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BP reportedly reviving plan to sell Alaska assets
Mon, 06 Sep 2010 08:32:53 GMT
LONDON (MarketWatch) -- Oil giant BP is reviving a plan to sell assets in Alaska after a previous attempt to dispose of the operations to Apache Corp. fell through earlier this year, according to a Financial Times report citing banking sources. The company had tried to sell half of its 26% stake in Prudhoe Bay, but the deal became too complex and Apache instead agreed to buy onshore gas assets for $7 billion. The report said industry bankers still see Apache as a potential buyer and that Occidental Petroleum Corp. could also be a suitor. The potential disposal is part of the group's plan to raise billions of dollars to pay for the oil spill in the Gulf of Mexico. Separately, the Sunday Times (of London) reported that BP has increased its target for asset sales to $40 billion from $30 billion.
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Veolia upgraded two notches to buy at Citigroup
Mon, 06 Sep 2010 08:12:57 GMT
LONDON (MarketWatch) -- Citigroup on Monday upgraded French water utility and waste management firm Veolia Environnement two notches to buy from sell, saying that its updated forecasts indicate the firm can generate annual earnings growth of 16% through 2015, which is well above the broader sector. The broker lifted its target price to 23 euros ($29.7) a share from 19 euros and said it believes the group's 6.3% estimated dividend yield is both sustainable and attractive.
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China official affirms 'sound' ties with U.S.
Mon, 06 Sep 2010 07:19:46 GMT
HONG KONG (MarketWatch) -- The relationship between China and the U.S. is "sound" though difficulties were evident earlier this year, a senior Communist Party official told a visiting U.S. delegation on Monday, according to report by Associated Press. Li Yuanchao, who heads a section that controls senior party appointments, addressed the U.S. delegation that includes National Economic Council Director Larry Summers and Deputy National Security Adviser Tom Donilon during opening remarks in Beijing on Monday. ``Although there were some disturbances in China-U.S. relations, in April and May after President Obama and President Hu Jintao had two meetings, our relations have gotten back on a sound track,'' Li was cited as saying in the report. The two sides are expected to touch on tricky issues that include China's currency policy, its persistent trade surplus with the U.S., rising military tensionsin the South China Sea, and disagreement over U.S. arm sales to Taiwan, the report said.
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Vodafone reportedly seeking new chairman
Mon, 06 Sep 2010 07:13:42 GMT
LONDON (MarketWatch) -- U.K. mobile telecommunications giant Vodafone Group has launched a search for a new chairman, according to several media reports. The company wants to appoint a successor to John Bond by next year's annual meeting, the Financial Times reported late Sunday. The search comes just weeks after a failed attempt by some shareholders, including the Ontario Teachers' Pension Plan, to remove Bond from his role. The FT said the mobile phone company had decided to look for a new chairman before the recent investor unrest, but that the criticism of Bond had added further urgency to its search. Shares in the group edged up 0.3% in early trading Monday.
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European stocks gain in early trading
Mon, 06 Sep 2010 07:10:30 GMT
LONDON (MarketWatch) -- European stock markets moved higher in early trading Monday, adding to the payrolls-inspired gains from the previous session. Most sectors were trading higher Monday, with banks among the biggest gainers. France's Natixis rose 3.1% and Barclays added 1.4%. U.K. low-cost airline easyJet added 1.6% after reporting growth in passenger numbers and load factor for August. Among the main indexes, the U.K.'s FTSE 100 rose 0.4% to 5,451.11, the French CAC 40 index rose 0.5% to 3,690.10 and the German DAX 30 index added 0.4% to 6,157.20. U.S. markets will remain closed Monday for the Labor Day holiday.
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France Telecom: Polish arm ordered to pay $510 mln
Mon, 06 Sep 2010 06:54:09 GMT
LONDON (MarketWatch) -- France Telecom said Monday that Telekomunikacja Polska, in which it holds a 49.8% stake, has been ordered to pay 396 million euros ($510 million) to Danish Polish Telecommunications Group by an arbitration tribunal. The decision relates to a dispute over a fiber optic cable network and covers the period between Feb. 1994 and June 2004. A second phase of the proceedings will cover the period through Jan. 2009 unless the parties come to a settlement. France Telecom said Telekomunikacja Polska is examining its options with regards to taking further legal action. France Telecom said it has already taken the appropriate provisions and reaffirmed its commitment to pay a dividend of 1.4 euros a share for 2010, 2011 and 2012.
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Severstal swings to second-quarter profit
Mon, 06 Sep 2010 06:33:39 GMT
FRANKFURT (MarketWatch) -- OAO Severstal , a Russian steel and mining firm, said Monday it swing to a second-quarter net profit of $192.7 million from a loss of $289.7 million. Sales surged to $4.25 billion from $2.47 billion in the same period a year ago. Sales rose 35% from the first quarter of 2010. "As anticipated, we have been able to build on the underlying progress reported in the first quarter into the second quarter," said Chief Executive Alexey Mordashov. "This reflects the fundamental strengths of our integrated operations and the higher production and prices being achieved, as the economic outlook improves, particularly in Russia."
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EasyJet August passenger numbers up 8.4%
Mon, 06 Sep 2010 06:27:01 GMT
LONDON (MarketWatch) -- U.K. low-cost airline easyJet said Monday that it carried 5.2 million passengers in August, an 8.4% increase from the 4.8 million it carried a year earlier. The airline's load factor -- a measure of passengers against available seats -- improved by 1.5 percentage points to 86.9%.
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BHP gains as Chinese firms look set for Potash bid
Mon, 06 Sep 2010 06:01:42 GMT
SYDNEY (MarketWatch) -- BHP Billiton shares shares rose 1.3% Monday in Sydney, outperforming the broader Australian equity market amid an increasing likelihood that the firm's $38.6 billion hostile bid for Canada's Potash Corp. will face competition from China. Entities looking at investment options over Potash include Sinochem International Corp. , and a consortium led by Hopu Investment Management, The Wall Street Journal reported Monday, citing people familiar with the situation. Canadian asset manager, Alberta Investment Management Corp., has turned down a request to join the Chinese-backed consortium mulling a counterbid for the Canadian fertilizer major, the report said.
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China wealth fund, Sinochem may bid for Potash
Mon, 06 Sep 2010 05:33:20 GMT
SYDNEY (MarketWatch) -- China's Sinochem International Corp. and Chinese sovereign wealth fund China Investment Corp. are mulling a joint offer for Canadian fertilizer firm Potash Corp. on orders from the Chinese government, reports said Monday. Potash has already received a hostile $38.6 billion offer from BHP Billiton Ltd. . Shares of Sinochem were up 1.2% Monday afternoon in Shanghai, while those of BHP were 1.6% higher in Sydney.
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Andean shares trade above Goldcorp bid price
Mon, 06 Sep 2010 05:00:47 GMT
SYDNEY (MarketWatch) -- Shares of Andean Resources Ltd. jumped 9.8% in Sydney trading to 7.03 Australian dollars ($6.44) on Monday afternoon, extending steep gains made Friday before the shares were suspended. Andean said Friday that it has agreed to accept a $3.4 billion takeover offer from Canada's Goldcorp Inc. , with the deal equivalent to A$6.83 a share. However, UBS downgraded Andean on Monday to neutral from buy, saying that it believes there is a low probability of a comeback bid from earlier suitor Eldorado Gold Corp. , as Andean has agreed to let Goldcorp match any competing offer.
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Asian shares push higher after U.S. data
Mon, 06 Sep 2010 04:09:02 GMT
LOS ANGELES (MarketWatch) -- Asian markets moved solidly higher Monday, after U.S. job data released Friday weren't as bad as feared. Japanese equities led the rally, with tech exporters among the top beneficiaries of renewed economic hopes. In early afternoon trading, the Nikkei Stock Average was up 1.6% and the broader Topix higher by 1.3%, with notable gainers including Toshiba Corp. , up 2.3%; Hitachi Ltd. , higher by 2.6%; and chip maker Elpida Memory Inc. spiking 8.2%. Hong Kong shares extended their recent gains, with the Hang Seng Index rising 1.4%. Mainland Chinese metal shares were among the big advancers, with Aluminum Corp. of China Ltd., or Chalco rising 3.3%, and Angang Steel Co. gaining 3.4%, also boosted by expectations China will continue to cut capacity in the sector. Elsewhere in Asia, the Shanghai Composite rose 1%, Sydney's S&P/ASX 200 was 0.5% higher, Seoul's Kospi added 0.3%, and Wellington's NZSX 50 rose 1% despite New Zealand's massive earthquake Saturday. In early Mumbai trade, the Sensex and S&P/CNX each gained 0.7%.
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SingTel may bid for C&W Worldwide: report
Mon, 06 Sep 2010 03:48:50 GMT
SYDNEY (MarketWatch) -- Singapore Telecommunications Ltd. is considering a bid for U.K. telecom Cable & Wireless Worldwide PLC, according to a report in the Independent on Sunday. The Asian firm, better known as SingTel, is in the early stages of considering its options but has already made contact with bankers, according to the report, which cited a corporate adviser. Cable & Wireless Worldwide demerged from Cable & Wireless Communications PLC in March.
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Hong Kong gets lift from banks, energy shares
Mon, 06 Sep 2010 02:21:04 GMT
HONG KONG (MarketWatch) -- Hong Kong shares climbed early Monday after better-than-expected U.S. jobs data pulled Wall Street higher Friday, with banks and resource stocks pacing the rally. The benchmark Hang Seng Index rose 0.9% to 21,169.35, stretching its winning run into a fourth straight session, while the Hang Seng China Enterprises Index gained 0.9% to 11,871.63. Shares of BOC Hong Kong Holdings Ltd. climbed 2.8%, and HSBC Holdings PLC added 1.2%, while bourse operator Hong Kong Exchanges & Clearing Ltd. added 2.7%. Energy producers also gained in the upbeat market despite a fall in crude-oil prices Friday, with Cnooc Ltd. up 0.9% and PetroChina Co. higher by 1.2%. China's Shanghai Composite advanced 0.8% to 2,676.68.
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Australian shares gain, with major miners higher
Mon, 06 Sep 2010 00:45:11 GMT
LOS ANGELES (MarketWatch) -- Australian shares booked early gains Monday, advancing with the rest of Asia after a U.S. advance last Friday, with mining majors and some industrials among the top risers. The S&P/ASX 200 rose 0.3% to 4,555.4 in initial moves, with Fortescue Metals Group Ltd. up 2.3%, and BHP Billiton Ltd. higher by 1.3% amid an increasing likelihood of a serious Chinese challenge to its hostile bid for Canada's Potash Corp. . Some industrial shares also outperformed, with BlueScope Steel Ltd. adding 1.8%, and Incitec Pivot Ltd. climbing 1.5%. Among declining shares, Macquarie Group Ltd. dropped 6% after a profit warning, while several insurers retreated in the wake of New Zealand's major earthquake Saturday, with Suncorp-Metway Ltd. down 0.5%, and Insurance Australia Group Ltd. lower by 0.3%.
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Japan shares rise, tracking U.S. gains Friday
Mon, 06 Sep 2010 00:17:51 GMT
LOS ANGELES (MarketWatch) -- Japanese shares rose in early Monday trade, with end-of-the-week gains in the U.S. helping boost sentiment, as auto and tech exporters' shares led the advance. The benchmark Nikkei Stock Average rose 0.8% to 9,185.9, and the broader Topix was up 0.7% to 829.1. Toyota Motor Corp. saw its stock up 0.9% in early trading, while shares of Mazda Motor Corp. rose 3.2% after the Nikkei business daily reported the company is planning major new cost-cutting moves. Some tech names also marked large early gains, with Hitachi Ltd. up 1.1%, Sharp Corp. higher by 1.3% and Elpida Memory Inc. jumping 4.4% after Mitsubishi UFJ MS Securities initiated coverage of the shares with a buy rating, according to Dow Jones Newswires.
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Macquarie warns on fiscal first-half profit
Sun, 05 Sep 2010 23:17:59 GMT
SYDNEY (MarketWatch) -- Macquarie Group Ltd. said Monday that most markets have continued to be weak and that its first-half profit, covering April to September of this year, is expected to be about 25% less than the year-earlier level. The financial group said that global market conditions are hitting activity for its securities, capital and fixed-income, currencies and commodities operations. Profit for the fiscal year to March 31 is expected to be broadly in line with fiscal 2010 levels if market activity returns to more normal levels in the second half, the firm said. At June 30, the firm's surplus capital totaled 3.1 billion Australian dollars ($2.8 billion), compared to A$4.0 billion at the end of March.
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Stocks end week with rally over relief on economy
Fri, 03 Sep 2010 20:13:55 GMT
NEW YORK (MarketWatch) -- U.S. stocks finished Friday's session and the week with strong gains, as a not-as-bad-as-feared August jobs report provided some relief from concerns over the slowing U.S. economy. On Friday, the Dow Jones Industrial Average gained 127.83 points, or 1.2%, to end at 10,447.93. Blue-chip gains were led by a 2.7% gain in shares of JP Morgan Chase , up 2.7%, and Cisco Systems , up 2.5%. For the week, the blue-chip average rose 2.9%, ending a three-week losing streak. The S&P 500 index rose 14.41 points, or 1.3%, to end at 1,104.51, led by the financials sector, up 2.2%. The broad index rose 3.8% for the week, also posting a weekly gain for the first time in four weeks. The Nasdaq Composite rose 33.74 points, or 1.5%, to 2,233.75 on Friday, for a weekly gain of 3.7%.
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American Airlines August traffic, capacity rise
Fri, 03 Sep 2010 20:08:50 GMT
SAN FRANCISCO (MarketWatch) -- AMR Corp. said late Friday that August traffic at American Airlines rose 3.1% to 11.51 billion revenue passenger miles from 11.17 billion a year ago. A revenue passenger mile equals one passenger flown one mile. August capacity also increased by 3.2% to 13.61 billion available seat miles. Load factor, or the percentage of seats filled with passengers, for August declined to 84.6% from 84.7% a year ago.
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Continental Airlines recalls 132 furloughed pilots
Fri, 03 Sep 2010 18:57:16 GMT
NEW YORK (MarketWatch) -- In a move reflecting the recovering business of health of airlines, the pilots union for Continental Airlines said Friday that the carrier plans to recall more than 100 furloughed pilots over the next 18 months. Capt. Jay Pierce, chairman of Continental's pilot unit of the Air Line Pilots Association, credited growing passenger traffic and anticipated aircraft deliveries for the additional work. Continental Airlines furloughed 147 pilots in September, 2008. A small number, 15, were recalled earlier this year. The recalled pilots return for training sometime in the fourth quarter. No one from Continental was available for comment.
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Oil settles lower but keeps above $74 a barrel
Fri, 03 Sep 2010 18:41:15 GMT
SAN FRANCISCO (MarketWatch) -- Crude-oil futures declined Friday, as a better-than-expected jobs report wasn't enough to give prices a long-standing lift. Oil for October delivery declined 42 cents, or 0.6%, to $74.60 a barrel on the New York Mercantile Exchange.
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UPS cargo plane crashes in Dubai on takeoff
Fri, 03 Sep 2010 17:49:25 GMT
SAN FRANCISCO (MarketWatch) -- A UPS cargo plane crashed in Dubai, United Arab Emirates at noon Eastern on Friday during takeoff, with two crew members on board, the parcel service company said. "At this time, we have not confirmed any casualties," UPS said in a statement. The 747-400 was headed to Cologne, Germany.
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Silver hits two-year high, gold closes lower
Fri, 03 Sep 2010 17:47:34 GMT
SAN FRANCISCO (MarketWatch) -- Silver closed at a two-year high Friday, rallying 1.4% and carried by its safe-haven and industrial appeals. Gold closed lower, although the metal came off session lows. Silver for December delivery added 28 cents to $19.95 an ounce on the Comex division of the New York Mercantile Exchange. Gold for December delivery declined $2.30, or 0.2%, to $1,251.10 an ounce; the metal had lost more than $10 at times. Copper settled at $3.50, a multi-month high for the metal.
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Goldman shutting principal strategies unit: report
Fri, 03 Sep 2010 17:42:45 GMT
SAN FRANCISCO (MarketWatch) -- Goldman Sachs Group Inc. is closing its principal-strategies business, responsible for investing the firm's own capital, Bloomberg reported Friday on its website, citing two people familiar with the decision. The move is to comply with new U.S. regulations aimed at curbing risk. Goldman employs about 65 to 70 employees in the unit, the news agency said. Some of them may be transferred to other divisions within the company while the team in Asia may try to set up a new hedge fund, according to Bloomberg. Earlier this week, JP Morgan Chase & Co. said it will shut down its proprietary trading, according to media reports.
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Magnitude 7.2 quake hits southern New Zealand
Fri, 03 Sep 2010 17:09:27 GMT
SAN FRANCISCO (MarketWatch) -- A 7.2 magnitude earthquake struck southern New Zealand at 4:35 a.m. Saturday local time, according to the U.S. Geological Survey on Friday. The quake, which struck at 9:35 a.m. Pacific time, was centered 19 miles northwest of Christchurch, and 186 miles southwest of Wellington. Earlier, the USGS had reported a preliminary magnitude of 7.4.
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Petrobras climbs after $64 bln share-offer launch
Fri, 03 Sep 2010 17:06:17 GMT
LOS ANGELES (MarketWatch) -- Shares of Brazil's Petroleo Brasileiro SA traded in Sao Paulo and the U.S. climbed Friday after the oil giant said it plans to raise about $64 billion, marking the world's largest offering of shares, to fund its plans for deepwater oil exploration and development. Preferred shares of Petrobras, the most actively traded, rose 3% in Sao Paulo, and U.S.-listed shares gained 3.1% to $37.13. Late Wednesday, Petrobras reached a deal to pay $42.5 billion in new shares to the Brazilian government in exchange for rights to explore roughly 5 billion barrels of oil equivalent in offshore fields.
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Delta August traffic up 1.1%, capacity rises 1.2%
Fri, 03 Sep 2010 16:56:03 GMT
SAN FRANCISCO (MarketWatch) -- Delta Air Lines said Friday traffic in August climbed 1.1% to 18.94 billion revenue passenger miles from 18.73 billion in August 2009. A revenue passenger mile is equal to one passenger flown one mile. Total capacity last month rose 1.2% to 21.91 billion available seat miles. Load factor, or the percentage of available seats filled with passengers, slid 1 percentage point to 85.8%.
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White House looking for stimulus: official
Fri, 03 Sep 2010 16:00:45 GMT
WASHINGTON (MarketWatch) -- The Obama administration is looking for stimulus measures that are effective, said Alan Krueger, the Treasury's assistant secretary for economic policy on Friday. "The President has asked his economic team to review measures that are targeted and responsible," Krueger told reporters. "We're looking for responsible policies that ensure that the recovery in the job market continues and we are looking for programs that deliver bang for the buck and are going to be effective," he said. The budget deficit should not be an obstacle, Krueger suggested. "We have a jobs deficit and a budget deficit. I don't see why we can't make progress on both," he said. Krueger called the August jobs report "reassuring" and said there were signs that a normal recovery was on-going. At first, the recovery was boosted by government and inventories and now the "handoff" to the private sector is underway despite bumps along the road, he said.
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Paris court finds eBay liable for selling fakes
Fri, 03 Sep 2010 15:34:50 GMT
SAN FRANCISCO (MarketWatch) -- Luxury goods company LVMH said Friday that the Paris Court of Appeal found eBay liable for selling counterfeit Louis Vuitton and Christian Dior products during 2001 to 2006 and ordered the online retailer to pay a fine of 5.7 million euros ($7.34 million). The ruling upholds a similar decision by the Paris Commercial Court in June 2008. "This decision also dismissed eBay's claim for exemption on the ground that it was acting as a mere provider of hosting services," said LVMH in a statement. In addition to the penalty, the decision leaves open the possibility for the claimants to seek redress in foreign courts, LVMH said.
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Mercedes-Benz sales rose 22% in August
Fri, 03 Sep 2010 15:15:18 GMT
LONDON (MarketWatch) -- Worldwide sales of Mercedes-Benz vehicles rose 22% to 81,000 units in August, German car maker Daimler AG said Friday. It was the tenth consecutive month of double-digit increase. Daimler said it aims to achieve double-digit growth at Mercedes-Benz for 2010.
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