Gold may touch $1,300, scrap sales to go up
With bullion analysts predicting a rise in gold prices following the European crisis and the Chinese crackdown on realty, scrap gold sales are set to shoot up. Scarp gold sales are normally up at a time when the gold prices go up as several people rush in to book profits. In April, India witnessed a surge in sales of old gold jewellery after remaining more or less tepid since the beginning of the new year. A consumer who wishes to sell old jewellery to a scrap trader is a contributor to recycled...
Stock futures down after rally
U.S. stock index futures fell on Tuesday after a broad rally in the previous that took the S&P 500 to its best day in two months as investors fretted over whether Greece could make deep spending cuts.
U.S. hedge fund Fortress eyes Asia comeback: sources
Fortress Investment , one of the world's largest publicly traded alternative asset managers, plans to rebuild its Asian operations and is in the process of setting up an office in Singapore, sources said.
Wall St futures lower; earnings, data eyed
Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down 0.3 to 0.4 percent, pointing to a weaker start on Wall Street on Tuesday.
UBS predicts moderate withdrawals after strong Q1
UBS boss Oswald Gruebel predicted moderate asset withdrawals in the short term as the Swiss bank's forecast-beating quarterly results gradually start to boost client confidence and wealth advisors' morale.
Arnold ends support for California oil drilling
Massive oil spill on the other side of the mainland prompted actor governor Arnold Schwarzenegger of US state California to withdrew his support of a plan to expand oil drilling off the state's coast. The governor had earlier proposed expanding oil drilling off the coast of Santa Barbara County to help close the state's $20 billion budget deficit.
China, Egypt sign $2 billion refinery deal
In its quest to ensure enough oil for its vibrant economy, China on Monday signed an MoU with Egypt to build a $2 billion refinery in the Arab nation. According to sources, two Chinese companies, Rongsheng Holding Group and China National Chemical Engineering Co. Ltd., will build the refinery, the largest such plant in the Arab nation.
NYSE Euronext profit boosted by derivatives gains
NYSE Euronext reported a 26 percent increase in quarterly profit as its growing derivatives operation offset sluggish stock trading.
Greek worries linger, pressure stocks, euro
Optimism about the recovering U.S. economy failed to spill over into European stock markets on Tuesday as investors remained jittery about whether Greece's aid package will work.
Cotton prices surge on rising mill use demand
Cotton prices have surged in recent months which is reflected in the Cotlook A Index that rose from 64 cents per pound in August 2009 to 84-87 cents per pound in Marcha and early Aparil 2010, according to International Cotton Adivisory Committee (ICAC).
Bubbling China may crash: Marc Faber
Is the Chinese economy overheated and the dragon country on the verge of collapse? Noted global investor and economic analyst Marc Faber says the Chinese economy might crash within one year. Faber, the publisher of the Gloom, Boom & Doom report, has predicted that the China is going to collapse in the wake of imminent property bubble and declining commodity and stock market prices.
UBS sees moderate withdrawals after strong Q1
UBS boss Oswald Gruebel signaled his strategy to regain clients' trust may be starting to work as withdrawals slowed and the bank delivered its strongest quarterly profit since the crisis started.
Dubai World creditors agree technical details: paper
Dubai World's creditors have agreed in principal on the technical aspects of a debt restructuring agreement and should reach on an overall deal within two weeks, an Arabic language newspaper said on Tuesday.
Robust U.S. data buoys dollar, stocks subdued
The dollar rose on Tuesday as U.S. data showed factories running at their fastest pace in nearly six years, but stocks gains were reined in by worries about Greece's bailout and China's policy tightening.
NYSE Euronext quarterly profit up 26 percent
NYSE Euronext said on Tuesday its quarterly profit rose 26 percent, matching expectations as its growing derivatives operation offset sluggish stock trading at the exchange operator.
S&P launches new credit scores for 26,000 companies
S&P Valuation and Risk Strategies, part of McGraw-Hill Co's Standard & Poor's, has launched a new credit score tool that lets users compare credit profiles of more than 26,000 companies worldwide.
U.S. data perks dollar; Greece weighs on shares
The dollar inched up on Tuesday, boosted by strong U.S. data indicating the world's largest economy was on the mend, but worries about Greece's bailout and China's policy tightening curbed earlier gain in Asian shares.
Duty hike to hit India's iron ore export
India's recent decision to raise the duty on iron ore lumps will rein in export of the commodity further. The government last week increased the export duty on iron ore lumps to 15% from 10% to discourage exports and improve raw material availability for local steel mills. India's iron ore lump exports was around 11 million tonnes in 2009-10 and declined by 28% in the past four years from a peak of 15.3 million tonnes in 2006-07.
Oil dips below $86 as dollar gains
World oil prices followed gold towards south in Asian trade Tuesday after hitting a 19-month high on positive economic news overnight. The black gold dropped below $86 a barrel mark mainly on a strong dollar against major currencies amid rise in US crude and fuel stockpiles. Light sweet crude for June was seen trading at $85.81 a barrel at 11.30 a.m Singapore time while Brent crude was at $88.61 a barrel at the same time in London.
Zimbabwe cops want diamond pie now
Chiadzwa in Zimbabwe is notorious for its blood diamonds. Now this place has become an big attraction for the police force in the country. Till now, only illegal miners and Army have been blamed for the blood diamonds of Chiadzwa but now the country's police force also wants a piece of the diamond business. According to media reports in Zimbabwe, police want the government to give the police force concession to do mining business in Chiadzwa diamond fields.
Gold eases in Asia after overnight rally
Gold prices eased in Asian trade Tuesday after an overnight rally put the precious metal to its highest settlement in five months. Gold for immediate delivery was seen trading at $1181.49 an ounce at 11.30 a.m Singapore time while U.S. June gold futures was at $1182.47 an ounce eat the same time. Analysts said gains in the dollar hampered gold's rally. The greenback remained firm against a basket of six major currencies on Tuesday after rising against the euro and yen on Monday on growth in U.S....
Motorola's Brown to mull dividend after separation
Motorola Inc's Co-Chief Executive told shareholders on Monday that the company's enterprise and networks business would consider paying a dividend after Motorola splits into two separate entities next year.
Newcrest wins over Lihir with $8.5 billion offer
Australia's top gold miner, Newcrest Mining , agreed a $8.5 billion takeover of Lihir Gold on Tuesday, signaling a hunger for foreign income among local miners after Canberra hit them with a new tax.
Lihir bows to $8.8 billion offer from Newcrest
Australia's top gold miner, Newcrest Mining , raised its offer for local rival Lihir Gold to $8.8 billion, winning the support of its target to create the world's 4th-largest listed gold miner.
Simon bids $5.8 billion for all of General Growth
Simon Property Group Inc has bid $5.8 billion for all of General Growth Properties Inc , even as its offer to buy a minority stake in its rival was rejected, sources familiar with the matter said on Monday.
Senator praises smokers save health costs by dying early
Senator Nick Minchin has encouraged smokers to keep up their habit, saying smokers who die early save the health system money.
Banned soy milk found in Sydney Cafe
A cafe in Sydney's inner-west has been fined for stocking a recalled batch of Bonsoy milk.
Connecticut AG probing Craigslist on paid-sex ads
Craigslist.com was subpoenaed on Monday by Connecticut's attorney general, who is investigating whether the popular online classified ad service is doing enough to quash prostitution on its site and whether it may be profiting from it.
Police Barred from Penis Enlargement
It has become a requirement in Indonesia Papua's police force that an applicant will be disqualified if they had penis enlargement before.
Man Has No Faith in the Public Health after 3 Years Waiting for Surgery
Gold Coast - After three years of waiting for a surgery to prevent him from being a paraplegic, Mr. Andrew Lamble has given up on the public health system.
