business
May 23rd, 2012 at 10:56am
Under business
DETROIT (Reuters) - Ford Motor Co received its second "investment grade" credit rating on Tuesday, allowing the second-largest U.S. automaker to reclaim its Blue Oval insignia and other assets it mortgaged in 2006 to fund its turnaround plan. Moody's Investors Service's upgrade of Ford to Baa3 from Ba2 reflected its confidence that Ford can weather future downturns. Moody's also affirmed its Ba1 rating on General Motors and said the largest U.S. automaker is on track to regain an investment-grade credit rating within the next year. …
By Moris
May 23rd, 2012 at 10:56am
Under business
HONG KONG (Reuters) - Lenovo Group Ltd , the world's No.2 PC maker by sales, reported a 59 percent rise in fourth-quarter net profit, meeting analyst expectations as strong demand in emerging markets such as China offset weakness in Europe. Lenovo, which ranks just behind Hewlett Packard Co in PC sales, posted a net profit of $472.99 million for the fiscal year ended March, it said on Wednesday, versus a consensus forecast of $472.2 million from a poll of 29 analysts by Thomson Reuters I/B/E/S. The PC maker recorded a net profit of $273. …
By Moris
May 23rd, 2012 at 10:56am
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CHICAGO (Reuters) - From a chilly perch in Burnsville, Minnesota, Tim Zemanovic has an usual perspective on the global aircraft market, which is booming - some say overheating - as the world's largest plane-makers pump out jets as fast they can. Zemanovic, the head of Aircraft Demolition, a company that tears down and recycles unwanted airplanes, says his five-year-old business has never been stronger as airlines expand and replenish their fleets with fuel-efficient planes. "This year, I expect to do double the work we did last year," he said. …
By Moris
May 23rd, 2012 at 10:56am
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SHANGHAI/BEIJING (Reuters) - China signaled on Wednesday it wanted to ramp up private investment in its energy sector, in line with recently unveiled government plans to fast-track infrastructure investment to help combat the nation’s slowing economy. Beijing is drafting detailed guidelines to encourage private investment across industries, with special focus on the heavily state-controlled electricity, oil and natural gas sectors, according to an article by the official Xinhua news agency. …
By Moris
May 23rd, 2012 at 10:56am
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SAN FRANCISCO (Reuters) - Top European software company SAP AG plans to buy Ariba Inc in a deal valuing the business and commerce network company at $4.3 billion, its latest maneuver against Oracle in the fast-growing Internet-based computing market. SAP is taking aim at Oracle, the world's No. 2 maker of business management software, as they vie with Salesforce.com Inc in the multibillion dollar cloud-computing services market, one of the industry's hottest area of growth. Shares in Ariba, which were halted briefly, leapt 20 percent to SAP's offer price of about $45 per share. …
By Moris
May 23rd, 2012 at 10:56am
Under business
SAN FRANCISCO (Reuters) - Dell Inc forecast disappointing second-quarter revenue as U.S. and European corporate tech spending weakens and consumer personal computer sales continue to shrink, hammering its shares. Shares in the company, which like rival Hewlett-Packard Co is losing market share to mobile devices such as Apple Inc's iPad, dived more than 11 percent in after hours trade. The world's No. 3 PC maker forecast a 2 to 4 percent revenue gain this fiscal quarter, to $14.7 billion to $15 billion, well short of the $15.4 billion Wall Street had been expecting. …
By Moris
May 23rd, 2012 at 10:56am
Under business
BEIJING (Reuters) - China plans to buy more than 2,500 commercial aircraft from 2011 to 2015, bringing the country’s total fleet size to more than 4,500 jets, Xinhua News Agency reported on Wednesday, citing the country’s top aviation regulator. Li Jiaxiang at the Civil Avaiation Administration of China disclosed China’s aircraft purchase plan during an aviation forum in Beijing, Xinhua said, without providing more details. (Reporting by Fang Yan and Ken Wills; Editing by Chris Lewis)
By Moris
May 23rd, 2012 at 10:56am
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WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission told lawmakers on Tuesday that her agency is probing JPMorgan Chase and Co's financial reporting and emphasized that big banks are required to publicly disclose changes to the models they use to measure risk. SEC Chairman Mary Schapiro assured the Senate Banking Committee that the SEC is investigating JPMorgan's revelation earlier this month that it suffered at least $2 billion in losses on complex trades that started as hedges but morphed into a risky bet. …
By Moris
May 23rd, 2012 at 10:55am
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(Reuters) - British bank Barclays will sell its nearly 20 percent stake in BlackRock at a discount, sending the U.S. asset manager’s shares down 2 percent after the bell. Barclays will sell 26.2 million BlackRock shares at $160.00 per share, a 2 percent discount from its Tuesday closing price of $163.37 on the New York Stock Exchange. BlackRock will buy back 6.4 million shares for $1 billion, the company said in a statement. If underwriters exercise the option to buy an additional 2. …
By Moris
May 23rd, 2012 at 10:55am
Under business
(Reuters) - Two top U.S. financial regulators said the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its embattled lead underwriter and the Nasdaq. After Friday's nearly flat close and Monday's 11 percent plunge, Facebook shares closed 8.9 percent lower at $31 on volume of 101 million shares. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. …
By Moris
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