Wall Street closed higher overnight on investors' buying in industrial and materials stocks. Meanwhile, the fears of trade dispute between the US and China was offset by the news that a Chinese wealth fund is in talks to take over a minority stake in the US power plant AES.
NewSat Limited (ASX:NWT)(OTC:NWTLY) has this morning received a letter dated 3 September 2009 from EWC Payments Pty Ltd, a copy of which was copied to ASX. This letter advises of a formal off-market scrip for scrip takeover offer to be made by that company for 100% of the shares of NewSat Ltd.
As a further update to the ASX, NewSat Limited (ASX:NWT)(OTC:NWTLY) today announced several new business contracts that were signed during the months of July and August. These new contracts have enabled continued new business growth, which has totalled A$3.5 million so far this financial year.
US stocks closed nearly unchanged Wednesday despite a stronger than expected increase of new home sales and a jump in durable goods orders. The market responded to the positive data with a shrug, as investors remained cautious and took their profits after rallies.
Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.
NewSat Limited (ASX:NWT)(PINK:NWTLY) this month celebrated 10 years as a listed company and today announced several significant initiatives as the Company moves to its next phase of development. Highlights include; new chairman of the board, the appointment of Lazard as its strategic advisor and a trading update.
US stocks surged overnight as the Federal Reserve said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.
