Asian shares slumped on Wednesday, tracking heavy losses on Wall Street on fears about an intensifying crisis in U.S. mortgage lending.
Bond yields and metals prices slid too, as investors still nursing losses from a sharp sell-off two weeks ago sent Japanese stocks down more than 3 percent.
Other regional stock markets dropped between 1.5 percent and 3 percent, with shares in exporters hammered by a surging yen and worries of slowing growth in the United States, the region's biggest export market.
Read more at Reuters.com
Tuesday, March 13, 2007
S.African stocks slide on Wall Street, SABMiller
South African stocks skidded on Tuesday on the back of weaker global equities and as SABMiller fell on news it lost its licence to manufacture Amstel here.
The Johannesburg Top-40 index of blue-chip stocks dipped 0.68 percent to 23,246.82 points while the All-share index fell 0.61 percent to 25,853.05 points.
Read more at Reuters South Africa
The Johannesburg Top-40 index of blue-chip stocks dipped 0.68 percent to 23,246.82 points while the All-share index fell 0.61 percent to 25,853.05 points.
Read more at Reuters South Africa
Oil steadies at $58 on expected US inventory drop
Oil prices held around $58 a barrel on Wednesday, steadying from a slide the previous day driven by U.S. stock market losses, as traders awaited data projected to show falls in U.S. fuel inventories.
U.S. crude for April delivery was trading up 8 cents at $58.01 a barrel by 0352 GMT, after falling 98 cents on Tuesday when it hit a fresh three-week low. London Brent crude was down 5 cents at $60.85 a barrel.
Read more at Reuters South Africa
U.S. crude for April delivery was trading up 8 cents at $58.01 a barrel by 0352 GMT, after falling 98 cents on Tuesday when it hit a fresh three-week low. London Brent crude was down 5 cents at $60.85 a barrel.
Read more at Reuters South Africa
SA beer war brews
Heineken snatches Amstel back from SAB Ltd, knocking 9% of its local beer sales
South African beer giant SAB Ltd has lost a forty-year-old brand and nearly a tenth of its domestic beer volumes overnight, as Heineken moved in to take back its control over Amstel Lager in South Africa. The aggressive move by Heineken, which came as a surprise to SAB Ltd, but which has been rumoured for over a year, marks the possible start to a beer war in the South African market.
Compared with the SAB's entrenched position in South Africa, Heineken is but a minnow. Through Brand House, a joint venture with Diageo, it represents about 2% of the South African beer market through its Heineken and Windhoek brands. But, says Coronation Fund Managers' Dirk Kotzé, with the addition of Amstel, this share is catapulted up to 10%.
Read more at MoneyWeb.co.za
South African beer giant SAB Ltd has lost a forty-year-old brand and nearly a tenth of its domestic beer volumes overnight, as Heineken moved in to take back its control over Amstel Lager in South Africa. The aggressive move by Heineken, which came as a surprise to SAB Ltd, but which has been rumoured for over a year, marks the possible start to a beer war in the South African market.
Compared with the SAB's entrenched position in South Africa, Heineken is but a minnow. Through Brand House, a joint venture with Diageo, it represents about 2% of the South African beer market through its Heineken and Windhoek brands. But, says Coronation Fund Managers' Dirk Kotzé, with the addition of Amstel, this share is catapulted up to 10%.
Read more at MoneyWeb.co.za
Google's YouTube in $1bn lawsuit
MTV owner Viacom said on Tuesday it has sued YouTube and its corporate parent Google in federal court for alleged copyright infringement and is seeking more than $1bn in damages.
Viacom claims that the more than 160 000 unauthorised video clips from its cable networks, which also include Comedy Central, VH1 and Nickelodeon, have been available on the popular video-sharing website.
The lawsuit marks a sharp escalation of long-simmering tensions between Viacom and YouTube. Last month Viacom demanded that YouTube remove more than 100 000 unauthorised clips after several months of talks between the companies broke down.
Read more at FIN24.co.za
Viacom claims that the more than 160 000 unauthorised video clips from its cable networks, which also include Comedy Central, VH1 and Nickelodeon, have been available on the popular video-sharing website.
The lawsuit marks a sharp escalation of long-simmering tensions between Viacom and YouTube. Last month Viacom demanded that YouTube remove more than 100 000 unauthorised clips after several months of talks between the companies broke down.
Read more at FIN24.co.za
US sell-off rattles world mkts
Asian stocks plunged on Wednesday after Wall Street chalked its second-biggest drop in four years and rattled already nervous markets worldwide.
The tumble extended weeks of international trading turmoil rooted in deepening concern about a wilting global economy.
Concern about US subprime lenders and lackluster retail sales pushed the Dow Jones industrials down 1.97% overnight.
Investors continued the sell-off in Asia, where stocks in Tokyo, Seoul, Singapore, Hong Kong and Kuala Lumpur were all down more than 2%. Markets in Sydney and Shanghai lost about 1.76% and 1.85% respectively.
At the Tokyo Stock Exchange, the region's biggest bourse, the benchmark Nikkei 225 index fell 512.04 points, or 2.98%, to 16 666.80 points. Foreign investors who bought up stocks during the recent rally led the selling, traders said.
The broader Topix index, which includes all shares on the exchange's first section, shed 49.55 points, or 2.87%, to 1 675.88 points.
Overnight, the Dow fell 242.66 points, or 1.97%, to 12 075.96 amid concerns about US subprime lenders, who provide mortgages to people with poor credit.
Read more at FIN24.co.za
The tumble extended weeks of international trading turmoil rooted in deepening concern about a wilting global economy.
Concern about US subprime lenders and lackluster retail sales pushed the Dow Jones industrials down 1.97% overnight.
Investors continued the sell-off in Asia, where stocks in Tokyo, Seoul, Singapore, Hong Kong and Kuala Lumpur were all down more than 2%. Markets in Sydney and Shanghai lost about 1.76% and 1.85% respectively.
At the Tokyo Stock Exchange, the region's biggest bourse, the benchmark Nikkei 225 index fell 512.04 points, or 2.98%, to 16 666.80 points. Foreign investors who bought up stocks during the recent rally led the selling, traders said.
The broader Topix index, which includes all shares on the exchange's first section, shed 49.55 points, or 2.87%, to 1 675.88 points.
Overnight, the Dow fell 242.66 points, or 1.97%, to 12 075.96 amid concerns about US subprime lenders, who provide mortgages to people with poor credit.
Read more at FIN24.co.za
Wealthy investors brave markets
Wealthy investors faced the recent market turmoil with restraint, private bankers said, with hardly any panic sell-offs seen and some millionaires already looking to buy cheap.
Wealth managers -- who sit on client assets of more than $30 trillion (15 trillion pounds) worldwide -- say investors viewed stock markets as fundamentally sound despite the recent blip, leaving their portfolio allocations largely unchanged
Read more at Reuters UK
Wealth managers -- who sit on client assets of more than $30 trillion (15 trillion pounds) worldwide -- say investors viewed stock markets as fundamentally sound despite the recent blip, leaving their portfolio allocations largely unchanged
Read more at Reuters UK
Pinning hopes on U.S. jobs may prove a losing bet
The U.S. economy is not falling out of bed, but neither is it tucked in safely.
The job market, it turns out, is not as turbulent as many on Wall Street feared. Worries about a possible decline in hiring were formed mostly in the panic following a massive downdraft in global stock markets.
Read more ar Reuters UK
The job market, it turns out, is not as turbulent as many on Wall Street feared. Worries about a possible decline in hiring were formed mostly in the panic following a massive downdraft in global stock markets.
Read more ar Reuters UK
OPEC set to leave output unchanged - Sec-Gen
OPEC is set to leave its oil output unchanged when it meets on Thursday, OPEC Secretary-General Abdullah el-Badri told Reuters on Tuesday.
"Everything seems very quiet, prices are up and down but not so much. It is unlikely they (OPEC ministers) will change production," he said.
Read more at Reuters South Africa
"Everything seems very quiet, prices are up and down but not so much. It is unlikely they (OPEC ministers) will change production," he said.
Read more at Reuters South Africa
Industry challenges Telkom
Telkom and Business Connexion began their final bid for permission to merge this morning, in day one of Competition Tribunal hearings. The hearings are scheduled to run for an entire month.
The Tribunal hearings follow the negative verdict of the Competition Commission, which recommended the transaction should be prohibited.
Read more at FIN24.co.za
The Tribunal hearings follow the negative verdict of the Competition Commission, which recommended the transaction should be prohibited.
Read more at FIN24.co.za
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