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With Oil Prices in the Stratosphere, Bidding Battle Ensues for Expert on Deep-Sea Exploration
By Jennifer Yousfi Managing Editor The higher crude-oil prices climb, the deeper in the oceans it becomes worthwhile for exploration companies to drill. So it's no surprise a bidding battle is under way for deep-water-drilling expert Expro International Group PLC (PINK: EXPRF), of the United Kingdom. On Friday afternoon, a private-equity consortium headed up by [...]
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NRG Looks to Electrify its Business with $11.3 Billion Calpine Takover
By Jason SimpkinsAssociate Editor Princeton, NJ- based NRG Energy Inc. (NRG) has publicly acknowledged its estimated $11.3 billion takeover bid for Calpine Corp. (CPN) – a wholesale provider of electricity emerging from chapter 11 bankruptcy protection. NRG acknowledged Wednesday that it made the initial $22.98 a share offer on May 14. NRG said the deal [...]
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Shares of Canada's BCE Plunge After Investors Learn Proposed LBO is in Jeopardy
From Staff Reports Shares of BCE Inc. (BCE) suffered their biggest downdraft in at least a quarter century yesterday (Thursday), after an unexpected court ruling threatened to derail a $53.9 billion leveraged buyout (LBO). A collapse would make it the biggest LBO ever to fail. Indeed, BCE would top the list of 62 LBOs – [...]
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U.S. Housing Prices Suffer Worst Quarterly Decline on Record
By Jennifer Yousfi Managing Editor U.S. home prices suffered their worst decline on record, skidding 1.7% in the first quarter, the Office of Federal Housing Enterprise Oversight (OFHEO) announced yesterday (Thursday). That drop-off from the fourth quarter to the first quarter in the OFHEO's "purchase-only index" exceeded the 1.4% decline between the third and fourth [...]
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Euro Heads Back Towards Record High on German Economic Strength
By Jennifer YousfiManaging Editor An unexpected increase in German business confidence sent the euro to a one-month high versus the dollar yesterday (Wednesday) on speculation that the European Central Bank could be forced to hike interest rates to combat inflation. Germany's Ifo Institute Business Climate Index increased to 103.5 in May from 102.4 in April. [...]
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Asian Exports Continue to Surge Despite U.S. Slowdown
By Jason Simpkins Associate Editor A stalling U.S. economy has typically been a cause for a concern among Asian exporters, which have traditionally been over-reliant on the American consumer for business. However, those concerns have been assuaged recently, as many exporters throughout the Pacific have found a significant demand for their goods in other markets. [...]
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Hong Kong Gaining Prominence as Leading Global Financial Center
By Jennifer YousfiManaging Editor At a time when Europe and the United States are shedding jobs in the financial sector, one financial center is only adding to its ranks: Hong Kong. Though it currently holds third place behind London and New York, Hong Kong's presence as a world financial center is growing by the day. [...]
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Home Depot Reports 66% Quarterly Profit Decline, Suffers Storm with Lowe's
By Mike Caggeso Associate Editor The Home Depot Inc. (HD) reported a 66% decline in first-quarter net earnings, the result of what Chief Executive Officer Francis Blake called "worsened" housing and home improvement markets. Story continues below… Net earnings for the biggest home-improvement retailer in the United States decreased to $356 million, or 21 cents [...]
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Rising Commodities Push Emerging Market Index Back Into Black
By Mike Caggeso Associate Editor A six-day stock rally in emerging markets has wiped away the 2008 year-to-date loss of the MSCI Emerging Markets Index. Rising commodity prices – particularly oil and metals – helped the index recover its 16% loss leading into the beginning of last week. As the U.S. economy continues to send [...]
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Inflation Threatens Eastern Europe, But Region Still Expected to Grow
By Jennifer YousfiManaging Editor The European Bank for Reconstruction and Development (EBRD) kicked off its annual meeting in Kiev with an inflation warning for Eastern Europe. "Inflation, now in double digits in many countries, is the region's most pressing current problem," the EBRD said in its economic outlook report, Reuters reported. "If left unaddressed, inflation [...]
