By Jason Simpkins Associate Editor China's largest oil refiner, China Petroleum & Chemical Corp. (SNP), commonly known as Sinopec, has signed a $2 billion deal with Iran to develop the Yadavaran oil field, Monday. The deal is further evidence of China's determination to acquire the resources necessary for its expansion, and its indifference to global, […]
Archives for December 2007
December 2007 - Page 6 of 11 - Money Morning - Only the News You Can Profit From
Global Investing Roundup
China's Sinovac Posts 141% Sales Increase; Asciano Group Going Global; Liquor Companies Take a Shot at Vin & Sprit; Major Drilling has Jackpot Third Quarter China-based Sinovac Biotech Ltd. (SVA) posted huge sales-and-profit gains in its third-quarter report issued yesterday (Tuesday). Sales increased 141% to $10.8 million. Operating income soared 691% to $4 million. And […]
The Verdict Is In: A Quarter Point Cut for the Fed Funds Rate
By Jason Simpkins Associate Editor The U.S. Federal Reserve cut its key interest rate by a quarter percentage point to 4.25% yesterday (Tuesday), the third time the central bank has reduced borrowing costs since mid-September. At its highly anticipated Dec. 11 meeting, the Federal Open Market Committee elected to reduce the Federal Discount Rate, the […]
Germany's Resurgence: Four Ways to Profit From European Leader's Glory Days
By Martin Hutchinson Contributing Editor Costumes with wide, padded shoulders, mindless soap operas about rich people and such [in retrospect] laughable musical acts as Culture Club and Boy George are 1980s routines that you likely abandoned a long time ago. But one routine from that decade – profiting from investments in Germany – is rediscovering […]
Citigroup Appoints Front-Running Insider Vikram Pandit as New CEO
By Jennifer Yousfi Managing Editor Just one day after the possibility was reported in Money Morning, Citigroup Inc. (C) yesterday (Tuesday) named insider Vikram Pandit, 50, as its new chief executive officer. Win Bischoff, acting CEO since the Nov. 4 ouster of CEO Charles O. "Chuck" Prince III, 57, will assume the duties as chairman. […]
Wal-Mart Opens 100th Store in China, Forecasts More Than 30% Annual Growth
By Mike Caggeso Associate Editor The world's biggest retailer, Wal-Mart Inc. (WMT), is set to get much bigger, as the Arkansas-based company recently won government approval to open its 100th store in China. Wal-Mart currently has 94 stores open in China, with 24 of them opening this year alone. Its first China store opened in […]
Morgan Stanley Paves Inroad to China Profits via Joint Venture with China Fortune Securities
By Mike Caggeso Associate Editor Morgan Stanley (MS) and China Fortune Securities are planning to form an investment joint venture in China, opening up a potentially massive revenue stream in the world's fastest growing market for the New York-based lender, sources told Reuters. Senior representatives of both companies are finalizing details of the operation including […]
AT&T Dialing Up Profits with $15 Billion Buyback and Boosted Dividend
By Jennifer Yousfi Managing Editor AT&T (T) announced yesterday (Tuesday) a substantial buyback plan of 400 million shares through the end of 2009 and a 12.7% increase of its quarterly dividend to 40 cents per share. "This latest dividend increase, combined with the new share repurchase authorization, reflects the strength of AT&T's operations, and our […]
Solid Jobs Report, Subprime Bailout Plan Position Federal Reserve Policymakers For Rate Cut Today
If you’re an optimist when it comes to the U.S. economy, the pieces of the puzzle seem to be coming together fast. Late last week, the Bush Administration unveiled a plan for an interest-rate freeze on certain subprime mortgages that was aimed at containing the downside to the badly stumbling U.S. housing market. Then the […]
Bad Day in Banking: UBS Offsets $10 Billion in Write-Downs With Sale of $11.5 Billion in Shares to Singapore
By Mike Caggeso Associate Editor Faced with a $10 billion write-down and the possibility of its first annual loss in a decade, Swiss banking behemoth UBS AG (UBS) announced it received an $11.5 billion investment from state-run venture funds in Singapore and the Middle East. The maneuvering by UBS was just one of several key […]