(Reuters) - Bonds issued by both countries were already pressured by a considerable supply of new sovereign debt and, in the case of Argentina, by concerns about the integrity of official inflation data.
Argentina's Discount bonds declined 1.750 points to 111.000 after plunging more than 3.5 points earlier. The country's risk spreads widened 18 basis points according to JP Morgan's EMBI+ index .
Read more at Reuters.com Bonds News
Friday, April 13, 2007
Saskpool CEO says new Agricore offer hard to match
(Reuters) - Fully prorated, Saskpool is offering C$14 in cash and 0.6623 of a share for each Agricore share, valuing the grain-handler at C$1.183 billion.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-Parlux Fragrances Q3 profit surge helped by gain
(Reuters) - The company, however, reported a loss from continuing operations for the quarter hurt by higher expenses.
Shares of the company fell more than 7 percent to $5.33 in late electronic trade, after closing at $5.77 in regular trading on the Nasdaq.
Read more at Reuters.com Market News
Shares of the company fell more than 7 percent to $5.33 in late electronic trade, after closing at $5.77 in regular trading on the Nasdaq.
Read more at Reuters.com Market News
K&F says Meggitt-USA refiles pre-merger notice
(Reuters) - Meggitt-USA, a unit of Meggitt PLC , had said it would acquire K&F for $27 per share in an all-cash transaction valued at about $1.1 billion.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
RBS, Fortis, Santander confirm approached ABN
(Reuters) - "The Banks have requested access to the same due diligence information given to Barclays."
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-Sallie Mae in talks with private equity -reports
(Reuters) - NEW YORK, April 13 - Sallie Mae , the largest U.S. student loan company, is in talks to be bought out by private equity in a deal that could top $20 billion, according to media reports on Friday.
The company's shares surged as much as 14.9 percent, and its bonds fell after the New York Times reported that negotiations are at a late stage. Both the Times and Bloomberg News said Blackstone Group is a potential bidder.
Read more at Reuters.com Bonds News
The company's shares surged as much as 14.9 percent, and its bonds fell after the New York Times reported that negotiations are at a late stage. Both the Times and Bloomberg News said Blackstone Group is a potential bidder.
Read more at Reuters.com Bonds News
U.S. Stocks Advance, Led by Merck, Drugmakers; SLM Shares Climb on Report
(Bloomberg) -- U.S. stocks rose, erasing the Standard & Poor's 500 Index's losses from the Feb. 27 sell-off, after Merck & Co. said profit beat analysts' estimates and investors speculated SLM Corp. will be taken private.
The Dow Jones Industrial Average posted its first back-to- back weekly gain since January, while the Nasdaq Composite Index recorded its first such streak since February. Cisco Systems Inc. rallied after saying it's at the high end of its sales growth forecast.
Read more at Bloomberg Stocks News
The Dow Jones Industrial Average posted its first back-to- back weekly gain since January, while the Nasdaq Composite Index recorded its first such streak since February. Cisco Systems Inc. rallied after saying it's at the high end of its sales growth forecast.
Read more at Bloomberg Stocks News
UPDATE 1-Texas bill avoids more review of TXU sale
(Reuters) - Dallas-based TXU, the state's largest power company, agreed in late February to be purchased for $32 billion by a group of private equity firms led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group .
The size of the transaction and soaring power prices in the state's five-year-old deregulated market have raised concern among elected officials in Austin, the state capital, and Washington.
Read more at Reuters.com Government Filings News
The size of the transaction and soaring power prices in the state's five-year-old deregulated market have raised concern among elected officials in Austin, the state capital, and Washington.
Read more at Reuters.com Government Filings News
Brazil's Bovespa Rises, Led by Telemar: Peruvian Mining Shares Advance
(Bloomberg) -- Brazilian stocks rose, heading for a fourth straight weekly gain, led by Tele Norte Leste Participacoes SA, on speculation that mergers among telecommunication companies will ease competition.
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange advanced 2.4 percent, to a record 47,751.15. It gained 404.59, or 0.9 percent, today as of 1:45 p.m. in New York, trading at a record for a fourth time this week.
Read more at Bloomberg Stocks News
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange advanced 2.4 percent, to a record 47,751.15. It gained 404.59, or 0.9 percent, today as of 1:45 p.m. in New York, trading at a record for a fourth time this week.
Read more at Bloomberg Stocks News
UPDATE 1-No impact on CBS debt rating from Imus dismissal-S&P
(Reuters) - The dismissal of the popular radio host on Thursday comes at a challenging time for CBS Radio, which was already feeling the effects of the exit of on-air personality Howard Stern in January 2006, the ratings agency said in a statement.
Still, the departure of Imus, whose morning show was carried on 61 stations, "will not have a significant impact on profitability," S&P said.
Read more at Reuters.com Bonds News
Still, the departure of Imus, whose morning show was carried on 61 stations, "will not have a significant impact on profitability," S&P said.
Read more at Reuters.com Bonds News
Canadian Dollar Falls, Paring Weekly Gain, as Report Shows Export Decline
(Bloomberg) -- Canada's dollar declined from a four-month high after a government report showed the nation's exports dropped in February.
The currency pared a weekly gain against the U.S. dollar after Statistics Canada said Canada's trade surplus narrowed in February. A 15-day strike against Canadian National Railway Co. led to the biggest drop in exports since October.
Read more at Bloomberg Currencies News
The currency pared a weekly gain against the U.S. dollar after Statistics Canada said Canada's trade surplus narrowed in February. A 15-day strike against Canadian National Railway Co. led to the biggest drop in exports since October.
Read more at Bloomberg Currencies News
WTI Crude Has Lost Status as an International Oil Benchmark, Lehman Says
(Bloomberg) -- Wholesale West Texas Intermediate crude oil, the U.S. benchmark, is no longer a gauge of the international oil market and may not be for years, according to a Lehman Brothers Inc. report today.
Prices of the grade, which is traded on the New York Mercantile Exchange futures market, are being depressed by a lack of storage at Cushing, Oklahoma, where WTI is delivered, competing supplies from Canada, refinery outages and difficulty in moving the oil elsewhere, the report said.
Read more at Bloomberg Energy News
Prices of the grade, which is traded on the New York Mercantile Exchange futures market, are being depressed by a lack of storage at Cushing, Oklahoma, where WTI is delivered, competing supplies from Canada, refinery outages and difficulty in moving the oil elsewhere, the report said.
Read more at Bloomberg Energy News
AWB, Doosan Heavy, IOI, Rio Tinto, QL, Via: Asia Ex-Japan Equity Preview
(Bloomberg) -- The following stocks may rise or fall in Asian markets, excluding Japan, on April 16. This preview includes news that broke after markets closed. Prices are from the local market's last close. Stock symbols are in parentheses after company names.
AWB Ltd. (AWB AU): Australia's largest wheat exporter said it was notified that law firm Maurice Blackburn Cashman has been instructed to commence legal proceedings against it in the Federal Court. The claim on behalf of shareholders will be seeking approximately A$25 million ($20.8 million), AWB said in a statement to the Australian Stock Exchange. The shares added 15 cents, or 4.2 percent, to A$3.70.
Read more at Bloomberg Stocks News
AWB Ltd. (AWB AU): Australia's largest wheat exporter said it was notified that law firm Maurice Blackburn Cashman has been instructed to commence legal proceedings against it in the Federal Court. The claim on behalf of shareholders will be seeking approximately A$25 million ($20.8 million), AWB said in a statement to the Australian Stock Exchange. The shares added 15 cents, or 4.2 percent, to A$3.70.
Read more at Bloomberg Stocks News
Gold Rises to a 1-Year High on Demand for Dollar Alternative; Silver Gains
(Bloomberg) -- Gold in New York rose to the highest in almost a year as a decline in the value of the dollar boosted the appeal of the precious metal as an alternative investment. Silver also climbed.
Gold generally moves in the opposite direction of the dollar, which fell to the lowest in more than two years against six major currencies. Before today, gold had gained 6.5 percent this year, while the dollar index has dropped 1.5 percent.
Read more at Bloomberg Commodities News
Gold generally moves in the opposite direction of the dollar, which fell to the lowest in more than two years against six major currencies. Before today, gold had gained 6.5 percent this year, while the dollar index has dropped 1.5 percent.
Read more at Bloomberg Commodities News
Crude Oil Is Little Changed as Refiners Increase U.S. Gasoline Production
(Bloomberg) -- Crude oil was little changed, close to $64 a barrel in New York, amid speculation demand will climb as U.S. refiners increase operating rates to make gasoline for the summer months.
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Commodities News
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Commodities News
US STOCKS-Blue chips rise on higher earnings prospects
(Reuters) - NEW YORK, April 13 - U.S. blue-chip stocks gained on Friday, helped by higher profit outlooks from drug maker Merck & Co. and restaurant chain McDonald's Corp. .
A possible buyout of student-loan company Sallie Mae helped the broader market, along with higher first-quarter earnings from conglomerate General Electric Co. .
Read more at Reuters.com Bonds News
A possible buyout of student-loan company Sallie Mae helped the broader market, along with higher first-quarter earnings from conglomerate General Electric Co. .
Read more at Reuters.com Bonds News
Citigroup U.S. Rates Head Kenneth Tremain Leaving, People Familiar Say
(Bloomberg) -- Citigroup Inc.'s head of North American interest rates, Kenneth Tremain, is leaving the firm as the biggest U.S. bank cuts 17,000 jobs, according to two people familiar with the matter.
Tremain, 43, declined to comment when reached at home by telephone. Stephen Cohen, a Citigroup spokesman in New York, also declined to comment.
Read more at Bloomberg Bonds News
Tremain, 43, declined to comment when reached at home by telephone. Stephen Cohen, a Citigroup spokesman in New York, also declined to comment.
Read more at Bloomberg Bonds News
SEC seeks more control in settlement talks: report
(Reuters) - Under the current system, staff members negotiate with companies before presenting a settlement proposal to the commissioners for approval.
The pilot plan has the potential to speed up settlements, as enforcement staff would already have an idea of the amount of financial penalty settlement the commissioners would be willing to approve.
Read more at Reuters.com Business News
The pilot plan has the potential to speed up settlements, as enforcement staff would already have an idea of the amount of financial penalty settlement the commissioners would be willing to approve.
Read more at Reuters.com Business News
McDonald's stock at 7-year high on upbeat forecast
(Reuters) - The news pushed shares of the world's largest restaurant company up 2 percent to a more than seven-year high.
McDonald's said it expects to report first-quarter earnings of about 62 cents per share, while analysts on average had forecast 57 cents, according to Reuters Estimates.
Read more at Reuters.com Market News
McDonald's said it expects to report first-quarter earnings of about 62 cents per share, while analysts on average had forecast 57 cents, according to Reuters Estimates.
Read more at Reuters.com Market News
FTSE hits 6-yr highest close; oil, drugmakers lead
(Reuters) - Britain's top share index marched to its highest close in more than six years on Friday, posting a 0.7 percent rise, led by oil shares and pharmaceuticals while merger and acquisitions lent support.
The FTSE 100 ended up 46 points at 6,462.4 to hit its highest close for the year. European shares also rose.
Read more at Reuters Africa
The FTSE 100 ended up 46 points at 6,462.4 to hit its highest close for the year. European shares also rose.
Read more at Reuters Africa
Escalade's Q1 profit falls; names interim CEO
(Reuters) - The company said it earned $1.1 million, or 8 cents a share, for the first quarter compared with $1.7 million, or 13 cents a share, for the year-ago quarter.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
U.K. Pound Declines Against Yen Before G-7 Meeting, Rises Against Dollar
(Bloomberg) -- The U.K. pound fell against the yen from its highest in a month and a half on concern Group of Seven policy makers meeting today will say weakness in the Japanese currency is unwarranted.
The yen gained against the dollar and euro yesterday after European Central Bank President Jean-Claude Trichet said the currency doesn't reflect the strength of the Japanese economy. His comments echoed those of G-7 central bankers and finance ministers two months ago. The pound rose against the yen and the dollar this week on expectations U.K. interest rates will rise.
Read more at Bloomberg Currencies News
The yen gained against the dollar and euro yesterday after European Central Bank President Jean-Claude Trichet said the currency doesn't reflect the strength of the Japanese economy. His comments echoed those of G-7 central bankers and finance ministers two months ago. The pound rose against the yen and the dollar this week on expectations U.K. interest rates will rise.
Read more at Bloomberg Currencies News
Oil above $64 on US gasoline supply worry
(Reuters) - Oil topped $64 a barrel on Friday, extending a 3 percent gain a day earlier, on concern over refinery outages that have drained gasoline stocks ahead of the busy summer season in the world's top consumer.
The market was also supported by a warning from the International Energy Agency (IEA) that oil stocks in industrialised nations may drop further in coming months, after recording the biggest first-quarter decline in a decade.
Read more at Reuters Africa
The market was also supported by a warning from the International Energy Agency (IEA) that oil stocks in industrialised nations may drop further in coming months, after recording the biggest first-quarter decline in a decade.
Read more at Reuters Africa
Texas House bill avoids more scrutiny of TXU sale
(Reuters) - The size of the TXU transaction, and rising power prices in the state's five-year-old deregulated market, have raised concern among elected officials in Austin, the state capital, and Washington.
The Texas Senate passed a measure last month giving the state Public Utility Commission authority to approve or reject the TXU transaction.
Read more at Reuters.com Business News
The Texas Senate passed a measure last month giving the state Public Utility Commission authority to approve or reject the TXU transaction.
Read more at Reuters.com Business News
UPDATE 1-China may need further monetary tightening - IMF
(Reuters) - "Authorities in those cases will need to remain vigilant and ready to further tighten monetary conditions as needed," said IMF Asia Director David Burton. "India and Vietnam are two such cases and further monetary tightening may be needed in China," he told a news conference.
Burton repeated the IMF's advice that China should add a flexible exchange rate policy to the set of macroeconomic tools Beijing employs to try to control investment and credit growth.
Read more at Reuters.com Bonds News
Burton repeated the IMF's advice that China should add a flexible exchange rate policy to the set of macroeconomic tools Beijing employs to try to control investment and credit growth.
Read more at Reuters.com Bonds News
Freddie Mac to sell $4 billion in bills Wednesday
(Reuters) - -- $2.5 billion of three-month bills due July 16, 2007 to be sold Monday and settle Tuesday; and
-- $1.5 billion of six-month bills due Oct. 15, 2007 to be sold Monday and settle Tuesday.
Read more at Reuters.com Bonds News
-- $1.5 billion of six-month bills due Oct. 15, 2007 to be sold Monday and settle Tuesday.
Read more at Reuters.com Bonds News
Newpark settles shareholder litigation for about $1.6 mln
(Reuters) - The lawsuits were filed against Newpark following an internal investigation by the company into discrepancies in the payment of invoices at one of its units, and alleged improper granting of stock options to execuitves.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Icahn asks Motorola holders to vote him to board
(Reuters) - Icahn, in a letter dated April 12 that accompanied proxy materials, said he and his affiliates currently own over 68 million shares of Motorola stock.
Noting that he had hoped the board would have added him without a fight, Icahn said if elected he would join "with no preconceived notions."
Read more at Reuters.com Mergers News
Noting that he had hoped the board would have added him without a fight, Icahn said if elected he would join "with no preconceived notions."
Read more at Reuters.com Mergers News
Iusacell's Resolution for $350 Million Bond Default Approved by Court
(Bloomberg) -- Grupo Iusacell SA, Mexico's second- biggest mobile telephone company, said a Mexican bankruptcy court approved a debt workout plan with creditors.
Holders of $350 million of defaulted bonds due in 2006 will receive $175 million of new bonds with a coupon of 10 percent that mature in 2013, the Mexico City-based company said in a statement to Mexico's stock exchange late yesterday.
Read more at Bloomberg Bonds News
Holders of $350 million of defaulted bonds due in 2006 will receive $175 million of new bonds with a coupon of 10 percent that mature in 2013, the Mexico City-based company said in a statement to Mexico's stock exchange late yesterday.
Read more at Bloomberg Bonds News
University Leaders Seen Compromised as Board Members of Student Loan Firm
(Bloomberg) -- John Affleck-Graves, executive vice president of the University of Notre Dame, collected $58,984 last year in eight months as a director of Student Loan Corp., a lender to the school's attendees and their parents.
Affleck-Graves is one of 12 presidents, administrators, deans and professors at U.S. colleges and universities who serve on boards at nine of the largest publicly traded student-loan companies. Walter Massey, president of Morehouse College, got $649,692 in pay and stock in 2006 for serving on Bank of America Corp.'s board. The bank was chosen as an approved lender in a new Morehouse loan program and has since been dropped.
Read more at Bloomberg Exclusive News
Affleck-Graves is one of 12 presidents, administrators, deans and professors at U.S. colleges and universities who serve on boards at nine of the largest publicly traded student-loan companies. Walter Massey, president of Morehouse College, got $649,692 in pay and stock in 2006 for serving on Bank of America Corp.'s board. The bank was chosen as an approved lender in a new Morehouse loan program and has since been dropped.
Read more at Bloomberg Exclusive News
S.Africa's Telkom says appoints CEO of Multi-Links
(Reuters) - South Africa's fixed-line operator Telkom has appointed Justin Ramayia, an executive at its broadband business, as head of its newly acquired Multi-Links Nigerian unit, the company said on Friday.
Telkom said in a statement Ramayia would be chief executive of Multi-Links for three years and would be based in Nigeria.
Read more at Reuters Africa
Telkom said in a statement Ramayia would be chief executive of Multi-Links for three years and would be based in Nigeria.
Read more at Reuters Africa
Treasuries Little Changed as Core Wholesale Prices Are Unchanged in March
(Bloomberg) -- Treasuries were little changed after a government report showed wholesale prices excluding food and energy were unchanged last month.
Treasuries declined earlier this week after minutes of the Federal Reserve's most recent meeting showed policy makers agreed higher interest rates may still ``prove necessary'' to control inflation, even as they removed a reference in their statement to tighter credit because of increased economic risks.
Read more at Bloomberg Bonds News
Treasuries declined earlier this week after minutes of the Federal Reserve's most recent meeting showed policy makers agreed higher interest rates may still ``prove necessary'' to control inflation, even as they removed a reference in their statement to tighter credit because of increased economic risks.
Read more at Bloomberg Bonds News
Yen Rebounds From Record Low Against Euro Before Group of Seven Meeting
(Bloomberg) -- The yen rebounded from a record low against the euro and gained versus the dollar on speculation Group of Seven finance ministers will suggest Japan's currency doesn't reflect the strength of its economy.
The dollar remained lower against the euro and yen after a U.S. government report showed the trade deficit unexpectedly narrowed in February. European Central Bank President Jean-Claude Trichet said yesterday that the Japanese currency should reflect economic ``fundamentals.''
Read more at Bloomberg Currencies News
The dollar remained lower against the euro and yen after a U.S. government report showed the trade deficit unexpectedly narrowed in February. European Central Bank President Jean-Claude Trichet said yesterday that the Japanese currency should reflect economic ``fundamentals.''
Read more at Bloomberg Currencies News
TREASURIES-Bonds rise after PPI core unchanged in March
(Reuters) - Benchmark 10-year Treasury notes were up 3/32 in price for a yield of 4.73 percent, down from 4.74 percent shortly before the release of the PPI data. Bond prices and yields move inversely.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
WRAPUP 1-US trade gap narrows, core PPI holds steady
(Reuters) - The February trade gap fell to $58.4 billion, as crude oil imports fell sharply to the smallest in four years and average imported oil prices were the lowest since December 2005, a government report on Friday showed.
The Commerce Department also lowered its estimate of the January trade gap to $58.9 billion, from its previous estimate of $59.1 billion.
Read more at Reuters.com Economic News
The Commerce Department also lowered its estimate of the January trade gap to $58.9 billion, from its previous estimate of $59.1 billion.
Read more at Reuters.com Economic News
Asia to grow 8.5 pct in '07, amid US demand risk-IMF
(Reuters) - "While global growth has become more balanced, the main risk remains uncertainty surrounding U.S. growth prospects," the IMF's Asia and Pacific Outlook stated.
"Ongoing weakness in the housing sector, and the potential for spillovers into consumption -- and Asian exports -- is still a key concern," it said.
Read more at Reuters.com Economic News
"Ongoing weakness in the housing sector, and the potential for spillovers into consumption -- and Asian exports -- is still a key concern," it said.
Read more at Reuters.com Economic News
GE profit up, driven by infrastructure growth
(Reuters) - BOSTON, April 13 - General Electric Co. reported higher first-quarter earnings on Friday, with strong demand for heavy equipment driving the infrastructure segment, while the GE Plastics business weighed on industrial results.
GE, whose operations range from jet engines to NBC media, said net earnings rose to $4.51 billion, or 44 cents per diluted share, from $4.44 billion, or 42 cents per share, a year earlier.
Read more at Reuters.com Market News
GE, whose operations range from jet engines to NBC media, said net earnings rose to $4.51 billion, or 44 cents per diluted share, from $4.44 billion, or 42 cents per share, a year earlier.
Read more at Reuters.com Market News
GE's First-Quarter Profit Rises 8 Percent on Health Care, Aviation, Power
(Bloomberg) -- General Electric Co., the world's second-biggest company by market value, said first-quarter profit rose on international sales of aviation, power-plant and health-care equipment.
Profit from continuing operations climbed 8 percent to $4.51 billion, or 44 cents a share, from $4.18 billion, or 40 cents, matching analysts' estimates. Revenue grew 5.7 percent to $40.2 billion, Fairfield, Connecticut-based GE said today in a statement sent by Business Wire.
Read more at Bloomberg Energy News
Profit from continuing operations climbed 8 percent to $4.51 billion, or 44 cents a share, from $4.18 billion, or 40 cents, matching analysts' estimates. Revenue grew 5.7 percent to $40.2 billion, Fairfield, Connecticut-based GE said today in a statement sent by Business Wire.
Read more at Bloomberg Energy News
UPDATE 1-Bank of E.Asia eyes Affin stake, seeks China deal
(Reuters) - SHANGHAI, April 13 - Hong Kong's Bank of East Asia plans to take a 20 to 25 percent stake in Malaysian lending group Affin Holdings Bhd as part of its regional expansion, BEA Chairman David Li said on Friday.
BEA, Hong Kong's fifth-largest bank, is also in talks with 30 Chinese city commercial banks about possibly buying a stake, although no deal has been signed yet, Li said.
Read more at Reuters.com Mergers News
BEA, Hong Kong's fifth-largest bank, is also in talks with 30 Chinese city commercial banks about possibly buying a stake, although no deal has been signed yet, Li said.
Read more at Reuters.com Mergers News
Gold rally slows, vulnerable to profit-taking
(Reuters) - Gold rose by just $1 on Friday despite a sharp drop in the dollar and firm oil prices, and analysts said the metal was vulnerable to profit-taking due to its failure to hold key levels.
Spot gold was quoted at $676.80/677.80 an ounce by 0950 GMT, versus $675.80/$676.30 late in New York on Thursday. The metal hit a six-week high of $681.30 on Tuesday.
Read more at Reuters Africa
Spot gold was quoted at $676.80/677.80 an ounce by 0950 GMT, versus $675.80/$676.30 late in New York on Thursday. The metal hit a six-week high of $681.30 on Tuesday.
Read more at Reuters Africa
Chinese Yuan Gains in Week, Closes at Highest Since End of Dollar Link
(Bloomberg) -- The yuan gained in the week, closing at the strongest since a dollar peg was scrapped in July 2005, on speculation China will permit gains to curb growing foreign- exchange reserves and to cool the economy.
The reserves, the world's largest and accumulated in part by buying dollar-denominated U.S. Treasuries to temper yuan appreciation, rose to a record $1.2 trillion at the end of March, a report showed yesterday. Federal Reserve Chairman Ben S. Bernanke reiterated this week a flexible exchange rate is in the interests of China.
Read more at Bloomberg Currencies News
The reserves, the world's largest and accumulated in part by buying dollar-denominated U.S. Treasuries to temper yuan appreciation, rose to a record $1.2 trillion at the end of March, a report showed yesterday. Federal Reserve Chairman Ben S. Bernanke reiterated this week a flexible exchange rate is in the interests of China.
Read more at Bloomberg Currencies News
U.K. Power Rises as French Prices Gain; Spare Generation Capacity May Fall
(Bloomberg) -- U.K. electricity for delivery on the next working day increased on forecasts that spare power generation capacity may diminish, and as corresponding French prices rose.
U.K. working day-ahead power gained 2 percent to 20.05 pounds ($39.80) a megawatt hour, according to price information on Bloomberg from the energy broker Spectron Group Plc. Electricity for delivery today last traded at 19.65 pounds a megawatt hour yesterday. The average price for working-day power this week was 20.16 pounds a megawatt hour.
Read more at Bloomberg Energy News
U.K. working day-ahead power gained 2 percent to 20.05 pounds ($39.80) a megawatt hour, according to price information on Bloomberg from the energy broker Spectron Group Plc. Electricity for delivery today last traded at 19.65 pounds a megawatt hour yesterday. The average price for working-day power this week was 20.16 pounds a megawatt hour.
Read more at Bloomberg Energy News
European shares head higher on oils, PPI eyed
(Reuters) - European shares rebounded from a one-week low early on Friday, as a sharp rise in oil prices fuelled gains in heavily-weighted energy stocks, but lingering worries about inflation capped the market's advance.
Takeover activity once again spurred selected stocks such as Faurecia as traders cited rumours that Peugeot was mulling a spin-off the French car-parts maker.
Read more at Reuters Africa
Takeover activity once again spurred selected stocks such as Faurecia as traders cited rumours that Peugeot was mulling a spin-off the French car-parts maker.
Read more at Reuters Africa
Infosys Q4 jumps, forecasts slower year growth
(Reuters) - Infosys , shares rose as much as 3.8 percent, helping push up Mumbai's benchmark index 2.1 percent.
Infosys, the first big software firm to report quarterly earnings, said it was confident going forward, though a firmer rupee trimmed margins by 1 percent in January-March, and visa and wage costs may erode margins by 200 basis points in April-June.
Read more at Reuters.com Hot Stocks News
Infosys, the first big software firm to report quarterly earnings, said it was confident going forward, though a firmer rupee trimmed margins by 1 percent in January-March, and visa and wage costs may erode margins by 200 basis points in April-June.
Read more at Reuters.com Hot Stocks News
Indian Bonds Drop as Lenders Sell Securities Before New Cash Reserves Rule
(Bloomberg) -- Indian bonds fell for a third day on speculation lenders sold securities before a rule takes effect increasing the cash they are required to keep as reserves.
Banks, the biggest buyers of Indian government debt, have to set aside 6.25 percent of their deposits in cash from tomorrow, up from 6 percent. The reserve requirement will be further lifted to 6.5 percent from April 28. The two increases will drain 155 billion rupees ($3.6 billion) from the banking system, reducing funds available for buying bonds.
Read more at Bloomberg Bonds News
Banks, the biggest buyers of Indian government debt, have to set aside 6.25 percent of their deposits in cash from tomorrow, up from 6 percent. The reserve requirement will be further lifted to 6.5 percent from April 28. The two increases will drain 155 billion rupees ($3.6 billion) from the banking system, reducing funds available for buying bonds.
Read more at Bloomberg Bonds News
Qiagen agrees to buy eGene Inc. for $34 million
(Reuters) - The acquisition is expected to close in the third quarter of 2007, subject to regulatory and shareholder approval, and will add about $2 million to Qiagen's sales in the second half of 2007 and about $7 million to $9 million in 2008, Qiagen said.
One-time charges related to the deal are expected to reduce Qiagen's earnings per share by about $0.01 in the second half of 2007 and to be earnings-neutral in 2008. Margins are not expected to be materially affected.
Read more at Reuters.com Mergers News
One-time charges related to the deal are expected to reduce Qiagen's earnings per share by about $0.01 in the second half of 2007 and to be earnings-neutral in 2008. Margins are not expected to be materially affected.
Read more at Reuters.com Mergers News
Samsung posts weak Q1 on chips, outlook tough
(Reuters) - The April-June outlook remains grim as Samsung, the most valuable technology company outside the United States, forecast a further 5-10 percent drop in DRAM prices in the second quarter.
But it said the second quarter would represent a bottom for DRAM profitability, and analysts expect Samsung's earnings to improve in the second half as seasonal demand for consumer electronics picks up.
Read more at Reuters.com Business News
But it said the second quarter would represent a bottom for DRAM profitability, and analysts expect Samsung's earnings to improve in the second half as seasonal demand for consumer electronics picks up.
Read more at Reuters.com Business News
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