30 April, 2015 by The TZ Newswire Staff Comments Off on Asia shares waver in Wall Street’s shadow
Asia shares waver in Wall Street’s shadow
An index of Asian shares recovered from session lows but struggled to stay positive on Friday after weak corporate earnings dented Wall Street, while the dollar clawed back some losses after suffering its worst monthly performance in four years against a basket of six major currencies. Many major European stock markets, including Germany, France, Italy and Spain, will be shut on Friday for May Day.
30 April, 2015 by The TZ Newswire Staff Comments Off on China’s struggles argue for stimulus all round
China’s struggles argue for stimulus all round
China’s factories stayed stuck in the slow lane in April while Japanese output went into reverse and South Korea suffered its worst export performance in two years, adding urgency to calls for more state stimulus in all three economies. Thailand has already surprised by cutting interest rates this week, while speculation is mounting that the Reserve Bank of Australia (RBA) will chop its rates to a record low of 2 percent at a May 5 policy meeting. The need for action is all the greater as China, the former engine of global growth, remains jammed in neutral.
30 April, 2015 by The TZ Newswire Staff Comments Off on Tesla moves into batteries that store energy for homes, businesses
Tesla moves into batteries that store energy for homes, businesses
Tesla Motors Inc on Thursday unveiled Tesla Energy – storage systems or batteries for homes, companies and utilities that will expand its business beyond electric vehicles and tap into a fast-growing area of the energy industry. Chief Executive Elon Musk said the company’s goal was to “fundamentally change the way the world uses energy on an extreme scale.” He introduced the products to a crowd of business partners and journalists at a Tesla facility near Los Angeles.
30 April, 2015 by The TZ Newswire Staff Comments Off on China April official PMI shows factories struggling to grow
China April official PMI shows factories struggling to grow
China’s factories struggled to grow in April as domestic and export demand remained weak, reinforcing expectations that Beijing will roll out more measures to support the slowing economy. Analysts polled by Reuters had predicted a reading of 50 as the world’s second-largest economy continues to cool. “Since the current slowdown is in large part a consequence of the slow-moving property market correction, growth in China likely hasn’t bottomed out yet,” said Bill Adams, senior international economist for PNC Financial Services Group.
30 April, 2015 by The TZ Newswire Staff Comments Off on AIG first quarter earnings down slightly on interest rates, returns
AIG first quarter earnings down slightly on interest rates, returns
American International Group Inc’s (AIG.N) first-quarter earnings fell slightly as low interest rates and weaker returns from alternative investments offset improvements in its commercial insurance business. Analysts, on average, had expected earnings of $1.19 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear whether the analyst estimate was directly comparable to operating earnings. As interest rates have remained very low, bond investors – including insurers – have struggled to achieve adequate returns.
30 April, 2015 by The TZ Newswire Staff Comments Off on Visa forecasts current-quarter profit below Street
Visa forecasts current-quarter profit below Street
The company forecast third-quarter earnings per share 6-8 cents lower than analysts’ expectations. Analysts on average are expecting the company to earn 65 cents per share, according to Thomson Reuters I/B/E/S. Visa earns international transaction revenues through cross-border transactions and currency conversion, making it sensitive to foreign-exchange fluctuations.
30 April, 2015 by The TZ Newswire Staff Comments Off on Exclusive: Pfizer is mystery bidder for rare disease drugmaker Sobi – sources
Exclusive: Pfizer is mystery bidder for rare disease drugmaker Sobi – sources
NEW YORK/LONDON (Reuters) – Pfizer Inc (PFE.N) is the mystery bidder for Swedish Orphan Biovitrum AB (SOBIV.ST), the rare disease specialist which disclosed this week that a potential buyer had made a preliminary offer, people with knowledge of the situation said. The Swedish company, known as Sobi, has a market value of 35.8 billion Swedish crowns ($4.3 billion).