Wednesday, October 20, 2010

Business News -20 October 2010

  • Aussie, kiwi waver after China rate rise
    Wed, 20 Oct 2010 09:00:19 -0700
    The Australian and New Zealand dollars nursed sharp losses on Wednesday as China's surprise interest rate rise sparked a knee-jerk flight from risk on concerns the Chinese economy could slow unduly from here.
  • Morgan Stanley Slips On Loss, BlackRock Profits Soar
    Wed, 20 Oct 2010 07:56:00 -0700
    Morgan Stanley misses Street EPS view and posts big drop in trading revenue. BlackRock's asset inflows surge.
  • Wall Street Bailout Returns 8.2% Profit
    Wed, 20 Oct 2010 07:49:00 -0700
    The U.S. government has earned $25.2 billion on its $309 billion bailout of banks, beating T-bonds
  • Morgan Stanley Cuts Investment Bank Bonuses as Broker Pay Rises
    Wed, 20 Oct 2010 07:45:05 -0700
    Morgan Stanley, owner of the world’s largest brokerage, cut the investment bank’s bonus pool 8 percent this year, making it smaller than the money reserved to pay brokers, who produced less revenue.
  • Spending Review 2010: George Osborne leaves markets unmoved
    Wed, 20 Oct 2010 07:43:27 -0700
    Britain's financial markets were unmoved as finance minister George Osborne delivered details of the harshest spending cuts in decades.
  • French industrial orders up 0.8%
    Wed, 20 Oct 2010 07:41:03 -0700
    Growth in French industrial orders slowed down August after a bumper month in July, official figures show.
  • Graco recalls 2 million strollers; cited in 4 deaths
    Wed, 20 Oct 2010 07:40:55 -0700
    Graco Children's Products is recalling about 2 million strollers that have been blamed for four deaths, the company and the Consumer Product Safety Commission said Wednesday.
  • Genzyme profit up, Cerezyme sales nearly double
    Wed, 20 Oct 2010 07:38:50 -0700
    BOSTON (Reuters) - Genzyme Corp , which is fending off a hostile bid from French drugmaker Sanofi-Aventis SA , said third-quarter earnings rose as it increased shipments of its biggest-selling drug.

  • State pension age to rise faster
    Wed, 20 Oct 2010 07:35:40 -0700
    The state pension age will now rise to 66 by 2020 for both men and women, the Chancellor, George Osborne, says.
  • European Stocks Fluctuate; Peugeot, BASF Gain as Faurecia Sinks
    Wed, 20 Oct 2010 07:34:01 -0700
    European stocks fluctuated as companies from PSA Peugeot Citroen to BASF SE reported earnings that beat analysts’ estimates, offsetting declines in Home Retail Group Plc and Stada Arzneimittel AG.
  • Morgan Stanley sees surprise loss
    Wed, 20 Oct 2010 07:33:45 -0700
    US bank Morgan Stanley reports a surprise $91m third-quarter loss, partly due to writing down a stake in a casino company.
  • Obama Economy: Stimulus is fleeting
    Wed, 20 Oct 2010 07:31:50 -0700
    The federal stimulus program saved a senior center in Providence, R.I., from certain death last year.
  • Gates Favors Coca-Cola Femsa After Parent Sheds Beer
    Wed, 20 Oct 2010 07:30:00 -0700
    Coca-Cola Femsa SAB, the largest Coca-Cola bottler by volume, is outpacing parent Fomento Economico Mexicano SAB by the widest margin in five years as Bill Gates and other investors seek more exposure to developing nations.
  • Wells Fargo Reports Record Profit as Credit Improves
    Wed, 20 Oct 2010 07:27:00 -0700
    Wells Fargo & Co., the largest U.S. home lender, reported record third-quarter profit that beat most analysts’ estimates as credit conditions improved, and said it’s not planning to halt foreclosures.
  • UK chancellor announces public spending cuts
    Wed, 20 Oct 2010 07:26:01 -0700
    Chancellor George Osborne unveils the biggest UK spending cuts in decades - with welfare, councils and police budgets all hit.
  • Boeing profit beats on commercial plane recovery
    Wed, 20 Oct 2010 07:25:21 -0700
    CHICAGO (Reuters) - Boeing Co posted a quarterly profit that beat expectations, and it boosted its full year forecast, helped by a strong recovery in the commercial airplane market.

  • BlackRock Profit Beats Estimates as Assets Increase
    Wed, 20 Oct 2010 07:25:00 -0700
    BlackRock Inc., the world’s biggest asset manager, reported a third-quarter profit that beat analysts’ estimates as index funds acquired with its purchase of Barclays Global Investors won new assets.
  • US stocks open higher on earnings; Beige Book eyed
    Wed, 20 Oct 2010 07:24:05 -0700
    S&P 500 Index is up 4.55 points, or 0.39 percent, to trade at 1,170.45 at 10:20 a.m. EDT. The Dow Jones Industrial Average is up 61.00 points, or 0.56 percent, to trade at 11,039.62. The Nasdaq Composite Index gained 0.26 percent.
  • Stocks bounce back
    Wed, 20 Oct 2010 07:18:27 -0700
    Stocks rebounded early Wednesday, following the worst session in more than 2 months, as investors digested a mixed batch of financial results from Morgan Stanley, Boeing and Wells Fargo.
  • Caterpillar Enlists Suppliers in Targeting Profit
    Wed, 20 Oct 2010 07:18:00 -0700
    Mike Render, an engineer who has worked for Caterpillar Inc. since the 1970s, has spent the last three years trying to break with the company’s past.
  • Altria Profit Rises on Marlboro Prices, Snuff Demand
    Wed, 20 Oct 2010 07:17:00 -0700
    Altria Group Inc., the largest U.S. tobacco company, reported third-quarter profit that beat analysts’ estimates, helped by higher prices for Marlboro cigarettes and snuff sales.
  • Spending review 2010: will you win or lose?
    Wed, 20 Oct 2010 07:04:31 -0700
    The Government has slashed billions from public spending and many people will be worse off as a result.
  • Where The Rents Are Highest
    Wed, 20 Oct 2010 07:00:00 -0700
    Residents of these popular, high-growth cities write fat checks to their landlords every month.
  • Investors rushing to emerging markets amid QE2 expectations
    Wed, 20 Oct 2010 06:54:11 -0700
    Investors are investing more money into global emerging market equities (GEM) in the wake of an expected second wave of quantitative easing (QE).
  • U.S. industrials find growth pockets, raise views
    Wed, 20 Oct 2010 06:47:32 -0700
    BOSTON/NEW YORK (Reuters) - Three major U.S. industrial companies raised their profit forecasts for the rest of the year on Wednesday, saying they were finding pockets of growth in the...

  • Stocks Rebound, But Banks Still Suffering
    Wed, 20 Oct 2010 06:45:00 -0700
    Amid renewed mortgage worries, earnings from likes of Morgan Stanley and Wells Fargo do little to rouse sector.
  • Morgan Stanley slips behind Goldman with loss
    Wed, 20 Oct 2010 06:42:56 -0700
    NEW YORK (Reuters) - Morgan Stanley reported a surprising third-quarter loss, suggesting the bank is losing hard-won ground against Goldman Sachs for Wall Street supremacy.

  • Wall Street bounces with focus on earnings
    Wed, 20 Oct 2010 06:38:58 -0700
    NEW YORK (Reuters) - Stocks gained modestly at the open on Wednesday as the focus returned to corporate earnings and as fears dissipated about the effect of an interest rate increase in China.

  • U.S. banks see higher corporate loan demand, profits
    Wed, 20 Oct 2010 06:37:34 -0700
    NEW YORK (Reuters) - Wells Fargo & Co and US Bancorp , two of the largest U.S. banks, reported higher third-quarter earnings and said corporate loan demand is rising.

  • Mortgage applications slump as rates rise from lows
    Wed, 20 Oct 2010 06:33:01 -0700
    NEW YORK (Reuters) - Mortgage applications slumped last week as interest rates on 15- and 30-year fixed-rate mortgages rose for the first time in six weeks, data from an industry group showed on...

  • Ashok Leyland Q2 net jumps 88 pct
    Wed, 20 Oct 2010 06:28:48 -0700
    Hinduja flagship company Ashok Leyland reported 88.54 per cent jump in net profit for the quarter ended September at Rs 167.05 crore. The company had posted a net profit of Rs 88.6 crore in the same quarter a year ago. Total income during the period under review stood at Rs 2718.76 crore as against Rs 1583.24 crore in the quarter under review last fiscal, up 71.72 per cent, the company said in a filing to the Bombay Stock Exchange. The company s scrips closed the day at Rs 75.50 per share up 1.21 per cent from the previous close on the ...
  • Canara Bank Q2 net profit up 10% to Rs 1,008 cr
    Wed, 20 Oct 2010 06:27:30 -0700
    State-owned Canara Bank reported a 10 per cent rise in net profit at Rs 1,007.8 crore for the second quarter ended September 30, 2010. It had a net profit of Rs 910.5 crore in the same quarter of the last fiscal, Canara Bank said in a filing to the Bombay Stock Exchange. The lender also reported an increase of 8.4 per cent in total income for the quarter at Rs 6,077 crore, against Rs 5,602 crore in the year-ago period. Further, the bank earned an interest of Rs 5,577 crore during the quarter, compared to Rs 4,709 crore during the ...
  • Ceat Q2 profit slips to Rs 15.27 cr
    Wed, 20 Oct 2010 06:25:52 -0700
    A steep rise in raw material costs has brought down RPG Group company and tyre maker, Ceat s net profit in the second quarter of FY 11 to Rs 15.27 crore. The profit of the company for July-September quarter stood at Rs 61.47 crore in the year-ago period. Raw materials costs is a major concern and the main reason for our lower net profit in Q2 FY 11. They are up 40 per cent as compared to the same period last year, Ceat s Deputy Managing Director Anand Goenka said. Rubber, an important raw material, today costs Rs 187 per kilogram compared ...
  • India wants only 'highly' paid foreigners
    Wed, 20 Oct 2010 06:23:23 -0700
    In an attempt to prevent foreigners from getting non-technical jobs, the government has made it clear that citizens of other countries will be taken only for highly-skilled assignments in India and should draw an annual salary of over USD 25,000. In an order, the Home Ministry nullified a Labour Ministry circular which allows 1 per cent foreigners among the total work force in any project with a minimum of five and maximum of 20 people. An employment visa is granted to a foreigner if the applicant is a highly skilled and/or qualified professional
  • Top Pre-Market NASDAQ Losers (AMLN, ALKS, FSII, CREE, ISRG)
    Wed, 20 Oct 2010 06:21:22 -0700
    The top pre-market NASDAQ losers are: Amylin Pharmaceuticals, Alkermes, FSI International, Cree, Intuitive Surgical, MannKind, Veeco Instruments, VIVUS, Aixtron, and Biodel.
  • Cashless health insurance scheme for street vendors
    Wed, 20 Oct 2010 06:21:05 -0700
    Street vendors will now enjoy the benefits of cashless-based health insurance scheme, the proposal for which was approved by the Government today. The insurance scheme under the Rashtriya Swasthya Bima Yojana (RSBY) presently covers BPL families only. The Union Cabinet today approved the proposal of the Ministry of Labour and Employment for extending RSBY to street vendors whose number according to a 2001 report is over 42 lakh. The Government proposes to cover all the registered street vendors under RSBY by 2013-14, out of which 4.21 lakh are
  • Morgan Stanley reports Q3 net loss
    Wed, 20 Oct 2010 06:20:38 -0700
    NEW YORK (Reuters) - Morgan Stanley reported a surprising third-quarter loss on Wednesday as weak volumes battered its trading businesses.
  • Biocon's Pfizer deal -- a booster for stock or priced in?
    Wed, 20 Oct 2010 06:20:26 -0700
    BANGALORE/MUMBAI (Reuters) - India's leading biotech firm, Biocon Ltd, has clinched a deal that would let Pfizer Inc sell its insulin drugs, pushing the Indian drugmaker's shares to a record high.
  • IIT comes to aid of rickshaw-pullers
    Wed, 20 Oct 2010 06:20:10 -0700
    Rickshaw-puller Haripada Das is a happy man these days driving his own specially-designed rickshaw which is lighter and spacious and also has a cover on his head enabling him to drive under scorching sun or in rain. The rickshaw, designed by the Indian Institute of Technology, Guwahati, came as a relief for Das who till 2007 pulled a hired rickshaw paying Rs 25 as rent per day. He is one of 300 such rickshaw-pullers in Agartala and many others in cities elsewhere in India, including Delhi and Lucknow, and their number is increasing. After I got
  • India Inc ups snooping on staff
    Wed, 20 Oct 2010 06:18:51 -0700
    With a view to ensure a perfect match between the job and the candidate, more and more employers were now going beyond a basic reference check and deploying a variety of tools including Key Result Areas (KRA) to verify the antecedents of candidates. A decade ago, reference check of candidates used to be quite basic but from last five to six years, this has been observed that most of the global and large organisations are very conscious on checking candidate s antecedents, which is deeper than a reference check , Sunil Goel, Director, GlobalHunt
  • Amylin, Lilly, Alkermes tumble on Bydureon setback
    Wed, 20 Oct 2010 06:18:09 -0700
    NEW YORK (Reuters) - Amylin Pharmaceuticals' shares lost half their value on Wednesday, after U.S. regulators declined to approve the company's long-acting diabetes drug until more data is obtained...

  • Religare posts loss of Rs 24.2 crore in Q2
    Wed, 20 Oct 2010 06:17:30 -0700
    Financial services firm Religare Enterprises reported a consolidated net loss of Rs 24.2 crore in the second quarter of the current fiscal, mainly on account of investments in its subsidiaries. The company had a net profit of Rs 29.7 crore during the July-September quarter of the last fiscal. The company attributed the loss to investment in its global asset management and investment banking subsidiaries. Religare reported a total income of Rs 627.4 crore in Q2 FY 11, up 51 per cent year-on-year basis. In the first half of 2010-11, the company s
  • Everonn, Future Group to train retail students
    Wed, 20 Oct 2010 06:15:23 -0700
    In a bid to infuse global standards into the retail sector, Everonn Skill Development Ltd has inked a MoU with Future Group company, Future Human Development (FHDL) to jointly deliver retail programmes across the country. Everonn Skill Development Ltd is the subsidiary company of the world s largest VSAT education network company, Everonn Education Ltd, while FHDL is the HR arm of the Kishore Biyani -led Future Group. The training programmes to be launched soon, will be offered at 12 training centres and 15 ITI units at cities like Bangalore, New
  • Website helps students wishing to study in Australia
    Wed, 20 Oct 2010 06:14:08 -0700
    In the backdrop of falling overseas enrolment from India that has been sliding post student attack crisis, an Australian company has started an online service that provides a comprehensive guide for the overseas pupils wishing to take up studies in Australia. From issues like where to study in Australia, how to enrol, which university to pick, travel and life experience or reviews, ratings on hundreds of university are now just a mouse click away. The website launched by Australian company Uni Australia, allows students to review, rank, rate and
  • Costamare files for IPO, plans to raise up to $260 mln
    Wed, 20 Oct 2010 06:07:09 -0700
    Costamare Inc. said it has filed for an initial public offering to raise up to $260 million.

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