123jump.com Staff
05 Mar, 2008
New York City
Brazil based beef producer, JBS S.A. today announced that it had agreed to acquire for $1.27 billion two U.S. companies, Smithfield Beef Group and National Beef Packing Co, as well as Australia based Tasman Group, in cash and stock for assets. Allco Finance surged 33.3% on the reports that its co-founder had increased his holding in the finance house by 10%.Childcare company, ABC Learning has announced is close to concluding a deal to sell 60% of its U.S. operations.
123jump.com Staff
05 Mar, 2008
New York City
UK consumer confidence fell to a three-year low as homeowners worries of food and energy price inflation and income rise stagnates. Liberty Interenational, mall operator, is in talks with its rival to form the largest shopping mall group. In London trading FTSE 100 stocks increased 1.49% or 85.5 to 5,853.50. Of the FTSE 100 stocks 85 gained, 15 declined and 2 were unchanged. ITV profit declined to
123jump.com Staff
05 Mar, 2008
New York City
Lufthansa and other airlines cancelled flights after baggage handlers and others joined a strike. More than 1.3 million public workers are demanding pay increase of 8% compared to 5% offered by the government. Adidas reported fourth quarter earnings increase of 63% to 21 million euros from 13 million euros. Truck maker increased its dividend to 3.15 euros from 2 euros. Credit Agricole reported a loss of 857 million euros after writing-off subprime assets of by 3.3 billion euros.
123jump.com Staff
05 Mar, 2008
New York City
A rally in oil and commodities lifted U.S. market averages. Oil surged to a new high after Colombia and Venezuela moved army closer to their borders, weekly inventories in the U.S. declined at the end of last week, and OPEC left the production target unchanged. Earlier, an index of service indicator showed lower than expected decline in service activities. Ambac fell19% after it stated that its plan to raise $1.5 billion through a public offering of stocks that does not include banks.
123jump.com Staff
05 Mar, 2008
New York City
Mumbai stocks rebounded after a three days of losses on the lat day of trading this week. Sensex jumped 1.2% or 202.10 to close at 16,542. Banks and realty stocks continued to decline after a surprise write-down from ICICI Bank. On the news, Indian Overseas Bank, Union Bank, Bank of Baroda, and Bank of India declined. Unitech, leading real estate developer, fell after it placed its $1.5 billion in interenational offering on hold.
123jump.com Staff
05 Mar, 2008
New York City
U.S. stocks rebounded in the morning trading after the release of ISM service index. The February measure showed a lower decline compared to January decline. OPEC left its production quota unchanged after a meeting and indicated that there is no sign of demand slack. Crude oil jumped 2%. Big Lots surged 23% after beating the earnings expectations and increasing the earnings guidance for 2008.
123jump.com Staff
05 Mar, 2008
New York City
Hong Kong stocks continue to struggle ahead of a large public offering from insurer Ping An. Hang Seng index is now down 30% from its peak in October 2007. Telecom stocks rallied ahead of the expected consolidation. Mobile operators China Mobile added 0.5% and China Unicom increased 7.5%. China Telecom increase 2.5%, while China Netcom climbed 6.2%.
123jump.com Staff
05 Mar, 2008
New York City
Capital spending in the fourth quarter declined 7.3% as businesses curtailed their budget. The higher than expected decline in spending and rising worries related to subprime losses in Japan dragged market averages lower. Nikkei 225 index declined 0.16% or 20.22 to 12,972.06. Of the index stocks, 124 stocks declined and 89 gained. Marubeni led the gainers in the index with a rise of 8.5% and Okuma Corp led the decliners with a loss of 4.6%.
123jump.com Staff
04 Mar, 2008
New York City
Consumer spending in the fourth quarter in the euro area fell 0.1% after rising 0.5% in the third quarter of 2007.Porsce SE reported first half earnings rose to 1.3 billion euros from 897 million euros from a year ago. Bayer fell after a U.S. eliminated patent protection on its birth control pill, Yasmin. TUI AG reported 2007 income increased 47% to 616 million euro on 7% rise in sales. Vallourec, tube maker, reported fourth quarter profit rise of 7% on 13% rise in sales.
123jump.com Staff
04 Mar, 2008
New York City
U.S. stocks staged a reversal in the last hour of trading after a comment from Cisco and rescue financing for Ambac. Cisco indicated that it expects any economic slowdown to be shallow. Media report suggested that rescue financing for Ambac is on track. The Fed Chairman earlier indicated that banks should be prepared to forgive some of the late mortgage loans. Oil and gold fell ahead the OPEC meeting. Citigroup fell to a 9-year low after comments in Middle East and $18 billion loss estimate.
123jump.com Staff
04 Mar, 2008
New York City
Hong Kong stocks fell on the rising inflation worries. Hang Seng Index declined 2% to 23,119.87 nearly 25% loss from its peak in October 2007. Hong kong Exchanges & Clearing fell 35% from its peak this year after losing 3% today. HSBC Bank added 1% after reporting 21% rise in earnings a day ago.
123jump.com Staff
04 Mar, 2008
New York City
FSA survey indicated that nearly 20% of mortgage holders are concerned about meeting their monthly payments. Separately, a survey of construction industry showed a decline in growth in construction activity in February. The two reports dragged stocks lower. BP increased its reserves to cover claims from 2005 Texas refinery explosion to $2.1 billion from $1.6 billion. Cable & Wireless fell after company projected growth rate that analyts found ambitious.
123jump.com Staff
04 Mar, 2008
New York City
The Reserve Bank of Australia increased rates by 0.25% to 7.25%, 12-year high to stem the rising inflation. Food and energy prices have jumped on the falling U.S. dollar and strong economic growth. Separately, Australian retail sales in January rose 0.4% after rising 0.4% in December and 0.5% in November 2007. Fourth quarter traded deficit increased to a record level on rising Australian dollar.
123jump.com Staff
04 Mar, 2008
New York City
U.S. stocks fell at the opening after new worries related to Citigroup dragged banks. Citigroup fell 5% after a comment from Dubai controlled fund suggested that the bank will need more capital. Merrill Lynch estimated $18 billion in loan losses for Citi in the current quarter. Sanford Bernstein analysts lowered earnings estimates for several borkerage and banks.
123jump.com Staff
04 Mar, 2008
New York City
Stocks in Mumbai trading fell on the worries related to 60,000 crore rupees of farmer loans write-off and new worries related to surprise loan loss from ICICI Bank. The reported a surpise write-off of $264 million related to credit derivatives linked to the U.S. risky loans. The bank is likely to take as much as $70 million of charge in the current quarter.
