Japan upgrades assessment of consumer sentiment
Mon, 15 Mar 2010 06:11:19 GMT
TOKYO (MarketWatch) -- Japan's Cabinet Office upgraded its assessment of consumer sentiment on Monday for the first time since July 2009, saying in its report for February that sentiment is "leveling off," compared to last month, when it said consumer sentiment showed "some weakness." The consumer sentiment survey index rose for the second month to 39.8 in February from 39.0 in January. The subindex measuring consumers' employment outlook rose 1.1 points to 34.2 in February, and the subindex gauging their outlook on income conditions was up 0.9 point that month to 38.8. The renewed pick-up in confidence "is reassuring amid nervousness over the sustainability of recovery from the most severe Japanese recession" since World War II, wrote analysts at Action Economics.
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Google to close its China Web site in weeks: WSJ
Mon, 15 Mar 2010 06:05:05 GMT
HONG KONG (MarketWatch)-- Google Inc. appears increasingly likely to close down its Chinese-language search engine, probably pulling the plug on the site within weeks, according to a weekend Wall Street Journal report, which cited a person familiar with the situation. Talks between Google and Chinese authorities about the extent to which the Internet company would be allowed to operate an uncensored version of its Chinese-language Web site, google.cn, appear to be deadlocked, the report said. If it does leave, Google's exit would mark the departure of one of the last major foreign players from the world's fastest-growing Internet market.
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Sigma-Aldrich to sell Pfizer-developed compounds
Mon, 15 Mar 2010 05:57:18 GMT
TEL AVIV (MarketWatch) -- Sigma-Aldrich, provider of products and kits for life-science applications, said it agreed to sell to life-science researchers about 100 small-molecule compounds developed by the New York health-care giant Pfizer Inc. Terms weren't disclosed. Researchers will use the compounds for target characterization, assay development, screening, and animal-model applications, Sigma-Aldrich said in a Monday statement. Sigma-Aldrich also said that over time it expects to add more Pfizer compounds to its offerings.
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Phillips-Van Heusen near deal for Hilfiger: WSJ
Mon, 15 Mar 2010 05:38:50 GMT
TEL AVIV (MarketWatch) -- Phillips-Van Heusen Corp. , the New York apparel maker, is close to acquiring the clothing maker Tommy Hilfiger from Apax Partners, the New York private-equity firm, for about $3 billion, people familiar with the matter told The Wall Street Journal. Phillips-Van Heusen owns brands including Calvin Klein and Izod, produces clothing under license for names including Kenneth Cole Reaction and Donald Trump, and makes dress shirts under license for Hilfiger, the Journal reported on Sunday. The Hilfiger brand has been expanding in Europe, and in 2008 the company signed a deal under which Macy's became an exclusive vendor, the Journal reported. Tommy Hilfiger, who founded the company in the 1980s, has no management role but is the company's principal designer, the Journal reported.
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AIG to hold $21 million in bonus payments: WSJ
Mon, 15 Mar 2010 04:50:14 GMT
TOKYO (MarketWatch) -- American International Group Inc. has plans to hold back $21 million in bonus payments Monday to former employees, according to a report from The Wall Street Journal, citing a person familiar with the matter. The move comes as the insurer readies to pay out $46 million Monday to current and former employees of its financial products unit, which was responsible for the trades that prompted the government rescue of AIG in 2008, the report said. AIG hopes the payout will represent the final round of retention payments which were agreed upon before the company's bailout.
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China Merchants' shares dip following rights offer
Mon, 15 Mar 2010 04:36:44 GMT
HONG KONG (MarketWatch) -- China Merchants Bank Co.'s shares ended the Monday morning session 2.6% lower in Hong Kong after the bank announced details of a Hong Kong rights offer raising nearly 4.8 billion Hong Kong dollars ($618.7 million). The bank said in a filing to Hong Kong Stock Exchange it plans to offer nearly 450 million Hong Kong shares on the basis of 1.3 shares for every ever 10 held by investors. They will be priced at 10.06 Hong Kong dollars per share. The bank will also release details of its Shanghai rights offer, saying it will raise 17.8 billion yuan ($2.6 billion) through the sale of 2.04 billion yuan-denominated shares at 8.85 yuan apiece. The Shanghai offer will also be on the basis of a 1.3 shares for 10 held by investors.
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Hong Kong lower, with financials among decliners
Mon, 15 Mar 2010 01:19:59 GMT
LOS ANGELES (MarketWatch) -- Hong Kong shares fell out of the open Monday, with weakness in financials helping drag down the market amid concerns of tighter credit conditions in China. In the early minutes, the benchmark Hang Seng Index was down 0.7% at 21,062.8, while the mainland-China-focused Hang Seng China Enterprises Index was off 1% at 12,046.9. Shares of HSBC Holdings Plc. traded 0.8% lower, while China Construction Bank was down 1% in Hong Kong and off 0.9% in Shanghai. Bank of China Ltd. lost 0.8% in Hong Kong and 0.7% in Shanghai. More broadly on the mainland, the Shanghai Composite was down 0.9% at 2,987.2 as China wrapped up its National People's Congress with Premier Wen Jiabao calling for action to prevent a global "double dip" recession.
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Toyota faces fraud suit in Southern California
Sun, 14 Mar 2010 23:35:45 GMT
TOKYO (MarektWatch) -- Southern California prosecutors filed a consumer-protection lawsuit against Toyota Motor Corp. Friday, claiming that the company hid evidence that its vehicles had defects, constituting fraud, according to reports. The Orange County district attorney's office and private attorneys sued the U.S. sales arm of Toyota, to keep the company "from continuing to endanger the public through the sale of defective vehicles and deceptive business practices," the suit reportedly said. Shares of Toyota were up 1.2% in early Tokyo trading, outpacing the Nikkei 225 Stock Average's 0.4% rise.
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Japan shares up as weaker yen boosts exporters
Sun, 14 Mar 2010 23:30:30 GMT
TOKYO (MarketWatch) -- Japanese shares climbed Monday morning in Tokyo as a weaker yen provided support for shares of exporters. The Nikkei 225 was up 0.3% at 10,779.44 and the broader Topix was at 940.36, up 0.4%. Shares of Isuzu Motors Ltd. tacked on 1.3%, Canon Inc. added 1.6% and NEC Corp. rose 1.5%. But shares of JVC Kenwood Holdings Inc. dropped 9.3% after the company last week said it made adjustments to some of its previous earnings results because of an investigation into the accounting methods at its Victor Co. of Japan subsidiary. Elsewhere, Australia's S&P/ASX 200 climbed 0.4%.
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Australian shares slightly higher, but Arrow falls
Sun, 14 Mar 2010 22:44:34 GMT
LOS ANGELES (MarketWatch) -- Australian shares meandered in early Monday morning action, reflecting limited market cues and a mixed closed for Wall Street's previous session. In the early minutes, the benchmark S&P/ASX 200 was up 0.3% at 4,830.0. The key mining sector traded mixed, though Rio Tinto Ltd. and Fortescue Metals Group Ltd. were each higher by 0.8% after J.P. Morgan hiked its price forecast for iron ore, as well as upgrading Fortescue to neutral from underwieght. Shares of Arrow Energy Ltd. fell 1.4% after news reports said the company is set to reject a $3 billion bid from Royal Dutch Shell PLC and PetroChina Co. .
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Nortel reports fourth-quarter profit
Fri, 12 Mar 2010 23:13:41 GMT
SAN FRANCISCO (MarketWatch) -- Nortel Networks Corp. said Friday it swung to a fourth-quarter profit of $1.78 billion, or $3.34 a share, from a loss of $2.14 billion, or $1.02 a share in the same period a year earlier. The result benefited from proceeds from the company's divestiture of certain businesses. Revenue fell to $794 million from $2.07 billion, the Toronto-based telecom-equipment maker said. Beset by financial woes, Nortel filed for bankruptcy protection early last year.
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FDA panel backs Medtronic epilepsy device: AP
Fri, 12 Mar 2010 22:31:09 GMT
SAN FRANCISCO (MarketWatch) -- Medical-device maker Medtronic Inc. received a recommendation of a Food and Drug Administration panel Friday for the agency to approve a brain stimulator to treat epilepsy, according to the Associated Press. The panel, which voted 7 to 5, reportedly said that Medtronic must conduct follow-up safety studies of the device.
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