Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Berkshire lifts Wall Street

While you were sleeping: Berkshire lifts Wall Street

Aug 4 (BusinessDesk) – Wall Street gained amid solid US corporate earnings including from Warren Buffett's Berkshire Hathaway and as a Portuguese bank bailout diminished concern about another flare-up for the euro-zone's credit crisis.

In afternoon trading in New York, the Dow Jones Industrial Average rose 0.18 percent, the Standard & Poor's 500 Index gained 0.45 percent, while the Nasdaq Composite Index added 0.52 percent.

Gains in shares of Walt Disney and Caterpillar, up 2 percent and 1.1 percent respectively, led the Dow higher.

Last week the S&P 500 posted its largest drop since 2012.

"We're in a very strong bull market right now," Adam Sarhan, chief executive of Sarhan Capital in New York, told Reuters.

Shares of Berkshire Hathaway climbed, up 3 percent, after the company posted late Friday a record net income in the second quarter. Buffett's company also reported that it now has about $US50 billion in cash for acquisitions.

It wasn't all blue skies on Wall Street.

Shares of Michael Kors plunged, down 6.5 percent, after the company said its gross margin will drop this year.

Shares of McDonald's fell, last down 0.4 percent, after the company said sales in China and Japan are suffering a "significant negative impact" because of a food safety scandal in China. The affected markets account for about 10 percent of its total revenue, the fast-food restaurant chain operator said.

"Risks have ticked up in the near-term regarding McDonald's business in China and Japan," Janney Capital Markets analyst Mark Kalinowski wrote in a note, Reuters reported.

In Europe, the Stoxx 600 Index ended the session with a 0.2 percent decline from the previous close. The UK’s FTSE 100 Index inched 0.02 percent lower, while Germany’s DAX shed 0.6 percent. France’s CAC 40 rose 0.3 percent.

A Sentix report showed that investor confidence in the euro zone was worse than expected in August, with the sentiment index declining to 2.7, from 10.1 in July.

Portugal’s PSI 20 Index rose 1 percent after the nation’s central bank announced a US$6.6 billion bailout for Banco Espirito Santo. That move also helped lift other banks across the region.

“The plan carries no risk to public finances or taxpayers,” Carlos Costa, Bank of Portugal’s governor, told reporters in a late night news conference in Lisbon, Reuters reported.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news