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- Asian markets tepid ahead of major earnings, Fed meeting
- Mon, 27 Apr 2015 23:46:23 -0400 -
SEOUL, South Korea (AP) — Asian stock markets were lukewarm Tuesday, taking a cue from losses on Wall Street ahead of earnings from major Asian companies and the Federal Reserve's policy meeting.
- Asian stocks mostly higher, weak yen boosts Tokyo
- Mon, 27 Apr 2015 22:34:37 -0400 -
Asian markets mostly rose Tuesday, with Tokyo boosted by a weaker yen while dealers await the release of major earnings reports as well as key central bank policy meetings in the United States and Japan. Tokyo added 0.63 percent and Shanghai put on 0.18 percent, while Hong Kong put on 0.17 percent and Seoul was flat. The broad gains came despite losses on Wall Street, where profit-takers moved in after Friday's record closures for the S&P 500 and Nasdaq. Japan's Nikkei was the stand-out performer as the weaker yen helped exporters.
- Truckers strike at huge seaport complex; impact minimal
- Mon, 27 Apr 2015 20:31:11 -0400 - LOS ANGELES (AP) — Truck drivers who haul goods from docks at the nation's busiest seaport complex walked off the job Monday in a dispute over their earnings and employment status, but port officials said the impact on international commerce appeared to be minimal.
- Venezuela state oil firm's earnings fall 4.3% in 2014
- Mon, 27 Apr 2015 16:44:32 -0400 -
Venezuelan state oil company PDVSA's earnings fell 4.3 percent in 2014, it said Monday, reporting drops in production and exports after a year of economic upheaval and sliding crude prices. PDVSA, which dominates the oil industry in the country estimated to have the world's largest crude reserves, registered earnings of $128.4 billion last year, down from $134.3 billion the year before, it reported on its website. Venezuela is struggling with a prolonged recession, annual inflation of 68.5 percent and chronic shortages of the panoply of basic goods it relies on oil money to import, from food to medicine to toilet paper. President Nicolas Maduro's government is strapped for cash in the face of a global supply glut that caused oil prices to collapse by more than 50 percent between June and January.
- US stocks snap record-setting rally
- Mon, 27 Apr 2015 16:32:34 -0400 -
New York (AFP) - US stocks snapped Monday a three-day rally to record highs as investors awaited Apple earnings results and a Federal Reserve policy meeting.
- Unhealthy ending: Stocks fall as health care shares weigh
- Mon, 27 Apr 2015 16:14:10 -0400 -
NEW YORK (AP) — U.S. stocks are closing lower as health care companies weigh on the market and investors await a flood of earnings reports.
- The cloud is a two-horse race between AWS and Microsoft
- Mon, 27 Apr 2015 15:27:23 -0400 -
According to recent earnings calls, no other cloud vendors can match Amazon Web Services (AWS) and Microsoft.
- With Nasdaq at records, investors ask what's next for tech
- Mon, 27 Apr 2015 13:32:36 -0400 -
By David Randall NEW YORK (Reuters) - When the Nasdaq Composite last hit record highs during the dotcom era, fund manager Walter Price struggled with justifying paying 400 times a company's earnings for rapid growth. Instead, Price worries that the companies that have powered the 25 percent rally in the Nasdaq over the last year are likely to plateau. "What brought us here isn't likely going to keep pushing us forward," said Price, lead portfolio manager of the Wells Fargo Advantage Specialized Technology fund. "We have a large position in Apple, but to say that Apple is going to double from here is not realistic." It is a concern of other top technology fund managers, as well.
- Stocks rise as investors prepare for busy week of earnings
- Mon, 27 Apr 2015 09:46:16 -0400 - NEW YORK (AP) — The U.S. stock market is opening moderately higher as investors prepare for a busy week of company earnings news.
- VW investors hope Piech exit may usher in change
- Mon, 27 Apr 2015 09:28:07 -0400 -
Investors hope that Volkswagen will be able to revive profitability at its core division, cure underperformance overseas and bury lingering plans for acquisitions after the resignation of Chairman Ferdinand Piech. Piech, the mastermind of VW's global expansion and a towering figure at the German group for more than two decades, stepped down on Saturday after losing a showdown he had provoked with Chief Executive Martin Winterkorn. Almost 80 percent of VW investors expect the carmaker's stock market value to increase after Piech's departure as it may help unlock greater earnings potential at the 12-brand group, a survey by advisory firm Evercore ISI showed. The exit of Piech, who spearheaded VW's campaign to make everything from motorcycles to 40-tonne trucks, also curbs the risk of purchases while VW is cutting billions of euros of costs at its core brand and revamping operations, Evercore ISI said.
- Investors question Deutsche Bank's overhaul
- Mon, 27 Apr 2015 08:46:19 -0400 -
By Thomas Atkins and Jonathan Gould FRANKFURT (Reuters) - Deutsche Bank's biggest strategic overhaul under co-chief executives Anshu Jain and Juergen Fitschen got a thumbs down from investors on Monday who judged it too little too late. Germany's flagship lender has trailed rivals under the tenure of Jain and Fitschen who despite the reverberations from the financial crisis stuck to an expensive universal banking model offering everything from mortgages in Germany to derivatives in London. Faced with tough regulations, weak markets and mounting legal bills from misconduct settlements, Deutsche is now following rivals such as UBS and Barclays in axing unprofitable business lines to boost earnings and shore up its balance sheet. After four months of deliberations, Jain and Fitschen have decided to cut up to 150 billion euros in investment bank assets, sell their Postbank retail division via a stock market listing by the end of 2016 and invest more in equities trading and wealth management.
- Canon Q1 profit down nearly 29% on falling camera demand
- Mon, 27 Apr 2015 06:24:20 -0400 -
Japanese camera and office equipment maker Canon said Monday its profits fell nearly 29% in the three months to March, due to reduced demand for cameras. The company said net profit dropped to 33.9 billion yen ($284 million) for the January-March period, while operating profit fell 19.9 percent to 66.2 billion yen, on sales of 857.4 billion yen, down 1.3 percent. It said slower camera sales and an increase in the cost of research led to the decline in profit, although the firm saw steady demand for laser printers and copy machines. "During the first quarter, MFDs (multifunction copier/printers) and laser printers enjoyed steady growth that has continued from the previous year," the company said in a statement.
- Nigeria's FCMB says Q1 pretax profit rises 3.5 pct
- Mon, 27 Apr 2015 05:50:52 -0400 -
LAGOS (Reuters) - Nigeria's First City Monument Bank (FCMB) first quarter pretax profit rose 3.5 percent to 5.76 billion naira ($29 million) from a year ago after it increased interest income, the lender said on Monday. FCMB said in a statement that gross earnings climbed 16.2 percent during the three-month period to 39.28 billion naira. ($1 = 198.95 naira) (Reporting by Oludare Mayowa; Editing by Helen Nyambura-Mwaura)
- Asian markets rise after Wall Street gains
- Sun, 26 Apr 2015 23:42:27 -0400 - BEIJING (AP) — Asian stock markets rose Monday after Wall Street gained on strong earnings and investors looked ahead to Apple results and this week's U.S. Federal Reserve meeting.
- Deutsche Bank first-quarter profit falls by half as legal charges bite
- Sun, 26 Apr 2015 14:01:52 -0400 -
By Thomas Atkins FRANKFURT (Reuters) - Deutsche Bank's earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul. Almost half came from the investment bank, but its pre-tax contribution fell by more than half due to litigation and regulatory expenses and currency swings, the bank said on Sunday. Deutsche has so far positioned itself as Europe’s “last man standing” in investment banking, even though it has made cuts in certain business lines. Deutsche on Friday announced a new strategic plan including the sale of its Postbank retail chain and additional paring back in investment banking.
- Sony raises FY 2015 profit forecast to $2.5 billion: Nikkei
- Fri, 24 Apr 2015 22:51:18 -0400 -
Japanese consumer electronics firm Sony Corp has raised its operating profit estimate for fiscal 2015 to 300 billion yen ($2.52 billion), or four times its previous estimate, the Nikkei reported on Saturday. Expectations for higher sales of display sensors used in mobile phones and the Playstation gaming console were the reason Sony raised its forecast, the Nikkei reported without citing sources. No one from Sony was available to comment. Sony also expected earnings in the fiscal year that ends in March 2016 to improve as restructuring costs had been declining, the Nikkei said.
- Historic week for US stocks as Nasdaq breaks 15-year record
- Fri, 24 Apr 2015 19:21:31 -0400 -
Fifteen years after its bubble exploded dramatically costing tens of thousands of hopeful tech millionaires their savings, the Nasdaq finally made its way back this week. The Nasdaq led Wall Street higher for the week through April 24, putting on 3.25 percent. Then, with a flourish from both the old and new leaders of the New Economy (as it was heralded before the 2000 crash) -- Amazon, Microsoft and Google all surged on strong quarterly earnings reports -- the Nasdaq Composite added to that Friday with another 36 points, to end the week at 5,092.08. Back in 2000, the p/e ratio was an unsustainable 190 times, mainly because the Nasdaq was full of new tech companies full of hopes and ideas but no earnings.
- Equities hit record highs, dollar weakens on gloomy data
- Fri, 24 Apr 2015 16:47:59 -0400 -
Equity markets worldwide climbed to record highs on Friday as solid corporate earnings and an all-time peak for the Nasdaq stock index stoked investor optimism, while the dollar eased on gloomy U.S. economic data. Amazon.com Inc , Microsoft Corp and Google Inc led Wall Street higher, pushing the Nasdaq to a second straight record closing high a day after it topped a record that had stood for more than 15 years.
- European stocks close higher awaiting Greek resolution
- Fri, 24 Apr 2015 12:58:05 -0400 -
European stock markets closed higher Friday on hopes embattled eurozone member Greece will take strides towards a debt deal to unlock bailout money. London's benchmark FTSE 100 ended the day 0.24 percent higher at 7,070.70 points, while in Paris the CAC 40 finished 0.44 percent ahead at 5,201.45 points. Madrid's stock market wound up 0.22 percent ahead, and Milan ended the day with a 0.98 percent rise. On Wall Street, good earnings reports by Amazon, Microsoft and Google helped the Nasdaq Composite Index add to its new record high.
- Tokyo investors eye Fed meeting, Japan earnings next week
- Fri, 24 Apr 2015 07:46:09 -0400 -
A US central bank meeting and Japanese earnings will be among the trading cues for investors next week after Tokyo's benchmark index broke through the key 20,000 level in the past few days. Markets are keen to see what the Federal Reserve says about an interest rate hike after a mixed bag of data threw into question the strength of the world's top economy. "It is going to be an eventful week and one of the key events is the FOMC (Federal Open Market Committee)" meeting, said Toshikazu Horiuchi, a broker at IwaiCosmo Securities. "The Bank of Japan will also hold a board meeting.
- Nigeria's Heineken unit Q1 pretax profit falls 2 pct
- Fri, 24 Apr 2015 05:51:52 -0400 -
Nigerian Breweries, a unit of Dutch brewer Heineken, said on Friday its first quarter pre-tax profit fell 2 percent to 14.43 billion naira ($73 million) from a year ago. The brewer's gross earnings however rose to 69.92 billion naira in the period to end-March from 68.97 billion naira a year ago, it said in a statement without giving a reason for the weaker profit.
- UBS Wealth cuts allocation to U.S., UK stocks
- Fri, 24 Apr 2015 03:27:24 -0400 -
UBS Wealth Management, the world's biggest wealth manager, has cut its positions in U.S. and UK stocks, betting that euro zone shares offer the best value and growth prospects, the firm's chief investment officer said in a note to clients. The firm cut its tactical allocation to U.S. stocks to the lowest in three years at "neutral" from "overweight" while initiating an "underweight" on UK stocks. It remains overweight euro zone shares, citing a combination of quantitative easing, accelerating economic growth, and strong corporate earnings. "For the first time in years, the U.S. does not have the most attractive profit outlook compared to other regions, particularly the Eurozone," Mark Haefele, global CIO at UBS Wealth Management, said.
- South Africa mine union plans to demand gold wage hikes of 75 pct: sources
- Fri, 24 Apr 2015 02:34:54 -0400 -
By Ed Stoddard JOHANNESBURG (Reuters) - South Africa's National Union of Mineworkers (NUM) is planning to submit demands to the gold sector next week calling for a 75-percent hike in the basic pay for entry-level workers, according to union sources familiar with the matter. "For the basic wage at the entry level, we are planning to demand a raise to 10,000 rand ($823) a month in the first year from 5,700 rand at present," said one NUM source, who asked not to be named. The basic wage is not the only remuneration miners get, nor is it the only labour cost to companies. South Africa's mostly black mining labour force is increasingly restive two decades after the end of apartheid, with perceptions prevalent that the earnings which have been made in the industry have not flowed fairly to workers.
- Microsoft coy on cloud profit after Amazon delivers
- Thu, 23 Apr 2015 21:33:25 -0400 -
By Bill Rigby and Nandita Bose SAN FRANCISCO/CHICAGO (Reuters) - Amazon.com Inc surprised investors on Thursday by disclosing for the first time that it makes a profit from its fast-growing cloud-computing business. Microsoft, its closest rival in that arena, also touted a fast-growing cloud business, but held back on key numbers, leaving investors with as many questions as answers. Analysts honed in on Azure, Microsoft's cloud-computing platform, in a conference call on Thursday after earnings, but Microsoft executives avoided specific answers. "The lack of disclosure on Azure profitability is conspicuous by its absence," said Todd Lowenstein, a portfolio manager at HighMark Capital.
- Starbucks sees bigger hit from foreign exchange this year
- Thu, 23 Apr 2015 17:14:36 -0400 - The world's biggest coffee chain now expects a full-year foreign exchange hit of 2 percentage points on both earnings and revenue. Previously, Starbucks had expected foreign exchange to reduce earnings and revenue by 1 percentage point, Chief Financial Officer Scott Maw told Reuters. Strength across Starbucks' businesses is offsetting that drag, Maw said.