STOCKS NEWS EUROPE-Aveva boosted by oil and gas sectors - Reuters UK STOCKS NEWS EUROPE-Aveva boosted by oil and gas sectors - Reuters UK

Monday, May 28, 2012

STOCKS NEWS EUROPE-Aveva boosted by oil and gas sectors - Reuters UK

STOCKS NEWS EUROPE-Aveva boosted by oil and gas sectors - Reuters UK

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Business start-up loans announced - The Guardian

The Prime Minister said he hopes the initiative could lead to 30,000 more start-ups and unleash a "new wave" of enterprise to support much-needed economic growth.

Announcing an £82.5 million StartUp Loan scheme for 18 to 24-year-olds, Mr Cameron said he wanted young people to have the confidence and support to turn "that spark of an idea into the next global brand".

A newly published enterprise review says Britain would have 900,000 more businesses if it had the same rate of entrepreneurship as the US.

The review, by former Conservative minister Lord Young of Graffham, says that "many don't realise the opportunities that enterprise offers".

The StartUp Loans are expected to be worth typically around £2,500, to be repaid within five years at most. Interest will be charged at the level of the Retail Prices Index plus 3%.

Dragons' Den star James Caan will chair a new body to oversee the scheme.

The entrepreneur said: "The StartUp Loans initiative provides guidance, access to expertise and finance. These are the three vital ingredients for starting your own business. Armed with all of these, young people are already on the way to shaping their own future."

The loans will be administered by groups that already work with young people, such as the Prince's Trust.

Mr Cameron said: "I want this to be the year where people can think 'yes, I can do it'; that we can get as many viable businesses as possible off the ground, that people can have a go and that we see a whole new wave of entrepreneurs who start small but think big. StartUp loans are a fantastic opportunity for young people not only to get the financial support they need but also to give them the confidence to believe they can do it, that they can turn that spark of an idea into the next global brand."

Copyright (c) Press Association Ltd. 2012, All Rights Reserved.

Emerging Stocks Rise for Third Day Amid China Policy Speculation - Bloomberg

Emerging-market stocks rose for a third day as opinion polls of Greek voters eased concern the country will exit the euro area and speculation mounted that China will take steps to boost its economy.

The MSCI Emerging Markets Index (MXEF) rose 0.7 percent to 908.28 as of 10:24 a.m. in London. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies listed in Hong Kong climbed 1.1 percent. Anhui Conch Cement Co. (914) climbed 3.9 percent after Credit Suisse Group AG said China’s government is accelerating investment approvals. The Micex Index jumped 1.2 percent in Moscow and the FTSE/JSE Africa All Share Index (JALSH) gained 0.8 percent as oil and metal prices advanced.

China is speeding up investment approvals to support growth, with the size of stimulus estimated at between 1 trillion yuan ($157.7 billion) and 2 trillion yuan, Dong Tao, an economist at Credit Suisse, wrote in a note today. Greece’s New Democracy, which supports the European Union’s bailout plan, was placed first in all six opinion polls published on May 26 as campaigning continued for a general election next month.

“The mood seems to be improving today, perhaps reflecting the latest Greek polls that seem to favor the bail-out supporters,” Benoit Anne, head of emerging-markets strategy at Societe Generale SA in London, wrote in an e-mail to clients. “We remain quite cautious towards emerging markets in the near term, however.”

The MSCI gauge has fallen 11 percent in May, poised for the biggest monthly drop since September, as concern grew that Europe’s debt crisis will worsen and China’s economic slowdown will deepen.

Lukoil Earnings

OAO Lukoil, Russia’s second-largest oil producer, added 2 percent after first-quarter profit increased 7.7 percent. OAO Mobile TeleSystems, the country’s biggest mobile operator, rose 2.3 percent as its weighting was lifted in the MSCI Russia 10/40 Index, according to Troika Dialog.

The ISE National 100 Index (XU100) slipped 0.2 percent in Istanbul. Akbank TAS (AKBNK) dropped 1.5 percent, falling for a sixth day after Citigroup Inc. reduced its stake by more than half last week.

The WIG20 Index (WIG20) jumped 0.8 percent in Warsaw, led by a 1.4 percent rise in KGHM Polska Miedz SA (KGH), the copper producer with the biggest European mine output.

The rand appreciated 1 percent against the dollar and the ruble gained 0.3 percent. The zloty strengthened 0.5 percent against the euro.

Russia’s dollar Eurobond due in 2022 rose for the first day in four, cutting the yield four basis points, or 0.04 percentage point, to 4.27 percent. Turkey’s 2022 dollar yield fell five basis points to 5.26 percent.

Esprit Gains

Esprit Holdings Ltd. (330), a clothier that counts Europe as its biggest market, advanced 2 percent in Hong Kong. Hon Hai Precision Industry Co. (2317) and Simplo Technology Co. (6121) gained in Taipei, leading technology stocks higher after Deutsche Bank AG said the two companies may deliver “healthy” earnings growth in the second half of the year.

Simplo jumped 4 percent. The maker of battery packs for laptops is a preferred component stock and is expected to outperform its peers because of tablet computer demand, analysts at Deutsche Bank wrote in a note dated May 25. Hon Hai, which gained 1.6 percent, is among the bank’s top picks in the post- personal computer era, according to the report.

Gome Electrical Appliances Holding Ltd. (493), China’s second- biggest electronics retailer, sank 4.6 percent in Hong Kong after the company reported an 88 percent slump in first-quarter profit.

Chinese industrial companies’ profits declined 2.2 percent from a year earlier in April, the statistics bureau reported yesterday. That compared with a 4.5 percent gain in March.

The BSE India Sensitive Index (SENSEX), or Sensex, rose 1 percent. South Korean markets were closed for a holiday.

The extra yield investors demand to own emerging-market debt over U.S. Treasuries was unchanged at 410 basis points, according to JPMorgan Chase & Co.’s EMBI Global Index.

The Markit iTraxx SovX CEEMEA Index of eastern European, Middle East and Africa credit-default swaps fell three basis points to 337.

To contact the reporters on this story: Weiyi Lim in Singapore at; Jason Webb in London at

To contact the editor responsible for this story: Darren Boey at

Business News: Coventry Telegraph's B2B Expo hailed huge success - Coventry

Virgin Money launches new fixed rate ISAs and fixed rate bonds -

Virgin Money has launched new issues of its popular Fixed Rate Bond and Fixed Rate Cash ISA range. The accounts offer customers a competitive rate, combined with certainty of returns for either one or three years. Accounts are available through Northern Rock branches, online, by post and over the telephone, and interest rates are the same through all distribution channels. ISA customers receive the same rates as those with a non-ISA account.

Virgin Fixed Rate Cash ISA
The Virgin Fixed Rate Cash ISA offers customers a rate of 3.30% for one year (issues 9 &13) and 3.60% for three years (issues 10 & 14) respectively. This matches the rate available for a non-ISA savings account and savers also benefit from the tax-efficiency of the ISA wrapper. These accounts allow transfers in from existing ISAs. Customers can withdraw subject to a charge equivalent to 60 and 120 days’ loss of interest respectively.

Virgin Fixed Rate Bond
The one year Virgin Fixed Rate Bond offers customers a fixed rate of 3.30%, while the three year Bond pays 3.60% per annum. Accounts can be opened with a minimum deposit of just £1, and additional deposits can be made into the bonds during the offer period, up to a maximum of £2 million per customer. Interest can be paid annually, or for those who prefer a monthly option, on the last day of the month (available first business day of the following month). Customers choosing to receive their interest monthly receive the same AER as those receiving annual interest.

The Bonds are non-redeemable and do not allow any withdrawals or closure during their respective fixed rate periods. They are strictly limited issues and may be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits can be made into existing accounts. Upon maturity the account will become a no notice matured bond account and investors will be notified in writing upon maturity of the interest rate payable.

More information on Northern Rock’s savings range is available at

Bahrain business delegation visiting India to strengthen economic ties - GroundReport

Bahrain business delegation visiting India to strengthen economic ties

Jammu,May 28 (Scoop News) –   A business delegation from the Kingdom of Bahrain is set to arrive in India this week as part of an official two-city state visit led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain and Chairman of the Bahrain Economic Development Board (EDB). The visit aims to strengthen bilateral, political and trade relations between the Kingdom of Bahrain and India.


According to statement issued from Manama, Bahrain that the delegation will visit Mumbai and Delhi on 30th and 31st May and will see the delegation engage in high level talks with Indian officials and private sector leaders.  


Speaking about the upcoming visit, Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said: “Bahrain and India share strong business relations: Bahrain currently hosts more than 120 Indian firms, and Indian nationals are the largest expatriate community in Bahrain. As Indian firms continue to expand internationally, Bahrain’s low cost of doing business, highly skilled local workforce and access to the GCC market mean that it can provide an excellent location from which these firms can access the fast-growing Gulf market, which is worth over a trillion dollars.”


Statement said that the visit will provide an opportunity to boost links between Bahrain and India, who have always maintained a friendly & stable relationship. As part of the roadshow, the EDB has organised a series of one-to-one meetings with members of the private sector and business community. The high level talks will also include discussions on the proposed Free Trade Agreement with the Gulf Cooperation Council & India. The delegation accompanying the Crown Prince includes representatives of the Bahrain Economic Development Board, Bahrain Chamber of Commerce and Industry and Mumtalakat (Bahrain's investment arm holding company for the Kingdom's non-oil and gas strategic assets).


Dr Esam Abdullah Fakhro, Chairman, of the BCCI, said: “The Indian economy is the second fastest growing economy in the world, which makes it an attractive market for us to showcase our commitment to economic diversification. Our visit to India will enable us to interact with Indian businesses and be able to present a compelling proposition of holding Bahrain as a strategic business location, where growth is to double to $2 trillion by 2020, as forecast by the Economist Intelligence Unit.”


Other members of the Bahrain delegation include HE Shaikh Khalid bin Ahmed Al Khalifa, Minister of Foreign Affairs,         HE Dr. Hassan bin Abdulla Fakhro, Minister of Industry and Commerce,     Mahmood Al Kooheji, CEO, Mumtalaka,      Dr Samer Al-Jishi, Managing Director, BFG International,    A. Yousuf Ali, Managing Director, EMKE Group of Companies,        Dr Ravi Pillai, Chairman, R. P. Group of Companies,     Khalid Al Zayani, Honorary Chairman, Al Zayani Investments,       Mohammed A. Dadabhai, Chairman, Dadabhai Group,    Abdulkareem Bucheery, CEO, Bank of Bahrain and Kuwait (BBK)


According to the Monthly Economic & Commercial Report of March 2012, the total trade between India & Bahrain in 2011 was $1.553 million. Diplomatic relations have been established between the Kingdom of Bahrain and Republic of India at Ambassadorial level since 1971. Relations are also characterized by continuous and cordial political and cultural exchanges. There are approximately 350,000 Indian residents in Bahrain. There are a number of Indian companies with regional headquarters and branches registered in Bahrain including: Tata Consultancy Services, Tech Mahindra, JBF Industries, Canara Bank, ICICI Bank, Bank of Baroda and State Bank of India.


Tags: Bahrain , Business , Delegation , India , Economic Ties

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