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STock Market 

(27-04-2011)
  • Bursa Malaysia to trend upwards next week
    KUALA LUMPUR: Bursa Malaysia is expected to trend higher next week prompted by the ringgit’s strength and upswing in global crude oil prices, an economist said.Affin Hwang Investment Bank Vice-President and Retail Research Head Datuk Dr Nazri Khan Adam Khan said the local stock market received a boost in the recent week after Brent crude exceeded US$50 per barrel for the first time this year and the momentum was expected to continue next week.He said the improvement also helped the ringgit recover lost ground to RM4.07 per US dollar from as low as RM4.13 on Tuesday. ...More

  • Wall Street puts finishing touch on best week since March

    Federal Reserve Chair Janet Yellen speaks at the Radcliffe Institute for Advanced Study at Harvard University in Cambridge, MassachusettsWall Street rose on Friday and capped off its strongest week since March after U.S. Federal Reserve Chair Janet Yellen said an interest-rate hike would likely be appropriate "in the coming months." Yellen's is the most important voice in a chorus of policymakers recently suggesting that the U.S. economy has improved enough to warrant tighter borrowing costs, with a growing number of investors now expecting a hike in June or July. "As we look at our place in the global economy, things just seem to be improving to a point where it certainly looks likely that June or July will be the next launching point," said Paul Springmeyer, portfolio manager at the Private Client Reserve of U.S. Bank. "With the increased strength, we should get up off of those historically low levels where we are." After Yellen's speech, traders raised their expectations of a June rate hike to 34 percent from 30 percent, according to CME Group.


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  • Yellen remark 'doesn't suggest' June hike - DoubleLine's Gundlach
    (Reuters) - Jeffrey Gundlach, the CEO of DoubleLine Capital, said Friday that Federal Reserve chair Janet Yellen's remarks that a rate hike would be appropriate in coming months "doesn't suggest" a hike in June. Wall Street trimmed gains in early afternoon trading on Friday after Yellen said it would likely be appropriate to raise rates "in the coming months." But Gundlach said he still believes Yellen was more dovish in her comments Friday than her Fed colleagues.More

  • China's central bank condemns foreign media reports on yuan
    China's central bank on Friday condemned two news reports from foreign media outlets published this week about currency reforms and monetary policy. The People's Bank of China (PBOC) said in a statement on its official Weibo account the reports "fabricated facts, misled readers, misled markets", and that it reserved the right to take legal action. The headlines appeared on articles published this week by the Wall Street Journal and Bloomberg.More

  • Saudi Aramco boosting market share as it prepares for listing: CEO

    Amin H. Nasser, President and CEO of Saudi Arabian Oil Company Saudi Aramco, attends the Oil and Gas Climate Initiative summit ParisBy Reem Shamseddine KHOBAR, Saudi Arabia (Reuters) - Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports. Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030", a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman. Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse to cut supply to boost prices.


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  • Malaysian PM says police to investigate Wall Street Journal over leaked document

    File photo of Malaysia's Prime Minister Najib Razak at an event in Kuala LumpurMalaysian Prime Minister Najib Razak said on Friday the central bank governor has asked the police to investigate the Wall Street Journal for leaking a confidential document related to an inquiry into scandal-hit government fund. Publishing confidential documents under OSA (Official Secrets Act) is a very serious action on (their) part. Earlier on Friday, the Wall Street Journal published a copy of a letter said to be from Malaysia's central bank and addressed to Hasan Arifin, the chairman of a parliamentary committee investigating the state investment fund, 1Malaysia Development Bhd. When asked if the letter was authentic, Najib said: "I don't know.


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  • Philips Lighting shines in stock market debut

    A Philips logo is seen at Philips headquarters in AmsterdamBy Toby Sterling AMSTERDAM (Reuters) - Philips Lighting enjoyed a positive first day of trading as a newly independent company on Friday after its Dutch parent spun off the business upon which it was founded more than 120 years ago. Philips set an IPO price of 20 euros (15 pounds) Thursday night, implying a market capitalisation of 3 billion euros ($3.4 billion), or an enterprise value of 4.5 billion euros including debt.. The shares rose eight percent to 21.45 euros in early trading in Amsterdam. The move signals a historic shift for Philips, set up in 1891 as a maker of light bulbs before expanding into consumer electronics.


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  • Bidders Circle £7bn Credit Cards Giant MBNA

    Bidders Circle £7bn Credit Cards Giant MBNAMBNA, one of Britain's biggest credit card issuers, is being circled by potential buyers after being put up for sale by its US owner. Sky News has learnt that Bank of America (Swiss: BAC.SW - news) (BoA) has initiated plans for an auction of MBNA, which has a loan book of about £7bn - equivalent to roughly 11% of the UK credit card market. The sale comes more than four years after a previous sale attempt by BoA attracted a failed offer from Apollo Management, a private equity firm, and an arm of Goldman Sachs (NYSE: GS-PB - news) , the Wall Street bank.


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  • KCOM expects lower full-year core earnings as costs rise
    (Reuters) - KCOM Group Plc said on Friday it expected core earnings for the current financial year to be slightly lower than a year earlier, as the telecoms services provider ramps up investments in its Hull and East Yorkshire market to accelerate growth. Shares in KCOM, whose customers include chip maker ARM Holdings and Domino's Pizza Group, were down 2.7 percent at 103.18 pence in early trading on the London Stock Exchange. Hull-based KCOM said it expected capital expenditure to be more than 40 million pounds per annum for the next two financial years, reflecting increased fibre investment.More

  • Wall Street hits 'pause' after two-day surge

    Traders work on the floor of the NYSEInvestors this week have grown more comfortable with expectations the Federal Reserve could raise interest rates as soon as June, with many taking the view that such a hike would reflect improvement in the country's economy. "People are taking their foot off the gas after making a bunch of money, and now they're waiting for the next data point," said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York. Trading near 16.5 times expected earnings, the S&P 500 appears fairly priced, said Michael Mussio, managing director with FBB Capital Partners.


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  • US STOCKS-Wall Street hits 'pause' after two-day surge
    Wall Street treaded water on Thursday following two days of strong gains as advancing utilities offset declines in materials, banks and other cyclical industries. Investors this week have grown more comfortable ...More

  • US STOCKS-Wall Street pauses after two-day run higher
    Wall Street treaded water on Thursday following two days of strong gains as advancing defensive sectors offset declines in materials, banks and other cyclical industries. Investors this week have grown ...More

  • £70m Sorrell Pay Deal Gains ISS Backing

    £70m Sorrell Pay Deal Gains ISS BackingA £70m pay deal for Sir Martin Sorrell, the chief executive of WPP Group, is on course to avoid a major shareholder revolt after receiving the support of one of the world's top voting advisory firms. Sky News has learnt that Institutional Shareholder Services (ISS (LSE: 0QRS.L - news) ), which represents approximately 20% of UK stock market investors, has recommended approving WPP (LSE: WPP.L - news) 's remuneration report at next month's annual meeting. ISS's backing is significant because of the weight its views carry with institutional investors.


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  • MIDEAST STOCKS-Saudi shares drop despite oil over $50 but Dubai lifted
    * Saudi bourse falls as investors lack encouragement to build positions * But petrochemical stocks gain as oil breaks $50 * Dubai index gains for fourth session in a row * Dubai Parks surges over 6 pct after raising share capital * Egypt slips as local traders exit stock market By Celine Aswad DUBAI, May 26 (Reuters) - A break in Brent crude prices over $50 a barrel failed to support Saudi Arabia's index on Thursday, but helped carry Dubai's index higher for a fourth session. Other markets were mixed. ...More

  • South Africa's finmin says cannot predict S&P, Fitch ratings outcomes -report

    Gordhan delivers his 2016 Budget speech to parliament in Cape TownFinance Minister Pravin Gordhan has said it was still unclear whether South Africa's debt could be downgraded by Standard & Poor's and Fitch after holding discussions with the rating agencies last week, the Financial Mail reported on Thursday. A team from S&P met officials in Africa's most industrialised country last week before their review due to be published on June 3, which could see the country's debt rating cut to junk. South African officials also spoke to Fitch by phone, the Treasury told Reuters on Monday.


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  • DONG Energy listing set to value group at up to $16 billion

    A general view shows DONG Energy's power station in KalundborgBy Teis Jensen COPENHAGEN (Reuters) - DONG Energy on Thursday set an indicative price range for its planned stock market listing, which could value the Danish utility at up to $16 billion (10.9 billion pounds), potentially making it Europe's biggest flotation this year. The state-controlled company, which also develops offshore wind farms, set its price range at 200 Danish crowns to 255 crowns per share, giving the group a market value of 83.5 billion to 106.5 billion Danish crowns ($12.6-16.0 billion). DONG said it would sell up to 17.4 percent of its shares in the initial public offering and that the Danish state would keep a 50.1 percent stake.


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  • US probes e-commerce giant Alibaba's accounting practices

    FILE - In this March 17, 2014, file photo, people walk past a company logo at the Alibaba Group headquarters in Hangzhou, in eastern China's Zhejiang province. Chinese e-commerce giant Alibaba is under investigation by U.S. regulators in connection with its accounting practices. Alibaba said in a regulatory filing Tuesday, May 24, 2016, that the U.S. Securities and Exchange Commission has requested documents and information related to its policies and practices for consolidating earnings and for related party transactions, among other things. (Chinatopix via AP, File) CHINA OUTWASHINGTON (AP) — Chinese e-commerce giant Alibaba wowed investors when it went public in the U.S. in September 2014, and its profits have bucked Wall Street expectations amid the Chinese economy's slowdown. Yet its unorthodox business structure has raised eyebrows, it's been suspended from an anti-counterfeiting group, and now U.S. regulators are investigating its accounting practices.


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  • S&P 500 ascends 2 percent in two days

    Traders work on the floor of the NYSE in New YorkWall Street rose robustly for a second straight session on Wednesday, helped by higher oil prices and investors becoming more comfortable with the prospect of an interest rate hike as early as next month. Combining Tuesday and Wednesday's performances, the S&P 500 gained 2 percent, its strongest two-day run since early March. The energy sector led the way in the latest session, up 1.51 percent as oil prices rose toward $50 a barrel.


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  • Bank 'living wills' light on information, but reveal problems: U.S. monitor

    File photo of people at Lehman Brothers headquarters in New YorkThere is not enough information in the public section of the "living wills" major banks file with U.S. regulators to fully explain how the organizations could undergo bankruptcy without taxpayer aid, the country's financial monitor said on Wednesday. Last month, federal regulators gave failing grades to five out of the eight biggest banks for their plans for winding down operations during a financial emergency without federal bailouts. The requirement for a living will was part of the Dodd-Frank Wall Street reform legislation passed following the 2007-2009 financial crisis, when the U.S. government spent billions of dollars to keep banks considered "too big to fail" from collapsing and wrecking the U.S. economy.


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  • Why Are the Feds Investigating a Senior GOP Senator?

    Why Are the Feds Investigating a Senior GOP Senator?The FBI and the Securities Exchange Commission are putting the personal finances of one of the Senate’s leading Republican voices on foreign policy under the microscope. Politico reports that the feds are looking into whether Sen. Bob Corker (TN) broke any rules when he failed to report millions in income and assets, including stock transactions, in his annual financial disclosures. The Wall Street Journal reported on the omissions last fall, and Corker, who entered the Senate in 2007 after serving as the mayor of Chattanooga, revised years’ worth of disclosure reports.


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