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| 10-Oct-2008 16:02 |
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Prudential becomes latest insurer to warn - NEW
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By Juan Lagorio and Bill Rigby NEW YORK (Reuters) - Prudential Financial Inc is the latest major insurer to warn its quarterly profits would miss forecasts, as the shares of rivals were pummeled on concern they would need to raise capital. The second-largest U.S. life insurer said on Thursday that third-quarter profit would be cut sharply by losses on poorly performing annuity and investment products and a charge for a legal settlement. That followed recent profit warnings at U.S. life and property insurer Hartford Financial Services Group Inc and MetLife Inc, the largest life insurer in the United States. The latter sold new shares at a discount on Wednesday to bolster its capital, raising $2 billion, while Hartford earlier this week received a $2.5 billion capital injection from Allianz SE, Europe's biggest insurer. "Insurers made big investments in mortgage-related securities and are also big holders of stocks and bonds in financial firms that have been wiped out or badly damaged by the credit crisis, such as Lehman Brothers and Washington Mutual, said Alan Rambaldini, a life insurance analyst at investment research firm Morningstar. "On top of that, bigger life insurers like Prudential get fees on the size of stock investments behind annuity products they sell to customers, which will drop sharply as the broader market plummets," he said. 'TRADING ON FEAR' Among other life insurers, Lincoln National Corp, fell 35 percent to $18.31, Principal Financial Group Inc lost 27 percent to $15.79 a share and Unum Group fell 30 percent to $14.77. Life insurance, as measured by the sectoral S&P Life & Health Insurance index, was down 17 percent, making it the second-worst performing sector after automakers. Even beyond life, XL Capital Inc, a large Bermuda-based reinsurer, fell 54 percent to $4.01. "The group (insurers) are trading on fear right now," said Bret Howlett, Standard & Poor's life insurance analyst. "A lot of investors are worried about capital positions in this unfavorable operating environment. "People are worried about whether these companies are going to need to raise additional capital. In this environment, it's going to be difficult to raise that capital." American International Group Inc shares fell 25 percent to $2.39, one day after the company said it would get more liquidity from the government. AIG, once the world's largest insurer, got an $85 billion loan from the government three weeks ago when it was on the brink of collapse. Under the new plan, the Federal Reserve Bank of New York will take up to $37.8 billion in investment-grade, fixed-income securities from AIG in exchange for cash. "The government has effectively provided them support for $110 billion. I think they have exhausted that avenue and so I think as they move forward their options have diminished," said Keith Wirtz, president and chief investment officer of Fifth Third Asset Management. UNDER PRESSURE Citing market volatility and extraordinary events affecting financial markets, Prudential has suspended all purchases of its own stock. It said it has liquidity to meet requirements at the parent company and at all operating subsidiaries and, unless it enters into any strategic deals, its need to access the capital markets before the end of the year would be modest. "We are comfortable with our risk profile and believe that we are in a strong position to manage through the current environment," said Prudential Chief Executive John Strangfeld, in a statement. Prudential did not say when it would report third-quarter earnings. Insurers have been under pressure to keep solid capital positions to maintain their ratings after their investments lost value as financial markets sank in recent weeks. Keeping high ratings is essential for insurers because lower ratings can mean higher costs and, in some cases, even a loss of business. (Editing by Toni Reinhold and Andre Grenon) |
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| 10-Oct-2008 15:47 |
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COSCO CORP's client MPF files for bankruptcy
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MPF, which was building a drillship in Asia, has gone bankrupt after
failing to secure funding to finance construction work and because the project costs are well over budget, writes Martyn Wingrove. The global financial crisis has pushed the Norwegian offshore specialist into insolvency and halted construction work in China and Singapore. "Our sale or refinancing process has not resulted in any firm offers from potential buyers or strategic investors and our company has exhausted its financial resources," MPF said in a statement. "As such, our only option is to continue the sales and asset realisation process under the protection of insolvency proceedings." MPF will continue efforts to sell the drillship building project and the equipment contracts under these proceedings. The Norwegian company was trying to build a multi-purpose drilling and oil production ship, but encountered huge cost overruns. Originally, MPF had asked China's Cosco to build the hull and Spanish shipyard Dragados had a contract to install the topsides and commission the vessel. MPF had secured $630m to build the ship and supply it to Brazilian state firm Petrobras, but costs started to spiral upwards and Dragados' part of the project was canned. Topside installation and commissioning work was switched to Keppel Shipyard instead. MPF has failed to secure funding to pay for the cost overruns as global banking liquidity has frozen and the project is seen as a failure This is the second offshore company to be hit by the credit crisis this summer as the MPU Heavy Lifter construction project at Keppel Verolme in the Netherlands was cancelled when MPU Offshore Lift filed for bankruptcy. |
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| 10-Oct-2008 15:18 |
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Technical recession!!
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US Future drop 327 now..... PANIC SELL........PANIC DUMP.........JUMP BOARD........RUN ROAD....... |
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| 10-Oct-2008 12:36 |
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STI will touch 2000 points
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Next to see when STI fall below 1800..... Soon maybe tomorrow as US futures now:
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| 10-Oct-2008 12:32 |
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Global markets fall after U.S. plunge
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Asia, Pacific stocks dropGlobal markets fall after U.S. stock markets plunge.(CNNMoney.com) -- Asia and Pacific stocks opened sharply lower Friday as investor fears about the global financial crisis deepened. On Friday, Japan's Nikkei Exchange was down more than 10% in early trading, dropping below 9,000, while the Australian Securities Exchange was down more than 6% and South Korea's KOSPI Index fell more than 7%. Hong Kong's Hang Seng index opened down more than 7.5% and the Shanghai stock market fell more than 5%. The selloff followed another brutal day on Wall Street. The Dow Jones industrial average fell 679 points - or 7.3% - on Thursday as panicked investors dumped stocks across the board. The Dow on Thursday closed at its lowest point since May 21, 2003, after its third biggest one-day point-loss ever. The Standard & Poor's 500 index lost 7.6% and closed at its lowest point since April 28, 2003. The Nasdaq composite lost 5.5% and closed at its lowest point since June 30, 2003. Over the last seven sessions, the Dow has lost 2,271 points, or 20.1%. Since hitting an all-time high of 14,164.53 one year ago Thursday, the Dow has lost 39.4%. The Asian and Pacific markets posted mixed results Thursday, but were relatively stable. South Korea's central bank - the Bank of Korea - gave markets a potential boost when it followed the lead of other central banks and slashed its key interest rate by a quarter percent, the Yonhap news agency reported. The KOSPI index in Seoul closed up 0.6% on the day. In another move to support markets, the Bank of Japan injected $20 billion into money markets. The Nikkei average in Tokyo closed down half a percent Thursday, after declining 9.4% a day earlier. Wednesday's losses represented a new five-year low and the third largest single-day decline ever. The Hong Kong Monetary Authority also did its part to back markets, cutting its key interest rate by half a percent - its second such recent move. Over the last two days, the monetary authority has slashed rates 1.5 points. Hong Kong's Hang Seng index recovered from Wednesday's 8% plunge, gaining 2.8% in Thursday afternoon trading. The Taipei Weighted was down 1.5%. In Indonesia, trading on the Jakarta Stock Exchange was canceled Thursday after the benchmark JSX index sank 10.4% Wednesday before trading was suspended by late morning. Authorities ordered the market to stay closed, possibly through Friday, following a late night Cabinet meeting. Russia's battered stock markets rebounded Thursday after financial regulators reversed a decision to close them, so vigorously that one exchange had to be temporarily closed. The index of leading stocks on the MICEX exchange, where most of Russia's trading takes place, gained nearly 16% before halting trading around midday, the second time in less than three hours of action that it suspended activity. European markets also showed mixed results Thursday, ranging from Sweden's OSMX All Share down 6.37% to Germany's TECDAX up 1.6%. The CNN Wire reports were used in compiling this article. 
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| 10-Oct-2008 09:47 |
DatacrftUS$
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Only hero never fall
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Closely monitoring this counter which never fall. Any news of calling off the takeover new will short this big timer down below 50cents. Look at DMX now only 10cents stock and Venture is now below $5. Why this still worth so much as US$1.28 ? |
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| 10-Oct-2008 07:29 |
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what if Singapore also involve
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TODAY STI sure open below 2000 marks. FM runroad liao....... The following counters will get worst hit today...... DBS, UOB, OCBC, Keppel Corp, Semb Corp, Venture, NOL, Cosco, ST Eng, Gold, SPC Void those counters, if dare short them....... |
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| 10-Oct-2008 07:25 |
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DOW
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TODAY STI sure open below 2000 marks. FM runroad liao....... |
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| 09-Oct-2008 10:21 |
DBS
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DBS
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Watching the News about the Hong Kong People's investment in Lehman Mini Bond. I saw they have the big card board written something related to Sin Zhan. Do not know this SIN ZHAN related to our local bank D..... How this counter impact regards to the Lehman's Mini Bond issue. Kind of feeling that it is no a good sign. |
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| 09-Oct-2008 09:36 |
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STI will touch 2000 points
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US Futures down again, DOW down 23 points..........In the morning up 41 points Sell into strenght before the big waves down again.....SIGN |
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| 08-Oct-2008 16:30 |
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STI - Seeing 2000 soon
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| 08-Oct-2008 07:53 |
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what if Singapore also involve
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xi guan liao lar.....every time post a new topics sure got ppls give me bad post. Hope the rest give me a good post for my morale support. Thank you OneSharer's highlight.
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| 06-Oct-2008 09:58 |
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what if Singapore also involve
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Sound very scary....... USA financial criss now goes to Eurp........ Next will be Asia..... What if Singapore also affected......how much Singaporeans will affected........ Now analysts targetting STI to go test down 1800pts...... What is your opinions.......? Please share here... |
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| 03-Oct-2008 16:13 |
CapitaLand
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CapitaLand: Too early to bottom fish
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Any panic sell will let this burger go all the way to 2.66 otherwise 2.94 is not easy to break.......cheong lar... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 03-Oct-2008 09:44 |
Golden Agri-Res
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Time Bomb - Avoid
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Today heavy selling cos of the T + 3 day.....as Monday and Tuesday heavy buying.........a lot of ppls need to force sell by today.... Avoid. |
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| 03-Oct-2008 09:10 |
Indofood Agri
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Indofood Agri Resources
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Crude Oil future now below US$90, no wander so many ppls sell...... Short this counter.... and also wilmar & golden agri |
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| 02-Oct-2008 13:00 |
Golden Agri-Res
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Time Bomb - Avoid
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This counter up and down very fast..... Look at last Tuesday trade, 32cents down to 30.5cents in just 15mins ...... History will repeat itself...... |
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| 02-Oct-2008 10:18 |
Golden Agri-Res
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Time Bomb - Avoid
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Golden-Agri Weekly Source: Bloomberg, Phillip Securities Research Support zones. Similar to Keppel Corporation, Golden Agriculture has tested its 200-week moving average and has absorbed the buying in that area. Support levels for Golden Agriculture are S$0.18 and S$0.08. As of this report, Golden-Agri has fallen substantially to its current price. Relative to its highs and also in dollar terms Golden-Agri might be perceived as cheap and attract bargain hunter at key support levels. The S$0.20 to S$0.18 region is both key-support because it is both psychological (S$0.20 is a round number) and historical resistance. We advise readers to pay extra attention around that region. 50 MA 200 MA Price Golden-Agri Previous close S$0.315 Support level 1 S$0.20 to S$0.18 Support level 2 S$0.08 |
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| 30-Sep-2008 07:43 |
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crude oil drop bill going up
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With the sales of the power plants........foresee the bill going up...... With the reason of crude oil going up ......bill going up 22%..... NOW crude oil drop to US $96.........will the bill drop insteat of up 22%......... Money getting smaller and smaller......... |
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| 30-Sep-2008 07:39 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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market going to duo luo sai today.......... Will our 3 banks get involve..........what about our money.......in the bank..........feel not safe.......think of cash out and put under the pillow...... |
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