123jump.com Staff
02 Jun, 2008
New York City
A subsidiary of Royal Dutch Shell PLC signed an agreement to take a stake of 30% in Arrow Energy. Under the deal, Shell will pay $776 million. The investment from a large oil company is an indiacation of a rising interests as more power producers switch in the U.S. and Europe to cleaner burning fuel. The demand for LNG is expected to surge in the next seven years. Arrow Energy rose 14% after the deal news. Sundance Resources led the gainers in the ASX 200 index with a rise of 25%.
123jump.com Staff
02 Jun, 2008
New York City
Wachovia Bank one of the largest banks removed its chief executive officer Ken Thompson and appointed its chairman Lanty Smith as interim chief executive. The move comes after a serious of write downs at the bank and a recent ill timed purchase of the sub-prime lender Golden West. Separately, WaMu removes its CEO from the chairman of the board post.
123jump.com Staff
30 May, 2008
New York City
European Union area annual inflation is expected to be 3.6% in May according to a flash estimate by European Union Statistical Office released today, higher than April rate of 3.3%. The key indices in Germany and France closed higher after a decline in the crude oil prices. Oil prices continue to fall as Brent crude oil fell $1.18 or 0.93% to $128.07 per barrel. Air France-KLM and Lufthansa rose 4% on the decline in oil prices. Deutsche Postbank rose on talks of takeover.
123jump.com Staff
30 May, 2008
New York City
Fourth quarter GDP in India surged at 8.8% beating the expectations of 8.2% set by the government. For the fiscal year ending in March, economy grew at 9%. Service sector growth led the rise in the economy in the quarter and for the year. Lack of agriculture growth continues to drag the overall economy and record inflation at 8.1% is sapping disposable income for consumers.
123jump.com Staff
30 May, 2008
New York City
U.S. tech stocks rallied after better than expected earnings from Dell Inc and Marvell Technology. In economic report, U.S. perosnal spending and income rose at a slower pace and expectations of core inflation rate, a controversial measure of inflation, rate remained subdued. In commodities trading crude oil fell but natural gas traded near record level. India reported its fourth quarter economic growth rate at 8.8% and fiscal year 2008 rate of 9%. Inflation expectations rise in euro zone.
123jump.com Staff
30 May, 2008
New York City
Allco Finance Group agreed to a tougher financial conditions to refinance its $255 million of debt and Centro Gruop requested a trading halt on its stock as it negotiates with its creditors. Origin Energy surged 7% after it rejected $13 billion bid from the UK based BG Group. The provider of drilling services to mining companies, Boart Longyear Ltd stock gained 12% after it lifted its annual sales growth estimate to between 20% and 25% from the previous estimate of 15%.
123jump.com Staff
02 Jun, 2008
New York City
China Unicom Ltd. proposed to acquire China Netcom Group Corp. for HK 187 billion or $24 billion. The second largest mobile carrier, China Unicom will also sell its smaller CDMA mobile network to China Telecom Corp for 66.2 billion or $8.8 billion in cash and sell its operations and subscriber lists for 43.8 billion yuan or $5.6 billion to its Hong Kong listed subsidiary.
123jump.com Staff
30 May, 2008
New York City
Personal spending in April rose 0.2% after increasing by 0.4% in March. Personal income in the month rose 0.2% and disposable income increased 0.2%. The price index for personal consumption expenditure, the inflation index preferred by the Fed increased 0.2% in the month compared to a rise of 0.3%. On the deal front, Calpine Corp is looking for a higher bid from NRG Energy as its largest shareholder urges the two companies to explore merger. J Crew Group fell 21% after it reported earnings.
123jump.com Staff
29 May, 2008
New York City
Sensex index in Mumbai trading declined ahead of the fuel price decision by the government. Sensex index fell 1.3% or 209.11 to 16,316.26. On the NSE the S&P CNX Nifty declined 1.7% or 83.05 at 4835.30. Larsen & Toubro surged 6.6% after it reported revenue rise of 38% and earnings gain of 35% in the quarter ended in March.
123jump.com Staff
29 May, 2008
New York City
U.S. stocks edged higher after the revised estimate of the first quarter GDP showed a rise of 0.9% growth compared to previously estimate of 0.6%. Larger than expected decline in trade deficit lifted the economic growth. Separately Bear Stearns shareholders approved the sale of the company to JP Morgan. Crude oil and gold prices fell sharply. After the close, Dell Inc reported first quarter revenue rise of 9.2% and net income gain of 3.7%.
123jump.com Staff
29 May, 2008
New York City
In London trading, FTSE 100 declined 0.02% or 1.5 to 6,068.10 pulled back by loses in homebuilders. Persimmon dropped nearly 4% after reports that UK home prices fell in May. Of the FTSE 100 index stocks, 41 shares gained, 61 shares declined while 1 stock remained unchanged. UK home prices fell 2.5% in May from April and were 4.4% from a year ago and up 5% from two years ago.
123jump.com Staff
29 May, 2008
New York City
European markets edged lower as home prices in the UK fell, record inflation in Spain and German unemployment edged higher. Annualized inflation in Spain in May rose to 4.7% in May from 4.2% in April. The sharp rise in inflation is fueled by rising energy and food prices. UK home prices fell for the seventh month in a row as more buyers face tighter mortgage lending.
123jump.com Staff
29 May, 2008
New York City
The U.S. economic growth in the first quarter was revised upwards to 0.9% from 0.6% on shrinking trade deficit. The upward revision follows the 0.6% rise in economic growth of 0.6% in the fourth quarter. In addition, the weekly unemployment claims rose at the end of the last week. Costco reported better than expected earnings and Sears swung to a quarterly loss. MasterCard surged after lifting its revenue and earnings guidance.
123jump.com Staff
28 May, 2008
New York City
Mumbai stocks rose after declining for the four sessions in a row. A drop in oil helped market sentiment. Finance Minister Chidambaram refuted that the government is likely to increase income taxe or add a charge to software exports to cover a rising import bill of oil. A sharp rise in international price of crude oil has put government in a tight corner to balance the inflation and keep trade deficit in check. Tata Motors and Mahindra & Mahindra fell after earnings declined.
123jump.com Staff
28 May, 2008
New York City
U.S. stocks edged higher at close after trading volatile in the morning session. Crude oil rebouded after Morgan Stanley followed several brokers in raising its price estimates. Polo Ralph Lauren led the gainers in S&P 500 index with a surge of 12% after it reported better than expected earnings. Durable goods orders in April fell from a year ago but rose when transportation orders were excluded. Brazil led the world market indexes with a rise of 3% on the hopes of higher earnings at banks.
