(Bloomberg) -- Platinum rose in Asian trading for a first day in seven after the world's second-biggest producer said the metal may climb to a record should a third platinum-backed investment fund be introduced.
Impala Platinum Holdings Ltd. yesterday said it had been approached by a European bank regarding plans to establish an exchange-traded fund for the precious metal. Derek Engelbrecht, the Johannesburg-based company's marketing director, declined to identify the bank.
Read more at Bloomberg Commodities News
Monday, April 30, 2007
IMF Plans to Push Rich Nations on Promises of Aid to Africa, Portugal Says
(Bloomberg) -- The International Monetary Fund will put pressure on rich countries to keep promises of increasing aid to poor nations by monitoring them more closely, Deputy Managing Director Murilo Portugal said.
The Washington-based lender will use the annual Article IV country reports it compiles as ``surveillance,'' getting developed nations to account for their aid commitments, Portugal told Tanzanian businessmen in the capital Dar es Salaam yesterday.
Read more at Bloomberg Emerging Markets News
The Washington-based lender will use the annual Article IV country reports it compiles as ``surveillance,'' getting developed nations to account for their aid commitments, Portugal told Tanzanian businessmen in the capital Dar es Salaam yesterday.
Read more at Bloomberg Emerging Markets News
Islamic Bond Fatwas Surge on Million-Dollar Scholars for Newest Issues
(Bloomberg) -- Sheikh Nizam Yaquby is the gatekeeper to the $1 trillion market for managing Muslim wealth.
Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup Inc., American International Group Inc. and HSBC Holdings Plc which insurance policies, accounts and bonds they can sell to devout Muslims.
Read more at Bloomberg Currencies News
Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup Inc., American International Group Inc. and HSBC Holdings Plc which insurance policies, accounts and bonds they can sell to devout Muslims.
Read more at Bloomberg Currencies News
Sallie Mae Buyout May Founder on Democrats' Plans to Cut Lender Subsidies
(Bloomberg) -- The fate of the proposed $25 billion buyout of Sallie Mae, the largest U.S. provider of student loans, rests in part on a debate among Democrats over an obscure point of congressional procedure.
The agreement last month between Reston, Virginia-based SLM Corp. and a group of investors led by the private-equity firm J.C. Flowers & Co. allows the buyers to withdraw if Congress cuts federal subsidies for lenders by more than the $16 billion requested by President George W. Bush in his February budget. Democrats are considering plans to do just that as they search for revenue for proposals such as lower-interest student loans.
Read more at Bloomberg Bonds News
The agreement last month between Reston, Virginia-based SLM Corp. and a group of investors led by the private-equity firm J.C. Flowers & Co. allows the buyers to withdraw if Congress cuts federal subsidies for lenders by more than the $16 billion requested by President George W. Bush in his February budget. Democrats are considering plans to do just that as they search for revenue for proposals such as lower-interest student loans.
Read more at Bloomberg Bonds News
BCE, Com Dev, Mosaid, Telus, WestJet Airlines: Canadian Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in Canadian markets. This preview includes news that broke after markets closed. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index fell 215.33, or 1.6 percent, to 13,416.68 in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index fell 215.33, or 1.6 percent, to 13,416.68 in Toronto.
Read more at Bloomberg Stocks News
South Korea's Exports Increase Faster-Than-Expected 17.8 Percent in April
(Bloomberg) -- South Korea's exports rose at a faster-than-expected pace in April, adding to signs growth in Asia's third-largest economy may accelerate.
Exports jumped 17.8 percent from a year ago, the largest gain in three months, after advancing 13.6 percent in March, the Ministry of Commerce, Industry and Energy said today in Gwacheon, South Korea. That beat the 16.5 percent median estimate in a Bloomberg News survey of 11 economists.
Read more at Bloomberg Emerging Markets News
Exports jumped 17.8 percent from a year ago, the largest gain in three months, after advancing 13.6 percent in March, the Ministry of Commerce, Industry and Energy said today in Gwacheon, South Korea. That beat the 16.5 percent median estimate in a Bloomberg News survey of 11 economists.
Read more at Bloomberg Emerging Markets News
Tokyo Grain Exchange's Commodity Futures Prices for Soybean, Corn, Sugar
(Bloomberg) -- Following are agricultural commodity futures traded on the Tokyo Grain Exchange in Japan. The price updates are as of 11:00 a.m. Tokyo time.
Corn for May 2008 delivery traded at 26,930 yen a metric ton, or $225.30, down 140 yen, or 0.52 percent.
Read more at Bloomberg Commodities News
Corn for May 2008 delivery traded at 26,930 yen a metric ton, or $225.30, down 140 yen, or 0.52 percent.
Read more at Bloomberg Commodities News
Australia's S&P/ASX 200 Is Little Changed; Santos Jumps, Aristocrat Drops
(Bloomberg) -- Australian stocks were little changed. Santos Ltd. jumped after the company said a state government will review its 15 percent limit on individual shareholdings in the company, potentially opening it to a takeover bid.
Aristocrat Leisure Ltd. slumped after the company forecast first-half profit growth below market expectations.
Read more at Bloomberg Stocks News
Aristocrat Leisure Ltd. slumped after the company forecast first-half profit growth below market expectations.
Read more at Bloomberg Stocks News
Japanese Stocks Decline, Led by Sony, on Slower U.S. Consumer Spending
(Bloomberg) -- Japanese stocks declined, led by companies that rely on U.S. sales including Sony Corp. and Honda Motor Co., after consumer spending slowed in Japan's biggest overseas market.
Sumitomo Mitsui Financial Group Inc. paced banks lower after saying its annual profit fell more than initially forecast.
Read more at Bloomberg Stocks News
Sumitomo Mitsui Financial Group Inc. paced banks lower after saying its annual profit fell more than initially forecast.
Read more at Bloomberg Stocks News
Australia's S&P/ASX 200 Index Is Little Changed; BHP Falls, Santos Jumps
(Bloomberg) -- Australia's S&P/ASX 200 Index rose 3.2 points to 6169.20 as of 10:12 a.m. in Sydney. BHP Billiton Ltd. declined, while Santos Ltd. jumped.
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
Indian Rupee Option Volatility May Decline on Central Bank Currency Sales
(Bloomberg) -- Indian rupee options volatility may fall from a four-year high on speculation the central bank will keep selling its currency.
The Reserve Bank of India last week said it increased the amount of bonds it can issue to soak up the rupees it sells in the foreign-exchange market. That measure may allow the bank to boost sales of rupees, dousing speculation it will slow the pace of its currency intervention.
Read more at Bloomberg Currencies News
The Reserve Bank of India last week said it increased the amount of bonds it can issue to soak up the rupees it sells in the foreign-exchange market. That measure may allow the bank to boost sales of rupees, dousing speculation it will slow the pace of its currency intervention.
Read more at Bloomberg Currencies News
Manitowoc first-quarter profit soars
(Reuters) - Analysts on average expected earnings of 88 cents a share, before exceptional items, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
FHLB launches $3 bln 10-yr bonds, pricing Tuesday
(Reuters) - The joint lead managers on the sale are Deutsche Bank, Goldman Sachs and Lehman Brothers.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-Omni Energy Services exploring alternatives, shares up
(Reuters) - Shares of the Carencro, Louisiana-based company were up more than 5 percent at $9.78 in afternoon trade on the Nasdaq. They had risen almost 10 percent after the announcement.
While the stock may have risen on expectation of a possible sale, it can not be ruled out that the company itself might be evaluating a larger acquisition on its own, Thompson Davis & Co. analyst Jeremy Hellman said in an e-mail to Reuters.
Read more at Reuters.com Mergers News
While the stock may have risen on expectation of a possible sale, it can not be ruled out that the company itself might be evaluating a larger acquisition on its own, Thompson Davis & Co. analyst Jeremy Hellman said in an e-mail to Reuters.
Read more at Reuters.com Mergers News
Doral in private equity talks
(Reuters) - Doral said in a regulatory filing that if the contemplated transaction is consummated, its capital and liquidity needs will be satisfied but existing shareholders will face "very significant dilution."
The news was the latest blow to investors in Doral's stock, which has collapsed over the past two years amid charges that former senior management engaged in fraud.
Read more at Reuters.com Bonds News
The news was the latest blow to investors in Doral's stock, which has collapsed over the past two years amid charges that former senior management engaged in fraud.
Read more at Reuters.com Bonds News
US STOCKS-Blue chips rise, Dow sets another record
(Reuters) - NEW YORK, April 30 - The Dow Jones industrial average rose to a record for the fourth straight session on Monday on optimism about corporate profits and easing inflation concerns.
With the market already set for its best monthly performance in more than three years, some investors opted to lock in profits, keeping both the S&P and the Nasdaq little changed.
Read more at Reuters.com Bonds News
With the market already set for its best monthly performance in more than three years, some investors opted to lock in profits, keeping both the S&P and the Nasdaq little changed.
Read more at Reuters.com Bonds News
Alberto-Culver, Alltel, BE Aerospace, Doral, Ormat: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges. Stock symbols are in parentheses after company names. Share prices are as of 11:40 a.m. New York time.
Alberto-Culver Co. (ACV US) added $1.22, or 5.2 percent, to $24.57 and traded as high as $24.89. The maker of Alberto VO5 and Tresemme shampoos said second-quarter profit from continuing operations, excluding some items, was 23 cents a share. That beat the 20-cent average analyst estimate compiled by Bloomberg.
Read more at Bloomberg Stocks News
Alberto-Culver Co. (ACV US) added $1.22, or 5.2 percent, to $24.57 and traded as high as $24.89. The maker of Alberto VO5 and Tresemme shampoos said second-quarter profit from continuing operations, excluding some items, was 23 cents a share. That beat the 20-cent average analyst estimate compiled by Bloomberg.
Read more at Bloomberg Stocks News
Corn Falls as Dry Weather May Speed U.S. Midwest Planting; Soybeans Rise
(Bloomberg) -- Corn futures in Chicago fell to a one-week low on speculation drier weather in the U.S. Midwest will accelerate planting. Soybeans rose as prospects dwindled that farmers will switch more acres to the oilseed.
Mostly dry, warm weather until May 6 will improve conditions for farmers who plan to plant the most corn acres since 1944, Meteorlogix LLC said. Sun and temperatures as much as 15 degrees Fahrenheit above normal in the past three days dried fields that got as much four times the normal amount of rain this month, impeding heavy machinery from sowing seeds.
Read more at Bloomberg Commodities News
Mostly dry, warm weather until May 6 will improve conditions for farmers who plan to plant the most corn acres since 1944, Meteorlogix LLC said. Sun and temperatures as much as 15 degrees Fahrenheit above normal in the past three days dried fields that got as much four times the normal amount of rain this month, impeding heavy machinery from sowing seeds.
Read more at Bloomberg Commodities News
TREASURIES-Bonds climb on sign of slowing inflation
(Reuters) - NEW YORK, April 30 - U.S. Treasury debt prices climbed on Monday after data showed inflation may be slowing to near the Federal Reserve's presumed target range, while month-end positioning added some support.
The inflation reading boosted investor expectations the Federal Reserve could shift later this year to lowering interest rates from fighting price pressures, which pushed up bond prices.
Read more at Reuters.com Bonds News
The inflation reading boosted investor expectations the Federal Reserve could shift later this year to lowering interest rates from fighting price pressures, which pushed up bond prices.
Read more at Reuters.com Bonds News
March incomes up but core prices steady
(Reuters) - Analysts polled by Reuters had expected personal income to rise 0.5 percent. February's income gain was revised up to 0.7 percent.
Bonds rallied on news of muted price pressures that raised the possibility the Federal Reserve may be better positioned to lower benchmark interest rates to spur a sluggish economy.
Read more at Reuters.com Business News
Bonds rallied on news of muted price pressures that raised the possibility the Federal Reserve may be better positioned to lower benchmark interest rates to spur a sluggish economy.
Read more at Reuters.com Business News
Fannie Mae to sell $5 bln bills on Wednesday
(Reuters) - Bids will be accepted from authorized dealers from 9:00 a.m. , until 9:45 a.m. .
Settlement is May 2-3.
Read more at Reuters.com Bonds News
Settlement is May 2-3.
Read more at Reuters.com Bonds News
Canada's S&P/TSX Declines, Led by Energy Shares, Suncor; Banks Decline
(Bloomberg) -- Canadian stocks fell, led by oil and gas producers including Suncor Energy Inc., as the price of crude oil dropped.
The Standard & Poor's/TSX Composite Index fell 57.06, or 0.4 percent, to 13,574.95 as of 9:43 a.m. in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index fell 57.06, or 0.4 percent, to 13,574.95 as of 9:43 a.m. in Toronto.
Read more at Bloomberg Stocks News
TEXT-Moody's release on Chilean banks, JDA methodology
(Reuters) - BFSRs evaluate the stand-alone or intrinsic financial strength of banks without reference to external support factors. BFSRs are the starting point of Moody's bank credit analysis, and are an important determinant of Moody's bank deposit and debt ratings.
Moody's then uses its JDA methodology to incorporate the potential for external support into a bank's local currency deposit rating. The potential for external support can reduce the riskiness of a bank's deposit and debt obligations; however, such support is often uncertain. Moody's uses conservative support assumptions and a limited number of support levels to ensure that sufficient weight is given to a bank's intrinsic financial strength in its bank deposit and debt ratings.
Read more at Reuters.com Bonds News
Moody's then uses its JDA methodology to incorporate the potential for external support into a bank's local currency deposit rating. The potential for external support can reduce the riskiness of a bank's deposit and debt obligations; however, such support is often uncertain. Moody's uses conservative support assumptions and a limited number of support levels to ensure that sufficient weight is given to a bank's intrinsic financial strength in its bank deposit and debt ratings.
Read more at Reuters.com Bonds News
U.S. vacation home sales hit record in 2006
(Reuters) - But investment-home sales plummeted, down 28.9 percent to 1.65 million in 2006 from a record 2.32 million in 2005.
In contrast, primary residence sales fell 4.1 percent to 4.82 million in 2006 from 5.02 million in 2005.
Read more at Reuters.com Bonds News
In contrast, primary residence sales fell 4.1 percent to 4.82 million in 2006 from 5.02 million in 2005.
Read more at Reuters.com Bonds News
Rand recoups losses against dollar
(Reuters) - South Africa's rand regained ground against the dollar on Monday, reversing earlier losses of around 1.7 percent triggered by political uncertainty in fellow emerging market Turkey.
The rand was at 7.0425 to the dollar at around 1420 GMT, little changed from its previous New York close of 7.04, after strengthening to a session high as 7.0340/dollar slightly earlier.
Read more at Reuters Africa
The rand was at 7.0425 to the dollar at around 1420 GMT, little changed from its previous New York close of 7.04, after strengthening to a session high as 7.0340/dollar slightly earlier.
Read more at Reuters Africa
UPDATE 1-Brazil March primary budget surplus falls sharply
(Reuters) - The result was lower than the 9 billion reais median estimate of 14 economists in a Reuters poll. The estimates ranged from 6 billion reais to 13 billion reais.
Brazil posted posted a primary budget surplus of 6.68 billion reais in February this year.
Read more at Reuters.com Economic News
Brazil posted posted a primary budget surplus of 6.68 billion reais in February this year.
Read more at Reuters.com Economic News
Wall St indexes open flat after runup
(Reuters) - March inflation data was reassuring, showing core personal consumption expenditures surprisingly unchanged.
Investors were also cheered by stronger-than-expected profits from companies such as RadioShack Corp. and news of a takeover of New York-based International Securities Exchange.
Read more at Reuters.com Business News
Investors were also cheered by stronger-than-expected profits from companies such as RadioShack Corp. and news of a takeover of New York-based International Securities Exchange.
Read more at Reuters.com Business News
CNA Financial posts higher first-quarter earnings
(Reuters) - CNA, which is mostly owned by New York conglomerate Loews Corp. ) Keywords: CNAFINANCIAL RESULTS/
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Loews profit up on insurance, tobacco
(Reuters) - Profit attributable to Loews shareholders rose to $650.7 million, or $1.20 per share, from $473.4 million, or 85 cents.
Excluding investment gains and losses, profit totaled about $1.07 per share. Analysts on average expected profit of 95 cents per share, according to Reuters Estimates. Revenue rose 10 percent to $4.66 billion.
Read more at Reuters.com Market News
Excluding investment gains and losses, profit totaled about $1.07 per share. Analysts on average expected profit of 95 cents per share, according to Reuters Estimates. Revenue rose 10 percent to $4.66 billion.
Read more at Reuters.com Market News
Verizon qtly profit falls, subscribers grow
(Reuters) - NEW YORK, April 30 - Verizon Communications on Monday reported a fall in first-quarter profit due to discontinued operations, although profit from continuing operations rose in line with expectations amid strong wireless and Internet growth.
Quarterly profit fell to $1.5 billion, or 51 cents a share, from $1.6 billion or 56 cents a share a year earlier. The year-ago figures included a directories business that it has since spun off and assets in the Dominican Republic and Puerto Rico that it has since sold.
Read more at Reuters.com Market News
Quarterly profit fell to $1.5 billion, or 51 cents a share, from $1.6 billion or 56 cents a share a year earlier. The year-ago figures included a directories business that it has since spun off and assets in the Dominican Republic and Puerto Rico that it has since sold.
Read more at Reuters.com Market News
Sterling Financial to restate results after probe
(Reuters) - Although management has not determined the extent of the impact of these irregularities, they are expected to be material for the years 2006, 2005, and 2004 and may also be material for prior years, the company said in a regulatory filing.
It expects to restate earnings for those periods and said it may need to raise additional capital.
Read more at Reuters.com Government Filings News
It expects to restate earnings for those periods and said it may need to raise additional capital.
Read more at Reuters.com Government Filings News
CORRECTED - TREASURIES-Bond prices rise ahead of inflation data
(Reuters) - Still, bond yields stayed within a recent range as the market awaited U.S. Personal Consumption Expenditure data for March for signs of inflation that exceed the Federal Reserve's comfort zone of 1 to 2 percent annually. The data, due at 8:30 a.m. _, is commanding special attention because of a higher-than-expected inflation reading included in Friday's report on first-quarter gross domestic product.
The Fed has repeatedly emphasized that inflation is one of its highest priorities when considering monetary policy.
Read more at Reuters.com Bonds News
The Fed has repeatedly emphasized that inflation is one of its highest priorities when considering monetary policy.
Read more at Reuters.com Bonds News
Sysco quarterly profit rises
(Reuters) - Analysts were expecting the company to earn 36 cents a share, excluding items, according to Reuters Estimates.
Net sales for the quarter were up 5.3 percent at $8.57 billion, slightly missing analysts' estimate of $8.8 billion.
Read more at Reuters.com Business News
Net sales for the quarter were up 5.3 percent at $8.57 billion, slightly missing analysts' estimate of $8.8 billion.
Read more at Reuters.com Business News
Loews profit rises
(Reuters) - Profit attributable to Loews shareholders rose to $650.7 million, or $1.20 per share, from $473.4 million, or 85 cents.
Excluding investment gains and losses, profit totaled about $1.07 per share. Analysts on average expected profit of 95 cents per share, according to Reuters Estimates. Revenue rose 10 percent to $4.66 billion.
Read more at Reuters.com Business News
Excluding investment gains and losses, profit totaled about $1.07 per share. Analysts on average expected profit of 95 cents per share, according to Reuters Estimates. Revenue rose 10 percent to $4.66 billion.
Read more at Reuters.com Business News
Liberia Senate approves $1 bln Mittal iron deal
(Reuters) - Liberia's Senate has approved a $1 billion iron ore mining deal signed with the world's largest steel producer, Arcelor Mittal, opening the way for the start of the project, the government said on Monday.
Liberia's upper house of parliament approved the project in a special session late on Friday and the formal ratification was announced on Monday by Information Minister Lawrence Bropleh. The lower house endorsed the project last week.
Read more at Reuters Africa
Liberia's upper house of parliament approved the project in a special session late on Friday and the formal ratification was announced on Monday by Information Minister Lawrence Bropleh. The lower house endorsed the project last week.
Read more at Reuters Africa
Canadian Stocks May Gain on Economic Growth; Sun Life, CIBC May Advance
(Bloomberg) -- Canadian stocks may gain after a report showed that the nation's economy expanded at a faster-than- expected rate, allaying concern that profits may decline as growth falters in the U.S., Canada's biggest export market.
Financial shares, seen as a proxy for the broader market may rise, led by Sun Life Financial Inc., which is scheduled to report first-quarter earnings tomorrow.
Read more at Bloomberg Stocks News
Financial shares, seen as a proxy for the broader market may rise, led by Sun Life Financial Inc., which is scheduled to report first-quarter earnings tomorrow.
Read more at Bloomberg Stocks News
Crude Oil Falls on Signs of Reduced Demand After U.S. Refiners Shut Units
(Bloomberg) -- Crude oil fell on speculation that demand will declined because U.S. refiners unexpectedly shut units over the weekend.
Exxon Mobil Corp., Citgo Petroleum Corp. and Gary-Williams Energy Co. cut output at refineries in Texas and Oklahoma since April 27. U.S. refiners are finishing maintenance and starting to maximize gasoline output as they prepare for the summer driving season. U.S. gasoline demand peaks between the Memorial Day holiday in late May and Labor Day in early September.
Read more at Bloomberg Commodities News
Exxon Mobil Corp., Citgo Petroleum Corp. and Gary-Williams Energy Co. cut output at refineries in Texas and Oklahoma since April 27. U.S. refiners are finishing maintenance and starting to maximize gasoline output as they prepare for the summer driving season. U.S. gasoline demand peaks between the Memorial Day holiday in late May and Labor Day in early September.
Read more at Bloomberg Commodities News
Wall St heads for flat opening; data on tap
(Reuters) - Stocks will also receive direction from a slew of data on personal income and consumption, the Federal Reserve's preferred inflation gauge, at 8:30 a.m. and the National Association of Purchasing Management-Chicago will report on Midwest business conditions at 9:45 a.m. .
"Investors are worried about how far the indexes have come and the fact that the general economic news is not that positive," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.
Read more at Reuters.com Hot Stocks News
"Investors are worried about how far the indexes have come and the fact that the general economic news is not that positive," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.
Read more at Reuters.com Hot Stocks News
Chairman was joking about Telefonica shares-Pirelli
(Reuters) - MILAN, April 30 - Pirelli in our core sectors. We have big projects ... and with what's left over, I will buy Telefonica shares," Marco Tronchetti Provera told La Stampa newspaper in an interview published on Monday.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
FTSE up ahead of data, oils and C&W support
(Reuters) - The FTSE 100 index Britain's leading shares edged up 0.35 percent on Monday as a subdued start to the week's trading weighed slightly but oil stocks and break-up talk on telecoms group Cable & Wireless buoyed the market.
Shares in Cable & Wireless added 4.5 percent in early trade after weekend media reports that it is considering a break-up of its telecommunications company via separate sales of its British and international businesses to private equity groups or foreign rivals. Cable & Wireless was not immediately available for comment.
Read more at Reuters Africa
Shares in Cable & Wireless added 4.5 percent in early trade after weekend media reports that it is considering a break-up of its telecommunications company via separate sales of its British and international businesses to private equity groups or foreign rivals. Cable & Wireless was not immediately available for comment.
Read more at Reuters Africa
Cemex plans euro perpetual debentures -lead
(Reuters) - It is secured by a first-priority claim on dual-currency notes and extinguishable coupon swaps guaranteed by Cemex SAB de CV, New Sunward Holding BV and Cemex Mexico SA de CV. Barclays Capital and JP Morgan are managing the sale. A roadshow will be held on Tuesday and Wednesday, the official said.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Peru Copper, Zinc Miners Begin National Strike, May Disrupt Metals Output
(Bloomberg) -- Miners in Peru began their first national strike in three years and threatened to disrupt global supplies of metals such as copper, zinc and gold after weekend talks with the government failed.
Workers at two of Southern Copper Corp. mines and zinc producer Volcan Cia. Minera SA began the strike at 1 a.m. New York time today, Mining Federation Secretary General Luis Castillo said in a phone interview from Lima. Some 70 unions including those at Newmont Mining Corp.'s Yanacocha gold mine and Doe Run Resources Corp.'s La Oroya poly-metallic smelter may follow, the union said.
Read more at Bloomberg Emerging Markets News
Workers at two of Southern Copper Corp. mines and zinc producer Volcan Cia. Minera SA began the strike at 1 a.m. New York time today, Mining Federation Secretary General Luis Castillo said in a phone interview from Lima. Some 70 unions including those at Newmont Mining Corp.'s Yanacocha gold mine and Doe Run Resources Corp.'s La Oroya poly-metallic smelter may follow, the union said.
Read more at Bloomberg Emerging Markets News
Treasuries Rise on Speculation Inflation Will Slow Enough to Lower Rates
(Bloomberg) -- U.S. Treasuries rose on speculation inflation may slow enough in coming months to enable the Federal Reserve to cut interest rates.
Economists at Goldman Sachs Group Inc., Merrill Lynch & Co., and UBS AG say the worst U.S. housing slump in a decade may drive the economy into a recession and stifle consumer prices. The world's biggest economy expanded at an annual rate of 1.3 percent last quarter, the Commerce Department said April 27, slower than what economists expected.
Read more at Bloomberg Bonds News
Economists at Goldman Sachs Group Inc., Merrill Lynch & Co., and UBS AG say the worst U.S. housing slump in a decade may drive the economy into a recession and stifle consumer prices. The world's biggest economy expanded at an annual rate of 1.3 percent last quarter, the Commerce Department said April 27, slower than what economists expected.
Read more at Bloomberg Bonds News
European stocks steady, Telecom Italia gains
(Reuters) - European stocks were flat in early trade on Monday, led by gains in Telecom Italia, but concerns about U.S. growth persisted in the broader market.
Shares of Telecom Italia and Pirelli both rose 1 percent after Pirelli sold control of Italy's largest phone group to a group of Italian investors and Telefonica. Telefonica rose 1 percent.
Read more at Reuters Africa
Shares of Telecom Italia and Pirelli both rose 1 percent after Pirelli sold control of Italy's largest phone group to a group of Italian investors and Telefonica. Telefonica rose 1 percent.
Read more at Reuters Africa
Carrefour shareholders vote on boardroom deal
(Reuters) - The two groups staged a share raid on Carrefour in March, sparking speculation they would try to force Carrefour to sell off its real estate assets, which they believe to be worth as much as twice the 15 billion euros value given by management.
At the same time, Carrefour went through upheaval over the sacking of its chairman following a rift with the Halley family.
Read more at Reuters.com Mergers News
At the same time, Carrefour went through upheaval over the sacking of its chairman following a rift with the Halley family.
Read more at Reuters.com Mergers News
Kookmin Bank Q1 net at record on LG Card share sale
(Reuters) - Kookmin, which has almost one of every two South Koreans as a customer, earned 1.18 trillion won in the quarter ended March, versus 803.0 billion won a year earlier and 214.0 billion in the last quarter of 2006.
The result slightly topped an average forecast of a 1.07 trillion won profit from 10 analysts surveyed by Reuters and marked its biggest quarterly profit since earning 923.9 billion won in the third quarter of 2005.
Read more at Reuters.com Market News
The result slightly topped an average forecast of a 1.07 trillion won profit from 10 analysts surveyed by Reuters and marked its biggest quarterly profit since earning 923.9 billion won in the third quarter of 2005.
Read more at Reuters.com Market News
Eni to Buy Dominion's Gulf of Mexico Exploration Assets for $4.8 Billion
(Bloomberg) -- Eni SpA, Europe's fourth-largest oil company, agreed to buy Dominion Resources Inc.'s exploration and production assets in the Gulf of Mexico for $4.8 billion to increase output.
The purchase will boost Eni's production in the Gulf to 110,000 barrels of oil equivalent a day by the second half of 2007, from 36,000 barrels a day currently, the Rome-based company said today in a statement distributed by the Italian Stock Exchange.
Read more at Bloomberg Energy News
The purchase will boost Eni's production in the Gulf to 110,000 barrels of oil equivalent a day by the second half of 2007, from 36,000 barrels a day currently, the Rome-based company said today in a statement distributed by the Italian Stock Exchange.
Read more at Bloomberg Energy News
Sunday, April 29, 2007
Platinum Rises Amid Speculation Demand Will Rise; Palladium Little Changed
(Bloomberg) -- Platinum rose in Asian trade today amid continuing speculation that new exchange-traded funds for precious metals will boost demand. Palladium was little changed.
Zuercher Kantonalbank, Switzerland's biggest government- controlled cantonal lender, will introduce ETFs for platinum, palladium and silver on May 10. ETFS Physical Platinum was introduced in London last week by Channel Islands-based ETF Securities Ltd.
Read more at Bloomberg Commodities News
Zuercher Kantonalbank, Switzerland's biggest government- controlled cantonal lender, will introduce ETFs for platinum, palladium and silver on May 10. ETFS Physical Platinum was introduced in London last week by Channel Islands-based ETF Securities Ltd.
Read more at Bloomberg Commodities News
DaVita 1st-qtr profit rises
(Reuters) - Wall Street analysts had on average forecast 72 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Southern Copper Workers in Peru Strike as Government Talks Fall Through
(Bloomberg) -- Southern Copper Corp. workers at the company's Peruvian smelter began a work stoppage for higher wages even as talks with the government to prevent tomorrow's national mining strike ended without an agreement, a union official said today.
Some 80 unions, including Newmont Mining Corp.'s Yanacocha gold mine, Doe Run Resources Corp.'s La Oroya poly-metallic smelter and zinc producer Volcan Cia. Minera SA, will go on strike starting 1 a.m. New York time, said Luis Castillo, general secretary of Peru's Mining Federation. The Lima-based group represents about 28,000 of Peru's 100,000 mine workers.
Read more at Bloomberg Commodities News
Some 80 unions, including Newmont Mining Corp.'s Yanacocha gold mine, Doe Run Resources Corp.'s La Oroya poly-metallic smelter and zinc producer Volcan Cia. Minera SA, will go on strike starting 1 a.m. New York time, said Luis Castillo, general secretary of Peru's Mining Federation. The Lima-based group represents about 28,000 of Peru's 100,000 mine workers.
Read more at Bloomberg Commodities News
UPDATE 1-Yahoo to buy rest of Right Media for $680 mln
(Reuters) - The Right Media Exchange is the industry's largest emerging online advertising exchange, which serve up banner ads and other ad formats to less trafficked parts of Web sites than traditional premium ad networks, which target busy sites.
Yahoo, the market leader in display advertising used by big brand-name marketers, is seeking to boost its presence in the fast-growing market for advertising that can be micro-targeted to small audiences such as individual social network profiles.
Read more at Reuters.com Mergers News
Yahoo, the market leader in display advertising used by big brand-name marketers, is seeking to boost its presence in the fast-growing market for advertising that can be micro-targeted to small audiences such as individual social network profiles.
Read more at Reuters.com Mergers News
UPDATE 2-Australia's Orica strong H1 may deter new bids
(Reuters) - Shares in the world's top explosives maker fell as much as 2 percent on Monday after some disappointment that the company did not provide stronger justification for rejecting a bid from a consortium led by Bain Capital and Blackstone Group.
Investors saw a 39 percent rise in first-half profit and the forecast of a significantly higher annual profit as cutting the chance of a renewed approach.
Read more at Reuters.com Market News
Investors saw a 39 percent rise in first-half profit and the forecast of a significantly higher annual profit as cutting the chance of a renewed approach.
Read more at Reuters.com Market News
Asia for Me, Europe for You, and Who Gets Chicago?: Commentary by D. Pauly
(Bloomberg) -- Takeover machinations are reaching a new peak.
Rival bids for ABN Amro Holding NV, which does banking in 53 countries, may bring the final price for the Amsterdam-based company to more than $100 billion.
Read more at Bloomberg Stocks News
Rival bids for ABN Amro Holding NV, which does banking in 53 countries, may bring the final price for the Amsterdam-based company to more than $100 billion.
Read more at Bloomberg Stocks News
Asian Product Tanker Rates Gain on Hiring Before Holidays in Japan, China
(Bloomberg) -- The cost of hiring tankers to ship gasoline, diesel and other so-called clean petroleum products on Asian routes rose to the highest in almost three months as traders booked vessels before holidays this week.
Rates to transport a 30,000 metric ton cargo on the benchmark route from Singapore to Japan rose 3.7 percent on April 27 to Worldscale 210.83, the highest since Feb. 1, according to London's Baltic Exchange. That pegs the cost of shipping a gallon fuel on the route at 5.7 cents, according to calculations based on data compiled by Bloomberg
Read more at Bloomberg Energy News
Rates to transport a 30,000 metric ton cargo on the benchmark route from Singapore to Japan rose 3.7 percent on April 27 to Worldscale 210.83, the highest since Feb. 1, according to London's Baltic Exchange. That pegs the cost of shipping a gallon fuel on the route at 5.7 cents, according to calculations based on data compiled by Bloomberg
Read more at Bloomberg Energy News
Taiwan's Dollar Falls to Six-Month Low on Low Rates; Government Bonds Gain
(Bloomberg) -- Taiwan's dollar weakened to the lowest in six months on speculation investors will sell the currency to buy higher-yielding assets overseas.
The currency headed for a fifth monthly loss as the island's key interest rate of 2.875 percent, the second-lowest in Asia after Japan, encouraged carry trades where investors borrow in Taiwan dollars to put money in assets abroad. In Indonesia, the benchmark rate is 6.125 percentage points higher than in Taiwan, while the U.S. rate is 2.375 points more.
Read more at Bloomberg Bonds News
The currency headed for a fifth monthly loss as the island's key interest rate of 2.875 percent, the second-lowest in Asia after Japan, encouraged carry trades where investors borrow in Taiwan dollars to put money in assets abroad. In Indonesia, the benchmark rate is 6.125 percentage points higher than in Taiwan, while the U.S. rate is 2.375 points more.
Read more at Bloomberg Bonds News
China Stocks Rise, Set for Record Month; China Vanke Advances on Earnings
(Bloomberg) -- China's stocks rose, set to complete a record monthly gain, after companies including China Vanke Co. and Hainan Airlines Co. reported higher earnings.
The benchmark CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, rose 21.23, or 0.6 percent, to 3492.27 at 10:20 a.m. local time. It's up 26 percent since March 30, headed for the biggest monthly increase since the benchmark was introduced in April 2005.
Read more at Bloomberg Stocks News
The benchmark CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, rose 21.23, or 0.6 percent, to 3492.27 at 10:20 a.m. local time. It's up 26 percent since March 30, headed for the biggest monthly increase since the benchmark was introduced in April 2005.
Read more at Bloomberg Stocks News
Swiss Lawmakers Debate Tighter Rules as Foreigners Spur Fears of Takeovers
(Bloomberg) -- Swiss lawmakers are discussing a tightening of takeover rules after foreign investors built stakes in some of the country's largest industrial companies, fueling concern they may be acquired.
Legislators in the capital Bern will today debate whether shareholders should reveal stakes of as little as 3 percent, including options. Investors must now report their holdings only when they reach 5 percent of a company's stock or 5 percent of options, enabling them to buy almost 10 percent undetected.
Read more at Bloomberg Currencies News
Legislators in the capital Bern will today debate whether shareholders should reveal stakes of as little as 3 percent, including options. Investors must now report their holdings only when they reach 5 percent of a company's stock or 5 percent of options, enabling them to buy almost 10 percent undetected.
Read more at Bloomberg Currencies News
Singapore's Stocks Decline, Led by DBS Group Holdings; Allgreen Climbs
(Bloomberg) -- Singapore's Straits Times Index fell 9.54, or 0.3 percent, to 3389.06 at 9:02 a.m local time. May futures were little changed at 413.8.
DBS Group Holdings Ltd. and United Overseas Bank Ltd. led declines, while Allgreen Properties Ltd. climbed.
Read more at Bloomberg Stocks News
DBS Group Holdings Ltd. and United Overseas Bank Ltd. led declines, while Allgreen Properties Ltd. climbed.
Read more at Bloomberg Stocks News
South Korean Export Growth Probably Accelerated on Demand for Ships, Steel
(Bloomberg) -- South Korea's export growth probably accelerated in April on increased demand for ships and steel. Consumer prices likely rose at a slower pace this month.
Overseas shipments gained 16.5 percent from a year ago after climbing 13.6 percent in March, according to the median estimate in a Bloomberg News survey of 11 economists. Consumer prices advanced an unadjusted 0.2 percent from March and 2.3 percent from a year earlier, the survey also showed. Trade figures will be released at 10 a.m. in Seoul on May 1 and the inflation report is due at 1:30 p.m. on the same day.
Read more at Bloomberg Bonds News
Overseas shipments gained 16.5 percent from a year ago after climbing 13.6 percent in March, according to the median estimate in a Bloomberg News survey of 11 economists. Consumer prices advanced an unadjusted 0.2 percent from March and 2.3 percent from a year earlier, the survey also showed. Trade figures will be released at 10 a.m. in Seoul on May 1 and the inflation report is due at 1:30 p.m. on the same day.
Read more at Bloomberg Bonds News
Australia's S&P/ASX 200 Index Rises, Led by BHP Billiton on Higher Copper
(Bloomberg) -- Australia's S&P/ASX 200 Index rose 7.0 points to 6159.30 as of 10:02 a.m. in Sydney. BHP Billiton Ltd. advanced.
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
Exporters, Hana Financial, Kookmin, Ssangyong: South Korea Stock Preview
(Bloomberg) -- The following shares may rise or fall in South Korea. Prices refer to the April 27 close. This preview includes news announced after markets shut. Stock symbols are in brackets after the company names.
The Kospi index slid 0.7 percent to 1542.52. The Kosdaq fell 0.9 percent to 675.52. Kospi 200 futures expiring in June retreated 0.8 percent to 199.45, while the underlying index lost 0.7 percent to 198.28.
Read more at Bloomberg Stocks News
The Kospi index slid 0.7 percent to 1542.52. The Kosdaq fell 0.9 percent to 675.52. Kospi 200 futures expiring in June retreated 0.8 percent to 199.45, while the underlying index lost 0.7 percent to 198.28.
Read more at Bloomberg Stocks News
BHP, Flight Centre, Orica, Paladin, Qantas, Rio: Australian Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may rise or fall in Australia. This preview includes news announced after markets closed on Friday. Australian prices are from Friday's close unless otherwise stated. New Zealand prices are today's. Stock symbols are in brackets after the company names.
The S&P/ASX 200 Index futures contract due in June added 0.2 percent to 6206 at 7:33 a.m. in Sydney. The Bank of New York Australia ADR Index fell 0.6 percent in New York.
Read more at Bloomberg Stocks News
The S&P/ASX 200 Index futures contract due in June added 0.2 percent to 6206 at 7:33 a.m. in Sydney. The Bank of New York Australia ADR Index fell 0.6 percent in New York.
Read more at Bloomberg Stocks News
Bernanke Is Wrong on Inflation, Interest Rates, Goldman, Merrill, UBS Say
(Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke's assertion that interest rates may need to increase to curb inflation is wrong. That's what Goldman Sachs Group Inc., Merrill Lynch & Co. and UBS AG are saying.
While Bernanke warned last month that the odds of worsening inflation have increased, chief economists at the three firms say the worst housing slump in a decade may drive the U.S. economy into a recession and stifle consumer prices. Their chief economists say the Fed will cut its target for overnight loans between banks at least three times this year.
Read more at Bloomberg Bonds News
While Bernanke warned last month that the odds of worsening inflation have increased, chief economists at the three firms say the worst housing slump in a decade may drive the U.S. economy into a recession and stifle consumer prices. Their chief economists say the Fed will cut its target for overnight loans between banks at least three times this year.
Read more at Bloomberg Bonds News
WEEKAHEAD-Emerging debt eyes U.S. data, risk tolerance up
(Reuters) - Investors will look at U.S. personal income for March, manufacturing and service sector indexes from the Institute for Supply Management, as well as nonfarm payrolls for April for signs of whether the U.S. economy is growing as expected and if inflation remains a concern.
Investors in emerging government paper have experienced a dream-like scenario where a moderate slowdown of the U.S. economy has not hurt demand for exports from developing economies, but has allowed U.S. interest rates to remain stable.
Read more at Reuters.com Bonds News
Investors in emerging government paper have experienced a dream-like scenario where a moderate slowdown of the U.S. economy has not hurt demand for exports from developing economies, but has allowed U.S. interest rates to remain stable.
Read more at Reuters.com Bonds News
RPT-Wall St Week Ahead: For stocks, earnings may offset jobs
(Reuters) - NEW YORK, April 29 - Should earnings keep beating analysts' forecasts this week, they are likely to be the big prop for stocks even if economic data such as Friday's April payrolls data turns out to be a disappointment.
A heavy schedule of corporate earnings will give investors plenty of numbers and trends to watch this week with Procter & Gamble Co. reporting on Tuesday and General Motors Corp. releasing results on Thursday.
Read more at Reuters.com Bonds News
A heavy schedule of corporate earnings will give investors plenty of numbers and trends to watch this week with Procter & Gamble Co. reporting on Tuesday and General Motors Corp. releasing results on Thursday.
Read more at Reuters.com Bonds News
Israel's Benchmark TA-25 Stock Index Declines From a Record, Led by Bezeq
(Bloomberg) -- Israel's benchmark stock index declined from a record, paced by Bezeq Ltd., after an external auditor uncovered ``procedural and fundamental flaws'' in the management of Israel's largest telecommunications company.
The TA-25 Index dropped 12.12, or 1.1 percent, to 1062.26 at 10:48 a.m. in Tel Aviv, as all but four shares fell.
Read more at Bloomberg Stocks News
The TA-25 Index dropped 12.12, or 1.1 percent, to 1062.26 at 10:48 a.m. in Tel Aviv, as all but four shares fell.
Read more at Bloomberg Stocks News
Saturday, April 28, 2007
UPDATE 2-Fed's Yellen says U.S. economic downturn possible
(Reuters) - WASHINGTON, April 28 - There is the potential for a downturn in the U.S. economy that could have ripple effects around the world, San Francisco Federal Reserve President Janet Yellen said on Saturday.
The U.S. economy grew modestly in the first quarter but should accelerate in the second half of the year, she said in a speech to the American Academy of Arts and Sciences and the American Philosophical Society.
Read more at Reuters.com Bonds News
The U.S. economy grew modestly in the first quarter but should accelerate in the second half of the year, she said in a speech to the American Academy of Arts and Sciences and the American Philosophical Society.
Read more at Reuters.com Bonds News
Airbus details job cuts, 4,100 in France: report
(Reuters) - Airbus told employees in a works council meeting on Friday that 2,305 posts would vanish at Airbus France production sites at Toulouse, southwestern France, and 964 jobs would disappear at the company's headquarters, also in Toulouse, Le Monde reported.
Due to the presence of the headquarters, the French city is the most affected by the restructuring, caused by a weak dollar and delays to the A380 superjumbo.
Read more at Reuters.com Business News
Due to the presence of the headquarters, the French city is the most affected by the restructuring, caused by a weak dollar and delays to the A380 superjumbo.
Read more at Reuters.com Business News
UPDATE 1-India ICICI Bank Q4 net below expectations
(Reuters) - The sale, the biggest ever by an Indian firm, will go towards funding various infrastructure and capacity expansions of Indian corporates which are expected to total around $500 billion in the next few years.
The third equity issue in five years by the lender is expected in June, on both the domestic and the U.S. market, boosting the bank's capital adequacy ratio to about 21 percent from 11.7 percent, at the current stock price. Regulations mandate 9 percent.
Read more at Reuters.com Market News
The third equity issue in five years by the lender is expected in June, on both the domestic and the U.S. market, boosting the bank's capital adequacy ratio to about 21 percent from 11.7 percent, at the current stock price. Regulations mandate 9 percent.
Read more at Reuters.com Market News
U.S. Stocks Rise for a Fourth Straight Week; Dow Jones Average Tops 13,000
(Bloomberg) -- U.S. stocks rose for the fourth straight week, sending the Dow Jones Industrial Average above 13,000 for the first time, after profit reports that topped analysts' estimates and a surge in takeovers reinforced speculation that shares are cheap.
3M Co. and Boeing Co. led the Dow average to three straight records after saying first-quarter earnings were buoyed by fast- growing economies abroad. Bids for MedImmune Inc. and Harman International Industries Inc. helped the Standard & Poor's 500 Index extend its best start to any year this decade.
Read more at Bloomberg Stocks News
3M Co. and Boeing Co. led the Dow average to three straight records after saying first-quarter earnings were buoyed by fast- growing economies abroad. Bids for MedImmune Inc. and Harman International Industries Inc. helped the Standard & Poor's 500 Index extend its best start to any year this decade.
Read more at Bloomberg Stocks News
U.S. Treasury's Kimmitt declines dollar comment
(Reuters) - "There is only one person who can speak about the dollar... I will leave it there," he said at a conference in Brussels.
The euro pushed over $1.3680, the highest level since the launch of the common European currency in 1999, after a report showed the U.S. economy grew by just 1.3 percent in the first quarter of the year.
Read more at Reuters.com Business News
The euro pushed over $1.3680, the highest level since the launch of the common European currency in 1999, after a report showed the U.S. economy grew by just 1.3 percent in the first quarter of the year.
Read more at Reuters.com Business News
S. African Rand Gains for Second Week as Inflation Points to Higher Rates
(Bloomberg) -- The South African rand gained for a second week on speculation the yield attraction of local assets will improve, attracting more so-called carry trades.
The currency has gained more than 2 percent in the past two weeks, partly buoyed by speculation inflation at the highest in more than three years will prompt the central bank to raise interest rates. The dollar fell after a report showed the economy grew last quarter at the slowest pace in four years, prompting speculation the Federal Reserve may lower its benchmark rate.
Read more at Bloomberg Currencies News
The currency has gained more than 2 percent in the past two weeks, partly buoyed by speculation inflation at the highest in more than three years will prompt the central bank to raise interest rates. The dollar fell after a report showed the economy grew last quarter at the slowest pace in four years, prompting speculation the Federal Reserve may lower its benchmark rate.
Read more at Bloomberg Currencies News
Friday, April 27, 2007
U.S. wants more S.Korea beef steps before trade deal
(Reuters) - "The with Korea will not be ratified until Korea opens its market in accordance with international standards," said USDA spokesman Keith Williams.
"South Korea must take some additional steps to ensure that its beef import standards are based on science ... recognizing the safety of U.S. beef."
Read more at Reuters.com Business News
"South Korea must take some additional steps to ensure that its beef import standards are based on science ... recognizing the safety of U.S. beef."
Read more at Reuters.com Business News
Asian Currencies: Korean Won Falls on Deficit; Singapore's Dollar Declines
(Bloomberg) -- South Korea's won dropped for the first week this month as a central bank official said the nation may post another current-account deficit following the March shortfall, which was the widest in almost a year.
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the country than coming in. The deficit is widening on rising dividend payments to offshore investors, who owned 37 percent of the shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the country than coming in. The deficit is widening on rising dividend payments to offshore investors, who owned 37 percent of the shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
S&P upgrades LUKOIL's debt to investment grade
(Reuters) - "The latter implies projected investments of $78 billion over the period, potentially rising to $112 billion when including the $34 billion acquisition budget," S&P said.
The firm has said it would complete the purchase of 376 retail stations in six European countries from its partner Conoco in the second quarter of 2007.
Read more at Reuters.com Bonds News
The firm has said it would complete the purchase of 376 retail stations in six European countries from its partner Conoco in the second quarter of 2007.
Read more at Reuters.com Bonds News
Chrysler plans cut in fleet sales
(Reuters) - Steven Landry, who was named on Friday to take over Chrysler's sales efforts in North America, said the automaker plans to reduce fleet sales to 21 percent of its total sales volume by end 2009.
The plan also forecasts a reduction in sales to car rental agencies to 15 percent of Chrysler's volume over the same time period, he said.
Read more at Reuters.com Business News
The plan also forecasts a reduction in sales to car rental agencies to 15 percent of Chrysler's volume over the same time period, he said.
Read more at Reuters.com Business News
S&P 500 Falls as GDP Growth Slows; Dow Advances to Record on Microsoft
(Bloomberg) -- The Standard & Poor's 500 Index dropped after the economy grew in the first quarter at the slowest pace in four years, while Microsoft Corp.'s improved sales forecast sent the Dow Jones Industrial Average to a record.
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
Banorte, Edelnor, Petrobras, Vale, Wal-Mart de Mexico: Latin Equity Movers
(Bloomberg) -- Mexico's Bolsa fell the most in more than six weeks as the central bank unexpectedly raised interest rates.
Mexico's Bolsa index fell 493.35, or 1.7 percent, to 28,849.35 at 11:43 a.m. New York time, headed for a weekly decline of 3.3 percent. Brazil's Bovespa index of the most-traded stocks on the Sao Paulo exchange fell 465.64, or 1 percent, to 48,602.05, for a weekly decline of 1.6 percent.
Read more at Bloomberg Stocks News
Mexico's Bolsa index fell 493.35, or 1.7 percent, to 28,849.35 at 11:43 a.m. New York time, headed for a weekly decline of 3.3 percent. Brazil's Bovespa index of the most-traded stocks on the Sao Paulo exchange fell 465.64, or 1 percent, to 48,602.05, for a weekly decline of 1.6 percent.
Read more at Bloomberg Stocks News
ABN set to allow RBS group due diligence - source
(Reuters) - ABN AMRO is likely to modify a "standstill" condition attached to opening its books to a group of suitors led by Royal Bank of Scotland, a source familiar with the situation said on Friday.
The RBS-led group on Thursday called on ABN to drop the clause, which would prevent them from making an unsolicited approach for ABN for 12 months. ABN had agreed to give the banks access its books if they agreed to the condition.
Read more at Reuters Africa
The RBS-led group on Thursday called on ABN to drop the clause, which would prevent them from making an unsolicited approach for ABN for 12 months. ABN had agreed to give the banks access its books if they agreed to the condition.
Read more at Reuters Africa
EU approves acquisition of UGS by Siemens
(Reuters) - Plano, Texas-based UGS is owned by three private equity firms -- Bain Capital, Silver Lake Partners and Warburg Pincus, which bought UGS from technology services provider Electronic Data Systems in March 2004 for $2.05 billion.
The Siemens/UGS deal won approval from U.S. antitrust authorities in February.
Read more at Reuters.com Mergers News
The Siemens/UGS deal won approval from U.S. antitrust authorities in February.
Read more at Reuters.com Mergers News
UPDATE 1-Fed drains reserves via 3-day reverse repos
(Reuters) - The Fed accepted Treasuries at a stop-out rate of 5.14 percent for the latest reverse repo operation.
On Wednesday, it conducted its first reverse repo, formerly known as a matched sale, since 2004. That removed $5.25 billion in bank reserves temporarily.
Read more at Reuters.com Bonds News
On Wednesday, it conducted its first reverse repo, formerly known as a matched sale, since 2004. That removed $5.25 billion in bank reserves temporarily.
Read more at Reuters.com Bonds News
Dendreon Short Sellers Bet That its Cancer Drug Won't Win U.S. Approval
(Bloomberg) -- Dendreon Corp. shares are being sold short at a record pace as some investors bet the company's experimental prostate cancer drug will fail to win approval from U.S. regulators.
About 44 percent of Dendreon shares in mid-April were borrowed stock sold short, in anticipation of being replaced at a lower price, according to Nasdaq Stock Market data compiled by Bloomberg. That's a big bet against a stock that has tripled since March 29, when advisers to the Food and Drug Administration recommended the medicine.
Read more at Bloomberg Stocks News
About 44 percent of Dendreon shares in mid-April were borrowed stock sold short, in anticipation of being replaced at a lower price, according to Nasdaq Stock Market data compiled by Bloomberg. That's a big bet against a stock that has tripled since March 29, when advisers to the Food and Drug Administration recommended the medicine.
Read more at Bloomberg Stocks News
Microsoft shares rise after earnings report
(Reuters) - Microsoft said on Thursday its quarterly results, which included a 32 percent rise in revenue, were driven by sales of Vista, introduced to businesses late last year and to individuals this year.
Microsoft said it expects the latest versions of Vista and Office 2007 products to underpin profit growth over the next few years. Those two product lines alone account for more than half of Microsoft's revenue and a majority of its profits.
Read more at Reuters.com Hot Stocks News
Microsoft said it expects the latest versions of Vista and Office 2007 products to underpin profit growth over the next few years. Those two product lines alone account for more than half of Microsoft's revenue and a majority of its profits.
Read more at Reuters.com Hot Stocks News
U.S. Stocks Fall as Economic Growth Slows, Inflation Gains; JetBlue Drops
(Bloomberg) -- U.S. stocks dropped after the economy grew in the first quarter at the slowest pace in four years, overshadowing a forecast for higher sales by Microsoft Corp., the world's biggest software maker.
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
CORRECTED - Fed drains reserves via 3-day reverse repos
(Reuters) - Fed funds traded at 5.25 percent, the Fed's target for the benchmark overnight lending rate, at the time of the operation.
For further details on the operation, see http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Read more at Reuters.com Bonds News
For further details on the operation, see http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Read more at Reuters.com Bonds News
April consumer sentiment at 7-month low: UMich
(Reuters) - The Reuters/University of Michigan Surveys of Consumers said the final April reading of its consumer sentiment index slid to 87.1 from 88.4 in March. It was the third straight monthly fall in the index.
April's final result was the lowest since 85.4 in September 2006 but was up from the 85.3 preliminary April reading. The median forecast among analysts polled by Reuters was 85.2. The 54 forecasts ranged from 84.0 to 88.8.
Read more at Reuters.com Business News
April's final result was the lowest since 85.4 in September 2006 but was up from the 85.3 preliminary April reading. The median forecast among analysts polled by Reuters was 85.2. The 54 forecasts ranged from 84.0 to 88.8.
Read more at Reuters.com Business News
UPDATE 1-Omnicare profit off, forecast is cut; stock slumps
(Reuters) - Omnicare, which supplies pharmaceuticals to nursing homes, reported first-quarter profit of $43.0 million, or 35 cents per share, down from $53.2 million, or 43 cents per share, a year earlier.
Excluding special items, earnings were 47 cents per share, down from 70 cents a year ago.
Read more at Reuters.com Market News
Excluding special items, earnings were 47 cents per share, down from 70 cents a year ago.
Read more at Reuters.com Market News
FX Concepts' Taylor Says Dollar May Fall to $1.50 Versus Euro Next Year
(Bloomberg) -- John Taylor, chairman of FX Concepts Inc., a New York firm that manages about $12 billion in currencies, said the dollar will weaken over the longer term. He spoke during a telephone interview, following release of the first-quarter gross domestic product report.
``I think the dollar is going to be fine for a month or two. Most of the economists say that the U.S. economy is going to look stronger and believe the reasons why the GDP fell so much are flukes and that they will correct themselves in the second quarter. That's why we don't see the dollar plummet today.''
Read more at Bloomberg Currencies News
``I think the dollar is going to be fine for a month or two. Most of the economists say that the U.S. economy is going to look stronger and believe the reasons why the GDP fell so much are flukes and that they will correct themselves in the second quarter. That's why we don't see the dollar plummet today.''
Read more at Bloomberg Currencies News
Avid, Baidu.com, Broadcom, Medicines Co., Microsoft: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 9:30 a.m. New York
Avid Technology Inc. (AVID US) fell $4.66, or 12 percent, to $34 and traded as low as $33.87. The maker of sound- and video- editing systems said it broke even in the fiscal first quarter. Seven analysts polled by Bloomberg, on average, estimated profit of 20 cents a share.
Read more at Bloomberg Stocks News
Avid Technology Inc. (AVID US) fell $4.66, or 12 percent, to $34 and traded as low as $33.87. The maker of sound- and video- editing systems said it broke even in the fiscal first quarter. Seven analysts polled by Bloomberg, on average, estimated profit of 20 cents a share.
Read more at Bloomberg Stocks News
Merck says FDA rejects Arcoxia arthritis drug
(Reuters) - Merck had been awaiting approval since December 2003 for the oral medicine, which is already sold in more than 60 other countries. Merck had asked the FDA to approve 30- and 60-milligram doses of Arcoxia to treat osteoarthritis -- the most common form of arthritis caused by wear and tear of the joints.
Recent studies of 90-milligram doses of Arcoxia -- the dose widely used overseas to treat rheumatoid arthritis -- have linked Arcoxia to elevated rates of blood pressure, tissue swelling that can lead to heart problems and congestive heart failure. The same problems had been seen in studies of Vioxx, which Merck withdrew in September 2004 after it was linked to heart attacks among long-term users.
Read more at Reuters.com Government Filings News
Recent studies of 90-milligram doses of Arcoxia -- the dose widely used overseas to treat rheumatoid arthritis -- have linked Arcoxia to elevated rates of blood pressure, tissue swelling that can lead to heart problems and congestive heart failure. The same problems had been seen in studies of Vioxx, which Merck withdrew in September 2004 after it was linked to heart attacks among long-term users.
Read more at Reuters.com Government Filings News
Wall Street set to open lower on weak GDP
(Reuters) - earnings.
A higher-than-expected measure of core personal consumption expenditures, an inflation gauge, contributed to the steeper drop by futures, adding to speculation that inflation may be quickening despite flagging economic growth.
Read more at Reuters.com Hot Stocks News
A higher-than-expected measure of core personal consumption expenditures, an inflation gauge, contributed to the steeper drop by futures, adding to speculation that inflation may be quickening despite flagging economic growth.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Canada manufacturers more upbeat on output, demand
(Reuters) - Twenty-two percent of firms surveyed said they would boost production in the quarter, up from 18 percent in the first quarter, and 62 percent said production volumes would be about the same.
Only 16 percent expect to scale back output compared with 23 percent previously.
Read more at Reuters.com Economic News
Only 16 percent expect to scale back output compared with 23 percent previously.
Read more at Reuters.com Economic News
UPDATE 1-Ceradyne profit rises on body armor sales
(Reuters) - Ceradyne said profit rose to $38.1 million, or $1.38 per share, from $24.6 million, or 90 cents per share, a year earlier.
Wall Street had expected profit of $1.32 per share, on average, according to Reuters Estimates.
Read more at Reuters.com Market News
Wall Street had expected profit of $1.32 per share, on average, according to Reuters Estimates.
Read more at Reuters.com Market News
Indonesia Permits Import of Additional 33,050 Metric Tons of Raw Sugar
(Bloomberg) -- Indonesia has issued a permit to import another 33,050 metric tons of raw sugar to meet demand, a government official said.
That brings the total this year to 218,563 tons of the sweetener, said Alberth Yusuf Tubogu, import director at the Ministry of Trade, in an interview in Jakarta.
Read more at Bloomberg Commodities News
That brings the total this year to 218,563 tons of the sweetener, said Alberth Yusuf Tubogu, import director at the Ministry of Trade, in an interview in Jakarta.
Read more at Bloomberg Commodities News
Virginia Tobacco Debt, Hospital Bonds Lead $8 Billion in Municipal Sales
(Bloomberg) -- State and local governments borrowed more than $8 billion for a second week, led by new bond issues from Virginia and the nonprofit hospital networks of Sutter Health in California and Baptist Health South Florida.
A Virginia bond trust sold $1.1 billion of debt backed by annual settlement payments from cigarette makers, while Sutter and Baptist Health sold a combined $1.68 billion of hospital revenue bonds through state authorities.
Read more at Bloomberg Bonds News
A Virginia bond trust sold $1.1 billion of debt backed by annual settlement payments from cigarette makers, while Sutter and Baptist Health sold a combined $1.68 billion of hospital revenue bonds through state authorities.
Read more at Bloomberg Bonds News
UPDATE 1-Ingersoll-Rand 1st-qtr profit falls 14 pct
(Reuters) - Earnings fell 14 percent, to $217.5 million, or 70 cents a share, compared with $253.2 million, or 76 cents a share, a year earlier.
Analysts, on average, expected profit of 69 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts, on average, expected profit of 69 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
ITT profit beats Wall St, raises forecast
(Reuters) - Sales rose in each its three operating areas -- fluid technology, defense, and flow control products -- but ITT said profit was cut by the sale of pump and fluid handling businesses last year.
Profit beat Wall Street's average forecast of 69 cents per share, according to Reuters Estimates.
Read more at Reuters.com Business News
Profit beat Wall Street's average forecast of 69 cents per share, according to Reuters Estimates.
Read more at Reuters.com Business News
Deutsche Post Shares Climb to a Record on Speculation TCI May Buy Stake
(Bloomberg) -- Shares of Deutsche Post AG, Europe's biggest mail carrier, rose as much as 6.5 percent to a record on speculation that TCI, a hedge fund, may buy a stake in the company.
The shares rose as much as 1.58 euros to 25.94 euros, the highest price since Deutsche Post's November 2000 initial public offering, and were up 4.3 percent at 25.41 euros at 11:36 a.m. in Frankfurt. The stock has gained 11 percent this year, valuing the company at 30.6 billion euros ($41.7 billion).
Read more at Bloomberg Stocks News
The shares rose as much as 1.58 euros to 25.94 euros, the highest price since Deutsche Post's November 2000 initial public offering, and were up 4.3 percent at 25.41 euros at 11:36 a.m. in Frankfurt. The stock has gained 11 percent this year, valuing the company at 30.6 billion euros ($41.7 billion).
Read more at Bloomberg Stocks News
Brookfield Properties reports higher FFO
(Reuters) - Brookfield said its funds from operations were $129 million, or 48 cents a share, up from $103 million, or 44 cents a share in the same quarter of 2006.
Funds from operations is a benchmark, usually for real estate investment trusts, that removes the distorting effects of depreciation.
Read more at Reuters.com Market News
Funds from operations is a benchmark, usually for real estate investment trusts, that removes the distorting effects of depreciation.
Read more at Reuters.com Market News
Cocoa Set for Worst Week Since July on Stockpiles, Ivory Coast Deliveries
(Bloomberg) -- Cocoa was poised for its biggest weekly decline since July as stockpiles monitored by the Euronext.liffe exchange climbed and bean deliveries to ports in Ivory Coast, the world's biggest grower, increased.
Inventories rose 0.9 percent in the past two weeks, taking the increase this year to 57 percent, London's Euronext.liffe said on its Web site. Farmers in Ivory Coast delivered 1.1 percent more cocoa to the country's second port of San Pedro between the beginning of October and April 22 than they did in the same period last season, Reuters reported yesterday.
Read more at Bloomberg Commodities News
Inventories rose 0.9 percent in the past two weeks, taking the increase this year to 57 percent, London's Euronext.liffe said on its Web site. Farmers in Ivory Coast delivered 1.1 percent more cocoa to the country's second port of San Pedro between the beginning of October and April 22 than they did in the same period last season, Reuters reported yesterday.
Read more at Bloomberg Commodities News
Eni to buy Czech fuel chain from Exxon unit-report
(Reuters) - It did not say how much Eni would pay for the stations.
Eni, Europe's fourth-biggest oil company, operates more than 70 filling stations in the Czech Republic under the Agip brand.
Read more at Reuters.com Mergers News
Eni, Europe's fourth-biggest oil company, operates more than 70 filling stations in the Czech Republic under the Agip brand.
Read more at Reuters.com Mergers News
Prada fashions 63 percent profit rise in 2006
(Reuters) - The profit growth was "thanks to a more favourable product mix ... and more effective stock management," among other factors, as well as "strict cost control," Prada said.
Prada's roots are in leather luggage, but it became a household name with black nylon bags that were must-haves for fashionistas.
Read more at Reuters.com Market News
Prada's roots are in leather luggage, but it became a household name with black nylon bags that were must-haves for fashionistas.
Read more at Reuters.com Market News
UPDATE 1-Dutch court to hear lawsuit on ABN's LaSalle sale
(Reuters) - The judge at the hearing, to be held in Amsterdam at 9 a.m. on Saturday, was asked by VEB to give an immediate judgement, the court said in a statement.
Judgments are usually issued by the court within days in cases facing immediate deadlines.
Read more at Reuters.com Mergers News
Judgments are usually issued by the court within days in cases facing immediate deadlines.
Read more at Reuters.com Mergers News
Austria charges bank after Cuban accounts cancelled
(Reuters) - Plassnik told Austria's parliament late last evening that BAWAG had violated EU rules against implementing the U.S. Cuban sanctions on European soil, and that she had therefore launched proceedings against BAWAG.
"U.S. law is not applicable in Austria. We are not the 51st of the United States," Plassnik said. "Neither the EU nor the U.N. have implemented a general economic or contact embargo against Iran or Cuba."
Read more at Reuters.com Government Filings News
"U.S. law is not applicable in Austria. We are not the 51st of the United States," Plassnik said. "Neither the EU nor the U.N. have implemented a general economic or contact embargo against Iran or Cuba."
Read more at Reuters.com Government Filings News
Ivory Coast peace will lift Mali's economy
(Reuters) - Peace in Ivory Coast will boost the economy of impoverished and landlocked neighbour Mali, restoring a key export route as the country tries to raise agricultural production, Mali's commerce minister said.
Ivory Coast's main port of Abidjan had been the gateway for cotton coming out of Mali, and for fuel coming in, until a 2002-2003 civil war split Ivory Coast in two, all but severing Mali's economic lifeline.
Read more at Reuters Africa
Ivory Coast's main port of Abidjan had been the gateway for cotton coming out of Mali, and for fuel coming in, until a 2002-2003 civil war split Ivory Coast in two, all but severing Mali's economic lifeline.
Read more at Reuters Africa
Infineon says no need to sell Qimonda shares now
(Reuters) - "There is no need from our side as our balance sheet is solid and there's no need to make fire sales," he added.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
BRE Bank First-Quarter Net More Than Doubles to $80 Million on Asset Sale
(Bloomberg) -- BRE Bank SA, the Polish unit of Commerzbank AG, said first-quarter profit more than doubled after it sold an asset-management unit.
Net income surged to 222.7 million zloty ($80 million) from 78.9 million zloty a year earlier, the Warsaw-based company said today in a regulatory statement. That beat the 204 million zloty median estimate of seven analysts surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
Net income surged to 222.7 million zloty ($80 million) from 78.9 million zloty a year earlier, the Warsaw-based company said today in a regulatory statement. That beat the 204 million zloty median estimate of seven analysts surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
Indian Bonds Fall as Inflation Holds Above Central Bank's Desired Zone
(Bloomberg) -- India's 10-year bonds extended declines after a government report showed the annual inflation rate remained above the central bank's estimate for a second week.
The yield, which moves inversely to price, was the highest in almost three weeks before a sale of 60 billion rupees ($1.46 billion) of the debt today. Primary dealers may look for better rates to compensate for the risk of faster inflation or that the central bank will boost borrowing costs to stem consumer prices.
Read more at Bloomberg Bonds News
The yield, which moves inversely to price, was the highest in almost three weeks before a sale of 60 billion rupees ($1.46 billion) of the debt today. Primary dealers may look for better rates to compensate for the risk of faster inflation or that the central bank will boost borrowing costs to stem consumer prices.
Read more at Bloomberg Bonds News
French Stocks Including Renault Fall; Peugeot Citroen and Lafarge Advance
(Bloomberg) -- French stocks including Renault SA slid. France's second-largest carmaker said first-quarter revenue fell 2.7 percent on lower sales in France and Europe.
PSA Peugeot Citroen gained after Europe's second-biggest automaker said first-quarter revenue rose 6.5 percent on strong demand outside Western Europe. Lafarge SA rose after Cazenove suggested investors increase their holdings in the shares.
Read more at Bloomberg Stocks News
PSA Peugeot Citroen gained after Europe's second-biggest automaker said first-quarter revenue rose 6.5 percent on strong demand outside Western Europe. Lafarge SA rose after Cazenove suggested investors increase their holdings in the shares.
Read more at Bloomberg Stocks News
UPDATE 1-Euro Disney H1 net loss narrows as visitors rise
(Reuters) - PARIS, April 27 - Theme park operator Euro Disney SCA from 83.6 million a year earlier.
Operating losses narrowed to 36.3 million euros from 60.9 million, while financial charges rose nearly 10 percent to 45.6 million euros.
Read more at Reuters.com Market News
Operating losses narrowed to 36.3 million euros from 60.9 million, while financial charges rose nearly 10 percent to 45.6 million euros.
Read more at Reuters.com Market News
Network Rail, Santander, Storebrand Plan to Sell Debt: European Bond Alert
(Bloomberg) -- The following is a list of bond sales denominated in euros or pounds and expected in the coming days and weeks.
Investment-Grade Sales
Read more at Bloomberg Bonds News
Investment-Grade Sales
Read more at Bloomberg Bonds News
TeliaSonera Faces Increased Leveraged Buyout Risk, Credit Derivatives Show
(Bloomberg) -- TeliaSonera AB, the biggest Nordic phone company, is becoming a target for leveraged buyout firms after Sweden's government hired banks to help sell its stake in the company, according to traders of credit-default swaps.
Contracts based on 10 million euros ($13.6 million) of TeliaSonera debt are heading for their biggest weekly rise since August, increasing 5,000 euros, or 19 percent, to 31,500 euros, according to data compiled by Bloomberg. Credit-default swaps are financial instruments based on bonds or loans that are used to speculate on a company's ability to repay debt.
Read more at Bloomberg Bonds News
Contracts based on 10 million euros ($13.6 million) of TeliaSonera debt are heading for their biggest weekly rise since August, increasing 5,000 euros, or 19 percent, to 31,500 euros, according to data compiled by Bloomberg. Credit-default swaps are financial instruments based on bonds or loans that are used to speculate on a company's ability to repay debt.
Read more at Bloomberg Bonds News
Allianz to squeeze out AGF minority shareholders
(Reuters) - FRANKFURT, April 27 - German insurer Allianz public offer that ended last week. It previously held nearly 58 percent of the company.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Thursday, April 26, 2007
Bayer, Infineon, Kontron, MTU Aero, Siemens, Merck: German Equity Preview
(Bloomberg) -- The following stocks may rise or fall in German markets.
Germany's X-DAX Index fell 0.1 percent to 7388.01. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX added 0.6 percent to 7387.02 on the Xetra electronic-trading system.
Read more at Bloomberg Stocks News
Germany's X-DAX Index fell 0.1 percent to 7388.01. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX added 0.6 percent to 7387.02 on the Xetra electronic-trading system.
Read more at Bloomberg Stocks News
UPDATE 1-Colt Telecom sees flat '07 earnings, Q1 falls
(Reuters) - The Luxemborg-based, pan-European corporate telecoms specialist posted earnings before interest, tax, depreciation and amortisation of 67.8 million euros for the quarter to March 31, down 1.6 million from a year earlier.
"We now expect that market conditions, particularly in Germany, will continue to be difficult throughout 2007. We ... currently expect that EBITDA for 2007 will be broadly in line with EBITDA for 2006," the group said in a statement.
Read more at Reuters.com Market News
"We now expect that market conditions, particularly in Germany, will continue to be difficult throughout 2007. We ... currently expect that EBITDA for 2007 will be broadly in line with EBITDA for 2006," the group said in a statement.
Read more at Reuters.com Market News
UPDATE 1-Allianz to squeeze out AGF minority shareholders
(Reuters) - Allianz managed to raise its stake in AGF to 92.18 percent through a 9.8 billion euro public offer that ended last week. It previously held nearly 58 percent of the company.
Together with treasury shares held by AGF itself, amounting to 3.21 percent, Allianz now holds more than the 95 percent of AGF required for a squeeze out under French law, Allianz said in a statement.
Read more at Reuters.com Government Filings News
Together with treasury shares held by AGF itself, amounting to 3.21 percent, Allianz now holds more than the 95 percent of AGF required for a squeeze out under French law, Allianz said in a statement.
Read more at Reuters.com Government Filings News
European Government Bonds Set for Weekly Drop as German Confidence Rises
(Bloomberg) -- European government bonds headed for a weekly decline after separate reports showed business and consumer confidence in Germany advanced, supporting the likelihood of higher interest rates in the euro region.
Benchmark debt slid after the Ifo institute said April 25 its gauge of German business sentiment climbed to the second- highest level on record in April. Two-year bund yields rose the most in seven weeks after GfK AG said its confidence index for Germany, Europe's largest economy, rose to 5.5 from 4.4 in April.
Read more at Bloomberg Bonds News
Benchmark debt slid after the Ifo institute said April 25 its gauge of German business sentiment climbed to the second- highest level on record in April. Two-year bund yields rose the most in seven weeks after GfK AG said its confidence index for Germany, Europe's largest economy, rose to 5.5 from 4.4 in April.
Read more at Bloomberg Bonds News
Microsoft Shares Advance After Outlook Eases Investors' Vista Concerns
(Bloomberg) -- The U.S. economy grew in the first quarter at the slowest pace in more than a year, hobbled by flagging investment in business equipment and home construction, economists said before a government report today.
The projected 1.8 percent increase at an annual rate in gross domestic product, the sum of all goods and services produced, is the median estimate of 82 economists surveyed by Bloomberg News and follows a 2.5 percent gain in the fourth quarter. The growth rate would be the weakest since the last three months of 2005.
Read more at Bloomberg Stocks News
The projected 1.8 percent increase at an annual rate in gross domestic product, the sum of all goods and services produced, is the median estimate of 82 economists surveyed by Bloomberg News and follows a 2.5 percent gain in the fourth quarter. The growth rate would be the weakest since the last three months of 2005.
Read more at Bloomberg Stocks News
Asian Currencies: Korean Won Falls on Wider Deficit, Taiwan Dollar Drops
(Bloomberg) -- South Korea's won headed for a weekly decline as a central bank official said the nation may post a current-account deficit this month after the March shortfall was the widest in almost a year.
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the nation than entering. The deficit is widening as dividend payments increase to offshore investors, who owned 37 percent of shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the nation than entering. The deficit is widening as dividend payments increase to offshore investors, who owned 37 percent of shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
WRAPUP 2-Fed officials stay focused on inflation risks
(Reuters) - AUSTIN, Texas, April 26 - Inflationary pressures in the U.S. economy are likely to ebb but there is not enough proof in the data so far to feel reassured, Federal Reserve officials said on Thursday.
And with risks to both inflation and growth on the rise, policy-makers gave no indication they plan a change to the Fed's steady-as-she-goes stance on interest rates.
Read more at Reuters.com Bonds News
And with risks to both inflation and growth on the rise, policy-makers gave no indication they plan a change to the Fed's steady-as-she-goes stance on interest rates.
Read more at Reuters.com Bonds News
Goldman-led group hikes China Shuanghui offer
(Reuters) - The consortium is making a general offer to buy 39.29 percent of Shuanghui's shares. The latest proposal brings the pricing of the offer up to the 31.17 yuan last traded price of Shuanghui's shares on the Shenzhen Stock Exchange on May 31, 2006.
Rotary Vortex is making the general offer in line with old Chinese rules on acquiring stakes in listed companies. New rules introduced last September do not require a general offer, but Rotary agreed to take over Shuanghui before the rule change.
Read more at Reuters.com Mergers News
Rotary Vortex is making the general offer in line with old Chinese rules on acquiring stakes in listed companies. New rules introduced last September do not require a general offer, but Rotary agreed to take over Shuanghui before the rule change.
Read more at Reuters.com Mergers News
Yen Set for Eighth Weekly Loss Versus Euro After Japan's Inflation Report
(Bloomberg) -- The yen headed for an eighth weekly loss against the euro, the worst run since January 2002, after Japan's consumer prices dropped for a second month in March and retail spending and industrial production declined.
Japan's currency traded near a record low against the euro before a Bank of Japan semiannual outlook report that may show inflation and growth predictions don't support the case for the central bank to raise borrowing costs from 0.5 percent, the lowest in the industrialized world.
Read more at Bloomberg Currencies News
Japan's currency traded near a record low against the euro before a Bank of Japan semiannual outlook report that may show inflation and growth predictions don't support the case for the central bank to raise borrowing costs from 0.5 percent, the lowest in the industrialized world.
Read more at Bloomberg Currencies News
UPDATE 3-SpaceX gets Cape Canaveral launch pad
(Reuters) - WASHINGTON, April 26 - Space Exploration Technologies Corp., a start-up seeking to slash the cost of coursing through the cosmos, has been granted a five-year license to launch rockets from Cape Canaveral Air Force Station in Florida, the U.S. Air Force said on Thursday.
The approval will help privately held SpaceX, as the company is known, compete with Orbital Sciences Corp. , which develops small space systems, and later with the bigger rockets of Europe's Arianespace and the United Launch Alliance.
Read more at Reuters.com Government Filings News
The approval will help privately held SpaceX, as the company is known, compete with Orbital Sciences Corp. , which develops small space systems, and later with the bigger rockets of Europe's Arianespace and the United Launch Alliance.
Read more at Reuters.com Government Filings News
RPT-Extreme Networks says option measurement, grant dates differ
(Reuters) - The maker of communications networking equipment said its special committee has not yet completed the review of historical stock-option grant practices.
The company reported net revenue of $85.1 million for the third quarter.
Read more at Reuters.com Market News
The company reported net revenue of $85.1 million for the third quarter.
Read more at Reuters.com Market News
GLOBAL MARKETS-Dow up after intraday record, euro loses steam
(Reuters) - NEW YORK, April 26 - The blue-chip Dow Jones industrial average rose slightly on Thursday, retreating a bit after climbing further above 13,000 to a fresh intraday record, and traders bought back the dollar after it stopped short of hitting a record low against the euro.
Gold slid to a two-week low as the dollar recovered.
Read more at Reuters.com Bonds News
Gold slid to a two-week low as the dollar recovered.
Read more at Reuters.com Bonds News
Apple Shares Soar After Second-Quarter Profit Exceeds Analysts' Estimates
(Bloomberg) -- Shares of Apple Inc., maker of the iPod media player, advanced the most in almost four months after second-quarter earnings beat analysts' estimates and investors anticipated a sales boost from the new iPhone.
The stock rose as much as 7.5 percent after Apple said yesterday that net income soared 88 percent in the quarter ended March 31. That surprised investors who were accustomed to seeing a bigger slump in the post-holiday period.
Read more at Bloomberg Stocks News
The stock rose as much as 7.5 percent after Apple said yesterday that net income soared 88 percent in the quarter ended March 31. That surprised investors who were accustomed to seeing a bigger slump in the post-holiday period.
Read more at Bloomberg Stocks News
Zimbabwe's Gono Slashes Value of Zimbabwe Dollar to Revive Export Earnings
(Bloomberg) -- Zimbabwe's central bank, faced with the world's fastest shrinking economy and highest inflation rate, devalued the nation's currency for exporters to ease foreign exchange shortages.
Exporters and companies that generate foreign currency will be paid the equivalent of 15,000 Zimbabwe dollars, central bank Governor Gideon Gono said in a monetary policy statement today, according to a copy on the central bank's Web site.
Read more at Bloomberg Emerging Markets News
Exporters and companies that generate foreign currency will be paid the equivalent of 15,000 Zimbabwe dollars, central bank Governor Gideon Gono said in a monetary policy statement today, according to a copy on the central bank's Web site.
Read more at Bloomberg Emerging Markets News
Pound Falls on Speculation Recent Rally Already Reflects Rate Expectations
(Bloomberg) -- The pound fell against the dollar on speculation the currency's recent rally already reflects prospects that the Bank of England will raise interest rates twice more this year to ward off inflation.
The pound last week soared to a 25-year high, breaching the $2 level, as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point. Further strengthening may not be justified by the outlook for economic growth, said Nick Parsons, head of Markets Strategy at NabCapital.
Read more at Bloomberg Currencies News
The pound last week soared to a 25-year high, breaching the $2 level, as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point. Further strengthening may not be justified by the outlook for economic growth, said Nick Parsons, head of Markets Strategy at NabCapital.
Read more at Bloomberg Currencies News
UPDATE 1-Columbia Labs shares up after data suggests new finding
(Reuters) - In February, Columbia said it was dropping development of the gel, Prochieve, after a late-stage trial failed to meet its goal of reducing the rate of preterm birth in women with a previous preterm birth earlier than 35 weeks gestation.
The effect on cervical length was not the primary focus of the trial, the company said.
Read more at Reuters.com Government Filings News
The effect on cervical length was not the primary focus of the trial, the company said.
Read more at Reuters.com Government Filings News
S.Africa producer price jump boosts rate hike risk
(Reuters) - South Africa's factory gate inflation soared to a four-year high of 10.3 percent year-on-year in March, above forecasts and raising the risk that interest rates rise again, data showed on Thursday.
The jump from 9.5 percent year-on-year in February's PPI hardens the case for the central bank to resume raising rates, particularly after a leap in the CPIX consumer price measure, targeted by the central bank, which were released on Wednesday.
Read more at Reuters Africa
The jump from 9.5 percent year-on-year in February's PPI hardens the case for the central bank to resume raising rates, particularly after a leap in the CPIX consumer price measure, targeted by the central bank, which were released on Wednesday.
Read more at Reuters Africa
UPDATE 1-US jobless claims fell 20,000 last week
(Reuters) - Initial filings for state unemployment insurance aid slipped to 321,000 in the week ended April 21 from an upwardly revised 341,000 for the previous week, the government said.
There were no special factors behind the drop in new claims, a Labor Department analyst told reporters.
Read more at Reuters.com Economic News
There were no special factors behind the drop in new claims, a Labor Department analyst told reporters.
Read more at Reuters.com Economic News
TREASURIES-Prices steady as stocks poise to rally
(Reuters) - NEW YORK, April 26 - U.S. government bond prices were steady on Thursday amid expectations of a strong opening for the stock market, after the latest wave of better-than-expected earnings allayed worries about the economy.
After the Dow hit a record high on Wednesday, stocks seem poised to extend their rally, making them more attractive to investors than Treasuries, analysts said.
Read more at Reuters.com Bonds News
After the Dow hit a record high on Wednesday, stocks seem poised to extend their rally, making them more attractive to investors than Treasuries, analysts said.
Read more at Reuters.com Bonds News
Harman Int'l to be bought for about $8 billion
(Reuters) - Shares of Harman surged $18.90, or 18.4 percent, to $121.46 in early morning trading on the New York Stock Exchange.
As an alternative to receiving cash, Harman's stockholders could elect to exchange some or all of their Harman stock for shares in a new corporation formed by KKR and GS Capital Partners.
Read more at Reuters.com Bonds News
As an alternative to receiving cash, Harman's stockholders could elect to exchange some or all of their Harman stock for shares in a new corporation formed by KKR and GS Capital Partners.
Read more at Reuters.com Bonds News
UPDATE 1-Hilton to sell up to 10 hotels to Morgan Stanley
(Reuters) - Hilton and other lodging companies have been taking advantage of robust demand for hotel properties to trim their portfolios. Hilton also said on Thursday that it had closed the sale of its Scandic Hotel chain to private equity group EQT for $1.1 billion.
Hilton Hotels is seeking an investment-grade credit rating after taking on debt to buy Hilton International in February 2006 in a $6 billion deal.
Read more at Reuters.com Bonds News
Hilton Hotels is seeking an investment-grade credit rating after taking on debt to buy Hilton International in February 2006 in a $6 billion deal.
Read more at Reuters.com Bonds News
UCB says results to date in line with expectations
(Reuters) - UCB previously said revenues and operating profit were expected to grow significantly in 2007 as a result of its acquisition of German peer Schwarz.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Dubai's Emirates looks to buy more Airbus A380s
(Reuters) - The government-owned carrier, which already has 43 of the world's largest passenger planes on order, has had a "dialogue" with Airbus about buying more, the airline's President, Tim Clark, told Reuters on Thursday.
"We see more of these aircraft coming into the company," Clark said in Dubai. "We are looking at anywhere between 10 and 15."
Read more at Reuters.com Market News
"We see more of these aircraft coming into the company," Clark said in Dubai. "We are looking at anywhere between 10 and 15."
Read more at Reuters.com Market News
Stora Enso Q1 beats f'casts, sees challenges ahead
(Reuters) - Pretax profit rose 30 percent from the same quarter last year.
Shares in Stora Enso traded up 5.8 percent at 13.60 euros by 1030 GMT.
Read more at Reuters.com Market News
Shares in Stora Enso traded up 5.8 percent at 13.60 euros by 1030 GMT.
Read more at Reuters.com Market News
Old Dominion quarterly profit slightly higher
(Reuters) - Wall Street analysts had, on average, expected earnings for the quarter of 34 cents a share, excluding items, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Boyd Gaming first-quarter net profit rises
(Reuters) - Excluding one-time items, Boyd's adjusted earnings from continuing operations fell to $44 million, or 50 cents a share, compared with $72.2 million, or 79 cents a share, a year earlier. Wall Street was expecting 53 cents a share, on average, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Hubbell quarterly earnings rise
(Reuters) - For the first quarter, analysts' consensus view was for earnings of 60 cents a share, excluding items, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Newell Rubbermaid profit lower but beats estimates
(Reuters) - The maker of Rubbermaid containers and Goody hair care products also forecast both full-year 2007 earnings and the next quarter's earnings in-line with analysts' expectations.
Net income from continuing operations of $65.1 million or 23 cents a share, compared with $130.2 million, or 47 cents a share, a year earlier.
Read more at Reuters.com Market News
Net income from continuing operations of $65.1 million or 23 cents a share, compared with $130.2 million, or 47 cents a share, a year earlier.
Read more at Reuters.com Market News
UPDATE 1-Coke Enterprises profit slips, view maintained
(Reuters) - The company affirmed its 2007 forecast and said it expects "significant business headwinds" for the rest of the year.
First-quarter profit was $15 million, or 3 cents per share, compared with $16 million, or 3 cents per share, a year before.
Read more at Reuters.com Market News
First-quarter profit was $15 million, or 3 cents per share, compared with $16 million, or 3 cents per share, a year before.
Read more at Reuters.com Market News
Comcast profit rises on subscribers
(Reuters) - Without the gain, Comcast's profit was $537 million, or 17 cents per share, in line with the average Wall Street analyst forecast of $526.8 million, or 17 cents per share, according to Reuters Estimates.
Revenue in the first quarter rose 32 percent to $7.39 billion from $5.60 billion. Analysts had forecast $7.36 billion.
Read more at Reuters.com Business News
Revenue in the first quarter rose 32 percent to $7.39 billion from $5.60 billion. Analysts had forecast $7.36 billion.
Read more at Reuters.com Business News
Tidewater conducts internal investigation in Nigeria
(Reuters) - The move follows a settlement involving Vetco Gray Controls, a Houston-based oil service company, Tidewater said. Tidewater said it had used the same third-party agent for its temporary importations in Nigeria that was thought to be significantly implicated in the 2007 Vetco Gray proceedings.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Ituran Location to buy shares of Mapa Group for about $9.9 mln
(Reuters) - The acquisition of Mapa Group, which provides geographic information in Israel, will be financed from the company's internal cash resources and IPO proceeds, Ituran said in a statement.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 4-Swiss ABB Q1 net doubles as energy demand soars
(Reuters) - ZURICH, April 26 - First-quarter net profit at Swiss engineering group ABB more than doubled to $537 million, beating expectations and boosting its shares, as its energy clients scramble to meet soaring demand.
Orders rose more than expected to $8.64 billion, the group said on Thursday, as the need for power increases in emerging markets, while industrialised countries have started long-overdue investments in cleaner energy.
Read more at Reuters.com Mergers News
Orders rose more than expected to $8.64 billion, the group said on Thursday, as the need for power increases in emerging markets, while industrialised countries have started long-overdue investments in cleaner energy.
Read more at Reuters.com Mergers News
S.Africa March PPI quickens to 10.3 pct yr/yr
(Reuters) - South Africa's producer price inflation accelerated to 10.3 percent year-on-year in March after a 9.5 percent increase in February, above forecasts, official data showed on Thursday.
On a monthly basis, PPI increased by 1.2 percent after a 0.1 percent decrease in February.
Read more at Reuters Africa
On a monthly basis, PPI increased by 1.2 percent after a 0.1 percent decrease in February.
Read more at Reuters Africa
Baha's Superfund Pitch Grabs Ranieri, Annoys Hedge Funds by Wooing Masses
(Bloomberg) -- Three salespeople surround a speakerphone in a glass-fronted store across from the main New York Public Library on Fifth Avenue, talking with counterparts in Chicago and Toronto. In the lobby, flat-panel TVs run a loop of commercials for commodity investments.
Here, wedged among discount electronics retailers and mobile phone vendors, is what former Vienna cop and college dropout Christian Baha says is the next wave of investing: a company called Superfund that's hawking hedge fund-style funds to the masses.
Read more at Bloomberg Exclusive News
Here, wedged among discount electronics retailers and mobile phone vendors, is what former Vienna cop and college dropout Christian Baha says is the next wave of investing: a company called Superfund that's hawking hedge fund-style funds to the masses.
Read more at Bloomberg Exclusive News
UPDATE 1-China's CNOOC Q1 oil, gas output up 5.1 pct
(Reuters) - CNOOC, which is engineering a string of acquisitions from Australia to Indonesia to Nigeria, is scouring the globe for more and developing deepwater exploration to supply China, the world's largest oil consumer after the United States.
CNOOC said in a statement on Thursday that its overall oil and gas output rose to 473,280 barrels of oil equivalent per day in the January to March period.
Read more at Reuters.com Market News
CNOOC said in a statement on Thursday that its overall oil and gas output rose to 473,280 barrels of oil equivalent per day in the January to March period.
Read more at Reuters.com Market News
Siemens says not in any VDO unit sale talks
(Reuters) - Earlier, Chief Executive Klaus Kleinfeld told the news conference that preparations for a listing of VDO, valued at up to 9 billion euros , were fully on track.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
ABB CEO says will be discplined in acquisitions
(Reuters) - Also on the call, Chief Executive Officer Fred Kindle said the group would remain disciplined when spending its $2.3 billion cash pile on buying rivals.
"Let's face it, prices are very high," Kindle said.
Read more at Reuters.com Market News
"Let's face it, prices are very high," Kindle said.
Read more at Reuters.com Market News
FTSE up 0.6 pct, buoyed by M&A, US stocks
(Reuters) - Britain's top share index climbed 0.6 percent in early trading on Thursday, on the back of a strong rally in the United States overnight and continued merger and acquisition activity.
At 0733 GMT, the FTSE 100 was up 40.4 points at 6,502.3, after the Dow Jones industrial average powered passed the 13,000-level for the first time on Wednesday.
Read more at Reuters Africa
At 0733 GMT, the FTSE 100 was up 40.4 points at 6,502.3, after the Dow Jones industrial average powered passed the 13,000-level for the first time on Wednesday.
Read more at Reuters Africa
India's Ranbaxy says gets U.S. nod for zolpidem
(Reuters) - MUMBAI, April 26 - India's Ranbaxy Laboratories Ltd. said on Thursday it had approval from the U.S. Food and Drug Administration to manufacture and market zolpidem tartrate tablets, used to treat insomnia.
The drug, a generic version of Ambien tablets made by France's Sanofi-Aventis , had annual sales of $2.12 billion in the United States, it said.
Read more at Reuters.com Government Filings News
The drug, a generic version of Ambien tablets made by France's Sanofi-Aventis , had annual sales of $2.12 billion in the United States, it said.
Read more at Reuters.com Government Filings News
Germany May Sell 9 Billion Euros in Inflation Bonds, Steinbrueck Says
(Bloomberg) -- Germany will probably sell inflation- linked bonds for a second year this year, Finance Minister Peer Steinbrueck said.
The federal government may sell as much as 9 billion euros ($12.3 billion) in bonds with coupons linked to the annual average rate of price increases in the euro area, said Steinbrueck today in a speech in Berlin. He wasn't more specific.
Read more at Bloomberg Bonds News
The federal government may sell as much as 9 billion euros ($12.3 billion) in bonds with coupons linked to the annual average rate of price increases in the euro area, said Steinbrueck today in a speech in Berlin. He wasn't more specific.
Read more at Bloomberg Bonds News
Quanta says expects to ship 25 mln laptops in 2007
(Reuters) - Quanta, which supplies top PC vendors such as Dell Inc. and Hewlett-Packard Co. , also said it posted January-March net profit of T$3.402 billion , up 24 percent from T$2.74 billion a year ago.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Taiwan's Quanta Q1 net up 24 pct on healthy demand
(Reuters) - The first-quarter result was in line with expectations for a T$3.45 billion profit, according to forecasts from four analysts surveyed by Reuters Estimates.
Compal Electronics Inc. , the world's No.2 contract laptop maker, on Monday posted an 18 percent rise in quarterly profit and forecast 2007 shipments would rise 38 percent from 2006.
Read more at Reuters.com Market News
Compal Electronics Inc. , the world's No.2 contract laptop maker, on Monday posted an 18 percent rise in quarterly profit and forecast 2007 shipments would rise 38 percent from 2006.
Read more at Reuters.com Market News
Corporate Bond Risk Declines in Europe, Credit-Default Swap Prices Show
(Bloomberg) -- The risk of owning European corporate bonds fell, according to traders of credit-default swaps.
Contracts based on 10 million euros ($13 million) of debt included in the iTraxx Crossover Series 7 Index of 50 European companies fell 2,500 euros to 196,500 euros at 7:39 a.m. in London, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
Contracts based on 10 million euros ($13 million) of debt included in the iTraxx Crossover Series 7 Index of 50 European companies fell 2,500 euros to 196,500 euros at 7:39 a.m. in London, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
Wednesday, April 25, 2007
UPDATE 1-Toshiba profit outlook modest, yr profit up
(Reuters) - TOKYO, April 26 - Toshiba , the world's second-largest maker of NAND flash chips, forecast limited growth this year as it posted a 7.4 percent rise in annual operating profit from strong chip and infrastructure system sales.
Prices of NAND, which together with system chips account for about half of Toshiba's profits, have fallen some 60 percent since last year. Both Toshiba Corp and industry number-one, South Korea's Samsung Electronics Co. , needs a price recovery to drive growth this year.
Read more at Reuters.com Market News
Prices of NAND, which together with system chips account for about half of Toshiba's profits, have fallen some 60 percent since last year. Both Toshiba Corp and industry number-one, South Korea's Samsung Electronics Co. , needs a price recovery to drive growth this year.
Read more at Reuters.com Market News
Japanese Government Bonds Decline as Growth Outlook Curbs Demand for Debt
(Bloomberg) -- Japan's 10-year bonds dropped, ending two days of gains, on speculation accelerating economic growth will limit demand for debt.
Ten-year yields rebounded from near the lowest in two weeks before the Bank of Japan's semi-annual report tomorrow that will forecast the outlook for the economy. The bank will say gross domestic product will quicken to 2.3 percent in the fiscal year ending March 2009, from 2.1 percent in the 12 months started April 1, according to a Bloomberg News survey.
Read more at Bloomberg Bonds News
Ten-year yields rebounded from near the lowest in two weeks before the Bank of Japan's semi-annual report tomorrow that will forecast the outlook for the economy. The bank will say gross domestic product will quicken to 2.3 percent in the fiscal year ending March 2009, from 2.1 percent in the 12 months started April 1, according to a Bloomberg News survey.
Read more at Bloomberg Bonds News
UPDATE 1-BASF Q1 profits beat forecast, reaffirms outlook
(Reuters) - BASF, the world's largest chemical company by sales, said earnings before interest and tax before special items came in at 2.12 billion euros , compared with the 1.97 billion euro average of 16 forecasts in a Reuters poll.
BASF spent about 7 billion euros last year in buying U.S. catalyst maker Engelhard, the construction chemicals business of Degussa and U.S. resin maker Johnson Polymer to expand and also to reduce the cyclicity of its existing business.
Read more at Reuters.com Bonds News
BASF spent about 7 billion euros last year in buying U.S. catalyst maker Engelhard, the construction chemicals business of Degussa and U.S. resin maker Johnson Polymer to expand and also to reduce the cyclicity of its existing business.
Read more at Reuters.com Bonds News
BlackRock, Goldman Sachs, Waddell Funds Sell U.S. Stocks, Buy Europe, Asia
(Bloomberg) -- Mutual-fund managers at BlackRock Inc., Goldman Sachs Group Inc. and Waddell & Reed Financial Inc. are investing everywhere except in the U.S.
Dennis Stattman is holding the lowest amount of U.S. and Canadian stocks in his $18.1 billion BlackRock Global Allocation Fund since 1998. Katinka Domotorffy, manager of the $2.3 billion Goldman Sachs Growth Strategy Portfolio, prefers Germany, Switzerland and Austria to the U.S.
Read more at Bloomberg Stocks News
Dennis Stattman is holding the lowest amount of U.S. and Canadian stocks in his $18.1 billion BlackRock Global Allocation Fund since 1998. Katinka Domotorffy, manager of the $2.3 billion Goldman Sachs Growth Strategy Portfolio, prefers Germany, Switzerland and Austria to the U.S.
Read more at Bloomberg Stocks News
Oil steadies, support from US gasoline stock worry
(Reuters) - Oil prices steadied on Thursday over $68, after a rally on thinning U.S. gasoline stockpiles that sparked concerns over potential supply problems during the summer driving season.
London Brent crude, currently seen as more representative of global oil prices than U.S. crude, inched 3 cents higher to $68.60 a barrel at 0247 GMT, after gaining $1.41 on Wednesday. U.S. crude edged 1 cent up to $65.85.
Read more at Reuters Africa
London Brent crude, currently seen as more representative of global oil prices than U.S. crude, inched 3 cents higher to $68.60 a barrel at 0247 GMT, after gaining $1.41 on Wednesday. U.S. crude edged 1 cent up to $65.85.
Read more at Reuters Africa
Shiseido profit surges on China growth, stock jumps
(Reuters) - Operating earnings climbed 29 percent to 50 billion yen for the year ended March 31, on a 3.5 percent rise in sales to 694.6 billion yen.
Shiseido projected operating profit to grow 16 percent to 58 billion yen this year.
Read more at Reuters.com Market News
Shiseido projected operating profit to grow 16 percent to 58 billion yen this year.
Read more at Reuters.com Market News
AOL launches India portal, refreshes U.S. site
(Reuters) - "India is one of the world's fastest-growing online markets and our India portal will help us compete for users and advertisers in this important region," Ron Grant, president and chief operating officer of AOL, said in a statement ahead of the official launch in Bangalore.
The launch comes after an overhaul of AOL's business model last summer, when it decided to give away most of its services for free to boost online advertising sales, which it expects to grow on par with the overall market this year.
Read more at Reuters.com Business News
The launch comes after an overhaul of AOL's business model last summer, when it decided to give away most of its services for free to boost online advertising sales, which it expects to grow on par with the overall market this year.
Read more at Reuters.com Business News
Altana, BASF, DaimlerChrysler, Hugo Boss, Siemens: German Equity Preview
(Bloomberg) -- The following stocks may rise or fall in German markets.
Germany's X-DAX Index climbed 0.4 percent to 7376.27. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX added 1 percent to 7343.08 on the Xetra electronic-trading system.
Read more at Bloomberg Stocks News
Germany's X-DAX Index climbed 0.4 percent to 7376.27. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX added 1 percent to 7343.08 on the Xetra electronic-trading system.
Read more at Bloomberg Stocks News
European Government Bonds May Drop Before German Consumer Confidence Index
(Bloomberg) -- European government bonds may drop for a second day before a report that's expected to show consumer confidence rose in Germany, adding to expectations for higher interest rates in the euro region.
Benchmark debt slid yesterday after the Ifo institute said its gauge of German business sentiment climbed to the second- highest level on record in April. GfK AG may say its confidence index for Germany, Europe's largest economy, rose to 4.7 from 4.4 in April, according to a survey of economists by Bloomberg News.
Read more at Bloomberg Bonds News
Benchmark debt slid yesterday after the Ifo institute said its gauge of German business sentiment climbed to the second- highest level on record in April. GfK AG may say its confidence index for Germany, Europe's largest economy, rose to 4.7 from 4.4 in April, according to a survey of economists by Bloomberg News.
Read more at Bloomberg Bonds News
Japan's Government Bonds Trade Little Changed After Two-Year Debt Auction
(Bloomberg) -- Japanese government bonds traded little changed after an auction of two-year securities.
The Ministry of Finance's sale of 1.7 trillion yen ($14.3 billion) of two-year notes had bids worth 4.33 times the amount sold, compared with 4.02 in the previous auction held on March 23.
Read more at Bloomberg Bonds News
The Ministry of Finance's sale of 1.7 trillion yen ($14.3 billion) of two-year notes had bids worth 4.33 times the amount sold, compared with 4.02 in the previous auction held on March 23.
Read more at Bloomberg Bonds News
Oil steadies, support from U.S. gasoline stock worry
(Reuters) - London Brent crude, currently seen as more representative of global oil prices than U.S. crude, inched 3 cents higher to $68.60 a barrel at 0247 GMT, after gaining $1.41 on Wednesday. U.S. crude edged 1 cent up to $65.85.
Analysts said gasoline was dragging crude prices up by the collar, and wondered if U.S. refiners could recover from a slew of disruptions and scheduled maintenance to help bolster stock levels before peak demand kicks in.
Read more at Reuters.com Hot Stocks News
Analysts said gasoline was dragging crude prices up by the collar, and wondered if U.S. refiners could recover from a slew of disruptions and scheduled maintenance to help bolster stock levels before peak demand kicks in.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Timberland to restate, postpone earnings
(Reuters) - Timberland said its audit committee has concluded that the company's previously issued financial statements from 2001 through 2006 should no longer be relied upon because certain accounting standards were not met.
The standards relate to the accounting for foreign currency hedging instruments, the company said.
Read more at Reuters.com Market News
The standards relate to the accounting for foreign currency hedging instruments, the company said.
Read more at Reuters.com Market News
UPDATE 1-Cott adopts plan to protect from unsolicited bids
(Reuters) - The plan gives Cott shareholders the right to purchase common shares at a discount in the event of an unwanted takeover bid.
Cott previously said it has responded to interested parties that have approached it after Cadbury Schweppes Plc announced it would split its confectionery and Americas beverage businesses.
Read more at Reuters.com Mergers News
Cott previously said it has responded to interested parties that have approached it after Cadbury Schweppes Plc announced it would split its confectionery and Americas beverage businesses.
Read more at Reuters.com Mergers News
UPDATE 1-STATS ChipPAC's Q1 net profit up 42 pct
(Reuters) - The Singapore-based firm posted a net profit of $17 million, or 8 cents per diluted American Depositary Share , for the three months ended March, compared with a net profit of $12 million in the year-ago quarter.
The result was slightly below a consensus mean net profit forecast of $18.23 million from six analysts polled by Reuters Estimates, but came in at the high end of the company's own guidance.
Read more at Reuters.com Market News
The result was slightly below a consensus mean net profit forecast of $18.23 million from six analysts polled by Reuters Estimates, but came in at the high end of the company's own guidance.
Read more at Reuters.com Market News
UPDATE 1-Cephalon says Q1 EPS to exceed forecast
(Reuters) - The company's shares rose nearly 6 percent after hours.
Cephalon now expects to report basic adjusted income of $1.40 to $1.45 per share for the quarter, with net sales of about $420 million, up from its previous forecast of $400 million to $410 million.
Read more at Reuters.com Market News
Cephalon now expects to report basic adjusted income of $1.40 to $1.45 per share for the quarter, with net sales of about $420 million, up from its previous forecast of $400 million to $410 million.
Read more at Reuters.com Market News
Terex first-quarter profit rises
(Reuters) - Analysts, on average, had expected the Westport, Connecticut-based company to report net earnings of $1.05 a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
U.S. prosecutors reviewing RIM options grants
(Reuters) - RIM said it has been in contact with the office of the U.S. Attorney for the Southern District of New York after learning it was reviewing the company's option grants.
It added it "intends to co-operate" with any requests for information the U.S. attorney's office may have.
Read more at Reuters.com Business News
It added it "intends to co-operate" with any requests for information the U.S. attorney's office may have.
Read more at Reuters.com Business News
New York City might get new midtown bus terminal
(Reuters) - The Port Authority of New York and New Jersey, which runs and owns the nation's busiest bus terminal, is considering several proposals, including selling the north wing's air rights to developers who would build a skyscraper on top.
The bistate agency's board could decide at Wednesday's meeting to enter exclusive negotiations with Vornado Realty Trust and Lawrence Ruben Co., according to its agenda.
Read more at Reuters.com Bonds News
The bistate agency's board could decide at Wednesday's meeting to enter exclusive negotiations with Vornado Realty Trust and Lawrence Ruben Co., according to its agenda.
Read more at Reuters.com Bonds News
Mexico peso up on slowing inflation; stocks fall
(Reuters) - Mexican consumer prices fell 0.21 percent in the first half of April, data showed on Tuesday, slowing 12-month headline inflation to 3.96 percent from 4.21 percent in the year-long period through the end of March.
"The healthy inflation data for the first half of April will finally give some support to the Mexican currency," Mexican brokerage Actinver said in a report.
Read more at Reuters.com Bonds News
"The healthy inflation data for the first half of April will finally give some support to the Mexican currency," Mexican brokerage Actinver said in a report.
Read more at Reuters.com Bonds News
Bearish financials view helps Fidelity's Contrafund
(Reuters) - While it did not specify the stocks that Contrafund underweighted, the Web site showed financials accounted for 17.8 percent of the fund's portfolio as of March 31, compared with 19.9 percent as of Feb. 28 and 20.8 percent as of Sept. 30.
Contrafund, which is managed by William Danoff, is closed to new investors. It returned 1.41 percent in the three months to March 31, compared with 0.64 percent for the S&P 500 Composite index. As of Tuesday, the fund's year-to-date return was 5.33 percent.
Read more at Reuters.com Bonds News
Contrafund, which is managed by William Danoff, is closed to new investors. It returned 1.41 percent in the three months to March 31, compared with 0.64 percent for the S&P 500 Composite index. As of Tuesday, the fund's year-to-date return was 5.33 percent.
Read more at Reuters.com Bonds News
Canadian Stocks Gain on U.S. Durable Goods; Encana, Energy Shares Advance
(Bloomberg) -- Canadian stocks rose for the first time in three days, led by energy producers, after EnCana Corp.'s profit exceeded analysts' estimates and a report showed that orders for durable goods increased more than expected in the U.S., the nation's biggest export market.
The Standard & Poor's/TSX Composite Index gained 56.33, or 0.4 percent, to 13,646.66 as of 9:37 a.m. in Toronto. The benchmark is 0.5 percent below its April 18 record of 13,711.96.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index gained 56.33, or 0.4 percent, to 13,646.66 as of 9:37 a.m. in Toronto. The benchmark is 0.5 percent below its April 18 record of 13,711.96.
Read more at Bloomberg Stocks News
UPDATE 2-Manor Care earnings rise up 22 percent
(Reuters) - CHICAGO, April 25 - Manor Care Inc. , the biggest U.S. owner of nursing homes, said on Wednesday quarterly earnings rose on strong occupancy in its skilled nursing centers.
First-quarter profit rose to $30 million, or 39 cents per share, from $25 million, or 30 cents a share, a year earlier.
Read more at Reuters.com Mergers News
First-quarter profit rose to $30 million, or 39 cents per share, from $25 million, or 30 cents a share, a year earlier.
Read more at Reuters.com Mergers News
Dow tops 13,000 on strong earnings, Alcoa
(Reuters) - Shares of Alcoa, the world's largest aluminum company and a Dow component, rose sharply after the company said it might sell the packaging and consumer business, whose products include Reynolds Wrap.
The Dow average leapt to an intraday record of 13,036.99 within minutes of the market's open. Earlier, data showed orders for durable goods -- costly and long-lasting manufactured items -- rose more than expected in March. The report helped to calm concerns about the economy, while news of earnings showed surprising strength.
Read more at Reuters.com Business News
The Dow average leapt to an intraday record of 13,036.99 within minutes of the market's open. Earlier, data showed orders for durable goods -- costly and long-lasting manufactured items -- rose more than expected in March. The report helped to calm concerns about the economy, while news of earnings showed surprising strength.
Read more at Reuters.com Business News
Presstek finds material weakness in some internal controls
(Reuters) - The company also said it filed its 2006 annual report, which had been delayed due to a regulatory review of its accounting treatment for certain product development costs.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
UPDATE 1-Alcoa explores possible sale of packaging business
(Reuters) - The company, whose shares rose nearly 5 percent, said it would consider all possible options, including joint ventures and a sale of the business.
"We're going to look at all options available," said Alcoa spokesman Kevin Lowery.
Read more at Reuters.com Mergers News
"We're going to look at all options available," said Alcoa spokesman Kevin Lowery.
Read more at Reuters.com Mergers News
EU mergers and takeovers (April 25)
(Reuters) - APPROVALS AND WITHDRAWALS:
-- General Electric of the United States purchases portions of Abbott Laboratories' laboratory and point-of-care in vitro diagnostics division
Read more at Reuters.com Mergers News
-- General Electric of the United States purchases portions of Abbott Laboratories' laboratory and point-of-care in vitro diagnostics division
Read more at Reuters.com Mergers News
Louisiana-Pacific posts first-quarter loss
(Reuters) - "I do not see this market improving substantially for the rest of 2007," Louisiana-Pacific Chief Executive Rick Frost said in a statement.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
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