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RTT - Breaking%20News

Global financial news, market analysis, economics and forex news
last updated: Oct 13 2008 7:51 AM
  • European markets rise on bank support plan
    The European markets rebounded from last week's rout and opened sharply higher after the European government leaders agreed Sunday to underwrite inter-bank lending and help struggling finance companies avoid collapse.
  • Qimonda Plans Production Ramp Downs, 3K Job-Cuts; CFO Majerus Resigns - Update
    Memory products supplier Qimonda AG (QI) announced Monday a worldwide restructuring and cost reduction program, which includes a ramp down of production, around 3,000 job-cuts, and cost cuttings in 2009. Separately, the company announced the resignation of Dr. Michael Majerus as Chief Financial Officer for personal reasons and the appointment of Chief Operating Officer Thomas Seifert as Interim Chief Financial Officer.
  • Zhongpin lifts FY08 View - Update
    Friday, Zhongpin, Inc. (HOGS), a meat and food processing company in China, lifted its outlook for fiscal 2008, citing strong third-quarter revenues as well as anticipated strong performance in the fourth quarter.
  • Avnet Agrees to Acquire Abacus Group for GBP 42.2 Mln Cash; ; Abacus Stock Soars
    Friday, Avnet, Inc. (AVT), a U.S. distributor of electronic components and software products, said it agreed to buy European British electronic components distributor Abacus Group Plc (ABU.L) in a cash offer that values the entire issued and to be issued share capital of Abacus at about GBP 42.2 million. Following the news, Abacus shares are racing upwards by over 80% on the London Stock Exchange.
  • European markets tumble over fears of global recession
    The European markets opened sharply lower on Friday and are plummeting amid a massive sell-off that began on Wall Street and have spread to Asia. Despite massive efforts from governments to help shore up the troubled credit markets and boost confidence, investors remain fearful the global economy is headed for a recession.
  • AIG Takes Additional $9 Bln Loan from Govt : WSJ - Update
    American International Group, Inc. (AIG) has taken yet another loan of $9 billion from the U.S. Government to meet massive demands for cash from its trading partners, as it races to sell off its assets, the Wall Street Journal reported Friday.
  • Hexion receives $540 Mln from Apollo Management for completion of Huntsman takeover - Update
    Hexion Specialty Chemicals Inc. said Thursday that it received a capital contribution of $540 million from its parent company Apollo Management L.P. that it will help it in completing the takeover of chemical manufacturer Huntsman Corp. (HUN). Hexion had tried to walk away from the $6.5 billion deal for the takeover of Huntsman agreed to last year, citing Huntsman's rising debts and disappointing financial performance. However, the Delaware Court of Chancery ordered Hexion last month to take all steps required to complete the merger.
  • Linn Energy To Sell Woodford Shale Acreage In Central Oklahoma; Board Authorises $100 Mln Unit Buyback plan - Update
    Seeking to strengthen its balance sheet and improve its financial flexibility, Linn Energy LLC (LINE) on Thursday entered into a purchase and sale agreement to sell its deep rights in certain central Oklahoma acreage, which includes the Woodford Shale interval, for $229 million.
  • Invitrogen sees higher-than-projected synergies from Applied Biosystems merger; raises FY09 EPS outlook
    Research tools maker Invitrogen Corp Thursday said that it has completed a significant milestone in the integration planning for its combination with Applied Biosystems Inc. The company also lifted its earnings per share outlook for fiscal 2009.
  • Chico's FAS Sept. Comps Drop 15.6%; Withdraws Second-Half View - Update
    Specialty apparel retailer Chico's FAS Inc. (CHS) reported Thursday a double-digit decline in comparable store sales for the month of September, hurt by the weakening economy and financial market instability. The disappointing results, together with uncertainties for future results, have forced the company to withdraw its second-half outlook.
  • Boeing, striking machinists Union agree to resume talks
    Aircraft manufacturer Boeing Co. (BA) and its machinists union, in a meeting convened on Wednesday night, agreed to return to the bargaining table to end a month-long strike over a contract dispute. Both parties agreed to tap federal mediators, who would then sit with each side to help tackle several key issues.
  • Sciele Pharma's 92% Shares Tendered in Offer by Shionogi's Tall Bridge - Update
    Pharmaceutical company Sciele Pharma Inc. (SCRX) said Thursday that Tall Bridge, Inc., an indirect wholly owned subsidiary of Japanese pharmaceutical company Shionogi & Co., Ltd., has received the majority of Sciele shares, subsequent to the expiration of the cash tender offer on Wednesday to buy all outstanding shares of Sciele common stock for $31.00 per share.
  • European markets recover as rate cuts spur buying spree
    The European markets rebounded on Thursday, recovering from steep losses in the previous session, as emergency rate cuts by the U.S. Federal Reserve and several central banks helped calm the nerves of the investors.
  • U.S. govt. reportedly mulls taking ownership stakes in banks
    The U.S. Treasury Department is considering taking ownership stakes in many of the banks in the country to restore confidence in the financial system, similar to the bailout plan announced by the British government on Wednesday, media reported citing government officials.
  • WSJ: MetLife Approached Hartford for Possible Merger Deal - Update
    Insurance services provider MetLife, Inc. (MET) recently approached rival Hartford Financial Services Group Inc. (HIG) for a possible merger deal, the Wall Street Journal reported Wednesday citing people familiar with the discussions.