Old Mutual Q1 profit up 5 pct, currency headwinds

(Reuters) - Insurer Old Mutual posted a 5 percent rise in first-quarter operating profit on Thursday, but said it expected exchange rates and infrastructure costs to continue to hold back growth this year.

South Africa's largest insurer, which is reporting first-quarter profits for the first time since it bought Sweden's Skandia last year, said adjusted operating profit, on an IFRS basis, was 398 million pounds.


Read more at Reuters Africa

Doctor told FDA of Glaxo's Avandia risk in 2000

(Reuters) - The FDA sent Glaxo a warning letter in July 2001 after its
own monitoring, saying the company's sales representatives had
played down safety concerns and asking the company to send out a
letter to doctors warning them of the risks.




The company sent out the letters on Sept. 6, 2001, according
to an article in the New York Times, which first reported the
story.


Read more at Reuters.com Government Filings News

Philippine Government Bonds Rise on Growth, Inflation Outlook; Peso Falls

(Bloomberg) -- Philippine bonds rose after the
government said the economy may grow faster than expected this
year as an appreciating peso cuts interest payments on the its
debt, freeing up capital for spending.

A 6.3 percent gain in the peso this year may save 23.8
billion pesos ($515.7 million) in interest, Budget Secretary
Rolando Andaya said in an interview in Manila.


Read more at Bloomberg Bonds News

Nomura Says It's Interested in Advising Philippines on State Asset Sales

(Bloomberg) -- Nomura Holdings Inc., Japan's biggest
brokerage, said it is interested in being a financial adviser in
the Philippine government's asset-sale program.

Nomura executives expressed their interest in taking a role
during a meeting yesterday with President Gloria Arroyo in Tokyo,
spokesman Michiyori Fujiwara said. They didn't say the company
would bid for the assets, Fujiwara added.


Read more at Bloomberg Emerging Markets News

Stocks slip after warning on China stocks

(Reuters) - Greenspan said he feared a "dramatic contraction" in Chinese stocks after the recent boom, adding the run-up was "clearly unsustainable."




The comments come almost three months after a sharp drop in Chinese stocks on concerns about speculative investments triggered a global equity rout.


Read more at Reuters.com Hot Stocks News

China's Stocks Decline After Greenspan's Comments; Shenergy Leads Falls

(Bloomberg) -- China's stocks fell after former
Federal Reserve Chairman Alan Greenspan said he was concerned
that Chinese equities might undergo a ``dramatic contraction.''

Daqin Railway Co. and Shenergy Co. paced the decline.


Read more at Bloomberg Stocks News

JGB futures hit month low as overseas yields rise

(Reuters) - The European Central Bank and the Bank of England are
expected to boost interest rates further, while speculation has
receded that the Federal Reserve will cut interest rates later in
the year.




Since the BOJ ended its extraordinary, super-loose monetary
policy in March 2006, it has raised interest rates twice to a
decade-high 0.5 percent , and many market players expect a third
rate hike in the July-September quarter.


Read more at Reuters.com Bonds News

UPDATE 1-Japan exports to US dip, but offset by Asia demand

(Reuters) - Data on Thursday underscored concerns that exports to the
Unites States, Japan's largest export destination, may be losing
momentum, but economists said overall exports will likely remain
firm and keep supporting the nation's steady economic recovery.




Exports to the United States, where economic growth slowed to
its weakest pace in four years in the first quarter, fell 4.8
percent from a year earlier to 1.34 trillion yen .


Read more at Reuters.com Economic News

U.S., China make deals but not on currency

(Reuters) - China's reluctance to take more dramatic action to redress a huge trade imbalance provoked anger on Capitol Hill, where lawmakers who met Chinese officials said afterward they will move ahead with proposals to slap tariffs on Chinese imports.




The lawmakers' negative reaction overshadowed U.S. Treasury Secretary Henry Paulson's claim of "tangible results." China's Vice Premier Wu Yi argued U.S-China relations were "complicated" and needed careful handling.


Read more at Reuters.com Business News

UPDATE 1-US FDA to monitor toothpaste from China

(Reuters) - WASHINGTON, May 23 - U.S. health officials are
beginning to check all shipments of toothpaste coming from
China, following reports of tainted products in other
countries, a government spokesman said on Wednesday.




The Food and Drug Administration has no evidence that
contaminated toothpaste has made its way into the United States
but is taking the step as a precaution, agency spokesman Doug
Arbesfeld said.


Read more at Reuters.com Government Filings News

India Poised to Beat China's Growth Among World's Top Carmaking Nations

(Bloomberg) -- A cacophony of horns, revving engines
and squealing brakes fills Jagdish Khattar's 11th-floor office
in Connaught Place, New Delhi's central business district.

The company Khattar runs, Maruti Udyog Ltd., makes half of
the cars jostling on India's roads this March morning, and every
automaker on the planet is fighting to add its vehicles to his
traffic jam.


Read more at Bloomberg Bonds News

India, Malaysia, South Korea, Thailand, Singapore: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The government may allow qualified foreign
institutional investors to buy an additional $20 billion of
yuan-denominated stocks and bonds, China Business News reported
yesterday citing unidentified government officials. The
expansion of the so-called QFII program from the current $10
billion quota may be the result of the second Strategic Economic
Dialogue this week between the U.S. and China, the government
newspaper said.


Read more at Bloomberg Bonds News

Americredit to offer $1 bln asset-backed securities

(Reuters) - Net proceeds from the transactions will be used to provide
long-term financing of receivables, the company said.





Read more at Reuters.com Bonds News

Chilean Stocks Rise as Economic Growth Quickens; Brazil's Vale Declines

(Bloomberg) -- Chilean stocks rose, pushing the
benchmark index to its biggest gain in two months, after a report
showed first quarter economic growth was the fastest in two years.

Chile's IPSA index rose 1.5 percent, the most since March 15,
to 3162.81. Retailer Cencosud SA and electricity holding company
Enersis SA led the advance. Brazil's main stock index fell for a
second day.


Read more at Bloomberg Stocks News

UPDATE 1-EnerSys says to restructure its European operations

(Reuters) - The company expects to incur cash expenses of about $12
million for employee severance-related payments and non-cash
expenses of about $5 million for fixed asset write-offs, due to
the restructuring.




About $15 million will be recorded during fiscal 2008, of
which about $10 million will impact first-quarter results, the
company said in a statement.


Read more at Reuters.com Mergers News

Yen May Fall to Record Versus Euro as Japanese Prices Forecast to Decline

(Bloomberg) -- The yen may fall to a record against
the euro for a second day as a Japanese government report is
forecast to show core consumer prices declined in April from a
year earlier.

A survey may show that business confidence in Germany is the
highest since 1991. The Bank of Japan's 0.5 percent interest
rate, the lowest among major economies, has encouraged investors
to borrow yen to purchase higher-yielding assets overseas in so-
called carry trades.


Read more at Bloomberg Currencies News

Alcan shares surge as it rejects Alcoa bid

(Reuters) - Alcan stock rose C$4.28 to a new high of C$92.50 on the Toronto Stock Exchange and $4.86 to $85.89 on the New York Stock Exchange.




John Redstone, analyst at Desjardins Securities, thinks there is a 50 percent chance of a counter-bid for Alcan, especially as Alcoa's offer would likely take several months to gain approval from anti-trust authorities.


Read more at Reuters.com Mergers News

U.S. Stocks Fall, Led by Technology Companies; McDonald's, Intel Decline

(Bloomberg) -- U.S. stocks fell for the first time
in four days after Analog Devices Inc. said profit may trail
analysts' estimates and former Federal Reserve Chairman Alan
Greenspan warned the stock market in China faces a ``dramatic
contraction.''

McDonald's Corp., Intel Corp. and International Business
Machines Corp. posted the steepest declines in the Dow Jones
Industrial Average, while technology shares led the Standard &
Poor's 500 Index's retreat. Analog Devices, a maker of
semiconductors used in everything from mobile phones to cars,
fell the most in nine months.


Read more at Bloomberg Stocks News

B&G rises in IPO debut, RSC falls in 1st day trading

(Reuters) - On Tuesday, the company raised $180.7 million in an offering of 13.9 million Class A common shares. The shares sold for $13 each, compared with a forecast of $12 to $14.




"This was priced to attract investors," said Sal Morreale, who tracks IPOs for Cantor Fitzgerald. "Underwriters priced in the right range to get it done."


Read more at Reuters.com Hot Stocks News

NYC Gov: World Trade Center insurers to pay $2 billion

(Reuters) - The Democratic governor in a statement said the accord "removes the last major obstacle to development at Ground Zero." He added the insurers are: Travelers Companies, Inc., Zurich American Insurance Company, Allianz Global Risks Insurance Company, Swiss Re and its Industrial Risk Insurers, Employers Insurance Company of Wausau, and Royal Indemnity Company.




Read more at Reuters.com Government Filings News

U.S. money fund assets climb to record - iMoneyNet

(Reuters) - Average seven-day yields for taxable money funds rose 1
basis point to 4.72 percent, while tax-exempt yields fell 4
basis points to 3.27 percent.




Read more at Reuters.com Bonds News

NYC mayor praises World Trade Center settlement

(Reuters) - "Governor Spitzer and his team, Silverstein
Properties and the insurance companies are to be commended for
today's agreement," Bloomberg said in a statement. "Ensuring
sufficient funding to allow the reconstruction of the World
Trade Center site to proceed has been one of the chief
challenges we've faced."




Read more at Reuters.com Government Filings News

FACTBOX-Agreements reached at U.S.-China meeting

(Reuters) - FINANCIAL SERVICES




-- China will lift a freeze on the entry of new foreign
securities firms and resume licensing securities companies,
including joint ventures, during the second half of 2007.


Read more at Reuters.com Government Filings News

Sprint rises as Alltel deal spurs acquisition hopes

(Reuters) - Sprint shares have risen 6 percent since Alltel announced its deal late Sunday.




Such investor expectation will continue to boost the stock, analysts said. But several industry experts said they doubted private equity buyers would have the appetite for Sprint, the No. 3 U.S wireless provider, whose market value is close to $62 billion.


Read more at Reuters.com Hot Stocks News

Donald Trump helped Conrad Black, trial told

(Reuters) - Paul Healy, former head of investor relations when Black
ran Hollinger International Inc., said Black arranged for Trump
to receive a proxy for 100 shares in the company so he could
speak at the annual meeting in 2003.




"Could I ask a rather esoteric favor?" Black wrote Trump in
an e-mail sent via an intermediary, which Healy read in court.


Read more at Reuters.com Bonds News

TREASURIES-Yield on 30-year bond rises to 9-month high

(Reuters) - NEW YORK, May 23 - U.S. government bond prices
fell in choppy trade on Wednesday, weighed down by surging
stocks and weaker euro-zone debt that pushed the yield on the
30-year bond to its highest level since August.




The yield on the 30-year bond rose above 5 percent as a
takeover-driven rally on Wall Street pushed stock indexes to
record highs and encouraged investors to dump Treasuries in
search of higher returns from equities.


Read more at Reuters.com Bonds News

Paulson says pressed Chinese on yuan flexibility

(Reuters) - "They agree with us on principle. The question is the pace of change."




Paulson said he pressed Chinese officials, led by Vice Premier Wu Yi, for greater currency flexibility in the short term as a transition toward a fully market-determined exchange rate in the medium term.


Read more at Reuters.com Business News

S.African stocks up on metal prices, overseas sentiment

(Reuters) - South African stocks rose on Wednesday, driven by solid earnings, higher gold and metal prices and positive sentiment on overseas equity markets, traders said.

The Johannesburg Top-40 index of blue-chip stocks was up 1.7 percent to end at a record high of 26077.80 points, while the broader All-share index was 1.6 percent higher at 29087.49 points.


Read more at Reuters Africa

Silver May Rally 15 Percent by Year End on Investor Demand, Supply Decline

(Bloomberg) -- Silver may jump 15 percent by year-end
on increasing investor interest and limited supplies, said
Philip Klapwijk, executive chairman of precious-metals research
company GFMS Ltd.

Total silver supplies slipped 1.5 percent last year to
911.8 million ounces, GFMS said in a report published today by
the Washington-based Silver Institute. There is ``a pretty good
chance we're going to see another spike before 2007 is over'' and
the price could touch $15 an ounce, Kalpwijk said during a
presentation to investors in New York today.


Read more at Bloomberg Commodities News

MRI-enhancing agents need warning: FDA

(Reuters) - Such gadolinium-based imaging agents are made by Bayer AG's Bayer Schering Pharma, General Electric Co's GE Healthcare, Tyco International Ltd's Mallinckrodt unit, and Bracco Diagnostics Inc., the FDA said.




Agency officials first alerted doctors to the potential risk in June 2006 and again in December 2006, following reports that patients who received the injectable agents developed nephrogenic systemic fibrosis, or NSF.


Read more at Reuters.com Government Filings News

TREASURIES-Surging stocks drive bond prices lower

(Reuters) - The 30-year government bond's advance toward a 5 percent
yield had triggered some buying of Treasuries, which have
suffered six straight sessions of losses.




But a takeover-driven rally on Wall Street, where the
Standard & Poor's stock index jumped to new highs, caused some
of the interest in bonds to wane.


Read more at Reuters.com Bonds News

Crude Oil Climbs on Concern Gasoline Demand to Outpace Production in U.S.

(Bloomberg) -- Rates to ship crude oil in the
Caribbean basin rose, rebounding from a 12 percent drop last
week, on signs of increased demand from U.S. refineries.

Four Aframax tankers, which can each transport about 600,000
barrels of oil, were hired today to move crude from the Caribbean
to the U.S. for an average rate in the industry Worldscale
measure of WS 155, an increase of 3.3 percent from the day
before, according to a daily report from Lone Star, R.S. Platou
in Houston.


Read more at Bloomberg Commodities News

Russian Ad Spending Surges to Record $1.8 Billion as Television Rates Soar

(Bloomberg) -- Advertising spending in Russia surged
to a record in the first quarter as companies including Procter &
Gamble Co. and OAO Mobile TeleSystems sought to gain market share
in an economy expanding for a ninth year.

Spending jumped to $1.83 billion from $1.37 billion a year
earlier, the Association of Communication Agencies in Russia
said. TV ads accounted for half of the total, $900 million, or
$6.30 for each of the country's 143 million people.


Read more at Bloomberg Emerging Markets News

Dillard's profit drops 30 percent

(Reuters) - The latest earnings included a pre-tax $4.1 million hurricane recovery gain, which added 3 cents to earnings after tax.




Analysts were expecting 72 cents per share excluding the recovery gain, according to Reuters Estimates.


Read more at Reuters.com Market News

Oil Falls After U.S. Reports Refineries Increased Production of Gasoline

(Bloomberg) -- Crude oil fell in New York after a
government report showed that U.S. fuel inventories rose as
refineries boosted operating rates.

Gasoline inventories jumped 1.43 million barrels to 196.7
million in the week ended May 18, the Energy Department report
showed. A gain of 1.2 million barrels was expected, according to
the median of 17 responses in a Bloomberg survey. Refineries
operated at 91.1 percent of capacity, up 1.8 percentage point
from the week before, the highest since the week ended Jan. 5.


Read more at Bloomberg Energy News

US stock indexes rise in takeover-driven rally

(Reuters) - U.S. stocks rose on Wednesday after a report that Canada's Alcan Inc. may force rival aluminum producer Alcoa Inc. into a bidding war, suggesting corporate takeover attempts and buyouts will continue to drive stocks higher.

Adding to positive sentiment was discount retailer Target Corp., which reported earnings that beat Wall Street estimates and buoyed the retail sector. For details, see ID:nN23265483.


Read more at Reuters Africa

U.S. Stocks Gain on Earnings, M&A; Target, Medtronic, Alcoa Lead Advance

(Bloomberg) -- U.S. stocks rose after Target Corp.
and Medtronic Inc. reported profit that beat analysts' estimates
and investors speculated that Alcoa Inc. is a takeover target.

Retailers led gains in the Standard & Poor's 500 Index after
Target, the second-largest U.S. discount chain, said cost cutting
boosted earnings. Medtronic, the biggest maker of electronic
heart devices, had the second-biggest advance in the S&P 500.
Alcoa climbed to an almost six-year high after Alcan Inc. said
the aluminum producer may have made its $24.7 hostile takeover
offer to fend off a bid itself.


Read more at Bloomberg Stocks News

Talbots profit tops Street view

(Reuters) - Analysts on average had been expecting 9 cents per share, according to Reuters Estimates, after the retailer slashed its profit forecast to a range of 7 cents to 11 cents per share, citing adverse weather in April, the impact of an earlier Easter this year and a weak response to the casual merchandise at its namesake chain.




Excluding costs associated with its acquisition last year of retailer J. Jill, the company earned 23 cents per share.


Read more at Reuters.com Business News

UPDATE 1-Eaton Vance quarterly profits drop on fund costs

(Reuters) - Eaton Vance said net income stood at $23.1 million, or 17
cents per diluted share in its second fiscal second quarter
that ended on April 30, down from $39.9 million, or 29 cents a
year ago.




Wall Street analysts forecast earnings of 16 cents per
share, according to Reuters Estimates, factoring in the heavy
structuring and marketing fees associated with launching the
$5.8 billion closed-end Eaton Vance Tax-Managed Global
Diversified Equity Income Fund in February.


Read more at Reuters.com Market News

Metal Management buys assets of privately held Mars Industries

(Reuters) - The acquisition is expected to immediately add to the
earnings of Metal Management, the company said in a statement.





Read more at Reuters.com Mergers News

Freddie Mac's portfolio shrinks 8.8 pct in April

(Reuters) - For the year to date, the portfolio has risen 2.2 percent
after falling by 0.9 percent in 2006 to end the year at about
$704 billion.




Read more at Reuters.com Bonds News

Market Chatter: Corporate finance press digest

(Reuters) - ** The board of Norilsk Nickel arm, Citigroup Global Services Ltd, Indian business newspaper the Mint paper said, quoting industry sources.


Read more at Reuters.com Mergers News

PC maker Lenovo back in the black

(Reuters) - Lenovo, which in 2005 bought out IBM's PC division for $1.25 billion, will now grapple with a galvanised Acer Inc., which replaced the Chinese firm as the world's third-largest PC maker in the January-March quarter.




And it might have to wage a price war with Dell, which introduced a PC for as little as 2,599 yuan in the world's second-largest PC market, Lenovo's home turf.


Read more at Reuters.com Business News

Tate & Lyle Falls After Saying Splenda-Related Costs Will Cut Earnings

(Bloomberg) -- Tate & Lyle Plc, once the world's biggest
sugar refiner, said costs to increase production of Splenda and
defend the patent on the sweetener will hurt profit this year.

Shares of the London-based company fell as much as 9.2 percent,
the most in four months. Net income was 214 million ($422.6 million),
or 43.6 pence a share, in the 12 months ended March 31, according to
a statement released today. Tate had a net loss of 30 million pounds,
or 6.3 pence a share, a year earlier, because of writedowns.


Read more at Bloomberg Stocks News

Talbots posts sharp drop in net

(Reuters) - Excluding costs associated with its acquisition of J. Jill, the company earned 23 cents per share.




Read more at Reuters.com Market News

China's Chery say deal with Chrysler not halted

(Reuters) - The decision, the paper said, came after DaimlerChrysler agreed last week to sell its money-losing Chrysler Group to private equity firm Cerberus Capital Management LP in a $7.41 billion deal.




But a Chery spokesman told Reuters on Wednesday that the newspaper had misquoted his colleague and that the earlier deal with Chrysler Group was progressing.


Read more at Reuters.com Business News

Ex-EMI CEO readying rival takeover bid: NYPost

(Reuters) - EMI's board recommended a 265 pence a share offer from private equity firm Terra Firma on Monday.




Read more at Reuters.com Business News

Trex files with U.S. SEC for $100 million shelf

(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

Swiss give Glaxo cancer pill first Europe approval

(Reuters) - Glaxo said it is was on track to launch the product in the
rest of Europe during the second half of 2007. Industry
analuysts view it as a future blockbuster, although it will take
several years of additional clinical trials to reach its full
potential.




Read more at Reuters.com Government Filings News

U.K. Month-Ahead Electricty Price Climbs as Cost of Natural Gas Increases

(Bloomberg) -- U.K. electricity for delivery next
month increased as the cost of natural gas rose and the day-
ahead power price gained.

Baseload power for June advanced 1.9 percent to 24.25
pounds ($47.83) a megawatt-hour, according to prices on
Bloomberg from the energy broker GFI Group Inc. Baseload
electricity is delivered around the clock.


Read more at Bloomberg Energy News