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DoCoMo Acquires a Stake in Bangladesh
Jun 16, 5:12 PM EDT |
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| Exporters advanced as the yen plummeted to 108.27 against the dollar. |
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| Stocks in Japan advanced as worries over inflation eased after crude oil prices slumped on speculation that Saudi Arabia will increase oil output. A weakening yen also helped buoy exporters. NTT acquires a minority stake of 30% in Bangladesh based mobile carrier with nearly 7 million subscribers. GS Yuasa Corp. led advancers in the Nikkei 225 index shares with a rise of 10.60% followed by increases in Mitsumi Electric Co. of 7.3%. |
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U.S. Techs Rebound; Record Inflation in Europe
Jun 16, 12:44 AM EDT |
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| U.S. stocks struggled but tech stocks rose higher. European inflation in May rose to 3.7% from 3.3% in April rate, a 16-year record. |
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| The U.S. dollar continued to drift lower in currency market as world leaders discuss the fate of the global economy. The dollar has lost nearly 60% of its value in the last three years. Crude oil traded at a intra-day record as investors looked for hedge against weak dollar. Inflation in the euro area rose to 3.7% in May from 3.3% in April on rising food and energy prices, a 16-year record. Lehman rebounded after it reaffirmed its reported a loss of $2.8 billion as estimated previously. |
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Hong Kong Production Falls, in China Rises
Jun 16, 3:44 PM EDT |
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| Industrial production in China rises on the back of a sustained rise in exports and strong domestic retail sales. |
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| Industrial production in China rose at 16% in May after rising at a rate of 15.7% in April. Producer price jumped 8.2% in the month and consumer prices rose 7.7% during the period. Hong Kong reported first quarter growth in the GDP of 9.6% and after adjusting for inflation increased at 7.1%. Hong Kong industrial production fell 4.4% in the quarter. |
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McClatchy Staff Layoff; Chiquita Plunges
Jun 16, 4:33 PM EDT |
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| Chiquita Brands stock plunged 29% after it reported its monthly price and volume statistics. |
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| McClatchy Company stock fell to a 10-year low after it reported a sharp decline in revenue and announced a layoff of 1,400 staff. The local newspaper publisher has struggled as advertisers spend less in the print media and prefer lower cost alternative on the Internet. McClatchy consolidated revenue in May fell 15.1% and advertising revenue declined 16.6% compared to a year ago. For the year-to-date revenue declined 14.2% to $833 million from $972 million a year ago. |
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Crude Oil Surges, Lehman Rebounds
Jun 16, 4:32 PM EDT |
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| Lehman Brothers rose after it sold assets of $147 billion and reiterated its loss estimate of $2.8 billion. |
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| Crude oil surged to another intra-day record high after a small fire at StatoilHydro curtailed production at its North Sea location for nine hours. The persistent weakness in the U.S. dollar also helped crude oil to trade near record level. Gold jumped $13 an ounce and natural gas rose 2%. AIG stock fell after its board removed Sullivan from the top position. European market indexes closed lower, led by 1.4% decline in Spain index. |
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Barclays May Raise Capital, UK Stocks Down
Jun 16, 1:34 PM EDT |
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| Barclays fell after it said that it is considering to raise capital through rights or equity offering. |
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| UK stocks edged lower after crude oil prices raced to another record intra-day price on a small fire in the North Sea oil field. The persistent weakness in the U.S. dollar lifted the crude oil prices higher. Home builders rose after several institutional investors showed an interest in building a framework to inject more capital in the home builders. |
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Record Inflation; Sensex Up 1.4%
Jun 16, 1:05 PM EDT |
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| Sensex index will include Sterlite Industries and Tata Power and drop Cipla and Ambuja Cements from its list of 30 stocks. |
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| Sensex index in India rose 1.4% after a week of volatile trading. Software exporters and bank stocks rose but stocks of vehicle manufacturing fell. The government increased excise duty on large cars and sport utility vehicles. Wholesale inflation in India at the end of May, but before the recent price increase in petrol rose to 8.75%. The inflation is now at seven-year high. |
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AIG Shareholders Force Change of Chief
Jun 16, 4:30 PM EDT |
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| AIG, after a three-hour board meeting on the last weekend decided to appoint a new leader and an independent chairman of the board. |
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| AIG replaces its chief executive for the second time in less than four years as its stock has lost 50% of its value and real estate linked losses mount. Robert Willumstad, former chief financial executive at Citigroup has assumed the top position at AIG. The largest U.S. insurer has $1 trillion in assets and has reported two consecutive quarterly losses. The insurer was forced to raise $19 billion after denying for months that it needs additional capital. |
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