Thursday, August 5, 2010

Business - 05 August 2010

  • Profits: Rio Back To Boom Time
    Thu, 05 Aug 2010 16:16:41 -0700
    Rio Tinto has well and truly recovered from its self-inflicted near death experience in 2008-09 that saw it almost fall ...
  • Profits: Tabcorp Finds Punters Tough
    Thu, 05 Aug 2010 16:15:50 -0700
    So much for the idea that gambling is a recession-proof industry; it hasn't been in the US where many casinos have colla...
  • Deals AXA/NBN Deal Questions, Gloucester Coal's Easy $434 million
    Thu, 05 Aug 2010 16:14:25 -0700
    The National Australia Bank bid for AXA Asia Pacific just won't go way for a rest, it keeps coming back to remind us of ...
  • Gold: Some Bearish Arguments
    Thu, 05 Aug 2010 16:13:15 -0700
    There are a growing number of gold bears emerging from hibernation.If we believe that despite the slowing US economy, th...
  • Iron Ore: Watch The Emerging Glut
    Thu, 05 Aug 2010 16:10:52 -0700
    On the face of it, news of a possible halt to Indian iron ore exports is good news for the likes of BHP Billiton, Rio T...
  • Buy auto supplier stocks, analyst says
    Thu, 05 Aug 2010 06:48:27 -0700
    Auto supplier stocks are poised for growth as industry fundamentals are gradually improving showing signs of recovery in auto sales.
  • Rio Tinto share price up on FTSE 100 as earnings rise 125%
    Thu, 05 Aug 2010 06:47:49 -0700
    Shares in Rio Tinto were up in afternoon trading on the FTSE 100 after the mining giant more than doubled its earnings and cut its net debt in the first half of the year.
  • U.S. Postal Service Says Loss Widened to $3.5 Billion
    Thu, 05 Aug 2010 06:42:11 -0700
    The U.S. Postal Service, which has predicted it may lose $7 billion this year, posted a loss of $3.5 billion in its fiscal third quarter alone.
  • Real Bonds’ ‘Massive Premium’ Lures Aviva, KBC
    Thu, 05 Aug 2010 06:41:00 -0700
    A three-month rally that drove yields on Brazil’s dollar bonds to a record low is prompting investors led by KBC Asset Management SA and Aviva Investors to pare holdings and buy the country’s real-denominated notes.
  • Job Worries Drop Stocks
    Thu, 05 Aug 2010 06:40:00 -0700
    As investors brace for Friday's nonfarm payrolls report, weekly unemployment claims creep higher.
  • U.S. Stock Retreat on Unexpected Increase in Jobless Claims
    Thu, 05 Aug 2010 06:39:02 -0700
    U.S. stocks slipped, pulling the Standard & Poor’s 500 Index down from an almost three-month high, as an unexpected increase in jobless claims fueled concern the economic recovery is slowing.
  • Russia to impose grain export ban
    Thu, 05 Aug 2010 06:36:21 -0700
    One of the word's biggest grain exporters, Russia, imposes an export ban after drought and fires devastated crops.
  • Wheat Jumps to 23-Month High as Russia Bans Exports; Corn Gains
    Thu, 05 Aug 2010 06:30:00 -0700
    Wheat rose to a 23-month high as Russia, the world’s third-biggest grower, banned exports because of the country’s worst drought in at least a half-century. Corn and rice also surged.
  • One-in, one-out plan for red tape
    Thu, 05 Aug 2010 06:29:31 -0700
    A one-in, one-out system will be introduced from September for new regulations adding costs to business, the government says.
  • Shed Media's biggest hits: from Footballers' Wives to Supernanny
    Thu, 05 Aug 2010 06:23:53 -0700
    Shed Media, the British television production company, has been sold to Warner Bros, the Hollywood film company, for around £100m. Here are some of the popular shows the company has created.
  • Putin Enters Blogosphere to Counter Outrage Over Wildfires
    Thu, 05 Aug 2010 06:22:23 -0700
    Prime Minister Vladimir Putin, who once said he’d never written an e-mail, replied to an expletive- laced blog that criticized the government’s handling of wildfires raging across central Russia.
  • Surprise rise in jobless claims casts pall on economy
    Thu, 05 Aug 2010 06:20:35 -0700
    WASHINGTON (Reuters) - New claims for unemployment benefits unexpectedly rose last week, government data showed on Thursday, underscoring a weak labor market and the fragile economic recovery.

  • Karachi Violence Continues as Death Toll Reaches 76
    Thu, 05 Aug 2010 06:19:00 -0700
    Karachi endured a third night of violence, keeping some factories and markets closed, after a spate of killings triggered by the shooting of a lawmaker.
  • Jobless claims jump to 3-month high
    Thu, 05 Aug 2010 06:18:54 -0700
    The number of Americans filing for initial unemployment insurance jumped last week to the highest level in 3 months, the government said Thursday.
  • Wall Street set for weak open as jobs jitters weigh
    Thu, 05 Aug 2010 06:18:04 -0700
    NEW YORK (Reuters) - Stocks were set for a weak open on Thursday after data showed first-time claims for jobless benefits rose unexpectedly, underscoring ahead of Friday's key jobs report the hurdles facing a recovery in the labor market.

  • ECB’s Trichet Says Euro Region Economy Stronger Than Expected
    Thu, 05 Aug 2010 06:15:00 -0700
    European Central Bank President Jean- Claude Trichet said the euro-area economy is strengthening faster than forecast and money markets are improving as the region recovers from its sovereign debt crisis.
  • ECB keeps eurozone rates on hold
    Thu, 05 Aug 2010 06:09:30 -0700
    The European Central Bank keeps eurozone interest rates on hold at 1%, as it seeks to help boost economic growth.
  • Ex-Im Bank to unveil Ford loan guarantee: official
    Thu, 05 Aug 2010 06:06:51 -0700
    CHICAGO (Reuters) - The U.S. Export-Import Bank will unveil a loan guarantee on Thursday for Ford Motor Co that will finance $3.1 billion in exports of cars and trucks to customers in Canada and Mexico, a White House official said.

  • ECB's Trichet says Q3 data stronger than expected
    Thu, 05 Aug 2010 06:05:22 -0700
    FRANKFURT (Reuters) - Third quarter euro zone economic data has been surprisingly strong so far but the European Central Bank still expects the bloc's economic recovery to be moderate and uneven, President Jean-Claude Trichet said on Thursday.

  • Greece passes key EU/IMF test but long road ahead
    Thu, 05 Aug 2010 06:02:04 -0700
    ATHENS (Reuters) - International inspectors on Thursday applauded Greece's efforts to exit its debt crisis, granting a fresh 9 billion euro payment from an EU/IMF bailout scheme, but urged bolder reforms to turn the economy around.

  • BP shares rally on hopes for final leak plug
    Thu, 05 Aug 2010 05:57:27 -0700
    LONDON/WASHINGTON (Reuters) - Shares in BP hit two-month highs on Thursday on hopes the group would soon permanently seal its Gulf of Mexico oil well and after President Obama said the battle to contain the leak was nearly over.

  • Indian Hotels to selectively expand overseas
    Thu, 05 Aug 2010 05:50:58 -0700
    MUMBAI (Reuters) - Indian Hotels Co Ltd , owner of the Taj luxury chain, plans to selectively expand across the globe but would have to improve its profit margins further, Chairman Ratan Tata said on Thursday.
  • To be profitable, don't go with the flow - ING fund
    Thu, 05 Aug 2010 05:50:48 -0700
    FRANKFURT (Reuters) - Swimming against the current may seem risky in a volatile market, but investing in unloved stocks is key to sustainable profitability in the long run, an ING fund manager told Reuters.
  • EXCLUSIVE - China steel execs jailed for leaking secrets
    Thu, 05 Aug 2010 05:50:38 -0700
    BEIJING (Reuters) - A Chinese executive once touted as the future head of steelmaker Shougang was jailed for leaking commercial secrets to employees of Anglo-Australian miner Rio Tinto who have since been jailed, a court official said on Thursday.
  • Lebanon to assess security concerns over BlackBerry
    Thu, 05 Aug 2010 05:50:26 -0700
    BEIRUT (Reuters) - Lebanon will assess security concerns relating to the use of BlackBerry phones in the country, the acting head of the Telecoms Regulatory Authority said on Thursday, the latest country to raise worries over the devices.
  • US futures down after jobless claims rise
    Thu, 05 Aug 2010 05:48:40 -0700
    Futures on major U.S. stock indices point to a lower opening on Thursday after Department of Labor reported that weekly jobless claims unexpectedly rose.
  • Stocks set for weak open
    Thu, 05 Aug 2010 05:44:01 -0700
    U.S. stocks were set for a weak open Thursday, after a government report showed a rise in the number of unemployment claims filed last week.
  • Jobless Claims Climb to 3-Month High
    Thu, 05 Aug 2010 05:43:00 -0700
    More Americans than projected filed applications for unemployment insurance last week, indicating employers kept cutting staff as the recovery showed signs of slowing.
  • Time Warner Cable profit up on Internet adds
    Thu, 05 Aug 2010 05:41:18 -0700
    NEW YORK (Reuters) - Time Warner Cable Inc posted a higher-than-expected second-quarter profit on Thursday after adding more Internet and phone subscribers.

  • ECB keeps rates at 1 pct, Trichet to bask in data glow
    Thu, 05 Aug 2010 05:40:49 -0700
    FRANKFURT (Reuters) - The European Central Bank kept euro zone interest rates at 1 percent as expected on Thursday, teeing up what should be an upbeat news conference with the bank's President following a strong run of economic data.
  • Barclays, Commerzbank profits fail to impress sceptics
    Thu, 05 Aug 2010 05:40:39 -0700
    LONDON/FRANKFURT (Reuters) - Higher than expected profits from Barclays and Commerzbank failed to dispel concerns over the underlying health of Europe's top banks on Thursday.
  • China's economy is set for stable growth -
    Thu, 05 Aug 2010 05:40:27 -0700
    BEIJING (Reuters) - China's economy is on course for stable growth, but the pressure for wage increases will intensify and authorities must manage inflationary expectations, the central bank said on Thursday.
  • Bank keeps interest rates on hold
    Thu, 05 Aug 2010 05:39:02 -0700
    The Bank of England votes to keep interest rates on hold at 0.5% amid concerns over the strength of the economic recovery.
  • Randgold Resources share price down on FTSE 100 as power cuts hit production at Mali site
    Thu, 05 Aug 2010 05:37:03 -0700
    Shares in Randgold Resources fell on the FTSE 100 in afternoon trading, despite the mining firm reporting a rise in quarterly and half year profit today.
  • Vulture investors: They're back...
    Thu, 05 Aug 2010 05:36:10 -0700
    These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.
  • Essar Shipping June-qtr net soars, shares jump
    Thu, 05 Aug 2010 05:31:08 -0700
    MUMBAI (Reuters) - Essar Shipping Ports & Logistics Ltd's April-June net profit surged to 394.80 million rupees, propelling its share price as much as 20 percent to a 52-week-high.
  • INTERVIEW - Aviva sees higher Asia investment returns
    Thu, 05 Aug 2010 05:30:58 -0700
    HONG KONG (Reuters) - British insurer Aviva Plc said it expects its lowest acceptable return rate in Asia, now about a third lower than developed markets, to reach parity with the West in the next few years as it achieves economies of scale.
  • India FY11 GDP seen at 8.4 pct - RBI survey
    Thu, 05 Aug 2010 05:30:38 -0700
    MUMBAI (Reuters) - India's gross domestic product (GDP) may grow 8.4 percent in the 2010/11 year, a Reserve Bank quarterly survey of economists showed, raising their forecast from 8.2 percent in the last survey.
  • Bank of England holds rates steady as expected
    Thu, 05 Aug 2010 05:30:26 -0700
    LONDON (Reuters) - The Bank of England kept interest rates at a record-low 0.5 percent on Thursday and announced no new quantitative easing purchases, a decision universally expected in a Reuters poll of economists.
  • Costco July same-store sales up 6 percent
    Thu, 05 Aug 2010 05:20:56 -0700
    BANGALORE (Reuters) - Costco Wholesale Corp reported a 6 percent rise in July sales at stores open at least a year, helped by inflation in gasoline prices and strengthening foreign currencies, marginally beating market expectations.

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