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Tasman in Deal with JBS, ABC Sells
Mar 05, 6:49 PM EST |
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| Macquarie Securitisation would wind down its Australian residential mortgage origination services for both retail and wholesale customers. |
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| 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. |
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Weak Confidence, Balfour Net Up
Mar 05, 6:07 PM EST |
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| UK consumer confidence fell to a three-year low in February. Balfour Beatty profit rises 66% to to £151 million. |
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| 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 £137 on revenue decline. |
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European Stocks Rise Despite Record Oil
Mar 05, 5:37 PM EST |
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| European markets rebounded on the rise in banks and insurers, energy producers, and airlines. Oil closed at a record high. |
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| 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. |
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Oil Nears $105; Ambac Drops 19%
Mar 05, 9:43 PM EST |
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| Oil surged to a record high near $105 on steady demand and escalating dispute between Colombia and Venezuela. |
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| 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. |
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Farm Loans Weigh on Banks
Mar 05, 2:19 PM EST |
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| Banks in India traded lower as investors worried that new loans issued by public sector banks to farmers may weaken future earnings. |
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| 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. |
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Oil Up on OPEC, Service Index Lifts Stocks
Mar 05, 11:22 AM EST |
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| U.S. stocks recovered on the hope that the non-manufacturing segment of the economy is not affected by the widening credit crisis. |
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| 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. |
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Ping An Obtains Approval
Mar 05, 9:56 AM EST |
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| Insurance company Ping An obtained approval from its shareholders 1.2 billion shares and raise $12 billion. |
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| 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%. |
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Fear of Subprime Losses in Japan
Mar 05, 8:20 AM EST |
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| The Bank of Japan meets on Friday to discuss interest rate for the last time before the current governor term expires. |
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| 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%. |
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