Tuesday, July 27, 2010

Business - 27 July 2010

  • Stocks are narrowly mixed, as fall in consumer confidence weigh on sentiment
    Tue, 27 Jul 2010 07:25:54 -0700
    Stocks are mixed as some strong earnings results from DuPont (NYSE: DD) and upbeat European economic data is balanced by a second straight monthly decline in U.S. consumer confidence in July.
  • Apple launches new desktops for power users
    Tue, 27 Jul 2010 07:22:56 -0700
    Apple's gadget fans got plenty of new toys recently, with the launch of the iPad and iPhone 4. Now, it's the power users' turn.
  • Credit Suisse raises FedEx profit view, target price on strong volumes
    Tue, 27 Jul 2010 07:20:29 -0700
    Analyst citied strong volumes at the company's Express and Ground segments.
  • Wall St loses ground after consumer data
    Tue, 27 Jul 2010 07:17:10 -0700
    NEW YORK (Reuters) - U.S. stocks lost ground on Tuesday, giving up short-lived gains after data showed consumer confidence fell in July to the lowest level since February on worries about the job market.

  • Lockheed and L-3 top estimates but outlooks vary
    Tue, 27 Jul 2010 07:16:08 -0700
    ATLANTA (Reuters) - Defense contractors Lockheed Martin Corp and L-3 Communications Holdings Inc beat Wall Street profit estimates on Tuesday on better revenue and margins but offered differing full-year outlooks.

  • Consumer confidence falls to lowest since February
    Tue, 27 Jul 2010 07:13:05 -0700
    NEW YORK (Reuters) - Consumer confidence fell in July to the lowest level since February, weighed mostly by worries about the job market, according to a private sector report released on Tuesday.

  • Consumer confidence continues to sink
    Tue, 27 Jul 2010 07:12:09 -0700
    Uncertainty about the economy continued to shake consumer confidence in July, pushing a key measure of morale lower for a second straight month.
  • Stocks try to extend rally
    Tue, 27 Jul 2010 07:08:25 -0700
    Stocks struggled to rise as investors welcomed improved quarterly profits from DuPont, UBS and others, but were cautious after the recent rally.
  • European Stocks Rise to 12-Week High; UBS, Deutsche Bank Gain
    Tue, 27 Jul 2010 07:08:00 -0700
    European stocks climbed to a 12-week high as UBS AG and Deutsche Bank AG reported earnings that beat estimates the Basel Committee on Banking Supervision softened its proposed capital rules.
  • Home Prices in 20 U.S. Cities Rose More Than Forecast
    Tue, 27 Jul 2010 07:06:00 -0700
    Home prices in 20 U.S. cities rose more than forecast in May from a year earlier as a government tax credit temporarily underpinned sales.
  • Consumer Confidence in U.S. Fell in July to a Five-Month Low
    Tue, 27 Jul 2010 07:04:09 -0700
    Confidence among U.S. consumers declined in July to a five-month low, a sign the lack of jobs will limit the economy’s recovery.
  • Charging EVs Should Be Easy, Survey Finds - Duh!
    Tue, 27 Jul 2010 07:00:28 -0700
    Most people would prefer to charge their vehicles at home, survey finds
  • BP launches image overhaul and ditches Tony Hayward
    Tue, 27 Jul 2010 06:59:55 -0700
    LONDON (Reuters) - Oil giant BP Plc launched a plan to repair its battered image in the United States on Tuesday, ditching its gaffe-prone chief executive and promising to slim down by trebling an asset sale target to $30 billion.

  • Home prices show stability after modest gain
    Tue, 27 Jul 2010 06:59:39 -0700
    Home prices rose slightly in May compared with a month earlier, appearing to have stablized at the lower levels that followed the end of the residential real estate bubble, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets released Tuesday.
  • How to save $1 million by 65
    Tue, 27 Jul 2010 06:59:21 -0700
    Question: I'm 28 and would like to have $1 million by the time I retire at 65. What are some of the investing options I should consider? --Joshua Sin, Fresno, Calif.
  • New search tech: Humans
    Tue, 27 Jul 2010 06:59:21 -0700
    For years, Ask.com has basically been roadkill in the search-engine wars. Trailing way behind Google, Yahoo and Microsoft's Bing, it has a market share online data tracker ComScore estimates at just 3.6%.
  • Bangladesh increases minimum wage
    Tue, 27 Jul 2010 06:59:19 -0700
    Bangladesh raises the minimum wage for millions of garment workers, after months of violent protests over pay and working conditions.
  • El-Erian Says ‘Noisy’ Reports Indicate Uncertainty: Tom Keene
    Tue, 27 Jul 2010 06:59:01 -0700
    “Noisy” economic reports underscore the “unusually uncertain” outlook cited by Federal Reserve Chairman Ben S. Bernanke, according to Pacific Investment Management Co.’s Mohamed El-Erian.
  • BP Loses Billions, Boots Hayward
    Tue, 27 Jul 2010 06:55:00 -0700
    American Robert Dudley will take over as the oil giant's CEO Oct. 1.
  • Indian interest rates rise again
    Tue, 27 Jul 2010 06:54:37 -0700
    The Reserve Bank of India has increased interest rates for the second time in a month to try to hold back inflation.
  • Dow Erases 2010 Loss as S&P 500 Tops Moving Average
    Tue, 27 Jul 2010 06:54:00 -0700
    The rally that erased the Dow Jones Industrial Average’s 2010 loss yesterday and carried the Standard & Poor’s 500 Index above its 200-day average spurred optimism among chart analysts and investors who track earnings.
  • UBS Americas brokerage posts loss
    Tue, 27 Jul 2010 06:53:18 -0700
    NEW YORK (Reuters) - UBS Wealth Management Americas lost assets and advisers during the second quarter and was UBS AG's only unprofitable division, though it offered some signs that it was on the mend.

  • Russia’s Drought Raises Bondholder Risk on Prices
    Tue, 27 Jul 2010 06:53:00 -0700
    Russia’s worst drought in a decade will probably generate losses for bondholders as food prices rise and the government may be pushed to tap debt markets for funds to support farmers.
  • Nvidia to Pay Rambus Fees While Appealing ITC Ruling
    Tue, 27 Jul 2010 06:53:00 -0700
    Nvidia Corp., the world’s second- largest maker of computer-graphics chips, plans to appeal a patent ruling lost to Rambus Inc. and said customers including Hewlett-Packard Co. won’t see any disruption to their supplies.
  • May home prices gain but no sustained recovery
    Tue, 27 Jul 2010 06:49:18 -0700
    NEW YORK (Reuters) - Single-family home prices rose more than expected in May, reflecting robust spring sales spurred by homebuyer tax credits, Standard & Poor's/Case Shiller home price indexes showed on Tuesday.

  • Lockheed posts profit
    Tue, 27 Jul 2010 06:46:15 -0700
    ATLANTA (Reuters) - Lockheed Martin Corp , the world's largest defense contractor, posted a higher-than-expected quarterly profit on Tuesday as revenue rose and margins improved.

  • Motorola rumored to launch 10-inch tablet with Google's Android 3.0 Gingerbread OS
    Tue, 27 Jul 2010 06:41:54 -0700
    Going by rumors, Motorola will feature Google’s upcoming Android 3.0 Gingerbread operating system. It may contain ARM-based processor (Qualcomm) with speed of 1 GHz, 512 MB RAM, 10-inch multi-touch screen, Wi-Fi, Bluetooth, 3G compatibility along with 1280 x 760 resolution display.
  • Reliance Industries to undertake full review at KG D6
    Tue, 27 Jul 2010 06:30:36 -0700
    MUMBAI (Reuters) - Energy group Reliance Industries will not increase output at its KG D6 block off the east coast of India until a full review of the reservoir
  • Cummins profit tops view; company raises outlook
    Tue, 27 Jul 2010 06:30:26 -0700
    CHICAGO (Reuters) - Cummins Inc reported stronger-than-expected quarterly results on Tuesday and raised its full-year forecast, citing especially strong demand for its products overseas.
  • DuPont shares surge after forecast
    Tue, 27 Jul 2010 06:28:03 -0700
    NEW YORK (Reuters) - DuPont forecast 2010 earnings well above expectations on Tuesday and said its second-quarter profit nearly tripled as the rebounding global economy continued to fuel the company's recovery, sending it shares up 4.6 percent.

  • RBI rate hike seen hitting durables demand; autos steady
    Tue, 27 Jul 2010 06:20:49 -0700
    MUMBAI (Reuters) - The higher-than-expected rise in interest rates by the Reseve Bank of India could hurt the consumer durables business, but demand in the booming auto sector may sustain, company officials said on Tuesday.
  • TIMELINE - Changes to repo rate since June 2000
    Tue, 27 Jul 2010 06:20:39 -0700
    MUMBAI (Reuters) - The Reserve Bank of India (RBI) on Tuesday raised its main borrowing rate by 50 basis points and the key lending rate by 25 basis points citing worries over inflation.
  • FACTBOX - BP sells assets to cover oil spill costs
    Tue, 27 Jul 2010 06:20:27 -0700
    LONDON (Reuters) - BP plc plans to sell $30 billion of assets -- mainly upstream oil and gas fields-- over the next 18 months to cover costs related to the worst oil spill in U.S. history.
  • UAL, Continental thin top ranks ahead of merger
    Tue, 27 Jul 2010 06:18:23 -0700
    CHICAGO (Reuters) - UAL Corp and Continental Airlines Inc said on Tuesday that John Tague, president of UAL's United Airlines, and UAL Chief Financial Officer Kathryn Mikells will leave the company following the close of the planned merger of the two companies.

  • Vodafone shareholders protest over chairman
    Tue, 27 Jul 2010 06:10:59 -0700
    LONDON (Reuters) - More than 6 percent of Vodafone shareholders voted against the re-election of the group's chairman on Tuesday, in protest at what they deem to be a poor strategy which has hurt the firm's value.
  • Reliance Industries Q1 net up 32 pct, refining margins rise
    Tue, 27 Jul 2010 06:10:37 -0700
    MUMBAI (Reuters) - Energy group Reliance Industries posted a 32 percent rise in fiscal first-quarter profit, slightly better-than-expected, helped by higher gas output from its fields off India's east coast and improved refining margins.
  • Russia may debate asset sale plan on Thursday
    Tue, 27 Jul 2010 06:10:27 -0700
    MOSCOW (Reuters) - Russia's Finance Minister Alexei Kudrin said he would answer questions on Wednesday about his ministry's plans to sell $29 billion worth of assets in the country's biggest privatisation since the 1990s.
  • BANKERS' VIEW - RBI raises key rates
    Tue, 27 Jul 2010 06:00:26 -0700
    MUMBAI (Reuters) - The Reserve Bank of India on Tuesday raised interest rates more forcefully than expected in the face of inflation that has held stubbornly above 10 percent for the past five months.
  • Brands Need To Re-Examine Their Twitter Strategy
    Tue, 27 Jul 2010 06:00:00 -0700
    Getting a celebrity engaged with a brand helps.
  • RBI raises interest rates, more tightening seen
    Tue, 27 Jul 2010 05:50:40 -0700
    MUMBAI (Reuters) - The Reserve Bank of India raised interest rates more forcefully than expected on Tuesday to fight inflation that is on track to hit double digits for a sixth straight month, setting the stage for more policy tightening.
  • Reliance Industries Q1 net up 32 pct, beats forecast
    Tue, 27 Jul 2010 05:50:28 -0700
    MUMBAI (Reuters) - Energy group Reliance Industries posted a 32 percent rise in quarterly profit, beating estimates, helped by higher gas output from its fields off India's east coast.
  • Japan's JFE turns profit, U.S. Steel loss narrows
    Tue, 27 Jul 2010 05:40:38 -0700
    TOKYO/NEW YORK (Reuters) - Japan's JFE Holdings Inc returned to a profit while U.S. Steel posted a narrower loss as it saw a rebound in prices.
  • CIT Q2 profit beats Street view
    Tue, 27 Jul 2010 05:26:26 -0700
    NEW YORK (Reuters) - CIT Group , the commercial lender that last year emerged from bankruptcy, on Tuesday reported a quarterly profit that dwarfed analysts' estimates.

  • UBS and Deutsche Bank Report Gains for Second Quarter - New York Times
    Tue, 27 Jul 2010 04:52:10 -0700

    Reuters India

    UBS and Deutsche Bank Report Gains for Second Quarter
    New York Times
    FRANKFURT — Shares of UBS of Switzerland and Deutsche Bank of Germany rose sharply after they reported second-quarter earnings Tuesday, signaling renewed confidence in European banks after official stress tests showed ...
    European Stocks Rise to 12-Week High; UBS, Deutsche Bank Gain BusinessWeek
    Bank CDS Costs Closest to Corporate Index Since March Wall Street Journal
    UBS outshines Deutsche Bank as wealth turnaround
  • BP's Tony Hayward resigns after being 'demonised and vilified' in the US
    Tue, 27 Jul 2010 04:47:38 -0700
    Chief executive resigned "for the good of the company", claiming that he was "demonised and vilified" for the Gulf of Mexico oil spill.

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