Jul

7

Despite rocketing prices, outlook is bleak for oil majors

Filed Under Finance | Posted By Jennifer Sullivan | Leave a Comment

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The major oil companies are struggling against record undigested prices as well as struggling to access resources which are being jealously guarded by national companies with whom they are forced to establish partnerships.

It may seem that high oil prices do not mean a golden age for the likes of ExxonMobil, Chevron, Totalor BP. But they are seeing big profits in future with a barrel of oil at more than 140 dollars.

According to the figures released by the office of Ernst and Young at the World Petroleum Congress in Madrid,” The main problem is access to reserves. The oil companies now control less than 10 % of world resources of gas and oil, against 70 % in the 1970s”.

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Jun

23

India stocks turn negative for FIIs; China still giving gains

Filed Under Finance | Posted By Jennifer Sullivan | Leave a Comment

According to the measure of returns from various stock markets across the world for overseas investors, Indian stocks are the only one giving a one-year negative return among the four BRIC countries.

While Brazil tops the list among all the BRIC countries  markets across the world with a one-year return of about 46%, Russia stocks are up by nearly 27.5% and return is in positive at 2.6% in China.

Therefore BRIC markets – Brazil, Russia and China and are giving better performance but India is not, so Indian stocks is a loss-making investment for overseas investors.

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Apr

16

IMF sees US falling into recession, damping global economic growth

Filed Under Finance | Posted By Jennifer Sullivan | Leave a Comment

According to an International Monetary Fund forecast, the world economy will slow sharply, with the US sliding into a recession among credit, housing and fiscal slumps.

The IMF, in a World Economic Outlook release, slashed growth projections for the US. Growth in China and India will remain strong, as the two nations are expected to post lower growth rates in 2009. Economic growth in the US is expected to slow down by 0.5 percent this year and grow by 0.6 percent in 2009. “The US economy will tip into a mild recession in 2008 as the result of jointly reinforcing cycles in the housing and financial markets,” the IMF stated.
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Mar

26

Gulf States to See 7% Inflation in 2008: IMF

Filed Under Finance | Posted By Jennifer Sullivan | Leave a Comment

The six Gulf states, currently rolling under the assault of mounting prices although oil earnings going up stridently, will be disturbed by inflation in 2008.

Largely inflationary pressures this year are likely to boost by seven percent on an average, said Gene Leone, a senior official of the International Monetary Funds (IMFs).

Leone says, “Domestic demand was expected to remain strong over the medium term, fuelled by high oil prices and flow of substantial investments in the region.”

Inflation was expected to ease to approximately12 percent and eight percent in 2007 in Qatar and the UAE. However, figures offered by Leon reveals that inflation in Qatar surged to around 14 percent while prices in the UAE had risen by 11 percent.

With near four percent inflation in Bahrain, lowest among GCC countries, owing to government subsidies, the IMF said.

In his presentation, Leon mentioned that in Qatar inflation has surged to around 14 percent in 2007 while consumer prices in the UAE were estimated to have risen to around 11 percent.

About the policy options, Leon said that given the pegged exchange rate regimes in most GCC countries, the effectiveness of monetary policy is limited in controlling inflation. However, fiscal policy is the only effective instrument to tackle this issue.

He added that revaluation of the exchange rate could have a limited impact, but we should bear in mind that inflation has been stimulated mainly by supply-side factors and choosing effective regime should be motivated by more than just the need to lessen inflation, he said.

The IMF figures also explain inflation rising over 4.1 per cent in the low economy of Saudi Arabia, which is the largest in the Middle East.

Meanwhile, Bahrain has proposed an agreement to import foodstuff and supplies to fight with the impact of rising inflation.

Bahrain Chamber of Commerce and Industry (BCCI) chairman Esam Fakhro says, “the policy would help give the region`s countries more control over the cost of consumer goods and greater power to prevent harmful price hikes”.



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Feb

29

Beware: It’s ‘phishing’ season – income tax scams abound

Filed Under Finance | Posted By Jennifer Sullivan | Leave a Comment

Scam artists never pass up a good opportunity, and the soon-to-be-issued economic stimulus checks are the latest hook they’re using as bait in a “phishing” expedition.

The checks, which could be anywhere from $300 to $1,200 for most households, are set to be mailed out beginning in May. Some crafty criminals are capitalizing on the anticipated funds by contacting people, identifying themselves as employees with the Internal Revenue Service and telling them they could get the money sooner if they choose to have it direct-deposited. And then they’re asked for their bank account information, and it’s smooth sailing for the slick con-men to access those accounts and clear them out.

“Scams always come up during tax season, but these guys have gotten very clever,” said David Stewart, state spokesman for the IRS. “They’ll play that refund game on people time and time again.”

Stewart said the scam has “spread across the nation like wildfire. You could use the word pandemic. It’s gotten that bad.”

He said the stimulus checks just got the tax return scam season off to an early start.

About three years ago, e-mail scams, known as “phishing,” began taking off as e-mails were sent out, seemingly from the IRS, Stewart said. The e-mails requested personal information, and bank account, credit card and personal identification numbers.

The first wave of these e-mails was obviously fake to those who actually took a minute to read them.

“There were misspellings and the grammar was poor,” Stewart said. “This year they look very sophisticated.”

He said the scam artists prey on Americans’ fears of the IRS and naivet� about what the IRS will and will not do when it comes to contacting people.

“Here’s the bottom line,” Stewart said. “We’re never, ever going to send you an e-mail. It just ain’t gonna happen. It would be a very rare occasion that we’d call you on the phone, and we’d never ask you for your routing number, PIN, credit card number or passwords.”

Stewart said the IRS urges people to contact their local IRS office if they get an e-mail or phone call. In the case of a call, he said, “just say ‘thank you’ and hang up.” Then call your local office, tell them you received a call and ask if the IRS is truly trying to reach you.

If an e-mail is received, never click on any links in the e-mail and don’t reply to it. Instead, forward the e-mail to phishing@irs.gov.

Source:www.timesleader.com/news/20080229_23_Phishing_as_ART.html



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Feb

29

European Factors — Economy woes to weigh on stocks

Filed Under Finance | Posted By Jennifer Sullivan | Leave a Comment 

 (Adds index futures, more company news, updates table)
 FRANKFURT, Feb 29 (Reuters) - European shares were set for a weaker start on
Friday on following falls in U.S. and Asian markets after comments by U.S.
Federal Reserve Chairman Ben Bernanke on the health of small U.S. banks fuelled
concern over the state of the economy.
 Oil touched a new high above $103 on Friday while the U.S. dollar fell to a
series of lows against major currencies.
 Futures for Germany's DAX FDXH8 and for France's CAC FCEH8 were down 0.4
percent, and bookmakers expected London's FTSE 100 .FTSE to open 10 to 20
points lower. European shares ended Thursday 1.8 percent lower amid mounting
U.S. recession worries.
 Investors will pore over U.S. and European economic data for any signs of a
recession, and study company results for signs of weakness from the economy and
credit market problems.
 Swiss Re (RUKN.VX:), the world’s largest reinsurer, posted a smaller than
expected drop in profit but announced a $226 million credit default swap
mark-to-market loss. On Thursday American International Group Inc (AIG.N:), the
world’s largest insurer, posted its biggest-ever quarterly loss.
 London-based hedge fund Peloton Partners LLP became the latest victim of the
global credit market crisis when it told investors on Thursday that it was
shutting one fund and was considering what to do with another.
 -----------------------MARKET SNAPSHOT AT 0739 GMT----------------------
                                        LAST        PCT CHG        NET CHG
 S&P 500                  .SPX    1,367.68        -0.89 %         -12.34
 NIKKEI                  .N225   13,603.02        -2.32 %        -322.49
 MSCI ASIA EX-JP .MIASJ0000PUS      564.24        -1.34 %          -7.68
 EUR/USD                  <EUR=>       1.519        -0.07 %        -0.0010
 USD/JPY                  <JPY=>      104.68        -0.60 %        -0.6300
 10-YR US TSY YLD    <US10YT=RR>       3.641          --             -0.03
 10-YR BUND YLD      <EU10YT=RR>       3.971          --             -0.02
 SPOT GOLD                <XAU=>     $971.60         0.28 %          $2.70
 US CRUDE                 CLc1     $102.87         0.27 %           0.28
  -----------------------------------------------------------------------


 * Wall St falls on jobless claims, Fed's bank warning       [ID:nN28628816]


 * Japan stocks down 2 pct, hit by yen, economy fears        [ID:nL29579553]


 * Dollar dives, global stocks sink, oil pricier than        [ID:nSP146231]


 * Dollar hits 3-yr low versus yen, rate view stings         [ID:nT106779]


 * Treasuries jump in Asia as investors see more Fed cuts    [ID:nT102418]


 * Gold powers to record on oil, eyes $1,000                 [ID:nSP141558]


 * Oil hits fresh high after Ecuador pipeline rupture        [ID:nSP141549]




 COMPANY NEWS




 SWISS RE (RUKN.VX:) 


 Swiss Re said full-year net profit was 4.2 billion francs, slightly above
the 4.0 billion average forecast in a Reuters poll of 15 analysts. The group
broadly maintained its over the cycle goals, slightly raising its return on
equity (ROE) goal to 14 percent from 13 percent before, while sticking to its 10
percent earnings per share growth. [ID:nL29927081]


 Related news, double click on [RUKN.VX-E]




 DEXIA (DEXI.PA:) 


 French-Belgian bank Dexia reported a 14 percent rise in its underlying
fourth quarter net profit on Friday, driven by higher earnings at its public
finance division. [ID:nL29620555]


 Related news, double click on [DEXI.PA-E]




 JULIUS BAER (BAER.VX:)


 The Swiss bank, facing an international backlash, defended on Thursday
taking legal action to shut down a Web site that published what the site said
were details of secret bank accounts linked to tax- avoidance schemes.
[ID:nN28616916]


 Related news, double click on [BAER.VX-E]




 VIVENDI (VIV.PA:) 


 The media and communications group on Friday posted an 8.3 percent rise in
adjusted full-year net profit, pulled by its Maroc Telecom and pay-TV unit.
[ID:nL29258663]


 Related news, double click on [VIV.PA-E]




 SOLVAY (SOLB.BR:)


 Belgium's Solvay said on Friday its pharmaceutical division would evaluate
its options for the future of schizophrenia drug bifeprunox after partner Wyeth
Pharmaceuticals (WYE.N:) withdrew. [ID:nWEB7028]


 Related news, double click on [SOLB.BR-E]


 BELGACOM (BCOM.BR:)


 Belgacom reported a 3.3 percent fall in 2007 core profit on Friday below
market expectations as a tough regulatory environment hit its mobile division.
[ID:nWEB7008]


 Related news, double click on [BCOM.BR-E]




 ERSTE BANK (ERST.VI:)


 Austria's Erste Bank posted a forecast-beating 22 percent rise in
fourth-quarter net profit, lifted by buoyant business in central and eastern
Europe. [ID:nVIE001219]


 Related news, double click on [ERST.VI-E]


 EADS (EAD.DE:), AIR FRANCE KLM (AIRF.PA:), LUFTHANSA (LHAG.DE:)


 The chief executive of US Airways Group Inc (LCC.N:) cautioned on Thursday
that the U.S. airline industry is heading into a downturn as it grapples with
record high oil prices and a weakening economy. "Our industry is in a mess,"
said Doug Parker. [ID:nN28339382]


 Related news, double click on [AIR-E]




 ASTRAZENECA (AZN.L:)


 AstraZeneca said on Friday it had submitted a once-daily version of its
blockbuster Seroquel medicine for approval by U.S. regulators to treat severe
depression in adults. [ID:nWLB7913]


 Related news, double click on [AZN.L-E]




 ROCHE (ROG.VX:)


 Japan's health authorities have approved Roche's cancer drug Herceptin for
the treatment of HER2-positive breast cancer, the Swiss drugmaker said on
Friday. [ID:nL2981130]


 Related news, double click on [ROG.VX-E]




 UCB (UCB.BR:)


 The Belgian pharmaceutical group reported a sharp decline in 2007 net
profit, hit by charges related to its purchase of German peer Schwarz Pharma.
[ID:nWEB7007]


 Related news, double click on [UCB.BR-E]




 ESCADA (ESCG.DE:)


 Escada's first-quarter core profit plummeted and sales fell 9 percent as the
women's luxury fashion group's autumn/winter performed poorly and it failed to
keep pace with the global luxury sector's dynamic growth. [ID:nL2956967]


 Related news, double click on [ESCG.DE-E]




 (Reporting by Eva Kuehnen)


Source:www.reuters.com/article/companyNewsAndPR/idUSL2969699720080229

  
	 	
		

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