Monday, August 16, 2010

Business - 16 August 2010

  • China: World's No. 2 economy
    Mon, 16 Aug 2010 06:27:57 -0700
    China is on track to overtake Japan as the world's second-largest economy after the United States, figures released Monday show.
  • Talks begin to avert BAA strike
    Mon, 16 Aug 2010 06:27:56 -0700
    Talks aimed at averting a strike by security staff, engineers and firefighters at six BAA airports get under way.
  • How To Stop Unscrupulous Behavior In College Football
    Mon, 16 Aug 2010 06:26:48 -0700
    NCAA violators would be prohibited from participating in NFL draft for five years.
  • Rail fares 'may rise by up to 8%'
    Mon, 16 Aug 2010 06:22:24 -0700
    Train fares my jump eight per cent if the Department for Transport sees major cuts, say government sources.
  • Lowe's shares rally after results
    Mon, 16 Aug 2010 06:19:16 -0700
    Lowe's Cos. shares gained 3% in premarket trading Monday after the home improvement retailer posted higher fiscal second-quarter profit and revenue - although the company missed forecasts and lowered its outlook.
  • Wall Street to dip as weak Japan GDP adds to worries
    Mon, 16 Aug 2010 06:18:57 -0700
    NEW YORK (Reuters) - Stock index futures pointed to a lower open on Wall Street on Monday as weak growth in Japan added to worries about the strength of the global economy that have hit equity markets in recent days.

  • Dell buys data-storage company
    Mon, 16 Aug 2010 06:14:51 -0700
    Dell Inc. said Monday it has agreed to acquire data-storage company 3PAR for $1.15 billion, a move the computer maker says could cut its data management costs by 50%.
  • Plaintiff Lawyers Join The Bribery Racket
    Mon, 16 Aug 2010 06:04:39 -0700
    The Justice Department's campaign to enforce the Foreign Corrupt Practices Act has made lawyers and
  • China tops Japan as second biggest economy in Q2
    Mon, 16 Aug 2010 06:02:42 -0700
    TOKYO (Reuters) - Japan's economic growth slowed to a crawl in the second quarter and analysts see more weakness ahead, adding to policymakers' headaches as they grapple with deflation and a rise in the yen that threatens an export-reliant recovery.

  • ThinkEquity upgrades VMware to ‘Buy’
    Mon, 16 Aug 2010 06:00:28 -0700
    ThinkEquity, which raised its price target on the stock by about 53 percent to $90.00, said the virtualization software maker's new version of vSphere 4.1 continued to widen the competitive gap and drove broader adoption.
  • NY Fed manufacturing activity grows slightly in August
    Mon, 16 Aug 2010 05:56:51 -0700
    NEW YORK (Reuters) - A gauge of manufacturing in New York State rose slightly in August after plunging the previous month as employment rebounded, the New York Federal Reserve said in a report on Monday.

  • Manufacturing in New York Expands Less Than Forecast
    Mon, 16 Aug 2010 05:56:00 -0700
    Manufacturing in the New York region expanded less than forecast in August as orders and sales declined for the first time in more than a year.
  • U.S. 10-Year Yield Drops to 16-Month Low Amid Slowdown Concern
    Mon, 16 Aug 2010 05:54:05 -0700
    Treasury 10-year yields fell to their lowest level in more than 16 months as a report showed manufacturing in the New York region expanded less than forecast contracted in August.
  • Eurozone inflation hits near two-year high
    Mon, 16 Aug 2010 05:51:14 -0700
    German exports help the economy of the 16 countries that use the euro grow 1pc in the second quarter.
  • Lowe’s Profit Forecast Trails Some Estimates as Sales Slow
    Mon, 16 Aug 2010 05:49:00 -0700
    Lowe’s Cos., the second-largest U.S. home-improvement retailer, provided a third-quarter earnings forecast that trailed some analysts’ estimates as unemployment saps sales growth.
  • Stocks, U.S. Index Futures Fall; Treasuries, Franc Strengthen
    Mon, 16 Aug 2010 05:48:00 -0700
    Stocks fell in Europe, U.S. index futures declined and the Swiss franc strengthened as slower- than-forecast economic growth in Japan heightened concern the global recovery is sputtering. Treasuries and bunds rose.
  • China consortium may bid for 30 percent of AIA: report
    Mon, 16 Aug 2010 05:45:41 -0700
    HONG KONG (Reuters) - A consortium of leading Chinese companies including Industrial and Commercial Bank of China Ltd , China Life Insurance Co Ltd , plans to bid for a 30 percent stake in American International Group Ltd's Asian life insurance business, AIA, the 21st Century Business Herald reported on Monday.

  • Paul Simon’s ‘Capeman’ Revival Repels Again: Jeremy Gerard
    Mon, 16 Aug 2010 05:45:28 -0700
    The drizzle turned to a downpour in Central Park last night at dusk. Outside the Delacorte Theater, 2,000 theatergoers got soaked waiting for the second of three free staged concert performances of Paul Simon’s 1998 Broadway fiasco, “The Capeman.” (The final concert is tonight).
  • Yen, Franc Gain on Global Slowdown Signs, Lower Risk Appetite
    Mon, 16 Aug 2010 05:45:00 -0700
    The yen and the Swiss franc rose against their major counterparts as signs the global economic recovery is faltering boosted demand for assets seen as a haven.
  • Payment Card Industry Punts On Key Security Questions
    Mon, 16 Aug 2010 05:39:07 -0700
    The PCI Security Council hasn't addresses new technologies that could make credit cards more secure.
  • Dell paying $1.15 billion for storage company 3PAR
    Mon, 16 Aug 2010 05:34:28 -0700
    NEW YORK (Reuters) - Dell Inc said on Monday it plans to buy data storage company 3PAR Inc for $18 per share in cash, or $1.15 billion, extending its storage product offering for cloud computing.

  • Vedanta in $9.6 bln deal to control Cairn India
    Mon, 16 Aug 2010 05:30:26 -0700
    LONDON (Reuters) - Vedanta Resources plans to spend up to $9.6 billion clinching control of Cairn India , giving billionaire mining magnate Anil Agarwal a slice of India's oil reserves and exposure to surging demand.
  • Russia?s FSB Receives Decrypted BlackBerry Messages From Mobile TeleSystems
    Mon, 16 Aug 2010 05:29:23 -0700
    One company's SEC filings show that the Russian government can monitor BlackBerry communications.
  • Aviva Says RSA Bid Wasn’t in Shareholders’ Interests
    Mon, 16 Aug 2010 05:29:00 -0700
    Aviva Plc, Britain’s second-biggest insurer, said it rejected a 5 billion-pound ($7.8 billion) bid for its general insurance businesses in the U.K., Canada and Ireland because the deal wasn’t in shareholders’ interests.
  • Index-linked savings make a comeback
    Mon, 16 Aug 2010 05:28:58 -0700
    Savers looking for an account guaranteed to beat inflation have been thrown a lifeline after a building society stepped into the gap left by NS&I.
  • Singapore's Youth Olympics over budget
    Mon, 16 Aug 2010 05:25:26 -0700
    The Youth Olympics is taking place in Singapore. This is the first time the event has been staged and it has already caused controversy.
  • FMCG cos bet on foreign boost
    Mon, 16 Aug 2010 05:22:50 -0700
    Just India is not enough, it would seem. Indian consumer firms are increasingly betting on higher growth from international operations to bolster profits in the coming quarters after rising costs and competition hurt domestic operations. In the June quarter, firms such as Godrej Consumer Products Ltd, Marico Ltd, Dabur India Ltd, Tata Global Beverages Ltd saw their global profits, and in most cases, sales, outpacing their domestic performance. With most Indian consumer firms on an overseas acquisition spree, their international operations have
  • Infra hot on investors' radar again
    Mon, 16 Aug 2010 05:22:43 -0700
    A majority of investors plan to commit their funds in the infrastructure-focused private equity firms, reflecting the regained investor confidence in the sector, says a report. According to the research firm Preqin, 70 per cent of the total 170 investors surveyed globally, plan to make infrastructure commitments in the coming 12 months, as opposed to just 40 per cent who intended to park their money in the infrastructure-based private equity funds last year. Investor confidence is slowly returning following the financial crisis, with many investors
  • Huawei completes DSL retransmission IOP test
    Mon, 16 Aug 2010 05:22:37 -0700
    Huawei in partnership with major DSL chipset suppliers, including Broadcom Corporation, Lantiq and Ikanos, successfully completed the industry s first ITU-T G.998.4-compliant DSL retransmission interoperability (IOP) test. The test proves that DSL retransmission technology is mature, with good IOP among chipsets from major DSL chipset suppliers. To accommodate the rapid demand for video broadband services, broadband carriers seek to provide high-speed and high-quality data and IPTV services through existing DSL resources. The key to delivering
  • 'Global Inc ill served by shackled execs'
    Mon, 16 Aug 2010 05:22:28 -0700
    Marketing executives, responsible for driving corporate growth, are globally hampered in their efforts by challenges like insufficient funds and shortage of skills, a survey by IT consultancy Accenture has said. As per the study, marketers are increasingly facing barriers in way of achieving their strategic objectives of improving operational efficiency and increasing profitability, among others. The survey of over 400 marketing executives across Asia Pacific, Europe and North America said the main barriers which the respondents believed they must
  • India again enriches Cairn UK shareholders
    Mon, 16 Aug 2010 05:22:22 -0700
    India will again make British shareholders of Cairn Energy Plc richer as most of the USD 8.48 billion that Edinburgh-based firm will get from selling majority stake in Cairn India will go to them, a repeat of 2006 when money raised from India listing were paid to them. Cairn Energy Plc Chief Executive Bill Gammell said: A substantial amount of the USD 8.48 billion proceeds from sale of up to 51 per cent stake in the India unit to mining group Vedanta Resources would be returned to Cairn (Energy Plc) shareholders. Gammell himself will be a big beneficiary
  • Govt move powers sugar stocks 6%
    Mon, 16 Aug 2010 05:22:15 -0700
    Sugar stocks, led by Bajaj Hindusthan shot up by over 6 per cent on the Bombay Stock Exchange after the government raised the price of ethanol for blending with petrol to Rs 27 per litre today. Shares of Bajaj Hindusthan, the country s largest sugar manufacturer, climbed 6.11 per cent to touch a month s high of Rs 124.90 on the Bombay Stock Exchange in afternoon trade. Later, the scrip was trading at Rs 121.85, up 3.53 per cent. Simbhaoli Sugars rose 5.40 per cent to a high of Rs 39.95. Later the scrip was quoting at Rs 38, up 0.26 per ...
  • China shares end at 1-week high
    Mon, 16 Aug 2010 05:22:08 -0700
    China s key stock index ended up 2.1 per cent on Monday, its highest close in a week, with strong volume and demand in selected sectors such as healthcare and banks, helping to underpin gains from the last session. The Shanghai Composite Index ended at 2,661.7 points, after closing up 1.2 per cent on Friday. Analysts said ample liquidity in the share market was helping to offset concerns over moderating growth after last week s slew of economic data. Banking shares were led by Agricultural Bank of China after it exercised a greenshoe option in
  • Seoul shares end 0.2 pct lower
    Mon, 16 Aug 2010 05:22:02 -0700
    Seoul shares trimmed earlier near-2 per cent losses to close down 0.2 per cent on Monday, helped by gains in nuclear power issues such as KEPCO E&C, but falls in banking stocks such as KB Financial weighed. The Korea Composite Stock Price Index (KOSPI) ended down 0.17 per cent at 1,743.31 points. The market managed to slash earlier losses as substantial selling from programme accounts stabilised. But caution on the economic outlook, ahead of key US data, continued to keep investors on edge, said Kim Hyoung-ryoul, a market analyst at NH Investment
  • Taiwan stocks end up 0.63 per cent
    Mon, 16 Aug 2010 05:21:56 -0700
    Taiwan stocks recouped early losses to rise 0.63 per cent on Monday, as investors chased smartphone maker HTC Corp and cellphone parts suppliers on hopes of a brighter earnings outlook this year. The communications & Internet sub-index jumped 1.75 per cent. The financial sector rose 0.4 per cent and the transportation sector shot up 2.8 per cent amid growing trade ties between Taiwan and China. HTC shot up 5.6 per cent and Wintek Corp, which makes touch panels for mobile phones and other portable gadgets, jumped 2.6 per cent. They were the
  • Australia shares end 0.2 pct down
    Mon, 16 Aug 2010 05:21:48 -0700
    Australian stocks slipped 0.2 per cent on Monday, paring early losses on the back of takeover activity and pleasing results, especially from companies with strong Asian businesses. Shares in grains firm AWB rose nearly 30 per cent after Canadian fertilizer maker Agrium made a $1.07 billion bid, trumping an existing offer from GrainCorp. GrainCorp shares rose 3.7 per cent as investors said the company was unlikely to come back with an improved offer. Australia s benchmark S&P/ASX 200 index eased 9.2 points to 4450.4 after a 1.3 per cent gain
  • Human-powered car to go on sale next year
    Mon, 16 Aug 2010 05:21:06 -0700
    We have seen several fuel-consuming cars and talked about electric cars, but now gear up for something new- a human-powered car.
  • Google's rumored steal
    Mon, 16 Aug 2010 05:20:14 -0700
  • Michael Page: UK recruitment outlook 'confident' despite huge overseas growth
    Mon, 16 Aug 2010 05:19:16 -0700
    More than 70pc of gross profits at Michael Page, the recruitment firm, came from overseas markets in the first half of the year, mainly Asia and Latin America.
  • Hedge Funds Slash Bullish Gas Bets to 2010 Low: Energy Markets
    Mon, 16 Aug 2010 05:12:00 -0700
    Hedge funds slashed their bets on rising natural gas to the lowest level this year as prices fell, a sign the fuel may repeat last year’s 19 percent August slide during a so-far quiet hurricane season in the Gulf of Mexico.
  • Sterling falls vs euro after weak UK housing data
    Mon, 16 Aug 2010 05:03:10 -0700
    Sterling fell against the euro on Monday, pulling away from last week's six-week high with sentiment dented by a survey showing a fall in UK house prices in August.
  • US futures point to lower opening
    Mon, 16 Aug 2010 05:02:56 -0700
    Futures on major U.S. stock indices point to a lower opening on Monday as weaker than expected economic growth from Japan raised fresh concerns about the strength of global economic recovery.
  • Lowe's results miss estimates
    Mon, 16 Aug 2010 04:58:46 -0700
    NEW YORK (Reuters) - Lowe's Cos missed quarterly profit and sales estimates as benefits from the homebuyer tax credit and cash for appliances programs waned, and the retailer warned of uncertain demand.

  • Interview: Maria Fiorini Ramirez on unemployment and credit to small business
    Mon, 16 Aug 2010 04:56:43 -0700
    Maria Fiorini Ramirez speaks to IBTimes about inflation, unemployment, and credit conditions to small businesses.
  • BoA considers reducing BlackRock stake: source
    Mon, 16 Aug 2010 04:51:24 -0700
    NEW YORK (Reuters) - Bank of America Corp is considering whether to reduce its stake in asset manager BlackRock Inc , which is viewed as a non-core asset, a source familiar with the situation said on Sunday.

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