Here is a look at Tuesday's top business stories:
Stocks rally above 10,000 in Tokyo
TOKYO, July 30 (UPI) -- Stock prices on the Tokyo Stock Exchange ended sharply higher Tuesday as Monday's surge on Wall Street and the ongoing rise in the U.S. dollar against the Japanese yen fueled active buying of high technology and exporter stocks.
Stocks also rose in Hong Kong; Seoul, South Korea; Taipei, Taiwan; and in Sydney, Australia.
Japan's blue-chip Nikkei Stock Average of 225 selective issues, which rose 75.64 points Monday, surged 337.05 points, or 3.5 percent to 10,003.72 -- its first close above the psychologically important 10,000 level since in a week.
The broader Topix Index, which rose 8.84 points during the previous session, jumped 23.05 points, or 2.4 percent, to 974.96.
Advances hammered declines 1,025 to 354, while 102 issues settled unchanged. Volume rose to an estimated 705.07 million shares from 688.97 million shares changing hands on Monday.
Analysts said stocks rose from the opening bell as the strong gain on Wall Street prompted active buying of chip makers, electricals and electronic components, while the dollar's rise to above the 120-yen level supported auto stocks.
In trading, among some of the active high-tech issues, Fujitsu rose 1.0 percent, NEC Corp. gained 2.8 percent and NTT DoCoMo rose 1.5 percent.
Chip maker Mitsubishi Electric rose 6.4 percent, fellow major chip maker Hitachi rose 4.5 percent and Japan's leading chip maker Toshiba gained 2.2 percent.
In an active auto sector, Honda rose 1.8 percent on the continued rise in the dollar against the yen and after disclosing record quarterly earnings for the April-June period.
Other automakers also rose. Toyota jumped 5.4 percent, Mitsubishi Motors climbed 5.5 percent and Mazda gained 1.5 percent.
Nissan surged 7.7 percent due in part to a report of a bigger-than-expected number of advance orders for its Fairlady "Z" sports car model. Nissan unveiled the fully remodeled sports car Tuesday. At the news conference, Nissan President Carlos Ghosn said his company has moved up its schedule to launch a fuel-cell car to 2003 from 2005.
Meanwhile, Japan Tobacco fell 1.8 percent after a report the government plans to postpone beyond July its sale of shares in the firm. Japan Tobacco's planned share buyback may be affected if the government does not release its holdings as scheduled.
Prices on the Hong Kong Stock Exchange ended sharply higher. The blue-chip Hang Seng Index, which jumped 202.87 points Monday, rose another 179.26 points, or 1.8 percent, to 10,155.25. Analysts said stocks were lifted in a broad-based rally, spurred by the strong gains on Wall Street.
Banking bellwether HSBC, which gained 1.2 percent, spearheaded the gains, which extended to the rest of the market. Among some of the other active issues, Bank of East Asia rose 1.4 percent, Hong Kong flagship carrier Cathay Pacific surged 6.7 percent, exporter Li & Fung rose 2.7 percent, micromotor maker Johnson Electric gained 5.6 percent and China Merchants International gained 5.5 percent.
Prices on the Taiwan Stock Exchange ended sharply higher, supported by strength in foundry leaders. The Weighted Index, which added 3.10 points Monday, jumped 146.60 points, or 3.02 percent, to 5,005.04.
In trading, the world's foundry giant Taiwan Semiconductor Manufacturing gained 3 percent while United Microelectronics gained 4.7 percent.
Prices also ended sharply higher on the South Korean Stock Exchange, lifted by Wall Street's and strength in technology issues. The blue-chip Kospi Composite Index, which added 2.51 points Monday, jumped 23.73 points, or 3.39 percent, to 724.08.
In trading, memory chip giant Samsung Electronics rose 2.5 percent and Hynix Semiconductor surged 14.7 percent.
Prices ended higher in active trading on the Australian Stock Exchange, also lifted by Wall Street's rally. The blue-chip All Ordinaries Index, which rose 43.10 points Monday, rose 46.30 points, or 1.6 percent, to 3,030.50. Despite the gains, analysts noted investors still remain wary following the recent market beatings.
In trading, Rupert Murdoch's News Corp. jumped 6.9 percent, National Australia Bank rose 3.8 percent, resource giant BHP Billiton rose 3.6 percent, Rio Tinto gained 3.7 percent and diversified miner WMC jumped nearly 6 percent.
Fresh Del Monte Produce posts higher earnings
CORAL GABLES, Fla., July 30 (UPI) -- Produce distributor Fresh Del Monte Produce Inc. said its second -quarter net income rose to $66.5 million, or $1.18 a share, from $41.5 million, or 77 cents a share during the same period last year.
Analysts on Wall Street had expected the company to post a net income of 96 cents a share, according to Thomson Financial/First Call.
The company, which markets bananas, pineapples, melons and other produce under the Del Monte brand, said its sales climbed to $567.2 million from $541 million a year ago.
Mohammad Abu-Ghazaleh, chairman and chief executive officer, said, "Our strong second quarter confirms our ability to deliver solid earnings on a consistent basis. We believe this is a strong testament to the superior level of our performance. With unsurpassed marketing capabilities and a global reach, we expect the trend to continue."
Earnings rise at Entergy Corp.
NEW ORLEANS, July 30 (UPI) -- Electricity and natural gas provider Entergy Corp. said its second-quarter net income rose 1 percent to $241.7 million, or $1.06 a share, from $238.9 million, or $1.06 a share during the same period last year.
Excluding a special charge for the restructuring of its wholesale power development business, the company reported earnings of $1.17 a share.
Analysts on Wall Street had expected the company to post a net income excluding charges of $1.14 a share, according to Thomson Financial/First Call.
The company said the increase was driven by improved results in its utility business and its non-utility nuclear business.
J. Wayne Leonard, chief executive officer, said, "We're delivering on the commitments we have made to our stakeholders, and we have not allowed the disruptive activities in the sector to distract us.
"Four years ago we said we were going to deliver superior financial results by focusing on our core competencies, providing outstanding customer service, and maintaining sound financial integrity. We've met, and in most instances exceeded, these goals and we're committed to pursuing excellence with the highest level of ethics and integrity in our business practices and safety in our operations," Leonard said.
The company said higher electric usage in second quarter increased residential sales by 7 percent, compared to second quarter 2001.
Commercial and governmental sales were up 3 percent, reflecting increased usage across all commercial customer classes, while industrial sales experienced a 4-percent reduction quarter over quarter.
The reduction in industrial sales was due exclusively to the impact of contractual modifications which reclassified certain industrial customers from retail to wholesale.
The company, which is the nation's second-largest operator of nuclear plants, also affirmed its 2002 operational earnings per share forecast of $3.40 to $3.60.
The Thomson Financial/First Call estimate is $3.53 a share.
