Monday, September 6, 2010

Business - 06 September 2010

  • Hypo Only German Bank to Fail EU Stress Test
    Sun, 05 Sep 2010 23:26:58 -0700
  • Vietnam Arrests Four More Former Vinashin Officials
    Sun, 05 Sep 2010 23:22:00 -0700
    Vietnamese police arrested four former officials of Vietnam Shipbuilding Industry Group, known as Vinashin, as the government extended its investigation into financial difficulties at the state-owned company.
  • Asia Stocks Gain, Debt-Default Protection Falls on U.S. Jobs
    Sun, 05 Sep 2010 23:16:00 -0700
    Asian shares rose, lifting the region’s benchmark index to a four-week high, and the cost of protecting bonds against default fell after better-than-expected U.S. jobs data eased concern the global economy is faltering.
  • Julius Baer May Double Portion of Asia Staff to More Than 20%
    Sun, 05 Sep 2010 23:12:08 -0700
    Julius Baer Group Ltd., the 120- year-old Swiss private bank, expects to double the portion of staff in Asia as it taps an “increasingly important” market for expansion, Chief Executive Officer Boris Collardi said.
  • Anil Ambani’s Reliance Fails to Sell Assets to GTL
    Sun, 05 Sep 2010 23:07:00 -0700
    Billionaire Anil Ambani’s plans to sell Reliance Communications Ltd.’s phone-tower assets to GTL Infrastructure Ltd. collapsed after both sides failed to agree on a deal by last month’s deadline.
  • Euro Near Two-Week High Against Dollar on Global Growth Signs
    Sun, 05 Sep 2010 23:03:00 -0700
    The euro was near a more than two- week high against the dollar before reports this week forecast to show the recovery is gaining strength in Germany, Europe’s largest economy.
  • Australian Independents Could Split, Windsor Says
    Sun, 05 Sep 2010 22:58:00 -0700
    The three independent lawmakers being courted by Australia’s two major parties after the closest national election in 70 years could split their support, giving neither the 76 seats needed to form a government and forcing another ballot, one of the independents said.
  • HK stocks seen up as U.S. data spurs global rally
    Sun, 05 Sep 2010 22:55:56 -0700
    Hong Kong stocks are set to rise on Monday after better-than-expected payrolls data from the United States sparked a relief rally across global markets.
  • Equitable Life money bid expected
    Sun, 05 Sep 2010 22:50:33 -0700
    Pensioners hit by the Equitable Life scandal are to make a final bid to persuade the government to pay them full compensation.
  • Obama launches big week on economy
    Sun, 05 Sep 2010 22:35:21 -0700
    WASHINGTON (Reuters) - President Barack Obama launches several economic initiatives this week aimed at generating some desperately needed U.S. job growth and limiting predicted Democratic losses in November 2 congressional elections.

  • Philippine Bull Rally to Be ‘Massive,’ Macquarie Says
    Sun, 05 Sep 2010 22:27:00 -0700
    The Philippine stock index may climb to a record this year after entering a bull market as President Benigno Aquino’s pledge to cut the budget deficit and raise investments drive earnings higher, Macquarie Group Ltd. said.
  • Hon Hai shares fall after reports on sales target cut
    Sun, 05 Sep 2010 22:16:50 -0700
    TAIPEI (Reuters) - Shares in Hon Hai Group , maker of Apple's iPhones, fell as much as 4 percent on Monday after its chairman was quoted as saying in a report that the group will halve its long-term sales growth target to 15 percent annually.

  • Australia's Macquarie warns on profit
    Sun, 05 Sep 2010 21:54:45 -0700
    SYDNEY (Reuters) - Australia's top investment bank Macquarie Group Ltd warned investors it would miss profit forecasts after weak markets took a toll on its trading and advisory business, sending its shares to a 15-month low.

  • China allows insurers to invest in PE, property
    Sun, 05 Sep 2010 21:46:24 -0700
    SHANGHAI (Reuters) - China will allow insurers to broaden their investment channels into private equity and real estate, a long-awaited move that could unleash as much as $100 billion worth of fresh funding into unlisted firms and the property sector.

  • Bourse higher as financials, miners rise
    Sun, 05 Sep 2010 20:59:05 -0700
    The Australian share market was higher at Monday noon, buoyed by most financial and mining stocks.
  • BSE Sensex rises 0.7 pct on firm Asian markets
    Sun, 05 Sep 2010 20:50:26 -0700
    MUMBAI (Reuters) - The BSE Sensex rose 0.7 percent in early trade on Monday, with Infosys Technologies and ICICI Bank leading the rise, taking cues from strong Asian markets.
  • Wait, you're saying that newspapers track readers online?
    Sun, 05 Sep 2010 20:46:37 -0700
    With a more obvious story than I thought possible, the NYT delves into the data action at big news W
  • BSE Sensex seen up; Maruti, Hindalco watched
    Sun, 05 Sep 2010 20:30:38 -0700
    MUMBAI (Reuters) - The BSE Sensex is set to rally on Monday after fewer U.S. job losses than expected eased fears the world's largest economy could be headed to a new recession and boosted Asian equities.
  • Asia stocks hit 1-month high on U.S. jobs relief
    Sun, 05 Sep 2010 20:30:26 -0700
    SYDNEY (Reuters) - Asian stocks touched one-month highs on Monday after the latest U.S. jobs data pacified for now investors who worried a second recession in the world's biggest economy was nigh.
  • Rupee seen up boosted by Asian peers
    Sun, 05 Sep 2010 20:20:26 -0700
    MUMBAI (Reuters) - The rupee is expected to rise on Monday, supported by stronger Asian peers and the dollar's losses across the board.
  • Fixing China's Banks: The Next Round
    Sun, 05 Sep 2010 19:49:41 -0700
    No rest for China's weary banking reformers. Over the summer, they got Agricultural Bank of China over the finish line, with the state-owned bank pulling off the world's largest IPO. AgBank was the weakest of the Big Four state-owned banks, and with its listing all of the large Chinese banks are ...
  • Lujiazui Breakfast: News And Views About China Stocks (Sept. 6)
    Sun, 05 Sep 2010 19:13:57 -0700
    Investors and traders in China's main financial district in Shanghai are talking about the following
  • Australian Stock Market Report - Midday
    Sun, 05 Sep 2010 19:11:33 -0700
    The Australian share market has kicked off the trading week on a buoyant note, following a strong lead from Wall Street on Friday night.
  • China may relax capital rules for QDII funds: report
    Sun, 05 Sep 2010 18:46:27 -0700
    SHANGHAI (Reuters) - China plans to relax rules to allow smaller fund houses to launch overseas investment products, the Securities Times reported on Monday, citing an unnamed source.

  • Weak open for debt market
    Sun, 05 Sep 2010 18:11:34 -0700
    The Australian debt market opened with traders selling off bonds.
  • Shares expected to open high
    Sun, 05 Sep 2010 17:59:54 -0700
    The Australian shares market is expected to take the lead from the favorable closing at the Wall Street on Friday.
  • BP restarts sale of Alaskan assets: report
    Sun, 05 Sep 2010 17:54:06 -0700
    LONDON (Reuters) - BP has revived the sale of its Alaskan assets after failing to offload them to U.S. oil and gas company Apache in July, the Financial Times reported on Monday.

  • Australian Dollar Outlook 6/9/2010
    Sun, 05 Sep 2010 17:49:27 -0700
    The AUD has opened firmly in the mid 0.9100's this morning after benefitting from the US payroll data released on Friday that saw a fall of 54k in jobs as compared to the expected decline of 105k jobs.
  • Australian Stock Market Report
    Sun, 05 Sep 2010 15:55:38 -0700
    US non-farm payrolls (employment) fell by 54,000 in August, far better than expectations for a 110,000 decline in jobs. Estimates of job losses in June and July were also revised down.
  • World Market Overview
    Sun, 05 Sep 2010 15:54:47 -0700
    U.S. stocks climbed Friday, with J.P. Morgan Chase, Caterpillar and International Business Machines leading the charge as a better than expected jobs report for August helped the market snap a three week losing streak.
  • Daily Forex Commentary 6/9/2010
    Sun, 05 Sep 2010 15:51:38 -0700
    The resurgence in the Aussie dollar continued on Friday night with the unwinding of risk trades persisting following the release of the U.S employment report.
  • Need to cut deficit 'supported'
    Sun, 05 Sep 2010 15:23:37 -0700
    Many people are in favour of taking steps to reduce the government deficit but they are less clear on where spending should be cut, a poll commissioned by the BBC suggests.
  • Stocks: An economy at a 'crossroads'
    Sun, 05 Sep 2010 15:00:25 -0700
    Stocks started September with a bang as investors cheered a rare dose of good economic news but investors may need to buckle in for the coming week: It's a holiday-shortened week with little on the docket to set the tone.
  • Manufacturing is motoring, says EEF
    Sun, 05 Sep 2010 14:40:09 -0700
    Manufacturing remains buoyant and confident on the back of rising demand in export markets and a recovery in capital investment and jobs, says a report published today.
  • Job vacancy decline knocks confidence
    Sun, 05 Sep 2010 14:36:45 -0700
    The confidence of Britain's bosses in the economic recovery could be waning after new figures reveal a decline in the number of job vacancies last month.
  • Yahoo! Bangalore lab creates Web of Object to redefine search...
    Sun, 05 Sep 2010 14:24:15 -0700
    Internet giant Yahoo! is re-wiring its strategy for global search business with the aim of chasing down Google, and its Indian labs are pulling the strings for it. The Carol Bartz-led company believes search has to be verticalised for a greater impact in the future. According to Yahoo! officials, verticalisation of the search would involve throwing up a web of information linked to a particular person or subject for a more wholesome experience, and not just myriad blue-links one can click on. The Yahoo! Centre of Excellence in Bangalore is focusing
  • Audit hurdles could hamper ONGC's counterbid plan for Cairn...
    Sun, 05 Sep 2010 14:24:04 -0700
    A section of the government is strongly against state-owned ONGC outbidding Vedanta Resources $9.6-billion offer to buy majority stake in Cairn Energy Plc s Indian arm. This is because ONGC, which forewent an opportunity in 2006 to pick up the stake for just $3 billion, would find it difficult to justify the cost. The Comptroller and Auditor General (CAG) of India could raise difficult queries on the purchase as it conducts the mandatory supplementary audit of the PSU s accounts. There were reports that ONGC may have to pay Cairn $13 billion if
  • Maruti Suzuki to help VW roll out sub-Rs 4 lakh car
    Sun, 05 Sep 2010 14:23:56 -0700
    The global partnership forged between Japan s Suzuki Motor Corp (SMC) and Germany s Volkswagen (VW) in December last year is now panning out in India. Industry sources said Maruti Suzuki India, which is majority-owned by SMC, would help VW develop an all-new small car, priced below Rs 4 lakh, and in return get expertise for manufacturing diesel engines from VW or directly sourcing engines from the German auto major. VW currently has two budget models the VW Polo (1.2 litre) with the base version priced at Rs 4.42 lakh and the Skoda Fabia (1.2 litre
  • Computer-based system shines as active fund managers...
    Sun, 05 Sep 2010 14:23:46 -0700
    It was perhaps the first litmus test for ING Investment Management s quant fund. With approaching election results, the market was gyrating wildly and many mutual fund houses were holding anywhere between 25-40% cash in April 2009. However, against prevailing wisdom, ING s recently launched large-cap focused PMS quant fund stayed invested (98%) in the market. The strategy paid off. On May 8, the Sensex rose 2,000 points when it became certain that the Congress-led UPA would sweep the polls. While most fund houses lost out, ING s quant portfolio
  • Lightest silk sari being woven for Obama
    Sun, 05 Sep 2010 14:23:37 -0700
    The world s lightest silk sari and scarf are under production, in a small house on the outskirts of Bangalore to impress US President Barack Obama. The products are to be presented to him on his visit to India later this year. A silk farmer, Gurum R Narayanappa, has woven a silk scarf measuring 1 square metre, weighing 30 gram. The scarf was woven in 20 days by Narayanappa and his wife Kamalamma using silk fibre from just two cocoons. The couple is now in the process of weaving a silk sari with gold zari measuring six metre in length and ...
  • Polish PM visit to boost bilateral trade ties
    Sun, 05 Sep 2010 14:23:29 -0700
    From wooing Indian businesses to inking a couple of agreements, the Polish Prime Minister Donald Tusk is arriving on a three-day state visit to India starting September 6. During the first official visit of a non-Communist Polish Prime Minister to India, he will start from Bangalore first where he will have an interaction with the Indian business leaders, and visit Hindustan Aeronautics before leaving for New Delhi the same day. On September 7, ahead of his bilateral discussions with his counterpart Prime minister Manmohan Singh, and other senior
  • Marks & Spencer India plans domestic sourcing to cut costs...
    Sun, 05 Sep 2010 14:23:20 -0700
    Marks and Spencer Reliance India (M&S India), a joint venture between Mukesh Ambani-run Reliance Retail and UK-based retailer Marks and Spencer, plans to source 70% of the merchandise from within the country over the next two years. This will be up from 40% at present, according to Martin Jones, chief executive officer, M&S India. The merchandise largely comprises apparels, lingerie and accessories for men, women and children. M&S has also added kitchen products to their portfolio this year. M&S entered India around 10 years ago as a super-premium
  • Corporate bonds' volumes dip in Aug
    Sun, 05 Sep 2010 14:23:08 -0700
    After registering high volumes in the first four months of 2010-11, trading volumes in the corporate bonds market have declined in August with volumes at Rs 50,403 crore. That is about 21% lower than the reported volume of Rs 63,782 crore in July and way below the Rs 72,711 crore seen in May 2010, according to the data with the Securities & Exchange Board of India (Sebi). The fall in volumes is attributed mainly to investors outlook on interest rates in the wake of the calibrated hardening of policy rates by the Reserve Bank of India (RBI). Domestic
  • States buck up to promote tourism
    Sun, 05 Sep 2010 14:22:58 -0700
    The year 2010 will see states spend heavily on promotional activities to attract travellers, both domestic and foreign. Of their budgets allotted for tourism, states are looking at a slew of promotional activities, including advertisement campaigns, roping in popular personalities as ambassadors and roadshows. States like Karnataka, Assam and Gujarat, to mention a few, have huge budgets this year to promote themselves globally. This heightened interest in the tourism sector is on the back of the expected growth in the Indian travel & tourism industry
  • Happy Labor Day, workers!
    Sun, 05 Sep 2010 14:16:17 -0700
    Take a moment during your end-of-summer holiday to remember the people who built America and to recognize the strengths of our ever-evolving workforce today.

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