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Shell Takes 30% Stake in Arrow Energy
Jun 02, 6:53 PM EDT |
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| Royal Dutch Shell subsidiary agreed to take a minority investment in coal to natural gas company Arrow Enegy. |
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| A subsidiary of Royal Dutch Shell PLC signed an agreement to take a stake of 30% in Arrow Energy. Under the deal, Shell will pay $776 million. The investment from a large oil company is an indiacation of a rising interests as more power producers switch in the U.S. and Europe to cleaner burning fuel. The demand for LNG is expected to surge in the next seven years. Arrow Energy rose 14% after the deal news. Sundance Resources led the gainers in the ASX 200 index with a rise of 25%. |
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Lehman Plunges 8%, Leads Financial Decliners
Jun 02, 6:52 PM EDT |
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| U.S. banks declined after negative comments from the rating agency S&P. Lehman, Merrill and Morgan dropped more than 4%. |
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| S&P downgrade on banks and financial brokers turned market sentiment negative. The rating agency estimated that earnings at Morgan Stanley, Lehman Brothers, and Merrill Lynch are likely to be lower as more losses are expected. S&P also revised its outlook to negative on Bank of America and JP Morgan. Separately, Wachovia ousted its chief executive and Washington Mutual apponted new chairman to the board. European stocks closed sharply lower on the worries related to banks. |
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Telecom Deal, Hang Seng Up
Jun 02, 4:10 PM EDT |
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| National Rural Development Corporation in China reported a decline of 4% in residential sales at the end of April. |
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| Seasonally adjusted Hong Kong dollar M1 decreased by 0.1% in April but rose by 14.6% year on year. Unadjusted Hong Kong dollar M3 expanded by 0.1% during the month and grew 10.5% from a year earlier. HKMA reported rise in surplus at the end of April by HK$1.8 billion to HK$494.8 billion. |
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Financials, Shippers Lift Tokyo Stocks
Jun 02, 2:40 PM EDT |
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| Stocks in financial, commodities, and shipping services gained. Crude oil and metals prices edged higher. |
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| In Tokyo trading a gain in financial and commodities stocks lifted market indexes. The government reported wages in April rose 0.6% from a revised rise of 1.5% in March to 281,246 yen. The number of hours worked per person in the month was unchanged at 154.5 and number of full time employees increased 1.7% to 44.8 million. |
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Bradford & Bingley Plunges 21%
Jun 02, 2:13 PM EDT |
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| A rise in oil and metals prices lifted stocks of commodities and miners after a week of weakness. |
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| Bradford & Bingley plunges 21% after it agreed to sell 23% of the company to a private equity firm TPG. The deal to take a stake in the lender was agreed at 33% discount to the Friday closing price. Home mortgages issued in April fell to 58,000 in April from 63,000 in March according to the data released by the Bank of England. |
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Record Trade Deficit, May Auto Sales Up
Jun 02, 1:41 PM EDT |
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| Stocks in Mumbai closed lower on late evening sell-off as the government debated the fuel price increase. |
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| Stocks in Mumbai fell as the government debated a fuel price increase. The ruling party coalition discussed various diverging proposals with no decision. Prime Minister Singh said that the fuel price rise is inevitable. Separately, April trade deficit rose to a record high of 9% as oil price increased import bill. Exports in the month rose 31% but imports surged 36%. Auto sales in May rose as consumers bought more motor cycles and small cars. |
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Wachovia CEO Resigns, New Chairman at WaMu
Jun 02, 5:19 PM EDT |
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| Wachovia appoints its chairman as an interim chief executive and WaMu removes its CEO from its chairman's position. |
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| Wachovia Bank one of the largest banks removed its chief executive officer Ken Thompson and appointed its chairman Lanty Smith as interim chief executive. The move comes after a serious of write downs at the bank and a recent ill timed purchase of the sub-prime lender Golden West. Separately, WaMu removes its CEO from the chairman of the board post. |
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China Unicom, Netcom and Telcom in $56 B Deal
Jun 02, 9:48 AM EDT |
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| Chinese telecom companies swapped mobile networks and operations as the government encouraged consolidation in the industry. |
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| China Unicom Ltd. proposed to acquire China Netcom Group Corp. for HK 187 billion or $24 billion. The second largest mobile carrier, China Unicom will also sell its smaller CDMA mobile network to China Telecom Corp for 66.2 billion or $8.8 billion in cash and sell its operations and subscriber lists for 43.8 billion yuan or $5.6 billion to its Hong Kong listed subsidiary. |
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