Tokyo/New York - Mazda Motor Corp and other business partners plan to buy back a 20-per-cent stake of the Japanese automaker from Ford Motor Co on Wednesday, the automakers said Tuesday.
Ford will reduce its share of Mazda to 13 per cent from the current 33.4 per cent in order to raise badly needed funds. The second-largest US automaker said it hopes to raise 540 million with the sale.
Mazda was expected to purchase a 6.9 per cent stake of 96.8 million shares for 184 yen per share, worth a total of about 17.9 billion yen (185.18 million dollars), the Japanese company said. The rest of the shares are to be sold to other unidentified investors.
Washington - The US financial system has been stabilized and authorities averted a near-collapse in September that prompted unprecedented government intervention in private institutions, US Treasury Secretary Henry Paulson said in congressional testimony Tuesday.
But Paulson warned there was still much work to be done to help the US financial sector recover. The government has already purcharsed nearly 150 billion dollars worth of shares in US banks to keep them from collapse, as part of a 700-billion-dollar rescue package approved by Congress in October.
San Francisco - Shares in technology giant Hewlett-Packard Co rallied by as much as 15 per cent early Tuesday after the company reported that preliminary earnings would beat Wall Street's expectations.
HP said it expects to post a profit of 84 cents a share, on revenue of 33.6 billion dollars for its recently completed fourth- quarter, beating last year's figures of 81 cents a share on revenue of 28.3 billion dollars. Excluding one-time charges and items, HP said it earned 1.03 dollars a share, beating the forecasted earnings of 1 dollar a share.
The results represented a rare positive development for the embattled tech sector and helped lift HP shares by 4.16 dollars to 33.50 dollars in early trading.
WASHINTON D. C, Nov. 18th, 2008: Founder and President of the Washington D. C.-based Arab American Institute (AAI) James Zogby said he is convinced that the U. S. President Elect Barack Obama truly wants to find a responsible way out of Iraq.
Baghdad- Iraq has told Iran that its security pact with the United States would not threaten Iran's national sovereignty, Iraqi Foreign Minister Hoshyar Zebari said on Tuesday.
"The security agreement has no articles that threaten the security of neighbouring countries," Zebari said in a statement following his meeting with his Iranian counterpart Hassan Kazemi.
"Iraq will not be used as a base for attacks on neighbouring countries," Zebari added.
WASHINTON D. C, Nov. 18th, 2008: Founder and President of the Washington D. C.-based Arab American Institute (AAI) James Zogby said he is convinced that the U. S. President Elect Barack Obama truly wants to find a responsible way out of Iraq.
Baghdad- Iraq has told Iran that its security pact with the United States would not threaten Iran's national sovereignty, Iraqi Foreign Minister Hoshyar Zebari said on Tuesday.
