Recovering economies drive Exxon profit rise January 31, 2011 Exxon Mobil has reported a better-than-expected 53 per cent increase in quarterly profit, helped by a lower tax rate and recovering world economy. Oil demand rose last year and the US government expects another 1.5 per cent gain this year as businesses’ and consumers’ appetite for fuels rise as the global economy slowly mends. Exxon [...]
Wall Street finishes flat after late buying January 25, 2011 US stocks erased losses in a late flurry of buying to end little changed yesterday as overall optimism about earnings offset disappointing results from blue chips 3M and Johnson & Johnson. About 70 per cent of S&P companies so far have beaten estimates, but worries about inflation cutting into profits have caused investors to jump [...]
BlackRock sees jump in fourth quarter profit January 25, 2011 BlackRock Inc, the world’s largest asset manager, reported a big jump in fourth-quarter profit and revenue, topping analysts’ estimates, aided by the global stock market rally. With markets on an upswing, the $3.6 trillion investment unit for $15bn just over a year ago finally appears to be paying off for investors. BlackRock attracted a net [...]
Wall St rises led by commodities stocks January 24, 2011 WALL Street resumed its rally yesterday, led by natural resources and tech shares as investors saw stocks regaining momentum lost late last week. A share-buyback from Dow component Intel helped revive optimism, which has been reinforced by more strong profit reports. Three-quarters of the 84 S&P 500 companies that have reported results so far in [...]
Chinese giant to buy into Bank of East Asia January 23, 2011 INDUSTRIAL and Commercial Bank of China, the world’s top lender by market value, will pay about $140m (£87.5m) for 80 per cent of Bank of East Asia’s US unit, the two companies said yesterday. The deal, first mentioned in a report on Friday, will require approval from regulators in China and the United States before [...]
Kirsh ruled out of bid talks with Minerva January 16, 2011 LONDON property developer Minerva revealed it is holding preliminary takeover talks with an unnamed potential buyer, which has already propelled its shares upwards and is set to do the same this morning. The identity of the predator remained a mystery yesterday, with Minerva’s advisers remaining tight-lipped about the ongoing talks. However, industry sources ruled out [...]
Wall St gets boost from banking stocks January 12, 2011 US stocks ended solidly higher yesterday after European debt fears eased and sparked a broad advance, led by banks and commodity-related shares. Investors expect further flows into equities on speculation the economy will strengthen. About seven stocks rose for every three that fell on the New York Stock Exchange. Sectors typically helped by rising inflation, [...]
US recovers losses after early jitters January 10, 2011 US stocks regained most of their early losses in light volume and ended slightly lower yesterday as prospects for strong earnings helped counter fears Portugal would be forced into a bailout. Investors say the market’s upward trend remains intact, but the S&P’s third straight session of declines suggests momentum has stalled. Traders also cited the [...]
Morgan Stanley to spin off proprietory trading unit January 10, 2011 INVESTMENT bank Morgan Stanley will spin off its proprietary trading business into an independent firm in 2012, joining a host of Wall Street banks scrambling to comply with new rules that bar making market bets with their own capital. The unit, known internally as process driven trading, will be named PDT Advisers and will be [...]
Soft retail sales hit investor confidence January 6, 2011 US stocks slipped yesterday as soft retail sales and a sharp rise in the dollar left investors edgy a day before December’s US employment report. Given a rise of about eight per cent in the S&P 500 since the start of December, investors could be looking for an excuse to sell stocks if the jobs [...]