Tuesday, July 6, 2010

Business News - 06 July 2010

  • Mercedes-Benz sales score best ever in June, up 177 percent in China
    Tue, 06 Jul 2010 01:26:00 -0700
    Mercedes-Benz, the luxury brand car from Daimler AG posts record sales globally.
  • Gloomy Bond Investors Clash with Upbeat Stock Managers
    Tue, 06 Jul 2010 01:12:02 -0700
    The contrast between their outlooks is stark
  • BP approaching SWFs over strategic stake: source
    Tue, 06 Jul 2010 01:07:56 -0700
    DUBAI (Reuters) - British oil company BP has approached sovereign wealth funds with a view to securing a strategic investor to fend off takeover bids while it deals with its massive U.S. oil spill, a senior UAE source said on Tuesday.

  • Disappearing perk: Stock options
    Tue, 06 Jul 2010 01:05:26 -0700
    The time-honored employee stock option has seen better days.
  • Greece claims deficit turnaround
    Tue, 06 Jul 2010 01:04:19 -0700
    Greece's Finance Minister, George Papaconstantinou, says the country cut its deficit by 42% in the last six months.
  • Yen, Dollar Fall Against Euro; Stock Rebound Damps Safety Bids
    Tue, 06 Jul 2010 01:00:00 -0700
    The yen and the dollar declined against the euro as stocks recovered ground, damping demand for currencies perceived as a safe haven.
  • Libya eyeing 'bargain' BP shares
    Tue, 06 Jul 2010 00:58:36 -0700
    A leading Libyan oil executive says he will urge the country's sovereign wealth fund to buy a stake in troubled oil giant BP.
  • Congress fixes Wall St. - and orders 68 studies
    Tue, 06 Jul 2010 00:57:12 -0700
    In Washington, there's a code phrase for the middle ground that lawmakers find after a torrent of industry lobbying or partisan debate: "Let's do a study."
  • Stocks: Pursued by a bear
    Tue, 06 Jul 2010 00:56:01 -0700
    Investors returning from a long holiday weekend better come back well rested, as the weeks ahead bring something of a battle.
  • BP eyes stake sale as oil reported in Lake Pontchartrain
    Tue, 06 Jul 2010 00:55:49 -0700
    LONDON/NEW ORLEANS (Reuters) - Shareholders in BP balked on Monday at reports the energy giant would seek a strategic investor to ward off takeover bids while the company's massive oil spill in the Gulf of Mexico spread.

  • Sponsors scarce
    Tue, 06 Jul 2010 00:47:17 -0700
    Commonwealth Games struggles to attract backers
  • Nomura Sells Sukuk to Support Shariah Ambition: Islamic Finance
    Tue, 06 Jul 2010 00:43:00 -0700
    Nomura Holdings Inc. plans the first sale of dollar-denominated Islamic bonds in Malaysia by a Japanese company, supporting its expansion in an industry with $1 trillion of assets.
  • China Stocks Lead Asian Markets Higher; AgBank Pricing Nears
    Tue, 06 Jul 2010 00:42:00 -0700
    China’s stocks rose, with the Shanghai Composite Index leading Asian equity markets higher, as investors speculated recent losses were excessive. Agricultural Bank of China Ltd. is preparing to sell shares in what may be the world’s biggest initial public offering.
  • Ocado prices IPO at 200p-275p a share
    Tue, 06 Jul 2010 00:41:53 -0700
    Ocado has priced its planned initial public offering at 200p-275p a share, valuing the the online grocer that delivers Waitrose produce between £800m and £1.1bn.
  • Asia stocks firm as China gains
    Tue, 06 Jul 2010 00:34:33 -0700
    Asian stocks reversed course and inched up on Tuesday taking heart from gains in the Chinese market led by property and bank stocks, while the Australian dollar dribbled higher after the central bank sounded cautiously optimistic on the economic outlook.
  • Ocado aiming for £1bn valuation
    Tue, 06 Jul 2010 00:31:24 -0700
    Ocado, the online service that delivers Waitrose groceries, hopes for a £1bn valuation when it floats this month.
  • AgriBank Said to Price $20.1 Billion Initial Stock Sale Today
    Tue, 06 Jul 2010 00:30:49 -0700
    Agricultural Bank of China Ltd. will likely price shares today in an initial public offering that may raise as much as $20.1 billion, two people with knowledge of the matter said.
  • FTSE looks to open lower
    Tue, 06 Jul 2010 00:30:46 -0700
    The FTSE 100 <.FTSE> index is seen opening down 3 to 13 points, or as much as 0.3 percent on Tuesday, according to financial bookmakers, extending Monday's modest decline as Asian markets fell back overnight, with the lack of a lead from Wall Street curbing overall interest.
  • IG Markets Australian Market Wrap
    Tue, 06 Jul 2010 00:27:36 -0700
    The Australia 200 CFD Index closed 1.3% firmer at 4276.1, with financial, energy and industrial names adding most of the points.
  • Rogoff Says China Property Starting to ‘Collapse’
    Tue, 06 Jul 2010 00:24:00 -0700
    China’s property market is beginning a “collapse” that will hit the nation’s banking system, said Kenneth Rogoff, the Harvard University professor and former chief economist of the International Monetary Fund.
  • Aspen Said to Reduce Its $596 Million Sigma Offer
    Tue, 06 Jul 2010 00:17:00 -0700
    Aspen Pharmacare Holdings Ltd. will reduce its A$707 million ($596 million) takeover offer for Sigma Pharmaceuticals Ltd. after reviewing the Australian company’s accounts, a person familiar with the matter said.
  • Chinese Phones For Sale: Cautionary Tales From The Emerging Markets
    Tue, 06 Jul 2010 00:16:53 -0700
    Never assume that your consumer is making the decision to buy solely on price, even in the poorest o
  • Asia Stocks Rebound as Drop Attracts Investors; Treasuries Gain
    Tue, 06 Jul 2010 00:05:00 -0700
    Asian stocks rebounded, with the regional benchmark rising from the lowest level in almost a month, led by advances in China, Taiwan and Australia. Treasuries gained and the Australian dollar strengthened.
  • Business Bullet: Australia, Balfour, Punch, BA
    Mon, 05 Jul 2010 23:58:52 -0700
    The latest news on: Australia, Balfour, Punch, BA
  • Asia stocks firm as China gains
    Mon, 05 Jul 2010 23:57:38 -0700
    TOKYO (Reuters) - Asian stocks reversed course and inched up on Tuesday taking heart from gains in the Chinese market led by property and bank stocks, while the Australian dollar dribbled higher after the central bank sounded cautiously optimistic on the economic outlook.

  • China markets brace for AgBank IPO pricing
    Mon, 05 Jul 2010 23:50:27 -0700
    SHANGHAI/HONG KONG (Reuters) - Agricultural Bank of China, the country's No.3 bank by assets, is set to price its dual Hong Kong and Shanghai IPO late on Tuesday, determining whether it will become world's largest ever share offer.

  • Istithmar sells 6.9 pct in SpiceJet - sources
    Mon, 05 Jul 2010 23:30:27 -0700
    MUMBAI (Reuters) - Dubai's Istithmar on Tuesday sold its 6.9 percent stake in low-cost carrier SpiceJet for $25.3 million, two sources with direct knowledge of the matter said.
  • Australia holds rates over global growth fears
    Mon, 05 Jul 2010 23:24:11 -0700
    Australia held interest rates at 4.5pc for the second consecutive month, citing concerns about growth in Europe and China that could affect the global recovery.
  • Euro policymakers, markets further apart than ever
    Mon, 05 Jul 2010 23:00:38 -0700
    PARIS (Reuters) - Markets abhor a vacuum, and the perception gap between euro zone policymakers and financial professionals is almost certainly at its widest since the single European currency's launch in 1999.
  • IG Markets - Afternoon thoughts
    Mon, 05 Jul 2010 22:59:24 -0700
    Across the region, Asian markets are mixed following a complete lack of leads overnight and in very thin, holiday-affected trade.
  • Local market bounces back; RBA holds fire
    Mon, 05 Jul 2010 22:57:35 -0700
    The Australian market has today shrugged off weak leads, bouncing off the "flash crash" lows to make strong gains following Reserve Bank commentary this afternoon.
  • China's Copycat Startup Problem
    Mon, 05 Jul 2010 22:44:57 -0700
    To combat their prevalence, incubators are one way to spark innovation and creation.
  • Oil extends drop to 4-week low on economic pessimism
    Mon, 05 Jul 2010 22:20:27 -0700
    SINGAPORE (Reuters) - Oil extended losses on Tuesday to four-week lows near $71 after a raft of negative economic indicators over the past week undermined confidence about growth in energy use.
  • INTERVIEW - Credit Suisse to expand commodities in Asia
    Mon, 05 Jul 2010 21:50:27 -0700
    SINGAPORE (Reuters) - Credit Suisse aims to expand its commodities business across Asia to capitalise on demand growth in the face of volatile markets and tightening regulations in the West, a senior bank executive said.
  • Citigroup weighs moving proprietary traders - WSJ
    Mon, 05 Jul 2010 21:10:27 -0700
    NEW YORK (Reuters) - Citigroup Inc is weighing moving about two dozen proprietary traders to desks that trade with clients as some banks try to find new positions for star traders amid financial regulation overhaul, the Wall Street Journal reported on Monday.
  • BSE Sensex rises 0.2 pct after shaky start
    Mon, 05 Jul 2010 21:00:27 -0700
    MUMBAI (Reuters) - The BSE Sensex climbed 0.2 percent in early trade on Tuesday, with Reliance Industries leading the rise, as Asian markets erased most of their early losses.
  • HSBC clients in U.S. tax probe: report
    Mon, 05 Jul 2010 20:57:19 -0700
    HONG KONG (Reuters) - Some HSBC Holdings clients are being investigated by the U.S. Justice Department on suspicion of failing to disclose accounts in India or Singapore, Bloomberg reported on Monday, citing three people it did not identify.

  • Australian government under attack over mine tax revenue
    Mon, 05 Jul 2010 20:55:57 -0700
    SYDNEY (Reuters) - Australia's government came under political attack on Tuesday over a potential A$4.5 billion ($3.8 billion) loss in revenue from a new mine tax, months before elections in which economic management will be a major issue.

  • NTPC, govt sign production sharing pacts
    Mon, 05 Jul 2010 20:50:27 -0700
    MUMBAI (Reuters) - Top power producer NTPC Ltd said on Tuesday it had signed production sharing contracts with the government for exploration blocks awarded in the eighth oil and gas blocks auction round held in 2009.
  • Australian Stock Market Report - Midday
    Mon, 05 Jul 2010 20:37:09 -0700
    The Australian share market has started the day off weaker once again with the S&P/ASX 200 index down 0.1pct or 2.2pts to 4219.9.
  • Rupee to drop tracking peers; stocks eyed
    Mon, 05 Jul 2010 20:20:27 -0700
    MUMBAI (Reuters) - The Indian rupee is seen opening lower on Tuesday tracking broadly weaker regional peers, and traders will watch the domestic sharemarket for cues.
  • Asia stocks fall on growth worry
    Mon, 05 Jul 2010 20:10:39 -0700
    TOKYO (Reuters) - Asian stocks slipped on Tuesday on growing investor concerns of slower economic growth in the United States and China, the main pillars of the world economy, and fading risk appetite sent the yen up against the dollar and the euro.
  • Rio Tinto says Australia tax among world's highest
    Mon, 05 Jul 2010 19:50:26 -0700
    PERTH (Reuters) - Australia's watered down mining tax is still among the highest tax regimes around the world and needs deeper study before Rio Tinto will commit to its next big expansion in iron ore, the mining giant's iron ore division head Sam Walsh said on Tuesday.
  • Is China Buying The Euro?
    Mon, 05 Jul 2010 19:48:35 -0700
    As China allows the yuan to increase in value against the dollar, expect to see corresponding increa
  • Uranium Awaits The DOE
    Mon, 05 Jul 2010 19:37:29 -0700
    The spot uranium market was quiet last week ahead of the final US Department of Energy inventory sale for 2010.

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