MuncangBusiness News Update
Global Markets Slip on Slow U.S. Growth
BANGKOK — A slowdown in growth in the U.S. and mixed corporate earnings dampened stock market sentiment around the world Friday. Oil prices fell to near $112 a barrel as the lackluster U.S
Sinopec Profit Gain Tops PetroChina on Smaller Refining Loss
April 29, 2011, 5:16 AM EDT By Bloomberg News (Closes shares.) April 29 (Bloomberg) — China Petroleum & Chemical Corp., Asia’s biggest refiner, used crude from its stockpiles to keep oil costs in check as it ramped up fuel production to meet demand in the world’s second-largest economy. The Hong Kong-listed company known as Sinopec said yesterday first-quarter profit rose 25 percent from a year earlier to 20.6 billion yuan ($3.2 billion). That beat the 19.9 billion-yuan median estimate of five analysts surveyed by Bloomberg and surpassed rival PetroChina Co.’s 14 percent gain.
What happens if Congress blows the debt ceiling?
Treasury Secretary Timothy Geithner has urged lawmakers to raise the country’s debt ceiling by early summer, preferably sooner. By Jeanne Sahadi, senior writer April 29, 2011: 5:17 AM ET NEW YORK (CNNMoney) — Some Republican lawmakers are challenging Treasury Secretary Tim Geithner’s warnings about the grave consequences of not raising the country’s debt ceiling. Geithner has said the country would risk default if Congress doesn’t raise the country’s legal borrowing limit by July 8 .
Spain jobless rate hits new eurozone record (AP)
MADRID – Spain’s unemployment rate rose sharply to a new eurozone high of 21.3 percent in the first quarter of the year, with a record 4.9 million people out of work, the government said Friday. The rate marked a one percentage point jump from 20.3 percent at the close of 2010, and adds pressure on Spain as it tries to recover from nearly two years of recession and convince investors that it can handle its debt load. The country is trying to shift away from dependence on the construction sector, which had supported growth for years until the financial crisis popped the property bubble, as well as make the economy more competitive and reduce national debt
Rising Oil Prices Lift Total Profit
BY GERALDINE AMIEL PARIS—French oil major Total SA Friday posted a 51% increase in net profit in the first quarter, boosted by higher commodity prices in spite of lower petroleum output owing to the continuing unrest in Libya.
Crowds Swell in London as William and Kate Prepare to Wed
April 29, 2011, 5:25 AM EDT By Kitty Donaldson, Chris Spillane and Laura Price (Updates with William arriving in second paragraph.) April 29 (Bloomberg) — Hundreds of thousands of people are in central London for today’s wedding of Prince William and Kate Middleton, after some camped out overnight along the route the newlyweds will take in a carriage procession. Local officials estimate the flag-waving crowd will swell to 600,000 people. William arrived at Westminster Abbey about 40 minutes before the ceremony was due to start at 11 a.m.
Europe Inflation Quickens on Oil; Business Confidence Drops
April 29, 2011, 5:28 AM EDT By Jana Randow (Updates with euro in fifth paragraph.) April 29 (Bloomberg) — European inflation accelerated to the fastest pace in two and a half years and confidence in the economic outlook declined as surging energy prices threatened to undermine growth. Inflation in the 17-nation euro region quickened to 2.8 percent in April from 2.7 percent, the European Union’s statistics office in Luxembourg said today in an initial estimate. Economists had expected inflation to remain unchanged, according to the median of 34 forecasts in a Bloomberg News survey
Microsoft Net Up, but Windows Sales Down
By NICK WINGFIELD Access thousands of business sources not available on the free web. Learn More Microsoft Corp.’s quarterly profit rose sharply thanks to strong sales of its Office and Xbox products, though the software maker is feeling the effects of weakening demand for traditional personal computers amid increased competition from tablet devices. The company on Thursday said sales of its Windows operating system fell 4% from the year-earlier quarter to $4.45 billion, even as it reported a 31% increase in total profit and a 13% jump in total revenue as other parts of its expansive portfolio of products thrived.
Weyerhaeuser Gains From Timberlands Sale
FEDERAL WAY, Washington ( TheStreet ) — Weyerhaeuser ( WY ) , the forest-products company, said Friday it swung to a profit in the first quarter on the sale of timberlands in southwest Washington. Weyerhaeuser earned $99 million, or 18 cents a share, up from a year-earlier loss of $20 million, or 10 cents a share.
Unilever’s Sales Rise, But Outlook Weakens
BY SIMON ZEKARIA LONDON—Unilever PLC Thursday posted a 7% rise in sales on growing demand in emerging markets, but warned that its first-half profits will decline owing to sluggish demand in mature economies and rising commodity prices. Unilever said total sales in the quarter rose to €10.9 billion ($16.13 billion) compared with a year earlier
Honda struggles with quake fallout, Hyundai surges (Reuters)
TOKYO/SEOUL (Reuters) – Top Asian car makers Honda Motor (7267.T) and Hyundai Motor (005380.KS) painted vastly different portraits on Thursday, with Hyundai turning in a stellar quarterly performance while Honda struggled to overcome supply woes after Japan’s devastating earthquake.