in 24 Weeks (Update2) Emerging market equity funds lost $1.6 billion in weekly withdrawals, the biggest outflows in 24 weeks, as earnings and Greece’s debt woes raised concerns that the global recovery may falter, EPFR Global said.
China to Prevent Yuan From Strengthening This Year, Fukoku Says China is likely to prevent its currency from strengthening against the dollar this year to help its exporters weather the weakness in global demand, according to Fukoku Capital Management Inc.
Arroyo Tax Cuts May Undo Finance Gains, Beltran Says (Update1) Philippine President Gloria Arroyo’s support for a sales tax exemption for the elderly may reverse the fiscal improvements she made in office, the nation’s top finance bureaucrat said.
Pakistan May Offer $1 Billion Debt, Sell State Assets (Update1) Pakistan may offer as much as $1 billion of bonds and resume selling state assets in the coming months, Finance Minister Shaukat Tarin said, as the government forecasts a widening budget deficit amid rising war costs.
DBS Profit Climbs 67%, Beating Analysts’ Estimates (Update3) DBS Group Holdings Ltd., Southeast Asia’s largest bank, posted the biggest increase in quarterly profit in three years as investment-banking fees and lending earnings advanced.
Bursa Says Stock Market Listings to Double This Year (Update1) Bursa Malaysia Bhd., the country’s stock exchange manager, expects the number of initial public offerings in Malaysia to double this year, bolstered by government efforts to ease investment rules.
Indonesia Company Bond Sales in Record Start to Fund Expansion PT Perusahaan Listrik Negara and PT Pertamina lead Indonesian infrastructure companies selling bonds to fund expansion in the busiest start to a year in more than a decade as the country doubles spending on roads, power and ports.
AT&T’s IPhone Deal Swamps Network Sparking Consumer Rebellion In mid-December, Fake Steve Jobs, the alter ego of widely read journalist and blogger Dan Lyons, posted the following appeal to his fellow members of iPhone Nation:
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02 Feb 2010 04:41
, Feb 02 07:37, Feb 02 12:37, Feb 02 21:37Obama to Outline $30 Billion in Small Bank Assistance (Update1) President Barack Obama will propose providing community banks with $30 billion to spur lending to small businesses, administration officials said.
BNY Mellon to Buy PNC’s Investment Unit for $2.31 Billion Bank of New York Mellon Corp agreed to buy PNC Financial Services Group Inc.’s global investment- servicing business for $2.31 billion to add hedge-fund and mutual-fund clients.
Stocks Rise as Commodities Rally; Australian Dollar Plunges European stocks rose for a third day as mining shares rallied the most in two months, while U.S. index futures advanced. The Australian dollar dropped after the central bank unexpectedly left interest rates unchanged.
Dow Profit Tops Analysts’ Estimates on Electronics (Update1) Dow Chemical Co., the largest U.S. chemical maker, posted fourth-quarter profit that exceeded analysts’ estimates amid increased earnings in basic plastics and materials used in electronics.
Bank Bonds Lure TCW as Stocks Tumble, P&G Sells: Credit Markets President Barack Obama’s proposals to limit the size of U.S. banks helped wipe out $430 billion of financial companies’ stock market value and also made their bonds irresistible to some of the nation’s biggest investors.
Spyker Says It Expects Saab to Be Profitable by 2012 (Update3) Spyker Cars NV said it’s aiming for Saab to return to profit by 2012 and that the business plan for the Swedish carmaker requires about $1 billion in “peak funding” to restore earnings.
Zloty May Rally to Highest in 14 Months: Technical Analysis The Polish zloty may gain to the strongest level since December 2008 against the euro in the next two months, according to analysis by Auerbach Grayson & Co. using so-called Fibonacci numbers.
BNY Mellon to Buy PNC’s Global Investment Unit for $2.31 Bln BNY Mellon announced a definitive agreement to acquire PNC’s Global Investment Servicing Inc. business, a provider of custody, fund accounting, transfer agency and outsourcing solutions for asset managers and financial advisors.
Dow Chemical Fourth-Quarter EPS Ex-Items 18c, Est. 12c Dow Chemical Co., the largest U.S. chemical maker, posted fourth-quarter adjusted profit of 18 cents a share.
Swiss Banks Achilles Heel Is Workers Selling Data (Update1) Swiss banks are discovering that the biggest threat to client privacy is their own workers.
Cnooc to Boost Oil, Gas Output by 28% to Meet Demand (Update2) Cnooc Ltd., China’s biggest offshore oil explorer, aims to increase oil and gas production by as much as 28 percent this year as demand for fuel rises in the world’s fastest-growing major economy.
Singapore’s Richest Man Ng Teng Fong Dies at 82 (Update3) Singapore billionaire Ng Teng Fong, the city-state’s richest man, died today after suffering a cerebral hemorrhage on Jan. 23, Far East Organization Pte, the company he founded, said in a statement.
Germany Said to Want GM to Boost Opel Contribution (Update2) Germany wants General Motors Co. to increase its contribution to the Opel unit’s reorganization before considering whether to provide state aid, according to two people familiar with the matter.
Technip May Win $835 Million of Gas-Storage Orders (Update1) Technip SA, the oil and gas engineer that posted the best return in France’s benchmark index last year, may win as much as 600 million euros ($835 million) in orders to build three natural-gas storage sites in Germany.
Munich Re Raises Dividend as Quarterly Profit Climbs (Update2) Munich Re, the world’s biggest reinsurer, plans to increase its dividend after profit surged more than sevenfold in the fourth quarter on higher investment income and fewer claims from natural catastrophes.
China Warns Obama on Meeting With Dalai Lama as U.S. Ties Sour China said a meeting between the Dalai Lama and President Barack Obama would set back ties with the U.S. that have soured in recent weeks over censorship of Google Inc., climate change and arms sales to Taiwan.
Cameron’s Poll Lead Over Brown Narrows to 7 Points (Update1) The U.K. Conservatives’ lead over the ruling Labour Party narrowed to 7 percentage points in a poll today, adding to evidence that the economy’s emergence from recession is helping Prime Minister Gordon Brown.
BP Sees ‘Slow’ Recovery as Profit Misses Estimates (Update2) BP Plc, Europe’s biggest oil company, expects the recovery from last year’s recession to be “slow and gradual” as fourth-quarter earnings missed analyst estimates.
Iran ‘Cyber Army’ Hits Opposition Radio in Latest Crackdown An Iranian opposition radio station was targeted by hackers, signaling that the government may be stepping up a cyber-war on protesters who have defied seven months of crackdowns by security forces.
Nomura Posts Quarterly Profit on Underwriting Fees (Update3) Nomura Holdings Inc., Japan’s largest brokerage, returned to profit in the third quarter on a nine- fold surge in the value of local equity sales as the nation’s banks issued new stock to bolster capital.
Germany May Buy Stolen Swiss Bank Account Data (Update1) Chancellor Angela Merkel said the German government would be willing to buy stolen information relating to Swiss bank accounts to crack down on tax dodgers, sparking discord in her coalition and criticism in Switzerland.
Philippines’ Bond Sale Fails for 2nd Time This Year (Update1) The Philippines failed to sell all the bonds on offer at an auction today for a second time this year as investors demanded higher yields.
Telecom Italia Shares Climb on Report of Merger With Telefonica Telecom Italia SpA gained the most in almost a year in Milan trading after la Repubblica reported the Italian government will support an “inevitable” merger between the telephone company and rival Telefonica SA.
European Stocks Drop After Two Days of Gains; Asian Shares Rise European stocks declined after two days of gains for the Dow Jones Stoxx 600 Index as BP Plc, the region’s biggest oil company, posted earnings that missed estimates. Asian shares rose.
Kim Doubles His Visits to North Korea’s Factories (Update2) North Korean leader Kim Jong Il has doubled the number of trips he makes to factories and power stations, signaling his regime’s growing efforts to prop up a failing economy hit by United Nations sanctions.
Asian Stocks Rise as U.S. Manufacturing Expands; Dollar Gains Asian stocks climbed from a two-month low after a report showed U.S. manufacturing expanded more than estimated and as commodity prices advanced. The Australian dollar dropped after the central bank unexpectedly left interest rates unchanged.
Bank Debt Swaps Exceed Corporate Insurance by Most Since Lehman The cost to protect against losses on European bank bonds jumped above insurance on company debt by the most since the collapse of Lehman Brothers Holdings Inc. amid concern that government budget woes will spread to lenders.
China Property Market ‘Bubble’ Set to Burst, Xie Says (Update2) China’s property market “bubble” is set to burst as the government curbs credit growth and clamps down on speculation, according to independent economist Andy Xie.
Copper Market Set for ‘Catastrophe,’ Threlkeld Says (Update1) Copper prices, which more than doubled last year, are set to plunge as speculators unwind positions and global inventories expand, according to David Threlkeld, president of metals trader Resolved Inc.
China Regulator Said to Seek to Curb Third Mortgages (Update2) China’s government, seeking to stem property speculation, told banks to raise interest rates on third mortgages and demand bigger down payments for such loans, a person with knowledge of the matter said.
Nina Wang’s Fortune Belongs to Charity, Judge Rules (Update3) Late billionaire Nina Wang’s fortune belongs to the charity she founded and not a geomancer who said he was her lover, Hong Kong’s High Court ruled today in a legal saga that has gripped the city’s public for more than a decade.
Japan Regulator Said to Be Investigating KDDI Bid for Jupiter Japan’s financial-services regulator is investigating KDDI Corp.’s planned purchase of a 38 percent stake in Jupiter Telecommunications Co. from billionaire John Malone’s Liberty Global Inc., a government official familiar with the probe said.
Nomura Third-Quarter Net Income 10.2 Billion Yen Nomura Holdings Inc., Japan’s largest brokerage, posted a third-quarter net income of 10.2 billion yen, compared with a record quarterly loss of 342.9 billion yen a year earlier, the Tokyo-based company said in a statement today.
Australia Unexpectedly Keeps Interest Rate at 3.75% (Update3) Australia’s central bank unexpectedly paused in raising interest rates as Governor Glenn Stevens opted to support the economy’s acceleration and stem inflation later.
Chuo Mitsui Says Japan’s Government Should Sell Stake (Update2) Chuo Mitsui Trust Holdings Inc. said the Japanese government made a “hefty” profit selling half the stake it obtained in a bailout of the bank more than a decade ago and should sell its remaining holding as soon as possible.
Oil May Pull Back After Rising Above $78: Technical Analysis Crude oil may pull back below $73 a barrel even if the market retraces two weeks of losses and climbs back above $78, National Australia Bank Ltd. said.
Anwar to Subpoena Najib in Malaysia Sodomy Trial (Update1) Malaysian opposition leader Anwar Ibrahim said he will subpoena Prime Minister Najib Razak to testify in his sodomy trial set to begin today, and accused the premier and wife Rosmah Mansor of conspiring to frame him.
Softbank Leads $75 Million Investment in Ustream Video Site Ustream Inc., a provider of live video streaming to the Internet and mobile phones, said it raised $75 million in capital, led by Softbank Corp., Japan’s third-largest mobile-phone operator.
End of Sugar Boom in Sight on ‘Huge’ Brazil Output (Update2) Raw sugar prices probably will decline from a 29-year high this year as a “huge increase” in production driven mainly by Brazil may balance the market, according to German research company F.O. Licht.
Sri Lanka Open to Raising Banks’ Reserve Ratio as Prices Climb Sri Lanka’s central bank said asking lenders to set aside more money may be an option after inflation accelerated to an 11-month high.
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01 Feb 2010 02:07
, Feb 01 05:07, Feb 01 10:07, Feb 01 19:07China Sustains Expansion as Inflation Pressures Grow (Update3) China, the world’s third-biggest economy, sustained its manufacturing expansion in January as export orders jumped and inflation pressures grew, two surveys showed today.
Dubai Bailout Rally Evaporates on Standstill Silence (Update1) Dubai’s failure to reassure investors its restructuring plan will succeed is causing the emirate’s benchmark stock index to drop the most in the world and forcing companies to scrap bond sales.
Euro Proving No Reserve Asset as Central Banks Shift (Update2) Investors are pulling cash out of Europe at a record pace as central banks slow euro purchases, jeopardizing its status as a substitute to the dollar as the world’s reserve currency.
IMS Health to Sell Debt as Junk Spreads Widen: New Issue Alert IMS Health Inc., the provider of prescription data to drugmakers and analysts, plans to issue high-yield, high-risk debt to finance its leveraged buyout as the junk-bond market shows signs of weakening.
Russian Economy Suffered Deepest Contraction on Record in 2009 Russia’s economy shrank the most on record in 2009 after the price of oil slumped 77 percent from peak to trough and left businesses to start the year trying to adjust to smaller profits as banks cut off credit.
Company Bond Sales Fall 7% on Greece, Spreads: Credit Markets Bond sales by nonfinancial companies fell 7 percent in January as the cost to borrow rose from a two- year low on growing concern that governments struggling to pay their debts will derail the economic recovery.
Singapore to Consider Nuclear Power, Fewer Foreigners (Update1) Singapore should consider using nuclear power and depend less on foreign workers in its efforts to transform the economy in the next decade, a government- appointed panel said.
Asian Stocks Fall on China Tightening Concern; Bond Risk Rises Asian stocks and currencies fell as manufacturing surveys added to speculation that Chinese policy makers will rein in record lending growth. Bond risk climbed on concern Greece will need a bailout to repay its debts.
China’s Stocks Slide to Four-Month Low on Tightening Concern China’s stocks fell, sending the benchmark index to the lowest level in almost four months, as growth in manufacturing heightened concerns the government will take additional measures to prevent the economy from overheating.
Pakistan Probing Reports of Taliban Chief’s Death, Malik Says Pakistan is investigating reports the leader of the country’s Taliban forces, Hakimullah Mehsud, died of wounds from a U.S. missile strike last month.
Chinese Inflation Concerns Are ‘Unreasonable,’ Deripaska Says Russian billionaire Oleg Deripaska said investor concerns that China’s efforts to contain inflation may derail the economy are “completely unreasonable” and growth will remain the government’s priority.
Chinese Stamp From 1897 Sells for Record Amount in Hong Kong A rare Chinese stamp from 1897 sold for HK$4.8 million ($617,959) to an Asian bidder, setting a record price for a single Chinese stamp at auction.
Roubini, Soros, Zhu's Own Words on Economic Recovery: Video New York University Professor Nouriel Roubini, billionaire investor George Soros and People's Bank of China Deputy Governor Zhu Min speak about the outlook for the global economy in 2010.
Ryanair Raises Profit Forecast as Fares Fall Less Than Expected Ryanair Holdings Plc, Europe’s biggest discount airline, raised its full-year profit forecast after smaller than anticipated cuts in ticket prices helped narrow the third-quarter loss.
Honda Declines After Biggest Recall in Seven Years (Update2) Honda Motor Co., Japan’s second- largest automaker, fell the most in more than two months after announcing its biggest recall in seven years.
Thailand to Relax Outflow Rules, Encourage Hedging, Tarisa Says Thailand’s central bank plans to make it easier for exporters and importers to manage currency risks and will loosen rules on capital outflows, helping companies cope with the strongest baht since June 2008.
Ryanair Reports Third-Quarter Net Loss of 10.9 Million Euros Ryanair Holdings Plc, Europe’s biggest airline by passenger numbers, reported a net loss of 10.9 million euros for the third quarter, compared with 118.8 million euros for the same period a year earlier, according to an e-mailed statement today.
Hong Kong Faces ‘Huge’ Bubble Risk on Liquidity, Rate (Update1) Hong Kong faces the threat of bubbles forming in its asset markets as low interest rates and high liquidity drive up prices, the Hong Kong Monetary Authority said.
Beyonce Leads Grammys With Six, Most for a Female Performer Beyonce won six Grammys, the most by a female performer in one year, including best song for “Single Ladies,” while country singer Taylor Swift took home the album of the year award for “Fearless.”
Obama Budget Said to Forecast $1.6 Trillion Deficit for 2010 The budget plan President Barack Obama is set to release today forecasts the deficit will hit a record $1.6 trillion this year before beginning to decline in 2011, a congressional aide said.
Toyota U.S. Sales Halt May Have Sent Buyers to GM, Ford, Honda Toyota Motor Corp. probably ceded U.S. market share in January as a sales freeze on eight models and a widening global recall kept the world’s largest automaker from taking advantage of improving demand.
Wells Fargo Shuns Carry-Trade, Braces for Risk of Higher Rates Wells Fargo & Co., unlike its three biggest competitors, is so convinced interest rates will rise that it sacrificed as much as $1 billion last year cutting back on fixed-income investments.
Positive Profit Surprises Led by Google, Ford May Wane in 2010 Earnings at U.S. companies are topping analysts’ estimates at the second-highest rate in almost two decades, a pace that may falter this year without increased sales.
Manufacturing in U.S. Probably Grew for Sixth Straight Month Manufacturing probably expanded in January for a sixth consecutive month, spearheading the recovery from the worst recession since the 1930s, economists said before a report today.
Flaherty to Raise Canada’s 2010 Growth Outlook, Forecasters Say Canadian Finance Minister Jim Flaherty’s March 4 budget may include a stronger forecast for 2010 economic growth, a survey of analysts showed, giving him more scope to fight the country’s rising debt burden.
Ironwood Seeks 15% IPO Premium as Investors Lose in New Deals Ironwood Pharmaceuticals Inc. and Imperial Capital Group Inc. will lead the busiest week for U.S. initial public offerings in two months after the first deals of 2010 were reduced or postponed.
‘Avatar’ Tops Box Office, Passes $2 Billion in Worldwide Sales “Avatar” was the top film in the U.S. and Canada for the seventh weekend in a row, becoming the first movie to surpass $2 billion in combined global and domestic ticket sales.
Obama to Weigh Objections to Holding Terror Trial in New York The Obama administration is considering local objections as it weighs whether to try the alleged mastermind of the Sept. 11 terror attacks in New York, said David Axelrod, a senior adviser to the president.
Obama’s Jobs Bill May Cost $100 Billion, Spokesman Gibbs Says Legislation aimed at making it easier for companies to hire more workers is likely to cost about $100 billion, White House spokesman Robert Gibbs said.
Democrats Have More Cash Than Republicans for Off-Year Election Democratic Party committees entered an off-year election with more money in the bank than their Republican counterparts for the first time in at least 18 years, giving the party a financial boost as it tries to stave off a surge by the opposition.
Crack Spreads Widen as Refineries Close in the U.S. (Update1) As refineries from New Jersey to New Mexico close at the fastest pace in three decades, traders in Singapore are profiting from a new plant on India’s west coast and a ship heading for Florida filled with jet fuel from Taiwan.
Philippine Peso to Rally on Election, Rates, San Miguel Says The Philippine peso, Asia’s worst- performing currency this year, will climb 4 percent by October as interest rates rise and confidence builds after May elections have passed, according to the treasury chief at San Miguel Corp.
Emerging-Market Stocks Fall 10% From Peak on Rates (Update1) Developing-nation stocks fell, sending the MSCI Emerging Markets Index down more than 10 percent from this year’s high, on concern the economic recovery may falter as central banks raise interest rates.
Indonesia’s January Inflation Rate Rises to 3.72% (Update1) Indonesia’s inflation accelerated in January to the fastest pace in seven months amid rising commodity and food prices, adding pressure on the central bank to begin raising interest rates.
Beyonce Wins Grammy Award for Best Female Pop Performance Beyonce won the Grammy for best female pop vocal performance for “Halo,” giving her six wins at the music industry’s biggest awards show.
Thailand’s Inflation Rate Climbs to 16-Month High (Update1) Thailand’s inflation accelerated to a 16-month high in January amid rising food and fuel prices, giving the central bank less room to keep interest rates at a five-year low to support an economic recovery.
Toyota Pedal Maker CTS Thrust Into Spotlight as Recalls Widen CTS Corp. was honored three times by Toyota Motor Corp. for the quality of the accelerator pedals that have now thrust the 114-year-old electronics supplier into the center of a global recall of about 4.1 million vehicles.
Hynix Falls After Creditors Fail to Sell Stake (Update2) Hynix Semiconductor Inc. fell to the lowest level in six weeks after creditors failed a second time to sell their controlling stake in the world’s No. 2 maker of computer-memory chips.
Garuda Indonesia Plans $300 Million IPO for Expansion (Update2) PT Garuda Indonesia, the nation’s largest carrier, plans to raise between $250 million and $300 million in an initial public offering this year to add new aircraft and expand its network.
India Autos Cut, Phone Shares Raised at Credit Suisse (Update1) India’s automobile shares were downgraded while telephone stocks were upgraded at Credit Suisse Group AG, which said it was turning more “defensive” on the equity market.
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31 Jan 2010 03:14
, Jan 31 06:07, Jan 31 11:07, Jan 31 20:07Dubai Shares Fall on U.S. Stocks Drop, Lack of Dubai World News Dubai stocks retreated for the first time in three days after U.S. shares fell, oil closed at the lowest in five weeks and investors sought clarity on the restructuring of government-owned holding company Dubai World.
Australian Mortgages at Five-Year Low, Broker Says (Update1) Australian borrowing for home- buying fell to a five-year low this month after house prices climbed and the central bank increased lending rates, according to Australian Finance Group Ltd.
Obama Seeks Permanent, Expanded Build America Bond Program President Barack Obama will ask Congress to make permanent the temporary U.S. program under which state and local governments issue so-called Build America Bonds, according to an administration official.
Payrolls Probably Rose at Start of Year: U.S. Economy Preview The U.S. may have gained jobs in January for the second time in three months as the world’s largest economy began 2010 on firmer footing, economists said before reports this week.
TARP Probes Jump 41 Percent in Fourth Quarter, Watchdog Reports The U.S. Troubled Asset Relief Program’s watchdog expanded investigations into misconduct in the $700 billion federal bank rescue program, increasing the number of opened cases by 41 percent in the fourth quarter.
U.S. Doesn’t Object to Toyota Plan for Pedal Repairs (Update2) The U.S. Transportation Department didn’t object to a remedy Toyota Motor Corp. proposed for flawed gas pedals, a department official said, clearing the way for the company’s plan to fix millions of recalled vehicles.
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30 Jan 2010 01:05
, Jan 30 03:52, Jan 30 08:52, Jan 30 17:52Emerging Markets Will Drive M&A This Year, Bankers in Davos Say Companies based in emerging markets will probably drive global mergers and acquisitions, as countries such as Brazil, India and China fuel economic growth, said bankers meeting this week in Davos, Switzerland.
Toyota, U.S. Agency Under Pressure as Hearings Loom (Update1) Toyota Motor Corp. and auto- safety officials came under increasing pressure as two congressional committees scheduled hearings on the handling of defects that prompted the company’s biggest U.S. recall.
Davos Dispute Escalates as Regulators, Bankers Meet (Update1) Policy makers pushed back at bankers who have warned of excessive and uncoordinated attempts to toughen financial regulation as they jostled for control of an industry that required an unprecedented government bailout.
U.S. May Start Antitrust Probe of College Football Bowl Series The U.S. Department of Justice has sent a letter to Utah Senator Orrin Hatch saying it’s considering whether to investigate the Bowl Championship Series of college football for possible violations of antitrust law.
Vivendi Found Liable on All 57 Counts in Investors’ Class Suit Vivendi SA, the Paris-based owner of the world’s largest music company, acted recklessly and inflated its shares, a jury ruled in finding that the company misled investors 57 times from 2000 to 2002.
News Corp. Said to Offer Cash, Debt Help to Keep MGM Running News Corp. has expressed interest in providing Metro-Goldwyn-Mayer Inc. with cash and assistance in restructuring debt to keep the studio independent, according to a person with knowledge of the situation.
Linney, Bogosian Spar in War, Love Zones of ‘Time’: John Simon Donald Margulies’s “Time Stands Still” compellingly demonstrates what a master playwright can do with great economy and efficiency, and with four fine actors who conjure up a commanding cross section of our conflicted, compromising or intransigent world.
U.S. Needs to Adjust More Quickly to Threats, Obama Aide Says The U.S. will be able to protect itself only by adjusting more rapidly to threats such as extremism and cyber attacks and by working more closely with other countries and alliances, Obama administration National Security Adviser James Jones said.
U.S. Seeks to Sell Taiwan Weapons Worth More Than $6 Billion The U.S. Defense Department is proposing to sell Taiwan missiles, helicopters and ships valued at about $6.4 billion, a move that may complicate the Obama administration’s efforts to improve ties with China.
Euro Posts Biggest Monthly Decline in Year on Greece’s Turmoil The euro recorded its biggest monthly drop in a year against the yen and fell versus the dollar as concern Greece won’t be able to meet its debt obligations spurred a retreat from riskier assets.
North Korean Arms Were Headed to Iran, Thailand Report Says An airport in Iran’s capital of Tehran was the intended destination for a North Korean weapons shipment seized in Bangkok on Dec. 12, according to a confidential report to the United Nations Security Council by Thailand’s government.
McConnell Backs Panel With Focus on Funding Cuts, Not Tax Hikes Senate Republican Leader Mitch McConnell endorsed a deficit-cutting commission that would focus only on reducing spending, including for the Medicare and Social Security programs, and take any tax increases off the table.
Obama Says Republicans Can Help End Washington’s ‘Sour Climate’ President Barack Obama engaged in an unusual public debate with House Republicans yesterday, challenging them to help end the “sour climate” in Congress and defending his agenda for the economy and health care.
Consumers Also Played Role in Fourth-Quarter U.S. Growth Surge The surge in U.S. economic growth in the fourth quarter depended on more than manufacturing and investment. Households also played their part.
First Citizens Expands in U.S. West as Six More Banks Collapse First Citizens Bancshares Inc., the North Carolina-based lender with $18.5 billion in assets, expanded its West Coast operations as the number of U.S. bank collapses climbed to 180 since 2007.
Obama Said to Consider Moving Terror Trial From New York City The Obama administration is considering new locations for the trial of Sept. 11 terror suspects after New York’s mayor and Democratic lawmakers raised concerns about holding it in lower Manhattan, an administration official said.
Electric-Car Maker Tesla Files to Raise $100 Million in IPO Tesla Motors Inc., the maker of electric sports cars that hasn’t posted a profit in six years, filed for an initial public offering of shares to raise as much as $100 million.
Republicans Compromise on ‘Purity Test’ for November Candidates The Republican National Committee adjourns its winter meeting in Honolulu today after passing a compromise that urges leaders to determine if candidates adhere “wholeheartedly” to the party platform before backing them.
FTC Rejects Intel’s Request to Bar Commissioner Rosch From Suit The U.S. Federal Trade Commission turned down a motion by Intel Corp. that sought to bar a commissioner from participating in the agency’s antitrust lawsuit against the company, the world’s largest chipmaker.
Asian Stocks Post Worst Week Since March on Tightening Concerns Asian stocks fell, dragging the benchmark MSCI Asia Pacific Index to its biggest weekly drop since March, as concerns mounted the region’s central banks will tighten monetary policy to curb inflation.
Argentine Central Bank President Quits Amid Reserves Dispute Argentina’s central bank President Martin Redrado resigned last night after a standoff with the government over its plan to use $6.6 billion in reserves to pay debt due this year. “I have followed the Constitution, the law and the central bank rules,” Redrado said during a press conference in Buenos Aires. “My cycle has ended at the bank.” President Cristina Fernandez de Kirchner tried to fire Redrado, 48, by decree on Jan. 7 for not backing her plan to tap reserves.
Japan’s Five-Year Notes Gain for 3rd Week as Deflation Lingers Japan’s five-year notes rose for a third week as a government report showing deflation extended to a 10th month boosted the appeal of government debt.
Asia Currencies Have Weekly Drop, Led by Won, on China Curbs Asian currencies fell this week, led by South Korea’s won and the Philippine peso, on concern tighter lending controls in China will damp regional trade as worsening public finances in Greece curb demand for emerging- market assets.
China Bosses Davos as Nobody Discusses What Happened to Google Google Inc.’s opposition to censorship in China was the one topic left off the table in Davos -- at China’s request.
Toyota’s Chief Apologizes as Company Races to Fix Recall Crisis Toyota Motor Corp. President Akio Toyoda apologized for a widening recall crisis as the company prepares to explain plans to fix an accelerator pedal flaw that sparked a congressional inquiry and sales halt on eight models.
Steele Vows Republicans Will ‘Burn’ Democrats in Fall (Update1) Republican National Committee Chairman Michael Steele said his party is poised to build momentum following its win of a U.S. Senate seat in Massachusetts earlier this month.
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