Oil prices jumped to a nine-month high near $105 a barrel Monday in Asia after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country's nuclear program.
Benchmark crude was up $1.75 to $104.99 per barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Earlier in the day, it rose to $105.21, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Friday.
Brent crude was up $1.52 at $121.10 per barrel in London.
Iran's oil ministry said Sunday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran's crucial fuel exports. They included a freeze of the country's central bank assets and an oil embargo set to begin in July.
Iran's Oil Minister Rostam Qassemi had warned earlier this month that Tehran could cut off oil exports to "hostile" European nations. The 27-nation EU accounts for about 18 percent of Iran's oil exports.
The EU sanctions along with other punitive measures imposed by the U.S. are part of Western efforts to derail Iran's disputed nuclear program, which the West fears is aimed at developing atomic weapons. Iran denies the charges, and says its program is for peaceful purposes.
Oil prices were also boosted by China's decision to boost money supply in a bid to spur lending and economic growth. China's central bank said Saturday it will lower the ratio of funds that banks must hold as reserves, a move that frees tens of billions of dollars.
Oil has jumped from $96 earlier this month amid optimism the global economy may grow more this year than previously expected. J.P. Morgan raised its Brent crude price forecast to as high as $135 from $120.
"Building economic momentum has the potential to pull oil prices higher for the next 12 to 24 months," J.P. Morgan said in a report.
In other energy trading, heating oil added 0.6 cent to $3.22 per gallon and gasoline futures rose 1.4 cents to $3.22 per gallon. Natural gas jumped 9.2 cents to $2.66 per 1,000 cubic feet.
Investors “will favor the dollar” as a haven amid speculation Greece will default on its debt, Simon Smith, chief economist at currency broker FXPro Group Ltd., said in a Feb. 17 interview in Singapore.
Finance ministers from the 17 euro-area nations will meet in Brussels today to decide on 130 billion euros ($172 billion) in aid to Greece. Prime Minister Lucas Papademos said on Feb. 18 his country found all the extra cuts needed to lower spending by 325 million euros to secure a second bailout package aimed at averting the region’s first sovereign default.
On the outlook for Greece:
“I struggle to see how we can go from here to the end of the year without either Greece defaulting in a disorganized way or leaving the euro.
‘‘In a situation where we do see some sort of bigger event around Greece, it’s going to be liquidity, safety and high- quality assets that investors are going to want, and that will favor the dollar.’’
On Greek austerity, growth prospects:
‘‘Greece is just not a competitive country at the moment.
‘‘With this level of austerity and no option to devalue their currency or at least go through those normal processes, I can’t see Greece being in a better position in 10 years if it remains in the euro in its current form.
‘‘There’s no room for strategies that will promote growth. It’s difficult when they have become so uncompetitive in terms of labor costs and inflation. It’s a massive problem they’re not really addressing and it’s difficult to address.”
To contact the reporter on this story: Kristine Aquino in Singapore at kaquino1@bloomberg.net
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
Traders work on the floor of the New York Stock Exchange. The Dow Jones industrial average rose nearly 46 points to close at its highest level since May 2008. (Spencer Platt, Getty Images / February 17, 2012)The Dow Jones industrial average is inching closer to the psychologically important 13,000 mark, a milestone that was last hit just before the financial crisis walloped stock prices around the world.
The nation's most-watched index rose 0.4%, or 45.79 points, to 12,949.87 on Friday and gained 1.2% for the week. The advance follows a 123-point rally during the previous session that put the index within striking distance of the 13,000 level it last hit in May 2008.
Broader market indicators were mixed as traders remained cautious ahead of the three-day Presidents Day weekend. The Standard & Poor's 500 index rose 0.2%, or 3.19 points to 1,361.23. The technology-heavy Nasdaq composite was down 0.3%, or 8.07 points, to 2,951.78, but finished higher for the week.
Stocks have been barreling higher this year, with the Dow piling on almost 2,400 points in just four months. The breakneck pace has astonished some investors and analysts, especially amid continued concerns about sustaining the U.S. economic recovery and the European debt crisis.
"Four months ago we were talking double-dip recession and Europe was going to bring a down slide, but now it doesn't look that way at all," said Ryan Detrick, an analyst at Schaeffers Investment Research in Cincinnati.
Wall Street has another opportunity to crack 13,000 when the New York Stock Exchange opens again Tuesday. Investors are also looking for a few other milestones — the Nasdaq is closing in on 3,000 and the S&P 500 is nearing 1,400.
And the Russell 2000 index, which reflects the performance of smaller companies, has been up 35% since early October and is close to an all-time high of its own. The index edged slightly lower Friday, though it finished the week in positive territory.
Investors have been paying particularly close attention to the Nasdaq, which has been bolstered by this year's rally in technology stocks.
For example, Apple Inc. shares surpassed $500 on Monday, making Apple the most valuable publicly traded company.
The composite is still light-years away from the peak of the dot-com boom when the index hit the dizzying height of 5,048.62 on March 10, 2000. But the index is now solidly above the 2007 high mark of 2,859.12.
"The Nasdaq has been making new 11-year highs here," Detrick said. "That's a good sign."
February 19, 2012, 9:57 PM EST By Candice Zachariahs and Mariko Ishikawa
Feb. 20 (Bloomberg) -- The yen and dollar dropped against most major peers after the People’s Bank of China announced a cut to banks’ reserve requirements to spur growth, curbing demand for refuge assets.
The currencies of Australia and New Zealand, which count China among their largest export destinations, gained on prospects the move will also boost demand for commodities. The euro advanced for a third day against the greenback before European finance ministers meet today amid speculation they are nearing a deal for a second Greek aid package. The yen traded 0.4 percent from a six-month low versus the dollar as data showed Japan had its largest monthly trade deficit on record.“The PBOC probably revealed some of its hand in that it still favors supporting growth rather than tackling inflation, so the market is probably expecting more easing,” said Mike Jones, a foreign-exchange strategist at Bank of New Zealand in Wellington. “If we do get the Greek deal on top of that, it’s likely to provide an additional risk kicker.”The yen fell 0.5 percent to 105.04 per euro at 11:28 a.m. in Tokyo after touching 105.75, the weakest since Nov. 14. It slid as low as 79.89 per dollar, the least since Aug. 4, before trading little changed at 79.51 from the Feb. 17 close in New York. The dollar lost 0.5 percent to $1.3211 per euro.Australia’s currency rose 0.7 percent to $1.0778 and New Zealand’s gained 1 percent to 84.07 U.S. cents.The proportion of cash that lenders in China must set aside will fall half a percentage point from Feb. 24, the central bank said on Feb. 18 on its website. Standard Chartered Plc forecasts at least three more reductions this year, while HSBC Holdings Plc sees a minimum of two.The MSCI Asia Pacific Index of stocks climbed 1.2 percent.Finance Ministers’ MeetingThe euro gained against 11 of its 16 major peers before euro-area finance ministers meet in Brussels to try and close in on a 130 billion-euro ($172 billion) Greek bailout. Talks on Greece’s second aid package in two years will aim to reconcile demands made on Greek politicians, a debt swap among private creditors, the role of the European Central Bank and concerns the measures won’t bear fruit.“I think the market is cautiously optimistic in terms of what they expect out of Europe this week,” said Thomas Averill, managing director in Sydney at Rochford Capital, a currency and interest-rate risk-management company. “There will be a support for the euro today.”German Chancellor Angela Merkel, Greek Prime Minister Lucas Papademos and Italian Prime Minister Mario Monti on Feb. 17 expressed confidence that ministers will resolve open questions. Should they fail to back the bailout at the Brussels meeting, the issue could be pushed to the next European Union summit on March 1.Japan TradeThe yen dropped against all bar three of its major peers. A government report showed Japan’s exports fell in January as the currency traded near a record high and amid weaker global demand.The trade deficit widened to 1.48 trillion yen ($19 billion) and shipments dropped 9.3 percent from a year earlier, the Ministry of Finance said. The median estimate of economists surveyed by Bloomberg News was for a trade gap of 1.46 trillion yen and a 9.4 percent decline in exports.The yen has weakened because of the Japanese trade report, China’s reserve-requirement cut and also hopes for second aid package for Greece, said Kumiko Gervaise, an analyst in Tokyo at Gaitame.com Research Institute Ltd., a unit of Japan’s largest online currency margin-trading company.“Once the yen starts weakening like it has in the past few days, we don’t know how far it may go,” she said.Japan’s currency slid 4 percent against the dollar and 5 percent versus the euro this month. The dollar has weakened 0.6 percent today, the biggest decliner among the 10 developed- nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The yen has lost 0.5 percent.
--Editors: Jonathan Annells, Naoto Hosoda
To contact the reporters on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net Mariko Ishikawa in Tokyo at mishikawa9@bloomberg.net
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
February 19, 2012, 11:51 PM EST By Shunichi Ozasa and Vinicy Chan
Feb. 20 (Bloomberg) -- Japanese billionaire Kazuo Okada’s Universal Entertainment Corp. said it would take legal action after Wynn Resorts Ltd. forcibly redeemed Universal’s stake at a 31 percent discount and accused Okada of improper payments.
Universal, which plunged in Tokyo trading, will “take all legal actions necessary to protect its investment in Wynn,” the pachinko machine maker said today in a statement published on PR Newswire. The company didn’t specify any legal remedies.Okada violated U.S. anti-corruption laws and made cash payments and gifts valued at about $110,000 to Philippine gambling regulators, Las Vegas-based Wynn Resorts said in a statement on Business Wire yesterday, citing its own investigation. Wynn redeemed the 24 million shares held by Aruze USA Inc., a pachinko company controlled by Universal, and issued a 10-year $1.9 billion promissory note for the stock, it said in the statement.“The decision by the Wynn board, which followed a rushed investigation that lacks absolute findings, to redeem Universal Entertainment’s nearly 20 percent holdings in Wynn Resorts based on its project in the Philippines is outrageous,” Universal said in the statement. “We have not even been provided with the opportunity to review” the report by Wynn’s investigation committee, the company said.Universal’s stake would be worth about $2.77 billion at the Feb. 17 closing price of $112.69 in New York, about 31 percent more than Wynn paid in the forced redemption, based on calculations with data compiled by Bloomberg.Universal PlummetsUniversal plunged by its daily limit in Tokyo, while the Wynn Macau Ltd. unit rose in Hong Kong trading. Wynn Macau climbed as much as 5.9 percent, the biggest intraday gain since Jan. 26, to HK$21.50, before trading at HK$21.15 as of 10:39 a.m. in Hong Kong. Universal fell 21 percent and was untraded because sell orders outnumbered buyers as of the 11:30 a.m. break in Tokyo.“Wynn Macau is rising on the possible removal of an overhang,” said Adrian Lowe, an analyst at Mirae Asset Securities in Hong Kong. “But it’s not necessarily the end of this saga, there are still a lot of questions left unanswered.”The forced redemption escalates a dispute between Chief Executive Officer Stephen Wynn and Okada, who helped bankroll the company starting 12 years ago. Okada was stripped of his vice-chairman role last year after he accused Wynn Resorts of improprieties in a Macau university donation that’s the subject of a lawsuit and a U.S. regulatory inquiry.“It’s a very unfortunate event,” Allan Zeman, vice chairman of Wynn Macau, said by phone today in Los Angeles. He declined to comment further on the redemption and bribery allegations.Legal WranglingLast month, Okada sued Wynn Resorts in state court in Clark County, Nevada, to force the company to produce spending records. That case is pending. Okada opposed Wynn Resorts’ HK$1 billion ($129 million) pledge in July 2011 to the University of Macau Development Foundation.Wynn Resorts has said the dispute stemmed from Okada’s decision to compete by pursuing projects in the Philippines. Okada was removed as vice chairman after admonishments from the board over the plan, Wynn Resorts said. The company said yesterday that it will recommend that he be dropped from the board of Wynn Macau as well.“This will not change the nature of the company,” said Zeman. “Mr. Okada is a partner but he is not involved in the day-to-day business.” He declined to give a date for naming Okada’s replacement.New SuitWynn Resorts also filed suit against Okada, Aruze USA and Universal Entertainment in Clark County for breach of fiduciary duty and related offenses, according to Wynn’s statement yesterday. The filing couldn’t be confirmed independently through electronic court records.Gidon Caine, an attorney for Okada, didn’t return a voice- mail seeking comment.The U.S. Securities and Exchange Commission has requested information about Wynn’s donation to the university foundation. Wynn was asked in an informal inquiry by the SEC’s Salt Lake City office on Feb. 8 to preserve information about the commitment, the company said in a Feb. 13 regulatory filing.The Macau pledge was consistent with Wynn’s practice of supporting institutions in markets where it operates, the Las Vegas-based casino operator said. Wynn Resorts said that it will comply with the SEC request and that the stated objection of Okada, who cast the lone dissenting vote among Wynn and Wynn Macau directors, concerned the length of time over which the donation would occur, not its propriety.‘Fair Value’Wynn Resorts said yesterday that, to protect the company’s gambling licenses, it can redeem shares for “fair value” from a person found “unsuitable” under its articles of incorporation. An independent financial consultant helped calculate the fair value, and Okada’s stake was redeemed at a discount because of restrictions on the shares, Wynn said in the statement.“Mr. Okada probably doesn’t have a lot of options but to follow through on litigation as well and to defend his position,” Christopher Jones, a senior gaming analyst at Telsey Advisory Group in New York, said in a telephone interview. “I will not expect for the legal headlines to cease with this move by Wynn.”The earlier case is Okada v. Wynn Resorts Ltd., A-12-654522-B, District Court, Clark County, Nevada (Las Vegas).
--With assistance from Andrew Dunn and Yi Tian in New York and Dan Hart in Washington. Editors: Anjali Cordeiro, Dave McCombs
To contact the reporters on this story: Shunichi Ozasa in Tokyo at sozasa@bloomberg.net; Vinicy Chan in Hong Kong at vchan91@bloomberg.net
To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net
(Updates with Asian stocks, metals in fifth paragraph.)
Feb. 20 (Bloomberg) -- China is seen making more cuts to banks’ reserve requirements to fuel lending and sustain economic growth as the housing market cools and Europe’s sovereign-debt crisis weighs on exports.The proportion of cash that lenders must set aside will fall half a percentage point from Feb. 24, the central bank said Feb. 18 on its website. Standard Chartered Plc forecasts at least three more reductions this year, while HSBC Holdings Plc sees a minimum of two.The ruling Communist Party aims to sustain the nation’s expansion without undermining a campaign to tame inflation that saw home prices drop in 47 of the 70 biggest cities in January. Policy makers may refrain from interest-rate cuts until nearer mid-year when consumer-price gains have slowed to below 3 percent from 4.5 percent last month, HSBC economist Qu Hongbin said yesterday in Hong Kong.“We expect further easing measures from Beijing in the coming months, such as bigger new loans and at least two additional 50 basis point reserve-ratio cuts,” Qu said. Interest rates will “remain a secondary monetary policy tool.”The Shanghai Composite Index rose 0.9 percent as of 11:30 a.m. local time, extending a five-week winning streak. Asian stocks rallied and metals gained.Jin Qi, an assistant governor of the central bank, said that monetary policy will remain “prudent” in the face of a “grim” international situation and price pressures and imbalances in the domestic economy. Her comments were in a statement on the central bank’s website yesterday.Extra CashA 50 basis-point cut may add 400 billion yuan ($63 billion) to the financial system, according to Australia & New Zealand Banking Group Ltd. UBS AG says the move frees up about 350 billion yuan and may have been triggered by tight interbank liquidity. The previous reduction was the first since 2008.Data reported the day of the central bank announcement showed the effect of government curbs to deflate property bubbles and make housing more affordable. Prices failed to rise in any of the 70 cities, according to the statistics bureau.A deteriorating outlook for the European Union and a “sharper-than-expected” deceleration in property investment in China are the biggest risks for the economy, according to Chang Jian, a Hong Kong-based economist at Barclays Capital Asia Ltd. who previously worked for the World Bank. Chang predicted two more reserve-ratio cuts this year and no change in rates, adding that the government has more room to use fiscal policy to support growth.Money-Supply EstimateA central bank estimate that M2, the broad measure of money supply, will increase 14 percent this year implies that reserve ratios must fall further, according to analysts at lenders such as China Construction Bank Corp. The latest reduction means the nation’s largest lenders must set aside 20.5 percent of deposits, down from 21 percent, based on previous statements.While some economists had predicted a cut before last month’s Lunar New Year holiday, the People’s Bank of China instead used reverse-repurchase contracts to add money to the financial system.China follows Japan in expanding monetary easing even as global equity markets are buoyed by signs of strength in the U.S. economy and optimism that Europe’s fiscal crisis will be contained. In the U.S., the Standard & Poor’s 500 Index has climbed to near the highest level since 2008 after that nation’s jobless rate fell and as Greece moved closer to securing another bailout.Official Concern“Chinese policy makers are very much concerned about a possible deeper slowdown in domestic growth,” said Yao Wei, a Hong Kong-based economist with Societe Generale SA.Volkswagen AG, Europe’s largest carmaker, says sales in China, the company’s biggest market, fell 4.5 percent last month. Gross domestic product grew 8.9 percent in the fourth quarter from a year earlier, the slowest pace since the first half of 2009.Inflation was at a three-month high last month, boosted by holiday spending, while exports and imports fell for the first time in two years and new lending was the lowest for a January in five years.While China’s commerce ministry describes the trade outlook as “grim,” Vice President Xi Jinping said Feb. 17 that there will be no “hard landing” for the world’s second-biggest economy.Economic ‘Fine-tuning’Before the reserve-ratio move, Premier Wen Jiabao had said that “fine-tuning” of policies was needed this quarter, with the economic conditions deserving attention.“We have to make a proper judgment as early as possible when things happen and take quick action,” Wen was cited as saying in a Xinhua News Agency report published Feb. 12.Before the central-bank announcement, Ken Peng, a Beijing- based economist at BNP Paribas SA, said the Chinese government needs to be “careful not to overshoot monetary loosening, as it did in the financial crisis.”Besides inflation risks, lingering effects of record lending in 2009 and 2010 include the danger that local- government financing vehicles will default, saddling banks with bad loans.
--Zheng Lifei, with assistance from Feiwen Rong, Li Yanping and Paul Panckhurst in Beijing. Editors: Paul Panckhurst, Stanley James
To contact Bloomberg News staff for this story: Zheng Lifei in Beijing at lzheng32@bloomberg.net
To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net
* Japan Jan overall trade deficit 1.48 trillion yen
* Jan exports fall 9.3 pct yr/yr, imports up 9.8 pct
* Analysts see export recovery later this year
By Rie Ishiguro
TOKYO, Feb 20 (Reuters) - Japan logged a record trade deficit with China in January as exports dropped by a fifth, underscoring concerns about how sharply China is slowing and its ability to buffer a frail global economy against European turmoil.
The 20.1 percent annual slump in exports to China, Japan's main export market, condemned Tokyo to a record monthly trade deficit, stark evidence of the pain from a firm yen, the global slowdown and fuel imports to make up for idled nuclear plants.
Japan's shortfall with China was 587.9 billion yen ($7.4 billion), 40 percent of the total trade deficit for January, Japanese finance ministry data showed.
While the drop in exports was exacerbated by an early Lunar New Year holiday hitting shipments of steel and other manufacturing inputs, it was still the fourth straight month the Japanese exports to China have fallen in annual terms.
"Chinese authorities may already be worrying about weakening demand," said Mari Iwashita, chief market economist at SMBC Nikko Securities, pointing to Saturday's policy easing with a 50 basis point cut in banks' reserve requirement ratio, the amount of cash banks must hold in reserves.
The move by the Chinese central bank will boost lending capacity by an estimated 350 billion to 400 billion yuan ($55.6-63.5 billion) in a bid to crank up credit creation.
The Chinese Lunar New Year holiday, which fell in late January this year but in early February last year, pushed down what was already declining demand in China, with Japanese exports falling for almost all items, a MOF official said.
Chinese data shows sharp falls in imports from its main trading partners in January, consistent with the Lunar New Year distorting regular trade, but it also shows import demand had been slowing in the final quarter of 2011.
Japan has also been hit by declining demand elsewhere. Its trade surplus with the European Union shrank to its smallest ever, at just 689 million yen, as exports dipped 7.7 percent.
And as Asia's exports to Europe slumped due to the economic turmoil, so did Japan's exports of semiconductors and plastics to the rest of Asia, the MOF official said.
Japan's total trade deficit for January was 1.475 trillion yen ($18.59 billion), bigger than the median forecast of 1.468 trillion yen in a Reuters poll and more than 50 percent larger than the previous record of a 967.9 billion yen deficit in January 2009, in the wake of the global financial crisis.
The dollar fell some 30 pips to 79.58 yen from a six-month high hit just before the data as short-term accounts locked in profits.
The dollar has been gaining strength against the yen since the Bank of Japan surprised markets last week with a 10 trillion yen increase in its asset buying programme and by setting an inflation goal of 1 percent.
SECOND-HALF IMPROVEMENT
Exports slumped 9.3 percent in January from a year earlier, slightly less than the median market estimate of 9.5 percent but still the fourth straight month of declines, indicating that the economy could struggle to recover even as reconstruction proceeds from last year's earthquake and tsunami.
Imports grew 9.8 percent from a year earlier, exceeding the median estimate for a 9.5 percent annual rise.
Japan has logged deficits in January for five of the past seven years, including this year. As seasonal factors influenced the data, economists expect exports to recover, albeit slowly, given signs of a pickup in demand from the United States.
"The trade balance is likely to return to surplus in the latter half of this year as the slowdown in emerging nations' economies is expected to come to an end around April-June," said Takeshi Minami, chief economist at Norinchukin Research Institute.
Still, the figures feed into concerns about how much longer Japan can rely on exports to help offset its huge public debt.
Japan logged its first annual trade deficit in more than 30 years for 2011 in the aftermath of the March earthquake, which hurt exports and raised fuel import costs.
"The deficit is unlikely to keep rising going forward given signs of recovery in overseas demand, such as inventory adjustment having run its course in the United States," said Hiroaki Muto, senior economist at Sumitomo Mitsui Asset Management.
"However, there is a possibility that Japan will see a prolonged trade deficit depending on the situation in the Middle East and crude oil prices."
Japan's economy, the world's third largest, shrank more than expected in the October-December quarter as flooding in Thailand, a strong yen and weak demand hurt exports, after rebounding in the third quarter from an earthquake-triggered recession.
February 20, 2012, 12:05 AM EST By Karthikeyan Sundaram and Malavika Sharma
(Updates with analyst’s comment in fourth paragraph.)
Feb. 20 (Bloomberg) -- Kingfisher Airlines Ltd., the Indian carrier seeking new funds after losses, cut about 13 percent of flights after bird strikes and other “unexpected events” forced airplanes out of service.As many as 32 daily flights were canceled starting Feb. 17, the Bangalore-based company said in a Feb. 18 e-mailed statement. The carrier, controlled by billionaire Vijay Mallya, plans to resume its full schedule of 240 flights a day this week, it said.Kingfisher denied closing any operations permanently in a bid to reassure customers about its long-term viability after posting more than 10 straight quarterly losses, having accounts frozen by tax authorities and cutting flights last year. The groundings following damage to engines after they sucked in birds may also reflect a shortage of powerplants cited by the aviation regulator last month.“If you’ve got a spare engine that’s a one-to-two day problem,” said Neil Hansford, chairman of Strategic Aviation Solutions, an adviser to airlines based in Port Stephens, Australia. Cutting flights may also cause costs as the carrier will have to find other flights for passengers or refund them, he said.The Directorate General of Civil Aviation has started an inquiry into the Kingfisher cancellations, the Times of India reported on its website, citing sources it didn’t name. The directorate wanted a report by the end of yesterday, it said. A call to the office of Director General E.K. Bharat Bhushan today, a national holiday, wasn’t answered.The airline said “unexpected events” were the cause of the cancellations. Suggestions it is cutting its schedule permanently “are ill-founded,” it said.The airline is also confident it will be able to resolve a tax dispute and regain access to accounts, it said.Industry LossesKingfisher, Jet Airways (India) Ltd., the nation’s biggest carrier, and discount airline SpiceJet Ltd. all posted third- quarter losses as higher jet fuel costs and price wars eroded gains from rising travel. Kingfisher’s loss in the quarter ended Dec. 31 widened to 4.44 billion rupees ($90 million) from 2.54 billion rupees.The airline has plunged 39 percent in the past year in Mumbai trading. It dropped 1.3 percent to 26.65 rupees on Feb. 17. Markets are closed today because of a holiday.Kingfisher is seeking new investment as it struggles under $1.3 billion of debt. The carrier has also met with banks and requested additional working capital, it said.“New investors in Kingfisher haven’t yet materialized,” said Binit Somaia, a Sydney-based director at CAPA Centre for Aviation, an industry consultant. “A serious investor would only enter after having carefully understood the risks associated with the transaction.”Order CanceledThe airline, which fell to fifth in the Indian market in December from second in October, has grounded 12 of its existing 27 Avions de Transport Regional planes and delayed Airbus SAS A380 deliveries beyond 2016. ATR, a maker of turboprop aircraft, said last month it canceled a 38-plane order from Kingfisher after the carrier missed payments.The airline has pledged its brand, office furniture and other assets against a debt of about $1.3 billion. Kingfisher said Jan. 19 it’s in talks with potential investors including SC Lowy Financial Services.India may soon let airlines import jet kerosene directly to save on local sales taxes as high as 30 percent, the Civil Aviation Ministry said in a Feb. 16 statement.In November, chiefs of Indian carriers met Prime Minister Manmohan Singh as they sought government assistance to stem industry losses. The nation’s airlines will probably lose $2.5 billion in the year ending March, according to CAPA.Kingfisher had a fleet of 64 planes ranging from ATR turboprops to Airbus A330s as of Dec. 31, according to a Feb. 15 company statement.
--With assistance from David Fickling in Sydney and Kartik Goyal in New Delhi. Editors: Neil Denslow, Dave McCombs
To contact the reporters on this story: Karthikeyan Sundaram in New Delhi at kmeenakshisu@bloomberg.net; Malavika Sharma in New Delhi at msharma52@bloomberg.net
To contact the editor responsible for this story: Neil Denslow at ndenslow@bloomberg.net
February 20, 2012, 12:15 AM EST By Kana Nishizawa and Yoshiaki Nohara
Feb. 20 (Bloomberg) -- Asian stocks rose, extending the benchmark gauge’s longest streak of weekly gains since 2005, after China cut reserve requirements for banks to fuel lending and buoy economic growth, boosting demand for riskier assets.
Franshion Properties China Ltd., a developer that gets all of its revenue from the mainland, rose 7.4 percent in Hong Kong. China Shipping Container Lines Co., the country’s second-largest carrier of sea-cargo boxes, jumped 7.3 percent. Japanese steelmakers advanced after Credit Suisse Group AG boosted their share-price estimates. Billabong International Ltd., an Australian surfwear company, jumped 8 percent in Sydney, extending its surge on Feb. 17, after saying it is considering a revised takeover offer.China’s reserve-ratio cut “is a bold move and one aimed at maintaining growth rates, which will provide support for equity investors, particularly those who want to take a bit more risk in the current environment,” said Tim Schroeders, who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne. “The timing is probably just ahead of China committing to European bailout funds.”The MSCI Asia Pacific Index climbed 0.8 percent to 128.01 as of 1:38 p.m. in Tokyo, about 0.7 percent short of entering a so-called bull market from its Oct. 5 low. Japan’s Nikkei 225 Stock Average gained 0.9 percent even after a report showed the country’s exports fell last month. Australia’s S&P/ASX 200 Index increased 1.2 percent, while South Korea’s Kospi Index rose 0.3 percent.Hong Kong’s Hang Seng Index gained 0.7 percent, while China’s Shanghai Composite Index advanced 0.9 percent. Singapore’s Straits Times Index rose 0.4 percent.Reserves CutThe proportion of cash that Chinese lenders must set aside will drop half a percentage point from Feb. 24, the central bank said Feb. 18 on its website. A 50 basis-point cut may add 400 billion yuan ($64 billion) to the financial system, according to Australia & New Zealand Banking Group Ltd. The previous reduction was the first since 2008.Franshion Properties jumped 7.4 percent to HK$2.03 in Hong Kong, the second-steepest gain in the MSCI Asia Pacific Index. Komatsu Ltd., a construction machinery maker that gets more than a fifth of its revenue from China, rose 2.6 percent to 2,412 yen in Tokyo.The MSCI Asia Pacific Index gained 12 percent this year through last week, compared with an 8.2 percent advance by the S&P 500 and an 8.8 percent increase by the Stoxx Europe 600 Index. Stocks in the Asian benchmark were valued at 14.6 times estimated earnings on average at the last close, compared with 13.1 times for the S&P 500 and 11 times for the Stoxx 600.Shipping StocksContainer shipping stocks rose after Maersk Line, the world’s largest container carrier, said it will cut 9 percent of its shipping capacity between Asia and Europe. The cut is positive news for the loss-making liner industry, and provides credibility to proposed rate increases on the Asia-Europe trade lane, Citigroup Inc. said.China Shipping Container jumped 7.3 percent to HK$2.49 in Hong Kong, while Taiwan’s Evergreen Marine Corp. climbed 4.3 percent to NT$19.25 in Taipei.Futures on the Standard & Poor’s 500 Index rose 0.5 percent today as Prime Minister Lucas Papademos said Greece has found all the extra budget cuts needed to secure a debt bailout. The index added 0.2 percent in New York on Feb. 17.Japanese Finance Minister Jun Azumi said his nation and China will work together to help Europe solve its debt crisis through the International Monetary Fund. Europe needs more funding to contain the crisis, even as Greece shows some improvement in curing its financial woes, Azumi told reporters in Beijing yesterday after meeting Chinese Vice Premier Wang Qishan.Steelmakers RiseJapanese steelmakers rose after Credit Suisse raised their stock-price estimates and maintained their “outperform” ratings. The investment bank expects export prices to recover and input prices to fall.JFE Holdings Inc. Japan’s second-largest steelmaker, rose 7.1 percent to HK$1,692 yen and Nippon Steel Corp. advanced 4.7 percent to 223 yen. Kobe Steel Ltd. climbed 4.4 percent to 141 yen even after its target price was cut by Credit Suisse to 120 yen from 125 yen.Billabong increased 8 percent to A$2.83 in Sydney after saying it will consider a A$3 per share takeover proposal from buyout firm TPG Capital after the bid was revised to allow for an asset sale. The shares surged 46 percent on Feb. 17.Among stocks that fell, Universal Entertainment Corp., a maker of pachinko slot machines, slumped 21 percent to 1,516 yen in Tokyo after Wynn Resorts Ltd. redeemed Universal’s 20 percent stake at a 31 percent discount and accused Chairman Kazuo Okada of improper payments.
--Editor: John McCluskey
To contact the reporters on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
A view of a drilling rig and distant production platform in the Soldado Field off Trinidad's southwest coast, September 10, 2011.
Credit: Reuters/Andrea De SilvaBy Gene Ramos
NEW YORK | Wed Feb 15, 2012 8:14pm EST
NEW YORK (Reuters) - Brent oil settled at an eight-month high on Wednesday as fears of supply disruptions from Iran and other producers in the Middle East and Africa outweighed worries about the global economy.
Crude markets found early support from an Iranian state media report, which was later denied by the oil ministry, that Tehran had banned oil exports to six European Union countries in retaliation for EU sanctions.
Threats of a potential loss of exports from the OPEC member over the West's standoff with Iran over its nuclear program have gripped oil markets for months, and added to bullish sentiment following disruptions in other producing countries.
An explosion hit a major oil pipeline feeding a refinery in Syria on Wednesday and a strike in Yemen has halted output at its largest oilfield. In addition, Sudan seized more of South Sudan's oil in a dispute over payment issues which has shut down the 350,000 barrel per day pumped by the new nation.
The news outweighed concerns about the euro zone crisis, which has kept markets on edge due to a potential impact on demand. "The oil markets are doing a balancing act between what's happening in Iran and the euro zone, where the Greek bailout deal may still fall apart," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut.
In London, ICE April Brent crude settled at $118.93 a barrel, gaining $1.58 and posting the highest close since June 14's close at $120.16. It climbed early to a session peak of $119.99, the highest intraday since August 1, on the report that Iran was halting oil exports to some EU countries.
U.S. March crude settled at $101.80 a barrel, gaining $1.06, the highest close since January 11. It hit an early peak of $102.54, the highest intraday since January 12.
Implied volatility for U.S. crude leaped to a nearly three-week high to settle near the session high of 34.85, up 1.21 percentage points, according to the Chicago Board Options Exchange's Oil Volatility Index .OVX, as crude futures went on a rollercoaster ride throughout the day.
April Brent's premium against its counterpart April U.S. crude narrowed to $16.79 at the close. The March/March gap stood at $17.42 on Tuesday, when March Brent expired.
Brent's total crude oil volume rose nearly 20 percent above its 30-day average, Reuters data showed. U.S. crude volume was up 11 percent against its 30-day average.
Additional support came from U.S. data showing a surprise, drop of 171,000 barrels in the week to February 10 in crude oil stockpiles last week, defying the forecast in a Reuters poll for a 1.5 million-barrel increase. Crude stocks held at the Cushing, Oklahoma, delivery hub for U.S.-traded crude oil futures rose to their highest level since September, posting a 2 million-barrel build, the biggest weekly increase since December 2009.
The market kept a close eye on a possible delay of parts or even all of the second international bailout for Greece while still avoiding a messy default was being discussed by euro zone officials. The officials appeared unconvinced that Greece's political leaders were sufficiently committed to the bailout deal that requires Athens to make further spending cuts and adopt unpopular labor reforms. [ID:nL5E8DF7KC] Late Wednesday, Greek Finance Minister Evangelos Venizelos said that party leaders have met the final two demands set by international lenders to seal a bailout, paying the way for a deal and an agreement to ease its debt burden to be announced on Monday.
U.S. economic data was mixed, with factory activity in New York state rising to its highest in 1- years this month and U.S. industrial production turning unexpectedly flat in January.
However, the United States posted its second month of gains in manufacturing last month, pointing to underlying strength in the economy.
IRAN FACTOR Iran touted advances in nuclear know-how but at the same time sent a letter to EU's foreign policy chief expressing readiness "to hold new talks over its nuclear program in a constructive way." That sent mixed signals to the West, which fears Tehran's ultimate goal is to build atomic weapons.
Tehran has repeatedly denied that was its objective, but sanctions imposed by the U.S. against the Islamic Republic, and an action by the EU calling for a ban on Iranian oil by July 1 has prompted Iran to keep threatening to shut the vital Strait of Hormuz oil shipping lane, helping keep oil prices elevated.
"Although indications out of Iran regarding a pre-emptive cessation of crude exports to some European nations was followed by conflicting information, the Iran factor remains alive and well as a bullish influence to the crude market," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.
(Additional reporting by Robert Gibbons in New York and Alex Lawler in London; Editing by David Gregorio, Dale Hudson and Lisa Shumaker)
John Grap/The Enquirer, via Associated PressJohn A. Bryant, Kellogg’s chief executive.
The Kellogg Company said on Wednesday that it would buy Pringles for about $2.7 billion in cash, swooping in on the snack company after an earlier agreement with Diamond Foods fell apart.
The deal will add a prominent brand to existing Kellogg snack offerings Keebler and Cheez-It, helping the company increase its presence in snacks. Beginning with its $4.5 billion purchase of Keebler in 2000, Kellogg has tried to reduce its reliance on its mainstay cereal business, which includes Corn Flakes and Rice Krispies.
The snack business is growing faster and has greater appeal internationally. In a conference call with analysts, Kellogg’s chief executive, John A. Bryant, said that Pringles, known for its signature canned potato snacks, is in 140 countries and offers “the potential for increased scale in Europe and a good entry point into snacking in Asia and Latin America.” Pringles generates about $1.5 billion in annual sales.
Wednesday’s deal also provides some relief for Pringles’ parent, Procter & Gamble, which agreed last spring to sell the business to Diamond for $2.4 billion in stock. It was forced to re-evaluate its plans after Diamond began facing criticism over questionable payouts to its walnut farmers.
Last week, Diamond said it would restate two years’ worth of financial statements and put its chief executive on administrative leave. Within hours, Procter & Gamble said it might have to consider alternatives for Pringles.
Kellogg was interested in Pringles last year, but it felt hard-pressed to compete with the lesser tax bill that would accompany Diamond’s bid, Mr. Bryant of Kellogg said in an interview.
With the collapse of Diamond’s offer, Kellogg and Procter & Gamble cobbled together a deal within a matter of days, Mr. Bryant said. “It’s an exciting asset and an iconic brand,” he said. “We moved very quickly.”
The deal is expected to close by the end of June.
The move will nearly triple Kellogg’s overseas snacks business. Kellogg executives expect Pringles to add 8 cents to 10 cents to its earnings for each share this year, excluding costs related to the deal. They also hope to achieve at least $10 million in cost savings this year, a number that they expect to increase.
Investors appeared to applaud the deal, pushing shares of Kellogg up 5.1 percent to $52.87, on Wednesday.
“The company already has a dominant position in the snacks category, including fruit snacks, granola bars, cookies, crackers, etc.,” analysts with Stifel Nicolaus wrote in a research note. “Pringles will simply add to this dominant market share position in these important growth categories.”
Analysts at Jefferies & Company, however, were more skeptical, writing that “we find ourselves less than enthralled with the strategy behind purchasing a domestically tired brand that appears somewhat out of sync with the trends toward better-for-you snacking.”
Mr. Bryant told analysts on Wednesday that while Pringles had lower margins than other Kellogg businesses, the company had demonstrated a good track record of improving the operations of its acquisitions.
Kellogg plans to pay for the deal with about $2 billion in debt financing and with cash on hand, including money held in overseas subsidiaries. But Mr. Bryant said that the growth projections, as well as the availability of cheap financing, made the deal obvious.
Kellogg was advised by Barclays Capital and the law firm Wachtell, Lipton, Rosen & Katz. Procter & Gamble was advised by Morgan Stanley and the law firm Jones Day.
Euro banknotes and a currency graph are placed on mirror and in this picture illustration taken in Zenica, January 22, 2011.
Credit: Reuters/Dado RuvicBy Hideyuki Sano
TOKYO | Wed Feb 15, 2012 9:51pm EST
TOKYO (Reuters) - The euro slid to a three-week low versus the dollar on Thursday as officials in Europe considered delaying a bailout package for Greece even as the indebted country met demands set by international lenders.
Several EU sources said on Wednesday the euro zone is examining ways of holding back parts or even all of the bailout program until after elections expected in Greece in April while still ensuring it avoids a disorderly default.
"The euro is under pressure as the talk of delaying the bailout package is raising uncertainty. It's not clear whether Athens will be able to secure funds needed to redeem bonds on March 20," said Sumino Kamei, senior analyst at Bank of Tokyo-Mitsubishi UFJ.
Greece has 14.5 billion euros of debt repayments due that day -- a sum it cannot pay without the help of international lenders. Traders are unsure how policymakers would be able to hold back bailout funds beyond then without triggering a disorderly default.
That uncertainty prevented the euro benefiting from news that party leaders in Athens have met the final two demands set by the country's international lenders to seal the bailout.
The euro fell 0.4 percent to $1.3007, slipping below important support including a 38.2 percent retracement of its rally this year at $1.3056, and its 55-day moving average of $1.3052. A 50 percent retracement of the same rally at $1.2974 is seen as the next possible next target.
The euro fetched 102.03 yen, unable to clear important resistance including the 90-day average at 102.74 and Ichimoku cloud top at 102.79.
The greenback hovered below a 3- month high of 78.67 yen hit on Wednesday, stabilizing at 78.42 yen.
SHOT IN THE ARM
While a clear break above its 200-day moving average this week has given bulls a shot in the arm, some analysts cautioned that it was premature to say whether there would be further gains in the dollar.
"In the past few years, the dollar/yen has broken above the 200 day average many times but they have proved to be false signals (of a bull trend). So I don't attach importance to the fact that it crossed above the 200-day average," said Makoto Noji, senior strategist at SMBC Nikko Securities.
"The Fed's minutes also showed QE3 is possible so it's hard to just keep selling the yen, even though U.S. shares didn't react positively to the minutes," he added.
While the minutes of the Fed's January policy meeting contained few surprises, they did show a few officials believed that another round of bond buying by the central bank would be needed before long to support the U.S. economy.
Expectation that the Fed could soon start its third round of quantitative easing helped to keep U.S. short-term note yields low, with the two-year yield slipping on Wednesday from a seven-week high hit earlier in the week.
Dollar/yen has had a high correlation with yield gaps between Japan and the United States, with the two-year yield spread often moving in tandem with dollar/yen.
U.S. Congress leaders reached a deal to extend a payroll tax cut until the end of this year, but that is unlikely to give fresh impetus to the dollar as markets had expected that outcome, SMBC Nikko's Noji also said.
The Australian dollar jumped following data showing Australian employment climbed by 46,300 jobs in January, surging past expectations of a rise of 10,000.
But as doubts about the bailout package for Greece undermined risk assets, the currency slipped 0.2 percent to stand at $1.0680.
The New Zealand dollar dropped 0.8 percent to $0.8264.
(Reporting by Hideyuki Sano; Editing by Joseph Radford)
Stocks rose on Monday, with the Standard & Poor’s 500-stock index near seven-month highs, after the Greek Parliament approved measures needed to qualify for a bailout and avoid a default. Apple shares closed above $500 for the first time after a gain of 1.9 percent, leading the Nasdaq composite index to close at its highest level in more than 11 years. Greek lawmakers backed large cuts in wages, pensions and jobs Sunday as the price of a 130 billion euro, or $171 billion, bailout by the European Union and the International Monetary Fund. But unrest in the streets and a voting rebellion by lawmakers of the ruling coalition suggested Greece may be on the brink of major social unrest, which would make it difficult for the government to follow the rescue terms. Douglas S, Roberts, the chief investment strategist at ChannelCapitalResearch.com and managing principal of the Channel Capital Research Institute, cited skepticism about whether the Greek public would accept the measures. But market conditions make it hard for money managers to avoid stocks. “Mutual fund managers have a herd instinct, and if everyone else is playing the game, with cash yielding zero, they have to participate,” Mr. Roberts said. The Dow Jones industrial average gained 72.81 points, or 0.57 percent, to 12,874.04. The S.& P. 500-stock index gained 9.13 points, or 0.68 percent, to 1,351.77. The Nasdaq composite index rose 27.51 points, or 0.95 percent, to 2,931.39. Apple raised the stakes in an intensifying global patent battle with Samsung Electronics by taking aim at Samsung’s latest model, which uses Google’s Android software. Apple shares rose as high as $503.83 and ended up 1.9 percent at a record close of $502.60. Google rose 1 percent to $612.20. Google won approval on Monday from European regulators and American antitrust authorities for its planned $12.5 billion purchase of Motorola Mobility, and the approval from the European regulators was announced during trading. Financial stocks, up 1 percent, were among the best performers on the S.& P 500. Bank of America climbed 2.2 percent to $8.25 and is up almost 50 percent this year. Bank shares continued to outperform after having posted deep losses in 2011. Regeneron Pharmaceuticals rose 12.3 percent to $114.65 after it raised its 2012 sales forecast for an important eye drug. As earnings season wanes, 51 companies in the S.& P. 500 are scheduled to report results this week. According to Thomson Reuters data through Monday, of the 357 companies in the benchmark index that have released results, 64 percent have beaten analysts’ expectations. In other markets, crude oil surged for its biggest gain in six weeks after Greece’s approval of bailout measures raised the euro against the dollar, but copper fell on doubts that Greece would avoid a debt default. Crude oil futures for delivery in April rose $2.26, to $101.91 a barrel. “Crude oil prices continue to draw support from a familiar set of factors: progress on Greek sovereign debt, risk of supply disruption linked to sanctions against Iran, and refinery outages that are seen limiting gasoline supply,” Tim Evans, energy analyst for Citi Futures Perspective, said in a note. Interest rates were steady. The Treasury’s benchmark 10-year note fell 2/32, to 100 7/32. The yield was unchanged at 1.98 percent. Louis Vuitton Handbags Louis Vuitton Outlet lv bags
February 14, 2012, 2:33 AM EST By Jim Polson and Joe Carroll
(Updates with Moody’s action in 20th paragraph.)
Feb. 13 (Bloomberg) -- Chesapeake Energy Corp., the second- biggest U.S. natural-gas producer, is seeking as much as $12 billion from assets sales and joint ventures to cope with a cash crunch amid rising debt and tumbling gas prices.The company expects to get $10 billion to $12 billion from transactions including the potential sale of all its oil and gas fields in the Permian Basin of Texas and New Mexico, Chesapeake said in a statement today. The Oklahoma City-based company expects to receive about $2 billion in the next 60 days from two separate transactions involving advance sales of output in Texas and Oklahoma.The deals will help Chesapeake reduce a net debt load that is twice the size of Exxon Mobil Corp.’s, a company with a market value 27 times larger. Chairman and Chief Executive Officer Aubrey McClendon is facing a $3.5 billion gap this year between cash flow and drilling costs, according to Raymond James & Associates Inc. McClendon, who has been seeking an investment- grade rating since at least 2009, has vowed to cut long-term debt 25 percent by year end.“This is exactly what Chesapeake had to do given the pretty big cash flow-to-spending gap they are facing,” Kevin Cabla, an analyst at Raymond James in Houston, said today in a telephone interview. Selling more shares to bridge the financing gap “would have crushed the stock even more than it has been.”28 Percent DeclineChesapeake rose 2.4 percent to $22.66 at the close in New York. Before today, the stock had lost 28 percent of its value in the past year.Chesapeake and rival explorers such as ConocoPhillips have been curtailing gas production after an expanding glut of North American supplies drove prices to the lowest in a decade last month. Chesapeake is sensitive to falling gas prices, with every 25-cent decline reducing the company’s cash flow by 5.4 percent, Brian Gibbons, a credit analyst at CreditSights, said in a Feb. 7 note to clients.Chesapeake’s capital spending has exceeded cash from operations in every quarter since October 2003, according to data compiled by Bloomberg. During the third quarter of 2011, as U.S. gas futures were tumbling 16 percent, Chesapeake swelled its net debt by 18 percent to $11.678 billion.Gas Price Pressure“This move is clearly in response to pressures exerted by weak natural-gas prices, its high leverage and high spending plans,” Scott Hanold, a Minneapolis-based analyst for RBC Capital Markets, wrote today in a note to clients. Hanold estimates a $4 billion funding gap for 2012.Gas dipped to a 10-year low of $2.231 per million British thermal units on Jan. 23. Gas for March delivery fell 1.9 percent to settle at $2.431 per million British thermal units in New York, a 38 percent drop in a year.The company said its 2012 financial plan will “fully fund” its planned spending for the year and provide additional liquidity for next year.In the next two months, Chesapeake will receive an up-front payment for future production in the Texas Granite Wash formation. Chesapeake didn’t say who the buyer would be.The company also plans to sell stakes in a new subsidiary that will hold assets in the Cleveland and Tonkawa deposits in Oklahoma. The transaction would be “similar” to an agreement announced in November when private investors bought shares in a Chesapeake subsidiary that holds Utica Shale acreage.Hottest RegionsLater in the year, Chesapeake may raise as much as $8 billion from transactions in the Mississippi Lime and Permian Basin, where it’s seeking joint-venture partners, the company said. Chesapeake holds the rights to drill on 1.8 million net acres in the Mississippi Lime, which spans northern Oklahoma and southern Kansas.For the Permian Basin, where Chesapeake holds 1.5 million net acres, the company said it may consider selling all of the assets “if it receives a compelling offer.”Chesapeake ought to fetch top dollar for its Permian assets because they are about 80 percent oil at a time when crude is averaging $100 a barrel, Cabla said.“With oil prices at these levels, this is probably the best time to be getting out of the Permian,” Cabla said. “The Permian is one of the hottest regions right now” for acquisitions.Previous Permian ExitIn September 2002, McClendon said the company would exit the Permian, drilling instead in lower-cost fields in the Midwest. Fifteen months later, Chesapeake changed course with a $420 million acquisition including wells in the Permian from closely held Concho Resources Inc.Chesapeake plans to raise another $2 billion selling pipelines and gas-processing plants, oilfield-services operations and miscellaneous investments, according to the statement.Separately, Chesapeake said it will sell $1 billion of senior notes due in 2019 and use the proceeds to repay bank credit.Moody’s Investors Service cut its outlook for Chesapeake’s corporate rating today to stable from positive, citing lower gas prices and rising debt. The new offering was rated Ba3, three levels below investment grade and a level lower than Chesapeake’s corporate credit.Moody’s considers up-front gas-production payments as debt and probably will treat most, if not all, preferred shares sold by subsidiaries as debt as well, according to the statement. The combination of debt and asset sales planned this quarter may raise the company’s debt by $3 billion, Moody’s said.Exxon Mobil, based in Irving, Texas, is the largest U.S. gas producer.
--Editors: Tina Davis, Steven Frank
To contact the reporters on this story: Jim Polson in New York at jpolson@bloomberg.net; Joe Carroll in Chicago at jcarroll8@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
HONG KONG Feb 14 (Reuters) - Hong Kong shares closed slightly higher in thin Thursday trade, powered by the outperformance of the Hong Kong property sector on signs of a stabilising mortgage market, but the Hang Seng Index finished just shy of its 250-day moving average.
The Hang Seng Index finished up 0.15 percent at 20,917.83. The China Enterprises Index of top Chinese listings in Hong Kong finished down 0.48 percent at 11,413.16.
The Shanghai Composite Index ended down 0.3 percent at 2,344.77, dragged lower by financials with the benchmark trading in a narrow 20-point range on the day and finishing below its 100-day moving average.
HIGHLIGHTS:
* Turnover in Hong Kong was the lowest since Jan. 16. At HK$55.9 billion, it is marginally lower than Monday's level and about 38 percent lower than Feb. 2, which was the highest turnover in the year to date. The current 250-day moving average at 21,000 remained elusive for the benchmark index.
* Hong Kong property developers were clear outperformers after local media reported signs of the territory's mortgage market regaining some stability. Bank of China (Hong Kong) and HSBC Holdings Plc reportedly cut their mortgage rates last week, while loan repayments has outpaced increases in new loans. Sun Hung Kai Properties Ltd jumped 3.6 percent, closing at its highest since Aug. 4 last year, the top boost on the Hang Seng Index. But a trader said the gains came amid significant shorting interest, suggesting segments of the market remained bearish.
* Among the first Hang Seng Index components to post full-year earnings, Bank of East Asia Ltd saw losses on the day accelerate in the afternoon after it posted 2011 earnings at the lunch break that underwhelmed expectations. It ended down 2.8 percent at its lowest since Jan. 19. (Reporting by Clement Tan and Vikram Subhedar; Editing by Chris Lewis)
Riot police stand guard in front of the parliament during a protest against austerity measures in Athens February 9, 2012.
Credit: Reuters/John KolesidisBy Richard Hubbard
LONDON | Tue Feb 14, 2012 3:35am EST
LONDON (Reuters) - Global shares and the euro eased and safe-haven German government bonds rose on Tuesday as demand for riskier assets stalled after ratings agency Moody's downgraded six European nations, taking the shine off the Bank of Japan's policy easing.
Japan's central bank surprised markets with a further loosening of monetary policy by increasing its asset buying and lending scheme. The move tallies with easing by other major central banks and this has encouraged investors to move into riskier assets like equities.
But the euro fell 0.3 percent to $1.3147 and the FTSEurofirst index of top European companies opened down 0.2 percent after Moody's said it may cut the AAA ratings of France, Britain and Austria, and downgraded Italy, Portugal, Spain, Slovakia, Slovenia and Malta.
"Clearly this was not a game changer, but comes at a time when risk assets are in reflection mode after a strong run," Chris Weston, institutional trader at IG Markets, said.
Italian 10-year yields, which are a barometer for Europe's lower-rated sovereigns, rose slightly to 5.64 percent with investors eyeing the 25 billion euros of new euro zone supply this week, with Spain, France and Italy all looking to sell bonds.
German government bond futures were 39 ticks higher at 138.62 with 10-year yields 3.5 basis points lower at 1.899 percent.
(Additional reporting by Atul Prakash; editing by Anna Willard)
Feb. 14 (Bloomberg) -- European stocks declined, paring the Stoxx Europe 600 Index's biggest rally in a week, after Moody's Investors Service downgraded six euro-area countries, including Italy, Spain and Portugal. U.S. index futures and Asian shares also retreated.
ThyssenKrupp AG, Germany's biggest steelmaker, sank 3.2 percent after posting a first-quarter loss following project delays. Banco Santander SA, Spain's largest lender, fell 0.9 percent after Standard & Poor's lowered the ratings of 15 financial institutions in the country. TDC A/S, Denmark's biggest phone company, slipped 4.3 percent after private-equity investors offered shares at a discount.The Stoxx 600 dropped 0.2 percent to 262.57 at 8:31 a.m. in London, paring yesterday's 0.7 percent rally. The benchmark measure has still advanced 7.4 percent this year amid optimism that the euro area will contain its crisis and as U.S. economic reports beat forecasts. S&P 500 futures expiring in March decreased 0.3 percent today, while the MSCI Asia Pacific Index dropped 0.4 percent.“The fact that France is still Aaa, for now anyway, re- affirms the status of the European Financial Stability Facility,” the euro area's temporary bailout fund, said Chris Weston, an institutional trader at IG Markets in Melbourne. “One suspects only modest selling will follow.”Italy, Spain DowngradedMoody's said it may strip the U.K. and France of their top Aaa ratings, citing the euro area's debt crisis. Spain was downgraded to A3 from A1 yesterday, Italy to A3 from A2 and Portugal to Ba3 from Ba2, all with negative outlooks. Slovakia, Slovenia and Malta also had their ratings lowered.Italy will sell as much as 4 billion euros ($5.3 billion) of securities expiring in 2014 today, while Spain, Greece, Belgium and the Netherlands will also auction government debt.“Policy makers have made steps forward, but we do not think they have done enough to reassure the market that we are on a stable path,” said Alistair Wilson, chief credit officer for Europe at Moody's in London. “What will guide long-term ratings is the clarity and the performance of policy makers and the macro picture.”In the U.S., retail sales probably rose in January by the most in four months, led by growing demand for autos, economists said before a report today. A Commerce Department report published at 8:30 a.m. in Washington will show a 0.8 percent increase, exceeding a 0.1 percent advance in December, according to the median forecast of economists surveyed by Bloomberg News.ThyssenKrupp, Santander, BBVAThyssenKrupp dropped 3.2 percent to 21.20 euros after reporting a loss before interest and taxes of 33 million euros, compared with a profit of 261 million euros a year earlier.Santander slipped 0.9 percent to 6.42 euros and Banco Bilbao Vizcaya Argentaria SA declined 1 percent to 7.07 euros after the Spanish banks were among 15 financial firms downgraded by Standard & Poor's, after the credit-ratings company reduced the nation's grade last month.TDC slid 4.3 percent to 43.24 euros as its private-equity investors offered about 750 million euros of stock in a sale arranged by Morgan Stanley, according to transaction documents. Investors in NTC Holding GP & Cie. SCA, the consortium of buyout firms, are selling about 128 million shares, or about 15 percent of TDC, at 43.40 kroner to 43.85 kroner apiece, according to the documents. TDC won't receive any proceeds.L'Oreal Shares AdvanceL'Oreal SA gained 2.1 percent to 83.35 euros after the world's largest cosmetics maker said it's confident of achieving sales and earnings growth this year after reporting a 7.7 percent increase in 2011 operating profit, beating analysts' estimates.L'Oreal also said that Liliane Bettencourt will leave the company's board and be replaced by her grandson Jean-Victor Meyers. Meyers, 25, studied economics and management and is a director of Tethys, the Bettencourt family holding company.Deutsche Boerse AG added 1.6 percent to 49.58 euros after the German bourse operator posted a fourth-quarter profit amid lower costs and higher sales while announcing a stock buyback and dividend.
Apple now worth more than Google and Microsoft combined [u]
By Neil Hughes
Published: 11:12 AM EST (08:12 AM PST)
First on AI: Apple's stock soared to new heights on Thursday, pushing the company's market capitalization to $456 billion, a number that is greater than the values of rivals Google and Microsoft combined.
As of Thursday morning, Microsoft's market cap was around $256.7 billion, while Google was valued at around $198.9 billion. With Apple's stock up more than 3 percent in morning trading, the company surpassed the combined totals of both Google and Microsoft.
The milestone comes soon after Apple reported its best quarter ever, earning $13.06 billion on sales of 37 million iPhones, 15 million iPads and 5.2 million Macs. Total revenue for Apple's holiday quarter was $46.33 billion.
But Google's shares fell more than 9 percent last month after the company missed expectations on Wall Street for both earnings and revenue. And while Microsoft met Wall Street expectations, revenue from its Windows operating system fell 6 percent to $4.74 billion.
Apple's market capitalization passed Microsoft alone in May of 2010 when the iPhone maker's value hit around $222 billion. And last August was the first time that Apple passed Exxon to become the world's largest company by market cap, then with a value of $346.74 billion.
As of Thursday morning, Apple was well ahead of Exxon Mobil, which had a market cap of around $402 billion. That put Apple at a value of more than $50 billion more than the oil giant.
With AAPL stock north of $490, some Wall Street analysts on Thursday began increasing their price targets for the iPhone maker. Charlie Wolf with Needham & Company upped his estimate from $540 to $620, while Mike Walkley with Canaccord Genuity raised his target on AAPL shares even higher, to $665.
Update: Fortune has posted a few comparative metrics to AAPL's valuation and finds that the company is now worth more than the gross domestic product of Sweden ($458 billion), all the gold in the Federal Reserve ($350 billion), and more than 2.5 Apollo space programs ($145-$170 billion apiece), among others.
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Don't Be Fooled, The Obama Unemployment Rate Is 11% - Forbes document.write(' Business Autos Energy Logistics & Transportation Media & Entertainment Pharma & Healthcare Retail SportsMoney Strategies Wall Street Washington Supermodel Supermogul: Inside Ireland's Empire Investing Advisor Network Bonds Commodities & Currencies ETFs International Intelligent Investing Markets Mutual Funds Options Personal Finance Real Estate Retirement Stocks Taxes Special Report: Investing Outlook 2012 Tech CIO Network Data Driven Games Gear Green Tech Human Ingenuity Innovation & Science Future Tech Mobile On Demand Security Social Media Techonomy Special Report: Data Driven Entrepreneurs Exit Strategy Financing Management Players Sales & Marketing Taxes & Law Promising Companies America's Most Promising Companies Op/Ed The U.S. Economy: Regions To Watch In 2012 Culture & Books Fact & Comment Economics Forbes Quotes Innovation Rules Law Policy Politics Regulation World Affairs Leadership The Top Hiring Employers in America's Biggest Cities Careers CEO Network CMO Network Corporate Responsibility Education ForbesWoman Leaders Managing Sales Leadership Lifestyle America's Fastest-Growing Small Towns Arts & Entertainment Food & Drink Health Places & Spaces Sports & Leisure Style & Design Travel Vehicles Lists The World's Most Powerful People America's Best Colleges America's Best Small Companies Best Places for Business & Careers Celebrity 100 Forbes 400 Richest Americans Global 2000 Leading Companies Largest Private Companies Most Expensive Zip Codes 100 Most Powerful Women World's Billionaires World's Most Powerful People All Lists Help??|??Login??|??SignUp Free Issue > Top 20 Franchises For The Buck Best Exercises To Do At Your Desk Careers Headed For The Dustbin AdVoice: Avoid Valentine's Massacre Peter Ferrara, Contributor I cover public policy, particularly concerning economics. + Follow on Forbes Op/Ed| 2/09/2012 @ 11:33AM |43,207 views Don't Be Fooled, The Obama Unemployment Rate Is 11% 39 comments, 0 called-out + Comment now + Comment now Image by AFP via @daylife
When Barack Obama entered office in January, 2009, the labor force participation rate was 65.7%, meaning nearly two-thirds of working age Americans were working or looking for work.
When the recession supposedly officially ended in June, 2009, the labor force participation rate was still 65.7%.
In the latest, much celebrated, unemployment report, the labor force participation rate had plummeted to 63.7%, the most rapid decline in U.S. history.? That means that under President Obama nearly 5 million Americans have fled the workforce in hopeless despair.
The trick is that when those 5 million are not counted as in the work force, they are not counted as unemployed either.? They may desperately need and want jobs.? They may be in poverty, as many undoubtedly are, with America suffering today more people in poverty than in the entire half century the Census Bureau has been counting poverty.? But they are not even counted in that 8.3% unemployment rate that Obama and his media cheerleaders were so?tirelessly celebrating last week.
If they were counted, the unemployment rate today would be a far more realistic 11%, better reflecting the suffering in the real economy under Obamanomics.
Just last month, while the Bureau of Labor Statistics reported finding 243,000 new jobs, they also reported in the same release that an additional 1.2 million workers had dropped out of the work force altogether, giving up hope under Obama.? If labor force participation had remained the same in January, 2012 just as it was the month before in December, 2011, the unemployment rate would have risen to 8.7% in January rather than supposedly declining to 8.3% as reported.
Some additional facts highlight how misleading the reported unemployment rate, and the political rhetoric around it, can be.? One year ago, 99 million Americans were unemployed or otherwise not working, and the unemployment rate was 9.1%.? Today, while the reported unemployment rate is 8.3%, over 100 million Americans are unemployed or otherwise not working.
In January, 2009, 11.6 million Americans were unemployed, with 23% of those unemployed for more than 6 months.? By January, 2012, 12.8 million were unemployed, with 43% of those out of work more than 6 months.
At the official end of the recession in June, 2009, America was 12.6 million jobs short of full employment.? By January, 2012, we were 15.2 million jobs short, falling behind by another 244,000 in that month alone.
The time has come to begin to raise questions about the precipitous decline in the labor force assumed by BLS.? Are the career bureaucrats there partial to President Obama, and favorable towards promoting his political chances for reelection?? Or has the Obama Administration placed someone in a leadership slot over at?the BLS or the unemployment statistics branch that is imposing this assumed sharp decline?? Because of the oddness of this record setting decline, coinciding with President Obama’s ascension to office, these questions bear further investigation.
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Is this a political campaign article? I like economic analysis part, not the political BS that are put out by biased authors intentionally.
Permalink Flag Reply billyearout 2 days ago
If the President touted the BLS figures this week, as he did, to point out his success, then the article has freedom to throw the flag and criticize his efforts based on facts.
Permalink Flag Reply drsnyc05 7 hours ago
Is 2+2 = 4 biased? Mr. Liberal, I suggest you stop lighting candles at the alter of your lord and savior Obama because the man is absolutely clueless about how business and the economy works. He’s an ambulance chaser who sues anything and everything that gets in his way. The man is not a problem solver but a problem creator. The unemployment rate is just a number that shows how many people collect unemployment checks. Once their 99 weeks is up, they are no longer counted. Wow, that was complicated!
Permalink Flag Reply daviddelosangeles 7 hours ago
Hello billyearout,
You are completely correct. The problem conservatives have is that when the same BLS numbers were unfavorable to the POTUS, they were waving them about as prove that the voters should unseat the Mr. Obama. Now they have to say “Oh, the BLS numbers do not mean anything, they are biased”. They cannot have it both ways, if bad unemployment numbers mean the POTUS should be removed from office, good unemployment numbers have to mean that he should be re-elected.
Permalink Flag Reply billyearout 2 days ago
Doesn’t matter, they’ll blame Bush!
Permalink Flag Reply drsnyc05 7 hours ago
Bush? Obama?should blame Abraham Lincoln! Why not go way back? Look, Obama was the kid in school who told his teacher his dog ate his homework. People are so dumb.
Permalink Flag Reply shripathikamath 6 hours ago
Bush is to be blamed for turning a budget with surpluses into one with deficits. And two unfunded wars, and a free-falling economy that was losing 750,000 jobs a month when his term was up.
Permalink Flag Reply economart 2 days ago
Sorry Debasis to hurt your feelings. Just face it: Obomba is a failure.
What exactly in Mr. Ferrara’s figures do you disagree with? Knowing the problem in your interpretation of figures, we can then amend your error in analysis.
GM
Permalink Flag Reply cofassio 1 day ago
This is obviously a biased, partisan article. To begin with, the author assumes reasons why people have withdrawn from the labor force, without anything to actually back up hese assumptions. Then, try as he might, he keeps trying to count as unemployed people those who have not actively looked for work over the preceding four weeks. Obviously, there is serious doubt how much someone wants to work if they have not even looked for work over the preceding four weeks. Finally, as the excellent paper and book by Rogoff showed, any recession caused by a financial crisis follows a very different recovery path from standard recessions.
Permalink Flag Reply economart 15 hours ago
Hello Cofassio,
And why do you think people have left the work force? Because they inherited a fortune and moved to Bermuda or the Cayman’s?
Is that what happened in the construction business after the financial collapse? So many workers became independently wealthy and just withdrew to a wealthy enclave in sunny Florida?
Now many people will just move to the underground economy and pick up jobs there, but not enough to account for the huge discrepancy.
This is not just a financial crisis. Its a crisis that has struck the very homes in which most people live. Rogoff is just another Keynesian out to defend the great Keynesian failure. Coming up for four years of unprecedented deficits and government intervention in all areas of daily life, and nothing to show for it except inflation, in a recession. Its the Japan syndrome.
GM
I
Permalink Flag Reply steinpiaz 11 hours ago
“The author assumes reasons why people have withdrawn from the labor force, without anything to actually back up hese assumptions.” Exactly. There are many reasons people leave the labour force. One of the principal reasons today is the huge drop in employable people due to retiring baby boomers. But, partisan propaganda makes better headlines then factual research so in the absence of facts some “journalists” have to make things up as they go along.
Permalink Flag Reply drsnyc05 7 hours ago
> One of the principal reasons today is the huge > drop in employable people due to retiring baby > boomers
Baby Boomers?? Are you kidding me? Man oh man, you libs will do practically anything short of putting on knee pads for Obama. So let me get this straight, during the worst recession in decades people decided to retire like it was 1998? Never mind numbers and facts right? What gets me is the immense emotional tie libs have with this man that makes the rest of us sick. Obama sucks, get over it.
Permalink Flag Reply carlos1 7 hours ago
Listen cofassio, your patron saint Obama is cooking the books with these numbers. The population is growing yet the actual jobs are dropping. That isn’t biased, it is simply the truth of what is going on in this country today. I think in November they had 120,000 new jobs but lost 340,000 by dropping out. Again, our population is growing and our jobs are shrinking.
Traders work on the floor of the New York Stock Exchange. The Dow Jones industrial average rose nearly 46 points to close at its highest level since May 2008. (Spencer Platt, Getty Images / February 17, 2012)The Dow Jones industrial average is inching closer to the psychologically important 13,000 mark, a milestone that was last hit just before the financial crisis walloped stock prices around the world. 
John Grap/The Enquirer, via Associated PressJohn A. Bryant, Kellogg’s chief executive.
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Peter Ferrara, Contributor I cover public policy, particularly concerning economics. + Follow on Forbes Op/Ed| 2/09/2012 @ 11:33AM |43,207 views Don't Be Fooled, The Obama Unemployment Rate Is 11% 39 comments, 0 called-out + Comment now + Comment now 
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Debasis 2 days ago 
billyearout 2 days ago 
drsnyc05 7 hours ago 
daviddelosangeles 7 hours ago 
shripathikamath 6 hours ago 
economart 2 days ago 
cofassio 1 day ago 
steinpiaz 11 hours ago 
carlos1 7 hours ago 