Friday, July 30, 2010

Business - 30 July 2010

  • Q&A-What can South Africa do about the rand?
    Fri, 30 Jul 2010 08:44:06 -0700
    Calls for South Africa's government to weaken the rand are getting louder from powerful labour unions and manufacturers.
  • Kenyan shilling, stocks climb after rate cut
    Fri, 30 Jul 2010 08:43:14 -0700
    Kenyan equities hit a 22-month high and the shilling held onto gains against the dollar on Thursday after the central bank boosted market confidence by unexpectedly slashing its lending rate late on Wednesday.
  • Nigerian forex reserves drop 4 pct to $37 bln
    Fri, 30 Jul 2010 08:42:10 -0700
    Nigeria's foreign exchange reserves have fallen 3.8 percent to $37.06 billion from $38.53 billion in mid-July, the central bank said on Friday.
  • MIDEAST STOCKS-Economic data boosts Egypt, Gulf markets flat
    Fri, 30 Jul 2010 08:36:37 -0700
    Egyptian stocks rose on Thursday after government figures showed the domestic economy is growing and forecasts suggest the country is rebounding from the global downturn.
  • Airbus firm EADS lifts output aim
    Fri, 30 Jul 2010 08:31:18 -0700
    Airbus parent firm EADS says it is confident about future orders, despite reporting a fall in second-quarter earnings.
  • U.S. banks still need more capital: IMF
    Fri, 30 Jul 2010 08:28:33 -0700
    A significant number of U.S. bank holding companies-especially small and medium-sized and regional banks-would need additional capital amid lower growth dropped and higher unemployment, a report from IMF said.
  • U.S. Senate Clears Measure to Increase Pilot Training
    Fri, 30 Jul 2010 08:24:00 -0700
    The U.S. Senate cleared and sent to President Barack Obama legislation that would increase by sixfold the minimum experience pilots need to work at airlines in response to a commuter-plane crash.
  • Mexican Billionaire Drug Lord Loses Ally in Shootout
    Fri, 30 Jul 2010 08:22:00 -0700
    Mexican military personnel killed a leader in billionaire Joaquin “Chapo” Guzman’s drug trafficking cartel, signaling the biggest win for President Felipe Calderon in his four-year-old war on organized crime.
  • Nigerian interbank rates fall on fresh cash inflow
    Fri, 30 Jul 2010 08:20:51 -0700
    Nigerian interbank rates eased slightly to 1.08 percent on average this week from 1.15 percent last week following the central bank's release of 130 billion naira, traders said on Friday.
  • Wilmar's Harvest
    Fri, 30 Jul 2010 08:20:00 -0700
    Since Kuok Khoon Hong (No. 4) and Indonesian Martua Sitorus founded Wilmar International as a palm oil trader in 1991, it's grown into one of Asia's largest agribusinesses.
  • Singapore's 40 Richest: Introduction
    Fri, 30 Jul 2010 08:20:00 -0700
    Their total wealth is over $45 billion.
  • Business Activity in U.S. Expanded Faster in July
    Fri, 30 Jul 2010 08:20:00 -0700
    Business activity in the U.S. expanded in July at a faster pace than projected, signaling manufacturing is driving growth in the world’s largest economy.
  • Congo Army Clashes With Ugandan Rebels Displace 90,000 People
    Fri, 30 Jul 2010 08:18:13 -0700
    Clashes between Congolese army forces and Ugandan rebels forced 90,000 civilians to flee their homes in eastern Congo, where insecurity is blocking humanitarian relief efforts, the United Nations said.
  • Rangers Restructuring Officer Endorses ‘Enhanced’ Bid
    Fri, 30 Jul 2010 08:18:01 -0700
    The Texas Rangers, the bankrupt Major League Baseball team, got an “enhanced” bid from a buyer group led by Nolan Ryan and Chuck Greenberg that was endorsed by the club’s court-appointed chief restructuring officer.
  • Stocks Swirl After GDP Slows
    Fri, 30 Jul 2010 08:15:53 -0700
    Better-than-expected earnings from Chevron and Merck help market reverse early losses.
  • Times Square Bomber Shahzad’s House to Be Sold in Foreclosure
    Fri, 30 Jul 2010 08:13:10 -0700
    The Connecticut home of Faisal Shahzad, who pleaded guilty last month to trying to detonate a car bomb in New York’s Times Square in early May, will be sold in a public foreclosure auction.
  • Roche to Face Hollywood Stars in Accutane Trial
    Fri, 30 Jul 2010 08:13:08 -0700
    Roche Holding AG faces a lineup of Hollywood stars in the New Jersey trial of an actor’s lawsuit alleging he suffered the loss of his colon after taking the company’s Accutane acne drug.
  • Imports slow second-quarter growth
    Fri, 30 Jul 2010 08:10:50 -0700
    WASHINGTON (Reuters) - Economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and consumers spent less, raising concerns about the recovery in the rest of 2010.

  • Merck's No Buy After Earnings Fall
    Fri, 30 Jul 2010 08:10:43 -0700
    One-time costs weighed down drugmaker's results.
  • Parsing the Wylys Political Contributions
    Fri, 30 Jul 2010 08:09:18 -0700
    Sam and Charles Wyly are generous donors to Republican politicians and organizations.
  • Immigrant worker limit criticised
    Fri, 30 Jul 2010 08:07:39 -0700
    Government plans to limit the number of skilled foreign workers allowed into the UK are criticised by the Lord Mayor of London.
  • Shanghai falls, HK at best month; Chalco up on joint venture
    Fri, 30 Jul 2010 08:03:00 -0700
    China's key stock index fell 0.4 percent on Friday, as investors cashed in on bank stock gains, while China Everbright Bank said it would list on the Shanghai market by Aug. 18, adding more pressure on liquidity.
  • Linear Technologies' Big Deal Aversion
    Fri, 30 Jul 2010 08:00:00 -0700
    Linear Technology has never done a big deal--and has no regrets.
  • Fugitive Nadir will stand trial
    Fri, 30 Jul 2010 07:57:48 -0700
    Fugitive Polly Peck tycoon Asil Nadir, who fled to northern Cyprus in 1993, confirms he will come back to the UK to stand trail on theft charges.
  • Wall Street turns positive, lifted by data
    Fri, 30 Jul 2010 07:53:57 -0700
    NEW YORK (Reuters) - Stocks reversed course on Friday with the major indexes turning positive after a barometer of U.S. Midwest business jumped in July, while consumer sentiment data for the month came in better than expected.

  • Insurance Earnings: CNA, SUR
    Fri, 30 Jul 2010 07:50:00 -0700
    Aon Corporation, the largest insurance broker in the world, reported a second quarter profit of $153
  • U.S. recovery sputters
    Fri, 30 Jul 2010 07:48:19 -0700
    The U.S. economy continued to grow during the second quarter, but the pace slowed even more than economists were expecting, according to a government report Friday.
  • US economic growth slows to 2.4%
    Fri, 30 Jul 2010 07:48:09 -0700
    US economic growth slowed between April and June, with GDP growing by an annualised rate of 2.4%, the US Commerce Department says.
  • Let's fund every entrepreneur
    Fri, 30 Jul 2010 07:47:53 -0700
    There was a great conversation Thursday at Y Combinator's AngelConf in Silicon Valley. Anthony Ha of Venturebeat had a couple posts on it that I just read, one on Paul Graham's comments, and another on Ron Conway and Mike Arrington's comments. I would have enjoyed being part of that discussion, so I'll join in now.
  • When a Wall St. resume is political poison
    Fri, 30 Jul 2010 07:43:22 -0700
    Poor John Kasich. When he made that fateful decision in January 2001, he was just doing what politicians have done since time immemorial: he was taking a cushy Wall Street job between a couple of public office gigs in order to pad the family pocketbook.
  • The best of Miramax films
    Fri, 30 Jul 2010 07:32:20 -0700
    Disney has sold Miramax Films, the arthouse movie maker that discovered Quentin Tarantino. We take a look at some of their best releases in the last 20 years.
  • Why Fox Wants Jennifer Lopez for American Idol (And Why She'll Do It)
    Fri, 30 Jul 2010 07:31:29 -0700
    If true, the move is a well-timed opportunity for Lopez, who has failed to produce a hit in recent y
  • Royal Mail pension plan opposed
    Fri, 30 Jul 2010 07:31:24 -0700
    The Pensions Regulator is opposing a crucial plan to pay off the £10bn deficit in the Royal Mail pension scheme.
  • It was a very good month: a review of July's stock market performance
    Fri, 30 Jul 2010 07:26:27 -0700
    The S&P 1500 index climbed 6.8 percent through July 29, with gains of 6.9 percent for the large-cap S&P 500, 6.5 percent for the S&P MidCap 400 and 6.4 percent for the S&P SmallCap 600.
  • Fannie Mae portfolio grows, delinquencies decline
    Fri, 30 Jul 2010 07:22:48 -0700
    NEW YORK (Reuters) - Fannie Mae expanded its mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May to the lowest level this year, the largest U.S. home loan purchaser said on Friday.

  • Merck pares 2010 forecast, despite beat in quarter
    Fri, 30 Jul 2010 07:20:32 -0700
    NEW YORK (Reuters) - Merck and Co issued a more cautious 2010 profit outlook on Friday and reported disappointing second-quarter sales of its vaccines and Singulair asthma drug, sending its shares down more than 3 percent.

  • GDP Shows Recovery Continues, But Consumer Spending Drags
    Fri, 30 Jul 2010 07:15:06 -0700
    Then U.S. econonmy grew 2.4% in the second quarter, just shy of expectations as consumer spending continued to struggle.
  • Coinstar Comes Up Short
    Fri, 30 Jul 2010 07:15:00 -0700
    Second-quarter earnings disappoint The Street.
  • The World's Richest Man's New Mansion
    Fri, 30 Jul 2010 07:10:00 -0700
    What you need to know about Carlos Slim Helu's record-breaking purchase.
  • Chevron earnings triple
    Fri, 30 Jul 2010 07:09:25 -0700
    NEW YORK/SAN FRANCISCO (Reuters) - Chevron Corp, the second-largest U.S. oil company, reported a three-fold jump in quarterly profit, beating expectations as refinery margins fattened.

  • Stocks sliding, bonds surging on disappointing Q2 GDP data
    Fri, 30 Jul 2010 07:07:23 -0700
    Stocks are sliding and bonds are surging after the government reported the U.S. economy grew at a slightly slower pace than expected in the second quarter.
  • Consumer sentiment sags to lowest since November
    Fri, 30 Jul 2010 07:06:35 -0700
    NEW YORK (Reuters) - Consumer sentiment plunged in July to its lowest level in 9 months on bleak prospects for jobs and income a year since the economic recovery began, a private survey released on Friday showed.

  • India's Banga Brothers
    Fri, 30 Jul 2010 07:00:00 -0700
    Ajay, the younger, takes charge at MasterCard, but the business world may not have heard the last of Vindi.
  • China's Renewable-Energy Clout
    Fri, 30 Jul 2010 07:00:00 -0700
    In wind and solar industries, Chinese producers are rivaling Western ones.
  • What Is Wrong With Gold?
    Fri, 30 Jul 2010 07:00:00 -0700
    Despite its historic and symbolic appeal, this metal is simply a commodity. Here we explore its meaning as an investment.

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