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STock Market 
(27-04-2011)
  • Analysis - Earnings bolster Cisco, but raise concerns for broader IT spending

    The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology conference in ChicagoBy Sarah McBride SAN FRANCISCO (Reuters) - Networking giant Cisco Systems Inc reported it is weathering a global slowdown in information-technology spending, but signs potential customers are putting some projects on hold exacerbated concerns about broader IT growth. Cisco shares rose 10 percent on Thursday, bucking the overall market after it set a profit target in line with Wall Street expectations despite the weaker spending it noted around the world by businesses. Cisco Chief Executive Chuck Robbins on Wednesday told analysts that customers in January “paused a bit” as they evaluated the economy.


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  • 'Thin' profits for SEAsian carriers amid tough competition: IATA

    Budget carriers like Malaysia's AirAsia, Indonesia's Lion Air, Singapore-based Jetstar, Thaland's Nok Air, Cebu Pacific of the Philippines and Vietnam's Vietjet are giving regional industry mainstays like Singapore Airlines a tough challengeSoutheast Asian airlines are likely to see "thin" profits for some time to come as competition from budget carriers and Middle East rivals squeezes earnings, the IATA chief said Sunday. The recent global stock market turmoil is also expected to take a toll on air travel, particularly in business class where full-service airlines earn most of their profits, said Tony Tyler, director general of the International Air Transport Association. "Airlines in this region are finding profitability quite thin because of the pressure of strong competition, and there's a lot of capacity in the market," Tyler told reporters ahead of the Singapore Airshow on Tuesday.


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  • BUZZ-Dubai's Drake & Scull jumps on Q4 earnings beat
    ** Shares in Dubai construction firm Drake & Scull surge 6.5 percent to 0.36 dirham in opening minutes ** Company posted quarterly net profit of 14.7 million dirhams ($4 million), up from profit of 3.8 million dirhams a year earlier; an analyst at SICO Bahrain had forecast net loss of 38.6 million dirhams ** Since mid-January, stock has been edging up from record low of 0.29 dirham; has tumbled from June 2014 high of 1.97 dirhams ** Three analysts have "hold" rating on stock, three "sell" and two "strong sell", but their median target is 0. ...More

  • Oil prices soar on report that UAE offers talks on output cuts
    NEW YORK: Oil prices soared Friday, with US crude rebounding from a 2003 low, on reports that OPEC was willing to organize output cuts that could ease the global oversupply. US benchmark West Texas Intermediate for March delivery shot up USD3.23 (12.3 percent) to USD29.44 a barrel on the New York Mercantile Exchange. A big catalyst was a Wall Street Journal report that United Arab Emirates oil minister Suhail Al Mazrouei had said the OPEC cartel was willing to cooperate with other producers on trimming crude output.More

  • Wall Street rallies; S&P 500 snaps five-day losing streak

    Traders work on the floor of the NYSE"Europe was strong and especially the banks in Europe, and that appeared to have some positive carryover effect on sentiment towards banking and other financial stocks here in the U.S.," said John Carey, portfolio manager at Pioneer Investment Management in Boston, which has about $220 billion in assets under management. Also helping boost sentiment, he said, was that U.S. consumer spending regained some strength in January. The Dow Jones industrial average closed up 313.66 points, or 2 percent, to 15,973.84, the S&P 500 had gained 35.7 points, or 1.95 percent, to 1,864.78 and the Nasdaq Composite had added 70.68 points, or 1.66 percent, to 4,337.51.


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  • Oil rockets from 12-year low on renewed talk of OPEC cut

    A pump jack used to help lift crude oil from a well in South Texas? Eagle Ford Shale formation stands idle in Dewitt County TexasBy Barani Krishnan NEW YORK (Reuters) - Global oil prices surged as much as 12 percent on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut, while a bounce in stock markets fed appetite for risk. Despite the strong daily gain, oil prices were poised to end the week down as much as 5 percent. The United Arab Emirates' energy minister said the Organization of the Petroleum Exporting Countries was willing to cooperate on an output cut, the Wall Street Journal reported on Thursday after crude futures settled in U.S. trade.


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  • Wall Street Weekahead - Late-day buying could be start of turnaround

    A Wall Street sign is seen in Lower Manhattan in New YorkBy Chuck Mikolajczak NEW YORK (Reuters) - As U.S. stocks continue to struggle in 2016, equities are showing some signs selling pressure may be reaching an end. The S&P 500 is down about 13 percent from its record high in May, as oil remains mired below $30 a barrel, while concerns about stability among banks and uncertainty about the U.S. Federal Reserve's path of rate hikes have pushed investors away from risk assets. Jack Ablin, chief investment officer at BMO Private Bank in Chicago, views that as a positive sign.


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  • Gold heads for best week in four years on safe-haven appeal

    File photo of an employee arranging gold jewellery in the counter as her arm is reflected in the mirror at a gold shop in WuhanBy Susan Fenton LONDON (Reuters) - Gold eased on Friday after soaring 4 percent the previous day, but was still set for its best week in four years, lifted by stock market turmoil that has sent investors rushing for safe haven assets. Spot gold was down 1 percent at $1,234.30 an ounce by 1423 GMT, but has still risen more than 5 percent this week, the biggest weekly gain since October 2011. The precious metal has benefited, along with bonds and the Japanese yen , from a rush to safety as investors worry about the health of some banks, financial instability and the potential for global recession.


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  • U.S., UK likely to charge multiple banks in Libor rigging: WSJ

    The Canary Wharf financial district is seen in east LondonAmerican and British regulators are likely to charge several banks with rigging interest rates, including Citigroup, the third-largest U.S. bank, and London-based HSBC Holdings, the Wall Street Journal reported on Friday. The U.S. Commodity Futures Trading Commission and the U.K. Financial Conduct Authority were preparing a final round of civil charges against the banks for rate manipulation in the Libor scandal, the newspaper reported, citing people close to the investigation. The Journal said the CFTC was still investigating J.P. Morgan Chase, the largest American bank by assets, but that may not lead to charges.


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  • Nasdaq to acquire news distributor Marketwired

    The Nasdaq logo is displayed at the Nasdaq Market site in New YorkNasdaq Inc said on Friday it would acquire newswire operator and press release distributer Marketwired LP for an undisclosed sum, adding to the exchange operator's corporate services offerings. The deal, which is subject to regulatory approval, would be funded through a mix of debt and cash and is expected to close in the first quarter of 2016, Nasdaq said. Marketwired is currently owned by the private equity arm of the Ontario Municipal Employees Retirement System (OMERS), which in October was said to have been mulling a sale of the Toronto-based company.


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  • What's behind the global stock market selloff?

    A trader works on the floor of the New York Stock ExchangeBy David Randall and David Gaffen NEW YORK (Reuters) - Global stock markets are on their shakiest footing in years. Investors are fleeing stocks and running to safe-havens like bonds and gold, driven by concerns about economic growth and the effectiveness of central banks' policies. At the same time, tumbling energy prices are upending the economies of oil-producing countries, further slicing into global economic growth.


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  • Rupee strengthens, but still above 68-mark
    Mumbai, Feb 12 (IANS) The Indian rupee halted its downward movement and marginally strengthened on Friday but closed above the 68-mark against the US dollar in the day's trade -- at a level last seen in early September, 2013. During the intra-day trade, the Indian rupee touched its lowest level since early September 2013 at 68.47 on spot. "On the back of risk aversion across Asian stock market, dollar gained against the Indian rupee," Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, told IANS.More

  • S&P cuts Deutsche Bank's Tier 1 securities rating to B+ from BB-

    The headquarters of Germany's Deutsche Bank is photographed early evening in FrankfurtRating agency Standard and Poors (S&P) on Thursday said it cut Deutsche Bank AG's Tier 1 securities rating to B+ from BB- and also lowered Deutsche Bank Capital Finance Trust I perpetual Tier 2 instrument rating to BB- from BB. S&P said the bank's 4.3 billion euros pro forma payment capacity for 2017 should be sufficient to enable continued Tier 1 interest payments, but its German GAAP earnings prospects are difficult to foresee amidst restructuring and volatile market conditions. The rating change with a stable outlook reflects the expectation that the Frankfurt-based bank will make steady progress during the next two years towards its financial and operational targets for 2020, S&P added.


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  • Europe midday: Stocks rebound amid well-received earnings
    (ShareCast News) - European equities racked up healthy gains on Friday, rebounding from heavy losses in the previous session as investors cheered results from the likes of Commerzbank and Rolls-Royce.More

  • CBS profit meets Wall Street targets but shares slip

    A man takes a photo of a CBS Outdoor banner displayed on the facade of the New York Stock ExchangeCBS and other media companies are under pressure to show they can survive and thrive as younger viewers turn away from traditional television. The owner of Showtime and CBS Sports Networks, radio stations and the Simon & Schuster publishing house has rolled out a streaming service called CBS All Access. Chief Executive Officer Les Moonves, who was just named chairman in place of controlling shareholder Sumner Redstone, said he did not plan to change strategy.


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  • Banks drag Wall Street lower as growth fears, rate outlook weigh

    A trader works inside a booth on the floor of the NYSENEW YORK (Reuters) - Bank shares dragged Wall Street lower on Thursday on concerns the slowing global economy will continue to pressure interest rates, while energy shares helped pare losses late in the session.


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  • Weaker Canadian dollar may trigger takeovers on TSX, hollowing out investor choice

    A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in TorontoBy Fergal Smith TORONTO (Reuters) - Corporate Canada is on sale for foreign buyers after the Canadian dollar plunged, potentially triggering takeovers that hollow out investor choice in an already concentrated stock market, portfolio managers warned. A narrower pool of investment choices would reduce the opportunity to diversify, exposing Canadian investors to greater risk amid a highly volatile period for stock markets. U.S. home improvement retailer Lowe's Cos Inc agreed this month to buy Canada's Rona Inc for C$3.2 billion, paying a premium of more than 100 percent after the Canadian dollar fell from parity when a much lower bid was rejected in 2012.


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  • U.S. oil hits 12-year low on stockpile surge, risk aversion

    Pump jacks are seen at Lukoil company owned Imilorskoye oil field outside West Siberian city of KogalymBy Barani Krishnan NEW YORK (Reuters) - U.S. crude slid on Thursday, hitting 12-year lows as domestic stockpiles grew, Goldman Sachs called for depressed prices until the second half of the year and investors fled from equities and other risky assets into safe havens such as gold. Prices came off session lows in post-settlement trade after the Wall Street Journal quoted UAE's energy minister as saying OPEC was ready to cooperate on production cuts. Most traders were skeptical, noting that Venezuela and Russia recently called in vain for OPEC and other major oil producers to cut output.


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  • Banks sell off but Wall Street ends far from lows

    A Wall Street sign is seen in Lower Manhattan in New YorkNEW YORK (Reuters) - Bank shares dragged Wall Street lower on Thursday on concerns the a slowing global economy will continue to pressure interest rates, but energy shares helped the market pare losses on a report that OPEC may move to cut oil production. The Dow Jones industrial average fell 255.24 points, or 1.6 percent, to 15,659.5, the S&P 500 lost 22.91 points, or 1.24 percent, to 1,828.95 and the Nasdaq Composite dropped 16.76 points, or 0.39 percent, to 4,266.84. (Reporting by Rodrigo Campos; Editing by Meredith Mazzilli)


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  • Low U.S. jobless claims underscore labor market strength

    Man fills out a form at a booth at a military veterans' job fair in CarsonBy Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market remains on solid footing despite slowing economic growth and a stock market rout.    Initial claims for state unemployment benefits declined 16,000 to a seasonally adjusted 269,000 for the week ended Feb. 6, the Labor Department said on Thursday. "The economy might be sailing into a storm, the financial markets say, but if so, the U.S. economy is in a very strong position to weather whatever comes, with the labor market the strongest in decades," said Chris Rupkey, chief economist at MUFG Union Bank in New York. The report was overshadowed by escalating fears over global growth, which sent the yield on the benchmark 10-year U.S. Treasury note plunging to a more than three-year low.


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