Sunday, August 22, 2010

Business News - 22 August 2010

  • U.S. Combat Force Gone From Iraq Barring Disaster, Odierno Says
    Sun, 22 Aug 2010 08:22:08 -0700
    U.S. troops would resume combat operations in Iraq only in the event of a catastrophic event or the “complete failure” of that nation’s security forces, the U.S. commander in Iraq, General Ray Odierno, said.
  • Egypt Blames Lax Security for Van Gogh Painting Theft
    Sun, 22 Aug 2010 07:50:00 -0700
    The theft from a Cairo museum of a painting by Vincent van Gogh valued at $55 million took place when only seven out of 43 security cameras were functioning, the public prosecutor said.
  • Pakistan Coordinates Fight Versus Disease After Flood
    Sun, 22 Aug 2010 07:49:00 -0700
    Pakistani Prime Minister Yousuf Raza Gilani called a meeting of health officials, provincial leaders and international aid groups to coordinate the fight against disease after the country’s worst flood disaster.
  • Netanyahu Sees Peace If Palestinians are ‘Serious’
    Sun, 22 Aug 2010 07:48:00 -0700
    Israeli Prime Minister Benjamin Netanyahu said that a peace agreement may be reached soon if Palestinian negotiators are serious about direct Middle East peace talks, due to be launched on Sept. 2.
  • Investors defensive with data in focus
    Sun, 22 Aug 2010 07:44:32 -0700
    NEW YORK (Reuters) - With Wall Street limping along through the summer doldrums, investors say they will remain on guard for more deterioration in what's expected to be a light-volume week.


  • McAfee And The Software Side Of Intel
    Sun, 22 Aug 2010 07:30:20 -0700
    Is Intel taking a risk with its foray into security? Maybe. But does it have a choice?
  • BHP Billiton could be dragged into Sahara row: report
    Sun, 22 Aug 2010 07:25:17 -0700
    LONDON (Reuters) - BHP Billiton , the world's biggest miner, could be dragged into a geopolitical independence row on Monday as a result of its hostile takeover bid for Potash Corp , the Independent on Sunday reported.


  • Australia’s Mining Tax in Limbo After Election Goes to the Wire
    Sun, 22 Aug 2010 07:16:04 -0700
    The fate of a proposed mining tax in Australia, the world’s biggest exporter of coal and iron ore, remains in doubt after no clear winner emerged from the weekend’s election, heightening uncertainty for investors.
  • Australia Resource Tax Likely Dead as Abbott Has Election Edge
    Sun, 22 Aug 2010 07:15:05 -0700
    Australia’s closest election in 70 years may spell the end of a proposed tax on mining companies, with opposition leader Tony Abbott best placed to woo the independent lawmakers needed to form a government.
  • Oman Shares Lead Decline in Gulf on Growth Concern; Qatar Gains
    Sun, 22 Aug 2010 07:06:00 -0700
    Oman’s stock index led a decline in Gulf shares after European markets retreated last week as U.S. economic reports heightened investor concern the global recovery may be faltering. Qatar’s benchmark rose for a fifth day.
  • China's CCB Q2 net up 20 percent
    Sun, 22 Aug 2010 06:15:35 -0700
    SHANGHAI/HONG KONG (Reuters) - China Construction Bank (CCB) , posted a 20 percent rise in second-quarter profit as the world's second-biggest lender by market value seeks to raise $11 billion to fuel growth restrained by a weak capital base.


  • Campbell Soup may buy biscuit ops of United Biscuits:report
    Sun, 22 Aug 2010 06:02:51 -0700
    LONDON (Reuters) - Campbell Soup Co , the world's largest soup maker, is considering making a 1.5 billion pound ($2.3 billion) break up bid for Britain's United Biscuits, the Sunday Times reported.


  • BYD Q2 net up 2.6 percent
    Sun, 22 Aug 2010 05:58:31 -0700
    HONG KONG (Reuters) - BYD Co Ltd , a Chinese carmaker backed by U.S. billionaire Warren Buffett, posted lower-than-expected second quarter earnings, which fell substantially from the previous quarter as China's booming car sales lost steam in a slowing economy.


  • SABMiller may buy Foster's beer ops for $10.9 billion: report
    Sun, 22 Aug 2010 05:52:46 -0700
    LONDON (Reuters) - SABMiller , the world's second-largest brewer, is considering buying the beer operations of Foster's Group , Australia's biggest brewer, for about 7 billion pounds ($10.9 billion), the Sunday Times reported.


  • Shell and BASF to appeal ruling on pollution in Brazil
    Sun, 22 Aug 2010 05:06:27 -0700
    LONDON/FRANKFURT (Reuters) - Royal Dutch Shell and German chemicals maker BASF plan to appeal a first instance Brazilian court ruling on health injuries related to pollution at a former pesticide plant.


  • China's CCB posts 20 pct rise in Q2 net on loan growth
    Sun, 22 Aug 2010 05:00:27 -0700
    SHANGHAI/HONG KONG (Reuters) - China Construction Bank (CCB), posted a 20 percent rise in second-quarter profit as the world's second-biggest lender by market value seeks to raise $11 billion to fuel growth restrained by a weak capital base.
  • A golden age for bonds
    Sun, 22 Aug 2010 04:47:12 -0700
    Investors lined up around the block last week to get a piece of Johnson & Johnson's newest debt offerings, even though the yields were small enough to fit on a Q-tip. Ditto for new debt from IBM, Wal-Mart and a host of other investment-grade corporations.
  • What's Warren Buffett buying?
    Sun, 22 Aug 2010 04:39:02 -0700
    Whether it has been investing in gun manufacturers and energy companies or ditching food suppliers, America's best known investors were busy in the second quarter.
  • 5 'new normals' of the economy
    Sun, 22 Aug 2010 04:37:55 -0700
    Whenever we go through a major change in our culture, it seems we have to adjust to 'the new normal.' And today is no exception -- as the U.S. economy struggles to recover from the financial crisis, Americans are being forced to reckon with more 'new normals' than we'd like.
  • Apple's iTV: Careful what you wish for
    Sun, 22 Aug 2010 04:22:47 -0700
  • Google buys Like.com
    Sun, 22 Aug 2010 04:21:44 -0700
  • Israel cabinet approves joining OECD
    Sun, 22 Aug 2010 04:20:28 -0700
    JERUSALEM (Reuters) - Israel's cabinet on Sunday approved the country joining the Organisation for Economic Cooperation and Development (OECD).
  • Bank rates 'may hit 8%' by 2012
    Sun, 22 Aug 2010 03:47:58 -0700
    The Policy Exchange think tank says interest rates may soar to 8% within the next two years to combat rampant inflation.
  • Swatch Group chairwoman eyes record 2011- paper
    Sun, 22 Aug 2010 03:40:28 -0700
    ZURICH (Reuters) - Swatch Group, the world's largest watchmaker, is aiming for another record year in 2011 as new products come on to the market in the coming months, the group's new chairwoman was quoted as saying on Sunday.
  • Swatch Group chairwoman eyes record 2011: report
    Sun, 22 Aug 2010 03:17:05 -0700
    ZURICH (Reuters) - Swatch Group, the world's largest watchmaker, is aiming for another record year in 2011 as new products come on to the market in the coming months, the group's new chairwoman was quoted as saying on Sunday.


  • Regulation may dim growth of 'dark pools' in Asia
    Sun, 22 Aug 2010 02:40:26 -0700
    SINGAPORE/WELLINGTON (Reuters) - "Dark pools" and other alternative trading systems are not as big a threat to Asia's bourses as they are for their western counterparts, given regulators' reluctance to grant them a free reign and due to structural differences in markets.
  • Barclays accounts hit by glitch
    Sun, 22 Aug 2010 01:50:32 -0700
    Thousands of Barclays customers were left unable to access their bank accounts after a computer glitch caused the system to seize up.
  • Wall Street makes hay with defaulted mortgages
    Sun, 22 Aug 2010 01:30:39 -0700
    NEW YORK (Reuters) - As mortgage delinquencies climb near historic highs, Wall Street is finding new ways to make hay with the assets.
  • Mahindra's Ssangyong buy: a good decision?
    Sun, 22 Aug 2010 01:30:27 -0700
    MUMBAI (Reuters) - Utility vehicles maker Mahindra & Mahindra could benefit in the long run from its pending acquisition of Ssangyong but investors are wary about the investments it will need to make in the Korean automaker and its recent foray into commercial trucks.
  • Shipping stocks: Steady, but no smooth sailing yet
    Sat, 21 Aug 2010 23:30:49 -0700
    MUMBAI (Reuters) - Shipping firms have posted a stupendous rise in June quarter earnings on a lower base effect and better freight rates, an indication that the run ahead could be smoother.
  • HSBC seen front-runner to buy S.Africa's Nedbank - FT
    Sat, 21 Aug 2010 23:30:38 -0700
    HONG KONG (Reuters) - HSBC Holdings Plc has emerged as the frontrunner to buy a controlling stake in Nedbank, South Africa's fourth-largest bank, in a deal that could be announced as early as Monday, the Financial Times quoted people familiar with the talks as saying.
  • Festive gold sales look bright; may bolster imports
    Sat, 21 Aug 2010 23:20:26 -0700
    MUMBAI (Reuters) - India's gold merchants are expecting a sustained pick-up in sales for the second round of festivals, as a reviving economy and stable prices may aid sentiment, triggering a reversal in declining trend in imports.
  • Iceland economy hit by volcano
    Sat, 21 Aug 2010 23:01:06 -0700
    The eruption of Eyjafjallajokull volcano four months ago caused disruption to thousands - and now the Icelandic economy continues to suffer, with farming and tourism badly hit.
  • Barclays' network glitch causes chaos in Britain
    Sat, 21 Aug 2010 21:40:28 -0700
    LONDON (Reuters) - Thousands of Barclays customers in Britain were unable to access their bank accounts or withdraw money from cash machines on Saturday after a system crash caused chaos nationwide.
  • Stepping on minefields
    Sat, 21 Aug 2010 21:27:05 -0700
  • HSBC seen as front-runner to buy South Africa's Nedbank: report
    Sat, 21 Aug 2010 20:45:22 -0700
    HONG KONG (Reuters) - HSBC Holdings Plc has emerged as the frontrunner to buy a controlling stake in Nedbank , South Africa's fourth-largest bank, in a deal that could be announced as early as Monday, the Financial Times quoted people familiar with the talks as saying.


  • Australia faces hung parliament, markets nervous
    Sat, 21 Aug 2010 20:30:26 -0700
    SYDNEY (Reuters) - Australia's two major parties began wooing independent lawmakers on Sunday after an inconclusive election left the nation facing its first hung parliament since 1940, the worst possible outcome for markets.
  • Study confirms undervalued yuan responsible for China surplus
    Sat, 21 Aug 2010 20:07:10 -0700
    As if the world did not already suspect it, China's currency is undervalued and responsible for its large trade surplus, according to a study published by William Cline of the Peterson Institute for International Economics.
  • China bank property stress test finds risk: report
    Sat, 21 Aug 2010 19:44:37 -0700
    BEIJING (Reuters) - A 50-percent drop in China's property prices will lead to a surge in bad real estate loans for Chinese lenders, a local newspaper reported, citing the results of the latest round of a Chinese bank stress test.


  • Interest rates 'may hit 8pc' in two years
    Sat, 21 Aug 2010 14:09:06 -0700
    Fears for households as think tank Policy Exchange say rates will have to rise to choke off galloping inflation just as recovery beds in.
  • Diageo faces tough times ahead, warns City
    Sat, 21 Aug 2010 14:08:05 -0700
    Drinks giant will be "walking through treacle" for another year as high unemployment in its biggest markets holds back sales
  • Hedge funds to reap £80m from Dana
    Sat, 21 Aug 2010 14:07:47 -0700
    Hedge funds are poised to make estimated profits of £80m from the Korean state oil company's hostile takeover of Dana Petroleum - which appears to be nearing success.
  • Spanish retailer sets new record for Oxford Street
    Sat, 21 Aug 2010 14:06:42 -0700
    Spanish fashion chain Desigual pays highest ever agreed rent for Oxford Street.
  • Banks undervaluing our property,say small firms seeking loans
    Sat, 21 Aug 2010 14:06:28 -0700
    A lobby group says that banks are undervaluing the property which small companies offer as security against loans, further inhibiting access to finance.
  • Tesco launches UK's first 'drive-thru' supermarket
    Sat, 21 Aug 2010 14:06:08 -0700
    Tesco to launch the UK's first ever "drive-thru" supermarket this week.

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