GM Takes Smaller Than Expected Loss; Shares Up 8 Pct
General Motors Corp., the world's biggest automaker, reported a net loss of $3.25 billion in the first quarter as its North American division continues to struggle. The results beat Wall Street expectations of a bigger loss, sending the company's stock up more than 8 percent in early trading.
China's A-share companies net profit up 49.86 percent in 2007
China's A-share total net profit in 2007 reached 949.7 billion Yuan (135.7 US dollar), 49.86 percent higher than the prior year; the average earnings per share reached 0.42 Yuan, up 49.71 percent, according to the report of China Securities News Press on Tuesday.
China's Small and medium-sized public companies 1Q net profit soars
Over 222 small and medium-sized public companies listed in China's Shenzhen Stock Exchange gained an average operating income by 308 million Yuan (44 US dollar) in the first quarter, up 35.32 percent than the same period of last year, Xinhua news agency reported on April 30.
HSI opened slightly higher as investors waiting for Fed's rate policy
Hong Kong's Hang Seng Index (HSI) Wednesday opened slightly higher by 84.12 points, or 0.32 percent, to reach 25998.27. The financial shares led the rise, such as the local banking stocks and Chinese-funded insurance stocks.
China to further control inflation and curb inflation in 2Q
China should continue to prevent inflation and overheating of economic development in the second quarter, especially to control rising prices and curb inflation, the State Development and Reform Commission (SDRC) said Tuesday.
China's Hua Xia Bank 1Q net profit up 80.43 percent
China's Hua Xia Bank, a business bank listed in Shanghai Stock Exchange in 2003, posted first quarter net profit of 822 million Yuan(117.4 million US dollars), 80.43 percent higher than the same period last year.
Dollar recovers awaits Fed decision
Dollar recovered against the euro with markets awaiting the interest rate decision from Federal Reserve on Wednesday.
Sterling affected by downbeat Consumer Confidence
Sterling fell sharply against the dollar yesterday as downbeat Consumer Confidence data further dampened the sentiments of investors.
Dollar Holds on to Gains Ahead of Fed Meeting
The dollar held on to slight gains against the euro on Wednesday as investors expect the Federal Reserve will pause its current string of interest rate cuts after one more quarter point decline today.
MasterCard profits soar by over 100 percent increase
MasterCard's profit more than doubled in the first quarter as more customers outside the United States used their credit and debit cards for purchases.
Nationwide stops flying till further notice
South African Nationwide Airline has ceased operations until further notice due to financial hardships, the airline announced on Tuesday.
Zimbabwe police release detainees
The Zimbabwe Police have released detained MDC members of the opposition party following pressure from lawyers for Zimbabwe's MDC party and a court ruling issued by the Harare High Court.
3Com names China-based CEO after Buyout Denial
3Com Corp. on Tuesday named a new CEO who will be based in China, after it unsuccessfully sought to win a U.S. government approval to sell a minority stake to China's biggest telecom gear maker Huawei Technologies Co Ltd.
United Rentals 1Q Profit Up, Slashes FY08 Outlook
United Rentals Inc. said late Tuesday that its first-quarter profit rose to $38 million, or 34 cents a share, from $30 million, or 28 cents a share, in the year-ago period.
Countrywide Loses $893 Million on Bad Loans, Writedowns
Countrywide Financial Corp, the biggest U.S. mortgage lender by value of loans, reported an $893 million loss for the first quarter on missed mortgage payments, rising home foreclosures and writedowns.
Genentech, Biogen Shares Drop as Rituxan Fails to Cure Lupus
Genentech Inc. and Biogen Idec Inc. shares slumped on Tuesday as the companies said their drug Rituxan failed a late stage trial to examine the efficiency of the drug in patients with lupus.
Continental CEO Received $6 Mil Compensation
In a regulatory filing released Friday, the chief executive of Continental Airlines received $6 million in compensation from the company last year, down 9.3 percent from 2006.
Citigroup Seeks More Capital, Will Sell $3 Billion in Stock
Citigroup, the largest U.S. Bank, is looking to raise an additional $3 billion in capital as it seeks to stabilize its finances, announcing on Monday that it is offering more stock to investors.
Boston Properties 1Q Net Income Slumps 90%, Shares fall
Boston Properties Inc. a real estate developer and owner of office properties reported late Tuesday a steep decline of 90 percent in net income for the first quarter.
Avon 1Q Profit Climbs on Sales Abroad
Avon Products Inc., the largest door direct seller of cosmetics, said Tuesday its net income rose 23 percent helped by stronger sales in Brazil, Russia and China.
DreamWorks Earnings Climb on DVD sales of Shrek and Bee Movie
DreamWorks Animation SKG Inc. posted a better than forecasted net income in the first quarter that rose 69 percent, supported by DVD sales of Shrek the Third and Bee Movie.
Soybeans Decline as the Dollar Gains
Soybeans tumbled for the fifth consecutive session on concerns of reduced demand as the dollar regains.
Wheat Declines as U.S. Crop Conditions Improve
Wheat declined on Tuesday after a U.S. government report showed that winter crop conditions improved reducing concern that global inventories will decline.
Shell, BP Hit Record Profits on Soaring Oil Prices
Royal Dutch Shell and BP Plc, the two largest public oil companies in Europe, reported record profits on Tuesday for the first three months of the year as oil prices reached new highs.
Copper Falls as Dollar Climbs ahead of Fed's meeting
Copper futures in New York closed with a steep decline as the dollar rallied lowering appeal of commodities ahead of the U.S. Federal Reserve meeting.
U.S. Stocks Retreat Ahead of Fed Announcement
Shares of pharmaceutical giant Merck put pressure on the Dow, after losing 10 percent as the Food and Drug Administration rejected its cholesterol drug Cordaptive, one of the key drugs in its pipeline.
BP profits up 48%
Oil giant BP said on Tuesday that its profits had risen 48 per cent to $6,588 million in the first quarter of 2008. The company said that its net cash from operating activities in the quarter was $10.9 billion, up from $8.0 billion one year ago.
Heparin Related Deaths Cause Relatives to Urge Protection
Relatives of a woman and her son who died after receiving treatment with the drug Heparin made by Baxter International Inc. urged a congressional subcommittee Tuesday to protect patients from unsafe drugs.
MasterCard Profit Soars, Surpasses Visa
Mastercard Inc., the world's second largest credit-card company, said its earnings more than doubled in the first three months of 2008 on higher use outside the US, helping the company to surpass its larger rival Visa Inc.
Gold futures Fall Sharply on Dollar, Oil Declines
Gold futures fell sharply Tuesday, as the U.S. dollar strengthened against major currencies and declining oil prices pressured investment demand for the precious metal.
