Finance News - part 6
FINANCE September 29, 2011 | 11:22 AM
- Free checking accounts offered by US banks down 20% to 45%
- Banks are under financial constraints and trying to compensate
- Denver and Miami lead nation in overdraft fees
Will free checking accounts soon become obsolete? Amid panic of a renewed economic crisis, pressure on US banks has cut free checking accounts down to 45% from 65% last year, a recent study by Bankrate.com revealed.
This year, non-interest checking accounts cost customers nearly $4.40 per month on average, compared with around $2.50 last year.Read more »
FINANCE September 28, 2011 | 5:05 PM
- EU tax on financial transaction would raise $80 billion a year
- 80% of revenue from financial tax would come from London
- G20 heads propose 50% Greek debt write-down
The UK opposes a tax on financial transactions that the EU Commission hopes to levy on member countries of the EU to bring in close to $80 billion on an annual basis from 2014. The financial tax proposed involves a 0.1% charge on inter-institutional deals involving one or more EU-member players. A 0.1% rate of tax would apply to derivative contracts.
The UK’s sanction is necessary before the tax can be imposed throughout the EU. The UK is not blocking the financial tax in and of itself but wants it to be introduced across the board.Read more »
FINANCE September 27, 2011 | 9:30 AM
- Dramatic price cut for 3DS games device saw sales increase by 260% in August
- New titles said to lack “wow” factor needed to turn company fortune around
- Casual gamers now often content to play on their mobile phones
Nintendo Co., home of the Super Mario character, has launched a series of new titles that, the Japanese company claims, is among the biggest ever seen by the video games industry.
However, it was not enough to impress investors. The announcement failed to rally the firm’s share price, which has fallen by more than 45% since January this year.Read more »
FINANCE September 26, 2011 | 2:18 PM
- Acquisition means 50% premium on Goodrich share price
- United Technologies absorbs almost $2 billion debt in deal
- Share buybacks suspended for 2012 to offset $12 billion debt
Aerospace and construction technology provider United Technologies Corp. has agreed to purchase aerospace manufacturing company Goodrich Corp. for $16.5 billion, allowing United Technologies to capitalize on growing numbers of commercial planes commissions.
Non-military orders for planes are rising as military orders fall in light of decreased defense spending worldwide.Read more »
FINANCE September 20, 2011 | 6:33 PM
- Clean energy backing jumps 30% in 2010, after recession low in 2009
- China produces over 50% world’s photovoltaic modules, 50% wind capacity
- Small-scale project investment increases more than 90%
In 2010, spending on clean energy rose 30% to $243 billion. The industry experienced a compound annual growth of over 35% in the four years to 2008, but the recession saw figures plummet in 2009.
The greatest investment segment in the 2010 clean energy rebound involved utility-scale projects such as solar parks and wind farms, reports the World Economic Forum.Read more »
FINANCE September 19, 2011 | 4:11 PM
- Dollar loans create temporary fix to Euro zone debt crisis
- EU seeks rescue fund improval, second Greek bailout
- US Treasuries react to new loan plan
Five of the largest central banks in the world - the European Central Bank, the Federal Reserve, Swiss National Bank, Bank of England and Bank of Japan - will offer non-capped, three-month dollar loans to help leverage European banks under pressure from the debt crisis.
These fixed-rate dollar loans are for an unlimited amount as long as the central bank demanding the money has collateral.Read more »
FINANCE September 16, 2011 | 1:58 PM
- RIM shares drop 19% after Q2 profits fall by over half
- Q2 PlayBook tablet sales 40% down on Q1
- RIM confident new QNX smartphone and PlayBook 2.0 tablet platforms will improve sales
Research In Motion’s shares plunged during early trading September 16 in New York following yesterday’s announcement of a 59% plunge in second quarter profits. The BlackBerry manufacturer’s net income for Q2 slumped to $329 million, compared to $797 million in the same period last year.
New smartphone models were released late in the quarter; however RIM only shipped 10.6 million units, falling short of the 11 million to 12.5 million units it had predicted.Read more »
FINANCE September 16, 2011 | 9:25 AM
- Police arrest UBS trader for bank fraud
- Investors doubt UBS, industry security
- UBS to shed $2.5 billion in employment costs
Swiss banking giant UBS has lost over $2 billion due to actions of a trader it employs, sending shock waves that reverberated throughout the trading day. Although UBS has declined to mention any particulars about the individual involved, 31 year old trader Kweku Adoboli was arrested by London police in relation to the fraud.
UBS AG shares dropped roughly 9%, closing at $11.41 on September 15.Read more »
FINANCE August 18, 2011 | 6:16 PM
- Manchester United applies to list shares on Singapore Exchange (SGX)
- Club aims to raise around $1 billion for up to a 30% stake, which will help ease its $865 million debt
- Large number of United’s top sponsors are based in Asia or conduct business there
Manchester United lodged an application to be publicly listed on Singapore’s stock exchange Thursday, according to a source linked to the deal.
The English Premier League Champions and three-time Champions League winners are hoping to generate around $1 billion by selling up to a 30% stake in the club to pay off some $865 million in debt.Read more »
FINANCE August 18, 2011 | 5:51 PM
- Foster’s calls for shareholders to reject hostile takeover bid, says offer is too low
- Takeover requires 90% acceptance from shareholders
- SABMiller bid biggest industry has seen since Heineken’s $7 billion takeover of Mexican company FEMSA in 2010
Australia’s biggest brewer Foster’s appealed to shareholders to turn down a US$10 billion hostile takeover bid from British-based SABMiller’s, saying the offer was too low.
SABMiller’s, whose major brands include Grolsch, Miller, Peroni and Pilsner Urquell, put the hostile offer directly to shareholders 45 minutes before the end of trading, its proposal of AU$4.90 (US$5.15) per share seeing shares rise 3 cents to AU$4.96.Read more »