Thursday, July 22, 2010

Business News - 22 July 2010

  • Good quarter for brewer SABMiller
    Thu, 22 Jul 2010 03:35:07 -0700
    Brewer SABMiller has done very well in the first quarter due to the World Cup football tournament in South Africa.
  • Brad Pitt, Angelina Jolie Settle Libel Suit With News Group
    Thu, 22 Jul 2010 03:32:12 -0700
    Brad Pitt and Angelina Jolie settled a lawsuit against News Corp.’s News of the World newspaper in the U.K. over a story that said the couple was planning to separate.
  • PNB Apr-June net gains on higher advances
    Thu, 22 Jul 2010 03:30:37 -0700
    NEW DELHI (Reuters) - State-run Punjab National Bank Ltd (PNB) said on Thursday its April-June profit rose 28.4 percent, helped by higher advances and as lower expenses.
  • Dubai World says no resolution sought in creditors meeting
    Thu, 22 Jul 2010 03:30:27 -0700
    DUBAI (Reuters) - Dubai World:
  • Airbus Raises 2010 Order Target to More Than 400 Aircraft
    Thu, 22 Jul 2010 03:28:12 -0700
    Airbus SAS raised its order target for this year to more than 400 aircraft, Chief Executive Officer Tom Enders said at the Farnborough Air Show today.
  • Stocks, U.S. Futures Gain on Earnings, Economy; Dollar Weakens
    Thu, 22 Jul 2010 03:28:00 -0700
    Stocks and U.S. futures gained as growth accelerated in European manufacturing and services, U.K. retail sales rose more than forecast and earnings topped estimates. The dollar fell after Federal Reserve Chairman Ben S. Bernanke said the economic outlook is “unusually uncertain.”
  • Finland's Nokia profits slump 40%
    Thu, 22 Jul 2010 03:27:35 -0700
    Profits at Finnish mobile phone handset company Nokia slump by 40% in the second quarter compared with the first quarter.
  • Neptune Orient Orders $1.2 Billion of Container Ships
    Thu, 22 Jul 2010 03:26:00 -0700
    Neptune Orient Lines Ltd., owner of Asia’s largest container shipping line, signed a $1.2 billion order for as many as 12 container vessels as a rebounding global economy revives world trade.
  • Nokia profits drop, pressure on CEO grows
    Thu, 22 Jul 2010 03:21:04 -0700
    HELSINKI (Reuters) - Nokia reported on Thursday a sharp drop in second quarter profits, further increasing the pressure on embattled Chief Executive Olli-Pekka Kallasvuo.

  • Rupee trims losses as dlr falls sharply vs majors
    Thu, 22 Jul 2010 03:21:00 -0700
    MUMBAI (Reuters) - The rupee pared most losses by Thursday afternoon tracking a sharp fall in the dollar against major currencies and also boosted by a marginal recovery in the local sharemarket.
  • IDBI hires banks for roadshow; bond sale seen - source
    Thu, 22 Jul 2010 03:20:50 -0700
    HONG KONG (Reuters) - State-run IDBI Bank has hired banks to arrange a three-day meeting with investors starting next week, a source familiar with the matter said on Thursday.
  • Deepak Fert's new plant to add 4.5 bln rupees in revenue
    Thu, 22 Jul 2010 03:20:40 -0700
    MUMBAI (Reuters) - Deepak Fertilisers & Petrochemical Corp's new technical ammonium nitrate plant would annually generate about 4.5 billion rupees in revenue, its managing director said on Thursday.
  • Stress test results could still come early - sources
    Thu, 22 Jul 2010 03:20:29 -0700
    FRANKFURT/BERLIN (Reuters) - Results of pan-European bank stress test could be published earlier than originally planned, but no final decision has been made yet, several sources familiar with the matter said on Thursday.
  • Nokia Profit Falls 40% as Apple IPhone Competition Intensifies
    Thu, 22 Jul 2010 03:20:00 -0700
    Nokia Oyj, the world’s biggest maker of mobile phones, posted a steeper-than-expected 40 percent drop in second-quarter profit on competition from Apple Inc.’s iPhone and devices based on Google Inc.’s Android software.
  • US futures rise on strong European economic data
    Thu, 22 Jul 2010 03:18:41 -0700
    Futures on major U.S. indices point to a higher opening on Thursday as better than expected economic data from Europe overshadowed Fed Chairman Bernanke’s concerns about the U.S. economy.
  • Goldman Leads Offerings Surge as Yields Decline: Credit Markets
    Thu, 22 Jul 2010 03:18:01 -0700
    Goldman Sachs Group Inc. and Morgan Stanley led $14.2 billion in U.S. corporate bond sales in the busiest day in almost four months as yields on company debt fell to the lowest in six years.
  • GM's OnStar: There's an app for that
    Thu, 22 Jul 2010 03:15:34 -0700
    General Motors will distribute OnStar smartphone applications later this year that will allow Chevrolet, GMC, Buick and Cadillac owners to do things like lock their car doors or start the engine from miles away.
  • Workers Said Gulf of Mexico Oil Rig Was Unsafe, NYT Reports
    Thu, 22 Jul 2010 03:15:13 -0700
    Workers on Transocean Ltd.’s Deepwater Horizon oil rig that caught fire and sank in the Gulf of Mexico said conditions were unsafe on the platform, the New York Times reported.
  • Confusion as Europe prepares for bank test release
    Thu, 22 Jul 2010 03:14:45 -0700
    FRANKFURT/BERLIN (Reuters) - European officials appeared to be at odds on Thursday over whether to release stress test results earlier than planned and reveal banks' exposure to sovereign debt, in a last-minute struggle over how to regain confidence in the financial sector.

  • Virgin America orders up to 60 Airbus planes
    Thu, 22 Jul 2010 03:11:54 -0700
    FARNBOROUGH, England (Reuters) - British entrepreneur Richard Branson provided a closing flourish to the Farnborough Airshow by doubling the size of his Virgin America airline fleet by video link from the Caribbean on Thursday.

  • Amtek Auto open offer date for Amtek India to be revised
    Thu, 22 Jul 2010 03:10:26 -0700
    MUMBAI (Reuters) - The open offer for shares in Amtek India made by group firm Amtek Auto will not begin on July 23, as stated earlier, D&A Financial Services, manager to the offer, said in a filing to the BSE.
  • Bernanke says Fed to act if U.S. recovery stalls
    Thu, 22 Jul 2010 03:04:38 -0700
    WASHINGTON (Reuters) - The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery withers, Fed Chairman Ben Bernanke said on Wednesday, describing the outlook as "unusually uncertain."

  • High hopes for Microsoft, but stock still adrift
    Thu, 22 Jul 2010 03:01:33 -0700
    NEW YORK (Reuters) - Signs point to strong results for Microsoft Corp as companies get around to buying computers after a two-year drought, but its stock may find it tough to gain altitude amid worries about where growth will come from in coming years.

  • Music In The Cloud
    Thu, 22 Jul 2010 03:00:00 -0700
    Thumbplay Music is part of the nascent but growing sector of on-demand music services.
  • No Golden Ticket
    Thu, 22 Jul 2010 03:00:00 -0700
    Gold may continue to rise in the near term, but investors should take note of major downside risks.
  • Small Japanese Firms Struggle
    Thu, 22 Jul 2010 03:00:00 -0700
    An export-led economic recovery has benefited mostly large companies.
  • Can You Hear Me Now?
    Thu, 22 Jul 2010 03:00:00 -0700
    Are we doomed forever to poor cellphone sound quality?
  • Small Japanese Firms Struggle
    Thu, 22 Jul 2010 03:00:00 -0700
    An export-led economic recovery has benefited mostly large companies.
  • Power Finance has no immediate share sale plans - CMD
    Thu, 22 Jul 2010 02:51:08 -0700
    NEW DELHI (Reuters) - State-run lender Power Finance Corp has no immediate plans for a follow-on share sale, a top official said on Thursday.
  • Dish TV posts Apr-June net loss of 631.8 mln rupees
    Thu, 22 Jul 2010 02:50:58 -0700
    MUMBAI (Reuters) - Direct-to-home opeartor Dish TV said on Thursday it posted a net loss of 631.8 million rupees on net sales of 3.04 billion rupees for the quarter ended June 30.
  • Dubai World ready to use tribunal for debt deal - source
    Thu, 22 Jul 2010 02:50:48 -0700
    DUBAI (Reuters) - Struggling state firm Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay repayment of $14.4 billion in debts, according to a source familiar with the matter.
  • TEXT - S&P releases industry report card on Banking sector
    Thu, 22 Jul 2010 02:50:38 -0700
  • Could Nokia get a boss upgrade?
    Thu, 22 Jul 2010 02:47:43 -0700
    The world's largest handset maker is struggling against tough competition in the high-end smart phone market.
  • Lloyds Banking Group, RBS, Barclays and HSBC share price up on FTSE 100 ahead of stress test results
    Thu, 22 Jul 2010 02:45:08 -0700
    Shares in British banks were up on the FTSE 100 in morning trading ahead of stress test results due out tomorrow.
  • Retail sales rise quickly in June
    Thu, 22 Jul 2010 02:43:54 -0700
    The value of UK retail sales rose 0.7% in June, beating market expectations, led by household goods sales.
  • Oil spill czar: 'It's my call'
    Thu, 22 Jul 2010 02:38:14 -0700
    For Gulf businesses wondering if their oil spill claims will be paid, there's one guy who'll decide -- Kenneth Feinberg, the former special master of the September 11th Victim Compensation Fund.
  • UK car production up by a quarter
    Thu, 22 Jul 2010 02:38:00 -0700
    UK car production increased sharply in June, industry figures show, rising 28.6% on the same month last year.
  • Stocks set for a bounce
    Thu, 22 Jul 2010 02:34:59 -0700
    U.S. stock futures rose Thursday, as investors set their sights on recouping some of the losses from the previous session's selloff.
  • IMF cancels Haiti's $268 mln debt to back reconstruction
    Thu, 22 Jul 2010 02:29:09 -0700
    The agency also agreed to lend an additional $60 million to the earthquake-hit country.
  • China’s refined copper imports fall 24 pct in June
    Thu, 22 Jul 2010 01:47:25 -0700
    Chinese refined copper imports fell for a third straight month to about 24 percent in June from a month earlier, according to the customs data.
  • Stock futures signal rebound
    Thu, 22 Jul 2010 01:34:25 -0700
    PARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Thursday following the previous session's steep losses, with futures for the S&P 500 up 0.31 percent, Dow Jones futures up 0.32 percent and Nasdaq 100 futures up 0.58 percent at 0810 GMT (4:10 a.m. EDT).

  • Blackstone may buy Morgan Stanley's Japan loans: report
    Thu, 22 Jul 2010 01:20:02 -0700
    Private equity firm Blackstone Group may mark its first property investment in the world's second largest economy by buying real estate loans worth over $1 billion from Morgan Stanley's Japanese operations.
  • U.S. REIT Spirit Finance up for sale: report
    Thu, 22 Jul 2010 00:39:37 -0700
    Owners, including Macquarie Group, seeking about $3.5 billion for the U.S. real estate investment trust and at least three publicly traded REITs have been approached in recent weeks.
  • Motorola sues Huawei for trade secret theft
    Wed, 21 Jul 2010 22:21:15 -0700
    NEW YORK/SHANGHAI (Reuters) - U.S. mobile phone maker Motorola Inc has sued China's Huawei Technologies Co for alleged theft of trade secrets, highlighting the fast-growing Chinese firm's difficulty in shaking the nation's reputation for piracy.

  • World Bank says GFC drove millions to poverty, cites that fragile recovery is underway
    Wed, 21 Jul 2010 22:05:07 -0700
    World Bank president Robert Zoellick reported on Wednesday that the recent worldwide financial crisis had resulted to an additional 60 million people living in poverty as he noted that economic gains achieved in global recovery remained frail and tentative in some economies across the globe.

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