| Overseas sales help Sara Lee post profit
Sales of household and body care products and North American retail bakery sales were also strong, Sara Lee said, helping it weather record-high commodities prices that have plagued many competitors. "Our strategic approach to pricing, combined with the impact of procurement and continuous improvement savings, helped offset significantly increased input costs," Chief Executive Brenda Barnes said in a statement. The company expects fiscal 2008 earnings to be between $1.03 and $1.09, including 18 cents per share of proceeds from the sale of its tobacco business in 1999. Analysts expect a profit of 96 cents per share, but those estimates typically exclude such one-time items. Sara Lee predicted 2008 revenue of $13.4 billion, while analysts said they expect revenue of $13.22 billion.
Platinum Hits Record on Supply Concerns
Other commodities traded broadly higher, with wheat futures rebounding after days of losses and energy futures also rising. Platinum has shot up 15 percent this month amid supply concerns fed by a South African energy shortage, which has slowed the vital mining industry and sent commodities prices spiking. The country's state-run power utility said Wednesday that the mines and other major customers will receive only 90 percent of their usual power supply until 2012 _ raising worries of significant setbacks in platinum production for years to come. Impala Platinum Holdings Ltd., the world's second-largest platinum producer, said Thursday it has already lost 10,000 ounces in output and could lose another 10,000 ounces under the energy restrictions, Dow Jones Newswires reported.
Wall Street advances sharply
Gold futures hit a record, briefly venturing above $913 an ounce as the dollar tumbled against other major currencies. The euro reached a new high above $1.49.Other commodities were higher, too. Crude oil rose $1.51 to settle at $94.20 a barrel on the New York Mercantile Exchange.Peter Dunay, investment strategist at Leeb Capital Management, believes the run in commodities prices will continue as Wall Street eyes what the Federal Reserve will do at its Jan. 29-30 meeting. Chairman Ben Bernanke has convinced investors the central bank will cut rates, and the expectation of cheaper money also bolstered sentiment Monday``We're expecting inflation to be a problem, and believe the commodity demand is going to continue,'' Dunay said. ``We think the Fed is going to throw as much money as they can to keep us out of recession, or keep the recession mild, so commodities will be higher.''Stocks sold off sharply last week after a chorus of Wall Street economists predicted the U.S.
MCX to support Microsoft's rural technology training programme
MUMBAI: Multi Commodity Exchange of India on Thursday announced its support to an ongoing computer literacy programme of Microsoft and Indian Society of Agribusiness Professionals in rural Maharashtra.
This marks the launch of MCX's Corporate Social Responsibility initiative aimed at empowering the youth and women of rural areas of the state with technology skills.
Till now over 15,500 people have been trained and more than 24,000 people are using this service across 16 districts by the means of understanding the futures markets prices of the area specific commodities.
MCX's support will help in increasing deployment of laptop and desktop computers and thereby strengthen the ongoing technology training and adoption efforts through the project.
Goldman Sachs reduces '08 base metals forecast, maintains $750 gold
Citing downgrades in global economic activity, Goldman Sachs reduced its 2008 base metals price outlook, advising a stronger U.S. dollar will pressure gold prices lower to an average of $750/oz.RENO, NV Demand concerns and rising supply have convinced Goldman Sachs commodity analysts to forecast a "retrenchment in commodity prices from recent highs, which has already largely occurred." Noting that base metals are most closely related to the industrial cycle with expected global economic activity expected to decline, commodities analysts reduced their 2008 base metals forecasts, but added they "still expect prices to reach historically high levels in some cases by year-end." Nevertheless, Goldman Sachs recommended opening a long timespread position in copper.
Civil society, AJI stage protest rally
ISLAMABAD: Members of the civil society and Awami Jamhoori Ittehad (AJI) on Friday staged a protest demonstration at Aabpara to press the government to restore the deposed judges and free the lawyers put under house arrest.
They gathered at the Aabpara intersection and demanded President Pervez Musharraf restore judiciary and resign from his office as he had failed to protect the interests of common man. They also burnt an effigy of President Musharraf to express their anger over the skyrocketing prices of commodities.
They said the government was indifferent to the brutality of police against the peaceful protestors in the federal capital. The protestors raised anti-government slogans and expressed their distrust in the policies of the last government.
They demanded the world think tanks to help restore democracy in the country.
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