123jump.com Staff
15 Apr, 2008
New York City
Delta and Northwest agreed to merge after months of discussions that almost floundered on opposition from pilots and other unions at Northwest. The merger of two airlines with few routes overlapping is likely to pass regulatory approval as industry consolidates in the face of rising oil prices and weak pricing power. The merged airlines will operate as Delta have global headquarter in Atlanta and current Delta executives will dominate the board and executive positions after the merger.
123jump.com Staff
15 Apr, 2008
New York City
Stocks in Japan and Asia rebounded on rising energy and metals prices. In Tokyo trading Nikkei 225 increased 0.6% or 73 to 12,990, and the broader Topix Index rose 0.8% to 1,255.97.Corporate bankruptcy filing increased 18% to 11,333 for the year ending in March. New condominiums put up for sale in the Tokyo metropolitan area in March fell for the seventh straight month by 17.8% from a year ago to 4,490 units.
123jump.com Staff
14 Apr, 2008
New York City
European markets fell across the region on new worries related to the banking sector. Wachovia Corp, the fourth largest bank in the U.S., reported $2 billion in asset write down and forced to raise $7 billion. Banks in Germany, France, and UK fell. Royal Philips reported earnings of 219 million euros, lower than expectations. Volkswagen first quarter sales increased 7% on sharp rise in sales in China and Brazil. Berlusconi leads in the race to be the next Prime Minister.
123jump.com Staff
14 Apr, 2008
New York City
Wachovia Corp reported quarterly loss in the first quarter, wrote down its assets by $2 billion, cut its dividend by 41% and will raise $7 billion in fresh capital. The news sent market averages and banking sector stocks lower. In the commodities market, sugar, crude oil and gasoline increased, lifting stocks in the energy sector. Petrobras, in Brazil, surged on an oil field find. Berlusconi returned to govern Italy, for the third time.
123jump.com Staff
14 Apr, 2008
New York City
ANZ launches an internal inquiry to review its securities lending business and its relationship with the collapsed Opes prime broker.
Virgin Blue plunged 22% to a record low after its controlling shareholder Toll Holdings Ltd decided not to sell its stake on lack of investor interest. Virgin Blue last week slashed its net income forecast to less than $140 million for the year ending in June 30, down from $216 million a year earlier. Of the ASX 200 index stocks, Toll Holdings Ltd led decliners.
123jump.com Staff
14 Apr, 2008
New York City
The ONS reported that the output price index for domestic sales of manufactured products rose 6.2% in the year to March, compared with the rise of 5.9% in the year to February. The rising prices at producer level dragged stocks sharply lower. FTSE 100 index stocks fell 1.08% or 63.9 to 5,831.60. Whitbread led advancers in the FTSE 100 index shares with a rise of 2.4% followed by increases in SABMiller of 1.7% and in HBOS of 1.2%. Friends Provident and Carphone Warehouse led decliners.
123jump.com Staff
14 Apr, 2008
New York City
China''s foreign currency reserves jumped to $1.68 trillion at the end of the first quarter, 40% rise from a year ago. The sharp rise in foreign reserves is fueling inflation and attracting speculative capital to China. Investors have to come to believe that China will have to strengthen its currency against dollar and increase interest rate to slow down economic expansion. In Hong Kong trading the Hang Seng Index fell 3.47% or 856.59 at 23,811.20.
123jump.com Staff
14 Apr, 2008
New York City
U.S. stocks edged lower after Wachovia cut its dividend by 41% and proposed to raise as much as $7 billion through convertible preferred stock offering. Wachovia also reported a loss in the first quarter and asset write down of $2 billion. UK media reports suggested that Citigroup is likely to write down assets of $12 billion and Merrill Lynch of $3 billion. Blockbuster proposed $1 billion in cash buyout for Circuit City.
123jump.com Staff
14 Apr, 2008
New York City
Stocks in Japan and Asia fell after the release of world economic outlook from a meeting of policy makers at the IMF and World Bank. The gloomy near term outlook added to the rising loss estimates at Citigroup and Merrill Lynch. Media reports in the UK suggested that two financial firms are likely to report losses in the quarter and a write-down of $15 billion. Nikkei 225 index in Tokyo fell 3% and Topix declined 2.5%.
123jump.com Staff
11 Apr, 2008
New York City
European industrial stocks including Siemens and Philips fell after General Electric in the U.S. missed its earnings target. Stock market averages in the region fell more than 1% before the U.S. market close. U.S. averages fell 2% at close. Crude oil and base metals traded at elevated levels. Ahead of G7 meeting in Washington politicians worried about the strength in euro.
123jump.com Staff
11 Apr, 2008
New York City
U.S. stocks fell sharply after General Electric surprised investors with an earnings miss and lowered expectations for the second quarter. The sharp fall in investments in finance unit in the last two weeks in March hurt the earnings. Frontier Air filed for bankruptcy protection. Consumer sentiment fell to 63.2 in April, weakest read since 1982, higher energy and food prices. Genentech reported first quarter profit rise of 2% but sales of Avastin missed the target.
123jump.com Staff
11 Apr, 2008
New York City
Industrial production in India in February increased 8.6% after revised production in January gained 5.8%. The better than expected production data overshadowed the rise in inflation at the end of March. Wholesale inflation increased 7.4% for a year ending in the last week in March, forced the government to remove export incentives for sugar, rice and steel. Sensex edged higher by 0.7% or 112 to 15,807 and CNX Nifty added 0.95% to 4,777.80.
123jump.com Staff
11 Apr, 2008
New York City
Stocks in London fell after General Electric in the U.S. reported its profit decline in five years. The news sent markets in New York and Europe lower. In addition, mortgage lender trade associations forecasted tougher outlook for mortgage lending and asked the Bank of England to add more liquidity to the system. UK lenders group forecasted that mortgage volume may fall as much as 50%. A private equity group said that it will withdraw its offer for Friends and Provident at the end of the month.
123jump.com Staff
11 Apr, 2008
New York City
Frontier Airlines stock plunged 71% after it filed for protection from creditors. The company blamed the decision on its principal credit processor on unexpected increase in hold on cash from sale of airline tickets. The airline said it plans to operate full schedule and honor all tickets and reservations and will pay wages and suppliers.
123jump.com Staff
10 Apr, 2008
New York City
U.S. trade deficit in February increased 5.7% as imports in the month rose faster than exports. Talks of cheap dollar fueling exports, at least in February did not help. Dollar came immediately under renewed pressure in the currency market and talks of another rate cut intensified. In addition, initial claims of jobless benefit fell 53,000 at the end of last week. The Bank of England lowered its key rate to 5% but ECB left its target rate at 4%.
