Finance News - part 6
FINANCE October 5, 2011 | 3:40 PM
- September sales for Toyota fell 18%, Honda sales were down 8%
- Ford sales rose close to 10%, General Motors 20%, and Chrysler more than 25% in September
- Italy and Spain hit 15-year low
Nissan Motor Co is topping the list of Asia-brand car sellers in the US, with its best sales figures since April surpassing forecasts at 25%. Honda Motor Co and Toyota Motor Corp have seen their US market shares fall as they fell short of deliveries, falling almost 2% and 4% over the past year, with September sales down 8% and 18% respectively.
Toyota’s inventory took a 40% dip compared with early October 2010. Toyota, the number one car manufacturer in Asia, was held back by the March 2011 earthquake in Japan, but is back to full output levels since September. Nissan suffered less serious supply shortages, having regained full operation since June. The company’s US sales rose 25% in September 2011 compared with the same month in 2010. Volkswagen reported a boost in sales of more than 35%.Read more »
FINANCE October 4, 2011 | 9:43 AM
- Shares drop by 54% as Kodak hires bankruptcy expert
- Shareholders reassured bankruptcy not imminent
- Last profit posted in 2007
Eastman Kodak saw its shares drop by over half following news it had taken on the legal services of a renowned bankruptcy expert. In a statement, the former photography pioneer said it had “no intention of filing for bankruptcy”, saying it had hired the Jones Day law firm in relation to restructuring prospects.
The company reassured shareholders it would meet its financial responsibilities, but it was unable to quell speculation, with stock plummeting as much as 68% before settling at 54% down on 78 cents per share in New York on Friday.Read more »
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 »