Sunday, 24 January 2010

Google founders to sell five million shares each

2010-01-24 GOOGLE founders Larry Page and Sergey Brin each plan to sell five million shares in the Internet giant, a move that would reduce their joint holdings to below 50 per cent, according to a filing Friday with the US Securities and Exchange Commission (...

Synthes, Cochlear chase Siemens unit

2010-01-24 SWITZERLAND'S Synthes Inc and Australia's Cochlear Ltd have emerged as suitors for Siemens's hearing aid unit, ahead of binding bids due in late February, sources familiar with the matter said.The keen interest in the unit, which could fetch more...

Bernanke fate in doubt as US Senate opposition swells

2010-01-24 PRESIDENT Barack Obama's administration is scrambling to save the nomination of Federal Reserve chairman Ben Bernanke as more opposition emerges from members of the president's own party.Two Senate Democrats announced they would vote against...

Saturday, 23 January 2010

Russia's finance ministry to spend cautiously as Fitch raises rating

2010-01-23 RUSSIA reaped the benefits of an oil-fuelled recovery yesterday with a rating outlook upgrade from Fitch, but challenges remain, not least the prospect of a tough political fight to reign in budget spending post-crisis.Fitch became the second...

IN BRIEF

2010-01-23 Italy's ENI to lead US$20b Iraqi oil projectROME: A consortium led by Italian oil company ENI early Friday finalised a 20-year contract to develop the Zubair oilfield in southern Iraq, the company said in a statement. The consortium, which will...

UK to remove obstacle to sukuk bond issuance

2010-01-23 THE British government will seek to remove one of the final technical obstacles to the issuance of Islamic bonds, the Treasury said yesterday.Islamic finance professionals in the UK, which hosts five stand-alone Islamic banks, were optimistic that...

Obama's banking proposal gets tentative EU support

2010-01-23 FRANCE, Britain and Germany offered support on Friday for US President Barack Obama's plan to limit banks' size and trading activities but fell short of pledging to follow suit on the proposal that has stunned world markets.Obama's dramatic...

Friday, 22 January 2010

New stimulus needed to keep US recovery on track: Stiglitz

2010-01-22 THE US economy needs a new stimulus in the face of growth that is too weak to fuel enough job creation to bring unemployment down, Nobel laureate economist Joseph Stiglitz yesterday said."The single most important thing we can do (for the...

EU regulators OK Oracle's bid for Sun

2010-01-22 BRUSSELS regulators yesterday approved US business software giant Oracle's bid for hardware and software vendor Sun Microsystems, saying the deal would not skew the market in Europe.A major concern for EU competition watchdogs was the effect the...

Opel to cut 8,300 jobs in Europe

2010-01-22 GENERAL Motor Co's Opel unit will cut 8,300 jobs across Europe, including 4,000 in Germany, and close a plant in Antwerp, Belgium, casualties of the "tough reality" of a shrinking European auto market.Opel head Nick Reilly yesterday said...

World economy to grow 2.7% in 2010 but risks remain: WB

2010-01-22 THE global economy is poised to grow 2.7 per cent this year after shrinking in 2009, the World Bank said Wednesday in a report highlighting risks to a "fragile" recovery.The World Bank said the nascent recovery from the worst crisis since...

Obama toughens up on banks, finance firms

2010-01-22 US PRESIDENT Barack Obama yesterday announced a plan to limit the size and scope of US banks and finance firms in a populist bid to roll back corporate excess and limit dangerous risk-taking."Never again will the American taxpayer be held hostage by...

IN BRIEF

2010-01-22 Global IT spending to rise 5% in 2010MUMBAI: Spending on information technology worldwide will grow nearly five per cent in 2010 as an upturn in the global economy prompts companies to spend more, a consultancy said yesterday. All major segments...

Goldman Sachs profits soar in fourth quarter

2010-01-22 US BANKING giant Goldman Sachs blasted past Wall Street forecasts yesterday, posting fourth-quarter and full-year 2009 profits well above expectations despite a slip in revenues.Goldman Sachs, one of the leading Wall Street investment banks, said...

Thursday, 21 January 2010

HK, US, S'pore among world's freest economies

2010-01-21 HONG KONG remains the world's freest place to do business while the US has lost its claim to an unrestricted economy, according to an annual report published yesterday.Hong Kong, a former British colony which was returned to China in 1997, edged...

IN BRIEF

2010-01-21 Morgan Stanley earns US$617M in Q4NEW YORK: Morgan Stanley says it earned US$617 million during the last three months of 2009 as its investment banking operations profited from its Smith Barney joint venture. Morgan Stanley yesterday said it gained...

IBM raises 2010 profit outlook

2010-01-21 IBM raised its 2010 profit target and reported a stronger-than-expected, nine per cent increase in fourth-quarter earnings, as cost cuts and a shift to more profitable contracts helped it weather a slump in corporate spending.IBM's share price fell...

Bank of America net loss widens

2010-01-21 BANK of America Corp reported a wider-than-expected quarterly loss, hurt by still-high loan losses and its repayment of US government bailout aid.But the nation's largest bank said its credit problems are beginning to stabilise. Its fourth-quarter...

Wednesday, 20 January 2010

EU urges Greece to act on debt, reform stats

2010-01-20 SPAIN'S finance minister yesterday played down the risk of a Greek debt default but European Union ministers kept pressure on Athens to repair its public finances and what one called fraudulent statistics.With financial markets fretting about its...

IN BRIEF

2010-01-20 Dubai's debt could be as much as US$170bDUBAI: The total debt of cash-strapped Dubai could be as much as US$170 billion, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank. "The total debt held by...