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ANZ Falls, BHP Rises
Apr 07, 9:48 PM EDT |
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| ANZ surprised the market with a sharply higher loan loss provision. BHP hopes to double its oil production in the next five years. |
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| Santos and its partner Apache Corp based in the U.S. plans to spend $800 million on the development of the Reindeer gas project located off the coast of Western Australia and hopes to deliver gas at the end of the year 2010. Two directors at Fortescue were forced to liquidate their holdings in the company to cover margin loans totaling $23 million. ANZ Bank stock fell 7% after it provisioned $975 million to cover subprime losses, 72% higher than fiscal 2007. |
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Novartis and Nestle in $39 B Deal
Apr 07, 5:28 PM EDT |
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| Novartis agreed to purchase up to 77% stake in Alcon, eyecare unit of Nestle. The two-step deal will expand Novartis beyond pharmaceuticals. |
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| European stocks edged higerh after Novartis agreed to purchase a stake in eye care unit of Nestle, J C Flowers pursued Friends and Provident and French railroad company SNCF bid 1.1 billion euros for logistics company Geodis. The deal news lifted stocks across the region. Banks and mining stocks gained after analysts recommended UBS and Anglo American. |
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Record Oil Burns U.S. Stock Gains
Apr 07, 4:26 PM EDT |
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| U.S. stocks edged lower at close after a steady rise in crude oil and gasoline and precious metal prices. |
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| U.S. stocks gained nearly 0.7% by mid-day trading but lost most of the gains as oil and gasoline climbed. Gold and silver regained some of the luster lost last week. Crude oil traded near record level after a rise of $2.55 to $108.78 a barrel and gold jumped $13.60 to $926 per ounce. Investors bid stocks up in the morning after news of posssible capital injecton of $5 billion in Washington Mutual from a group of investors led by buyout group TPG. |
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HK and Shanghai Stocks Rise, Sinopec Earnings
Apr 07, 3:18 PM EDT |
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| Stocks in Hong Kong and in Shanghai rose on a rally in commodities stocks in the region. Copper, gold, and oil gained. |
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| Stocks in Hong Kong closed higher after a week of losses on a rise in commodities and earnings from Sinopec. In Hong Kong trading Hang Seng Index rose 1.29% or 314.13 at 24,578.76, and China Enterprises Index of Hong Kong-listed mainland companies, or H shares, edged up 2.15% or 282.31 at 13,419.88.Sinopec stock increased 2% after it reported 2007 net income rise of 5.5% on revenue gain of 13.4% on higher gas and oil revenue. In Shanghai trading CSI 300 advanced 5.34% or 195.12 at 3,845.82. |
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Sensex Surges 2.7%
Apr 07, 3:58 PM EDT |
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| ONGC Videsh acquired rights to drill in Venezuela and Reliance Communication to launch mobile service in Sri Lanka |
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| Mumbai stocks rose sharply after Sebi said that it is considering to streamline dual stock listing on exchanges in India and other countries. Rally in commodities in the region also lifted stocks. Sensex gained 2.7% to close at 15,757 and CNX Nifty added 2.5% to close at 4,761. ICICI Bank and Ranbaxy Laboratories led the advancers in the Sensex index. However, Maruti Suzuki India and Ambuja Cements led the decliners in the index. Reliance Communication is likely to launch service in Sri Lanka. |
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Motorola and Ichan Settle
Apr 07, 3:57 PM EDT |
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| Motorola and Ichan have agreed to settle after a contentious three months of legal battle. Motorola stock has lost 60% in the last 7 months. |
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| Motorola agreed to appoint key adviser to Carl Ichan on its board immediately and nominate WR Hambrecht at the upcoming meeting of shareholders. Ichan will drop all litigation and not solicit additional information ahead of annual shareholder meeting. Motorola, in an apparent set-back will look for advice from hostile investor Ichan in selecting top executives at Motorola and soon to be separated its mobile phone unit. |
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Commodities Rise Leads Stocks in Japan
Apr 07, 1:11 PM EDT |
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| Steelmakers declined on rising coal prices but stocks in general rose on rising commmodities prices. |
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| Stocks in Japan rose after the release of index of leading indicators and on rising commodities prices. In Tokyo trading Nikkei 225 gained 1.18% or 157.01 at 13,450.23. Nippon Mining House led gainers in the Nikkei 225 index shares with a rise of 8.9% on the rise in commodities prices. OECD urged Japan not to raise interest rate as consumer remains weak. Masaaki Shirakawa was nominated by the Prime Minister to lead the central bank. |
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WaMu Rebounds on $5 B Investment Talk
Apr 07, 3:56 PM EDT |
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| Washington Mutual is in talks to sell a stake to a group led by private equity group TPG for as much as $5 billion. |
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| Washington Mutual, battered mortgage lender rebounded after talks of capital injection of $5 billion. The private equity investment led by TPG may take stake up to 24% in the company. WaMu stock soared 22% after it lost nearly 75% of its value in the last nine months of trading. |
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