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Market likely to open higher: Friday Market Preview

Markets in the US continued their winning streak bolstered by good corporate earnings and positive economic data and tracking the US markets, most markets in Asia were in the positive terrain in early trade today

Global cues indicate a positive opening for the local market today. Wall Street continued its winning streak on Thursday on good corporate earnings and manufacturing data, which saw the Dow and the S&P 500 at their highest levels since June 2008. Markets in Asia were mostly in the green in early trade on Friday on positive cues from their US counterparts. The SGX Nifty was up 12.50 points at 5,562.50 against its previous close of 5,550 on Thursday. 

The market opened flat yesterday as profit booking set in early. The key indices touched the day's lows in early trade but brushed aside early hiccups, as a fall in weekly inflation numbers for early February sparked off an upmove. The momentum continued in the post-noon session, with the indices touching intra-day highs in the last half an hour and closing with impressive gains. Yesterday’s close was the fifth consecutive positive ending for the key indices. 

The benchmark indices ended well above the 20-day moving average. The Sensex closed 206 points higher at 18,507, while the Nifty closed 65 points up at 5,546. The 301 points loss on the Nifty in the five days starting 4 February 2011 has been covered in this five-day run (starting 11 February 2011) with a gain of 321 points. The market will pause now for breath, but if the decline is shallow we will see a sharp rally unfolding.

Markets in the US continued their winning streak bolstered by good corporate earnings and positive economic data. Consumer prices rose at the quickest pace in 15 months in January. The consumer-price index advanced 0.4% for a second month, led by the biggest increase in food costs in more than two years, according to figures from the Labor Department. The so-called core rate, which excludes volatile food and fuel prices, rose 0.2%, the biggest gain since October 2009. 

Another Labor Department report showed applications for initial jobless benefits increased by 25,000 to 410,000 in the week ended 12th February, exceeding analysts’ forecasts. A separate report showed factory activity in the US Mid-Atlantic region rose in February to its highest since January 2004, with an employment sub-index reaching its highest point since April 1973.

Among corporates, Cliffs Natural Resources Incorporated jumped 7.2% as profit beat analysts’ estimates. Nvidia Corporation vaulted 9.8% as the maker of graphics chips forecast higher sales than analysts had predicted. American Express Company declined 2.3% amid concerns about the impact of a proposed rule on interchange fees. Huntington Bancshares Incorporated declined 2.5% after Bank of America cut its stock rating.

The Dow surged 29.97 points (0.24%) to 12,318.14. The S&P 500 gained 4.11 points (0.31%) to 1,340.43 and the Nasdaq Composite added 6.02 points (0.21%) to 2,831.58.

Tracking the US markets, which closed higher overnight, most markets in Asia were in the positive terrain in early trade today. The Japanese market pared recent gains as the yen rose against the dollar, impacting export-oriented companies. Elsewhere in the region, institutional buying lent support to the markets.

The Hang Seng gained 0.56%, the Jakarta Composite rose 0.62%, the KLSE Composite advanced 0.34%, the Nikkei 225 added 0.02%, the Straits Times rose 0.67%, the Seoul Composite surged 1.30% and the Taiwan Weighted jumped 1.82%. On the other hand, the Shanghai Composite declined 0.59% in early trade.

Back home, the government on Thursday said it will soon notify the format that companies will have to follow while preparing their account books as per the International Financial Reporting Standards (IFRS) from the next fiscal.

In an official statement, the corporate affairs ministry also said that it is ready with the depreciation rates that companies will have to follow while compiling their financial statements. The ministry also pointed out that companies will have to comply by the IRFS norms from April 2011.
 

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