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Westpac Lifts Mortgage Rates
Apr 28, 7:38 PM EDT |
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| Westpac is the third bank to lift its variable mortgage rate. Orica, mining explosive maker reported 7% rise in earnings. |
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| Westpac Banking Corp, the third bank to raise its variable mortgage rate by 10 basis points to 9.47% at the end of this week. Earlier, ANZ and NAB raised their rates for mortgage loans. The Reserve Bank of Australia last increased its official rates in February, when its cash rate was increased to 7.25%. Westpac share was up 1.2%, ANZ rose 3.2% and National Australia Bank Ltd added 3.2%. Orica reported 7% rise in earnings and said its cost savings plan from the merger with Dyno is on track. |
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Freenet,Debitel Merge; EU Growth Lowered
Apr 28, 6:55 PM EDT |
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| Freenet agreed top purchase Debitel for 1.6 billion euros. European Commission lowered its estimate for growth in the region to 1.7%. |
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| Germany reported lower inflation in April but estimates of economic growth in the 15-countries that use euro was revised lower to 1.7% from 1.8% and 1.5% in 2009. In merger news, Freenet, mobile telecom operator agreed to purchase Debitel AG in Germany for 1.6 billion euros from a private equity group Permira. Metals, banks and energy stocks gained in the region. |
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U.S. Stocks Rise on Wrigley, Ford
Apr 28, 6:10 PM EDT |
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| U.S. stocks edged higher after Mars agreed to buy Wrigley for $23 billion. Ford Motor jumped 9% after Kerkorian made an offer for 20 million shares. |
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| U.S. stocks traded in a tight range ahead of a rate decision from the Fed on Wednesday. Mars agreed to acquire Wrigley for $80 per share or $23 billion in cash. The deal will be financed by Goldman Sachs, Berkshire Hathaway and the company. Verizon and Humana closed higher after the earnings. RadioShack and AlbertoCulver fell after the earnings. Visa fell in the after hours trading after it reported 39 cents per share or 52 cents per share on adjusted basis. Southern Copper Peru declined. |
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UK Home Prices Decline, BP Strike
Apr 28, 2:24 PM EDT |
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| UK home prices edged lower as buyers stay away on tighter lending conditions. The strike at BP refinery is likely to continue for a week. |
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| The Office of Fair Trade is likely to expand its investigation of price fixing between consumer companies and consumer products manufacturers. Several retailers including WM Morrison, Asda, and Sainsbury are likely to be contacted by the OFT. Home prices in the UK in fell 0.6% in April from March and dropped 0.9% from a year ago. The prices in London fell 0.7% in the month. UK refinery strike continues for the second day. |
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China Life and PetroChina Decline
Apr 28, 1:41 PM EDT |
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| China Life fell after it reported 61% fall in earnings and PetroChina declined after it reported a loss of 32% in earnings. |
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| China Life Insurance reported first quarter earnings declined 61% on recent weakness in stock market volatility. Earnings in the quarter fell to 3.47 billion yuan from 8.89 billion yuan on 5.5 billion yuan loss in its investment portfolio. China Life relies on the stock market gains for most of its portfolio and Shanghai market has lost nearly 33% of its value in the quarter. Gross premium in the quarter rose 39.5% to 101.5 billion yuan. Bank of China earnings rose 85%. |
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March Retail Sales in Japan Rise 1.1%
Apr 28, 1:18 PM EDT |
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| Stocks in Japan edged higher after reports that Matushita may take a stake in Sanyo Electric. Crude oil futures in the region edged higher. |
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| March retail sales in Japan rose 1.1% from a year earlier and added 0.5% form February. Local media report sugeested that Matsushita Electric may take a stake in Sanyo Electric and purchase 300 billion yen of preferred stocks from Goldman Sachs at a discount. Stocks in Japan gained on the speculation that credit market related losses are not likely to rise after UBS upgraded its opinion on U.S. banks. Yahoo Japan fell 10% and led decliners in the Nikkei 225 index. |
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Mars Buys Wrigley for $23 B
Apr 28, 9:36 AM EDT |
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| Mars has agreed to pay $23 billion or $80 per share in a deal partly funded by Warren E. Buffett and Goldman Sachs. |
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| Wrigley has agreed to be acquired by Mars for $80 per share or $23 billion. The deal will be partly financed by Goldman Sachs and Berkshire Hathaway. Wrigley offer is 28% premium from Friday closing price. On the earnings front Humana reported revenue and earnings rise of 12%. RadioShack first quarter sales declined 4% and earnings fell to 30 cents per share. Royal Bank of Scotland is likely to eliminate 25% of its staff. |
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