July 27: Through the camera lens
July 27: Through the camera lens
Chairman and Chief Executive Officer Lakshmi Mittal presents the year 2007 results of Arcelor Mittal steel group during a news conference in Luxembourg
ArcelorMittal, the world's largest steelmaker, forecast a seasonal dip in the third quarter, but said there would be no repeat of the pronounced slowdown seen in the second half of last year.
Demand typically dips in the third quarter, the northern hemisphere summer, but sector earnings also face pressure from record production in China and demand capped by tighter monetary policy there and debt problems in Europe and the United States.
South Korea's Posco warned last week of weakening demand growth and persistently high costs in the second half.
ArcelorMittal has already said its blast furnaces would be running at 80% of capacity in the April-June period from 75% in the first quarter and steel price rises would more than offset cost increases.
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan
Oil explorer Cairn India reported a nearly 10-fold jump in quarterly profit on higher output and said it would seek shareholder approval on the conditions set by the Indian government for its deal with Vedanta Resources.
Last month, India gave conditional approval to Vedanta Resources to buy a 40% stake in Cairn India from its British parent Cairn Energy, in a deal valued at around $6 billion.
Cairn India said net profit jumped to Rs 2,727 crore ($617 million) for its first quarter, from Rs 280 crore in the year-ago quarter.
Revenue surged more than four times to Rs 3,713 crore.
A show attendee passes by the LG Electronics booth during the 2009 International Consumer Electronics Show in Las Vegas, Nevada
LG Electronics posted a 25% annual rise in quarterly profit on Wednesday, as its handset business sharply cut losses and its television division returned to a small profit, sending its shares up 3.3%. It reported an April-June operating profit of 158 billion won ($150 million).
The company's profit, however, may sink again in the current quarter as it struggles with stubbornly weak demand for TVs and fails to fully pass on rising costs of making refrigerators, washers and ovens, analysts say.
Investor concerns over its loss-making handset business continue to linger however, as LG Electric cannot keep up with the blistering pace set by Apple and major handset vendors that use Google's Android platform.
LG recently slashed its 2011 sales target for handsets and smartphones.
An employee carries bundles of Indian currency notes inside a bank in Agartala, capital of Tripura
The rupee eased from the 35-month high touched earlier on Wednesday as the euro retreated and local shares stayed in the negative territory.
At 1:27 pm, the partially convertible rupee was at 44.01/02 per dollar, after hitting 43.8550, its highest since August 29, 2008, but the unit was stronger from Tuesday's close of 44.1750/1850.
The euro was at $1.4473 after touching a high of $1.4536 earlier. It had been $1.4480 when the local foreign exchange market closed on Tuesday. The index of the dollar against six major currencies was up 0.13% at 73.566 points, compared with 73.650 points at the end of domestic currency market on Tuesday.
George Soros, Chairman of Soros Fund Management, listens during a Future of Finance Initiative conference in Horsham, southern England
Billionaire investor George Soros, whose stock-picking career has spanned nearly four decades, said he will manage money only for himself and his family as new regulations threaten to crimp the hedge fund industry he made famous.
The octogenarian fund manager, known as much for earning $1 billion on a nervy currency bet as for giving away millions to support liberal causes, will return roughly $1 billion to outside investors most likely by the end of the year and turn Soros Fund Management into a family office. The sum represents only a small portion of the $25 billion he oversees.
Keith Anderson, who has been Soros' chief investment officer since 2008, will leave the firm.
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