(Reuters) - It was the fifth straight year in which upgrades of emerging market sovereigns exceeded downgrades. But the rate of upgrades was lower than it was in 2004 and 2005.
The upgrades spanned regions and rating categories between "B" and "BBB", with India crossing the investment/speculative grade divide.
Read more at Reuters.com Bonds News
Tuesday, April 3, 2007
MetroPCS sets IPO at 50 mln shares, $19-$21/each
(Reuters) - The underwriters, led by Bear Stearns, will have the option to buy another 7.5 million to cover over-allotments, according to an amended offering document filed with the U.S. Securities and Exchange Commission.
It is seeking a New York Stock Exchange listing under the symbol "PCS" .
Read more at Reuters.com Government Filings News
It is seeking a New York Stock Exchange listing under the symbol "PCS" .
Read more at Reuters.com Government Filings News
AMREP files $150 mln mixed shelf offering
(Reuters) - Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
ViaSat files $200 mln mixed shelf offering
(Reuters) - Under a shelf registration filed with the U.S. Securities and Exchange Commission, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
US financial-services sector seen ripe for buyouts
(Reuters) - This week alone, Kohlberg Kravis Roberts & Co. [KKR.UL] said it would buy First Data Corp. , which processes credit card payments, for $26 billion, while Wisconsin bank Marshall & Ilsley Corp. announced on Tuesday it would separate its payment-processing unit, Metavante Corp.
Private equity firms Bain Capital and Blackstone Group [BG.UL] are also among the bidders for Ceridian Corp. , which owns payment-processing business Comdata, sources familiar with the situation said last week.
Read more at Reuters.com Mergers News
Private equity firms Bain Capital and Blackstone Group [BG.UL] are also among the bidders for Ceridian Corp. , which owns payment-processing business Comdata, sources familiar with the situation said last week.
Read more at Reuters.com Mergers News
CORRECTED - Oxford Industries posts lower quarterly net profit
(Reuters) - The owner of the Tommy Bahama and Ben Sherman brands reported net income of $9.7 million, or 54 cents per share, for its fiscal third quarter, compared with $14.6 million, or 82 cents per share, in the year-ago period.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Starwood may be tempted by buyout after CEO exit
(Reuters) - On Tuesday, Starwood shares had their second big up day in a row and closed up 3 percent, at their year high of $69.84.
Starwood -- parent of the St. Regis, Westin and Sheraton hotel chains -- said on Monday that Heyer resigned after the company lost confidence in his management style. Chairman Bruce Duncan was named interim CEO until the board finds a permanent replacement.
Read more at Reuters.com Bonds News
Starwood -- parent of the St. Regis, Westin and Sheraton hotel chains -- said on Monday that Heyer resigned after the company lost confidence in his management style. Chairman Bruce Duncan was named interim CEO until the board finds a permanent replacement.
Read more at Reuters.com Bonds News
Manulife may be eyeing large U.S. purchase: analyst
(Reuters) - He noted that Manulife's pace of share buybacks, previously at around 35 percent of annual earnings per share, has dropped to less than half that level over the past nine months.
"We have to believe that Manulife in particular is building an acquisition war chest," MacKinnon said in a note to clients.
Read more at Reuters.com Business News
"We have to believe that Manulife in particular is building an acquisition war chest," MacKinnon said in a note to clients.
Read more at Reuters.com Business News
US STOCKS-Wall St ends higher, driven by oil, home sales
(Reuters) - The Dow Jones industrial average was up 127.92 points, or 1.03 percent, at 12,510.22. The Standard & Poor's 500 Index was up 13.18 points, or 0.93 percent, at 1,437.73. The Nasdaq Composite Index was up 28.07 points, or 1.16 percent, at 2,450.33.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
US STOCKS-Shares jump as oil price falls, housing brightens
(Reuters) - The Dow average and the Nasdaq were up more than 1 percent each.
Shares of retailers and other consumer-oriented companies rose. Wal-Mart Stores Inc. was up 1.7 at $48.22.
Read more at Reuters.com Bonds News
Shares of retailers and other consumer-oriented companies rose. Wal-Mart Stores Inc. was up 1.7 at $48.22.
Read more at Reuters.com Bonds News
Mexico stocks jump, driven by Slim's Telmex
(Reuters) - The benchmark IPC stock index climbed 0.87 percent to 29,426 points, edging down from a lifetime high set earlier in the session at 29,516 points.
The Mexican peso firmed 0.38 percent to 10.9799 per dollar, as signs of an easing of tensions between Iran and Britain boosted investors' appetite for risk.
Read more at Reuters.com Mergers News
The Mexican peso firmed 0.38 percent to 10.9799 per dollar, as signs of an easing of tensions between Iran and Britain boosted investors' appetite for risk.
Read more at Reuters.com Mergers News
Fannie Mae to shed hundreds of jobs to cut costs
(Reuters) - "We anticipate that the company will have several hundred fewer full-time employees at the end of this year," Faith said.
To complete a $6.3 billion, multiyear restatement of past earnings finished in December, Fannie Mae took on 600 additional staff and 2,000 outside contractors.
Read more at Reuters.com Government Filings News
To complete a $6.3 billion, multiyear restatement of past earnings finished in December, Fannie Mae took on 600 additional staff and 2,000 outside contractors.
Read more at Reuters.com Government Filings News
National Home to amend merger agreement with Angelo Gordon
(Reuters) - Investment firm Angelo, Gordon & Co., in partnership with Eureka Capital Partners, had agreed to buy National Home for either $11.35 or $11.50 per share in cash in November 2006.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
US STOCKS-Shares rally as oil price retreats
(Reuters) - NEW YORK, April 3 - U.S. stocks rose sharply on Tuesday as a drop in oil prices calmed worries about inflation and news of an unexpected rise in February pending home sales boosted hopes the housing market could be stabilizing.
The Standard & Poor's 500 index rose 1 percent and was up 1.45 percent for the year to date.
Read more at Reuters.com Bonds News
The Standard & Poor's 500 index rose 1 percent and was up 1.45 percent for the year to date.
Read more at Reuters.com Bonds News
Kinetic Concepts rallies on Medicare bidding rule
(Reuters) - "The reality is, sometimes the fear of death is worse than death itself. Having this news now out there in the public domain has lifted a very big weight off investors' shoulders," said analyst Mark Richter of Jefferies & Co. Richter upgraded the stock to "buy" from "hold" after the Medicare ruling.
The U.S. Centers for Medicare and Medicaid Services on Monday said it would establish a competitive bidding program in 10 major metropolitan markets for durable medical equipment, prosthetics, orthotics and other medical supplies it provides to its beneficiaries in a bid to lower costs.
Read more at Reuters.com Government Filings News
The U.S. Centers for Medicare and Medicaid Services on Monday said it would establish a competitive bidding program in 10 major metropolitan markets for durable medical equipment, prosthetics, orthotics and other medical supplies it provides to its beneficiaries in a bid to lower costs.
Read more at Reuters.com Government Filings News
Dean's shares rise after dividend payout
(Reuters) - "The shares are trading on an ex-dividend basis, so that's really what's driving it," said analyst Alton Stump, who follows Dean for Longbow Research.
On March 2, Dean's board announced a special $15 cash dividend for shareholders, which was paid out on 129.6 million shares outstanding as of March 27.
Read more at Reuters.com Hot Stocks News
On March 2, Dean's board announced a special $15 cash dividend for shareholders, which was paid out on 129.6 million shares outstanding as of March 27.
Read more at Reuters.com Hot Stocks News
GLOBAL MARKETS-Investors drop bonds for stocks as fears ease
(Reuters) - NEW YORK, April 3 - Stocks rallied sharply and government bonds dropped on Tuesday after better-than-expected data on U.S. pending home sales eased fears that the turmoil in the subprime mortgage market could seep into the broader economy.
Meanwhile, optimism about a possible resolution to the diplomatic crisis between Britain and Iran sent oil prices lower, which helped support the rally in equities.
Read more at Reuters.com Bonds News
Meanwhile, optimism about a possible resolution to the diplomatic crisis between Britain and Iran sent oil prices lower, which helped support the rally in equities.
Read more at Reuters.com Bonds News
TREASURIES-Easing Britain-Iran tensions pull prices lower
(Reuters) - NEW YORK, April 3 - U.S. Treasury debt prices fell in thin trade on Tuesday as rebounding stocks and signs of an easing in British-Iranian tensions caused investor interest in flight-to-quality trades to wane.
A modest rise in February pending home sales failed to push government bonds down much further. Analysts predicted a recent upward trend in housing was unlikely to be sustained in the months ahead, given problems in the subprime mortgage sector.
Read more at Reuters.com Bonds News
A modest rise in February pending home sales failed to push government bonds down much further. Analysts predicted a recent upward trend in housing was unlikely to be sustained in the months ahead, given problems in the subprime mortgage sector.
Read more at Reuters.com Bonds News
Celanese gets $3.68 bln credit facility
(Reuters) - A portion of the proceeds from the new facility will be used to pay part of the consideration for tender offers for certain senior discount notes and senior subordinated notes, it said.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Corus swings to profit, boosts dividend
(Reuters) - Corus, a Canadian radio and specialty TV group which owns the Nelvana animation house, also boosted its dividend by 16 percent and said payments would be made monthly instead of quarterly.
The new monthly dividend for holders of its class A and class B shares will be 8.25 Canadian cents and 8.333 Canadian cents, respectively, the company said.
Read more at Reuters.com Market News
The new monthly dividend for holders of its class A and class B shares will be 8.25 Canadian cents and 8.333 Canadian cents, respectively, the company said.
Read more at Reuters.com Market News
UPDATE 1-Total CEO summoned by SEC on Iran deal -report
(Reuters) - Citing two separate sources, the online edition of La Tribune said Total, whose CEO Christophe de Margerie is already targeted in a French corruption probe into a major gas deal signed in Iran in 1997, had received a summons on March 29.
La Tribune said the SEC would likely ask Total to prove it followed Organisation for Economic Cooperation and Development anti-corruption guidelines.
Read more at Reuters.com Government Filings News
La Tribune said the SEC would likely ask Total to prove it followed Organisation for Economic Cooperation and Development anti-corruption guidelines.
Read more at Reuters.com Government Filings News
Statoil-Norsk Hydro deal gets U.S. antitrust OK
(Reuters) - The tie-up, announced last December, would create the world's biggest offshore oil and gas production company with an expected output of 1.9 million barrels of oil equivalent per day in 2007.
Both Statoil and Hydro have assets in the United States.
Read more at Reuters.com Mergers News
Both Statoil and Hydro have assets in the United States.
Read more at Reuters.com Mergers News
UPDATE 1-Iridex says auditors issue going concern warning
(Reuters) - Shares of the company fell more than 18 percent to their year-low, making it one of the biggest percentage losers on the Nasdaq.
The provider of therapeutic-based laser systems said it had initiated discussions to restructure certain credit facilities.
Read more at Reuters.com Market News
The provider of therapeutic-based laser systems said it had initiated discussions to restructure certain credit facilities.
Read more at Reuters.com Market News
UPDATE 1-InPhonic to restate Q2, Q3 results
(Reuters) - In a filing with the U.S. Securities and Exchange Commission, the online seller of wireless devices and services said it also identified three material weaknesses in its internal controls over financial reporting.
Shares of the company fell almost 7 percent to $9.65 in morning trade on the Nasdaq.
Read more at Reuters.com Government Filings News
Shares of the company fell almost 7 percent to $9.65 in morning trade on the Nasdaq.
Read more at Reuters.com Government Filings News
TREASURIES-Prices fall on easing geopolitical tensions
(Reuters) - NEW YORK, April 3 - U.S. Treasury debt prices fell in thin trade on Tuesday as a rebound in stocks and signs of an easing in tensions between Britain and Iran caused investors to unwind flight-to-quality trades.
Analysts said government bonds were also being hurt by the perception that persistent inflation pressures would keep the Federal Reserve from cutting benchmark interest rates, even though U.S. economic growth is slowing.
Read more at Reuters.com Bonds News
Analysts said government bonds were also being hurt by the perception that persistent inflation pressures would keep the Federal Reserve from cutting benchmark interest rates, even though U.S. economic growth is slowing.
Read more at Reuters.com Bonds News
MOVES-Nomura, Bank of Ireland, GE Commercial Finance, others
(Reuters) - NOMURA
Nomura International Plc has hired Antonio Miele as director and head of structured solutions, South Europe. Based in London, Miele will be part of the company's capital markets team. His appointment is effective from June 22. Prior to joining Nomura, Miele spent four years with Merrill Lynch as director of public sector, Italy.
Read more at Reuters.com Mergers News
Nomura International Plc has hired Antonio Miele as director and head of structured solutions, South Europe. Based in London, Miele will be part of the company's capital markets team. His appointment is effective from June 22. Prior to joining Nomura, Miele spent four years with Merrill Lynch as director of public sector, Italy.
Read more at Reuters.com Mergers News
UPDATE 1-Brazil's Treasury re-opening 2017 global bond
(Reuters) - The Treasury did not say how much it plans to borrow, but market sources said they expected the issue to total $500 million.
The government initially sold in November $1.5 billion of the 6 percent coupon bond due 2017 to yield 6.24 percent.
Read more at Reuters.com Bonds News
The government initially sold in November $1.5 billion of the 6 percent coupon bond due 2017 to yield 6.24 percent.
Read more at Reuters.com Bonds News
UPDATE 1-China's top fund regulator to move to HK watchdog
(Reuters) - SHANGHAI, April 3 - China's top fund industry regulator Sun Jie will take a senior post at Hong Kong's Securities and Futures Commission as early as next month, fund sources close to Sun told Reuters on Tuesday.
In his new role at the SFC, Sun, currently head of the fund supervision division at the China Securities Regulatory Commission , the country's top securities watchdog, is expected to provide industry advice and to help Beijing with coordination between the mainland and Hong Kong markets, the sources said.
Read more at Reuters.com Government Filings News
In his new role at the SFC, Sun, currently head of the fund supervision division at the China Securities Regulatory Commission , the country's top securities watchdog, is expected to provide industry advice and to help Beijing with coordination between the mainland and Hong Kong markets, the sources said.
Read more at Reuters.com Government Filings News
Kinetic Concepts says CMS ruling may cut access to its therapy
(Reuters) - The company said it favors an outcomes-based reimbursement strategy for the negative pressure wound therapy category and will continue dialog with CMS on this alternative to competitive bidding. CMS had recently issued a final competitive bidding ruling on durable medical equipment, which includes Kinetic's NPWT.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
InPhonic to restate Q2, Q3 results
(Reuters) - InPhonic said it also expects to revise its year end results, adding that its financial statements for the quarter and year-ended Dec. 31, 2006 should no longer be relied upon.
InPhonic expects the restatement to increase net loss for 2006 by about $5 million to $7 million, but does not expect it to affect its 2007 outlook.
Read more at Reuters.com Government Filings News
InPhonic expects the restatement to increase net loss for 2006 by about $5 million to $7 million, but does not expect it to affect its 2007 outlook.
Read more at Reuters.com Government Filings News
Oil falls $1 as Iran diplomacy gathers pace
(Reuters) - "We're not looking for a confrontation over this and actually the most important thing is to get people back safe and sound. And if they want to resolve this in a diplomatic way the door is open," British Prime Minister Tony Blair told a radio station in Scotland.
Investors interpreted the comments as a favorable response to apparently conciliatory remarks by Iran, the world's fourth biggest oil exporter, late on Monday.
Read more at Reuters.com Hot Stocks News
Investors interpreted the comments as a favorable response to apparently conciliatory remarks by Iran, the world's fourth biggest oil exporter, late on Monday.
Read more at Reuters.com Hot Stocks News
EADS defence head says eyes profitability boost
(Reuters) - But he said he was still eyeing acquisitions, also in the key U.S. market, despite the impact of problems at planemaker Airbus on parent EADS's profits.
EADS still did not plan to buy a tank maker, such as Krauss Maffei or Rheinmetall , although it was still interested in buying out its MBDA missile business partners BAE Systems and Finmeccanica , Zoller added.
Read more at Reuters.com Mergers News
EADS still did not plan to buy a tank maker, such as Krauss Maffei or Rheinmetall , although it was still interested in buying out its MBDA missile business partners BAE Systems and Finmeccanica , Zoller added.
Read more at Reuters.com Mergers News
Hershey chief says India buy to boost business
(Reuters) - "Over time we expect the business outside to grow dramatically and one of the major drivers of that growth is the long-term potential we see in the Indian market," he said at a news conference in Mumbai on Tuesday.
Currently, about a tenth of Hershey's business is from outside the United States, mainly from Mexico and Canada, he said.
Read more at Reuters.com Mergers News
Currently, about a tenth of Hershey's business is from outside the United States, mainly from Mexico and Canada, he said.
Read more at Reuters.com Mergers News
UPDATE 1-EADS defence head eyes higher profitability
(Reuters) - Stefan Zoller told journalists in Unterschleissheim, near Munich, on Tuesday he was aiming for a return on sales of 8 percent in 3-5 years, up from 5.9 percent last year, mainly boosted by organic growth.
But he said he would still look at acquisitions, also in the key U.S. defence market, despite the impact of problems at planemaker Airbus on parent EADS's buying power.
Read more at Reuters.com Mergers News
But he said he would still look at acquisitions, also in the key U.S. defence market, despite the impact of problems at planemaker Airbus on parent EADS's buying power.
Read more at Reuters.com Mergers News
Derivatives traders bet on 119,700 new Mar payrolls
(Reuters) - Investors use the auctions to hedge against unwanted surprises in the report. Traders also use the auctions to speculate on the outcome.
Read more at Reuters.com Economic News
Read more at Reuters.com Economic News
UPDATE 1-Corus swings to Q2 profit, hikes dividend
(Reuters) - TORONTO, April 3 - Canadian radio and specialty TV group Corus Entertainment Inc. swung to a profit in the second quarter, following a loss a year earlier due to a large debt-refinancing expense, the company said on Tuesday.
Corus, which owns the Nelvana animation house, boosted its dividend by 16 percent and said payments would be made on a monthly basis instead of quarterly.
Read more at Reuters.com Market News
Corus, which owns the Nelvana animation house, boosted its dividend by 16 percent and said payments would be made on a monthly basis instead of quarterly.
Read more at Reuters.com Market News
Qualcomm files new patent suits against Nokia
(Reuters) - Qualcomm, which makes chips for mobile phones, said the suits concern Nokia GSM/GPRS/EDGE cellular phones.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
S.Africa maize sinks 2 pct on US decline
(Reuters) - South Africa's most-traded maize contracts sank by over two percent on Tuesday, mimicking losses in the United States, but local supply issues could halt a drastic fall.
July white maize tumbled by 2.48 percent to 1,772 rand a tonne, down by the daily trade limit of 45 rand. Yellow maize for the same month closed down by nearly the same margin at 1,684 rand.
Read more at Reuters Africa
July white maize tumbled by 2.48 percent to 1,772 rand a tonne, down by the daily trade limit of 45 rand. Yellow maize for the same month closed down by nearly the same margin at 1,684 rand.
Read more at Reuters Africa
CORRECTED - Endesa carve up starts political war of words
(Reuters) - MADRID, April 3 - Spain's biggest power company Endesa will be broken up after a last-minute deal between three companies fighting to control it, and the Spanish government came under attack for its handling of the saga.
Germany's E.ON on Monday admitted defeat in its attempt to buy Endesa and announced a deal with its erstwhile rivals Enel and Acciona to carve up the Spanish firm.
Read more at Reuters.com Government Filings News
Germany's E.ON on Monday admitted defeat in its attempt to buy Endesa and announced a deal with its erstwhile rivals Enel and Acciona to carve up the Spanish firm.
Read more at Reuters.com Government Filings News
Napster says results should beat its estimates
(Reuters) - Napster is set to release financial results on May 16.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
S.Korean auto makers seen big winners in U.S. deal
(Reuters) - The two countries on Monday agreed the biggest U.S. trade pact for 15 years, including tax and tariff cuts on cars along with other barrier-lifting measures on food and services.
It should help South Korean manufacturers sell more vehicles not only to the world's top auto market but also at home, analysts said.
Read more at Reuters.com Business News
It should help South Korean manufacturers sell more vehicles not only to the world's top auto market but also at home, analysts said.
Read more at Reuters.com Business News
E.ON soars as compromise ends struggle for Endesa
(Reuters) - The German utility announced last night it expected its bid for a majority in Endesa to fail.
It therefore agreed with Italian utility Enel and Spanish builder Acciona , which had become Endesa's largest shareholders, to instead acquire power plants and other energy assets in Spain, France and Italy worth about 10 billion euros.
Read more at Reuters.com Hot Stocks News
It therefore agreed with Italian utility Enel and Spanish builder Acciona , which had become Endesa's largest shareholders, to instead acquire power plants and other energy assets in Spain, France and Italy worth about 10 billion euros.
Read more at Reuters.com Hot Stocks News
CEO's pay-off puzzles Wall St
(Reuters) - NEW YORK, April 2 - Wall Street has become so used to seeing corporate bosses walk out the door with fat severance deals that when one leaves with just his hat in his hand it leads many to start asking what happened.
So it was on Monday, when former Starwood Hotels Chief Executive Steven Heyer said he was exiting -- even though he had a year and a half left on a contract and a severance deal that could have been worth $9 million.
Read more at Reuters.com Business News
So it was on Monday, when former Starwood Hotels Chief Executive Steven Heyer said he was exiting -- even though he had a year and a half left on a contract and a severance deal that could have been worth $9 million.
Read more at Reuters.com Business News
UPDATE 1-Mazda CEO says share issue one fund-raising option
(Reuters) - TOKYO, April 3 - The head of Mazda Motor Corp. said on Tuesday that issuing new shares was one of many options for raising funds to increase research and development as well as other investment spending.
"We are at a point where we have various options available to us to raise funds," Chief Executive Officer Hisakazu Imaki told a small group of reporters in an interview in Tokyo.
Read more at Reuters.com New Issues News
"We are at a point where we have various options available to us to raise funds," Chief Executive Officer Hisakazu Imaki told a small group of reporters in an interview in Tokyo.
Read more at Reuters.com New Issues News
Bolivia to regain control of telecoms firm
(Reuters) - By Carlos Quiroga
LA PAZ, April 2 - Bolivia's leftist government said on Monday it had decided to put telecommunications company Entel, which is controlled by Telecom Italia , back under state control.
Read more at Reuters.com Mergers News
LA PAZ, April 2 - Bolivia's leftist government said on Monday it had decided to put telecommunications company Entel, which is controlled by Telecom Italia , back under state control.
Read more at Reuters.com Mergers News
S.African employment services Kelly Group debuts on bourse
(Reuters) - South African employment services provider, the Kelly Group (Kelly) listed on the Johannesburg bourse with an initial market capitalisation of 347.4 million rand, it said on Tuesday.
The listing follows a private placing in which institutional and retail investors took up 38.6 million Kelly Group shares at 9 rand per share
Read more at Reuters Africa
The listing follows a private placing in which institutional and retail investors took up 38.6 million Kelly Group shares at 9 rand per share
Read more at Reuters Africa
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