Sunday, February 3, 2008
Business-News-The Economic Times
| Rio CEO awaits richer BHP offer With his formal training in geology, Tom Albanese could be excused for believing he would struck the mother lode after orchestrating a bump-free $38-billion acquisition of Alcan just six months into his new job as chief executive of Rio Tinto, the world’s second-largest mining house. Yahoo seeks time to study Microsoft bid Yahoo said it may take “quite a bit of time” to weigh its strategic options, including keeping the company independent, following Microsoft’s $45 billion offer to buy the company. GM picks up hybrid pace, targets pickup drivers General Motors will introduce a new hybrid full-size pickup and a concept hybrid truck this week at the Chicago Auto Show, betting that pickup drivers have been itching to jump on the hybrid bandwagon. UBS under scanner for inflating prices The Journal, quoting unnamed sources familiar with the probe, said the investigation by the US Attorney for the Eastern District of New York had not yet issued subpoenas. SocGen to defend money laundering charges Societe Generale (SocGen) laid out its defence ahead of a high-profile money laundering trial due to begin in Paris on Monday, which could put further pressure on the French bank as it grapples with the effects of a trading scandal. China to face stagnant growth, inflation A global economic slowdown and fast-rising prices at home may spell the end of China’s five-year boom of double-digit growth with low inflation. Health and anti-poverty programmes face budget squeeze in US The spiraling growth of Medicare and the high cost of renewing President George W Bush's tax cuts are squeezing popular education, health, housing and anti-poverty programmes in the budget blueprint that he hands lawmakers on Monday. Chinalco gets $120 bn from China for Rio bid China's Chinalco will have access to $120 bn from the Chinese govt as it prepares to fight the takeover of Rio Tinto by BHP Billiton. Jordan cuts repo rate and discount rate 0.25 pc Jordan's Central Bank reduced its key benchmark repo rate to 6.75-7 per cent in a token move following a US rate cut. Bush to unveil $3 trillion budget for 2009 US President George W Bush will unveil a budget of more than $3 trillion on Monday for fiscal year 2009 that begins on Oct 1. British retail chain halts sale of children's beds named Lolita Woolworths stores in Britain have stopped selling 'Lolita' beds for young girls after a parents' organization complained because of the name's association with the famous novel about a pedophile. China biggest bank to buy 20 pc stake in Standard Bank China's biggest bank, the Industrial and Commercial Bank of China, (ICBC), on Sunday said it has received approval to buy a 20 per cent stake in South Africa's Standard Bank, the largest commercial bank in Africa, for $5.46 billion. Agricultural Bank denies $50 bn bail-out: Report Agricultural Bank of China, the weakest of the country's big four commercial banks, denied it is to receive up to 50 billion dollars in government bail-out funds. Russia to become Europe's main car market: Carlos Ghosn Russia will become the most important auto market in Europe within the next two years, the chief executive of Renault and Nissan Motor was quoted as saying on Sunday. Bangladesh to develop coal field with own experts Bangladesh will develop a coal field with its own expertise to save natural resources in the northern region of the country, a senior official said on Sunday. Rio Tinto's chief waits for richer BHP offer With his formal training in geology, Tom Albanese could be excused for believing he'd struck the mother lode after orchestrating a bump-free $38 billion acquisition of Alcan. Singapore's GIC to buy Westin Hotel Tokyo for $723 mn The Government of Singapore Investment Corp (GIC) has agreed to buy the Westin Tokyo luxury hotel for 77 billion yen (723 million dollars) from Morgan Stanley, a newspaper said on Sunday. Panama Canal fuel spill triggers environmental alert The Pacific Ocean entrance to the Panama Canal was put under environmental alert after thousands of gallons of ship's oil spilled during a routine pumping operation, Panama Maritime Authorities have said. 'Rambo' banned in Myanmar: Stallone Sylvester Stallone says his latest 'Rambo' movie and its tagline are inspiring real-life opponents of Myanmar's ruling military junta and prompting a government backlash. Lacoste turns 75, wows New York crowd French "sports chic" label Lacoste wowed the crowd with a ski-themed show Saturday at New York fashion week, kicking off the 75th year of the little crocodile that conquered the United States. US interest rate cuts fuel Hong Kong property boom Hong Kong's economy is riding on the coat-tails of China's boom, but its currency peg with the US dollar forces the territory to officially track US interest rate cuts. UBS facing US subprime banking investigations The Journal, quoting unnamed sources familiar with the probe, said the investigation by the US Attorney for the Eastern District of New York had not yet issued subpoenas. Russia, US sign $5 bn uranium sales deal Russia and the US have signed a trade deal allowing Russia to increase enriched uranium exports to the US. Web bank Egg withdraws cards from riskier customers Egg, the Internet bank owned by Citigroup, will withdraw credit cards from 161,000 customers following a risk review, a spokesman for Egg said on Saturday. Chinese banks cut business with Iranian banks: Report Chinese banks have cut back business with Iranian banks due to U.S. pressure over Tehran's disputed nuclear programme, a senior Iranian Foreign Ministry official was quoted as saying in comments published on Saturday. Chinese banks cut business with Iranian banks Chinese banks have stopped working with Iranian banks due to U.S. pressure over Tehran's disputed nuclear programme, a senior Iranian Foreign Ministry official was quoted as saying in comments published on Saturday. Motorola's stock leaps 10% as firm plans spinoff unit Motorola Inc.'s investors were placated for at least a day, and sent its battered stock soaring 10.3 per cent, after the company signaled it may get out of its trademark cell-phone business. EU launches anti-dumping probe against China A fresh anti-dumping probe into certain steel products from China has been launched by the European Commission in the second such action in recent months. China says it found no pesticide cited by Japan in dumpling poisoning scare China's product safety agency cast doubt Saturday on claims that a Chinese dumpling maker sickened consumers in Japan, saying tests on its ingredients found none of the insecticide cited by Japanese authorities, a state news agency reported. US employment falls, fresh sign of possible recession US employers cut jobs last month for the first time in more than four years, the starkest signal yet that the economy is grinding to a halt if it hasn't already toppled into recession. Kenya's western farmers watch intruders harvest their crops Powerless, Stephen, a farmer from the Luhya ethnic group in western Kenya, watches members of the Kalenjin harvest his field barely 50 metres away. Mets and LHP Johan Santana agree to $137.5 million, 6-year contract Johan Santana and the New York Mets agreed to a $137.5 million (euro93 million), six-year contract on Friday, a record for a pitcher and the last major step needed to complete the team's blockbuster trade with the Minnesota Twins. Toyota eyes new plant in China Japanese auto giant Toyota is considering building a new plant in China to boost its presence in the country's rapidly growing car market, the Nikkei reported Saturday. BTP doesn't close Image takeover, talks continue Image Entertainment Inc, a distributor of home entertainment programming, on Friday said its pending acquisition by BTP Acquisition Co did not close as scheduled, but that discussions would be extended until Feb 5. US stocks rise as Yahoo bid overshadows jobs worries "Timber!" was the market's catch cry for January. On the first day of February, that changed to "Yahoo!" But Exxon Mobil finished the week on a down note, despite posting record earnings, and Harley-Davidson remains lower on the year as a contraction in the labor market kept fears of recession alive. Russian policies ignite unprecedented birth rate in 2007 Russia last year recorded its highest birth rate in 25 years -- the government has announced, buoyed that its new policies aimed at reversing a shrinking birth rate seem to have made an impact. US watchdog rebuffs Air Force on Boeing contract The U.S. Government Accountability Office on Friday rejected an Air Force request to reconsider a ruling that faulted the way the service awarded a $1.2 billion contract to Boeing Co for depot maintenance of KC-135 refueling aircraft. Ericsson Q4 profit slides to $1.2 bn Telecom equipment maker Ericsson reported lower-than-expected profit and announced sweeping job cuts on Friday as the group hunkered down for what it expects will be a flat market this year. Microsoft's bid for Yahoo starts M&A race Microsoft Corp's bid for Yahoo Inc may send media companies scrambling for Internet properties, but none will likely outbid the deep-pocketed software maker for Yahoo itself. Motorola may hive off loss-making mobile unit in rejig Motorola said on Thursday it is considering separating its loss-making mobile phone unit, in an apparent concession to demands from activist investor Carl Icahn, sending its shares up 12.7%. Credit Agricole joins race for SocGen Societe Generale, the French bank hit by a rogue trader scandal, was studying bid defence options on Friday as a newspaper said a second domestic rival had hired advisers to consider a takeover. Chinalco, Alcoa buy stake in Rio to ‘spoil’ BHP bid Aluminium of China and Alcoa bought a £7.2 billion ($14 billion) stake in Rio Tinto Group, hindering BHP Billiton’s plan to acquire the world’s third-largest mining company. Yahoo bid a prize assignment for bankers Microsoft Corp's $44.6 billion bid to acquire Yahoo Inc marked a coup for the companies' advisers and gave a surprise boost to Blackstone Group and Lehman Brothers in the closely watched rankings of financial advisers. Fed plans $60 bn auctions to banks in Feb The Federal Reserve said Friday it will provide $60 billion in fresh cash to commercial banks in two auctions in February and will keep holding auctions every other week for as long as needed to ease the credit crisis. Exxon Mobil posts record profits Exxon Mobil Corp on Friday posted the largest annual profit by a US company - $40.6 billion - as the world's biggest publicly traded oil company benefited from historic crude prices at year's end. US employers cut payrolls for first time since summer 2003 Nervous employers cut 17,000 jobs in January _ the first such reduction in more than four years and a fresh trouble sign that the U.S. economy is in danger of stalling. Nepal set to get massive aid package from World Bank Nepal is set to receive a massive grant of nearly NRS 1,600 crore from the World Bank for speeding up development projects in the impoverished Himalayan state. Alcoa joins with Aluminum Corp. of China to buy 12 percent of Rio Tinto shares Alcoa Inc. and Aluminum Corp. of China announced Friday the joint purchase of 12 percent of London-listed Rio Tinto PLC's shares in a deal said to be worth US$14.05 billion (euro9.5 billion). South Korea buys 100,000 tonnes of US corn The Korea Feed Association has bought 100,000 tonnes of US corn for delivery in September, a trader said on Friday. Chinalco, Alcoa take 12% stake in Rio Tinto LONDON: Chinese mining group Chinalco said on Friday it had teamed up with US aluminium producer Alcoa to buy a 12% in Rio Tinto. Nissan Q3 sales rise, accounting change Nissan Motor Co, Japan's third-biggest automaker, reported a 16% rise in quarterly profit helped by a recovery in sales and some accounting changes. British Airways profit up 28.5% British Airways reported a 28.5% rise in operating profit on Friday for the first nine months of its financial year, and said its longhaul premium business was still performing strongly. Lottomatica, Medstroms make offer for Media Boss Lottomatica subsidiary GTech and Medstroms announced a public cash offer of 99 million euros ($147.2 million) for Sweden's Boss Media shares, the Italian lottery operator said on Friday. Novartis says EU approves Galvus European authorities approved Novartis's diabetes drug Galvus as a new oral treatment for type 2 diabetes patients, paving the way for launches in Europe. UN's Ban throws weight behind Kenya peace drive UN Secretary-General Ban Ki-moon was throwing his diplomatic clout behind efforts to end Kenya's month-long violent political standoff which has killed more than 850 people. Ericsson Q4 reults fall, unveils cost cuts Telecom equipment maker Ericsson's operating profit fell to 7.6 billion Swedish crowns ($1.20 billion) in the fourth quarter, lagging market expectations for a 7.9 billion crown profit. China's VanceInfo to triple headcount China's VanceInfo Technologies Inc aims to triple its staff to more than 10,000 in three years amid robust growth and favourable government policies. Six telco gear firms win permits for China 3G network China has awarded licences to six telecoms gear makers, including Lenovo Group and LG Electronics, allowing their products to access the country's homegrown 3G. China Coal gains in Shanghai debut Shares in China Coal Energy Corp rose 28% in their debut but the gains fell short of expectations as weak stock market and valuation concerns weigh. BOJ's Muto to attend BIS meet in Mumbai Bank of Japan Deputy Governor Toshiro Muto will visit India from Feb. 2-5 to attend a meeting of the Bank for International Settlements in Mumbai. Pakistan's forex reserves slip to $15.07 bn Pakistan's foreign exchange reserves fell by $14 million to $15.07 billion in the week that ended on Jan. 26, the central bank said on Friday. Australia treasury urges economic, energy reforms Australia's new government has been told to embark on a fresh economic reform, with treasury officials warning of the dangers posed by rising inflation and climate change. First budget flights take off on KL-Singapore route Budget airlines began flying the Singapore-Kuala Lumpur route on Friday, ending 30 years of dominance by the national carriers and opening the way for wider liberalisation of the region's air corridors. Lone Star to earn $244 mn KEB div, eyes ruling US private equity house Lone Star will pocket a $244 million dividend from Korea Exchange Bank for 2007. US drug agency warns of suicide risk with epilepsy drugs Epilepsy drugs used by millions may increase the risk of suicidal thoughts or behavior, US regulators have warned. Google year-end results disappoint; shares fall Google Inc reported disappointing quarterly results on rising capital spending and costs for acquiring advertising customers. Cranes Software to raise stake in Esqube Comm Software firm Cranes Software International Ltd has decided to raise its stake in Esqube Communication Solutions Pvt Ltd to 76 percent from 15 percent, it said in a statement late on Thursday. South Korean firms acquire stakes in oil fields South Korean said local firms will acquire stakes in oil-producing fields in the Gulf of Mexico and Congo. Uncertainty around bond insurers next storm after Subprime As bad news about the financial system piles up, trust the pillar of investing is being buried. Motorola eyes breakup to gain telecom 'leadership Motorola said on Thursday it is studying a possible breakup of the company in an effort "to recapture global market leadership" in the mobile phone markete, and to enhance shareholder value. Dell to cut nearly 900 jobs, close Canada center Dell Inc said on Thursday it will close its call center in Edmonton, Alberta in Canada and eliminate most of the facility's 900 jobs in the second quarter as it consolidates customer-service operations. ArcelorMittal hikes Acindar control to 99.5 per cent ArcelorMittal, the world's biggest steel group, said on Thursday it had increased its controlling stake in Argentina's Acindar to 99.5 per cent from 64.5 per cent. Consumers, economy crimp US retail store plans The consumer spending slowdown that began in 2007 is turning into a new store slowdown in 2008. As many US. Oil falls on economy worries, US stockbuild Oil prices fell on Thursday, weighed down by growing US economic problems and rising fuel inventories. Signs that US fuel demand is starting to buckle under recessionary pressures countered expectations that oil cartel OPEC would decide at its meeting Friday to keep crude oil output restrictions in place. Mexico copper, silver output down in November Mexican copper output fell to 20,758 tonnes in November, down 38.1 percent from the same month a year earlier, the government said on Thursday. NY may use stiff law against Wall Street banks The attorney general is examining if Wall Street firms concealed information about shortcomings from rating agencies, the people familiar with the matter told the Journal. France, EU may clash over SocGen suitors; BNP eyes bid BNP Paribas confirmed on Thursday that it was studying a possible bid for Societe Generale (SocGen) as its smaller French rival reeled from rogue trading losses and France warned off would-be foreign bidders. Global realty deals hit record $759 bn Commercial real estate sales worldwide last year rose to a record $759 billion but slackened in the second half of 2007, as the credit crisis crimped transactions, according to a report by real estate research firm Jones Lang LaSalle. China to boost rural spending by 24% The rise comes after China last year spent 420 billion yuan, exceeding its budget by 30 billion yuan as it subsidised seeds and equipment for farmers and extended rural infrastructure, said Chen Xiwen, director of the Office of the Central Leading Group on Rural Work. Yields fall, hint at policy change Chinese bill and bond yields fell on Thursday after the latest US rate cut further reduced room for China to raise rates, and as speculation emerged that China may stop tightening monetary policy very soon. Vodafone Q3 revenue rises 4.2% on India, Turkey growth Vodafone Group, the world’s biggest mobile-phone company by sales, said third-quarter revenue from wireless services rose 4.2%, beating analyst estimates on growth in India and Turkey. Mizuho, MUFJ report $3 bn losses Mizuho Financial Group and Mitsubishi UFJ Financial Group reported a combined $3 billion of third-quarter losses from mortgage investments, causing profits at Japan’s two biggest banks to slump. Starbucks net hit by US slump Starbucks’ fiscal first-quarter profit rose by less than 2%, as US customers grappling with a soft economy lined up in smaller numbers for a second quarter in a row. Shell Q4 net profit soars 60% Royal Dutch Shell, Europe’s largest oil company’s fourth-quarter profit rose 60%, due to divestments and higher oil prices. Sony Q3 operating profit up 9% but cuts forecast Sony posted a surprisingly small rise in quarterly operating profit and cut its annual forecast by 9% on Thursday as tumbling markets eat into its investments and a stronger yen hurts overseas sales. US may drag China to WTO again The US has told China to get serious about relaxing the restraints on financial information providers in a letter that could represent a final warning before the US asks WTO to intervene in the matter. Small cars power Suzuki’s Q3 profit Japan’s Suzuki Motor booked a better-than-expected 23% jump in quarterly profit as its Swift, SX4 and other compact cars powered a robust global sales growth amid record-high fuel prices. Virgin to bid for Northern Rock on Monday -Branson British billionaire Richard Branson's Virgin Group will bid for ailing mortgage lender Northern Rock by a government deadline on Monday, the entrepreneur said. Regulatory delays blocking generic drugs -EU firms Cheap generic versions of more expensive branded drugs are not getting to doctors and patients as rapidly as they should because of delays at regulatory agencies, Europe's generics industry said on Thursday. SNB sees no signs of credit crunch in Switzerland The Swiss National Bank has seen no signs of a credit crunch hitting Switzerland, SNB board member Thomas Jordan said at an event in Zurich. Sony Q3 profit up, cuts forecast; Matsushita solid Sony Corp, maker of PlayStation game gear and Vaio PCs, posted a small rise in quarterly operating profit and cut its outlook as weaker markets eat into its investments and a firmer yen hurts overseas sales. Singapore completes free trade talks with Arab states Trade-dependent Singapore has completed negotiations of a free trade pact with the six-nation Gulf Cooperation Council, the government said on Thursday. Italy power demand up to 370 bn kwh in 2012 Electricity demand in Italy is expected to rise to 370 terawatt hours in 2012 from 340 TWh in 2007 with annual average growth seen at 1.7% Italy's power grid Terna said on Thursday. Demand for central probe into HMT land deal President of New Trade Union Initiative V B Cherian on Thursday demanded a probe by a central agency into the controversial HMT land deal for cyber city. AstraZeneca earnings fall 3% The Anglo-Swedish drugmakerAstraZeneca Plc met forecasts with a 3% fall in 2007 earnings, hit by one-off costs and growing competition to key medicines. CapitaLand to issue S$1.3 bln 10-yr bond Singapore's CapitaLand, Southeast Asia's biggest property developer by market value, said on Thursday that it will issue S$1.3 billion ($918 million) of 10-year convertible bonds. China coal exports slow to trickle, Asian prices up Chinese coal exports are slowing down to a trickle, with virtually no cargoes to be loaded for foreign buyers next month at the country's two top ports of Qinhuangdao and Tianjin. Terna sees grid buying opportunities in Italy Terna, which owns 98.3 percent of Italy's national power grid, still sees some buying opportunities in the national high-voltage network, Terna's Chief Executive Flavio Cattaneo said on Thursday. Asian markets mixed after US rate cut; Hong Kong falls on worries over China economy Asian markets were mixed Thursday after an overnight rate cut by the U.S. Federal Reserve failed to provide a uniform boost to regional bourses, with analysts saying the reduction had already been priced into stock values. Danske Bank year profit up 4% Danske Bank posted a smaller than expected 4% rise in its year pretax profit on Thursday and said it saw net profits in 2008 unchanged to 7% higher. |
posted by ctsasikumar at 7:56 PM
