Friday, July 2, 2010

Business News - 02 July 2010

  • China bank in $8.9bn rights issue
    Fri, 02 Jul 2010 06:25:34 -0700
    The Bank of China confirms it plans to issue up to $8.9bn of new shares in the latest giant fund-raiser by China's banks.
  • Wall Street set for flat open after payrolls data
    Fri, 02 Jul 2010 06:23:32 -0700
    NEW YORK (Reuters) - Wall Street was set for a flat open on Friday as investors gave a mixed reaction to a government report showing employment in the United States fell for the first time this year in June.

  • £1bn Gift Aid boost for charities
    Fri, 02 Jul 2010 06:23:25 -0700
    Charities have reclaimed more than £1bn in a year from the taxman for the first time, figures show.
  • Treasuries Little Changed as U.S. Employers Cut Jobs in June
    Fri, 02 Jul 2010 06:22:00 -0700
    Treasuries were little changed as the U.S. payrolls report showed employers cut jobs in June, adding to concern the economy is falling back into recession.
  • GE's Immelt hits China, worries about U.S. mood: report
    Fri, 02 Jul 2010 06:20:57 -0700
    NEW YORK (Reuters) - General Electric Co Chief Executive Jeffrey Immelt said the Chinese government was growing increasingly protectionist and his manufacturing conglomerate was eyeing better prospects elsewhere, the Financial Times reported.

  • Stock futures seesaw
    Fri, 02 Jul 2010 06:20:30 -0700
    U.S. stocks were poised for a dubious open Friday, as nervous investors digested a government jobs report that showed the economy lost jobs for the first time this year.
  • Job losses return
    Fri, 02 Jul 2010 06:18:57 -0700
    Tthe U.S. economy lost jobs for the first time this year in June, as hiring by modest businesses only partly offset the end of temporary Census jobs.
  • CIT Group’s Thain Hires Parker, Ex-Cerberus Executive, as CFO
    Fri, 02 Jul 2010 06:16:13 -0700
    CIT Group Inc. named Scott T. Parker, a former executive at Cerberus Capital Management LP, as chief financial officer, ending a search that heated up after his own appointment in February to lead the business lender from bankruptcy.
  • Payrolls fall, private hiring below forecasts
    Fri, 02 Jul 2010 06:13:52 -0700
    WASHINGTON (Reuters) - Private payrolls rose less than expected in June and overall employment fell for the first time this year as thousands of temporary census jobs ended, showing the economic recovery is failing to gain traction.

  • US sees 125,000 jobs lost in June
    Fri, 02 Jul 2010 06:13:10 -0700
    There were about 125,000 US jobs lost in June, figures show, partly due to the loss of temporary census employees.
  • Standing joke
    Fri, 02 Jul 2010 06:09:31 -0700
    Why standing seats on planes could never happen
  • Times now charging online readers
    Fri, 02 Jul 2010 06:08:00 -0700
    The Times becomes the biggest UK newspaper to begin charging its readers to access its online content.
  • U.S. Stock Futures Fluctuate, Treasuries Gain on Jobs Data
    Fri, 02 Jul 2010 06:02:00 -0700
    U.S. stock-index futures fluctuated, Treasuries gained and the dollar retreated after the government reported an 83,000 increase in private payrolls in June, lower than economists’ estimates, and a drop in the unemployment rate.
  • India Raises Rates for Third Time to Curb Inflation
    Fri, 02 Jul 2010 06:01:01 -0700
    India’s central bank raised interest rates for the third time this year in an unscheduled announcement as inflation pressures from faster growth outweighs risks from Europe’s sovereign-debt crisis.
  • Connecticut to Probe WellPoint Security Breach (Update1)
    Fri, 02 Jul 2010 05:56:14 -0700
    Connecticut Attorney General Richard Blumenthal said he is investigating “a massive security breach” at WellPoint Inc. that may have compromised financial and health information on almost 500,000 people.
  • Google to buy travel software co ITA for $700 million
    Fri, 02 Jul 2010 05:55:45 -0700
    SAN FRANCISCO/WASHINGTON (Reuters) - Google Inc plans to buy one of the Web's key providers of airline travel software for $700 million, potentially raising new antitrust concerns for the world's largest Internet search engine.

  • Total sees tougher rules as storm spreads Gulf slick
    Fri, 02 Jul 2010 05:54:43 -0700
    HOUSTON/PARIS (Reuters) - The head of oil major Total warned of tougher safety rules that could push up crude prices as the first storm of the Atlantic hurricane season compounded the impact of the Gulf of Mexico oil spill.

  • June Payrolls Fall 125,000; Jobless Rate 9.5%
    Fri, 02 Jul 2010 05:49:20 -0700
    Employment fell in June for the first time this year, reflecting a drop in federal census workers and a smaller-than-forecast gain in private hiring.
  • Tate & Lyle sells sugar business
    Fri, 02 Jul 2010 05:45:46 -0700
    Tate & Lyle announces a deal to sell its sugar business to American Sugar Refining for £211m in cash.
  • Hints Of Hope Wrestle With Headline Drop In Jobs Report
    Fri, 02 Jul 2010 05:45:00 -0700
    Drop in census workers cuts payroll figure, but private sector shows signs of life.
  • Toyota recalls 270,000 vehicles
    Fri, 02 Jul 2010 05:44:47 -0700
    Japanese car giant Toyota recalls 270,000 cars worldwide in the latest problem to hit the manufacturer.
  • Gammon Infra says MD Umrigar to step down
    Fri, 02 Jul 2010 05:40:28 -0700
    MUMBAI (Reuters) - Gammon Infrastructure Projects Ltd said on Friday its Managing Director Parvez Keki Umrigar will step down effective July 3.
  • Power Grid board OKs follow-on offer of 20 pct
    Fri, 02 Jul 2010 05:20:42 -0700
    MUMBAI (Reuters) - State-run Power Grid Corp of India said on Friday its board approved a follow-on public offer of 20 percent of existing equity.
  • Ministers to meet July 22 on mining law
    Fri, 02 Jul 2010 05:20:30 -0700
    NEW DELHI (Reuters) - Ministers will meet in three weeks to consider revamping a five-decade old mining law that tries to balance the needs of investors with those of locals affected by the industry.
  • BSE Sensex sheds 0.3 pct; logs 1st weekly loss in three
    Fri, 02 Jul 2010 05:00:30 -0700
    MUMBAI (Reuters) รข€“ The BSE Sensex logged first weekly loss in three as it shed 0.3 percent on Friday, on mixed world markets amid caution ahead of the U.S. jobs data which is expected to shine a light on the strength of the U.S. recovery as double-dip recession fears remain.
  • Money flows to bonds, EM stocks in H1 - EPFR
    Fri, 02 Jul 2010 04:50:51 -0700
    LONDON (Reuters) - A massive $453 billion fled safe-haven money funds in the first half of 2010, heading for bonds and emerging stocks as investors fretted over the global economy but seemed more confident about the developing world's outlook.
  • Google to buy travel software co ITA for $700 mln
    Fri, 02 Jul 2010 04:50:29 -0700
    SAN FRANCISCO/WASHINGTON (Reuters) - Google Inc plans to buy one of the Web's key providers of airline travel software for $700 million, potentially raising new antitrust concerns for the world's largest Internet search engine.
  • FTSE up ahead of U.S. jobs report; miners gain
    Fri, 02 Jul 2010 04:46:46 -0700
    Britain's top share index pushed higher around midday on Friday, recovering some of the big falls the previous session, with miners lifted by an Australian tax compromise deal and investors awaiting a key U.S. jobs report.
  • Dollar dips before U.S. jobs report, Aussie firms
    Fri, 02 Jul 2010 04:42:55 -0700
    The dollar dipped against a basket of major currencies on Friday, extending the previous day's steep losses on concerns over the U.S. economic recovery and before the all-important June non-farm payrolls data.
  • Toyota plans recall which may cost $228 million: report
    Fri, 02 Jul 2010 04:32:56 -0700
    TOKYO/DETROIT (Reuters) - Toyota Motor Corp may recall up to 270,000 vehicles worldwide to fix an engine glitch, with Japan's Asahi newspaper reporting the move could cost the car maker up to 20 billion yen ($228 million).

  • INTERVIEW - Aegis sees 10-15 pct rise in autogas sales
    Fri, 02 Jul 2010 04:30:30 -0700
    MUMBAI (Reuters) - Aegis Logistics Ltd , which provides logistics support to oil, gas and chemical industries, expects autogas sales to rise 10-15 percent a year after the government's fuel price reforms, a top official said.
  • Blockbuster wins debt reprieve, forced to delist
    Fri, 02 Jul 2010 04:25:13 -0700
    LOS ANGELES (Reuters) - Blockbuster Inc stayed a step ahead of bankruptcy after winning a crucial one-month reprieve on debt payments, but was forced to begin the process of delisting from the New York stock exchange.

  • US futures hold tight ahead of non-farm payrolls data
    Fri, 02 Jul 2010 04:13:26 -0700
    Futures on major U.S. stock indices held to a tight range ahead of key U.S. jobs data from the government.
  • The latest threat to the global recovery - state capitalism
    Fri, 02 Jul 2010 04:11:47 -0700
    What's the major threat to the fragile global recovery? A new book powerfully argues it's from governments rewriting the rules of capitalism.
  • Fertiliser companies see potential in customised biz
    Fri, 02 Jul 2010 04:10:40 -0700
    MUMBAI (Reuters) - Indian chemical firms are rushing to set up 'customised fertiliser' plants in a bid to capitalise on rising demand, while farmers can now buy fertiliser tailormade for the soil and crop in their regions.
  • Australia mining tax deal seen unlocking M&A
    Fri, 02 Jul 2010 04:10:29 -0700
    SYDNEY (Reuters) - The Australian government's compromise mining tax deal is expected to unlock a stalled pipeline of mergers and acquisitions in the booming resources sector, although some political hurdles for big deals remain.
  • Business Bullet: US jobs, City managers, Green money, UK rates
    Fri, 02 Jul 2010 03:56:39 -0700
    The latest news on: US jobs, City managers, Green money, UK rates
  • Lloyds Banking Group, RBS and HSBC shares up on FTSE 100 after heavy losses
    Fri, 02 Jul 2010 03:55:38 -0700
    Shares in British banks were largely up on the FTSE 100 in morning trading after days of heavy losses brought about by fears of a double-dip recession.
  • GM's H1 China auto sales top U.S. for first time
    Fri, 02 Jul 2010 03:51:32 -0700
    SHANGHAI (Reuters) - General Motors' first-half sales in China, the world's biggest auto market, exceeded sales in its home U.S. market for the first time, according to data released on Friday.

  • Hedge fund investors opt for liquidity over returns
    Fri, 02 Jul 2010 03:50:52 -0700
    ZURICH (Reuters) - The rush for liquid hedge funds is costing investors juicier opportunities elsewhere as institutions opt for a safety first strategy after being burned in the financial crisis.
  • Goldman, A China Cheerleader, Tones Down Its Cheers
    Fri, 02 Jul 2010 03:35:04 -0700
    The investment bank lowers forecast for 2010 gross domestic product to 10.1% from 11.4%.
  • Chloride recommends £997m Emerson bid
    Fri, 02 Jul 2010 03:33:56 -0700
    Chloride, the British company that specialises in equipment to protect against power surges, has recommended shareholders accept a £997m, 375p-a-share bid from Emerson Electric.
  • FACTBOX - India's trade with the European Union
    Fri, 02 Jul 2010 03:30:39 -0700
    MUMBAI (Reuters) - India mainly relies on Asia for trade but the 27-nation European Union accounts for about a fifth of its exports and more than 13 percent of its imports.
  • Total sees tougher rules as storm spreads Gulf slick
    Fri, 02 Jul 2010 03:30:27 -0700
    HOUSTON/PARIS (Reuters) - The head of oil major Total warned of tougher safety rules that could push up crude prices as the first storm of the Atlantic hurricane season compounded the impact of the Gulf of Mexico oil spill.
  • BSE Sensex provisionally closes down 0.4 pct
    Fri, 02 Jul 2010 03:20:50 -0700
    MUMBAI (Reuters) - The BSE Sensex provisionally closed 0.4 percent lower on Friday, led by losses in Infosys Technologies and Reliance Industries , amid choppy trade globally on cautious sentiment ahead of the U.S. jobs data.

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