123jump.com Staff
24 Jun, 2008
New York City
Rio Tinto and steelmakers in Japan and China agreed on iron ore price increase of as much as 100%. The iron ore, which is not actively traded on any exchange and prices are reviewed on annual basis by customers with miners. Rio Tinto hopes to sell between 320 and 420 million tons at a revised price from the current production of 200 million tons. Nippon Steel, Kobe Steel and JFE Holdings fell between 2% and 3%.
123jump.com Staff
24 Jun, 2008
New York City
Stocks in Hong Kong and Shanghai fell as inflation worries hobbled investors. Shanghai based CSI 300 index fell 2.2% and Han Seng Index in Hong Kong dropped 1.1%. Baosteel, representing Chinese steel companies agree to iron ore price increase between 80% and 96% for shipments from Rio Tinto in Australia. The sharp rise in commodity price reflects a strong demand for the iron ore and steel in China. Rio Tinto hope to ship between 320 and 420 million tons of ore.
123jump.com Staff
24 Jun, 2008
New York City
UK mortgage loans in May fell 56% from a year ago and 20% from April. The sharp decline comes after credit markets and conditions for mortgages are tightened. The report from the BBA also suggested that credit card borrowing increased 7.4%, as spending rose at a faster rate then loan repayment rate. BG Group took its offer directly to shareholders of Origin Energy Limited and offered A$15.50 or A$13.8 billion. Earlier management rejected the same offer from BG.
123jump.com Staff
24 Jun, 2008
New York City
U.S. stocks turned lower in the afternoon after UPS lowered its earnings estimate, metropolitan home prices fell and gasoline demand declined. Crude oil edged higher at closed but fell from its near record intra-day high. Kroger reported higher sales and earnings. CentruTel rose after it raised its dividend ten-fold and accelerated its stock buyback. Markets in Europe closed lower, led by a shap fall in Spain and Sweden.
123jump.com Staff
24 Jun, 2008
New York City
The Rerserve Bank of India increased repo rate to 8.5% from 8% and increaesd the bank deposits requirements to 8.75% from 8.5%. The decision was taken ahead of the scheduled meeting on June 29 after a sudden surge in iflation this week. Earlier in the trading stocks lost ground for the fifth days in a row and the Sensex index declined 1.3% and also dipped below 14,000 lelvel before closing at 14,106.58.
123jump.com Staff
24 Jun, 2008
New York City
UPS lowered second quarter ernings guidance as fuel prices rise and shipping volumes in the domestic and international markets decline. Separately, largest grocery chain Kroger reported first quarter revenue rose 11.5% to $23.1 and net income increased 13% to $386 million.
123jump.com Staff
24 Jun, 2008
New York City
Metropolitan home price index fell as 13 of the 20 cities show record annual lows on prices. The S&P/Case-Shiller index fell in May 15.3% from a year ago as prices fell in all of the 20 cities that the index tracks. The home prices in Las Vegas and Miami fell 27%. The prices are likely to decline further as inventory of unsold homes continue to build.
123jump.com Staff
23 Jun, 2008
New York City
BG Group, UK based energy company hopes that an offer taken directly to the shareholders of Origin Energy Limited may succeed better than the same offer rejected by the management earlier in May. BG offered $15.50 per share or A$13.8 billion for Origin in all cash. The fundamental difference between the current offer and the management expectations is in the valuation of the CSG reserves. Origin stock rose 5% to A$16.30 and has surged 60% in the last two months of trading.
123jump.com Staff
23 Jun, 2008
New York City
Macarthur may become a subject of takeover from ArcelorMittal after Ken Talbot, director with 19.76% stake resigned from the board and sold 4.3% stake in the company to the steel giant. Separately, Valad Property lowered its earnings and distribution guidance as a weakness in global property market squeeze the activities.
123jump.com Staff
23 Jun, 2008
New York City
Business sentiment dropped as large and small comanies worry about the export market and consumer spending in the three months to June. Sentiment at smaller companies declined the most. In the stocks market financials stocks declined as more analysts voice additional write downs at the U.S. banks and brokerages. Mitsubishi Estate and Daikyo lowered prices for condominiums in Tokyo.
123jump.com Staff
23 Jun, 2008
New York City
U.S. stocks traded in a tight range and as it has been for the most of the year energy complex stocks led the gainers and financial stocks led the decliners. Lehman, Goldman Sachs, Wachovia, Citigroup and Bank America fell. Walgreen Company rose after net income rose 2%. Inflation in China increased to 5.7% and Indian rupee declined on a recent inflation surge to 11.5%. UK home prices fell.
123jump.com Staff
23 Jun, 2008
New York City
Stocks in Shanghai fell 2% and are now 55% lower from its peak in November as inflation in May rose to 5.7%. Inflation is expected to rise in the coming months after recent fuel prices and upsurge in food price increases. Chalco, the Aluminum Corp of China fell 6% after it estimated profit decline of 50% in the first half. Sinopec slipped 2.5% after it said that the recent price hike will not be enough to generate profit.
123jump.com Staff
23 Jun, 2008
New York City
U.S. stocks traded in a tight range after financials led the decliners and energy complex stocks closed higher. Lehman Brothers, Goldman Sachs and Citigroup fell. National Oilwell rose on recommendation and Goodrich Petroleum rose after it raised its production target for the second quarter. MBIA and Ambac fell on the continued worries of the capital adequacy. Range Resources rose and XL Capital fell on brokers rating revisions.
123jump.com Staff
23 Jun, 2008
New York City
The Brent Crude oil prices rose, home prices in the month fell and stocks in trading edged slightly higher. UK home prices fell 1.2% in the month after more sellers list homes for sale and inventory rose to a record level. The Brent Crude oil rose 2% in trading after Nigeria reported oil production declined to a 15-year low. Aggreko, power equipment rental company surged 10% after it issued earnings estimate.
123jump.com Staff
23 Jun, 2008
New York City
Corn Products agreed to be acquired by Bunge Limited in all stock transaction that may value the company between $4.4 billion and $6 billion. Bunge will assume debt of $414 million and will pay between 0.42 and 0.5142 of its share. In addition, Republic Services Group and Allied Waste have agreed to merge. The shareholders of Allied will hold 52% of the combined waste collection company.
