April 13, 2005
Asian markets were mixed on Wednesday, with Tokyo and Manila up but Shanghai and Hong Kong showing advances. Shanghai achieved a 2.4 percent rise. Hong Kong hit a three-week high, with the Hang Seng index rising 1 percent. There were fears in Manila, though that a tax bill would not generate as much revenue as expected, and the Manila composite fell 0.6 percent. Tokyo saw its ...
Asian markets mixed as Japan faces accounting scandal
by Brian TurnerAsian markets were mixed on Wednesday, with Tokyo and Manila up but Shanghai and Hong Kong showing advances. Shanghai achieved a 2.4 percent rise. Hong Kong hit a three-week high, with the Hang Seng index rising 1 percent. There were fears in Manila, though that a tax bill would not generate as much revenue as expected, and the Manila composite fell 0.6 percent. Tokyo saw its ...
Oil prices reverse as inventory promises better stocks
by Brian TurnerOil prices hit a six-week low Wednesday as IPE Brent prices for a barrel of oil fell a further 42 cents to $51.56 for May delivery after it had lost $1.23 on Tuesday. Brent’s price per barrel for June’s contract fell to $52.52. Nymax WTI’s price on May delivery crude oil also fell, with a loss of 42 cents to $51.44 per barrel. Nymax’s prices had seen ...
April 12, 2005
Anthony Ruys, chairman and chief executive of Heineken since 2002, will leave his post on October 1, 18 months ahead of schedule as part of a comprehensive management overhaul. The changes are an effort to reverse a trend of reduced profits that have been blamed on the falling dollar. Ruys will be replaced by Jean Francois van Boxmeer, who will be the first non-Dutchman to head Heineken. ...
Heineken seeks improved market performance
by Brian TurnerAnthony Ruys, chairman and chief executive of Heineken since 2002, will leave his post on October 1, 18 months ahead of schedule as part of a comprehensive management overhaul. The changes are an effort to reverse a trend of reduced profits that have been blamed on the falling dollar. Ruys will be replaced by Jean Francois van Boxmeer, who will be the first non-Dutchman to head Heineken. ...
Japanese companies on market downturn
by Brian TurnerThe Tokyo markets were lower again Tuesday due to the effects of a lower dollar and an overnight rise in crude oil prices. The Nikkei 225 was down 0.6 percent, which brought total losses on Monday and Tuesday to 200 points. The Topix index was down 0.9 percent. Most technology stocks were lower, with Sony down 1.8 percent, Cannon off 1.6 percent, and Toshiba down by 1.1 ...
Output predictions calms oil market
by Brian TurnerGold was higher in commodities trading on Tuesday, but trade was light. Copper hit a record high in Asia, coming in $10 higher than London’s Monday high amid fears created by a lack of supply in Shanghai. But the real news Tuesday was a lowering of predictions of world oil demand in 2005 as the International Energy Agency (IEA) lessened demand predictions for the year by 50,000 barrels ...
UK to offer inflation-tied 50 year bond
by Brian TurnerThe UK Debt Management Office is considering issuing an inflation-linked 50-year bond in the third quarter of 2005. A conventional 50-year bond is already set to go on sale in May, but issuance of a long-term bond linked to inflation, which would protect investors from future price rises and which would satisfy a growing demand, is thought to be a good possibility later on. Besides answering a demand, ...
April 11, 2005
The mobile e-mail market is still very small, but it is estimated that by the end of 2008, 80 percent of e-mail users will access their mail by mobile phone. That expected growth in the market has seen the creation of a number of small mobile e-mail companies, including Good Technology, Visto, and Intellisync, and one large mobile e-mail provider, Research In Motion’s (RIM) BlackBerry. Analysts believe that ...
Mobile companies merger as market moves foirward
by Brian TurnerThe mobile e-mail market is still very small, but it is estimated that by the end of 2008, 80 percent of e-mail users will access their mail by mobile phone. That expected growth in the market has seen the creation of a number of small mobile e-mail companies, including Good Technology, Visto, and Intellisync, and one large mobile e-mail provider, Research In Motion’s (RIM) BlackBerry. Analysts believe that ...
Verizon moves against Qwest bid
by Brian TurnerVerizon Communications now seems to have an insurmountable lead over Quest Communications in the battle between the two companies to acquire MCI. Verizon, the largest telecommunications company in the United States, over the weekend made a deal with MCI’s largest single stockholder, Carlos Slim, to acquire his shares and thus become itself the largest shareholder in the company it is trying to take over. They will pay $1.1 ...
Tokyo suffers from Chinese protests
by Brian TurnerThe Tokyo markets were down on Monday, with the Nikkei down 1.1 percent and the Topix down 0.9 percent. Companies with connections to China fell as tensions between Japan and China rose after a large anti-Japan demonstration in Beijing. The protests were spurred by outrage over a new Japanese history book that demonstrators say does not fully admit the extent of Japanese atrocities against the Chinese during World ...
April 8, 2005
Despite having three of their previous offers rejected, Qwest Communications has continued to pursue its effort to acquire MCI, having nearly completed arrangements for an equity infusion of $2 billion in order to make its bid more attractive. Most of this additional equity would be contributed by current MCI shareholders who favor Qwest’s bid and is conditional on endorsement of the bid by MCI’s board of directors. There ...
Qwest fights Verizon for MCI
by Brian TurnerDespite having three of their previous offers rejected, Qwest Communications has continued to pursue its effort to acquire MCI, having nearly completed arrangements for an equity infusion of $2 billion in order to make its bid more attractive. Most of this additional equity would be contributed by current MCI shareholders who favor Qwest’s bid and is conditional on endorsement of the bid by MCI’s board of directors. There ...
PSP sells $150 in first US week
by Brian TurnerSony’s new PlayStation Portable (PSP) handheld game console, launched in North America on March 24, has the company claiming $150 million sales in the first week and over 500,000 units sold in the first two days of availability. Still, some analysts, citing reports of continuing availability of the PSP in many stores, are calling the debut less successful than fulfilling Sony’s full expectations for the new product. Sony ...
Comcast and Time Warner bid for troubled Adelphia
by Brian TurnerAdelphia Communications, which had to seek bankruptcy protection after a scandal involving its founder, John J. Rigas, and his two sons, will apparently be acquired by Time Warner and Comcast in a deal involving $18 billion in cash and stocks. Cablevision had made a last minute bid to beat out the Time Warner/ Comcast bid, but that effort seems to have failed. While spokesmen from Time Warner, Comcast, ...
April 7, 2005
European and U.S. markets were up on Thursday, but the Tokyo markets were mixed. In Tokyo, the Nikkei index was down 0.1 percent, while the Topix index was up 0.1 percent. Consumer electronics were mostly up, but retailers were generally down amid the concerns of investor concerns over restructuring. The London markets were up for the third day in a row. The FTSE 100 was up ...
UK and Europe enjoy good Thursday trading
by Brian TurnerEuropean and U.S. markets were up on Thursday, but the Tokyo markets were mixed. In Tokyo, the Nikkei index was down 0.1 percent, while the Topix index was up 0.1 percent. Consumer electronics were mostly up, but retailers were generally down amid the concerns of investor concerns over restructuring. The London markets were up for the third day in a row. The FTSE 100 was up ...
Delays in Rome hit airlines
by Brian TurnerThe Friday funeral for Pope John Paul II is having an impact on low cost and charter air carriers who operate out of Rome Ciampino, the airport closest to Rome. The airport was closed Thursday, along with the airspace in and around Rome from 10.00 GMT until midnight on Friday as security precautions. Ryanair had to cancel all of its operations out of the airport. Passengers were ...
Chinese bank negotiates foreign flotation
by Brian TurnerBank of America, UBS, and Deutsche Bank are among up to 10 potential foreign partners being courted by the Bank of China, one of China’s largest state-owned banks, ahead of the bank’s listing on foreign exchanges. This announcement Thursday by the Bank of China came after months of refusals to disclose exactly who it has been negotiating with for as long as a year and is seen in some ...
Lara Croft kicks Elevation for SCi
by Brian TurnerIn midday trading on Thursday, shares in the video game company Eidos had fallen 5.5 percent and shares of SCi Entertainment had risen 0.7 percent on the news that Eidos had accepted SCi’s bid. The maker of such games as “Tomb Raider” and “Hitman”, Eidos accepted the SCi bid over that of Elevation, a U.S. venture capital firm whose partners include U2 lead singer Bono. Last month, Eidos announced that ...
Pfizer down as FDA intervenes
by Brian TurnerShares of Pfizer, the world’s largest drug maker, were down 1.6 percent in early trading on Thursday after the U.S. Food and Drug Administration asked the drug company to remove an arthritis drug, Bextra, from the market after tests showed that the risks to the patients using it outweighed the benefits. The FDA also asked Pfizer to place a strong warning on another of it’s drugs, Celebrex. Both ...
April 6, 2005
By midday Wednesday, the New York markets were following the lead of most world markets. The Dow Jones and the S&P 500 each were up 0.5 percent, and the Nasdaq Composite was up 0.6 percent, all on the strength of falling crude oil prices. The London markets were up, but only slightly. The FTSE 100 gained only 0.1 percent, and the FTSE 250 was up 0.8 percent. ...
Markets recover from high oil shock
by Brian TurnerBy midday Wednesday, the New York markets were following the lead of most world markets. The Dow Jones and the S&P 500 each were up 0.5 percent, and the Nasdaq Composite was up 0.6 percent, all on the strength of falling crude oil prices. The London markets were up, but only slightly. The FTSE 100 gained only 0.1 percent, and the FTSE 250 was up 0.8 percent. ...
Serono shares down but profit forecast stable
by Brian TurnerDespite a 4.8 percent downturn in the price of its shares by midmorning Wednesday due to halted trials on two of its drugs in development, analysts say that profit estimates for Serono, Europe’s largest biotechnology company, remain unchanged. Late-stage trials on the drugs onercept, for the treatment of psoriasis, and of Canvaxin for the treatment of Stage IV melanoma, were halted on the advice of two data and safety ...
Rival join up to enter Microsoft Anti-Trust case
by Brian TurnerThe European Commission’s anti-trust case against Microsoft has gained additional credibility and a new source of technological and legal advice with the application of several companies, under the name European Committee for Interoperable Systems (ECIS) to join the anti-trust case against the computer giant. Members of the ECIS include IBM, Oracle, Nokia, Red Hat, and RealNetworks. The case against Microsoft lost some of its sheen when several groups in ...