Wednesday, September 22, 2010

Business - 22 September 2010

  • Aussie up on US stimulus news
    Wed, 22 Sep 2010 09:38:04 -0700
    The Australian currency hit a fresh 25-month high on Wednesday noon, following talks the Federal Reserve might reinvigorate stimulus measures to aid the ailing US economy.
  • Bombay Stock Exchange gains 0.4 percent
    Wed, 22 Sep 2010 09:12:33 -0700
    The Bombay Stock Exchange benchmark Sensex gained 73.50 points, in the morning on Wednesday.
  • Stock futures slip after Fed comments
    Wed, 22 Sep 2010 05:34:18 -0700
    NEW YORK (Reuters) - Stock index futures slipped on Wednesday on concerns about the inflation outlook and as the Federal Reserve inched closer to loosening its monetary policy, sending gold prices to a record high.

  • SanDisk to benefit from strong enterprise NAND demand: analyst
    Wed, 22 Sep 2010 05:30:40 -0700
    SanDisk and Micron Technology would benefit from strong demand for NAND flash in the enterprise sector.
  • Gold rush continues toward $1,300
    Wed, 22 Sep 2010 05:29:49 -0700
    Gold prices continued their inexorable march higher Wednesday, reaching a new intraday record just shy of $1,300 an ounce.
  • Hartford Bailout Warrants Said to Sell for $13.70
    Wed, 22 Sep 2010 05:26:08 -0700
    Hartford Financial Services Group Inc. bailout warrants sold for $13.70 each at a U.S. Treasury Department auction, raising about $700 million for taxpayers, said two people familiar with the sale.
  • Novartis Wins U.S. Approval for First MS Pill
    Wed, 22 Sep 2010 05:25:01 -0700
    Novartis AG won U.S. regulatory approval to sell its multiple sclerosis medicine Gilenya, beating Merck KGaA in a race to market the first pill to slow the crippling disease.
  • Big changes to your health insurance
    Wed, 22 Sep 2010 05:23:56 -0700
    September 23 marks the six-month anniversary of health reform. It's also the date when several key insurance changes come into effect.
  • European Stocks Retreat for Second Day; Santander, Daimler Slide
    Wed, 22 Sep 2010 05:20:01 -0700
    European stocks retreated for a second day, as central banks signaled they may need to administer more stimulus to prevent another recession. Asian shares rose and U.S. futures fell.
  • Cable in attack on City 'spivs'
    Wed, 22 Sep 2010 05:18:18 -0700
    Vince Cable insists he is pro-business but stands by his attack on bank bonuses paid to "spivs and gamblers" in his big Lib Dem conference speech.
  • BHP Hires Canada Prime Minister Advisers for Potash
    Wed, 22 Sep 2010 05:15:00 -0700
    BHP Billiton Ltd. hired advisers to three Canadian prime ministers to lobby for its $40 billion hostile bid for Potash Corp. of Saskatchewan Inc.
  • Vince Cable attacks bankers as 'spivs and gamblers'
    Wed, 22 Sep 2010 05:14:47 -0700
    Business Secretary refused to tone down his conference speech, which have angered business leaders, about the "murky world of capitalism."
  • European Bonds Jump on Fed; Portugal Premium to Bunds Steady
    Wed, 22 Sep 2010 05:13:00 -0700
    European government bonds climbed, driving the German 30-year yield to less than 3 percent for the first time in a week, as speculation the Federal Reserve is preparing to increase purchases of Treasuries boosted demand.
  • Post workers to get 10% of shares
    Wed, 22 Sep 2010 05:12:20 -0700
    Royal Mail workers will be offered at least 10% of shares in the business if it is privatised, the Business Secretary says.
  • Gold bursts to record high after Fed rates nod
    Wed, 22 Sep 2010 05:10:40 -0700
    LONDON (Reuters) - Gold rose for a third day on Wednesday to hit record highs above $1,290 an ounce after the Federal Reserve's signal that it was prepared to pump fresh cash into the economy hurt the dollar and whet investor appetite for
  • Daimler not in talks to buy Fiat Industrial
    Wed, 22 Sep 2010 05:10:28 -0700
    FRANKFURT (Reuters) - German luxury car and commercial truckmaker Daimler is not in talks with Italian rival Fiat over the acquisition of its capital goods division Fiat Industrial, Daimler said on Wednesday.
  • Bonds Gain, Dollar Index Falls as Fed May Resume Debt Purchases
    Wed, 22 Sep 2010 05:09:00 -0700
    Bonds rose around the world, the Dollar Index fell for a third day and gold climbed to a record on speculation the Federal Reserve will put more cash into the economy. European stocks and U.S. index futures declined.
  • Adobe shares plunge on concerns of weak product demand
    Wed, 22 Sep 2010 05:08:23 -0700
    BANGALORE (Reuters) - Shares of Adobe Systems Inc fell 21 percent in pre-market trade Wednesday, a day after the software maker forecast soft demand for its flagship software package, stirring analyst concerns about the lack of near-term catalysts to buoy the company's stock.

  • Sinochem hires banks to explore Potash counterbid
    Wed, 22 Sep 2010 05:05:42 -0700
    SYDNEY/TORONTO (Reuters) - China's Sinochem Corp has hired banks to advise it how to foil BHP Billiton's $39 billion bid for Potash Corp , two sources with direct knowledge of the matter told Reuters.

  • Analysts downgrade Adobe on weak CS5
    Wed, 22 Sep 2010 05:04:52 -0700
    Robert W. Baird downgraded Adobe to ‘neutral’ from ‘outperform’. FBR Capital Markets lowered its rating of Adobe to ‘market perform’ from ‘outperform’. Jefferies reduced its price target on shares of Adobe to $33 from $38, while maintaining its 'buy' rating.
  • Japan PM warns of more action versus yen
    Wed, 22 Sep 2010 05:04:16 -0700
    TOKYO (Reuters) - Japanese Prime Minister Naoto Kan said Tokyo was ready to act again if the yen moved sharply, keeping traders on guard against further intervention as expectations of U.S. monetary easing weighed on the dollar.

  • Dollar Drops to Lowest Level Since March as Fed Hints at Easing
    Wed, 22 Sep 2010 04:57:00 -0700
    The dollar slid to the lowest level in six months versus a basket of currencies including the euro and yen on speculation the Federal Reserve’s willingness to ease monetary policy further will damp demand for U.S. assets.
  • Twitter's security flaw is fixed - CNN
    Wed, 22 Sep 2010 04:53:44 -0700
    Thousands of Twitter users have been hit by an apparent security flaw that can cause pornographic content to appear on the site unintentionally.
  • 'I must be doing something right'
    Wed, 22 Sep 2010 04:49:51 -0700
    Vince Cable admits to upsetting a raft of people but says: 'I must be doing something right'
  • New fines in Lehman Brothers saga
    Wed, 22 Sep 2010 04:47:57 -0700
    More fines are handed down by the City watchdog in relation to investments backed by the collapsed Lehman Brothers bank.
  • General Mills profit beats
    Wed, 22 Sep 2010 04:47:25 -0700
    NEW YORK (Reuters) - U.S. packaged foods maker General Mills Inc posted a slightly better-than-expected quarterly profit and affirmed its full-year target, helped by increased sales of its cereals, yogurt and snacks.

  • Deep water warming raises sea levels
    Wed, 22 Sep 2010 04:47:10 -0700
    Deep water warming over the past two decades in the Southern Ocean is leading to a rise in sea levels, which has the potential to reshape the coastal environment, says a new study
  • Hood ornament problem leads to Bentley recall
    Wed, 22 Sep 2010 04:38:52 -0700
    Bentley Motors is recalling of hundreds of cars with faulty hood ornaments that pose a potential hazard to pedestrians, said the National Highway Traffic Safety Administration.
  • China Takes On Japan? Watch Ninja Take On Panda Instead
    Wed, 22 Sep 2010 04:38:00 -0700
    A funny animated take explains the current conflict between China and Japan.
  • US stocks set to open lower
    Wed, 22 Sep 2010 04:29:36 -0700
    Futures on major U.S. stock indices point to a lower opening on Wednesday as Fed concerns about the economic recovery weighed on the sentiment.
  • Should US go for another stimulus package?
    Wed, 22 Sep 2010 04:22:52 -0700
    The Federal Reserve on Tuesday expressed concerns over lower inflation levels and said it would provide more support to lift the economic activity, probably hinting at a new stimulus package, after massive fiscal stimulus plan of nearly $800 billion approved by Congress early last year.
  • 'Nano to be 2nd best selling car in India'
    Wed, 22 Sep 2010 04:16:03 -0700
    Nano, the small car from the Tatas, is projected to become India s second best selling car next year, according to market research firm JD Power. According to a report by JD Power, Nano will replace Hyundai s i10, which is slated to take the second position in 2010 after Maruti Suzuki s Alto. Tata Motor s Indica will be the third best seller this year. ...the Nano is projected to hold the number two spot in 2011 after Tata ramps up production, JD Power Asia Pacific Forecasting Senior Market Analysts Marvin Zhu and Ammar Master said in a joint article
  • Weston forays into mobile handset market
    Wed, 22 Sep 2010 04:13:33 -0700
    Consumer electronics firm Weston announced its entry into the Indian mobile phone market with plans to garner a sales of Rs 250 crore in the next one year from its new business. The company also said it plans to set up a new facility for making mobile phones at Dehradun. It is expected to be operational by next year. Our vision is to introduce the most affordable handsets in India keeping in mind the features to price ratio, Weston Mobiles Senior Vice President and Business Head Pankaj Sharma said in a press statement. The company said it will
  • 'HSBC CEO threatens to quit if not promoted'
    Wed, 22 Sep 2010 04:12:50 -0700
    British banking group HSBC Holdings Plc s chief executive Michael Geoghegan has threatened to resign from his job, if he is not appointed as the chairman, a media report said. Earlier this month, HSBC had announced its Chairman Stephen Green would step down before the end of the year, in order to become a Trade Minister in British Prime Minister David Cameron s Government. Attributing to two people familiar with the bank s succession planning, the Financial Times stated, Michael Geoghegan, chief executive of HSBC, has threatened to resign from
  • Mining Bill as per GoM suggestions: Secy
    Wed, 22 Sep 2010 04:10:48 -0700
    Amid a furore over 26 per cent profit-sharing with locals under the proposed new mining law and demands for watering down the provision for PSUs, the Mines Ministry today said its final draft will go with the recommendations of the Group of Ministers. Based on the discussion of the Group of Ministers (GoM), the final draft of the new mining bill is being prepared by the Mines Ministry and will be placed before the GoM. After that it is to be sent to the Cabinet, Mines Secretary S Vijay Kumar said. Last week, the 10-member ministerial panel headed
  • Japan PM warns of more action vs yen, BOJ eyes easing
    Wed, 22 Sep 2010 04:10:27 -0700
    TOKYO (Reuters) - Japanese Prime Minister Naoto Kan said Tokyo was ready to act again if the yen moved sharply, keeping traders on guard against further intervention as expectations of U.S. monetary easing weighed on the dollar.
  • Adobe Systems profit up 69 pct
    Wed, 22 Sep 2010 04:09:13 -0700
    Software-maker Adobe Systems Inc has reported a 69 per cent jump in profit to USD 230 million in the quarter ended September 3 on strong sales. The company had posted a net profit of USD 136 million for the quarter ended August 28, 2009, Adobe said in a statement. The company achieved a record revenue of USD 990.3 million in the third quarter ended September 3, as against USD 697.5 million in the quarter ended August 28, 2009. This translated into a growth of 42 per cent. Earlier, in June, Adobe had forecast a revenue of USD 950 million to ...
  • Reliance Retail to enter cash-and-carry biz
    Wed, 22 Sep 2010 04:07:30 -0700
    Mukesh Ambani-led Reliance Industries Limited s (RIL) retail arm, Reliance Retail, plans to enter into the cash-and-carry business by opening at least three outlets in the next six to eight months, a source said. In early 2009, the company had jettisoned plans to enter into the wholesale trading business, citing the adverse market conditions as its reason for doing so. Some top company officials had also quit at the time. The company is back with a bang. It is soon going to announce its revived cash-and-carry business plans and will open three
  • Making It Legal
    Wed, 22 Sep 2010 04:06:40 -0700
    The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. ?? 78dd-1, et seq. (?FCPAR
  • MasterCard pegs prepaid card mkt at $59 bn
    Wed, 22 Sep 2010 04:06:15 -0700
    Major cards player MasterCard said the domestic prepaid cards market will touch USD 59 billion by the turn of 2017 from USD 4 billion it had clocked last financial year. Stating that the way forward for is going plastic, MasterCard Worldwide group head for prepaid and healthcare solutions Laura G Kelley here said that increasingly the world is moving towards plastic money, and analysts see the global prepaid market touching USD 840 billion by 2017 up from USD 172 billion in 2009. Prepaid cards refers to the plastic money or preloaded cards that
  • Mortgage demand idles despite low loan rates
    Wed, 22 Sep 2010 04:05:47 -0700
    NEW YORK (Reuters) - Home loan demand fell for a third straight week though fixed mortgage rates slid near all-time lows, with potential buyers still unnerved by the jobs market, Mortgage Bankers Association data showed on Wednesday.

  • Business Bullet: Markets, MPC, Gold, Cable
    Wed, 22 Sep 2010 04:04:31 -0700
    The latest news on: Markets, MPC, Gold, Cable
  • Mumbai looks at petrol-less future
    Wed, 22 Sep 2010 04:03:32 -0700
    With land prices soaring, most of the petrol pumps in the city may be asked by landlords to close down so that plots can be commercially exploited, a petition filed in Bombay High Court said and supported a government notification aiming to protect fuel outlets here. Out of 257 petrol pumps located in the city, eviction notices have already been served on 119 pumps, the petition, filed by Petrol Dealers Association, Mumbai, said. There are 16 lakh motor cars, 55,000 taxis and over one lakh autorickshaws plying in the city and due to shortage of
  • Three IPOs get robust investors response
    Wed, 22 Sep 2010 04:00:20 -0700
    Mirroring a strong demand in the equity market, the initial public offering of three companies, Eros, Microsec Financial and Career Point, got robust response and saw significant over-subscription. The issue of Eros International Media was oversubscribed 25.76 times, Career Point Infosystems 46.82 times and Microsec Financial Services about 12 times, as per the data available with NSE. Today was the last date for all three issues. The IPO of Career Point opened on September 16, while that of Eros and Microsec Financial opened on September 17. Market
  • Nine bluechips outperform Sensex
    Wed, 22 Sep 2010 03:57:30 -0700
    Nine of the 30 Sensex companies, including Reliance Industries and HDFC, have outperformed the BSE benchmark in its journey from 19,000 level to 20,000 mark over the past seven sessions. The 30-share barometer Sensex witnessed a smart gain of 6.39 per cent, or a whopping 1,200 points, in the last seven trading sessions. While shares of nine bluechip stocks jumped up to 14 per cent during the period under review. Since September 9 till date, shares of mortgage lender HDFC zoomed by a staggering 14.54 per cent during the period to finish at Rs 722

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