As increasing prices continue to aggravate Asia’s governments moving into September, manufacturing activity slowed in August within Japan, Taiwan and South Korea, according to data released on Thursday. Investors in the US worried ahead of Labor Day – America’s annual holiday to welcome in September – that it would have adverse affects across the water. South Korea fell for the first time since 2008 to 49.7 from 51.3 in July, presenting a jittering start to September. Taiwan dropped to 45.2 from 46.1 a month earlier. China saw a minor increase in production; however Japan’s growth dropped to 51.9, a three month low. The results publ...
Russia’s Prime Minister Vladimir Putin late on Tuesday announced an agreement between US oil conglomerate ExxonMobil and Russia’s Rosneft to explore the country’s oil-rich Arctic continental shelf. The deal replaces a comparable but failed agreement with BP that differs in that Exxon offers Rosneft assets in Texas and in the Gulf of Mexico in exchange for access to untapped hydrocarbon deposits in the Russian Arctic. “This project promises to be highly interesting and ambitious. Today’s event is sure to receive a positive reaction from the world energy markets; Exxon’s exploration of Russia’s strategic continental and deep water...
Bank of America late on Monday announced it is to sell around half of its ten percent stake in China Construction Bank to a group of investors in an effort to increase capital and shed assets. The sale of around 13.1 billion shares is expected to generate an estimated $8.3bn in cash proceeds and an after tax gain on sale of around $3.3bn, the bank stated. The US’s largest lender by assets said in a statement: “The current proposed Basel III standards place restrictions on capital that represents ownership in financial institutions above ten percent. The sale of CCB shares announced today would put Bank of America’s ownership in CCB b...
Markets showed signs of caution and the dollar declined against its counterparts as traders await a speech by Federal Reserve Chairman Ben Bernanke which is expected to show a slowing US economy. Following Japan’s downgrade on Wednesday wild rumours emerged that Germany could face a credit rating cut and unnerved German markets in early trading on Friday. The FTSE 100 dropped 0.9 percent to 5,087.94 and the German Dax slumped 106.15 points to 5474.45, while the dollar fell to $1.4429 per Euro compared to $1.4379 in New York the day before. ...
Credit Agricole, France’s third largest bank by market value, published in its 2Q11 net profit results on Thursday a 10.6 percent decrease at €339m compared to €379m in the same period last year. The decline was mainly attributed to a pre-tax impairment on its Greek bond exposure of €202m, the bank said in a statement. In Paris trading the lender had dropped around 30 percent in August over the threat the sovereign debt crisis could affect its 960 Italian branches....
?Asian highs were short-lived on Wednesday when regional markets failed to hold on to Tuesday’s gains after sentiment dampened following Moody’s decision to downgrade Japan’s credit rating to Aa3.? The ratings agency said that the nuclear accident coupled with the earthquake disaster had aggravated its economy and deferred Japan’s recovery.?The Nikkei 225 and Hang Seng experienced the biggest losses, with 1.02 percent to 8,644 and 2.10 percent to 19,461, respectively. In the US the Dow gained 2.97 percent while Nasdaq climbed 4.29 percent....
Asian markets rebounded on Tuesday following a series of losses last week after released data showed improved manufacturing activity in China and buoyancy that Federal Reserve Chairman Ben Bernanke may unveil steps to boost the US economy. ? ?Hong Kong’s Hang Seng climbed 1.99 percent to 19,875, Japan’s Nikkey rose 1.2 percent to 8,733 while the Kospi in South Korea posted the largest gain to 1,777, a 3.86 percent increase.? Market uncertainty continued to prevail however as investors sought out the safe haven of the bullion, leading to gains of an all time high of 1,901,80 an ounce, up $10.60, in Tuesday’s electronic trading.? Platinum...
German chancellor Angela Merkel on Sunday snubbed Eurobonds as a short-term answer to Europe’s sovereign debt crisis while four of Greece’s largest banks in Athens stepped in to rescue a smaller lender. Merkel continued to oppose a bond guaranteed by all of Europe’s member states, saying the eurozone would turn into an inflation community if nations sold a joint bond without amalgamating their economic policies first. Investors faced an anxious start to the week as banks in Greece tried to avert on Sunday a run on its frail banking system by taking up €50m convertible bonds to bail out Proton bank, the Central Bank said. Proton Bank, ...
?Japan’s Asahi Group Holdings said Thursday it has come to an agreement to buy New Zealand’s leading ready-to-drink cocktail company, Independent Liquor, for $1.31bn from Pacific Equity Partners and Unitas Capital Pte.? ? The brewer hopes to grow a stronger position in New Zealand and Australia, and aims to increase its overseas sales between 20 percent and 30 percent, the group said.? ?Asahi’s oversees sales currently account for 6.6 percent compared to the 23 percent of its competitor, Kirin Holdings. ? ? The transaction, which is the largest ever by a Japanese company targeting the New Zealand market, is due to be completed by the...
Stocks in Europe fell on Wednesday after a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel late on Tuesday to discuss the area’s rescue fund and borrowing. The duo had been under pressure to re-establish market confidence after a bout of volatility and uncertainty. Tokyo’s Nikkei and S&P 500 were 0.6 percent and 0.97 percent down respectively at close of trading. Frankfurt dropped 1.5 percent, while London’s FTSE and Paris CAC were both down 1 percent in early trading. The leaders of Europe’s strongest economies revealed plans late on Tuesday for closer eurozone incorporation, including bian...