Financial News

Financial News:

European stocks higher…US fund interested in Italy’s TIM

UNDATED (AP) – Markets have opened higher in Europe after a mixed day of trading in Asia. In early trading, Germany’s DAX edged 0.1% higher and the CAC 40 in Paris gained 0.3%. Britain’s FTSE 100 picked up 0.4%. In Asian markets, the Shanghai Composite index closed 0.6% higher while the Hang Seng in Hong Kong lost 0.4%. South Korea’s Kospi surged 1.4% and Tokyo’s Nikkei 225 recovered from earlier losses, edging 0.1% higher. U.S. futures point to an upbeat start with Dow and S&P 500 futures both up 0.3%.

UNDATED (AP) – The National Association of Realtors reports its October tally of U.S. home sales today. Economists predict sales of previously occupied U.S. homes eased to a seasonally adjusted annual rate of 6.2 million properties last month. That would represent a slightly slower pace than the 6.29 million reached in September, the strongest pace since January. A modest rise in mortgage rates has helped motivate buyers who can afford to purchase a home to get off the sidelines.

WASHINGTON (AP) – A huge social and environmental policy bill passed by House Democrats includes a plan to impose a fee on emissions of methane. The powerful pollutant leaks from oil and gas wells and contributes to global warming. As the measure moves to the Senate, attention again will focus on West Virginia Sen. Joe Manchin. The centrist Democrat has already forced his party to abandon one of its biggest climate proposals and has expressed skepticism about the methane fee. Manchin says he wants to make sure the fee won’t just “punish” energy companies. Other Democrats say they are confident the fee will be retained in the Senate.

ROME (AP) – The Italian telecommunications company TIM says it is assessing a non-binding “indication of interest” by the U.S. investment fund KKR. TIM said in a statement issued Sunday evening that its board of directors met and “acknowledged” the fund’s interest in launching a possible public tender for the entire capital share of the company. TIM is a private company but it’s considered a strategic asset for Italy, so the Italian government can oppose any acquisition it considers wouldn’t be in the public’s interest.

UNDATED (AP) – Thailand’s DTAC and True Corp. plan a merger that they say will create an “equal partnership” for pursuing opportunities in the tech sector. The plan was announced today by Norway’s Telenor Group, parent company of DTAC, and Charoen Pokphand (CP) Holding, the parent firm of True. The two companies notified the Stock Exchange of Thailand that their joint venture, Citrine Global Company, would make an offer for all shares of the two telecom companies.