Wesfarmers Profit Jumps 11% Amid Weak Conditions
Australia's largest conglomerate Wesfarmers Ltd. (WES.AU) said Thursday net profit in fiscal 2012 rose 11%, thanks mainly to its Coles supermarket division which reported 16% earnings growth in a lackluster local retail sector.
Bank of Thailand's Bailout Fund to Subscribe to Krung Thai Bank's Rights Offer
The Bank of Thailand's Financial Institutions Development Fund, or FIDF, will subscribe to new shares of Krung Thai Bank PCL (KTB.TH) during its upcoming rights offering, Gov. Prasarn Trairatvorakul said Thursday.
Reliance Industries in Talks to Buy BP's Malaysia Petrochemical Plant -Report
India's Reliance Industries Ltd. (500325.BY) is in talks with BP PLC (BP.LN) about buying the British oil company's petrochemical plant in Malaysia, India's Economic Times newspaper reported Thursday.
ASX Profit Drops as Investors Shun Global Risk
ASX Ltd. (ASX.AU), operator of Australia's main stock exchange, said full-year profit slipped 3.7% as anxiety over the state of the global economy scared away investors and discouraged new listings.
S Korean Court Sentences Hanwha Group Chairman Kim to 4 Years in Prison
A South Korean court sentenced Hanwha Group Chairman Kim Seung-youn to four years in prison and fined him 5.1 billion won ($4.43 million) after prosecutors accused him of embezzlement and breach of trust, a spokesman for the conglomerate said Thursday.
Asian Shares Mostly Up, Yen Boosts Japan Market
Asian markets were mostly higher early Thursday, as a weaker yen gave a boost to the Japanese market, and earnings remained the focus in Australia.
China's July FDI Contracts 8.7% From Year Ago
China's foreign direct investment in July contracted 8.7% from a year earlier, according to the data released Thursday by the Commerce Ministry.
Alumina Won't Pay Interim Dividend Owing to Volatility
Alumina Ltd. (AWC) said Thursday it won't pass on to shareholders any of the reduced dividend paid to it by venture partner Alcoa Inc. (AA) as it takes a more conservative approach to managing cash after swinging to a first-half loss thanks to weaker prices.
Fed's Kocherlakota Highlights Possible Jobs/Inflation Conflict
MINOT, N.D.--The Federal Reserve may need to be willing to let inflation rise above its 2% target to reduce "quite elevated" levels of unemployment, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Wednesday.
Hong Kong Stocks Gain But Shanghai Declines
Hong Kong shares advanced in early trading, with the Hang Seng Index up 0.3% at 20,102.03.