(Reuters) - U.S. stocks rallied on Monday, completing their recovery from a late February sell-off, as Citigroup Inc. reported better-than-expected results, student lender Sallie Mae agreed to be bought and upbeat retail data suggested the economy remained resilient.
The Standard & Poor's 500 index rose to a 6-1/2-year high and the Dow climbed to within 75.5 points of its record high set on February 20.
Read more at Reuters Africa
Monday, April 16, 2007
UPDATE 1-Experian sales climb, confident on future
(Reuters) - Experian, spun out of conglomerate GUS in October, said organic sales growth in the six months to March 31 2007 came in at 8 percent, broadly in line with 7 percent in the first half, excluding businesses sold, closed or identified for closure.
Experian collects and analyses credit and marketing data and has said it would look for "complementary" acquisitions. The firm bought five businesses in the six months to March, but it gave no update in Tuesday's statement on talks announced last month with Brazilian credit bureau Serasa.
Read more at Reuters.com Market News
Experian collects and analyses credit and marketing data and has said it would look for "complementary" acquisitions. The firm bought five businesses in the six months to March, but it gave no update in Tuesday's statement on talks announced last month with Brazilian credit bureau Serasa.
Read more at Reuters.com Market News
Indonesia Bonds Stay Near Three-Month High on Yield; Rupiah Little Changed
(Bloomberg) -- Indonesian government bonds rose to near a three-month high as yields attracted investors. The rupiah was little changed on speculation the central bank had acted to curb the currency's appreciation.
Indonesia is benefiting from so-called carry trades, purchases of high-yield securities with borrowed yen. The country's benchmark rate of 9 percent, the third-highest in Asia, is 18 times the Bank of Japan's 0.5 percent target rate.
Read more at Bloomberg Bonds News
Indonesia is benefiting from so-called carry trades, purchases of high-yield securities with borrowed yen. The country's benchmark rate of 9 percent, the third-highest in Asia, is 18 times the Bank of Japan's 0.5 percent target rate.
Read more at Bloomberg Bonds News
European Stocks May Retreat, Paced by BHP Billiton and Nestle Shares
(Bloomberg) -- European stocks may fall from a 6 1/2-year high, tracking declines in Asian equities. BHP Billiton Ltd. and Nestle SA might drop.
Pirelli & C. SpA may be active after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder. Tesco Plc might move after the retailer posted a 20 percent gain in full-year profit. Debenhams Plc may fall after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates.
Read more at Bloomberg Stocks News
Pirelli & C. SpA may be active after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder. Tesco Plc might move after the retailer posted a 20 percent gain in full-year profit. Debenhams Plc may fall after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates.
Read more at Bloomberg Stocks News
Lehman unit close to deal with Indian firm: paper
(Reuters) - "We are looking at investments in the hospitality sector. But I will not be able to comment on specific deals," he told the paper.
"We are building hotels in India. But at this stage, I cannot comment on who we are partnering with for investments in the business," he told the paper.
Read more at Reuters.com Business News
"We are building hotels in India. But at this stage, I cannot comment on who we are partnering with for investments in the business," he told the paper.
Read more at Reuters.com Business News
Finmeccanica considers Safran, ATR deals-Les Echos
(Reuters) - Referring to EADS's 50 percent holding in ATR, he added, "We have the possibility of getting hold of it."
Guarguaglini also echoed comments by the head of French defence electronics firm Thales by saying that the two companies could develop closer ties.
Read more at Reuters.com Mergers News
Guarguaglini also echoed comments by the head of French defence electronics firm Thales by saying that the two companies could develop closer ties.
Read more at Reuters.com Mergers News
Novartis says US OKs Reclast for bone disease
(Reuters) - ZURICH, April 17 - Swiss drugmaker Novartis said on Tuesday it had received the approval in the United States for its Reclast drug as a treatment for Paget's disease of the bone.
"Reclast has received U.S. regulatory approval as the first new treatment in nearly a decade for patients with a bone condition known as Paget's disease, estimated to affect about one million people in the United States alone," Novartis said.
Read more at Reuters.com Government Filings News
"Reclast has received U.S. regulatory approval as the first new treatment in nearly a decade for patients with a bone condition known as Paget's disease, estimated to affect about one million people in the United States alone," Novartis said.
Read more at Reuters.com Government Filings News
Antigenics vaccine shows promise in brain cancer
(Reuters) - Antigenics, whose shares rose 35 percent in morning trade, said data from a trial of 12 patients with glioblastoma, or late-stage brain cancer, showed the vaccine boosted the immune systems of all 12 patients and appears to be helping improve survival.
While the trial is extremely small, it is potentially significant because no cancer therapy has been shown to consistently boost the body's immune system in such a way that it can become a primary weapon in attacking the disease.
Read more at Reuters.com Hot Stocks News
While the trial is extremely small, it is potentially significant because no cancer therapy has been shown to consistently boost the body's immune system in such a way that it can become a primary weapon in attacking the disease.
Read more at Reuters.com Hot Stocks News
US FDA staffer supports new use for Bristol drug
(Reuters) - WASHINGTON, April 16 - Earlier use of Bristol-Myers Squibb Co.'s Availed to treat certain hypertension patients should win US approval, a Food and Drug Administration reviewer said in documents released on Monday.
The drug, first approved in 1997, is already approved to treat hypertension after use of either irbesartan or hydrochlorothiazide fails to help reach desired blood pressure levels.
Read more at Reuters.com Government Filings News
The drug, first approved in 1997, is already approved to treat hypertension after use of either irbesartan or hydrochlorothiazide fails to help reach desired blood pressure levels.
Read more at Reuters.com Government Filings News
Cosan, Embraer, Petroleo Brasileiro, Usiminas, Vale: Brazil Equity Movers
(Bloomberg) -- Brazil's main stock index rose to a record for a third straight day, led by the world's biggest iron- ore and nickel producer Cia. Vale do Rio Doce.
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange rose 657.71, or 1.4 percent, to 48,583.94 as of 9:45 a.m. New York time.
Read more at Bloomberg Stocks News
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange rose 657.71, or 1.4 percent, to 48,583.94 as of 9:45 a.m. New York time.
Read more at Bloomberg Stocks News
Crude Oil Falls on Signs U.S. Inventories Are Adequate to Meet U.S. Demand
(Bloomberg) -- Crude oil fell on speculation that U.S. inventories are adequate to meet increased demand from refiners making gasoline for the summer months.
Crude oil for May delivery fell 39 cents, or 0.6 percent, to $63.24 a barrel at 10:07 a.m. on the New York Mercantile Exchange. Prices are down 9.5 percent from a year ago.
Read more at Bloomberg Commodities News
Crude oil for May delivery fell 39 cents, or 0.6 percent, to $63.24 a barrel at 10:07 a.m. on the New York Mercantile Exchange. Prices are down 9.5 percent from a year ago.
Read more at Bloomberg Commodities News
US STOCKS-Indexes open up on Sallie Mae, Citigroup
(Reuters) - The gains took all three major indexes firmly back above the levels seen before the stock market's late February sell-off.
The Dow Jones industrial average was up 52.33 points, or 0.41 percent, at 12,664.46. The Standard & Poor's 500 Index was up 7.71 points, or 0.53 percent, at 1,460.56. The Nasdaq Composite Index was up 13.53 points, or 0.54 percent, at 2,505.47.
Read more at Reuters.com Bonds News
The Dow Jones industrial average was up 52.33 points, or 0.41 percent, at 12,664.46. The Standard & Poor's 500 Index was up 7.71 points, or 0.53 percent, at 1,460.56. The Nasdaq Composite Index was up 13.53 points, or 0.54 percent, at 2,505.47.
Read more at Reuters.com Bonds News
Lilly says continued Zyprexa sales growth unlikely
(Reuters) - Company officials told analysts in a conference call that the impressive overseas sales growth was due largely to "destocking" by Japanese wholesalers in the year-ago period. Lilly said it still expects sales of the drug to be flat this year. Sales have slowed amid concerns that the drug causes weight gains that could increase the risk of diabetes.
Executives of the Indianapolis-based drugmaker also said they plan later this year to ask U.S. regulators for permission to market the company's Cymbalta depression drug as a treatment for fibromyalgia, a condition involving pain in the muscles, ligaments and tendons that is often accompanied by severe fatigue.
Read more at Reuters.com Market News
Executives of the Indianapolis-based drugmaker also said they plan later this year to ask U.S. regulators for permission to market the company's Cymbalta depression drug as a treatment for fibromyalgia, a condition involving pain in the muscles, ligaments and tendons that is often accompanied by severe fatigue.
Read more at Reuters.com Market News
UPDATE 1-Saudi investor buys 3.3 bln stg HSBC stake
(Reuters) - A regulatory filing said Maan al-Sanea owned 360 million HSBC shares, or a 3.1 percent stake, through Singularis Holdings, an investment company based in the Cayman Islands.
Sanea started buying the shares in mid-February, after problems in HSBC's U.S. mortgage business hit its share price, a spokesman for Singularis told Reuters. He declined to comment whether Sanea would continue buying shares.
Read more at Reuters.com Mergers News
Sanea started buying the shares in mid-February, after problems in HSBC's U.S. mortgage business hit its share price, a spokesman for Singularis told Reuters. He declined to comment whether Sanea would continue buying shares.
Read more at Reuters.com Mergers News
ConocoPhillips, Tyson Lobbied White House to Win Bigger Biofuel Tax Break
(Bloomberg) -- ConocoPhillips and Tyson Foods Inc. successfully lobbied the White House and other Bush administration officials to expand a tax break originally intended to help a plant in a top House Republican's district.
The provision's sponsor, Missouri Representative Roy Blunt, said he had wanted to provide a credit for diesel fuel produced with new technologies using animal carcasses and other food waste. Under rules issued by the Internal Revenue Service on April 2, the credit can now also be claimed by companies that use existing methods involving vegetable oil and animal fats.
Read more at Bloomberg Energy News
The provision's sponsor, Missouri Representative Roy Blunt, said he had wanted to provide a credit for diesel fuel produced with new technologies using animal carcasses and other food waste. Under rules issued by the Internal Revenue Service on April 2, the credit can now also be claimed by companies that use existing methods involving vegetable oil and animal fats.
Read more at Bloomberg Energy News
Dollar Extends Drop Versus Euro as Report Shows Fall in Foreign Investment
(Bloomberg) -- The dollar extended its drop against the euro after a government report showed foreign investment in U.S. securities fell in February more than economists forecast.
``You are seeing some pressure on the dollar,'' said Mark Meadows, a currency trader in Washington at Tempus Consulting Inc. ``The concern is that if foreign investors purchase less of U.S. assets, the dollar may lose support. But the February number follows a high number in January.''
Read more at Bloomberg Currencies News
``You are seeing some pressure on the dollar,'' said Mark Meadows, a currency trader in Washington at Tempus Consulting Inc. ``The concern is that if foreign investors purchase less of U.S. assets, the dollar may lose support. But the February number follows a high number in January.''
Read more at Bloomberg Currencies News
Citigroup, GPC Biotech, Innkeepers, Mattel, Vertex: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names. Share prices are as of 8:50 a.m. New York time.
Adobe Systems Inc. (ADBE US) added $1.31, or 3.2 percent, to $42.95 in trading before the open of U.S. exchanges. The software maker's shares may climb above $50 within a year as more people use broadband Internet connections and mobile devices, Barron's said, citing Jeffrey Hammond of Forrester Research.
Read more at Bloomberg Stocks News
Adobe Systems Inc. (ADBE US) added $1.31, or 3.2 percent, to $42.95 in trading before the open of U.S. exchanges. The software maker's shares may climb above $50 within a year as more people use broadband Internet connections and mobile devices, Barron's said, citing Jeffrey Hammond of Forrester Research.
Read more at Bloomberg Stocks News
Gaming Partners to further delay filing annual report
(Reuters) - On March 28, the company had sought regulatory approval for a late filing of its annual report due to some deficiencies in accounting control procedures.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
TREASURIES-Prices rise briefly after retail, N.Y. Fed data
(Reuters) - Benchmark 10-year Treasury notes are down 3/32 price after rising 1/32 shortly after the data. They were yielding 4.779 percent, up from 4.765 percent late Friday.
Bond prices and yields move inversely.
Read more at Reuters.com Bonds News
Bond prices and yields move inversely.
Read more at Reuters.com Bonds News
Boston Scientific says plant problems resolved
(Reuters) - The Food and Drug Administration reinspected the St. Paul, Minnesota, facility between Nov. 9 and Dec. 7. The facility had been owned by Guidant, which Boston Scientific acquired last year. The FDA had issued Guidant a warning letter about the deficiencies on Dec. 22, 2005.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Cell C says attracted takeover interest
(Reuters) - South Africa's third-ranked cell phone operator, Cell C, has attracted unsolicited interest from potential buyers but no firm bids, a company official confirmed on Monday.
"There has been interest, there have been some calls, but nothing formal," Cell C's Chief Corporate Officer Zeona Motshabi told Reuters, confirming press reports.
Read more at Reuters Africa
"There has been interest, there have been some calls, but nothing formal," Cell C's Chief Corporate Officer Zeona Motshabi told Reuters, confirming press reports.
Read more at Reuters Africa
UPDATE 2-Wachovia first-quarter profit rises 33 pct
(Reuters) - Net income for the Charlotte, North Carolina-based company rose to $2.3 billion, or $1.20 per share, from $1.73 billion, or $1.09 per share, a year earlier.
Excluding merger costs, profit rose to $2.31 billion, or $1.20 per share, from $1.77 billion, or $1.12, a year earlier.
Read more at Reuters.com Market News
Excluding merger costs, profit rose to $2.31 billion, or $1.20 per share, from $1.77 billion, or $1.12, a year earlier.
Read more at Reuters.com Market News
US STOCKS-Wall St seen higher on Sallie Mae, earnings
(Reuters) - NEW YORK, April 16 - U.S. stocks headed for a higher open on Monday after student loan company Sallie Mae agreed to a $25 billion buyout and as companies like drug maker Eli Lilly and Co. posted stronger-than-expected results.
The market also could take direction from government data on retail sales last month, which could provide clues on the strength of consumer spending, a major element of economic growth.
Read more at Reuters.com Bonds News
The market also could take direction from government data on retail sales last month, which could provide clues on the strength of consumer spending, a major element of economic growth.
Read more at Reuters.com Bonds News
Gold clearing statistics higher in March - LBMA
(Reuters) - Gold ounces transferred rose 28.75 percent to a daily average of 20.6 million ounces in March compared with the previous month, the London Bullion Market Association (LBMA) said on Monday.
Based on an average fixing of $654.90 an ounce -- $10 lower than in February -- value increased to a daily average of $13.5 billion from $10.6 billion the previous month.
Read more at Reuters Africa
Based on an average fixing of $654.90 an ounce -- $10 lower than in February -- value increased to a daily average of $13.5 billion from $10.6 billion the previous month.
Read more at Reuters Africa
Amazon.com, Amgen, Eli Lilly, Moody's, Nasdaq, SLM: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names. Share prices are as of 7:30 a.m. New York time.
Adobe Systems Inc. (ADBE US): The software maker's shares may climb above $50 within a year as more people use broadband Internet connections and mobile devices, Barron's said, citing Jeffrey Hammond of Forrester Research. The stock fell 76 cents to $41.64 in regular trading.
Read more at Bloomberg Stocks News
Adobe Systems Inc. (ADBE US): The software maker's shares may climb above $50 within a year as more people use broadband Internet connections and mobile devices, Barron's said, citing Jeffrey Hammond of Forrester Research. The stock fell 76 cents to $41.64 in regular trading.
Read more at Bloomberg Stocks News
Goldman Cuts Corn, Soybean Value Estimates on Higher Inventory Forecasts
(Bloomberg) -- Goldman Sachs Group Inc. cut its fair-value estimate for corn and soybeans after a report by the U.S. Department of Agriculture increased forecast inventories.
U.S. corn inventories for this season were revised up 17 percent to 22.28 million tons in an April 10 USDA report. This increased the stock-to-use ratio by four days in the U.S. and by two days globally. Higher soybean output in Latin America raised inventories by 4 million tons and a slowdown in U.S. exports increased the U.S. stock-to-use ratio by three days to 74 days.
Read more at Bloomberg Commodities News
U.S. corn inventories for this season were revised up 17 percent to 22.28 million tons in an April 10 USDA report. This increased the stock-to-use ratio by four days in the U.S. and by two days globally. Higher soybean output in Latin America raised inventories by 4 million tons and a slowdown in U.S. exports increased the U.S. stock-to-use ratio by three days to 74 days.
Read more at Bloomberg Commodities News
Wachovia first-quarter profit rises 33 pct
(Reuters) - NEW YORK, April 16 - Wachovia Corp. , the fourth-largest U.S. bank, on Monday said first-quarter profit rose 33 percent, helped by growth in commercial and consumer lending and the acquisition of Golden West Financial Corp.
Net income for the Charlotte, North Carolina-based company rose to $2.3 billion, or $1.20 per share, from $1.73 billion, or $1.09 per share, a year earlier.
Read more at Reuters.com Bonds News
Net income for the Charlotte, North Carolina-based company rose to $2.3 billion, or $1.20 per share, from $1.73 billion, or $1.09 per share, a year earlier.
Read more at Reuters.com Bonds News
Robusta Coffee Gains After Indonesia Forecasts 65 Percent Cut in Exports
(Bloomberg) -- Robusta coffee gained in London after Indonesia, the world's fourth-largest producer and exporter, forecast a 65 percent drop in exports this season.
Adverse weather, which has damaged the bean crops, may reduce Indonesia's production by 25 percent to 300,000 metric tons and its exports by more than half, RedTower Research Ltd. in Aberdeen, Scotland, said in a report today, citing the Indonesian Exporters' Association. Indonesia produces both arabica and robusta beans, used in instant coffee, espresso and low-cost blends by companies such as Nestle SA.
Read more at Bloomberg Commodities News
Adverse weather, which has damaged the bean crops, may reduce Indonesia's production by 25 percent to 300,000 metric tons and its exports by more than half, RedTower Research Ltd. in Aberdeen, Scotland, said in a report today, citing the Indonesian Exporters' Association. Indonesia produces both arabica and robusta beans, used in instant coffee, espresso and low-cost blends by companies such as Nestle SA.
Read more at Bloomberg Commodities News
Stocks seen up as Citigroup and data eyed
(Reuters) - Eaton , Grainger , Mattel , Wachovia and Eli Lilly are among other companies due to report this session.
U.S. stock index futures were 0.2 to 0.3 percent higher, drawing support from an upbeat session on Friday when stronger profit outlooks from drug maker Merck & Co. and fast-food restaurant chain McDonald's Corp. boosted sentiment.
Read more at Reuters.com Business News
U.S. stock index futures were 0.2 to 0.3 percent higher, drawing support from an upbeat session on Friday when stronger profit outlooks from drug maker Merck & Co. and fast-food restaurant chain McDonald's Corp. boosted sentiment.
Read more at Reuters.com Business News
TomoTherapy sets IPO at 10.9 mln shares, $15-$17
(Reuters) - The company intends to list its stock on Nasdaq under the symbol "TTPY."
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Bodisen posts higher profit
(Reuters) - Net revenue rose 41 percent to $43.6 million in 2006 from $31 million a year ago, it said in a statement.
The company lost close to three quarters of its market value in March as it faced delisting for failing to file with the stock exchange its full financial report for 2006.
Read more at Reuters.com Market News
The company lost close to three quarters of its market value in March as it faced delisting for failing to file with the stock exchange its full financial report for 2006.
Read more at Reuters.com Market News
Australia Newcastle Coal Ship Queue Rises to Record as Freight Rates Gain
(Bloomberg) -- The queue of ships waiting to load at Newcastle, Australia's largest coal-export port, lengthened to a record as freight rates for shipping the fuel rose to the highest in more than two years.
The numbers of ships waiting to load rose to 91 in the seven days ended April 14, an increase of 32 percent from the previous week, the Newcastle Port Corp. said in a statement. The Baltic Panamax index, which measures earnings for ships that carry about 75,000 metric tons of coal and other dry-bulk commodities, rose to 5,254, the highest since December 2004.
Read more at Bloomberg Energy News
The numbers of ships waiting to load rose to 91 in the seven days ended April 14, an increase of 32 percent from the previous week, the Newcastle Port Corp. said in a statement. The Baltic Panamax index, which measures earnings for ships that carry about 75,000 metric tons of coal and other dry-bulk commodities, rose to 5,254, the highest since December 2004.
Read more at Bloomberg Energy News
UPDATE 1-ECB's Noyer-Hedge funds can raise market abuse risk
(Reuters) - "The role and the influence of hedge funds on markets are capable of increasing the risk of market manipulation and abuse," he said in a Bank of France report on hedge funds.
Highly leveraged hedge funds are less regulated than banks or mutual funds and can use techniques that others cannot, such as short-selling securities, or betting stock prices will fall.
Read more at Reuters.com Bonds News
Highly leveraged hedge funds are less regulated than banks or mutual funds and can use techniques that others cannot, such as short-selling securities, or betting stock prices will fall.
Read more at Reuters.com Bonds News
Stocks at record highs, yen weak after G7
(Reuters) - The yen sank to an all-time low versus the euro after Group of Seven finance officials made no specific mention of the Japanese currency at their weekend meeting in Washington.
Traders saw this as a green light to continue borrowing low-yielding currencies such as the yen to fund purchases of higher yielding currencies and assets in the carry trade.
Read more at Reuters.com Hot Stocks News
Traders saw this as a green light to continue borrowing low-yielding currencies such as the yen to fund purchases of higher yielding currencies and assets in the carry trade.
Read more at Reuters.com Hot Stocks News
Malaysian Ringgit Rises to Nine-Year High on Equities; Korean Won Declines
(Bloomberg) -- The Malaysian ringgit gained to the strongest in nine years on speculation a rally in the nation's stocks will boost demand for the currency.
The ringgit extended a four-week rally as the benchmark equity index rose for a third day to near its highest close since January 1994. Second Finance Minister Nor Mohamed Yakcop said on April 13 the stronger ringgit hasn't hurt exports as the gain has been gradual and will be ``stable.''
Read more at Bloomberg Currencies News
The ringgit extended a four-week rally as the benchmark equity index rose for a third day to near its highest close since January 1994. Second Finance Minister Nor Mohamed Yakcop said on April 13 the stronger ringgit hasn't hurt exports as the gain has been gradual and will be ``stable.''
Read more at Bloomberg Currencies News
Siemens board examines notices of interest in VDO
(Reuters) - He added that Siemens was still working very hard on preparations for an initial public offering for VDO.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Dollar-Yen Three-Month Volatility May Decline to 6.5 Percent, Mizuho Says
(Bloomberg) -- Implied volatility on three-month dollar-yen options may decline to the lowest since January following last week's meeting of Group of Seven industrial nations, Mizuho Corporate Bank Ltd. said.
The measure of expected exchange-rate fluctuations may drop in the next few weeks to 6.5 percent, matching a low reached on Jan. 24, after G-7 ministers said April 14 that currencies should reflect fundamentals and investors should recognize Japan's recovery, according to the bank. The spread between historical and implied volatility widened to an almost three-year high.
Read more at Bloomberg Currencies News
The measure of expected exchange-rate fluctuations may drop in the next few weeks to 6.5 percent, matching a low reached on Jan. 24, after G-7 ministers said April 14 that currencies should reflect fundamentals and investors should recognize Japan's recovery, according to the bank. The spread between historical and implied volatility widened to an almost three-year high.
Read more at Bloomberg Currencies News
Rand extends gains on Edcon deal
(Reuters) - South Africa's rand extended gains to up to 1.1 percent against the dollar on Monday after shareholders approved the buyout of local fashion retailer Edcon by a U.S.-based private equity firm.
The rand firmed to 7.11 versus the greenback soon after the results of the vote were released from 7.1450 just before the announcement, compared to a New York close of 7.19 on Friday.
Read more at Reuters Africa
The rand firmed to 7.11 versus the greenback soon after the results of the vote were released from 7.1450 just before the announcement, compared to a New York close of 7.19 on Friday.
Read more at Reuters Africa
National Grid Pays Scottish & Southern Energy to Produce Less Electricity
(Bloomberg) -- National Grid Plc, the operator of the U.K.'s power-transmission network, agreed to pay Scottish & Southern Energy Plc to produce less electricity at its Peterhead plant to help balance supply with demand on the grid.
As manager of the high-voltage electricity system, National Grid can pay generators or consumers to ensure production meets consumption and resolve bottlenecks on the grid. It struck an agreement with Scottish & Southern on April 13 to curtail output from Unit 2 at the gas-fired plant near Aberdeen, Scotland, and made similar arrangements on the following two days, the last of which will expire at 11 p.m. today.
Read more at Bloomberg Energy News
As manager of the high-voltage electricity system, National Grid can pay generators or consumers to ensure production meets consumption and resolve bottlenecks on the grid. It struck an agreement with Scottish & Southern on April 13 to curtail output from Unit 2 at the gas-fired plant near Aberdeen, Scotland, and made similar arrangements on the following two days, the last of which will expire at 11 p.m. today.
Read more at Bloomberg Energy News
Platinum Rises to Highest in Four Months, Leading Gains in Precious Metals
(Bloomberg) -- Platinum rose to a four-month high, leading gains in gold, silver and palladium.
Platinum for immediate delivery rose $10.50, or 0.8 percent, to $1,281.50 an ounce at 8:36 a.m. in London. Earlier, prices climbed to $1,286.50, the highest since Nov. 21.
Read more at Bloomberg Commodities News
Platinum for immediate delivery rose $10.50, or 0.8 percent, to $1,281.50 an ounce at 8:36 a.m. in London. Earlier, prices climbed to $1,286.50, the highest since Nov. 21.
Read more at Bloomberg Commodities News
JGBs tumble on Nikkei surge, fall in Treasuries
(Reuters) - "It's all on the back of equities," said a bond futures trader at a European bank.
JGBs were also hurt by a drop in Treasuries that has pushed U.S. 10-year yields to two-month highs on Monday, extending losses after a survey late last week indicated that consumers expect inflation to accelerate.
Read more at Reuters.com Bonds News
JGBs were also hurt by a drop in Treasuries that has pushed U.S. 10-year yields to two-month highs on Monday, extending losses after a survey late last week indicated that consumers expect inflation to accelerate.
Read more at Reuters.com Bonds News
Korean Won Drops From 3-Month High on Speculation Central Bank Will Sell
(Bloomberg) -- South Korea's won weakened from the highest in more than three months on speculation the central bank will sell the currency to protect exporters.
The won, up 1.4 percent in the past month, is unlikely to rise much further, Central Bank Deputy Governor Rhee Yeung Kyun said on March 28. A strengthening currency threatens exports, which contribute about 40 percent to the economy, by making the nation's goods more expensive to overseas buyers.
Read more at Bloomberg Currencies News
The won, up 1.4 percent in the past month, is unlikely to rise much further, Central Bank Deputy Governor Rhee Yeung Kyun said on March 28. A strengthening currency threatens exports, which contribute about 40 percent to the economy, by making the nation's goods more expensive to overseas buyers.
Read more at Bloomberg Currencies News
Freeport, Workers Yet to Agree on Wages Ahead of Rally Near Grasberg Mine
(Bloomberg) -- Freeport-McMoRan Copper & Gold Inc. and native Papuans at the world's second-largest copper mine in Indonesia have yet to reach a deal on wages, and a rally that may disrupt output will go ahead as planned on April 18.
Tongoi Papua, the group behind the action, has given Freeport until midnight tomorrow to agree to the demands, Frans Pigome, the leader, said today, without giving details. Freeport has no plans to meet Tongoi Papua in the near future, Mindo Pangaribuan, a spokesman for the company's local unit, said.
Read more at Bloomberg Commodities News
Tongoi Papua, the group behind the action, has given Freeport until midnight tomorrow to agree to the demands, Frans Pigome, the leader, said today, without giving details. Freeport has no plans to meet Tongoi Papua in the near future, Mindo Pangaribuan, a spokesman for the company's local unit, said.
Read more at Bloomberg Commodities News
Remgro sees FY headline EPS up 25-35 pct
(Reuters) - South African investment holding group Remgro expects full-year headline earnings per share to rise by as much as 35 percent, the company said on Monday.
Remgro said it expected headline EPS -- the key profit measure for South African firms, which excludes non-trading, capital and certain extraordinary items -- to be 25-35 percent higher for the year to end-March.
Read more at Reuters Africa
Remgro said it expected headline EPS -- the key profit measure for South African firms, which excludes non-trading, capital and certain extraordinary items -- to be 25-35 percent higher for the year to end-March.
Read more at Reuters Africa
Edcon says SRP dismisses Templeton complaint
(Reuters) - South Africa's Edcon said on Monday that the Securities Regulation Panel dismissed a complaint by Templeton Asset Management that private equity firm Bain Capital's proposed 25 billion rand buyout was too low.
Fashion retailer Edgars Consolidated Stores Ltd (Edcon) said the SRP told Templeton's lawyers the commercial evaluation of the schemes under which the buyout offer was progressing was a matter for shareholders and not for the panel.
Read more at Reuters Africa
Fashion retailer Edgars Consolidated Stores Ltd (Edcon) said the SRP told Templeton's lawyers the commercial evaluation of the schemes under which the buyout offer was progressing was a matter for shareholders and not for the panel.
Read more at Reuters Africa
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