12/29/2011 (9:28 pm)

Business Activity, Pending Home Sales in U.S. Exceed Forecasts: Economy - Bloomberg

Filed under: Stock market, marketing |

Companies cranked out more goods in December and pending sales of existing homes jumped in November for a second month, pointing to a pickup in U.S. economic growth as 2011 comes to a close.

The Institute for Supply Management-Chicago Inc. said today its business barometer (CHPMINDX) was little changed at 62.5 from a seven- month high of 62.6 in November. The index of signed contracts (USPHTMOM) to buy previously owned houses rose 7.3 percent after climbing 10.4 percent the prior month, the National Association of Realtors said. Both figures surpassed the median estimate of economists surveyed by Bloomberg News.

12/26/2011 (11:43 am)

US stocks edge higher after N. Korean leader death

Filed under: Stock market, legal |

%3Cp%3EU.S.+stock+futures+rose+Monday%2C+even+as+news+of+North+Korea+ruler+Kim+Jong+Il%27s+death+rattled+Asia+and+European+markets.%3C%2Fp%3E+%09%3Cp%3EEuropean+markets+fell%2C+but+then+rebounded+as+investors+weighed+the+potential+consequences+of+Kim%27s+death.+Asian+indexes+closed+lower.+Analysts+warn+Kim%27s+death+could+cause+an+uncertain+power+transition+and+put+the+brakes+on+talks+aimed+at+getting+the+secretive+communist+state+to+give+up+its+nuclear+weapons.%3C%2Fp%3E+%09%3Cp%3EKim+Jong+Un%2C+the+supreme+leader%27s+untested+third+son+and+heir-apparent%2C+is+expected+to+want+to+consolidate+his+power+and+dispel+any+notions+of+weakness.%3C%2Fp%3E+%09%3Cp%3EDow+Jones+industrial+average+futures+are+up+51%2C+or+0.4+percent+at+11%2C829.+The+broader+Standard+%26amp%3B+Poor%27s+500+index+futures+are+up+7%2C+or+0.6+percent%2C+at+1%2C218.+Nasdaq+100+futures+are+up+13.25%2C+or+0.6+percent%2C+to+2246.%3C%2Fp%3E+%09%3Cp%3E%22The+most+likely+scenario+for+regime+collapse+has+been+the+sudden+death+of+Kim+%28Jong+Il%29.+We+are+now+in+that+scenario%2C%22+said+Victor+Cha%2C+a+former+U.S.+National+Security+Council+director+for+Asian+affairs.%3C%2Fp%3E+%09%3Cp%3EBut+after+Asian+indexes+closed+lower%2C+European+stocks+recovered.+Germany%27s+DAX+rose+0.7+percent+to+5%2C741+and+Paris%27+CAC+40+index+rose+0.2+percent+to+2%2C979.+Britain%27s+FTSE+gained+0.3+percent+to+5%2C405.40.%3C%2Fp%3E+%09%3Cp%3EOvernight+South+Korea%27s+Kospi+index+dived+nearly+5+percent+but+later+recouped+some+losses+to+close+3.4+percent+lower+at+1%2C776.93.+The+Korean+won+also+fell%2C+losing+1.6+percent+against+the+U.S.+dollar%2C+a+traditional+haven+in+times+of+uncertainty.+The+Japanese+yen+and+other+regional+currencies+also+weakened+against+the+dollar.%3C%2Fp%3E+%09%3Cp%3EThe+euro+was+flat+around+%241.3030.%3C%2Fp%3E+%09%3Cp%3EKim%27s+death+overshadowed+what+already+was+a+gloomy+start+to+the+week+after+Fitch+warned+after+the+market+close+on+Friday+that+it+may+downgrade+the+credit+ratings+of+Italy+and+Spain%2C+as+well+as+Belgium%2C+Cyprus%2C+Ireland+and+Slovenia.%3C%2Fp%3E+%09%3Cp%3EEU+finance+ministers+will+later+Monday+discuss+how+much+money+their+countries+will+lend+to+the+International+Monetary+Fund+in+a+conference+call.%3C%2Fp%3E+%09%3Cp%3EThe+ministers+will+seek+to+decide+how+to+split+up+the+euro200+billion+%28%24261+billion%29+EU+leaders+promised+to+send+to+the+IMF+at+a+summit+10+days+ago.+The+money+is+meant+to+boost+the+eurozone%27s+firewall+against+the+escalating+debt+crisis.There+were+some+doubts+whether+the+EU+would+reach+the+euro200+billion+after+several+non-eurozone+countries+balked+at+having+to+support+the+currency+union.+The+ministers+will+also+discuss+in+their+conference+call+a+new+treaty+to+tighten+fiscal+discipline%2C+a+spokesman+for+the+Polish+delegation+to+the+European+said.%3C%2Fp%3E+%09%3Cp%3EOver+the+coming+days%2C+investors+will+remain+alert+to+developments+in+North+Korea%27s+power+transition.%3C%2Fp%3E+%09%3Cp%3EKim+Jong+Il%27s+death%2C+announced+Monday+by+North+Korean+state+television%2C+raises+the+specter+of+more+instability+on+the+divided+Korean+peninsula.%3C%2Fp%3E+%09%3Cp%3EThose+worries+are+most+acute+in+South+Korea+and+Japan%2C+which+have+often+been+the+targets+of+North+Korea%27s+mercurial+military+and+diplomatic+actions.%3C%2Fp%3E+%09%3Cp%3E%22We%27re+seeing+deeper+negative+sentiment+in+some+markets%2C%22+said+Dariusz+Kowalczyk%2C+strategist+at+Credit+Agricole+CIB%2C+in+Hong+Kong.+%22Basically+this+is+because+risk+aversion+on+the+geopolitical+front+has+increased+given+that+there%27s+a+transition+of+power+in+a+relatively+unstable+country.+So+we%27re+seeing+an+impact+on+equities%2C+currencies.%22%3C%2Fp%3E+%09%3Cp%3ESouth+Korea%27s+military+and+police+went+on+alert+and+President+Lee+Myung-bak%2C+convened+a+national+security+council+meeting.+Japanese+leaders+said+they+were+watching+markets+closely+and+in+contact+with+the+U.S.%2C+Kyodo+News+Agency+reported.%3C%2Fp%3E+%09%3Cp%3EKim+was+ailing+after+suffering+what+is+thought+to+have+been+a+stroke+in+2008+and+died+at+age+69+on+Saturday.%3C%2Fp%3E+%09%3Cp%3ENorth+Korea%27s+official+Korean+Central+News+Agency+identified+his+third+son%2C+the+twenty-something+Kim+Jong+Un%2C+as+the+%22great+successor%22+to+the+man+known+officially+as+the+%22Dear+Leader.%22%3C%2Fp%3E+%09%3Cp%3EBut+even+with+the+younger+Kim+designated+as+his+father%27s+successor%2C+and+already+filling+high-ranking+posts%2C+some+experts+fear+a+behind-the-scenes+power+struggle+or+nuclear+instability.%3C%2Fp%3E+%09%3Cp%3EFitch+Ratings+said+it+did+not+view+Kim%27s+death+%22as+a+trigger+for+negative+action+on+South+Korea%27s+sovereign+ratings+in+itself.%22%3C%2Fp%3E+%09%3Cp%3E%22For+now%2C+it%27s+much+too+early+to+say+risks+have+materially+increased%2C+but+clearly+we+will+keep+the+situation+under+close+review%2C%22+said+Andrew+Colquhoun%2C+head+of+Fitch%27s+Asia-Pacific+sovereigns.%3C%2Fp%3E+%09%3Cp%3EMarkets+in+Taiwan%2C+Singapore%2C+Australia%2C+New+Zealand+and+Indonesia+also+sank+on+Monday.%3C%2Fp%3E+%09%3Cp%3EStill%2C+barring+unexpected+developments+in+Pyongyang+the+impact+of+Kim%27s+death+on+markets+is+likely+to+be+passing%2C+analysts+said.%3C%2Fp%3E+%09%3Cp%3E%22In+the+short+term+there+will+be+some+psychological+uncertainty+but+I+think+things+will+go+back+to+the+fundamentals%2C%22+said+Steven+Leung%2C+director+of+institutional+sales+at+UOB-Kay+Hian+Ltd.+in+Hong+Kong.%3C%2Fp%3E+%09%3Cp%3EBenchmark+oil+for+January+delivery+was+up+51+cents+at+%2494.04+a+barrel+in+electronic+trading+on+the+New+York+Mercantile+Exchange.%3C%2Fp%3E+%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.stltoday.com%2Fbusiness%2Fnational-and-international%2Fus-stocks-edge-higher-after-n-korean-leader-death%2Farticle_e55e0b52-5b48-5395-8e2e-959dfe5f3526.html%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

11/21/2011 (7:08 pm)

Alleghany buying Transatlantic in $3.4B deal

Filed under: Stock market, Uncategorized |

Property and casualty insurer Alleghany Corp. has agreed to buy the insurer Transatlantic Holdings Inc. in a cash-and-stock deal valued at about $3.4 billion.

The companies say the deal values Transatlantic at about $59.79 per share. That’s a 10 percent premium to the company’s $54.43 Friday closing stock price.

New York-based Transatlantic had been courted by several businesses, receiving takeover offers from Validus Holdings Ltd. and a unit of Warren Buffett’s Berkshire Hathaway Inc., National Indemnity Corp. It also said in October that it had started confidential talks with an unnamed party.

In the deal with Alleghany, Transatlantic stockholders will receive 0.145 shares of Alleghany and $14.22 in cash for each share they own.

The companies say the deal announced Monday is expected to close early next year.

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11/10/2011 (11:04 am)

Bernanke shows Fed’s independence with Texas trip

Filed under: Stock market, online |

A town hall meeting with Ben Bernanke and a group of military families discussing family finances wouldn’t normally draw much notice.

But for this particular event, the Federal Reserve chairman is venturing into Texas. And those who watch the Fed say the visit sends a message to Bernanke’s critics: The Fed is independent and won’t be intimidated.

Three months ago, Texas Gov. Rick Perry, who is seeking the Republican presidential nod, had sent a veiled threat: Bernanke would be treated “ugly” in Texas if he continued to pursue ever-lower interest rates _ a policy that Perry and some other critics say is akin to recklessly printing money.

Now, Bernanke is visiting Texas for the first time since then, to a U.S. Army fort in El Paso.

His destination may not be coincidental.

“There has to be a political significance to this trip, given what presidential candidate Perry said about the Fed chairman and about how badly he would be treated in Texas,” said David Jones, head of consultant DMJ Advisors and the author of books on the central bank. “The Fed sees Texas as a good place to make a stand to assert the Fed’s independence.”

The Fed wouldn’t say whether the El Paso town hall meeting was planned before or after Perry made his remarks.

Fed officials say only that Fort Bliss was chosen because it has a successful financial literacy program that Bernanke wants to highlight. The town hall meeting is the latest in a series of public outreach efforts Bernanke has made, they say.

Over the past 2 1/2 years, Bernanke has attended a half-dozen informal gatherings in Kansas City, Atlanta, Cleveland and other cities. This week’s town hall meeting is his first in Texas.

David Wyss, an economist and former Fed staffer, said the site of Thursday’s event was likely influenced not just by Perry’s remarks but also by criticism from another Texan seeking the presidency: Rep. Ron Paul, a Republican congressman who favors abolishing the Fed.

“The fact that he is getting a lot of criticism from the two Texas candidates is a good reason to go to Texas,” Wyss said.

Perry’s remarks about Bernanke drew condemnation, including sharp retorts from former Vice President Dick Cheney, political adviser Karl Rove and other members of President George W. Bush’s administration.

Speaking in Iowa in August, Perry had said:

“If this guy prints more money between now and the election, I don’t know what y’all would do to him in Iowa, but we would treat him pretty ugly down in Texas.”

Perry added that the Fed chairman’s policymaking could be viewed as “treasonous.”

The Perry campaign declined Tuesday to discuss the governor’s previous remarks.

Bernanke, a Republican, served as Bush’s chief economist before being chosen in 2006 to lead the Fed. He hasn’t responded publicly to Perry’s remarks.

On Wednesday morning in Washington, Bernanke will make welcoming remarks at a Fed conference on small business and entrepreneurship.

Last week, Bernanke did address criticism from House Speaker John Boehner and Senate Republican Leader Mitch McConnell. In September, McConnell and Boehner were among four Republican leaders who signed a letter urging Bernanke to refrain from policies that they said could escalate inflation in the future.

When asked at a news conference last week if that letter had breached the Fed’s political independence, Bernanke was polite but firm.

“We listen to everyone’s input,” he said. “We are going to make our decisions based on what’s good for the economy, and we’re not going to take politics into account.”

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10/12/2011 (6:44 am)

Asian stocks down as eurozone crisis drags on

Filed under: Stock market, bank |

Asian stocks opened lower Wednesday after Slovakia blocked a measure to expand Europe’s financial rescue program for heavily indebted countries.

The move sent markets south as worries intensified that a failure by Europe to contain its debt crisis could lead to a massive debt default by the Greek government.

Japan’s Nikkei 225 index dropped 0.7 percent to 8,716.13. South Korea’s Kospi fell 0.3 percent to 1,790.30, while Hong Kong’s Hang Seng fell 1.4 percent to 17,894.31. Benchmarks in Australia, Taiwan, Singapore and mainland China were also lower.

Slovakia’s parliament rejected a bill Tuesday that would have strengthened the powers of a regional rescue fund to help bail out strapped economies in the eurozone.

The 16 other countries that use the euro have already signed off on the bill, but the measure requires unanimous support.

There are ways around Slovakia’s opposition, but the move temporarily sets back efforts to address Europe’s debt jam, which has been the most important issue for financial markets for months.

Greece has been on the brink of defaulting on its debt for months. If that happens, it would hurt European and U.S. banks by decimating the value of Greek government bonds they own. Those banks would then be less likely to lend to each other and to businesses. That could plug up an already weak global economy, with implications for everything from bank stocks to international trade.

The decision came after U.S. stock markets closed. The Dow Jones industrial average ended down 17 points after moving between small gains and losses throughout the day.

The Dow lost 0.1 percent to close at 11,416.3. The Standard & Poor’s 500 index rose 0.1 percent to 1,195.54, and the Nasdaq composite rose 0.7 percent to 2,583.03.

Many market watchers think the volatility will continue until heavily indebted countries like Greece, Spain and Italy have established a clear path out of their current debt mess.

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08/29/2011 (4:56 am)

Gadhafi forces killed detainees, survivors say

Filed under: Stock market, real estate |

Retreating loyalists of Moammar Gadhafi killed scores of detainees and arbitrarily shot civilians over the past week, as rebel forces extended their control over the Libyan capital, survivors and a human rights group said Sunday.

In one case, Gadhafi fighters opened fire and hurled grenades at more than 120 civilians huddling in a hangar used as a makeshift lockup near a military base, said Mabrouk Abdullah, 45, who escaped with a bullet wound in his side. Some 50 charred corpses were still scattered across the hangar on Sunday.

New York-based Human Rights Watch said the evidence it has collected so far “strongly suggests that Gadhafi government forces went on a spate of arbitrary killing as Tripoli was falling.” The justice minister in the rebels’ interim government, Mohammed al-Alagi, said the allegations would be investigated and leaders of Gadhafi’s military units put on trial.

So far, there have been no specific allegations of atrocities carried out by rebel fighters, though human rights groups are continuing to investigate some unsolved cases.

AP reporters have witnessed several episodes of rebels mistreating detainees or sub-Saharan Africans suspected of being hired Gadhafi guns. Earlier this week, rebels and their supporters did not help eight wounded men, presumably Gadhafi fighters, who were stranded in a bombed out fire station in Tripoli’s Abu Salim neighborhood, some pleading for water.

Najib Barakat, the health minister in the rebels’ interim government, said Sunday that he does not yet have a death toll for the weeklong battle for Tripoli. Hundreds have died and more bodies, some in advanced stages of decay, are still being retrieved from the streets.q

Barakat said efforts are being made to identify bodies. At the least, the corpses of suspected Gadhafi fighters, especially non-Libyans, are being photographed before burial, to allow for possible future identification by relatives.

In fighting late Sunday, pro-Gadhafi elements fired Grad rockets at rebel forces gathering in the town of Nawfaliyah, not far from Gadhafi’s home town of Sirte, rebels said.

Rebels gave residents there 10 days to allow rebel forces in peacefully or face an assault. A rebel spokesman said many Gadhafi loyalists have fled to Sirte and are preparing for a fierce battle.

Rebels rode into Tripoli a week ago, then fought fierce battles with Gadhafi forces, especially at the former Libyan leader’s Bab al-Aziziya compound and the Abu Salim neighborhood, a regime stronghold.

As the rebels consolidated their control and Gadhafi fighters fled, reports of atrocities began emerging over the weekend.

Human Rights Watch said it has evidence indicating regime troops killed at least 17 detainees in an improvised lockup, a building of Libya’s internal security service, in the Gargur neighborhood of Tripoli. A doctor who examined the corpses said about half had been shot in the back of the head and that abrasions on ankles and wrists suggested they had been bound.

The group spoke to Osama Al-Swayi who had been detained there, along with 24 others.

On Aug. 21, detainees heard rebels advancing and shouting “Allahu Akbar!” or “God is great” he told Human Rights Watch.

“We were so happy, and we knew we would be released soon,” he said. “Snipers were upstairs; then they came downstairs and started shooting. An old man (and another person) were shot outside our door. (The rest of us) ran out because they opened the door and said, “Quickly, quickly, go out.”

He said the soldiers told them to lie on the ground. He said he heard one soldier saying, “Just finish them off.” Four soldiers fired at the detainees.

“I was near the corner and got hit in the right hand, the right foot and the right shoulder. In one instant, they finished off all the people with me. … No one was breathing. Some of them had head wounds,” he told the rights group.

Gadhafi forces set up another detention center in a hangar near their Yarmouk military base in southern Tripoli cash advance america.

Abdullah, who was at the hangar Sunday, said he had survived a massacre there last week. He said he had been detained in the city of Zlitan to the east on Aug. 16 and was brought to the hangar with other civilian captives. All were beaten and tortured, he said.

“They didn’t even ask us questions,” he said, “They just beat us and called us rats.”

On Tuesday, he said, more than 120 prisoners were in the hangar when a soldier told them they’d be released at dusk, Abdullah said. A short time later, guards hurled hand grenades inside, then opened fire. He was shot and wounded in his side, but fled the hanger. He hid outside when soldiers returned and fired on other survivors. When they left, he escaped.

Ahmed Mohammed, 25, also said he survived the massacre and told a similar story. Neither knew how many had been killed nor how and when the bodies had been burned.

Amnesty International spoke to another survivor, Hussein al-Lafi, who said three of his brothers were killed that day.

“They (the guards) immediately opened fire, and I saw one of them holding a hand grenade. Seconds later, I heard an explosion, followed by four more. I fell on the ground face down. Others fell on top of me and I could feel their warm blood … People were screaming and there were many more rounds of fire.”

On Wednesday, guards at a Gadhafi military base in the Tripoli suburb of Qasr Ben Ghashir shot dead five prisoners held in solitary confinement, Amnesty said, citing survivors. Other detainees panicked and broke out of their cells when they heard the shots, survivors said. By that time, the guards had fled, the report said.

In addition to the killings at detention centers, Human Rights Watch said it collected testimony about Gadhafi soldiers randomly shooting civilians. In one incident, on Wednesday, medical lab technician Salah Kikli said he saw Gadhafi fighters pull two unarmed men, including one in medical scrubs, from an ambulance and kill them.

Al-Alagi, the justice minister, said the reported atrocities did not come as a surprise because the regime acted in a brutal manner in the past. He said that the justice system would have to be “cleansed” before investigations can begin.

It remains unclear who is responsible for some of the other killings, including of dozens of dark-skinned men whose bodies were found in two areas of Tripoli.

Reporters saw bodies in advanced stages of decomposition at Abu Salim hospital, including in the parking lot, a ward and in the basement. Barakat, the health minister, said a total of 75 corpses were found at the hospital.

Another group of bodies was strewn across a roundabout near Bab al-Aziziya, Gadhafi’s compound. Five were in a field clinic, housed in a tent, and one of the corpses still had an IV sticking in his right arm.

Human Rights Watch counted a total of 29 bodies in that area, where Gadhafi loyalists, many from sub-Saharan Africa, had camped out in recent months. The group said it was not yet clear who was responsible for the deaths.

Some rebel fighters have mistreated detainees, pushing or hitting them, though others have tried to stop abuse. In many cases, wounded rebels and regime fighters were treated side-by-side in rebel-controlled hospitals.

On Sunday, in a neighborhood on the outskirts of the city, rebels apprehended a dozen black men and accused them of being mercenaries in Gadhafi’s army. The detainees were occasionally punched before one of the rebels convinced his comrades the men were just migrant workers.

William Osas, a 32-year-old Nigerian, said he and other Africans had fled to a farm nearby to escape the fighting, and the men were detained while they were looking for food. Reporters from The Associated Press visited the farm and found hundreds of Africans living there, including many women.

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08/08/2011 (2:44 am)

Protesters throw fruit at Chile’s rescued miners

Filed under: Stock market, legal |

It has been a bittersweet anniversary for Chile’s rescued miners, who were honored as heroes in their hometown only to come under attack by anti-government protesters who threw fruit and small stones at them, accusing them of being ungrateful, greedy sellouts.

Chilean President Sebastian Pinera and his ministers joined most of the 33 miners Friday at a Catholic Mass and then the inauguration of a regional museum exhibit recognizing their remarkable survival story.

But the events were marred by scuffles between riot police and students, teachers, environmentalists and other miners, all trying to make Pinera bow to their pressure on issues from reforming public education and increasing miners’ pay to stopping controversial dams and power plants.

Some of the activists threw oranges and apples at the miners, accusing them of getting too cozy with Pinera’s government and trying to cash in on their fame.

The treatment shocked rescued miner Omar Reygadas into silence. His son told The Associated Press in an interview that his father was deeply hurt to be accused of selling out to the government. Other activists shouted that the miners were trying to get rich with their $17 million lawsuit accusing Chile’s mine regulator of failing to enforce safety requirements.

“My father was saddened, deeply saddened. He doesn’t understand how people could act this way,” said his son, also named Omar Reygadas. “When I got home I found him sitting alone, very sad. I asked him what happened and at first he wouldn’t say anything, but gradually he let on what happened.”

Some Chilean newspapers called the attack a low blow, especially considering how many of the miners still suffer from psychological problems after being stuck for 69 days underground.

“They aren’t heroes … they’re victims who are simply trying to recover from their tragedy,” El Diario de Atacama, Copiapo’s hometown newspaper, printed Saturday under a picture showing riot police with a confiscated box of oranges and apples activists had thrown at the honorees.

“We have become accustomed to judging the 33 of Atacama, forgetting that they’ve only been victims of the terrible circumstances that confront hundreds of Chileans every day.”

Psychologist Alberto Iturra, who was part of the medical team that participated in the mine rescue, criticized the incident, saying the attack on the miners was “irrational, crazy.”

He said the incident is “part of a process of alienation _ which implies not distinguishing spaces, people or anything, not being conscious of what they’re doing _ that the students suffer from.”

The miners were clearly grateful for Pinera’s leadership of the rescue mission, which succeeded in bringing them all out alive more than two months after the Aug. 5, 2010 collapse. “I wouldn’t be here talking with you today” if Pinera hadn’t become personally involved, miner Jose Fuentes told the AP. “We were down there praying that he would do it.”

But Pinera’s ministers also are defending the government against the miners’ suit, saying that they have to protect the Chilean taxpayers.

Pinera’s popularity has plunged to 26 percent, the lowest of any president since Chile recovered its democracy in 1990, as protests have roiled the country. Environmentalists hope to block hydroelectric dams in southern Patagonia and a huge coal-fired energy plant in northern Chile. Unionized miners have briefly paralyzed the nation’s largest copper mines, costing companies millions of dollars in lost production. Mapuche Indians have occupied ancestral lands, setting off violent confrontations with police and landowners. Striking high school and university students have taken over their schools and stopped classes for more than two months.

At the museum on Friday, Pinera appealed for an end to the unrest.

“The time of the protests, the strikes, the takeovers, the violence has passed. Now has come the time to construct and not keep destroying, the time of dialogue and not of intransigence; the time of solutions and not of confrontation, the time of unity and not of division,” Pinera said.

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08/04/2011 (10:16 pm)

Adidas Q2 net rises to $200 million

Filed under: Stock market, bank |

Shoe and sports clothing maker Adidas says net profit rose 11 percent in the second quarter and reported a big jump in sales in China.

Net profit rose to euro140 million ($200 million) from euro126 million in the same quarter a year ago, and the company said it was boosting its earnings outlook for the full year.

Adidas, the world’s No. 2 sporting goods maker behind Beaverton, Oregon-based Nike Inc., said Thursday that sales were now expected to increase 10 percent for the full year, excluding changes in currency exchange rates. That is up from the previous outlook for high single-digit sales growth.

Its full-year earnings per share estimate narrowed to euro3.12-euro3 cash advance flexible payments.10 from euro3.12-euro2.98.

Shares rose 3.25 percent to euro50.42 in morning trading German time.

The company, based in Herzogenaurach, Germany, said Thursday that group revenues in the quarter rose 5 percent to euro3.06 billion, but that sales were up 10 percent however when currency shifts were excluded.

Sales increased by double-digit percentages in all geographic regions for the first half, with a 37 percent increase in China.

Adidas brands include Reebok shoes and Taylor-Made golf equipment.

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07/31/2011 (12:32 am)

Roseman: Tips on taming your wireless phone bills

Filed under: Stock market, money |

Your phone bill can soar because of roaming charges when you take your mobile device with you on a trip.

Premium text message charges can also inflate your costs, especially if you don

07/16/2011 (10:08 am)

Volkswagen announces record 1st-half group sales

Filed under: Stock market, news |

Germany’s Volkswagen AG, Europe’s largest automaker, says it set a new first-half group sales record, as strong growth in the Asia-Pacific region boosted deliveries.

The Wolfsburg-based company said Friday it sold 4.09 million vehicles in the first six months of 2011, up 14.1 percent over the same period last year.

Asia-Pacific saw a 19.5 percent increase to 1.26 million vehicles, primarily in China. North American sales were up 21.2 percent to 319,100, while South American sales were up 10.9 percent to 455,200.

Europe remained the single biggest market, posting growth of 9.3 percent to 1.9 million vehicles, bolstered by robust 28.9 percent growth in Eastern Europe sales to 253,700 vehicles.

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