U.S. stocks drop midday amid mixed economic data [Ugg boots]
U.S. stocks pared early gains to trade in negative territory by midday Monday amid mixed economic data, as investors awaited a string of major events including the Federal Reserve's minutes and jobs data.By midday, the Dow Jones Industrial Average lost 40.55 points, or 0.25 percent, to 16,429.44. The S&P 500 dipped 5.02 points, or 0.27 percent, to 1,826.35. The Nasdaq shed 20.20 points, or 0.49 percent, to 4,111.70.The three major stock indices opened higher to start the first full trading week in 2014 but pared morning gains after data showed U.S. non-manufacturing sector expanded at a slower pace.The Non-Manufacturing Index, which measures activity in the U.S. service sector, declined to 53 percent in December from 53.9 percent in November, the Institute for Supply Management said Monday.New orders for U.S. manufactured goods rose in November to the highest level ever recorded, mainly fueled by increasing new orders for durable goods, the U.S. Department of Commerce reported.Investors may use any sign of weakness in incoming economic data as an opportunity to sell and lock in profits after the U.S. equity market posted its best year in over a decade in 2013 and is overdue for a mild correction, according to some analysts.
The Fed will release Wednesday the minutes of its December policy meeting, when the central bank announced the first tapering of its massive asset purchases by 10 billion U.S. dollars starting in January. The minutes will give investors a better understanding of the Fed's decision-making.Moreover, a non-farm payroll report for the final month of 2013 will be published Friday by the Labor Department. Analysts expect non-farm payroll employment to increase 200,000 last December, while jobless rate could remain unchanged at 7 percent.Furthermore, the fourth-quarter earnings season will unofficially kick off this week with results from aluminum giant Alcoa due out on Thursday.FactSet, a financial information provider, estimated earnings growth rate for the S&P 500 as a whole for the fourth quarter to be 6.3 percent, while the estimated revenue growth rate would be 0. 3 percent.Last week, the three major stock indices finished lower, with the S&P 500 starting the new year with a two-day losing streak for the first time since 2005.
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The Fed will release Wednesday the minutes of its December policy meeting, when the central bank announced the first tapering of its massive asset purchases by 10 billion U.S. dollars starting in January. The minutes will give investors a better understanding of the Fed's decision-making.Moreover, a non-farm payroll report for the final month of 2013 will be published Friday by the Labor Department. Analysts expect non-farm payroll employment to increase 200,000 last December, while jobless rate could remain unchanged at 7 percent.Furthermore, the fourth-quarter earnings season will unofficially kick off this week with results from aluminum giant Alcoa due out on Thursday.FactSet, a financial information provider, estimated earnings growth rate for the S&P 500 as a whole for the fourth quarter to be 6.3 percent, while the estimated revenue growth rate would be 0. 3 percent.Last week, the three major stock indices finished lower, with the S&P 500 starting the new year with a two-day losing streak for the first time since 2005.
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AT&T Seeks to Poach T-Mobile Customers With $450 in Credits [Ugg boots]
AT&T Inc. (T), aiming to get a jump on an anticipated move by T-Mobile (TMUS) US Inc., is offering customers of its smaller rival as much as $450 in credits for devices and services for each line they switch.The amount of the offer, which begins today, depends on the make, model and age of the smartphone, Dallas-based AT&T said in a statement. Bellevue, Washington-based T-Mobile may be planning a similar offer, Wells Fargo & Co. said, as the companies step up efforts to poach each other’s customers.“The timing of this move is very purposeful,” Jennifer Fritzsche, an analyst with Wells Fargo & Co., wrote in a note today. T-Mobile may announce a plan next week offering $350 in credit to customers that switch, Fritzsche wrote, citing market speculation.AT&T’s battle with T-Mobile is intensifying after the former merger partners spent 2013 exchanging volleys through advertising. The competition is growing more cutthroat as the wireless market becomes more saturated, forcing carriers to go after each other’s subscribers for growth.Now that T-Mobile had taken AT&T’s customers, AT&T wants to “bribe them back,” T-Mobile Chief Executive Officer John Legere said in a statement on the company’s website. “This is a desperate move by AT&T on the heels of what must have been a terrible fourth quarter and holiday for them,” Legere said.
The two companies have singled each other out in part because they use a similar network technology that makes it easier for customers to switch between them while retaining their devices. Shares of all four major U.S. wireless carriers dropped in New York trading amid concern AT&T’s move was a sign of a price war.Providing a credit can help consumers offset the cost of termination fees to end a contract with a competing carrier, making it easier to switch. While T-Mobile doesn’t require customers to sign service contracts, it sells phones on installment plans and charges the balance due for a device when a service plan is canceled.While the AT&T offer “may instill fears of pricing wars looming,” it’s “more bark than bite,” Fritzsche said. The company already provides at least $99 for phone trade-ins, and its promotion is only good for users joining plans where they don’t get discounts on new phones, she said. She has the equivalent of a buy rating on AT&T shares and is neutral on T-Mobile.T-Mobile has positioned itself as an “un-carrier” shaking up the industry with no-contract plans, phone financing and lower-cost international roaming rates. AT&T, the second-largest wireless carrier in the U.S., has mimicked some of T-Mobile’s price changes while touting the supremacy and speed of its own network.“Wireless has always been a very competitive industry and a move like this should not be unexpected,” said Mark Siegel, an AT&T spokesman.AT&T trails Verizon Wireless among U.S. customers, while Sprint Corp. holds third place in the market. T-Mobile led all carriers adding 1.47 million monthly subscribers in the second and third quarter of 2013.T-Mobile, controlled by Deutsche Telekom AG, fell 3.3 percent to $32.28 at the close in New York. AT&T slid less than 1 percent to $34.80. Verizon Communications Inc., which holds a majority of Verizon Wireless, dropped 1.2 percent to $48.42, and Sprint slumped 4.4 percent to $9.94.
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The two companies have singled each other out in part because they use a similar network technology that makes it easier for customers to switch between them while retaining their devices. Shares of all four major U.S. wireless carriers dropped in New York trading amid concern AT&T’s move was a sign of a price war.Providing a credit can help consumers offset the cost of termination fees to end a contract with a competing carrier, making it easier to switch. While T-Mobile doesn’t require customers to sign service contracts, it sells phones on installment plans and charges the balance due for a device when a service plan is canceled.While the AT&T offer “may instill fears of pricing wars looming,” it’s “more bark than bite,” Fritzsche said. The company already provides at least $99 for phone trade-ins, and its promotion is only good for users joining plans where they don’t get discounts on new phones, she said. She has the equivalent of a buy rating on AT&T shares and is neutral on T-Mobile.T-Mobile has positioned itself as an “un-carrier” shaking up the industry with no-contract plans, phone financing and lower-cost international roaming rates. AT&T, the second-largest wireless carrier in the U.S., has mimicked some of T-Mobile’s price changes while touting the supremacy and speed of its own network.“Wireless has always been a very competitive industry and a move like this should not be unexpected,” said Mark Siegel, an AT&T spokesman.AT&T trails Verizon Wireless among U.S. customers, while Sprint Corp. holds third place in the market. T-Mobile led all carriers adding 1.47 million monthly subscribers in the second and third quarter of 2013.T-Mobile, controlled by Deutsche Telekom AG, fell 3.3 percent to $32.28 at the close in New York. AT&T slid less than 1 percent to $34.80. Verizon Communications Inc., which holds a majority of Verizon Wireless, dropped 1.2 percent to $48.42, and Sprint slumped 4.4 percent to $9.94.
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Rent Car Tools to Save Money [Ugg boots]
If you are working on your vehicle’s maintenance or if you have taken on a project car but do not have all of the necessary tools on hand, you should consider car tool rentals and how they can help you complete your tasks. From a car tool source, you will be able to rent a variety of tools that can help you with any tasks that deal with cars.
A car tool rental source will offer a variety of tools you can use for your car projects whether you are fixing or tuning up your vehicle at home or if you are working on an older car as a project. This service can be especially helpful if you need a tool that you won’t need on a frequent basis or if you do not have the money to invest in a set of tools to keep for your own collection. Below are some examples of tools you might consider for rental.To get a good look underneath the car and to see all of the mechanical intricacies, it is important to have room to get the proper angles. It is important to use the correct equipment to lift and lower a vehicle, especially if you will find yourself underneath it, to assure the safety of any individuals working on it and prevent the car from dropping. A heavy duty jack will be able to lift the car in a safe and effective manner to give you plenty of room to do your work with safety in mind.
When working on an engine motor, it helps make the job easier when it is lifted from the car. When it is lifted, you will be able to check the engine in its entirety to completely to adjust and attach new or fixed parts. The engine is a very heavy part of the car and is difficult to lift and set without harming any parts of it. A hoist will save you time and your strength so that you are able to work on other parts of the engine and vehicle.Along with these heavy lifting items, you will find impact wrenches, car polishers, and hand tools for rental.Outfitting your garage with the necessary tools and heavy machinery can be an expensive investment. You will find it helpful to use tools from a car tool rentals source for items for your vehicle repair or project.
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A car tool rental source will offer a variety of tools you can use for your car projects whether you are fixing or tuning up your vehicle at home or if you are working on an older car as a project. This service can be especially helpful if you need a tool that you won’t need on a frequent basis or if you do not have the money to invest in a set of tools to keep for your own collection. Below are some examples of tools you might consider for rental.To get a good look underneath the car and to see all of the mechanical intricacies, it is important to have room to get the proper angles. It is important to use the correct equipment to lift and lower a vehicle, especially if you will find yourself underneath it, to assure the safety of any individuals working on it and prevent the car from dropping. A heavy duty jack will be able to lift the car in a safe and effective manner to give you plenty of room to do your work with safety in mind.
When working on an engine motor, it helps make the job easier when it is lifted from the car. When it is lifted, you will be able to check the engine in its entirety to completely to adjust and attach new or fixed parts. The engine is a very heavy part of the car and is difficult to lift and set without harming any parts of it. A hoist will save you time and your strength so that you are able to work on other parts of the engine and vehicle.Along with these heavy lifting items, you will find impact wrenches, car polishers, and hand tools for rental.Outfitting your garage with the necessary tools and heavy machinery can be an expensive investment. You will find it helpful to use tools from a car tool rentals source for items for your vehicle repair or project.
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OECD forecasts unemployment rate to remain high through 2014 [Ugg boots]
High unemployment rate will leave more than 48 million people out of work in the 34 OECD countries through the end of 2014, said the Organization for Economic Co-operation and Development (OECD) Tuesday in its latest outlook report.The annual OECD's Employment Outlook shows that in the OECD area, "jobless rates will fall only slightly over the next 18 months, from 8 percent in May 2013 to 7.8 percent at the end of 2014,knives supplier" which is only half a percentage point down from its peak level reached in 2009, with young people and the low-skilled hit hardest.The new data indicates that the number of jobseekers by the end of 2014 will be "almost 16 million more than at the start of the crisis" which began in 2007.The debt-riddled eurozone risks mostly to have the highest jobless rate as OECD projections point to further increases in unemployment in the 17-member area with the rate to hit a new record at 12.3 percent in the upcoming 18 months.However, the report reveals widening disparities between countries.Unemployment rate is expected to rise up to 11.prepreg2 percent in France, around 12.tyre equipments5 percent in Italy, and to 27. 8 percent in Spain, with Greece at the top by 28.2 percent to the end of 2014.It is projected to fall to 6.7 percent in the United States, and 4.7 percent in Germany during the same period.Since 2007 when the global financial crisis started, aggregate demand has remained weak, resulting in a considerable slack in product and labour markets which meant that in many countries there is still a large cyclical shortfall in employment as measured by the jobs gap."The social scars of the crisis are far from being healed," said OECD Secretary-General Angel Gurria at the launch of the outlook in Paris.
"Many of our countries continue to struggle with high and persistent unemployment, particularly among youth," said the head of the OECD, as the report finds that people on insecure, short-term contracts, especially youth and the low-skilled, were often the first to lost their jobs when the crisis comes.In the outlook, the OECD forecast the jobless for the youth will hit record, "with rates exceeding 60 percent in Greece, 52 percent in South Africa, 55 percent in Spain and around 40 percent in Italy and Portugal."In contrast, job rate for older workers change modestly."Bringing back early retirement schemes or relaxing rules for disability or unemployment benefits for older workers would be a costly mistake," says the OECD.The Paris-based economic think tank advised policy makers in the OECD countries to do more to help youth "fight against the scourge of joblessness."It urges governments to combine macroeconomic policies and structural reforms to strengthen growth and boost job creation,adhesive film to promote a more inclusive labour market and a better allocation of resources leading to enhanced productivity performance.It added that adequate resources must be devoted to active labour market policies, such as help with job hunting and training,cc composite and ensuring that these are sufficiently funded."Spending per jobseeker has fallen sharply since the crisis, by almost 20 percent on average in the OECD, as pressures on public budgets have risen," the OECD said.
"Many of our countries continue to struggle with high and persistent unemployment, particularly among youth," said the head of the OECD, as the report finds that people on insecure, short-term contracts, especially youth and the low-skilled, were often the first to lost their jobs when the crisis comes.In the outlook, the OECD forecast the jobless for the youth will hit record, "with rates exceeding 60 percent in Greece, 52 percent in South Africa, 55 percent in Spain and around 40 percent in Italy and Portugal."In contrast, job rate for older workers change modestly."Bringing back early retirement schemes or relaxing rules for disability or unemployment benefits for older workers would be a costly mistake," says the OECD.The Paris-based economic think tank advised policy makers in the OECD countries to do more to help youth "fight against the scourge of joblessness."It urges governments to combine macroeconomic policies and structural reforms to strengthen growth and boost job creation,adhesive film to promote a more inclusive labour market and a better allocation of resources leading to enhanced productivity performance.It added that adequate resources must be devoted to active labour market policies, such as help with job hunting and training,cc composite and ensuring that these are sufficiently funded."Spending per jobseeker has fallen sharply since the crisis, by almost 20 percent on average in the OECD, as pressures on public budgets have risen," the OECD said.
Asia Stocks Rise as Japan Gains Overshadow India Slump [Ugg boots]
The U.S. earnings season “seems to have started off quite well, and we need the fundamentals to come through to support where prices have gone over the past year,” Keith Poore, Wellington-based head of investment strategy at AMP Capital Investors Ltd., which manages more than $130 billion, said by phone.About 73 percent of the S&P 500’s companies that have reported earnings have beaten analyst forecasts,scissor lift data compiled by Bloomberg show. Fitch Ratings stripped Europe’s temporary rescue facility of its AAA rating after markets there closed, while U.S. inflation and industrial output data are due today.Japan’s Topix rose following a holiday yesterday,Vintage tubs during which Chinese economic growth data that matched economist estimates helped the MSCI Asia Pacific excluding Japan Index rise 0.3 percent. Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender,tyres and wheels service & repair equipment added 1.1 percent.The cash equity trading platforms of the Tokyo and Osaka stock exchanges merge today, a move that will see Nintendo Co., Nidec Corp. and Murata Manufacturing Co. among companies that will switch their main market to the Japanese capital.Solar energy-related shares climbed after China announced plans to add 10 gigawatts of solar power a year during the next three years. GCL-Poly Energy Holdings Ltd. (3800), the biggest maker of polysilicon used to make solar panels, jumped 7.2 percent in Hong Kong. Woongjin Energy Co. surged 15 percent in Seoul.India’s rupee climbed to 59.3763 per dollar, paring its slump this year to 7.4 percent. Slowing economic growth and a record current-account deficit helped drag the rupee to a record low of 61.2125 per dollar on July 8.
The Reserve Bank of India increased both the marginal standing facility and the bank rate to 10.25 percent from 8.25 percent late yesterday in Mumbai, it said in a statement on its website. The monetary authority also said it will conduct open-market sales of government bonds totaling 120 billion rupees ($2 billion) on July 18, a step that would drain cash from an economy expanding at the slowest pace in a decade.The RBI’s move left Russia as the only BRIC economy to not have reined in funds in its financial system. Brazil has raised its benchmark rates three times this year and a cash squeeze in China sent interbank borrowing costs soaring to records last month.Australia’s dollar strengthened the most in two weeks to 91.91 U.S. cents. The central bank said the currency’s decline and past interest-rate cuts meant its policy setting was appropriate even as it maintained room for future reductions, according to minutes of its July 2 meeting.Corn futures maturing in December rallied to $5.11 a bushel, snapping a two-day, 4.5 percent slide, as data showed demand increased for supplies from the U.S., the biggest grower and shipper, and crop ratings declined. Wheat and soybeans added 0.6 percent each.Gasoline futures rose to $3.11 a barrel today. Prices of the fuel at U.S. filling stations rose this week by the most since February as crude traded above $100 a barrel in New York this month for the first time since May 2012.The average retail price jumped 14.7 cents from a week earlier to $3.639 a gallon, the highest since June 10 and 32 percent above the five-year seasonal average, the U.S. Energy Information Administration, the Energy DepartClawfoot tubsment’s statistical arm, said on its website yesterday.Gold slipped 0.2 percent to $1,281.75 an ounce, after closing little changed yesterday and jumping 5.Antique bath fixtures1 percent last week. Silver sank 1 percent, while platinum lost 0.6 percent.
The Reserve Bank of India increased both the marginal standing facility and the bank rate to 10.25 percent from 8.25 percent late yesterday in Mumbai, it said in a statement on its website. The monetary authority also said it will conduct open-market sales of government bonds totaling 120 billion rupees ($2 billion) on July 18, a step that would drain cash from an economy expanding at the slowest pace in a decade.The RBI’s move left Russia as the only BRIC economy to not have reined in funds in its financial system. Brazil has raised its benchmark rates three times this year and a cash squeeze in China sent interbank borrowing costs soaring to records last month.Australia’s dollar strengthened the most in two weeks to 91.91 U.S. cents. The central bank said the currency’s decline and past interest-rate cuts meant its policy setting was appropriate even as it maintained room for future reductions, according to minutes of its July 2 meeting.Corn futures maturing in December rallied to $5.11 a bushel, snapping a two-day, 4.5 percent slide, as data showed demand increased for supplies from the U.S., the biggest grower and shipper, and crop ratings declined. Wheat and soybeans added 0.6 percent each.Gasoline futures rose to $3.11 a barrel today. Prices of the fuel at U.S. filling stations rose this week by the most since February as crude traded above $100 a barrel in New York this month for the first time since May 2012.The average retail price jumped 14.7 cents from a week earlier to $3.639 a gallon, the highest since June 10 and 32 percent above the five-year seasonal average, the U.S. Energy Information Administration, the Energy DepartClawfoot tubsment’s statistical arm, said on its website yesterday.Gold slipped 0.2 percent to $1,281.75 an ounce, after closing little changed yesterday and jumping 5.Antique bath fixtures1 percent last week. Silver sank 1 percent, while platinum lost 0.6 percent.
What's future of Barnes & Noble after CEO exit? [Ugg boots]
After three years as chief executive, William Lynch Jr., 43, resigned without explanation Monday. Two weeks ago, the company reported another unprofitable quarter – sales down 7.4% from a year ago, as its net loss doubled to $119 million.The biggest financial problems are in the digital Nook division, which faces increasing competition from Amazon, Apple and others. Barnes & Noble also announced recently that it would stop making its own color tablet, the Nook HD, though would continue with its simpler Nook e-readers.That raises questions about its digital strategy as well as the future of its 675 bookstores, down from a peak of 726 in 2008. The company already announced plans to open five new stores this year while closing another 15 to 20 as their leases expire.And the biggest question: Is Barnes & Noble in danger of going the way of Borders, once its chief rival, which went out of business in 2011, closing more than 600 bookstores?"Ultimately, yes. Imminently, no,tyres and wheels service & repair equipmentAntique bath fixtures" says Mike Shatzkin, founder of the Idea Logical Company, a publishing consultant, and an organizer of the annual Digital Book World conference.He adds, "The market changes hit them both. But when the flu hits town, the old and sick die first. Borders was mismanaged as a retailer, B&N was not."Michael Norris, an analyst for Simba Information, a market research firm, says Barnes & Noble has "a good physical bookstore business and a decent e-book business, but they didn't create a system where one side could feed the other."He warns that if B&N "can't find a leader who can bring both those businesses together, then it will be more like Borders.Clawfoot tubs"A new CEO has not been named, although three executives were given additional responsibilities. That triggered a headline in Publishers Lunch, an influential digital newsletter: "Lynch Resigns from Barnes & Noble; Is Replaced By No One In Particular."
Executives are not commenting beyond statements issued Monday. B&N's chairman, Leonard Riggio, 72, previously expressed interest in buying the bookstores and running them as a separate business, but has not made a formal offer. Monday, he said in a statement, "The company is in the process of reviewing its current strategic plan and will provide an update when appropriate."Peter Osnos, founder of PublIcAffairs Books, says, "Riggio is a great bookseller and entrepreneur. I think that the overwhelming sentiment among those of us in the publishing industry is to want to see B&N work its way through this difficult period. Consumers need a broad cross-section of stores and online retailers...I want to bet on Riggio and his colleagues to find the right way forward."Carol Fitzgerald, founder of BookReporter.com, says that before Borders collapsed, both chains faced similar issues: "Oversized stores and a shrinking of two categories,scissor lift music and DVD videos." But B&N "was in a better cash position to weather the storm, which is how they survived."She suggests that what B&N needs to do now is "what Borders started to do with their concept stores, but it was too late. It needs to quickly examine what the consumer really wants in stores…It has the space to create 'shops' in its stores for readers --- book group shops, YA (young-adult) shops. Think the first Vintage tubsfloor of Harrod's (the famed London department store) to make shopping there an experience. The warehouse approach needs to be redefined to be something fun."Shatzkin sees a different challenge: "Adjusting to a book world that is less printed and more digital and far less in shops and far more online."
Executives are not commenting beyond statements issued Monday. B&N's chairman, Leonard Riggio, 72, previously expressed interest in buying the bookstores and running them as a separate business, but has not made a formal offer. Monday, he said in a statement, "The company is in the process of reviewing its current strategic plan and will provide an update when appropriate."Peter Osnos, founder of PublIcAffairs Books, says, "Riggio is a great bookseller and entrepreneur. I think that the overwhelming sentiment among those of us in the publishing industry is to want to see B&N work its way through this difficult period. Consumers need a broad cross-section of stores and online retailers...I want to bet on Riggio and his colleagues to find the right way forward."Carol Fitzgerald, founder of BookReporter.com, says that before Borders collapsed, both chains faced similar issues: "Oversized stores and a shrinking of two categories,scissor lift music and DVD videos." But B&N "was in a better cash position to weather the storm, which is how they survived."She suggests that what B&N needs to do now is "what Borders started to do with their concept stores, but it was too late. It needs to quickly examine what the consumer really wants in stores…It has the space to create 'shops' in its stores for readers --- book group shops, YA (young-adult) shops. Think the first Vintage tubsfloor of Harrod's (the famed London department store) to make shopping there an experience. The warehouse approach needs to be redefined to be something fun."Shatzkin sees a different challenge: "Adjusting to a book world that is less printed and more digital and far less in shops and far more online."
Dow refreshes all-time highs again, S&P approaches record high [Ugg boots]
U.S. stocks reversed the losses in morning session to close higher on Monday, with the Dow Jones Industrial Average setting fresh intraday and closing highs ever for five sessions in a line and the Standard & Poor's 500-stock Index just 0.57 percent below its historical high.
The blue-chip Dow was up 50.22 points, or 0.35 percent, to 14, 447.29. The broader S&P 500 rose 5.04 points, or 0.32 percent, to 1,556.22. The tech-heavy Nasdaq Composite Index gained 8.50 points, or 0.26 percent, to 3,252.87.
The main stock indices opened lower, dampened by generally falling equity markets in China and Europe on Monday. Fitch Ratings downgraded Italy's long-term foreign and local currency Issuer Default Ratings (IDR) to 'BBB+' from 'A-' Friday.
China's consumer price index in February jumped to a 10-month high of 3.2 percent from the year-ago period mainly due to higher food and goods prices during the Spring Festival season, China's National Bureau of Statistics said Saturday.
Meanwhile, China's industrial value-added output rose 9.9 percent year-on-year in the first two months of this year and the pace was down 1.5 percent from the same period last year, the same source said.
However, the Japanese stock benchmark Nikkei gained 0.53 percent, scoring the longest winning streak since July 2009 as investors expected Bank of Japan to take more aggressive steps to spur the Japanese economy.
The U.S. equity market recouped morning losses in the afternoon session, boosted by some good news from big companies since there were no important economic data for the United States released on Monday.
Genworth shares surged 6.71 percent to 10.50 U.S. dollars, driving the S&P 500 higher after Barron's, a notable U.S. financial magazine, said the mortgage insurer's shares were undervalued.
Shares of Dow component Boeing advanced 2.11 percent to 82.94 dollars, pushing the Dow higher, after the aircraft maker announced that it had finally identified the problem with its Dreamliner 787.
Dell shares gained 1.48 percent to 14.37 dollars after Carl Icahn's hedge fund had reportedly signed a confidentiality agreement with buyout target Dell. Icahn, the personal computer's shareholder, had ever tried to block Dell's go-private.
The CBOE Volatility Index, considered the fear gauge of market, dropped below 12, a six-year low, though the stock market has continued to go up so quickly and so dramatically recently.
After Monday's rally, the Dow and S&P 500 gained for 7th consecutive session, climbing 10.2 percent and 9.1 percent respectively so far this year.
The U.S. dollar weakened against most of major currencies but rose versus the Japanese yen on Monday as the recently nominated Bank of Japan governor Haruhiko Kuroda is expected to take aggressive monetary easing measures.
Light, sweet crude for April delivery gained 11 cents, or 0.12 percent, to settle at 92.06 dollars a barrel on the New York Mercantile Exchange on Monday.
However, Brent crude for April delivery edged down 73 cents or 0.66 percent, to close at 110.12 dollars a barrel.
Gold future for April delivery on the COMEX division of the New York Mercantile Exchange rose 1.1 dollars, or 0.07 percent, to settle at 1,578 dollars per ounce on Monday.
The blue-chip Dow was up 50.22 points, or 0.35 percent, to 14, 447.29. The broader S&P 500 rose 5.04 points, or 0.32 percent, to 1,556.22. The tech-heavy Nasdaq Composite Index gained 8.50 points, or 0.26 percent, to 3,252.87.
The main stock indices opened lower, dampened by generally falling equity markets in China and Europe on Monday. Fitch Ratings downgraded Italy's long-term foreign and local currency Issuer Default Ratings (IDR) to 'BBB+' from 'A-' Friday.
China's consumer price index in February jumped to a 10-month high of 3.2 percent from the year-ago period mainly due to higher food and goods prices during the Spring Festival season, China's National Bureau of Statistics said Saturday.
Meanwhile, China's industrial value-added output rose 9.9 percent year-on-year in the first two months of this year and the pace was down 1.5 percent from the same period last year, the same source said.
However, the Japanese stock benchmark Nikkei gained 0.53 percent, scoring the longest winning streak since July 2009 as investors expected Bank of Japan to take more aggressive steps to spur the Japanese economy.
The U.S. equity market recouped morning losses in the afternoon session, boosted by some good news from big companies since there were no important economic data for the United States released on Monday.
Genworth shares surged 6.71 percent to 10.50 U.S. dollars, driving the S&P 500 higher after Barron's, a notable U.S. financial magazine, said the mortgage insurer's shares were undervalued.
Shares of Dow component Boeing advanced 2.11 percent to 82.94 dollars, pushing the Dow higher, after the aircraft maker announced that it had finally identified the problem with its Dreamliner 787.
Dell shares gained 1.48 percent to 14.37 dollars after Carl Icahn's hedge fund had reportedly signed a confidentiality agreement with buyout target Dell. Icahn, the personal computer's shareholder, had ever tried to block Dell's go-private.
The CBOE Volatility Index, considered the fear gauge of market, dropped below 12, a six-year low, though the stock market has continued to go up so quickly and so dramatically recently.
After Monday's rally, the Dow and S&P 500 gained for 7th consecutive session, climbing 10.2 percent and 9.1 percent respectively so far this year.
The U.S. dollar weakened against most of major currencies but rose versus the Japanese yen on Monday as the recently nominated Bank of Japan governor Haruhiko Kuroda is expected to take aggressive monetary easing measures.
Light, sweet crude for April delivery gained 11 cents, or 0.12 percent, to settle at 92.06 dollars a barrel on the New York Mercantile Exchange on Monday.
However, Brent crude for April delivery edged down 73 cents or 0.66 percent, to close at 110.12 dollars a barrel.
Gold future for April delivery on the COMEX division of the New York Mercantile Exchange rose 1.1 dollars, or 0.07 percent, to settle at 1,578 dollars per ounce on Monday.
Singapore's DBS reports record full-year profit for 2012 [Ugg boots]
Singapore's largest home-grown bank DBS Group Holdings on Wednesday reported a record net profit of 3.81 billion Singapore dollars (3.07 billion U.S. dollars) for the year 2012, up 26 percent year on year.
Excluding the one-off divestment gains of 450 million Singapore dollars (363 million U.S. dollars), the banking group had a net profit of 3.36 billion Singapore dollars (2.71 billion U.S. dollars) in 2012, up 11 percent.
Its net profit in the fourth quarter rose 4 percent year on year to 760 million Singapore dollars (613 million U.S. dollars). The bank said that the gain was attributable to improvement in its income from fees and commissions, which rose by 9 percent to 372 million Singapore dollars.
Net interest income was flat at 1.29 billion Singapore dollars as lower net interest margin offset the impact of loan growth.
"As the banking landscape continues to change and customer behaviors rapidly evolve, we will remain nimble as we deliver banking the Asian way and entrench our position as a leading bank in the region," said Piyush Gupta, chief executive officer.
The board of the bank proposed a final dividend of 28 cents per share, bringing the full-year payout to 56 cents per share.
In a geographical breakdown, the full-year net profit of the bank in Singapore and China's Hong Kong rose by 11 percent and 25 percent, respectively.
Its full-year net profit from China, including Taiwan, however, fell 38 percent to 110 million Singapore dollars. This was largely due to higher expenses and a fall of 7 percent in net interest income to 510 million Singapore dollars as loan and deposit growth was more than offset by lower margin.
The non-interest income rose to 153 million Singapore dollars as fee income and trading income improved.
Total income increased 8 percent to 663 million Singapore dollars while expenses rose 25 percent to 498 million Singapore dollars, led by higher staff costs amid the rapid expansion of the bank in China.
For the fourth quarter, there was a net loss of 23 million Singapore dollars compared to the previous quarter's net profit of 11 million Singapore dollars.
DBS has been expanding rapidly in China in recent years. The revenue contributed by China more than doubled from 370 million Singapore dollars in 2009 to 717 million Singapore dollars in 2012. The revenue from Singapore, in comparison, grew from 4,273 million Singapore dollars to 4,671 million Singapore dollars. (1 U.S. dollar equals 1.24 Singapore dollars)
Excluding the one-off divestment gains of 450 million Singapore dollars (363 million U.S. dollars), the banking group had a net profit of 3.36 billion Singapore dollars (2.71 billion U.S. dollars) in 2012, up 11 percent.
Its net profit in the fourth quarter rose 4 percent year on year to 760 million Singapore dollars (613 million U.S. dollars). The bank said that the gain was attributable to improvement in its income from fees and commissions, which rose by 9 percent to 372 million Singapore dollars.
Net interest income was flat at 1.29 billion Singapore dollars as lower net interest margin offset the impact of loan growth.
"As the banking landscape continues to change and customer behaviors rapidly evolve, we will remain nimble as we deliver banking the Asian way and entrench our position as a leading bank in the region," said Piyush Gupta, chief executive officer.
The board of the bank proposed a final dividend of 28 cents per share, bringing the full-year payout to 56 cents per share.
In a geographical breakdown, the full-year net profit of the bank in Singapore and China's Hong Kong rose by 11 percent and 25 percent, respectively.
Its full-year net profit from China, including Taiwan, however, fell 38 percent to 110 million Singapore dollars. This was largely due to higher expenses and a fall of 7 percent in net interest income to 510 million Singapore dollars as loan and deposit growth was more than offset by lower margin.
The non-interest income rose to 153 million Singapore dollars as fee income and trading income improved.
Total income increased 8 percent to 663 million Singapore dollars while expenses rose 25 percent to 498 million Singapore dollars, led by higher staff costs amid the rapid expansion of the bank in China.
For the fourth quarter, there was a net loss of 23 million Singapore dollars compared to the previous quarter's net profit of 11 million Singapore dollars.
DBS has been expanding rapidly in China in recent years. The revenue contributed by China more than doubled from 370 million Singapore dollars in 2009 to 717 million Singapore dollars in 2012. The revenue from Singapore, in comparison, grew from 4,273 million Singapore dollars to 4,671 million Singapore dollars. (1 U.S. dollar equals 1.24 Singapore dollars)
Greek seamen extend anti-austerity strike [Ugg boots]
Greek seamen continued on Monday for a second week an anti-austerity strike which has left ferries tied up in ports across the country, fuelling fears for shortages on groceries and other basic supplies.
The Panhellenic Seamen's Federation (PNO) decided to drag on to Wednesday the industrial action which began Thursday in protest of a planned overhaul of coastal shipping regulations.
Dockworkers argue that plans to regulate the minimum number of crew members on vessels through a draft bill will lead to mass layoffs in a sector already suffering from 50 percent unemployment rates.
According to PNO unionists, due to deep recession over the past two years about 7,000 marine workers out of a total 15,000 registered are jobless.
In addition, strikers protesting at Piraeus port, the largest in Greece, demand back pay and new collective employment agreements with ship owners.
Faced with the prospect of a new 48-hour rolling strike starting on Wednesday, the government considers the possibility of issuing a civil mobilization order to force seamen back to work, as they did last month with striking subway employees after a nine-day mobilization, local media reported.
Shop owners in Athens and in particular on islands which have been cut off from the mainland since last week, point to the first shortages on vegetables and basic food products.
In the latest wave of anti-austerity action, meanwhile, thousands Greek farmers continue also for a second week their own mobilization, protesting tax hikes.
Striking farmers have been briefly disrupting traffic on key junctions in national highways in central Greece with their tractors since last Monday, demanding allowances to get through the financial crisis which has hit the country hard since late 2009.
Protesting farmers, dockworkers and other professionals, as well as pensioners who have joined several strikes and rallies during the past three years, demand a rollback of the harsh cutbacks on wages and tax increases to ease the heavy pressure on recession-hit households.
Government officials respond that there is no room for concessions to strikers, since the country is bound by bailout agreements with international creditors which keep it afloat with vital financial aid in return of harsh austerity and reform policies.
The Panhellenic Seamen's Federation (PNO) decided to drag on to Wednesday the industrial action which began Thursday in protest of a planned overhaul of coastal shipping regulations.
Dockworkers argue that plans to regulate the minimum number of crew members on vessels through a draft bill will lead to mass layoffs in a sector already suffering from 50 percent unemployment rates.
According to PNO unionists, due to deep recession over the past two years about 7,000 marine workers out of a total 15,000 registered are jobless.
In addition, strikers protesting at Piraeus port, the largest in Greece, demand back pay and new collective employment agreements with ship owners.
Faced with the prospect of a new 48-hour rolling strike starting on Wednesday, the government considers the possibility of issuing a civil mobilization order to force seamen back to work, as they did last month with striking subway employees after a nine-day mobilization, local media reported.
Shop owners in Athens and in particular on islands which have been cut off from the mainland since last week, point to the first shortages on vegetables and basic food products.
In the latest wave of anti-austerity action, meanwhile, thousands Greek farmers continue also for a second week their own mobilization, protesting tax hikes.
Striking farmers have been briefly disrupting traffic on key junctions in national highways in central Greece with their tractors since last Monday, demanding allowances to get through the financial crisis which has hit the country hard since late 2009.
Protesting farmers, dockworkers and other professionals, as well as pensioners who have joined several strikes and rallies during the past three years, demand a rollback of the harsh cutbacks on wages and tax increases to ease the heavy pressure on recession-hit households.
Government officials respond that there is no room for concessions to strikers, since the country is bound by bailout agreements with international creditors which keep it afloat with vital financial aid in return of harsh austerity and reform policies.
White House urges Congress to raise debt ceiling without delay [Ugg boots]
U.S. President Barack Obama has insisted on his stance that Congress should increase the country's debt ceiling without delay, White House spokesman Jay Carney said Thursday.
"The President has made clear he's not going to negotiate over raising the debt ceiling. It is an obligation that Congress retains for itself," Carney said at the daily briefing.
"We have to pay our bills. We're the United States of America; we are not a third-tier economy that goes month to month or every half year and casting doubt on whether or not we're going to meet our obligations. That's not who we are," he noted.
Some Republicans including U.S. House Budget Committee Chairman Paul Ryan have floated the idea of a short-term extension of U.S. government's borrowing authority, in a move to use a government default or shutdown as the bargaining chip to push for government spending cuts.
There is a long tradition for Congress acting to raise the debt ceiling, and Congress should do it "without drama and delay", Carney stressed.
At a press conference earlier this week, Obama urged Congress to raise the country's debt ceiling in a timely manner to avert dampening investor confidence and derailing the economic recovery.
The U.S. federal government reached its debt limit of 16.4 trillion U.S. dollars on Dec. 31, 2012, and the Treasury Department was taking extraordinary measures to temporarily postpone the date of a possible default. The U.S. government is expected to run out of ways to meet all of its obligations between mid-February and early March.
"The President has made clear he's not going to negotiate over raising the debt ceiling. It is an obligation that Congress retains for itself," Carney said at the daily briefing.
"We have to pay our bills. We're the United States of America; we are not a third-tier economy that goes month to month or every half year and casting doubt on whether or not we're going to meet our obligations. That's not who we are," he noted.
Some Republicans including U.S. House Budget Committee Chairman Paul Ryan have floated the idea of a short-term extension of U.S. government's borrowing authority, in a move to use a government default or shutdown as the bargaining chip to push for government spending cuts.
There is a long tradition for Congress acting to raise the debt ceiling, and Congress should do it "without drama and delay", Carney stressed.
At a press conference earlier this week, Obama urged Congress to raise the country's debt ceiling in a timely manner to avert dampening investor confidence and derailing the economic recovery.
The U.S. federal government reached its debt limit of 16.4 trillion U.S. dollars on Dec. 31, 2012, and the Treasury Department was taking extraordinary measures to temporarily postpone the date of a possible default. The U.S. government is expected to run out of ways to meet all of its obligations between mid-February and early March.
