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(27-04-2011)
  • Wall Street sit-in planned on climate crisis
    One day after a huge climate march in New York City, activists on Monday planned to flood Wall Street to protest what they say is corporate and economic institutions' role in the climate crisis. The protesters, ...More

  • Climate protesters to risk arrest during Wall Street sit-in

    A protester carries a sign with an image of the Statue of Liberty wearing a gas mask as he takes part in the "People's Climate March" down 6th Ave. in the Manhattan borough of New YorkBy Sebastien Malo NEW YORK (Reuters) - Hundreds of protesters assembled in New York City's financial district on Monday, with some planning to risk arrest during an unsanctioned blockade on Wall Street to call attention to what organizers say is capitalism's contribution to climate change. The Flood Wall Street demonstration comes on the heels of Sunday's international day of action that brought some 310,000 people to the streets of New York City in the largest single protest ever held on over climate change. ...


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  • European banks team up with Europol in cybercrime fightback
    Europe's banks have joined forces with Europol's cybercrime unit to try to combat the rising and increasingly sophisticated threat being posed by cyber criminals to financial firms. The European Banking Federation (EBF), which represents about 4,500 banks, and Europol's European Cybercrime Centre - known as EC3 - said on Monday they had signed a memorandum of understanding to intensify cooperation between law enforcement and the financial sector. Wall Street bank JP Morgan said last month it was working with U.S.More

  • AB InBev M&A sparks debt buzz
    This is good news for Anheuser-Busch InBev, which is reportedly sounding out the market on a massive loan and bond financing to back an estimated US$122bn bid to buy global beer rival SABMiller (LSE: SAB.L - news) . The deal would rewrite debt market history as the biggest-ever takeover financing and would turbo-charge the long-awaited upturn in M&A activity and bank revenue. AB InBev declined to comment on "market rumours or speculations" sparked by a Wall Street Journal report that the company was talking to banks to ready a financing plan before it formally approached SABMiller with its bid. Bankers speculated that the company could seek to raise a bridge loan of US$75bn-$80bn before issuing US$72bn-$110bn of bonds.More

  • Google selects HTC for upcoming Nexus tablet - WSJ

    Google Nexus 8 Likely to Run Android L Straight Out of the Box(Reuters) - Google Inc has selected HTC Corp to make its upcoming 9-inch Nexus tablet, the Wall Street Journal reported, citing people familiar with the matter. Google had been mulling HTC as a potential Nexus tablet partner since last year and HTC engineers have been flying to the Googleplex in Mountain View in recent months to work on the project, the report said. Google's decision to pick HTC reflects its long-term strategy of building a broad base of partners from device to device to prevent any one manufacturer from gaining a monopoly, the report said. ...


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  • Warren Buffett, Oprah Winfrey, Mark Zuckerberg, And Other Top CEOs Name Their Favorite Books

    Warren Buffett, Oprah Winfrey, Mark Zuckerberg, And Other Top CEOs Name Their Favorite BooksJustin Sullivan/Alex Wong/Michelly Rall (All Getty) The most powerful people in business spend much of their limited free time on a quiet, contemplative pursuit — reading books.  For example, the third-richest person in the world, Warren Buffett, says he spends 80% of his day tearing through the written word.  We’ve pored over interviews with some of America’s most influential execs — from Bill Gates to Jeff Bezos and Oprah Winfrey — to find out what they read. Here are the favorites.  Berkshire-Hathaway CEO Warren Buffett: “The Intelligent Investor” by Benjamin Graham When Buffett was 19 years old, he picked up a copy of legendary Wall Streeter Benjamin Graham’s “Intelligent Investor.”  He remembers it as one of the luckiest moments of his life, because within the book was the framework he would use for making investments.  “To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information,” Buffett said. “What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must provide the emotional discipline.” Buy it here >> Former Microsoft CEO Bill Gates: “Business Adventures: Twelve Classic Tales from the World of Wall Street” by John Brooks On the recommendation of Buffett, Gates became obsessed with a book called “Business Adventures,” a collection of New Yorker stories by John Brooks. The book reminds him that the foundations of successful businesses stay constant, Gates says, regardless of the decade.  He writes:  For one thing, there’s an essential human factor in every business endeavor. It doesn’t matter if you have a perfect product, production plan and marketing pitch; you’ll still need the right people to lead and implement those plans. Lots of publications — including BI — are getting into the book, too. Slate wrote that it’s “catnip for billionaires.”   Buy it here >>  Amazon CEO Jeff Bezos: “The Remains of the Day” by Kazuo Ishiguro When Bezos was asked what the most influential book for him was, he didn’t say a business book — he gushed about a novel: “The Remains of the Day,” which deals with age, memory, war, love, and Britain.  “Before reading it, I didn’t think a perfect novel was possible,” the Amazon CEO said. “I am entranced by that: the idea of the impossible achieved.”  With Amazon — an aggressive, but still profitless company — disrupting retail and publishing alike, it seems his business is doing much the same.  Buy it here >> Zappos CEO Tony Hsieh: “Tribal Leadership: Leveraging Natural Groups to Build a Thriving Organization” by Dave Logan, John King, and Halee Fischer-Wright Hsieh told USA Today that one of his favorite books is “Tribal Leadership,” a book that takes an anthropological approach to how people form groups in organizations.  “‘Tribal Leadership’  codifies a lot of what we’ve been doing instinctually and provides a great framework for all companies to bring company culture to the next level,” he said.  Buy it here >> Coca-Cola CEO Muhtar Kent: “The Ascent of Money: A Financial History of the World” by Niall Ferguson Kent recommends “The Ascent of Money,” by British historian Niall Ferguson. The book traces the role of cash from Mesopotamia to today.  “I love books on economic observations,” he said. “This is one of the best.” Buy it here >>   OWN Network CEO Oprah Winfrey: “To Kill A Mocking Bird” By Harper Lee Since Winfrey was a little girl, her favorite book has been Harper Lee’s staggering coming of age story.  “I remember reading this book and then going to class and not being able to shut up about it,” she said. “I read it in eighth or ninth grade, and I was trying to push the book off on other kids. So it makes sense to me that now I have a book club, because I have been doing that since probably this book.” Buy it here >>   Facebook CEO Mark Zuckerberg: “The Aeneid” by Virgil Zuckerberg may be a poster boy for millennial progress, but the Facebook founder’s reading taste skews classical. His favorite: “The Aeneid” by Virgil, an epic poem that tells the the story of Aeneas, a legendary hero associated with the birth of Rome and the fall of Troy.  Buy it here >> ExxonMobil CEO Rex Tillerson: “Atlas Shrugged” by Ayn Rand Tillerson — chief executive, oil king, and maker of $28 million a year — lists “Atlas Shrugged” as his favorite book.  He’s one of many powerful people, including Paul Ryan, to name the book as a fave, which might not be too surprising considering its content. “If you’re not familiar with the novel, it depicts a world where corporate CEOs and one-percenters are the selfless heroes upon which our society depends,” Salon writes, “and basically everyone else — journalists, legislators, government employees, the poor — are the villains trying to drag the rich down out of spite, when we should be kissing their rings in gratitude that they allow us to exist.” While it’s certainly a thought-provoking text, we question some of its business advice. Buy it here >>  IMAX CEO Richard Gelfond: “Life” by Keith Richards and James Fox Widescreen exec Gelfond loves the autobiography of Rolling Stones guitarist Keith Richards — a memoir full of drug busts and rock and roll. “The guy’s had an incredibly eclectic and interesting life that no one else has ever lived,” Gelfond said.  Buy it here >>    Now that you know what execs read, here’s what they write: 11 Books By CEOs That Will Teach You How To Run The World >> Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.


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  • Astro shares up 2 sen on better earnings
    KUALA LUMPUR: Astro Malaysia Holdings Bhd's shares rose 2.0 sen in the morning session after releasing better results for the second quarter ended July 31, 2014 on Friday. The satellite pay-TV service provider posted a higher pre-tax profit of RM196.07 million on the back of better revenue of RM1.35 billion, attributed mainly to the increase in subscription and advertising revenue. AllianceDBS Research said Astro is experiencing higher subscriber churn rate of 9.9 per cent compared with 8.5 per cent in the previous year, leading to a slowdown in quarterly pay-TV net adds to only 16,000 during the quarter.More

  • Alibaba issues additional shares to raise IPO total to $25 billion: report

    Traders work on the floor of the NYSE as they wait for a final price on the Alibaba Group Holding Ltd. IPO, in New YorkThe underwriters of Alibaba Group Holding Ltd BABA.N's IPO have issued additional shares, according to the Wall Street Journal, bringing the IPO's size to about $25 billion and making it the largest initial public offering in history. The move to exercise what is known as the "green shoe" option as part of Alibaba's initial public offering was widely expected if its shares performed well in the public market. Last Friday, Alibaba shares soared 38 percent in its first session, as investors clamored for a piece of the company, which is a massive bet on China's growing middle class. ...


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  • Nakheel CEO says Emaar unit IPO success to encourage listing plans
    DUBAI, Sept 22 (Reuters) - The chief executive of Dubai's palm island developer Nakheel said the success of a share sale by the malls unit of rival Emaar Properties could encourage it to list its own shares on the emirate's stock market. Emaar, Dubai's largest real estate developer, is aiming to raise as much as $1.58 billion from the offer of shares in Emaar Malls Group (EMG), which is expected to be the Gulf's biggest stock sale since 2008. ...More

  • Saudi's National Commercial Bank to start IPO next month
    (Clarifies share sale to start Oct, not Sept) DUBAI, Sept 21 (Reuters) - Saudi Arabia's National Commercial Bank will begin its much-anticipated initial share sale next month, a statement to the kingdom's stock market said on Sunday. The initial public offering (IPO), expected to be one of the largest ever in the Gulf region, will see 300 million shares - equivalent to 15 percent of the lender - offered to Saudi investors between Oct. 19 and Nov. 2, the statement said. ...More

  • EMC explores merger, holds talks with Dell, HP - WSJ
    (Reuters) - Data storage products maker EMC Corp held merger talks with rivals Dell Inc and Hewlett-Packard Co, the Wall Street Journal reported citing people familiar with the matter. ...More

  • Trader Mercuria gets on UK regulator list ahead of key purchase
    By Dmitry Zhdannikov LONDON (Reuters) - Mercuria has become a rare trading house to be registered with the British financial regulator, weeks before it is expected to close a deal to buy Wall Street bank JPMorgan Chase & Co's commodities trading business. Mercuria said in a statement its UK-registered unit Mercuria Europe Trading was now authorized and regulated by Britain's Financial Conduct Authority (FCA). ...More

  • This 19-Year-Old Developer Is So Successful, He Turned Down Apple

    This 19-Year-Old Developer Is So Successful, He Turned Down AppleJohn Meyer Apple CEO Tim Cook with teen developer John Meyer Last week, 19-year-old John Meyer dropped out of a prestigious university computer science program to work full-time on his tech startup, Fresco News. His parents weren’t happy at first. He was attending NYU where his mom is a professor, he told Business Insider. But they eventually came around to support him, because they had to admit: Meyer is already a successful independent computer programmer. He’s been writing apps since his freshman year in high school, 2008, after teaching himself the programming language Objective C. And he’s been making money at it since his sophomore year of high school, he says. “Money-wise, I’ve been pretty fortunate. I’ve been able to support myself since just a year after I got started,” he said. He’s making so much money writing iPhone apps that during his first year of college he could afford to live alone, pay NYU tuition while bootstrapping Fresco, he told Business Insider. Fresco News is a sort of intersection between Instagram, Twitter and Flipboard that turns photos from ordinary people on the scene of big news events into news stories. We pressed him to reveal his income but promised not to share it. Let’s just say it’s on par with what software engineers earn at some of the best tech companies. Despite his young age, Meyer’s app portfolio is impressive. He’s written about 40 apps, mostly through his app company TapMedia, he says. This includes the popular iPhone 4 flashlight app Just Light (which may have been the very first flashlight app). It went nuts, downloaded about 2 million times, he said. Apple now includes a flashlight app with the iPhone. He’s just had another huge hit called Perfect Shot, too, released about a year ago for iOS 7. It was downloaded 60,000 times in the first four days and is now at over 1 million, he says.  It uses the smile and eye detection features in the iPhone camera for taking the perfect group photo. Hold the phone up and wait. The app takes the shot in the perfect millisecond when everyone is smiling, no one is blinking. A very smart idea. So smart, that Meyer nabbed the attention of Apple. The company asked him to become an intern, he says. That’s a dream come true for most students. And it pays. Apple interns can make $5,723 a month. But he turned Apple down. “I get emails from recruiters all the time, and this past summer an offer to intern at Apple,” he says. But, he explains,”I am, at heart, an entrepreneur. I won’t be happy working for someone else.” He’s not worried about missing the chance of a lifetime. “If I wanted to, I’m sure they would offer me another internship,” he says. That’s not just the bravado of being 19. “I’ve been close with a lot of people at Apple, from going to Apple’s developer conference every year,” he says. “I’m in a field where I’ve done a lot of things already, an expansive portfolio of projects I’ve worked on.” He’s actually been attending the developer’s conference since he was 16, sneaking in the first time with his dad’s help. His dad flew him to San Francisco, registered himself for the conference, then handed the pass to his son to attend. “I was 16 and anyone under 18 wasn’t allowed. It was right after the successful flashlight app. My dad got the ticket from Apple, flew back home and left me in San Francisco,” he laughs. Since then, Apple has created a teen program at the conference he says. It’s been great for meeting other programmers his age, he says. If all that wasn’t impressive enough, Meyer was also a finalist in the Thiel Fellowship, he says. That’s a program by billionaire venture capitalist Peter Thiel in which gifted young people drop out of school to start companies. Only 40 people become finalists, flown to the Valley for mingling. 20 are accepted, and Meyer wasn’t one of them. That doeesn’t bother him at all. He’s focused on turning Fresco into a money maker, talking to potential clients for it like New York Times and Wall Street Journal. And he hasn’t ruled going back to college some day. But for now, he’s writing apps for fun and profit. Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.


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  • Saudi's Ma'aden gets regulator approval for $1.5 bln rights issue
    DUBAI, Sept 21 (Reuters) - Saudi Arabian Mining Company (Ma'aden) received approval from the kingdom's regulator to undertake a 5.6 billion riyal ($1.5 billion) rights issue, a stock market filing from the Capital Market Authority said on Sunday. The price and number of new shares would be determined by a shareholder meeting which must be held within six months of the approval date, the statement said. Ma'aden said in May it would seek approval for a capital increase that would fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business. ...More

  • Saudi's National Commercial Bank to start IPO this month
    DUBAI, Sept 21 (Reuters) - Saudi Arabia's National Commercial Bank will begin its much-anticipated initial share sale later this month, a statement to the kingdom's stock market said on Sunday. The initial public offering (IPO), expected to be one of the largest ever in the Gulf region, will see 300 million shares - equivalent to 15 percent of the lender - offered to Saudi investors between Oct. 19 and Nov. 2, the statement said. A further 10 percent of the bank, Saudi Arabia's largest by assets, will be placed with state fund the Public Pension Agency at the same time. ...More

  • Kuwaiti National Real Estate Co agrees $537.6 mln debt restructuring
    DUBAI, Sept 21 (Reuters) - Kuwaiti National Real Estate Company said on Sunday it had agreed to restructure 154.4 million dinars ($537.6 million) of debt owed to an unidentified local bank. The real estate and investment company with presence in the Middle East and North Africa said its total debt levels remained unchanged after the restructuring deal, which was reached earlier this month, it said in a stock market filing. The restructured loan is repayable over a period of seven years, it added. The filing did not state the name of the bank. (1 US dollar = 0. ...More

  • Alibaba surges in Wall Street debut

    Chinese online retail giant Alibaba founder Jack Ma waits for his company's stock to go live on the floor at the New York Stock Exchange in New York on September 19, 2014New York (AFP) - A buying frenzy sent Alibaba shares sharply higher as the Chinese online giant made its historic Wall Street trading debut.


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  • Alibaba shares close 38 percent above initial asking price on NYSE
    London, Sep 20 (ANI): Chinese Internet giant Alibaba's shares closed significantly above their initial price on the New York Stock Exchange (NYSE) on Friday, ending 38 percent above their initial asking price.More

  • Campaign donations highlight winners, losers in Brazil election

    Presidential candidate Marina Silva of the Brazilian Socialist Party (PSB) attends a campaign rally in Sao Bernardo do CampoBy Silvio Cascione and Brad Haynes BRASILIA/SAO PAULO (Reuters) - Brazil's financial markets have rallied on the prospect of environmentalist Marina Silva unseating President Dilma Rousseff in next month's election, but political donations show plenty of companies may be wary of a new administration. Silva's market-friendly proposals promise relief for oil giant Petrobras, ethanol mills and private banks. The money pouring into Brazil's stock market has gone in the opposite direction, driving up shares of companies that would benefit from a Silva presidency and lifting the Bovespa index as much as 11 percent when she first surged in polls. "Right now in the investor community we're focused on just getting Dilma Rousseff out of office, but once Silva is in power it's a different ball game," said Aryam Vazquez, a senior economist with the Oxford Economics investment consulting firm.


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  • As Wall Street watches Alibaba, stocks drift

    FILE - This Aug. 9, 2011 file photo shows a Wall Street street sign near the New York Stock Exchange, in New York. The British pound jumped and world stock benchmarks rose Friday Sept. 19, 2014 as Scotland voted to stay part of the United Kingdom, avoiding a messy breakup that could have roiled financial markets. (AP Photo/Mark Lennihan, File)NEW YORK (AP) — With Wall Street focused on the debut of Alibaba Group, the stock market drifted into the weekend and major indexes ended little changed.


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