percent-decline

Singapore’s SingTel reports USD717m profit in Q4

by on February 13, 2012

menafn.com…

(MENAFN) Singapore Telecommunications Ltd. (SingTel) reported 9.6 percent decline in fourth quarter profits over higher costs and a lesser income from its regional units, AP reported. The telecom …

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Singapore’s SingTel reports USD717m profit in Q4

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BofA Hires Former Top SEC Official

by Ryan McCarthy on April 16, 2011

Huffington Post…

NEW YORK: Bank of America said it has hired Gary Lynch, a former director of enforcement at the U.S. Securities and Exchange Commission, to head its legal, compliance, and regulatory relations efforts. Lynch was previously chief legal officer at Morgan Stanley. Like many big banks, Bank of America is dealing with multiple legal and regulatory issues now, including challenges to its procedures for foreclosing on homes and new rules that affect everything from debit cards to retail brokerage. Lynch, who at the SEC brought cases against Ivan Boesky and Michael Milken, is famous for helping banks restore their reputations after legal setbacks. Lynch’s hire is part of a management shake-up by Chief Executive Brian Moynihan that also gave the bank a new chief financial officer, Bruce Thompson. Thompson, currently chief risk officer, will replace Chuck Noski, who will become vice chairman of the bank. Bank of America announced a more than 35 percent decline in first quarter earnings on Friday, hurt by losses in its mortgage unit. (Reporting by Dan Wilchins in New York; editing by Jackie Frank) Copyright 2010 Thomson Reuters. Click for Restrictions .

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BofA Hires Former Top SEC Official

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Wells Fargo’s Profit Rises

January 19, 2011

NEW YORK — Wells Fargo & Co., one of the largest lenders to consumers among U.S. banks, on Wednesday said its fourth-quarter profit shot up, as its customers payment habits improved and it was able to lower the amount of reserves set aside to cover souring loans. The San Francisco-based bank said its net income attributable to common stockholders was $3.2 billion, or 61 cents per share. Last year, the company earned $394 million, or 8 cents per share, as its results were affected by a large preferred dividend paid to the government, which was not necessary this year. Wells Fargo in December 2009 paid back the bailout money it received from the government during the financial crisis. The latest results matched the 61 cents per share forecast by analysts polled by FactSet, but shares dipped slightly in early trading. Wells Fargo stock lost 15 cents to $32.34 after the opening bell. CEO John Stumpf said all the bank’s business segments contributed to earnings as the economy started to gain strength. The bank reported a notable improvement in the performance of its outstanding loans. The total loans it had to write off as uncollectable fell to $3.84 billion, from $5.9 billion in the 2009 quarter. Loans considered past due and likely to default declined for the first time since Wells Fargo bought Wachovia in late 2008, ending the quarter at $32.4 billion. Wells Fargo wrote off 29 percent fewer uncollectable loans than in the 2009 quarter and released $850 million from loan-loss reserves, the money set aside to cover soured lending. Wells Fargo said its net interest income, or the money earned from deposits and loans, fell 4 percent to $11.06 billion. Noninterest income, or earnings from fees and charges, fell 7 percent to $10.4 billion. Notable was a 19 percent decline in noninterest income from its mortgage business, to $2.76 billion. It also posted a 27 percent plunge in service charges on its deposit accounts, to $1.04 billion. That indicates that new government regulations restricting fees like overdraft charges had a big impact.

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Video: Hunt Says Lihir Is Confident It Will Meet Output Target: Video

July 27, 2010

July 28 (Bloomberg) — Lihir Gold Ltd. Managing Director and Chief Executive Officer Graeme Hunt talks with Bloomberg’s Haslinda Amin about the company’s output forecast. Lihir reported a 17 percent decline in second-quarter production. The company today restated its full-year output forecast of between 1 million ounces and 1.1 million ounces. Hunt, speaking from Brisbane, also discusses the outlook for gold prices, Lihir’s agreement to a A$9.8 billion ($8.8 billion) takeover by Newcrest Mining Ltd., and Australia’s proposed mining tax. (Source: Bloomberg)

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Asian Stock Index Set to Drop a Further 14%, CLSA Says Technical Analysis

May 31, 2010

By Shiyin Chen June 1 (Bloomberg) — An index of Asian stocks outside of Japan may retreat at least 14 percent after forming a “double top” pattern, CLSA Asia-Pacific Markets said. A slump in the MSCI Asia excluding Japan Index below the support level of 435 last week triggered a so-called topping pattern that may send the gauge down to around 360 to 370, close to the 50 percent retracement level of the advance between 2008 and 2010, analysts Laurence Balanco and Tiara Fontanilla said in a report today. Still, the analysts have a target of about 390, given the “considerable support” offered by a “congestion zone” of around 395 to 405. That forecast represents a 14 percent decline for the MSCI Asia ex-Japan index, which fell 0.6 percent to 452.16 as of 10:20 a.m. in Singapore. The measure peaked at 508.88 on April 15, before tumbling as much as 16 percent to a low on May 25 amid concern that the worsening European sovereign-debt crisis will derail the global economic recovery. “Recent price action has strengthened the case for our shakeout roadmap for the regional benchmark,” the analysts wrote. The 395 to 405 zone “is our minimum downside target for this corrective phase,” they also said. The MSCI index’s retreat may unfold in three waves, with the slump between the April high and its May low marking the first leg, according to the report. The gauge may rebound to the 460 to 480 range before dropping to around 390, the analysts also wrote. Once the “double top” pattern is played out, the index may form at least one more wave up to set a new rally high, the analysts said. This may occur sometime between August and October, according to the report. To contact the reporter on this story: Shiyin Chen in Singapore at schen37@bloomberg.net

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Stock Market Officially In ‘A Correction’: A Look Back At The BIGGEST Drops

May 25, 2010

The stock market has now undergone its 18th “correction” – a decline of 10 percent to 19.9 percent – since 1946. Looking at earlier corrections may provide a gauge of how long this one could last. Previous corrections have posted declines averaging 14 percent and typically lasted about four months. Then it took another four months before the S&P 500 climbed back above the pre-correction level. There is no guarantee this correction won’t turn into a bear market, which is defined as a 20 percent drop or more. Historical precedents suggest the total decline is likely to be no worse than 15 percent, however, according to Standard &Poor’s chief investment strategist. Here is a look at the magnitude, duration and recoveries associated with all the corrections: 1946: 10.2 percent decline over 24 calendar days; recovery 12.3 percent over 42 days. 1950: 14 percent decline over 35 days; recovery 16.5 percent over 67 days. 1953: 14.8 percent decline over 252 days; recovery 17.5 percent over 178 days. 1955: 10.6 percent decline over 18 days; recovery 13.8 percent over 34 days. 1959-60: 13.9 percent decline over 449 days; recovery 17.1 percent over 94 days. 1967-68: 10.1 percent decline over 162 days; recovery 11.7 percent over 55 days. 1971: 13.9 percent decline over 209 days; recovery 16.3 percent over 73 days. 1974: 13.5 percent decline over 25 days; recovery 15.9 percent over 52 days. 1975: 14.1 percent decline over 63 days; recovery 17.3 percent over 118 days. 1976-78: 19.4 percent decline over 531 days; recovery 24.6 percent over 527 days. 1979: 10.2 percent decline over 33 days; recovery 12.2 percent over 75 days. 1980: 17.1 percent decline over 43 days; recovery 22.2 percent over 109 days. 1983-4: 14.4 percent decline over 288 days; recovery 18.5 percent over 181 days. 1997: 10.8 percent decline over 20 days; recovery 12.2 percent over 39 days. 1998: 19.3 percent decline over 43 days; recovery 24.1 percent over 84 days. 1999: 12.1 percent decline over 91 days; recovery 13.8 percent over 32 days. 2002-3: 14.7 percent decline over 104 days; recovery 18 percent over 62 days. 2010: 11.8 percent over 31 calendar days since April 23. ongoing _ Source: Standard & Poor’s

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How To Fix CNN

April 1, 2010

The future of CNN, never exactly bright the past couple of years, suddenly looked dire this week when ratings came out showing a 40 percent decline in prime time viewers since 2009. … So is it time for a radical re-thinking of “the most trusted name in news,” the network of Larry King, Anderson Cooper, Campbell Brown and Wolf Blitzer? We asked a dozen or so prominent media watchers, former industry executives and CNN personalities for their recommendations.

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Japan Stocks Fall, Sending Nikkei Down 10% From January Peak; Nikon Drops

February 8, 2010

By Masaki Kondo Feb. 9 (Bloomberg) — Japanese stocks fell, driving the Nikkei 225 Stock Average down 10 percent from its peak in January, on renewed concern ballooning budget deficits will worsen Europe’s economy. Nikon Corp., a camera maker that gets 25 percent of its sales from Europe, lost 1.9 percent. Toshiba Corp., the nation’s biggest supplier of nuclear reactors, fell 1 percent after the Nikkei newspaper said the company and its partners lost a bid for Vietnam’s power project. Sumitomo Mitsui Financial Group Inc. jumped 1 percent after posting higher-than-estimated earnings. The Nikkei 225 Stock Average declined 0.5 percent to 9,905.57 as of 9:08 a.m. in Tokyo. The broader Topix index fell 0.4 percent to 879.41. The Nikkei opened at 9,876.61, compared with this year’s high of 10,982.10 reached on Jan. 15. A 10 percent decline from a recent peak is a so-called correction. “Investors are concerned budget deficits will trigger a slowdown in Europe’s economy and that will spread worldwide,” said Fumiyuki Nakanishi , a senior strategist at SMBC Friend Securities Co. “People are looking not into earnings but into the global economy and selling Japanese shares. We have no strong catalyst for individual stocks that can resist a decline in the broad market.” Credit-default swaps, or the cost of insuring against losses on sovereign debt, for Spain and Portugal jumped to a record, according to CMA DataVision. Those for Greece also hovered around an all-time high. The costs were driven up amid concern those nations’ governments will not be able to impose spending cuts to reduce budget deficits. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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McGraw-Hill Reaches Agreement to Sell BusinessWeek Magazine to Bloomberg

October 13, 2009

By Greg Bensinger Oct. 13 (Bloomberg) — McGraw-Hill Cos. , the textbook publisher and owner of the Standard & Poor’s ratings unit, agreed to sell BusinessWeek to Bloomberg LP. The acquisition will strengthen online, television and mobile products, Bloomberg Chairman Peter Grauer said today in a statement. The purchase includes the print magazine and the BusinessWeek.com Web site. Terms weren’t disclosed. The transaction is scheduled to close Dec. 1, Bloomberg President Daniel Doctoroff said in an interview. “We’re buying BusinessWeek to build it,” Doctoroff said. “Our intention is to take a venerable brand and turn it into the best global business newsweekly.” McGraw-Hill, based in New York, said in July that it was exploring strategic options for the weekly as advertising sales and circulation slumped. BusinessWeek is part of McGraw-Hill’s information and media unit, the smallest of the company’s three divisions after financial services and education. Norman Pearlstine , Bloomberg’s chief content officer, will be chairman of BusinessWeek. Bloomberg and BusinessWeek have complementary resources that can create a new model for the magazine, he said in the statement. BusinessWeek’s advertising revenue fell 32 percent in the first nine months of 2009 to $112.6 million from $164.4 million a year earlier, according to Publishers Information Bureau data. That compares with a 20 percent decline industrywide. Founded in 1929, BusinessWeek has more than 4.7 million readers weekly in 140 countries, according to its Web site . Bloomberg News is a unit of New York-based Bloomberg LP, the news and financial information provider. “BusinessWeek, with its extraordinary context and perspective on the economy and companies, presents a giant opportunity for Bloomberg News to reach decision makers in the most important industries,” said Matthew Winkler , editor-in- chief of Bloomberg News. McGraw-Hill declined 11 cents to $28.32 at 4 p.m. in New York Stock Exchange composite trading . The shares have advanced 22 percent this year. To contact the reporter on this story: Greg Bensinger in New York at gbensinger1@bloomberg.net

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S&P 500 Index Poised for Biggest Fourth-Quarter Rally in Decade, Wien Says

September 28, 2009

By Rita Nazareth Sept. 28 (Bloomberg) — The Standard & Poor’s 500 Index is poised for its biggest fourth-quarter rally in a decade as the economy recovers and earnings exceed analysts’ forecasts, according to Byron Wien , vice chairman of Blackstone Group LP. The benchmark gauge for U.S. stocks will rise to 1,200 by the end of the year, a 13 percent advance from today’s close of 1,062.96, Wien said in a telephone interview. The forecast is a reiteration of Wien’s prediction at the start of 2009 that the S&P 500 would climb 33 percent this year. “I’m not backing away from it,” said Wien, 76, the former chief market strategist for hedge fund Pequot Capital Management. “In March, that didn’t look too good and people wouldn’t make eye contact with me. But now, with three months to go, that looks like it may be realized. The economy will be stronger and corporate earnings both in the third and fourth quarters will be better than expected.” The S&P 500 has rebounded 57 percent from a 12-year low on March 9 amid signs the recession is easing as companies from Johnson & Johnson to Goldman Sachs Group Inc. posted earnings that beat analysts’ estimates. Combined earnings for S&P 500 companies will exceed $60 a share this year and $75 a share in 2010, Wien said. He’s more bullish than average of strategists surveyed by Bloomberg, which forecast S&P 500 earnings of $56.33 a share in 2009 and $69.44 next year. Wien was hired by Blackstone , the world’s biggest private equity firm, last month to advise the company and its clients on the economy and politics. Before Pequot, he was senior market strategist at Morgan Stanley. Pequot said in May it would shut down because of a federal insider-trading investigation. At the start of 2008, Wien’s predictions included a 10 percent decline for the S&P 500 and onset of the first U.S. recession since 2001. The main benchmark for American equities sank 38 percent, the most since 1937, as financial shares collapsed and energy and metal producers tumbled. To contact the reporter on this story: Rita Nazareth in New York at rnazareth@bloomberg.net

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U.S. Economy Faces `Bumpy’ Recovery, Bank of America Economist Levy Says

August 18, 2009

By Vincent Del Giudice Aug. 18 (Bloomberg) — The U.S. economy faces an uneven recovery from the deepest recession since the Great Depression rather than a rapid rebound, said Mickey Levy , chief economist at Bank of America Corp. in New York. “My hunch is it’s going to be a bumpy recovery” because of temporary government efforts to boost growth, Levy said today in an interview on Bloomberg Radio. The “cash for clunkers” auto trade-in program, for example, is “borrowing from future auto sales” and “probably borrowing from current non-auto sales” as well, he said. In the past, the deeper drop in gross domestic product during a recession, “the sharper the bounce back,” Levy said. “If history holds, it’ll be a decent bounce back.” Labor markets may be steadying as well, and the unemployment rate may remain below 10 percent, he said. Residential real estate “is past its trough” and the inventory of new homes is “back to a normal level,” Levy said. As a result, home prices may be “closer to a trough,” he said. Levy said that by his estimates the housing collapse started in late 2005. Housing starts unexpectedly fell in July, pulled down by multifamily dwellings, while single-family starts that make up 75 percent of the industry rose to the highest level since October, a Commerce Department report showed today. The 1 percent decline in starts to an annual rate of 581,000 was the first drop in three months and followed a 587,000 rate in June. Construction of single-family houses rose 1.7 percent to a 490,000 rate. (In the U.S., hear Bloomberg Radio on satellite radio: Sirius Channel 130 and XM Channel 129. In New York City, tune to WBBR 1130 on the AM dial.) To contact the reporters on this story: Vincent Del Giudice in Washington vdelgiudice@bloomberg.net .

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Apple 3Q Profit Up 15 Percent On iPhone Sales

July 21, 2009

SEATTLE (AP) — Apple Inc., the closest thing the tech industry has to a luxury brand, said Tuesday its profit jumped 15 percent in the most recent quarter despite the recession. Sales of Mac computers grew while the rest of the personal-computer industry shrank. The company, which recently welcomed CEO and co-founder Steve Jobs back from a six-month medical leave, said earnings in the quarter that ended June 27 rose to $1.23 billion, or $1.35 per share. Apple’s profit was $1.07 billion, or $1.19 per share, in the same period last year

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