World stocks dive after Europe elections, US data - Yahoo Finance World stocks dive after Europe elections, US data - Yahoo Finance

Monday, May 28, 2012

World stocks dive after Europe elections, US data - Yahoo Finance

World stocks dive after Europe elections, US data - Yahoo Finance

BANGKOK (AP) -- World stock markets were pummeled Monday by election results in Greece and France that heightened uncertainty about Europe's ability to solve its debt crisis.

Signs of a faltering economic recovery in the U.S. compounded the dour mood while oil slid to nearly $97 a barrel.

Japan's Nikkei 225 index plunged 2.8 percent to close at 9,119.14 — its lowest finish in three months — with the market's export sector also sapped by a rising yen. Hong Kong's Hang Seng slid 2.6 percent to 20,536.59.

Futures augured losses for Wall Street. Dow Jones industrial futures fell 0.8 percent to 12,857 and S&P 500 futures lost 0.9 percent to 1,350.90. Among European markets, Germany's DAX dropped 1.5 percent to 6,463.67 and France's CAC-40 shed 1.6 percent to 3,112.49. Britain's markets were closed for a public holiday.

Weekend election results in Greece sent tremors throughout Europe as voters punished the parties responsible for highly unpopular austerity measures instituted to prevent the country from defaulting on its massive debts and exiting the euro currency bloc.

No political party won enough votes to form a government, raising the possibility of new elections within months and protracted uncertainty for global markets.

Meanwhile, in France, President Nicolas Sarkozy lost to Socialist candidate Francois Hollande, who had criticized the country's austerity program and wants to boost government spending.

Francis Lun, managing director of Lyncean Holdings in Hong Kong, said markets were overreacting to fears Hollande would make good on a campaign pledge to renegotiate an agreement signed by Sarkozy to put the brakes on government overspending.

"Even though Hollande indicated he will repudiate Sarkozy's agreement with the European Union, in reality he cannot do it," Lun said. "It is understood that a new government cannot repudiate or renegotiate a treaty signed by the previous government."

Yet much could depend on French parliamentary elections next month. If there is a continued backlash against austerity policies, Hollande would face additional pressure to boost spending sharply. That could lead to further downgrades of France's credit rating and kick off a fresh wave of crisis fears, destabilizing global markets.

In other Asia markets, Australia's S&P/ASX 200 lost 2.2 percent to 4,301.30 and South Korea's Kospi shed 1.6 percent to 1,956.44.

On Friday, U.S. stocks plunged after the government reported that hiring slowed sharply in April.

A report from the Labor Department Friday showing that U.S. jobs growth slumped in April for a second straight month. The 115,000 jobs added in April and the 154,000 in March were down form an average of 252,000 a month from December through February.

Energy stocks were among the hardest hit after the price of oil lost about 8 percent over three trading days.

Hong Kong-listed China National Offshore Oil Corp., or CNOOC, tumbled 4.8 percent. Japanese energy explorer Inpex Corp. lost 5.3 percent. South Korea's S-Oil Corp. fell 4.4 percent.

Financial shares sank amid all the uncertainty. Japan's Nomura Holdings Inc. plunged 7.4 percent while ICICI Bank Ltd., India's largest private lender, lost 1.9 percent. Hong Kong-listed Bank of China Ltd. lost 2.6 percent.

Australian resources stocks also fell sharply. BHP Billiton, the world's No. 1 mining company, dropped 4.1 percent. Uranium miner Energy Resources of Australia sank 7.4 percent and its rival, Paladin Energy Ltd., dived 6.8 percent.

Major Japanese exporters deteriorated as the yen strengthened. Yamaha Motor Corp. toppled 6.8 percent while Honda Motor Corp. fell 5.6 percent. Sony Corp. lost 4.5 percent.

Benchmark oil for June delivery was down $1.18 to $97.31 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $4.05 to settle at $98.49 in New York on Friday.

In currencies, the euro fell to $1.3017 from $1.3089 late Friday in New York. The dollar fell to 79.83 from 79.87 yen.


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STOCKS NEWS SINGAPORE-Index rises, GLP up nearly 5 pct - Reuters

Mon May 28, 2012 12:49am EDT

Singapore shares were slightly higher by midday, with Global Logistic Properties Ltd (GLP), which has logistics facilities in China and Japan, among the biggest gainers.

The Straits Times Index was up 0.3 percent at 2,781.52 points, while MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 percent.

DBS Vickers maintained its view on the downside for the Straits Times Index towards 2,700 points, while a potential technical rebound would likely test 2,820.

GLP rose as much as 5 percent on volume of 8 million shares, nearly matching the average full-day volume traded over the past 30 days.

GLP has advanced about 7 percent since the company reported that fourth-quarter net profit tripled from a year earlier, boosted by fair value gains on properties in China and Japan.

Sin Heng Heavy Machinery Ltd, the top traded stock by volume, fell as much as 17 percent after Toyota Tsusho Corp acquired a 27 percent stake in the heavy lifting services company at a discount to the last traded price.

By midday, Sin Heng Heavy Machinery was down 13 percent at S$0.23 in volume of 45.9 million shares, nearly double the average full-day volume over the past 30 days.

1227 (0427 GMT)

(Reporting by Eveline Danubrata in Singapore;

Orange Business Services Provides Global Network to Shipping Industry Leader ZIM - Yahoo Finance


ZIM, one of the world’s largest shipping container companies, has selected Orange Business Services to rationalize further its global MPLS network.

Under a multiple-year contract, this future-ready network will include optimized routing, guaranteed business continuity and backup solutions, as well as a unified communications and cloud computing services-ready platform and is underpinned by SLAs adapted by site.

A shipping industry leader headquartered in Haifa, Israel, ZIM will use its global network to support its more than 100 vessels, carrying more than 2,000,000 containers yearly, and 6,000 employees serving ports of call in more than 120 countries.

“We were looking for a reliable, transparent business communications partner, not simply a network services provider,” said Mr. Dudi Avni, CIO, ZIM Integrated Shipping Services, Ltd.

“Orange Business Services responded to this need. Its strategy and portfolio allow us to move forward with our business while being assured we will have a partner all along the road that is capable of adapting to our needs.”

Orange Business Services has a strong track record in the shipping and maritime industries, providing a wide range of services – from satellite communications systems to telepresence – to 8 of the top 10 container shipping companies in the world.

“The Orange global MPLS network is delivering significant benefits to ZIM and is supporting its business worldwide,” said Helmut Reisinger, senior vice president, Orange Business Services Europe. “For ZIM, we are providing a global network for its mission-critical sites that provides optimized value for money and meets the customer’s goal of reducing network management costs. This extremely reliable network improves round-trip delay and ensures superior site availability, both very important benefits for a leader in the shipping industry.”

About ZIM Integrated Shipping Services, Ltd.

ZIM Integrated Shipping Ltd is one of the leading carriers in the global container shipping industry. ZIM’s fleet comprises over 100 modern vessels, with a total carrying capacity of over 337,000 TEU.

ZIM is committed to providing reliable, flexible shipping solutions based on expertise gained from over 66 years of experience. ZIM cultivates long-term partnerships with its customers, delivering a range of about 60 services adapted to meeting their specific needs.

About Orange Business Services

Orange Business Services, the France Telecom-Orange branch dedicated to B2B services, is a leading global integrator of communications solutions for multinational corporations. With the world's largest, seamless network for voice and data, Orange Business Services reaches 220 countries and territories with local support in 166. Offering a comprehensive package of communication services covering cloud computing, enterprise mobility, M2M, security, unified communications, videoconferencing, and broadband, Orange Business Services delivers a best-in-class customer experience across a global landscape.

Thousands of enterprise customers and 1.4 million mobile data users rely on an Orange Business Services international platform for communicating and conducting business. Orange Business Services is a four-time winner of Best Global Operator at the World Communication Awards. Learn more at

France Telecom-Orange is one of the world’s leading telecommunications operators with 172,000 employees worldwide and sales of 10.9 billion euros in the first three months of 2012. Orange is the Group's single brand for Internet, television and mobile services in the majority of countries where the company operates. France Telecom (NYSE:FTE - News) is listed on Euronext Paris (compartment A) and on the New York Stock Exchange.

Orange and any other Orange product or service names included in this material are trade marks of Orange Brand Services Limited, Orange France or France Telecom.

Platt: Money tied bomb victim and accused - Calgary Sun
Brian Malley, 55, is charged with first-degree murder among other charges in the bombing death of Vicky Shachtay in Innisfail. Photo courtesy CBC.

Their connection was cash, and Vicky Shachtay may have paid for a sour business relationship with her life.


That’s the shocking revelation in Innisfail, where RCMP have charged Shachtay’s financial advisor with first-degree murder, blaming Brian Malley for delivering the bomb that killed the 23-year-old paraplegic mom.

Malley, the 55-year-old owner of a money management firm, knew the murder victim through family connections.

But Shachtay’s siblings say it was their business relationship — a financial investment deal that involved close to a million dollars — which tied the victim with her accused killer.

That relationship had recently soured: according to the victim’s sister, interest that was supposed to provide Vicky with a lifetime of income dried up in the months before the Nov. 25, 2011 explosion.

“It was about $5,000 a month, and she was supposed to be living off the interest,” said Sarah Shachtay.

“Before she died, she told us she was broke. That money was supposed to last her the rest of her life.

“She didn’t know what happened to it.”

The advisor Victoria Shachtay trusted to provide for her and her daughter is now behind bars, accused of placing the fatal bomb on Shachtay’s doorstep.

The device detonated as Shachtay carried the package into her apartment, killing the wheelchair-bound mom, and terrorizing the 7,500-person town just south of Red Deer.

The fatal blast was heard by neighbours, and RCMP called in bomb squad experts from as far away as Ottawa to help investigate, fearing the attack might be random.

Now it seems the public warnings were not needed, with Malley linked to the victim, both through business and as a close friend of her step-father.

Malley handled Shachtay’s money, and he must have known too well the story of the 2004 drunk-driving crash that left the pregnant teen paralyzed, only a month before the birth of her daughter, Destiny.

Coming to grips with her disabled future and trying to deal with motherhood at the same time was a serious struggle for Vicky, but the 23-year-old was relishing her life as a mom when her killer struck.

Sarah says her sister’s only serious worry was money, and she had recently applied for AISH when she died.

“She tried to get a job, but couldn’t find one,” said Sarah.

“She applied for AISH, and had sent the forms off, but it happened before she could even get on it.”

Destiny was at school when her mom died, and has since been raised by relatives.

Sarah said the RCMP charges against a family friend and someone her sister trusted initially left her furious.

She’s vowed to fight to the bitter end to ensure there is justice for Vicky.

“When I found out I was so angry — just furious,” said Sarah.

If he's found guilty, Sarah said he deserves life.

That future court case is one faced with both relief and dread by the victim’s family.

There’s relief that RCMP have charged a person with the murder, but dread knowing they’ll be reliving the horrific loss in agonizing detail.

“But we’ve been living with this every day since it happened. It’s never gone away,” said Sarah.

Vicky’s brother called the arrest a massive comfort for the family.

“It’s a big relief. It means we can start to move on with our lives,” said Derek Shachtay.

“I’m looking forward to seeing justice served.”

Both the aunt and uncle say the young daughter robbed of her mom by a callous killer is doing okay, considering.

“She’s a young child, with a brilliant mind,” said Derek.

“She’s doing well.”

Destiny’s aunt says she worries the loss of a mom is something that can deeply hurt a child, even if there are few outward signs.

“She’s her usual bright and happy self, but I worry,” said Sarah.

“I’m afraid this had affected her more than she lets on.” 

Money market fund assets fall to $2.569 trillion - Yahoo Finance

NEW YORK (AP) -- Total U.S. money market mutual fund assets fell by $5.35 billion to $2.563 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.

Assets of the nation's retail money market mutual funds rose $369 million to $889.88 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $390 million to $702.8 billion. Tax-exempt retail fund assets fell $17 million to $187.08 billion.

Meanwhile, assets of institutional money market funds fell $5.72 billion to $1.673 trillion. Among institutional funds, taxable money market fund assets fell $5.61 billion to $1.586 trillion; assets of tax-exempt funds fell $110 million to $86.95 billion.

The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.

The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.

The average maturity of portfolios held by money market mutual funds rose to 46 days from 45 days in the previous week.

The online service said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent. said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.22 percent. The yield on one-year CDs was also unchanged at 0.33 percent. It was flat at 0.53 percent on two-and-a-half-year CDs and steady at 1.13 percent on five-year CDs.

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