International markets: US bourses rise for the second day
New York: US stocks rose for a second day on Wednesday, amongst wide spread feeling that the Federal Reserve was nearing the end of its cycle of interest-rate increases.

The Dow Jones industrial average was up 9.85 points, or 0.09 per cent, at 10,857.26.

The Standard & Poor's 500 Index was up 2.79 points, or 0.22 per cent, at 1,271.59.

The technology-laced Nasdaq Composite Index was up 17.15 points, or 0.76 per cent, at 2,260.89.

London: Britain's top shares closed at their highest level since July 2001, amidst hopes of a break in rising US interest rates. The FTSE 100 closed 33.1 points, or 0.58 per cent, higher at 5,714.6 points - its best finish in 4-1/2 years.

Frankfurt: The DAX index ended at 5,523.62 points, up 62.94 or 1.15 per cent.

Paris: The CAC-40 index closed at 4,838.52 points, up 61.54 or 1.29 per cent.

Tokyo: The Nikkei share average started 2006 by booking its highest close in more than five years, advancing 1.55 per cent amidst expectations that the Federal Reserve has nearly finished raising interest rates. The US is Japan's major export market. The Nikkei finished the day up 250.11 points at 16,361.54.

Hong Kong: The Hang Seng marked its biggest one-day gain in three months, once again amidst expectations that the US Federal Reserve will be winding down its interest rate rise. The blue-chip Hang Seng Index rose 1.71 percent, or 255.29 points, to close at 15,200.06.
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Norwegian Group Aker buys Alstom shipyards
Brussels: Alstom, the French engineering group, yesterday sold its loss-making shipbuilding business to Norway's Aker Yards.

With the sale, Alstom now hopes to focus on the booming cruise liner sector and also to consolidate its recovery process, from a near collapse that it suffered three years ago. Alstom, which was bailed out by the French state in 2003 in a €3.2bn rescue package, can now focus on its core power and transport businesses.

According to analysts, the deal could spark further consolidation in Europe's shipbuilding industry, with Saint-Nazaire - the yard that built the world's largest passenger ship, the Queen Mary 2 - and its smaller sister yard at Lorient passing on to new, foreign-owned companies.

Alstom has by now staged a full recovery with the group returning to the black with net income of €136mn in the first half of 2005-06.

Aker's spread of shipbuilding yards expect to deliver a ship every week this year. The Norwegian group, ranked fifth in the world, is the result of the merger with Kvaerner in June 2004. It's turn over was over €2bn last year, putting it just behind Italy's Fincantinieri. Employing 13,000 people, Aker has an order book worth €4.4bn, comprising 108 vessels.
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Energy utility Sempra settles Californian energy crisis lawsuits
San Diego, USA: Sempra Energy on Wednesday said it has agreed to pay US$377mn to settle several class-action lawsuits that charge the company with manipulating energy prices during the California power crisis of 2000-2001.

The settlement agreement calls for Sempra to pay US$377mn in cash to the plaintiffs over eight years and also to reduce the price of a long-term power deal with California by US$300mn, effective Jan. 1.

Stephen Baum, chairman and chief executive of Sempra, said on the conference call that the settlement "wraps up the major litigation arising out of the energy crisis" four years ago in California, Nevada and other states in the West. According to Baum, if "dangerous litigation" had gone to a jury and if a verdict against Sempra had been upheld on appeal, "it would have been fatal to the company."

The major suit against Sempra claimed that San Diego-based company and its two Southern California utility companies -- Southern California Gas Co. and San Diego Gas & Electric Co. -- conspired with El Paso Natural Gas, to limit natural gas supply to Southern California. El Paso settled its part of the suit for US$1.7bn in 2003. The plaintiffs included utility customers in Southern California and several cities. They had sought more than US$23bn in the case.

Under terms of the settlement, Sempra said it and its utilities "vigorously deny any wrongdoing."
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