News

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Thu, 22 Dec 2011 17:38:45 GMT

Yahoo shares rally following the news on selling Alibaba stake

Yahoo shares advanced 6% after the report that the company is planning to sell its stakes in Alibaba Group and in Yahoo Japan. The New York Times announced that Yahoo wants to decrease the stake in Alibaba from 43% to 15%. Analysts expect the deal to amount $17bn while Yahoo purchased Alibaba stake for $1bn six years ago.

Thu, 22 Dec 2011 17:36:20 GMT

Worldwide coffee exports increase by 41% amounting $23.5 billion

World's coffee exports are expected to total $23.5 billion or 102.4 million bags this year as compared to $16.7 billion or 96.8 million bags in 2011, indicating a 41% increase, reported International Coffee Organisation. Coffee is the second most traded commodity after oil in the world. Coffee futures for delivery in March traded at USD2,192 a pound on the Inter Continental Exchange, easing down by

Thu, 22 Dec 2011 17:35:33 GMT

Corn futures are steady amid concerns over weather forecasts in Brazil and Argentina

Corn futures remained steady, being close to four-week high, leveling off after four-day gains as investors eye weather forecasts in Brazil and Argentina, the largest world producers of corn. Corn futures for delivery in March traded at USD6.1488 a bushel at the early European trade, on the Chicago Mercantile Exchange, edging down 0.12%.

Thu, 22 Dec 2011 17:32:42 GMT

Russia's inflation rate to be at 6% this year

Russia is likely to see 6% inflation rate this year, being the lowest since the collapse of the Soviet Union, according to Dmitry Medvedev. The country's economy is expected to expand by 4% in 2011 outperforming the economic growth of leading economies, he added.

Thu, 22 Dec 2011 17:31:15 GMT

Global crude steel capacity utilization ratio decreases

Global crude steel capacity utilization ratio decreased to 73.4% in November, down by 2.8%, reported World Steel Association. At the same time, the global commodity output achieved 116 million metric tons last month, indicating 1.1% increase on a yearly basis.

Thu, 22 Dec 2011 17:05:33 GMT

Toyota plans to increase production by 20%

Toyota announced its plans to boost production by 20% in 2012 pursuing faster recovery after the earthquake in Japan in March and Thailand's floods. Toyota expects to manufacture 8.48 million vehicles and boost sales by 25% to 8.65 million next year. Earlier this year the company lost its leading position in the car market to GM and halved its profit expectation for 2011.

Thu, 22 Dec 2011 17:03:37 GMT

Commodities are viable investment options next year

Commodities have a high investment potential next year, reported BNY Mellon Asset Management. Commodities, having low correlation with volatile bonds and stocks, may provide investors with diversification that will allow them to stay afloat amid US presidential elections, high budget deficit and high inflation expected next year, according to forecasts of the Mellon Capital Management Corporation.

Thu, 22 Dec 2011 16:58:53 GMT

Crude oil futures advanced on falling inventories in the US

Crude oil futures advanced on Thursday as market sentiment improved on the sharp fall in US oil inventories that signal faster US recovery. US crude oil inventories declined by 10.6 million barrels, being the largest fall since 2001. Light, sweet crude oil futures for February delivery traded at USD99.40 a barrel during the morning session, on the New York Mercantile Exchange, gaining 0.73% since opening.

Thu, 22 Dec 2011 16:05:50 GMT

US unemployment claims drop to lowest level since 2008

Jobless claims unexpectedly declined previous week reaching the lowest level since April 2008 indicating that US labour market is recovering. Unemployment claims dropped by 4000 to 364 000 last week, reported Labor Department. Economists questioned by Bloomberg predicted an increase to about 380 000.

Thu, 22 Dec 2011 16:05:26 GMT

Nikkei 225 declines on Europe scepticism

Japan's Nikkei Stock Average traded 0.77% or 64.82 points down reaching 8,395.16 as market reflected investor scepticism towards impact the ECB cheap loans might have on curtailing region's debt crisis. Toyota Motor Corp. was down 0.6% after reporting its sales are likely to fall by 6% this year. On the upside Yahoo Japan Corp. jumped 2.1% after company said it may reduce most of its

Thu, 22 Dec 2011 16:04:56 GMT

Hang Seng slips as optimism about effect of ECB lending fades

On Asian Thursday trade Hong Kong's Hang Seng Index lost 0.21% or 38.22 points and closed at 18,378.23 on investor sentiment that cheap loans from ECB will not curb debt crisis. Major decliners were toys and clothes producer Li & Fung Ltd, trading down 2.9% and resource firm China Coal Ltd dropping 1.53%. On the upside Alibaba.com Ltd. gained 0.5% following announcements that Yahoo Inc.

Thu, 22 Dec 2011 16:04:19 GMT

India to borrow $9.5 bn to cover budged deficit

India is considering borrowing around $9.5 bn putting shares and land as collateral to cut its budget deficit, said governmental officials familiar with the matter. By January 15 India's government will nominate a fund authority that will be responsible for pledging state's stocks held in non-state firms including Axis Bank Ltd. and ITC Ltd. 

Thu, 22 Dec 2011 13:43:38 GMT

US stock futures higher ahead of confidence data

US stock index futures climbed on Thursday, indicating market may open higher, as investors are waiting for US data on jobless claims and consumer confidence. Futures on S&P 500 index gained 0.4% or 4.6 points reaching 1,240.80. Futures on the Dow Jones Industrial Average index added 0.3% or 37 points to 12,063 while those on Nasdaq 100 advanced 0.4% or 9.25 points to 2,248.25.

Thu, 22 Dec 2011 13:43:28 GMT

Canadian Dollar climbs against greenback as crude oil advances

The loonie strengthened for a second straight day against US Dollar as crude oil surged and data showed growth in sales twice as much as predicted by economists. Loonie appreciated to C$1.0209 during day but erased part of gains as optimism on ECB cheap loans faded. The Canadian currency gained 0.3% against its US peer to C$1.0266 in Toronto evening session. Currently USD/CAD is trading

Thu, 22 Dec 2011 13:43:17 GMT

UK stocks rebound ahead of US employment data

UK shares accelerated on Thursday, recovering from a massive drop earlier this week as investors are looking forward data on US consumer confidence and nation's employment. Rally in shares was led by Royal Bank of Scotland jumping 2.3% and International Consolidated Airlines Group gaining 1.2% after it agreed to buy BMI, Lufthansa AG's unit. UK benchmark index FTSE 100 added 1.2% or 63.7 points in

Thu, 22 Dec 2011 13:43:08 GMT

UK economy expands more than predicted

UK economy in third quarter expanded more than was previously predicted by economists. GDP advanced 0.6% compared to earlier forecast 0.5%. Nevertheless Bank of England warns that further rapid growth is unlikely given developments across Europe as debt burden harms demand. BOE predicts UK economy may stop expanding in current quarter and in the beginning of 2012. 

Thu, 22 Dec 2011 10:55:36 GMT

British Airways prepare to buy Lufthansa's BMI

British Airways parent company IAG agreed to acquire Lufthansa's BMI unit for ВЈ172.5 million ($270.5 million) beating Virgin Atlantic Airways counterbid. IAG needs BMI division in UK to provide mainline operations at Heathrow, the European most active airport. Lufthansa has been thinking of sale after BMI wrecked $291 million in operating losses after takeover in 2009.

Thu, 22 Dec 2011 10:54:53 GMT

European markets open higher

European stocks traded higher on Thursday morning partly erasing yesterday's losses, led by financials. Stoxx Europe 600 index added 0.8% at 239.18 while German DAX 30 index climbed 1.2% reaching 5,861.63. FTSE 100 index jumped 0.7% at 5,425.38 and French CAC 40 index gained 1.2% at 3,067.96. 

Thu, 22 Dec 2011 10:05:46 GMT

Greece's creditors reluctant to accept greater losses

Greece's creditors are struggling against IMF pressure to accept greater losses on government bonds, said three persons familiar with matter. Lenders require government to issue new bonds worth €70 bn ($91 bn) with a coupon at around 5%. However, IMF is forcing creditors to take smaller coupon to cut Greek GDP ratio to 120% by 2020. Without write-downs Greece's debt burden will be nearly twice

Thu, 22 Dec 2011 10:03:24 GMT

Standard & Poor's downgrades Hungary credit rating to junk

Yesterday Hungary's credit ratings were cut from BBB- to BB+ by Standard & Poor's. EU and IMF postponed talks about aid package on concerns the Hungary's central bank law will weaken monetary policy independence. Hungary is likely to have slowest growth and highest debt among EU eastern countries next year. Moody's Investors Service already lowered nations rating to junk on November 24.

Thu, 22 Dec 2011 09:58:51 GMT

Putin must compete with economic records made by himself

Vladimir Putin, Russian PM faces a challenge to convince voters he can surpass economic performance records of his previous presidential terms. Economy expanded at average rate of 7.1% during period 2000-2008. Economic growth for current year is likely to be only 4.5%. Putin's inability to boost growth while being a premier may deter voters. 

Thu, 22 Dec 2011 09:56:56 GMT

Bank of America to pay $335 million for violation fair lending rules

Bank of America Corp. will be forced to pay $335 million to reimburse borrowers of Countrywide Financial Corp as they were required to pay higher interest rates and fees for mortgages. Countrywide which was acquired by BOA in 2008 charged higher interest rates and fares to around 200 000 Hispanic and black borrowers, said US Department of Justice.

Thu, 22 Dec 2011 09:56:36 GMT

US stocks swing between gains and losses on Wednesday

US shares fluctuated on Wednesday experiencing sharp drop in midday and recovering afterwards. Dow Jones Industrial Average closed 0.03% or 4.16 points higher at 12,107.74, while S&P 500 finished 0.2% or 2.42 points up at 1,243.72. Only Nasdaq Composite did not manage to recover and closed 0.99% or 25.76 points down, led by Oracle Corp sell-off.

Thu, 22 Dec 2011 09:56:14 GMT

Monti faces final vote on austerity package

Italy's Senate is going to vote on €30 bn ($39 bn) emergency plan today. The package of measures include levy on primary homes, pension overhaul, curb on tax fraud, all proposals aimed at curtailing borrowing costs and persuading investors that Italy is working on reducing Euro Zone's second-biggest debt. Nevertheless, analysts warn the measures may throw Italy further in recession given slowing nation's growth.

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