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Daily Highlights: 3.10.10
- Asian stocks fluctuated as shipping lines and oil companies declined.
- British banks face increased bonus disclosure as Myners plans to lower bar
- China's trade surplus shrinks to smallest in a year as imports surge 44.7% in Feb.
- Chinese banks lend about $102.6B in February, around half the loans issued in Jan.
- EU is considering a ban on speculative derivative trades, including credit default swaps.
- Japan's Jan machinery orders fall 3.7%; business spending revival may be slow.
- Manufacturing in U.K. unexpectedly plunges as it sees `fragile' economy
- AIG climbs on speculation bailed-out U.S. insurer may divest more assets
- Steelmakers in Europe, US are allocating larger budgets to growth projects in 2010.
- US Senate said to weigh setting up $50B fund to wind down failed firms.
- Abbott Labs will bulk up its product pipeline with a $722M deal for Facet Biotech Corp.
- AIG's `money in the door' asset sales reap $3.2B for bondholders
- Apollo Mgmt LP to buy Citigroup Inc.’s real estate investment unit (NAV of $3.5B).
- Barclays is seeking a retail lender that would give it more deposits.
- Cathay swings to 2009 profit of $604.4M led by fuel hedging gains. Revs fell 23%.
- China Mobile agrees to buy 20% of Pudong Development Bank for $5.8B
- Collective Brands Q4 loss narrows to $10.9M on year-earlier charges.
- Continental Air open to merger should competition dictate
- E.ON's 2009 net rises almost 7 times to €8.4B on asset sales and derivative gains.
- Foot Locker expects sales to rise to $6B in five years.
- Ingersoll-Rand prohibits non-U.S. subsidiaries from selling products to customers in Iran.
- Glencore profit dropped 43% in 2009 on lower metal and energy prices
- Kroger Co. reported its Q4 net fell 27% to $255.4M on higher costs. Revs rose 7.2%.
- MGM creditors say they would rather convert to equity than sell out for an unsatisfactory price.
- Munich Re eyes 2B eur 2010 profit despite quake
- Navistar's Q1 profit slumped 93% to $17M on a big year-earlier litigation gain.
- Neiman Marcus swings to Q2 profit of $4M after steep write-downs year-ago.
- PCCW Ltd's 2009 net profit rose 19% on revaluation gains in its property, financial invts.
- Sanofi, Merck to revive JV that would be the world's largest seller of animal medications.
- Toyota says no new Prius recall planned.
Earnings Calendar: AEO, BONT, GYMB, HIL, HOTT, IPAR, JAS, MTN, MW, ODC, RAE, RMIX, SMTC, SMTX, STAN, WG.
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The bank Ponzi continues unabated in a methamphetamine driven hyperdrive fashion.
Can C trade 2 billion shares today? we have 50 million in pre market already and we got 4 bucks per share.....anybody bid 4.50? what will the financial pundits say a few (days,months, maybe quarters) down the road when this collapses?
this is going to be fun to watch I must say, though I the rational portion of me says it is a crying shame that the Fed, US Gov't (treasury and SEC) is not only looking the other way but proactively supporting this. Man, P.T. Barnum WAS a genius.
Citigroup is terminally ill because Sandy Weill, in assembling his financial services "supermarket," failed to integrate IT systems along the way. The problem became so large that ensuing management could never remedy the situation because of the complexity and estimated cost. C's central nervous system is completely shot.
Is it really???
Greek Crisis Is Over, Rest of Region Safe, Prodi Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYTabT7uRZ6E&pos=1
And some more headlines ...
Moody's Says U.K. Banks' Ratings Lose Their Crutch (you should love it dear Tyler :)http://online.wsj.com/article/SB10001424052748703954904575109732137422158.html?mod=WSJEUROPE_hpp_sections_ukintl
Greece Has Cleared Some Obstacles, But Will Spain Overcome Its Hurdles? http://online.wsj.com/article/SB10001424052748703915204575103310374127910.html?mod=WSJ_hp_us_mostpop_read
England Manufacture? I thought the last bastion of 'manufacturing' in the UK was vegetable oil mixed with 1% cocoa - that has been sold to Kraft now.
No wonder! back to the same
SIV Barclays off BS is larger than UK GDP.
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