123jump.com Staff
12 Feb, 2008
New York City
Industrial production in December declined to annual rate of 7.6% from 13.4%. the volatile index suffered from lower than expected output in mining, electricity, and manufacturing. For the nine months the index increased at a rate of 9.6% from 12.2%. Software companies fell as investors worried on the rising subprime losses in the U.S. New issue of J Kumar Infraprojects closed at 102.70 rupees, just above its offer price of 100 rupees.
123jump.com Staff
12 Feb, 2008
New York City
Warren Buffett, chairman of Berkshire Hathaway, made a low offer to reinsure $800 billion of municipal bond liabilites of three bond insurance companies, Ambac, MBIA, and FGIC. The offer was quickly rejected by one insurer and others did not show much enthusiasm. The Buffett offer includes only municipal bonds and does not cover any of the mortgage securities related liablities.
123jump.com Staff
12 Feb, 2008
New York City
In a subdued trading in Hong Kong, stocks recovered as oil and metal prices gained in the region. Oil added 2% and copper prices increased as worries mounted that continued weather related disruptions in China may prolong. Foreign exchange reserves increased $7.2 billion to nearly $160 billion at the end of January, according to HK Monetary Authority. PetroChina and CNOOC gained 2.5% and Aluminum Company of China added 2%. Jiangxi Copper surged 4%.
123jump.com Staff
11 Feb, 2008
New York City
Societe Generale priced its rights offering at a discount of 39%, more than expected, as investors braced for more losses in the financial sector. SG fell 4% after the issue of rights. Stocks in the sector fell after a comment from the German Finance Minister indicated that subprime loan losses could reach $400 billion. UBS and Commerzbank droped 3% and Aviva fell 4%. IKB Deutsche Bank fell 22% on the worries that bank will report more losses. Russia reported trade surplus declined by 5%.
123jump.com Staff
11 Feb, 2008
New York City
U.S. stocks rallied in the late afternoon after a steady rise in metals, oil and gas, precious metals prices. Nasdaq led the three poplular indexes with a rise of 0.6%. Oil climed 2% as Delaware based Valero refinery was closed for a power failure. Chevron and Bank of America were added to Do Jones Industrial Average. AIG tumbled 12% after it revised its estimate of losses to $5.9 billion from $1.1 billion and said that it can not value the losses in December 2007.
123jump.com Staff
11 Feb, 2008
New York City
American International Group Inc reported that it may lose $5.96 billion in a portfolio of credit default swaps on securities based on home loans which earlier was estimated to have a loss of only $1.604 billion. AIG stock fell 12%. PriceWaterhouseCoopers also said that there is a material weakness in the internal controls at valuing these securities, which prompted Fitch, rating agency to put the insurer on a possible downgrade from its current AA rating.
123jump.com Staff
11 Feb, 2008
New York City
December month deficit in goods and services increased to
123jump.com Staff
11 Feb, 2008
New York City
U.S. stocks traded in a tight range after the European banks declared more losses related to subprime and leveraged loans. Dow Jones replaced Altria and Honeywell from the index with Chevron and Bank of America. The index has been rebalanced for the first time after three years since its last change when three out of thirty components were replaced.
123jump.com Staff
11 Feb, 2008
New York City
Yahoo rejected $45 billion offer form Microsoft and held out for a better deal from Microsoft in the abscence of competing bid. Yahoo is looking for at least $50 billion or $34 per share. Yahoo is also looking for its to stay independent and may consider outsourcing its search business to Google and acquire portal AOL online ad business. Yahoo edges higher and Microsoft falls after the formal deal rejection.
123jump.com Staff
11 Feb, 2008
New York City
Stocks in Mumbai trading closed sharply lower after similar declines across Asia and 17% fall in Reliance Power stock on the first day of trading. The meeting of finance ministers from wealthy nations lowered its outlook for the global economic growth. The ministers also raised their estimate of sub prime losses by ten times to $400 billion in the banking system from their earlier estimate only four months ago.
123jump.com Staff
11 Feb, 2008
New York City
Financial markets in Asia fell sharply after a gloomy statement from the G7 Finance Ministers meeting in Tokyo. The dim view of the world economic outlook kept investors in Asia worried. India, Australia, and Hong Kong fell sharply. Banks in Hong Kong fell after Goldman Sachs lowered target prices. Hong Kong fell 3.6%, India lost nearly 5%, and Australia declined 2%. G7 ministers raised their estimate sub prime loan losses ten times to $400 billion from its earlier estimate in October 2007.
123jump.com Staff
08 Feb, 2008
New York City
West LB, German regional bank controlled by State of Nord-Rhein Westphalia received a gurantee to cover losses up to 5 billion euros. The regional bank faltered after its international expansion in the UK and US led to a massive subprime losses. Dusseldorf based bank also agreed to elimiate nearly 25% of its staff to save 300 million euros by 2010. German industrial production in December rose 0.8% from November. Alcatel writes down assets worth 2.58 billion euros.
123jump.com Staff
08 Feb, 2008
New York City
Fears of recession were in the air as market opened and by mid-day fell 1% across the three major indexes, Dow, S&P 500, and Nasdaq. Broader indexes recovered but techs failed to regain the footing as the week closed. European markets edged higher. Oil and gold gained ground lifting energy and mining stocks. Banks, financials, and real estate stocks fell as investors dumped economy sensitive stocks. Wheat rallied to the daily limit and sugar surged nearly 7%.
123jump.com Staff
08 Feb, 2008
New York City
Australian stocks declined as investors in Asia and Europe sold-off. Investors worried that possibilities of U.S. recession are rising and the world markets may decline in steps with a fall in the U.S. markets. ASX 200 index lost 1.1% or 61.3 to close at 5,658. The Preliminary market turnover was 1.4 billion shares worth $4.5 billion, with 698 stocks moving up, 496 moving down and 317 unchanged. Coles Group, retailer, has now sixth chief executive in the last four years.
123jump.com Staff
08 Feb, 2008
New York City
U.S. stocks fell in the afternoon trading as European markets fell and more than expected rise in wholesale inventories put investors in defensive mood. Dow and S&P 500 fell more than 1% and Nasdaq declined 0.3%. Industrial, consumer driven, real estate, and energy stocks fell. Tech stock retreated from their highs reached in the morning, as Google, RIM, and Apple lost most of the early gains. Gold surged.
