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 Breaking Business News |
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• U.S. stocks in late rally
A surge in bank shares returned the major indices to the black Thursday, after rough sailing earlier in the day.
• Australian banks gouging customers says RBA
Australia's biggest banks are gouging its customers, the Reserve Bank of Australia says.
• China supplies Sri Lanka with infrastructure funds
Sri Lanka will soon build a second international airport on the south of the island, with much of the money coming from China.
• British Airways crews to follow through with strike threat
There has been no agreement reached between British Airways and the Unite union.
• Toyota still in US top three
The US sales of Toyota vehicles declined nearly 9 percent in February.
• Chrysler decides on Fiat chief
The Chrysler Group in the US has named a new executive to head the reintroduction of the Fiat brand to the local market.
• Kansas City schools closed for lack of funds
In the US, the school board in Kansas City has decided to close 26 of the city's 59 public schools to keep the district afloat financially.
• Slim pickings for Bill Gates
Mexican telecom giant Carlos Slim has topped Forbes magazine's billionaire's list.
• Northern Rock reports lower losses
The Northern Rock bank in the UK has announced good progress throughout 2009 as it prepares to be sold.
• Direct flights to Hawaii resume from Orange County
The John Wayne Airport in Orange County, California has been given permission to once again run flights to and from the Hawaiian islands.
• Russian caviar lovers have a new blend
A Russian company has gone to Argentina to increase its supply of caviar.
• Forbes says Gates no longer the world's richest
Mexican tycoon Carlos Slim is the world's richest person, knocking Microsoft founder Bill Gates into second spot, as the wealth of the world's billionaires grew by 50 per cent over the last year.
• Gulf company to build in Indonesia
Gulf company, Emaar Properties, has announced it will restart discussions with the Indonesian government on a project that was postponed during the economic crisis.
• Anoka Man Sues Toyota Over New Car
A Minneapolis law firm filed suit Thursday against Toyota Motor Corp., joining the growing number of cases seeking class-action status against the Japanese automaker for massive recalls that have left...
• Money Fund Assets Fell By $36.22 Billion To $3.090 Trillion In Latest Week
NEW YORK - Total money market mutual fund assets fell by $36.22 billion to $3.090 trillion for the week, the Investment Company Institute said Thursday. Assets of the nation's retail money market mu...
• World Trade Heading For Double-digit Growth In 2010
. The emerging markets have seen external trade pick up strongly and in some cases rapidly, unlike the developed economies. In a few instances, the export performance of emerging markets is close or a...
• Asian Stocks Mixed After S&p Index Clears Hurdle
Asian stock markets were mixed in early trading Friday after the Standard & Poor's 500 index closed at a 17-month high with investors worried about inflationary pressures in China.Japan's Nikkei 225 s...
• Japanese Stocks Rise To Seven-week High After Wall Street Gains
Tokyo - Stocks in Tokyo climbed in Friday morning trading to a seven-week high after overnight gains on Wall Street. The benchmark Nikkei 225 Stock Average added 43.52 points, or 0.41 per cent, to tra...
• Jpmorgan, Citigroup Helped Cause Lehman Collapse, Report Says
March 11 (Bloomberg) -- JPMorgan Chase & Co. and Citigroup Inc. helped cause the failure of Lehman Brothers Holdings Inc. by demanding more collateral and changing guarantee agreements, according ...
• Will Tv Ratings Improve In Ipl 3
NEW DELHI: Season Two of the Indian Premier League (IPL) saw television ratings dropping in comparison to the first season, but the total number of viewers and advertising time rising sharply. With...
• Boj Shirakawa To Attend Upper House Committee From 0124 Gmt
TOKYO -(Dow Jones)- Bank of Japan Gov. Masaaki Shirakawa will appear at an Upper House budgetary committee Friday morning, a parliamentary official said. The BOJ chief is scheduled to appear between ...
• California Oks Renewable Energy Credits To Meet Mandate
(Updates with regulator's comment and additional details) SAN FRANCISCO -(Dow Jones)- California utilities can use renewable energy credits to comply with state renewable-energy requirements, state r...
• Australia's Accc Delays Findings On Nab, Amp Proposals For Axa Asia Pacific
SYDNEY -(Dow Jones)- Australia's competition regulator said Friday it has delayed its decision on the separate, multi-billion dollar bids for wealth management and protection firm AXA Asia Pacific Ho...
• Wells Fargo First Quarter Earnings Information
SAN FRANCISCO - (Business Wire) Wells Fargo & Company (NYSE:WFC) is scheduled to announce its first quarter 2010 earnings on Wednesday, April 21, 2010, at 5 a.m. PDT (8 a.m. EDT). The news release...
• Obama Touts Effort To Double U.s. Exports
Economic Growth Outpaces Expectations (AP) President Barack Obama sought Thursday to put some detail behind his lofty drive to double U.S. exports over the next five years, calling the effort imperati...
• Republic Hits Speed Bump With Frontier Mechanics
The union for mechanics at Frontier Airlines is going to court over plans to shift their work to Milwaukee. Republic Airways Holdings Inc. bought Frontier last year, and wants to move Frontier's ma...
• Regulators Shut Libertypointe Bank In Nyc
Regulators on Thursday shut down LibertyPointe Bank in New York City, boosting to 27 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan de...
• Tokyo Stocks Open Higher On Monetary Easing Hopes, Wall Street Rise+
TOKYO, March 12 (AP) - (Kyodo)—Tokyo stocks opened higher Friday on continued hopes for possible monetary easing as well as optimism over overnight gains on Wall Street. In the first 15 minu...
• General Electric Commits To Help Improve Indonesia's Rural Health
General Electric (GE) announced Thursday it will help the Indonesian government improve the country's rural health environment through its global healthcare innovation push called "healthymaginat...
• Financial Shares Take Heart After Bipartisan Overhaul Hits A Wall
NEW YORK - U.S. stocks picked up traction late Thursday for a third straight day of gains after Citigroup Inc. said the bank is on its way to sustainable profitability and as Democrats gave up on a bi...
• Former Lloyds Banker Sir Brian Pitman Dies
Sir Brian Pitman, arguably the most respected banker of his generation, has died of a heart attack aged 78. Sir Brian, had most recently been the chairman of Virgin Money, but he was became famous fo...
• Bond Vigilante Bill Gross Talks Tough
Bill Gross, bonds investor and founder of Pimco, takes a hard line on investment in debt laden countries, such as Greece Photograph: Andrew Hetherington/Redux/eyevine Bill Gross, the world's biggest...
• Agrium Ends Yearlong Attempt To Acquire Cf Industries
March 11 (Bloomberg) -- Agrium Inc. will let its $5.43 billion offer for CF Industries Holdings Inc. expire and won’t try to elect nominees to CF’s board, ending a yearlong attempt to take...
• Ulta Salon Expects Earnings And Sales Growth
Ulta Salon Cosmetics & Fragrance Inc. on Thursday said it expects its earnings per share to double or nearly double in its fiscal first quarter compared with a year ago.
• Weak Economy Means It's A Freebie Nation
You know the saying, “there’s no such thing as a free lunch?” Well, in this economy, getting a free lunch, a free book or even a free dress shirt may be easier than you think.
• Uk House Sales 'slow' In 2010
The number of homes sold in England and Wales at the start of 2010 fell back to levels seen at the depths of the downturn, a survey says.Transaction levels fell to 36,000 in January, a drop of 52% com...
• Warning On Public Sector Pensions
The amount of money paid as pensions to many workers in the public sector could more than triple in the next 50 years, the National Audit Office suggests.Its report on unfunded public sector schemes s...
• U.k. Outperforms Continent As Both Currencies Fall
LONDON (MarketWatch) -- Both the British pound and the euro have taken a battering this year as traders fret about levels of national debt. One big difference, however, has emerged: U.K. stocks have b...
• Aig Employees To Surrender $45 Million
AIG ) will recover $45 million in the form of returned contentious retention payments made to AIG employees in 2009, the Wall Street Journal reported, Thursday. Employees of the troubled taxpayer-o...
• Can't Say Japan Recovery Sustainable Yet
TOKYO -(Dow Jones)- Japan's finance minister Naoto Kan said Friday that recent gross domestic product data suggest there has been an improvement in the nation's economy, but that it is still too earl...
• Fdic Extends Securitization Safe Harbor Through September
WASHINGTON -(Dow Jones)- A U.S. bank regulator moved Thursday to extend its safe harbor for securitized assets through September, putting off a decision on a plan to make banks more accountable for a...
• Japanese Shares Climb Early, With Autos Strong
LOS ANGELES -- Japanese shares followed their U.S. peers higher in early Friday trade, with auto stocks staging an early rally, helped by reportedly good sales at Honda Motor Co. . In early action, t...
• China Approves Qfii License For Ivy Investment Management
SHANGHAI -(Dow Jones)- The China Securities Regulatory Commission said Thursday it approved U.S. investment firm Ivy Investment Management Co.'s application for a Qualified Foreign Institutional Inve...
• At&t Ceo Stephenson's Pay Grew To $29.2 Million In '09
T ) Chairman and Chief Executive Randall Stephenson's pay package last year nearly doubled to $29.2 million on changes in pension value and incentive-plan compensation. His package in 2008 totaled $...
• Beijing Haohua Energy Resource To Start A-share Ipo Roadshow
SHANGHAI -(Dow Jones)- Beijing Haohua Energy Resource Co. said Friday it will start a roadshow for its planned A-share initial public offering Monday. The coal producer said it plans to sell no more ...
• Honda Hybrid Sports Car Reportedly In High Demand
SAN FRANCISCO -- Honda Motor Co.'s CR-Z hybrid sports car has drawn more than 7,000 orders only two weeks since its Feb. 26 debut, according to a report Friday. The Nikkei business daily reported tha...
• Fannie Mae, Freddie Mac Will Clear Their Swaps -overseer
FRE ) will clear a large portion of the swaps on their books "in months" even if Congress fails to pass a bill to mandate central clearing. "If there is no legislation, Fannie Mae and Freddie Mac ar...
• Examiner Sees Gimmicks In Lehman Demise
A worker carries a box out of the U.S. investment bank Lehman Brothers offices in the Canary Wharf district of London in this September 15, 2008 file photo.
• Big Funds Stalk Canwest Newspapers
The sale of Canada's largest English-language daily newspaper chain has attracted some of the country's financial heavyweights as potential suitors. Among the shortlist of bidders for Canwest Limited...
• Potash Corp. Earnings Dramatically Improve
Potash Corp. dramatically improved its first quarter earnings guidance Thursday. The company said a sharp rebound in potash demand will help it earn between $1.30 and $1.50 a share. The new estimate ...
• Murdoch Takes Aim At New York Times
NEW YORK -- Back in 1976 after he bought the New York Post, a confounded Rupert Murdoch asked the chairman of Bloomingdales why the upscale department store didn't advertise in his paper. According t...
• Transat Strategy 'didn't Work'
Jean-Marc Eustache, Transat A.T. chief executive, admitted Thursday that his efforts to restore the profitability of the country’s largest tour operator fell flat this winter after just about ...
• Goldcorp Q4 Profits Jumps On Rising Gold Prices
TORONTO -- Goldcorp Inc. delivered a solid fourth quarter as it continues to keep costs in check and benefit from near-record gold prices. The Vancouver-based giant reported adjusted Q4 earnings late...
• Snc Ponders Bid For Highway 407 Stake
MONTREAL -- SNC-Lavalin Group Inc. is weighing whether to boost its investment in Toronto-area toll highway 407-ETR after Spanish infrastructure giant Ferrovial announced Thursday it would put a 10% s...
• Siemens Closing Hamilton Gas Turbine Plant
TORONTO -- Giant industrial outfit Siemens AG announced Thursday it is closing its gas turbine plant in Hamilton, Ontario, cutting 550 jobs as the operation is relocated to Charlotte, N.C. The move i...
• Toyota Incentives Drive March U.s. Sales Up Sharply
DETROIT -- Sales incentives, including zero-percent financing offers, have boosted Toyota Motor Corp's U.S. sales by nearly 50%t in early March, an industry tracking service and dealers said Thursday....
• Ferrovial Puts 10% Of Canada’s Etr On Sale
MADRID -- Debt-laden Spanish infrastructure giant Ferrovial said it has put 10% of its 407-ETR motorway in Canada up for sale and will use the proceeds to invest in new toll road projects and pay down...
• Wall St.’s Brisk Day Boosts Hawaii Stocks
Most Hawaii stocks followed a brisk day on Wall Street, where the financial markets saw a boost after a positive forecast by Citigroup Inc. Hawaii stocks seeing gains: • Alexander & Baldwin...
• Us Criticizes China's Domestic, Economic Policies
President Barack Obama speaks at the Export-Import Bank's Annual Conference in Washington, Thursday, March 11, 2010. (AP Photo/Charles Dharapak) (AP) The Obama administration accused China on Thursda...
• Toyota 'mystified' By Runaway Prius Case In Calif.
FILE - In this Tuesday, March 9, 2010 file photo, driver James Sikes talks about his experiences in his Toyota Prius during a news conference held at Toyota of El Cajon in El Cajon, Calif. A law firm ...
• Gmac Ceo Will Receive No Cash Salary For 2010
The CEO of bailed-out auto finance giant GMAC Inc. will receive no cash salary for 2010 and will be compensated in restricted stock, under a deal approved by Obama administration pay czar Kenneth Fein...
• 'now's The Time To Buy Asian Stocks'
SINGAPORE: Investors should buy Asian stocks outside Japan after valuations dropped and before sentiment strengthens further, Goldman Sachs Group said. "By the time all the lights turn green, the r...
• Djsp Enterprises, Inc. Reports Revenue Of $260.3 Million And...
March 11 /PRNewswire-FirstCall/ -- DJSP Enterprises, Inc. (Nasdaq: DJSP, DJSPW, DJSPU), one of the largest providers of processing services for the mortgage and real estate industries in
• Catalyst 2009 Results Reflect Ongoing Cost Reductions, Weak Market...
December 31, 2009 , the company adopted U.S. generally accepted accounting principles (US GAAP) for presentation of its 2009 consolidated financial statements. As a consequence, the quarterly consolid...
• Correcting And Replacing Cc Media Holdings, Inc. Reports Fourth...
CC Media Holdings reported revenues of $5.6 billion for 2009, a decline of 17% as compared to 2008. The decline in the Company’s revenues resulted from the global economic downturn and related dec...
• Trimac Announces Fourth Quarter, Year-end Results
March 11 /PRNewswire-FirstCall/ - Trimac Income Fund (TSX Symbol TMA.UN) (the "Fund") today released the financial results of the Fund and Trimac Transportation Services Limited Partnership ("Trimac" ...
• Zhongpin Reports Higher Results For The Year 2009
Year 2009 highlights: -- Net revenues increased 34.5 percent in the year 2009 to $726.0 million from $539.8 million in 2008. -- Net income increased 45.2 percent to $45.6 million in 2009 from $31.4...
• Discover Financial Services Announces Actions To Further Enhance...
Discover also estimates that the first quarter net principal charge-off rate for its Direct Banking segment will be approximately 8.5%, up from 8.43% in the fourth quarter 2009. The over 30-day deli...
• Pall Q2 Earnings Rise Yet Miss Estimate
PLL ) said Thursday after the markets closed that its second quarter profit rose 27.5% from last year, helped by higher sales and improved gross margins. However, the company's quarterly earnings pe...
• Aeropostale Q4 Profit Rises 42%, Tops Estimate; Sees Q1 Earnings Above Consensus
ARO ) said Thursday its profit for the fourth quarter increased 42% over last year, driven by strong customer reaction to its spring merchandise assortment, which resulted in higher sales and improv...
• Farm Product Make Agrium Says It's Abandoning Its Bid For Rival Fertilizer Maker Cf Industries
NEW YORK - Agricultural products company Agrium Inc. said Thursday that it will let its offer to acquire CF Industries Holdings Inc. expire on March 22 and stop pursuing the deal. Agrium, based in C...
• Bipartisan Talks Stall; Dodd Decides To Go-it-alone In Offering A Financial Regulation Bill
WASHINGTON AP) — Unable to muster bipartisan agreement on key banking provisions, Senate Banking Committee Chairman Christopher Dodd said Thursday he will offer his own version of a sweeping ove...
• Credo Petroleum's '09 Earnings Ride High
Credo Petroleum reported financial results for the quarter ended January 31, 2010. For the first quarter, net income was $639,000, or $.06 per diluted share, compared to a net loss of $9,891,000, or ...
• Walt Disney Bets On Southern Audience
MUMBAI: The Walt Disney Company in India on Thursday announced its first locally developed studio project aimed specifically at southern audiences. The yet to be named epic fantasy adventure is to be ...
• No New Taxes Or Vat Rise In Budget, Says Treasury Minister Liam Byrne
Chief secretary to the Treasury Liam Byrne says chancellor Alistair Darling will not be raising taxes in the budget. Photograph: Lewis Whyld/PA The government will not be raising new taxes, includin...
• Xoma 4q Profit Falls On Weak Contract Revenue, Pacific Sunwear Loss Widens
(AP) - Among the earnings stories for Thursday, March 11, from AP Financial News: BERKELEY, Calif. (AP) — Biotechnology company Xoma Ltd. said its fourth-quarter profit fell as its contract rev...
• Chevron May Proceed With Arbitration Over Ecuador
March 11 (Bloomberg) -- Chevron Corp., the second-largest U.S. oil company, may proceed with an arbitration stemming from a court fight over an environmental cleanup in Ecuador that might cost as much...
• National Beverage Q3 Earnings Pop
said on Thursday it had its best third quarter in the company’s history. The Fort Lauderdale-based soft drink company (NASDAQ: FIZZ) said net income for the third quarter was $5.5 million, up f...
• Coca-cola Femsa Bottler To Change Bylaws
Drinks company Fomento Economico Mexicano SAB said Wednesday its bottler, Coca-Cola FEMSA, plans to change its bylaws so a simple majority of its board can appoint and set compensation of the CEO and ...
• Exxon Mobil Forecast $28b Spending
FOLLOW THE MONEY: Exxon Mobil Corp. will increase its capital spending by 3 percent to $28 billion this year despite weak global demand for energy. It forecast capital spending between $25 billion and...
• Regulator Faults Wall Street Banks On Derivatives
Washington » Wall Street banks are seeking exemptions to proposed new financial derivatives rules that could shield more than half the trades that should be subject to disclosure, a federal regu...
• Government May Tighten Car Safety Standards
March 11: The head of the National Highway Traffic Safety Administration testifies before Congress about his agency's investigation into the safety of Toyota vehicles. NBC's Tracie Potts reports.
• Sec Head Urges Congress To Act On Derivatives
WASHINGTON - The government's top securities regulator is calling anew for Congress to impose new oversight on financial derivatives, warning that allowing risky instruments like credit default swaps ...
• The 25 Richest Counties In The United States
Except, perhaps, in Loudoun County, Va., where median household incomes are higher than anywhere else in the country. This affluent suburb of Washington, D.C., where families take home a median $110,6...
• Al Franken Jokes, But Google Fiber Is No Laughing Matter
Now U.S. Senator Al Franken has been enlisted to lobby Google in a bid by two midwestern cities to get free upgrades to gigabit internet connections. Comedy from the funniest man in Congress may give ...
• Wall St Claws Out Late Rally On Upbeat Citi
US SHARES staged an 11th hour rally to close higher overnight after the head of Citigroup, Vikram Pandit, said he was sure the bank was on track for a sustainable recovery, lifting sentiment.
• Wall St Claws Out Late Rally On Upbeat Citi
US SHARES staged an 11th hour rally to close higher overnight after the head of Citigroup, Vikram Pandit, said he was sure the bank was on track for a sustainable recovery, lifting sentiment.
• Wall St Claws Out Late Rally On Upbeat Citi
US SHARES staged an 11th hour rally to close higher overnight after the head of Citigroup, Vikram Pandit, said he was sure the bank was on track for a sustainable recovery, lifting sentiment.
• Wall St Claws Out Late Rally On Upbeat Citi
US SHARES staged an 11th hour rally to close higher overnight after the head of Citigroup, Vikram Pandit, said he was sure the bank was on track for a sustainable recovery, lifting sentiment.
• Doctor Pepper Upgraded By Ubs
DPS ) from neutral to buy, citing the company's strong fundamentals and a share buyback program. The brokerage also raised its price target on Doctor Pepper to $42 from $31. Doctor Pepper has recei...
• Pfizer Says Two Breast Cancer Drug Studies Fail
SAN FRANCISCO -- Pfizer Inc. said late Thursday two late-stage studies of an approved kidney cancer drug failed to treat breast cancer significantly, and that it will also halt an unpromising late-st...
• Muni Market Optimism Helps California, Detroit Sell Bonds
NEW YORK -(Dow Jones)- In a measure of investors' optimism--or at least their risk tolerance--two financially troubled municipal issuers, California and Detroit, easily completed debt sales Thursday....
• Imf To Send Staff To Honduras For Econ Assessment
Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The International Monetary Fund plans to send a staff mission to Honduras next week, the IMF said Thursday. The team will be the first from the IMF to ...
• new Zealand's Jan Adjusted Retail Sales +0.8% On Month, Consensus +0.5%
Of Dow Jones Newswires WELLINGTON -(Dow Jones)- New Zealand retail sales rose in January from December beating the consensus forecast, official data showed Friday, showing consumption is on the rise ...
• A-power Energy Tapped To Develop Wind Turbine Plant
APWR ) and two other companies have been tapped to develop a wind turbine production plant in Nevada. The plant, which will supply wind turbines to renewable energy projects throughout the country w...
• Cuomo Appoints Independent Counsel To Investigate Paterson
Saying there were “credible issues that need to be resolved,” New York State Attorney General Andrew Cuomo announced Thursday he will appoint an independent counsel to investigate two separate in...
• Movie "avatar" Has Few Fans Among Mining Execs
In a case of art imitating life -- with perhaps a little poetic license -- Oscar-winning movie "Avatar" paints big mining companies as the villains of the future.
• Alberta Revamps Oil And Gas Royalty Regime
CALGARY -- Alberta, responding to more than two years of harsh criticism, has once again revamped its conventional oil and gas royalty regime, this time returning to rates similar to those announced b...
• Clairvest's N.y. Casino Deal Folds
Gamers play the slot machines at the Empire City Casino in Yonkers, New York. The Aqueduct Entertainment Group consortium was denied a licence to operate a similar facility at Queens. N.Y. track.
• Tsx Ekes Out Small Gain In Thursday Trading
The Toronto Stock Exchange was showing a small gain at closing time Thursday as a number of different developments largely cancelled each other out in terms of market impact. The S&P/TSX composit...
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