Sunday, September 19, 2010

Business - 19 September 2010

  • Lib Dems in tax evasion assault
    Sun, 19 Sep 2010 06:51:37 -0700
    The government is pledging to raise billions of pounds by clamping down on "morally indefensible" tax evasion, a senior Lib Dem minister says.
  • Stocks: All eyes on housing this week
    Sun, 19 Sep 2010 06:20:14 -0700
    All summer, analysts said stocks would drift until taking direction in mid-September. But the ides of the month have passed, and the market is still flat.
  • Apple mends a few fences
    Sun, 19 Sep 2010 06:17:04 -0700
  • Blue-collar, unemployed and seeing red
    Sun, 19 Sep 2010 06:10:28 -0700
    FERNDALE, Michigan (Reuters) - Scott Stevenson was only 10 years old when he first heard grown-ups voice the gloomy words that, in retrospect, predicted the disappointing arc his life has taken.
  • Market to remain firm: Analysts
    Sun, 19 Sep 2010 05:36:50 -0700
    With overseas fund houses betting big on Indian equities, the stock market is likely to continue its upward journey this week, analysts said. We expect the market to remain firm as even advance tax numbers were higher than that of last year, SMC Global Securities Research Head (Retail) Saurabh Jain said. With the positivity from the global front, we are steadily approaching near the all-time high zone and are likely to extend the up move in the coming weeks with required consolidation for the sustainable move, Jain added. In the past week, Indian
  • ICICI joins club of 10 most valuable cos
    Sun, 19 Sep 2010 05:34:37 -0700
    The country s top private sector lender, ICICI Bank, made its entry into the list of the top-10 most valuable companies by market capitalisation this week, helped by a sharp rise in banking stocks. With a market capitalisation (m-cap) of 1,28,016 crore, ICICI Bank now features at tenth rank in the list, knocking state-run BHEL out of the prestigious club. During the past week, ICICI Bank added Rs 10,809.4 crore to its m-cap. Analysts said a sharp rise in financial stocks during the past week pushed up the m-cap of most banks. Banks led from the
  • China rebuffs Geithner over yuan
    Sun, 19 Sep 2010 05:33:15 -0700
    An adviser to China's central bank rebuffs criticism from US treasury secretary over Beijing's exchange rate policy.
  • Nokia pins hopes on 3G
    Sun, 19 Sep 2010 05:32:15 -0700
    Handset-maker Nokia on Sunday said that with the launch of 3G mobile services and people opting to go for replacement of old devices, the smartphone market in India is set to more than double in the next two years. According to technology-focused analyst house Canalys, the Indian smartphone market was 2,126,140 units in the 2009 calendar year. The market for smartphones will be more than double in two years as two things come together at the same time. First, 3G, which is going to happen by the first quarter next year. The second one is the replacement
  • Petrol pump dealers defer their strike
    Sun, 19 Sep 2010 05:30:06 -0700
    Petrol pump dealers have deferred their indefinite strike, which was slated to begin on Monday to press their demand for an increase in commission on sales of petrol and diesel, by three months. The strike was postponed following Oil Minister Murli Deora s decision to form a committee to look into their demands, Federation of All-India Petroleum Traders (FAIPT) General Secretary Ajay Bansal said. Regarding the demand for increasing the dealer s commission by making it a fixed percentage of the invoice value, a committee will be set up under the
  • Say g'day to the (Australian) dollar - The Buzz
    Sun, 19 Sep 2010 05:25:46 -0700
    For investors still looking for clues about where the market and economy is heading, I suggest it's time to start singing Waltzing Matilda.
  • Strategies for big discounts
    Sun, 19 Sep 2010 05:07:47 -0700
    Here's how to navigate the booming world of online sample sales -- and snag the most sought-after items.
  • The Fed's gold problem
    Sun, 19 Sep 2010 05:07:13 -0700
    When the Federal Reserve's policy-making committee meets next Tuesday, there will be no mystery as to what they will do. Nothing.
  • Retail's next billion-dollar man
    Sun, 19 Sep 2010 04:59:10 -0700
    When the fashion elite gathered this spring at the Council of Fashion Designers of America awards -- the Oscars of the rag trade -- the crowd at Lincoln Center sat transfixed as they watched Vogue editor Anna Wintour present the lifetime achievement award. Only this year, the distinction went not to a legend of European couture, like Yves Saint Laurent or Christian Dior, nor to an American icon like Ralph Lauren (though those design kings have all won in the past). It went instead to Michael Kors, at 50 the youngest recipient ever.
  • Dubai office vacancies soar
    Sun, 19 Sep 2010 04:55:41 -0700
    DUBAI (Reuters) - Dubai's office vacancy levels will rise to more than 50 percent in some areas and the emirate should mothball or demolish buildings to try and limit over-supply, Jones Lang LaSalle said in a report on Sunday.

  • Sinochem seeks government support for Potash bid: report
    Sun, 19 Sep 2010 04:14:38 -0700
    BEIJING (Reuters) - Chinese chemical conglomerate Sinochem Group has formally asked the government to back a bid for Canada's Potash Corp , a local newspaper reported on Sunday.

  • Islamic derivatives struggle for traction in Gulf
    Sun, 19 Sep 2010 03:20:26 -0700
    DUBAI (Reuters) - Islamic derivatives are still struggling to gain traction in the Gulf, six months after the launch of a much-touted over-the-counter contract aimed at creating a standard legal framework for hedging products.
  • HSBC hikes stake in Maruti to 7.03%
    Sun, 19 Sep 2010 03:10:05 -0700
    The country s largest carmaker Maruti Suzuki India on Saturday said global financial firm HSBC has increased its stake in the company marginally to 7.03% through an open market transaction for about Rs 58 crore. According to a communique to the Bombay Stock Exchange, Maruti Suzuki India (MSI) said HSBC Global Investment Funds had picked up 0.15% stake, comprising 4.38 lakh shares, through the open market on September 14. Although the company did not share the financials involved, based on the closing share price of MSI at Rs 1,346.10 a piece on
  • More Chinese expect house prices to rise - survey
    Sun, 19 Sep 2010 02:20:26 -0700
    BEIJING (Reuters) - An increasing number of Chinese think house prices will rise further, but fewer bankers expect a pre-emptive monetary policy tightening, according to a quarterly survey by the People's Bank of China released on Sunday.
  • Chief engineer struggles to attract employers
    Sun, 19 Sep 2010 01:38:31 -0700
    James Caan says constant feedback stating you're not qualified enough should ring alarm bells and asks 'Have you got a job hunting strategy in place?'
  • ZTE, Huawei, Ericsson to manage Sistema India networks
    Sun, 19 Sep 2010 01:10:27 -0700
    MUMBAI (Reuters) - Sistema's Indian unit has picked China's ZTE Corp and Huawei and Ericsson to manage the mobile operator's network in India, the firm said in a statement on Sunday.
  • Rogues return
    Sat, 18 Sep 2010 22:00:21 -0700
    Why share selling scams are on the rise again
  • Sinochem seeks gov't support for Potash bid - paper
    Sat, 18 Sep 2010 21:40:27 -0700
    BEIJING (Reuters) - Chinese chemical conglomerate Sinochem Group has formally asked the government to back a bid for Canada's Potash Corp, a local newspaper reported on Sunday.
  • BP to conduct test to show if Gulf well dead
    Sat, 18 Sep 2010 21:30:27 -0700
    HOUSTON (Reuters) - BP Plc will conduct a pressure test on its ruptured Gulf of Mexico oil well late on Saturday to make sure that cement pumped into the bottom killed it for good, the company said.
  • 'Last test' to seal BP oil well
    Sat, 18 Sep 2010 20:59:05 -0700
    Crews working to seal BP's damaged well in the Gulf of Mexico are set to carry out one more pressure test before declaring it "dead", engineers say.
  • Private banks battling for advisers to super-rich
    Sat, 18 Sep 2010 20:50:27 -0700
    NEW YORK (Reuters) - Recruiting wars in the genteel world of private banking are heating up, with bankers to the super-rich increasingly looking to retail brokerages and wealth management boutiques for new blood.
  • Chrysler's new lineup
    Sat, 18 Sep 2010 17:58:59 -0700
    Chrysler has finally begun revealing the products that will fill its showrooms in the coming weeks.
  • Rick Ferri Morningstar Interview
    Sat, 18 Sep 2010 17:25:29 -0700
    The Power of Passive Investing In this Morningstar video, I discuss my forthcoming book, and argue t
  • The supari killer
    Sat, 18 Sep 2010 16:30:05 -0700
    It s pouring, and the uneasy atmosphere at a samvaad (dialogue meeting) between 12 major cooperative banks in Karnataka s Chikmagalur district, and the local unit of the Karnataka Rajya Ryota Sangha (KRRS), or farmers union, adds to the gloom. The farmers, most of them defaulters, ask for more time. The bankers, facing mounting losses and sudden low recovery rates, just want their money back. Such a meeting was unthinkable just a few years ago. In 2004-05, in fact, the local Prarthamika Sahakari Krishi Mathu Aviruddhi Bank won an award from NABARD
  • Indian conglomerate in talks about MGM bid
    Sat, 18 Sep 2010 16:19:02 -0700
    SAN FRANCISCO (Reuters) - Indian conglomerate Sahara India Pariwar is in discussions about buying the debt of struggling film studio Metro-Goldwyn-Mayer for $1.5 billion to $2 billion, according to two people familiar with the matter.

  • The shrinking assessment
    Sat, 18 Sep 2010 15:30:05 -0700
  • Ireland's finance minister quashes IMF bail-out story
    Sat, 18 Sep 2010 14:20:34 -0700
    Brian Lenihan moved to calm markets with a rebuttal of a report that Ireland is 'perilously close' to a debt crisis.
  • London Stock Exchange chairman Gibson-Smith heads towards exit
    Sat, 18 Sep 2010 14:05:33 -0700
    The London Stock Exchange (LSE) is planning for the exit of Chris Gibson-Smith, its chairman, by sounding out potential non-executive directors about their interest in the role.
  • New fears over bank break-ups
    Sat, 18 Sep 2010 13:49:31 -0700
    The Government inquiry into UK banks is to look at lack of retail competition as well as the issue of splitting the banks apart.
  • The Great Banking Commission fires the starting gun
    Sat, 18 Sep 2010 13:22:31 -0700
    Britain's five-strong banking commission will appear in public for the first time this week and outline the broad issues to be tackled, firing the starting gun on the most important investigation into banks since the financial crisis.
  • Boris Johnson forces phone firms to share Tube costs
    Sat, 18 Sep 2010 12:48:28 -0700
    The UK's biggest mobile phone companies - including Vodafone and O2 - are to share the £100m-plus cost of installing and maintaining a mobile phone signal across the London Underground network after Boris Johnson, the Mayor of London, personally intervened.
  • Cheyne shuts key fund and parts with traders
    Sat, 18 Sep 2010 12:08:30 -0700
    Cheyne Capital, the London-based hedge fund whose US sub-prime vehicle imploded at the height of the credit crisis, has closed a much-heralded equities fund just a year after it opened.
  • Gulfsands in crude health
    Sat, 18 Sep 2010 12:05:52 -0700
  • Gulf Keystone Petroleum plots move to main market
    Sat, 18 Sep 2010 12:05:34 -0700
    Gulf Keystone Petroleum, the second largest company listed on the London Stock Exchange's (LSE) Alternative Investment Market (Aim), is plotting a move to the main market early next year.
  • Money pours into UK shopping centres
    Sat, 18 Sep 2010 12:01:38 -0700
    The pipeline for retail developments is sparse in Britain, but that is not preventing money pouring into shopping centres.
  • City Index bets on Gordon Gekko
    Sat, 18 Sep 2010 12:00:36 -0700
    Is greed still good? We're about to find out. Wall Street: Money Never Sleeps, the sequel to Michael Douglas's classic tale of corporate cupidity, Wall Street, is out this week in New York. London follows shortly.
  • Goldman casts its partnership net wider
    Sat, 18 Sep 2010 11:38:32 -0700
    Goldman Sachs' lucrative partnership pool is set to hit a record membership of close to 500 people as the investment bank attempts to walk a tightrope in selecting members to the elite club.
  • Lord Levene goes shopping for banks and Lloyds is top of his list
    Sat, 18 Sep 2010 11:31:27 -0700
    Lord Levene's start-up cash shell NBNK is eyeing British retail banking assets up for grabs after the financial crisis.
  • 3 stocks that beat the recession
    Sat, 18 Sep 2010 11:22:53 -0700
    McDonald's, Campbell Soup, and PG&E are trading near recent highs. Time to buy or sell?
  • Nuclear 'key' to Britain's energy future, says Centrica's Roger Carr
    Sat, 18 Sep 2010 11:07:15 -0700
    Roger Carr, chairman of Centrica, has warned that Britain has to wake up to its future reliance on nuclear energy if it wants "to keep the lights on".
  • Goldman Sachs sex discrimination case: court papers reveal the inside story
    Sat, 18 Sep 2010 10:57:54 -0700
    Cristina Chen-Oster is suing Goldman Sachs for a sex discrimination ordeal which she says began in a New York lap dancing club.

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