By Jason Simpkins China’s crude oil imports climbed 39% to a record high last month, and Saudi Arabia was the nation’s largest supplier. China’s oil imports have more than tripled in the last five years, and that amount is only going to increase as the world’s second-largest energy consumer tries to keep pace with its growing […]
Archives for August 2007
August 2007 - Page 5 of 11 - Money Morning - Only the News You Can Profit From
Turkish Retailer Up for Bid
From Staff Reports Carrefour SA, Europe’s largest retailer, and its Turkish partner, Sabanci Holding AS, may make a bid for Turkey’s largest supermarket chain, Migros Turk TAS. The sale process won’t begin until September, Sabanci CEO Ahmet Dorduncu said to reporters in Istanbul. Migros Turk controls a 20% share of Turkey’s $16 billion supermarket industry. […]
Blackstone Says Credit Crunch Won't Halt India Deals
From Staff Reports The Blackstone Group LP (NYSE: BX), the world's largest private-equity fund, said its buyout projects in India will not be deterred by the worldwide credit problems, the company told Bloomberg News this week. The New York-based Blackstone just agreed to buy a controlling interest in India's largest garment exporter, Gokaldas Exports Ltd., […]
The China Connection: Why Dubai is Really Interested In MGM
By Keith Fitz-Gerald Contributing Editor As I’m sure we’ve all seen, the Dubai government – through its Dubai World investment subsidiary – is going to pony up $5.1 billion for a 9.5% stake in Kirk Kerkorian’s MGM Mirage (NYSE: MGM). Dubai is also reportedly interested in a 50% ownership position in MGM’s billion-dollar CityCenter development […]
China's Mobile Phone Competition Will Escalate as Business Grows
By Mike Caggeso China Mobile Ltd. (NYSE: CHL), the world’s largest cell phone provider, continues to pummel its competition. Last week, the company posted a stronger-than-expected 25% increase in first-half profits, which rose from $3.87 billion to $4.85 billion. And yesterday (Tuesday), China Mobile announced it added a record 5.6 million customers in July, up […]
China Moves to Enable Individuals to Buy Hong Kong Shares
From Staff Reports Beijing's decision to allow individual mainland investors to trade directly in Hong Kong-listed shares could funnel tens of billions of dollars into the Hong Kong market over the next year and could help fuel an ongoing bull market in stocks, experts say. Deutsche Bank AG (NYSE: DB) estimates the Monday policy shift, […]
Wm Wrigley Capitalizing on Innovation, Global Reach
From Staff Reports Brokerage Bear Stearns Cos. (NYSE: BSC) yesterday (Tuesday) upgraded gum-and-candy maker Wm Wrigley Jr. Co. (NYSE: WWY) to “peer perform” from “underperform,” citing Wrigley’s better-than-expected competitive response to a competitive threat from rival Cadbury Schweppes (NYSE: CSG), as well as ongoing momentum in the developing markets and continued success with new products. […]
U.S. Foreclosures Soar 93 Percent
From Staff Reports The number of U.S. foreclosure filings reported for July were up 93% over the same month last year, the latest sign that homeowners are having trouble making mortgage payments or selling their homes during this national housing downturn. Foreclosure reports were up only 9% from June, The Associated Press reported. This is […]
China's Blazing Economy Demands Fourth Rate Hike in Five Months
By Jason SimpkinsStaff Writer Desperate to try and cool off an economy that’s grown at 10% or better for four straight years, China’s central bank raised interest rates yesterday (Tuesday) for the fourth time since March. China’s CSI 300 Index has climbed approximately 144% this year, after having already doubled in 2006. However, the nation’s rapid […]
The Fed Has Learned Balance, as it Aids Market Recovery
All things considered, U.S. central bank chief Ben S. Bernanke and the Federal Reserve have so far demonstrated a tremendous amount of restraint amid the credit crunch. Market volatility, tightening credit conditions, and the collapse of the subprime-mortgage-stuffed Bear Stearns Cos. (NYSE: BSC) hedge funds – as well as several mortgage lenders operating at the […]