| Stocks up on hopes worst of credit crisis over, tame U.S. inflation data
TORONTO - Stock markets moved higher Wednesday morning as data showed tame wholesale inflation in the U.S. and investors hoped a bottom is at hand in the subprime mortgage meltdown after HSBC Holdings and Bear Stearns announced big writedowns. Toronto's S&P/TSX composite index also benefited from higher oil prices and jumped 153.38 points to 13,858.52 after improving financial and mining stocks sent the index up 100 points Tuesday. The TSX Venture Exchange headed 37.09 points higher to 2,983.41 while the Canadian dollar rose 0.7 of a cent to 104.96 cents US. On Wall Street, the Dow Jones industrials rose 48.21 points to 13,355.3 after lower oil prices and a bullish report from Wal-Mart stores ignited a 319.54-point surge in the previous session.
16-11-2007: AEON Credit to target SME sector, new products
KUALA LUMPUR: AEON Credit Service (M) Bhd, which is scheduled to be listed on Dec 12, has forecast a net profit of RM30.5 million for the financial year ending Feb 28, 2008 (FY08) and plans to boost earnings by targeting the SME sector and new products. The net profit forecast for FY08 at RM30.5 million is an increase of 54.8% on-year while the company targets RM157.74 million in revenue for FY08, up 54.8% on-year. Compounded annual growth rate for revenue and profit after tax was 39% and 60% from 2003 to 2008. “The growth in our FY08 earnings will come mainly from the company's core business -- provision of personal financing scheme and easy payment schemes," AEON Credit managing director Naruhito Kuroda said at the release of the prospectus. AEON Credit recorded a profit before tax of RM26.42 million in FY06 and RM41.1 million in FY07 for its easy payment and personal financing schemes.
Congress addresses foreclosures
A bill that would tighten the nation's mortgage regulations to help alleviate the subprime foreclosure crisis was approved by the House on Thursday. Ohio ranked fifth in the nation for foreclosures in the past three months, according to a survey from RealtyTrac that was released Wednesday. Cincinnati ranked 30th among cities, with one foreclosure per 145 households. "Yesterday's foreclosure numbers are yet another confirmation that this crisis is deepening and that Congress needs to act immediately," Ohio Sen. George Voinovich said Thursday, calling on the Senate to follow the House's lead and take action. .
15-11-2007: Shell, Citibank target 100,000 new card holders in 12 months
KUALA LUMPUR: The new Shell Citibank credit card, a partnership between Citibank Bhd and Shell Malaysia Trading Sdn Bhd that offers the highest rebate for fuel and other daily purchases, is expected to draw 100,000 new customers over the next 12 months. Citibank's country business manager Michellina Triwardhany said the new credit card gave rebates of up to 5% on fuel purchases at Shell stations nationwide and up to 1.5% for all other purchases, including household expenses. The rebates are not only restricted to fuel purchases at Shell's 900 outlets but consumers can also earn rebates at all 117,000 Visa outlets in Malaysia and 27 million outlets worldwide. “Our target is to have 100,000 new cards for the next one year. For us, it is providing value, loyalty to our clients and Shell has obviously become one of the powerful partnerships," she told reporters here yesterday after launching the new credit card.
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