BEIJING, June 15, 2012 /PRNewswire-Asia/ -- China Finance Online Co. Limited ("China Finance Online", "the Company") (NASDAQ GS: JRJC), a technology-driven, user-focused market leader in China in providing vertically integrated financial information and services including news, data, analytics, securities investment advisory and brokerage-related services, today announced that the Company will report its 2012 first quarter financial results ended March 31, 2012, after the market closes on Wednesday, June 27, 2012.
The Company will host a conference call and a simultaneous webcast, on June 27, 2012 at 8:00 p.m. Eastern Time/June 28, 2012 8:00 a.m. Beijing Time. Interested parties may participate in the conference call by dialing approximately five minutes before the call start time at U.S. +1-877-847-0047, Hong Kong +852-3006-8101, Singapore 8008-523-396, or China 800-876-5011, and the pass code for all regions is 675169.
A replay of the conference call will be available shortly after the conclusion of the event through 11:59 a.m. Eastern Time on July 5, 2012 (or 11:59 p.m. Beijing Time on July 5, 2012). The dial-in details for the replay: U.S. +1-866-572-7808, Hong Kong +852-3012-8000, Singapore 800-101-2157, China 800-876-5013. Access code: 675169.
The conference call will be available as a live webcast and replay at:
http://www.media-server.com/m/p/6itzpumo
About China Finance Online
China Finance Online Co. Limited is a technology-driven, user-focused market leader in China in providing vertically integrated financial information and services including news, data, analytics, securities investment advisory and brokerage-related services. Through its flagship portal sites, www.jrj.com and www.stockstar.com, the Company offers basic software and information services to individual investors which integrate financial and listed-company data, information and analytics from multiple sources. Leveraging on its robust internet capabilities and registered user base, China Finance Online is developing securities investment advisory and over time wealth management services. Through its subsidiary, Genius, the Company provides financial database and analytics to institutional customers including domestic brokerages and investment firms. Through its subsidiary, Daily Growth, the Company provides securities brokerage services in Hong Kong.
Contact:
Julie Zhu
China Finance Online Co. Limited
+86-10-5832-5288
ir@jrj.com
Shiwei Yin
Grayling
+1-646-284-9474
shiwei.yin@grayling.com
FOREX-Euro steadies vs dollar ahead of Greek vote - Reuters
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Nigeria's finance minister orders fuel subsidy slow down - Reuters
By Camillus Eboh
ABUJA (Reuters) - Nigeria's finance minister said on Thursday she had ordered a slow down to fuel subsidy payments to allow verification that they are for genuine deliveries, an effort to combat fraud costing it billions of dollars.
"I decided that we should slow down the payments until we verify ... that what we are paying is really being paid for genuine product delivered, to avoid the mistakes we made in the past," Ngozi Okonjo-Iweala told a news conference.
Fuel shippers say they are facing delays at import terminals while their subsidy payments are scrutinised, and some private firms have halted deliveries, while others are relying on swaps for crude oil to receive payments.
Accountant-General Jonah Otunla, also at the conference, said the government had spent 1.44 trillion Nigerian naira in the first half of 2012, of which 1.036 trillion was on recurrent expenditure, the largest component of that being the fuel subsidy.
A parliamentary probe into the subsidy scheme released last month found it was riddled with fraud that had cost Nigeria $6.8 billion in just three years -- equal to a quarter of the national budget. It was one of the biggest corruption scandals in the history of Africa's top energy producer.
Okonjo-Iweala said she had come to the realisation that the subsidy must be slowed after paying out 451 billion naira -- more than half of the 888 billion naira the country budgeted for this year -- just on arrears for last year.
"It was at that point in time I decided," she said. "We will not be stampeded to make payment until we verify that what we are paying is correct ... We are taking it very cautiously."
She added that only 17 billion naira had been released against 2012 fuel deliveries as a result. Continued...
FOREX-Euro steady on expectations of central bank action - Reuters
* Central banks' liquidity pledge reassures investors
* Soft U.S. data keeps speculation of Fed easing alive
* Yen broadly gains after BOJ stays on hold
By Anirban Nag
LONDON, June 15 (Reuters) - The euro hovered below three-week highs against the dollar on Friday, holding steady on expectations that global central banks will step in to counter any adverse fallout from Sunday's election in Greece.
G20 officials told Reuters that central banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if the Greek election result roils markets.
A coordinated action is likely to support risk appetite and provide relief to the euro although any bounce could prove temporary given Spain's elevated borrowing costs and the risk of contagion to Italy, the euro zone's third largest economy.
The dollar was also under pressure on expectations the U.S. Federal Reserve may resort to further monetary easing after labour market data disappointed and consumer prices fell in May.
The euro dipped 0.1 percent on the day to $1.2619, still within sight of Monday's three-week high of $1.2672, struck after a 100 billion euro aid package for Spanish banks was agreed at the weekend. The dollar index fell to a three-week low of 81.703 against a basket of currencies.
Much of how the euro will trade in the near term depends on the outcome of the Greek election on Sunday. Traders cited offers to sell above $1.2660 up to $1.2670 while option expiries were cited at $1.2600.
"Investors will be reluctant to hold any meaningful positions either way going into the weekend," said Ankita Dudani, G10 currency strategist at RBS.
"The euro has come back from highs around $1.2650 and the only reason it will hold above $1.2500 is because of the extreme bearish positions and hopes of coordinated central bank action."
Hopes for more policy steps by major central banks were heightened after the UK government and the Bank of England unveiled a 100 billion pound ($155 billion) funding scheme for banks to boost credit on Thursday.
Traders said the euro had scope to post short term gains if Greece's pro-bailout parties manage to win a majority in Sunday's election. In a scenario where the far-left anti-bailout parties win, the euro could drop towards near two-year lows of $1.2288 struck earlier this month.
The uncertainty was reflected in the options market, where both one-week and one-month implied volatilities traded at elevated levels of 16.50 percent and 12.65 respectively, up from around 9.8 percent and 11.55 percent at the end of last week.
BEARISH POSITIONS
In the past few weeks, speculators have added to very large bearish bets against the euro as many positioned for an eventual exit by Greece from the single currency and a possible spread of contagion to the bigger economies of Spain and Italy.
Spanish and Italian bond yields eased on Friday, but still remained near levels considered unsustainable to borrow from capital markets. The deteriorating situation in the euro zone has galvanised policymakers to consider taking action ahead of a G20 summit next week.
European Central Bank President Mario Draghi said on Friday the bank was ready to support euro zone banks, should it be required, while Bank of Japan Governor Masaaki Shirakawa said central banks can offer liquidity to calm markets in case the weekend Greek elections heighten tension.
The dollar and euro came under pressure against the yen after the Bank of Japan announced no change in its monetary policy. Analysts said some investors may have positioned for a more dovish stance and were buying back the yen as a result.
"There were a few expectations the BoJ may have pre-empted any further Fed easing by deciding to expand their asset purchasing, so there is a little bit of disappointment this morning," said Michael Sneyd, FX strategist at BNP Paribas.
The dollar fell 0.8 percent to 78.77 yen, while the euro dropped 1 percent on the day to 99.10 yen.
Forex: GBP/USD rally approaches 1.57 - FXStreet.com
WORLD FOREX: Eerie Calm Before Greek Elections; Sterling Stumbles - NASDAQ
-- Norwegian krone, Swedish krona and Japanese yen make last-minute safe-haven surge before Greek election weekend
-- Euro holds steady in nervous trading ahead of Greek elections
-- Sterling briefly dives as BOE launches fresh crisis-fighting liquidity measures
By Alexandra Fletcher
Sterling stole the show in early European trade in an otherwise quiet session ahead of the Greek elections, diving against other major currencies as the Bank of England announced a new liquidity facility to help shield the U.K. from euro-crisis fallout, fanning suspicions the central bank is preparing for a rate cut.
The pound shed some 0.3% against the dollar, trading to a low $1.5477 and the euro surged to the day's high of GBP0.8152 as London traders digested the news that the Bank of England will launch its first auction as part of a series of emergency liquidity measures that will offer six-month loans to U.K. banks in exchange for a wide range of collateral.
The announcement of the initiative has prompted expectations that the Bank of England might extend its asset purchasing program, or quantitative easing, at next month's monetary policy meeting, with Barclays--a prominent U.K. bank--shifting its view so that it now expects a boost to so-called QE at the central bank's July meeting.
Further fuelling sterling sellers, the BOE also signaled deepening gloom over the U.K. economy, and concern over euro- crisis fallout. In addition to the liquidity boost, it also kickstarted a new program to encourage banks' lending to businesses.
"The alarm [over the deepening of the euro-zone crisis] in official circles was evident in the new initiatives on bank support... It remains to be seen how effective these two measures will be, and in the meantime we believe there is a strong argument for augmenting them with more QE," said Simon Hayes, an economist at Barclays in London.
However, alarm bells didn't ring for long and sterling rebounded to levels seen overnight during Asian hours.
Elsewhere, the euro was trading steadily, holding onto some small overnight gains against the dollar ahead of the Greek elections this Sunday, the result of which could determine whether Greece stays in the euro zone or not.
Some investors were seeking out safe havens for their cash in advance of the vote that is seen as a referendum on Greece's membership of the common currency. The hunt for safety sent the Norwegian krone to a three-month high against the euro and the Swedish krona to the day's high. The Japanese yen also benefited from safe-haven flows, charging to a one-week high against the dollar.
Looking ahead, after a bad run of U.S. data Thursday, the U.S. June Empire State manufacturing survey is due at 1230 GMT, along with U.S. May industrial production data at 1315 GMT.
At 1005 GMT, the euro was trading at $1.2619 against the dollar, compared with $1.2633 late Thursday in New York, according to trading system EBS. The dollar was at Y78.68 against the yen, compared with Y79.35, while the euro was at Y99.29, compared with Y100.26. Meanwhile, the pound was trading at $1.5548 against the dollar, compared with $1.5563 late Thursday in New York. The ICE Dollar Index, which tracks the U.S. dollar against a basket of currencies, was at 81.786 from about 81.810.
-By Alexandra Fletcher, Dow Jones Newswires; +44 (0) 20 7842 9462, alexandra.fletcher@dowjones.com; @djfxtrader
(END) Dow Jones Newswires 06-15-120734ET Copyright (c) 2012 Dow Jones & Company, Inc.
India govt nominates finance minister for president - Channel NewsAsia
India govt nominates finance minister for president
Posted: 15 June 2012 2113 hrs
NEW DELHI - Indian Finance Minister Pranab Mukherjee, under fire for his recent handling of the rapidly slowing economy, is to step down after being named Friday as the ruling coalition's candidate for president.
The United Progressive Alliance (UPA) government, led by Mukherjee's Congress Party, announced that the 77-year-old minister would be its nominee for the largely ceremonial post of Indian head of state which falls vacant in July.
"There is broad support for his candidature," Congress supremo Sonia Gandhi said in a statement at a meeting of UPA leaders at the residence of Prime Minister Manmohan Singh.
The nomination means Mukherjee will have to resign as finance minister, with television reports suggesting he might step down on June 24.
There was no immediate announcement regarding his likely successor.
Although the president is India's titular head of state, the post is largely ceremonial, with real executive power residing with the prime minister and the cabinet.
Indian presidents are selected by an electoral college comprising MPs from both houses of parliament and state legislatures.
The election will be held July 19.
The choice of who will succeed the incumbent president, Pratibha Patil, has exposed fresh cracks in the increasingly fractured coalition, with its partners clashing over which candidate to put forward.
"The UPA appeals to all political parties and all members of parliament and members of state legislative assemblies to support the candidature of Pranab Mukherjee," Gandhi said in her statement.
Mukherjee's nomination comes at a time of growing criticism of his handling of the economy, which has slowed dramatically at a time of stubbornly high inflation and a depreciating rupee.
"I don't think that I am the depository of all knowledge and and expertise in our government. In our party there are a number of people who can handle the difficult economic situation," Mukherjee told reporters after his nomination.
"The prime minister himself (Manmohan Singh) is an eminent economist and under his stewardship we will overcome the temporary crisis."
In the January-March period, the economy grew just 5.3 percent, its slowest quarterly expansion in nine years.
Earlier this week, Standard & Poor's warned India could be the first of the BRIC emerging economies to lose its investment-grade rating unless the Asian giant revives its growth and spurs reforms.
In April, the firm changed India's credit outlook to negative from stable, maintaining India's rating at "BBB-" but warning it faced at least a one-in-three chance of losing its status if its public finances worsened.
"BBB-" is just one notch above "junk", which carries an increased risk of default and would see India having to pay higher interest rates on its public borrowing.
- AFP/ir
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