| WORLD MARKETS
After four years of excellent returns, it was inevitable that equity markets would take a breather. Earnings expectations can increase only so often. But the topping out of the bull market has been hit by a number of bearish surprises. Now investors are worried
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Q&A: Here's what the Federal Reserve's fast move means
Here are some key answers about the Federal Reserve System's $38 billion intervention Friday on Wall Street: Q: What exactly did the Federal Reserve System do? A: Through complicated repurchase agreements, the Fed effectively pumped $38 billion into credit markets to defend the current interest-rate structure. Its benchmark federal funds rate, which influences consumer and business loans, is set by market forces and had risen to 6 percent Friday morning. That's well above the 5.25 percent target that the Fed's policy-making Open Markets Committee had set Tuesday. The Fed move brought the federal funds rate back to previous levels. .
ICICI Bank's Profit Rises 25 Percent on Loans, Fees (Update2)
July 21 (Bloomberg) -- ICICI Bank Ltd., India's second- biggest bank by assets, said first-quarter profit rose 25 percent as increasing interest rates failed to deter borrowings and the lender earned more from fee income and international operations. Net income in the three months ended June 30 rose to 7.75 billion rupees ($192 million) from 6.2 billion in the same period a year earlier, the bank, which completed India's biggest share sale last month, said today in an e-mailed statement from Mumbai. That was higher than a 7.49 billion rupee median estimate of five analysts surveyed by Bloomberg News. ``The bank has shown good profit growth based on a rise in fee income,'' said R.K. Gupta, who manages 3.5 billion rupees at Credit Capital Asset Management in New Delhi.
"Dollarization" buys optimism, little else
U.S. dollars can buy anything and everything in the sprawling Central Market here: steaming tortillas, live ducks, bootleg liquor, love potions — even a hit man if you know whom to ask. This Central American nation adopted the greenback as its official currency in 2001, thinking the move would spur economic growth. But the ubiquitous "$" sign on shoe racks and vegetable bins hasn't been the magic elixir many had hoped. And it's been a particular disappointment among low-income shoppers and vendors. Potato peddler Jessica Janette said she used to sell 100 pounds of spuds daily from the pile in her stall. Now she's lucky to move that much a week. The switch from El Salvador's former currency, the colon, to the dollar drove up prices of many staples as producers and merchants rounded up to the nearest nickel, dime or quarter.
Manulife Financial Corporation reports record second quarter earnings of $1.1 billion
Manulife Financial Corporation today reported record shareholders' net income of $1,102 million, an increase of 15 per cent over the second quarter of last year. Fully diluted earnings per share were $0.71, up 18 per cent from one year ago. As well, adjusted return on common shareholders' equity(1) was 18.5 per cent, an increase of 220 basis points. Second quarter premiums and deposits rose to $16 billion, an increase of five per cent over last year when considered on a constant currency basis. Growth was a result of continued strong sales and growth in recurring premiums and deposits. "The second quarter was a solid one for our Company," said Dominic D'Alessandro, President and Chief Executive Officer of Manulife Financial. "Our businesses continued to deliver strong earnings and sales growth and our return on equity hit a post-merger record.
Duke Energy Reports Second-Quarter 2007 Results
CHARLOTTE, N.C., Aug. 7 /PRNewswire-FirstCall/ -- Duke Energy (Nachrichten) today reported ongoing diluted earnings per share (EPS) of 25 cents for second-quarter 2007, which excludes special items and discontinued operations, versus 24 cents in second-quarter 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040414/DUKEENERGYLOGO )
The 24 cents excludes the results of the natural gas businesses, spun off as Spectra Energy in January 2007, the results of which are now reported in Discontinued Operations.
The higher ongoing results reflect improved results at U.S. Franchised Electric and Gas and Commercial Power, primarily due to favorable weather, as well as improved results at Duke Energy International. These segments had combined higher earnings of 7 cents in diluted EPS on an ongoing basis and 11 cents on a reported basis.
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