(Bloomberg) -- The following stocks may rise or fall in Turkey today. Company symbols are in parentheses and prices are from the previous close. The ISE National 100 Index dropped 4 percent to 44,984.45 yesterday after the military signaled at the weekend it would block the government's presidential candidate, possibly forcing an early election.
Turkcell Iletisim Hizmetleri AS (TCELL TI): The country's biggest mobile-phone company signed a $30 million 18-year license to operate in Turkish-held northern Cyprus, it said in a filing with the Istanbul Stock Exchange. KKTCELL, its Turkish Cypriot unit, has paid half of the fee and will pay the rest in five monthly installments, the filing said. Turkcell fell 10 kurus, or 1.3 percent, to 7.60 liras.
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Monday, April 30, 2007
Islamic Bond Fatwas Surge on Million-Dollar Men Sought for Newest Issues
(Bloomberg) -- Sheikh Nizam Yaquby is the gatekeeper to the $1 trillion market for managing Muslim wealth.
Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup Inc., American International Group Inc. and HSBC Holdings Plc which insurance policies, accounts and bonds they can sell to devout Muslims.
Read more at Bloomberg Bonds News
Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup Inc., American International Group Inc. and HSBC Holdings Plc which insurance policies, accounts and bonds they can sell to devout Muslims.
Read more at Bloomberg Bonds News
PRESS DIGEST - Wall Street Journal - May 1
(Reuters) - * The U.S. Supreme Court made it harder to get new patents and to defend existing ones. In a unanimous decision, the justices ruled that lower courts have given patent holders more power than Congress intended, potentially stifling innovation.
* World Bank President Paul Wolfowitz signaled he may consider resigning -- but only if the bank's board clears him of any wrongdoing.
Read more at Reuters.com Mergers News
* World Bank President Paul Wolfowitz signaled he may consider resigning -- but only if the bank's board clears him of any wrongdoing.
Read more at Reuters.com Mergers News
Australia Shares Slide, Led by Rio Tinto, Aristocrat Leisure; Santos Jumps
(Bloomberg) -- Australian stocks dropped, led by companies that rely on global growth after U.S. consumer spending slowed in March and construction spending eased. Rio Tinto Group and Westfield Group led declines.
Aristocrat Leisure Ltd. slumped after the company forecast first-half profit growth below market expectations.
Read more at Bloomberg Stocks News
Aristocrat Leisure Ltd. slumped after the company forecast first-half profit growth below market expectations.
Read more at Bloomberg Stocks News
Copper Falls in Asia as Production in Peru Unaffected by Mining Strike
(Bloomberg) -- Copper futures fell in Asia as China started a week-long holiday and a strike in Peru hasn't dented output of the metal.
A national strike by some mine workers in Peru including employees of Southern Copper Corp. and Doe Run Resources Corp. hasn't affected production, Labor Minister Susana Pinilla said yesterday. China, the world's largest consumer of copper, has a holiday until May 7.
Read more at Bloomberg Commodities News
A national strike by some mine workers in Peru including employees of Southern Copper Corp. and Doe Run Resources Corp. hasn't affected production, Labor Minister Susana Pinilla said yesterday. China, the world's largest consumer of copper, has a holiday until May 7.
Read more at Bloomberg Commodities News
U.S. Treasuries Little Changed as Investors Await Manufacturing Report
(Bloomberg) -- Treasuries were little changed after rising the most in two months yesterday, as investors awaited reports that will provide more clues about the health of the U.S. economy.
The Institute for Supply Management may say today its manufacturing index rose to 51 points last month from 50.9 in March, according to a Bloomberg News survey. The yield on 10- year notes fell 7 basis points yesterday as the measure of inflation favored by Federal Reserve policy makers showed consumer prices were stable in March.
Read more at Bloomberg Bonds News
The Institute for Supply Management may say today its manufacturing index rose to 51 points last month from 50.9 in March, according to a Bloomberg News survey. The yield on 10- year notes fell 7 basis points yesterday as the measure of inflation favored by Federal Reserve policy makers showed consumer prices were stable in March.
Read more at Bloomberg Bonds News
Euro's Rally to Record Highs May Stall, Bank of America's Fujii Predicts
(Bloomberg) -- The euro's gain to a record high against the dollar and the yen may stall, according to a technical indicator traders use to predict currency movements.
The euro's 14-day relative strength index was 67.63 against the dollar today and 70.33 versus the yen. A level above 70 signals a reversal is likely. Futures traders also raised their bets on the euro against the dollar to a record, suggesting the single currency is vulnerable to a decline.
Read more at Bloomberg Currencies News
The euro's 14-day relative strength index was 67.63 against the dollar today and 70.33 versus the yen. A level above 70 signals a reversal is likely. Futures traders also raised their bets on the euro against the dollar to a record, suggesting the single currency is vulnerable to a decline.
Read more at Bloomberg Currencies News
Pacific Equity mulls bid for Borders unit-source
(Reuters) - "It's a strong retail brand and would be a sensible acquisition," the source said.
PEP already owns the A&R Whitcoulls retailer, which operates the 180-store Angus & Robertson bookstore chain and Whitcoulls bookstores in New Zealand. It would likely make any purchase through A&R Whitcoulls.
Read more at Reuters.com Mergers News
PEP already owns the A&R Whitcoulls retailer, which operates the 180-store Angus & Robertson bookstore chain and Whitcoulls bookstores in New Zealand. It would likely make any purchase through A&R Whitcoulls.
Read more at Reuters.com Mergers News
UPDATE 1-Poultry farms in Indiana given contaminated feed
(Reuters) - WASHINGTON, April 30 - The U.S. government said on Monday 38 poultry farms in Indiana were given contaminated feed in early February containing melamine, with some of the chickens likely to have entered the food supply.
The U.S. Agriculture Department and the Food and Drug Administration said there was a "low-risk" to humans and no food recalls were expected at this time. They are uncertain how many chickens were involved, how many entered the food supply or where they went.
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The U.S. Agriculture Department and the Food and Drug Administration said there was a "low-risk" to humans and no food recalls were expected at this time. They are uncertain how many chickens were involved, how many entered the food supply or where they went.
Read more at Reuters.com Bonds News
38 poultry farms in Indiana given contaminated feed
(Reuters) - Pet food tainted with melamine, a chemical used in plastics and fertilizer, was found in feed given to hogs. Last week, USDA said around 6,000 hogs in six states -- California, Kansas, New York, North Carolina, South Carolina and Utah -- may have been given the contaminated feed.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
CORRECTED - UPDATE 1-CBOE demutualization pushes up seat sales
(Reuters) - By Doris Frankel
CHICAGO, April 30 - The Chicago Board Options Exchange said on Monday that a membership traded for a record $2.4 million, underscoring the benefits of the largest U.S. options exchange's conversion into a stock structure.
Read more at Reuters.com Mergers News
CHICAGO, April 30 - The Chicago Board Options Exchange said on Monday that a membership traded for a record $2.4 million, underscoring the benefits of the largest U.S. options exchange's conversion into a stock structure.
Read more at Reuters.com Mergers News
FPL Group shares up as earnings beat
(Reuters) - The company's results were helped by a solid performance from its unregulated merchant generation unit, which sells power in the competitive markets.
"It looks like they are off to a good start," said Paul Patterson, analyst at Glenrock Associates in New York City. "They benefited from new generation and favorable market conditions."
Read more at Reuters.com Hot Stocks News
"It looks like they are off to a good start," said Paul Patterson, analyst at Glenrock Associates in New York City. "They benefited from new generation and favorable market conditions."
Read more at Reuters.com Hot Stocks News
Northwest cuts estimated amount of payable claims
(Reuters) - Northwest revised its estimate based on "additional refinements in claims analysis," the airline said in a government filing without giving further details.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-Shoppers Drug Mart profit jumps almost 19 percent
(Reuters) - Shoppers Drug Mart said it earned C$85.1 million , or 39 Canadian cents a share, for the quarter ended March 24, up from a profit of C$71.7 million, or 33 Canadian cents a share, in the corresponding period a year earlier.
On average, analysts had expected a profit of 38 Canadian cents before exceptional items, according to Reuters Estimates.
Read more at Reuters.com Market News
On average, analysts had expected a profit of 38 Canadian cents before exceptional items, according to Reuters Estimates.
Read more at Reuters.com Market News
UPDATE 1-US high court loosens patent 'obviousness' test
(Reuters) - In a case involving vehicle throttle pedals, the justices unanimously said the courts should be more flexible in the way they interpret the standard for whether patents are valid or merely "obvious" combinations of previous inventions that should be rejected.
The case has been keenly watched by industries that rely heavily on patents, such as the pharmaceutical, biotechnology and software industries. Obviousness in the most common ground for the U.S. Patent & Trademark Office to reject a patent.
Read more at Reuters.com Government Filings News
The case has been keenly watched by industries that rely heavily on patents, such as the pharmaceutical, biotechnology and software industries. Obviousness in the most common ground for the U.S. Patent & Trademark Office to reject a patent.
Read more at Reuters.com Government Filings News
ISE board accepts D. Boerse offer: source
(Reuters) - Deutsche Boerse wants to buy ISE to expand in the fast-growing global market for options trading. ISE is the largest U.S. equity options market. The companies could not be immediately reached for comment.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Treasuries Gain Most in Seven Weeks Amid Stability in Inflation Last Month
(Bloomberg) -- U.S. Treasuries rose the most in almost seven weeks after the measure of inflation favored by Federal Reserve policy makers showed consumer prices excluding food and energy were stable in March.
The larger-than-forecast decline in the core personal consumption expenditures index bolstered the view that the Fed may cut interest rates this year after raising them 17 times between 2004 and 2006. Treasuries held their gains after an industry report showed business activity slowed more than forecast this month.
Read more at Bloomberg Bonds News
The larger-than-forecast decline in the core personal consumption expenditures index bolstered the view that the Fed may cut interest rates this year after raising them 17 times between 2004 and 2006. Treasuries held their gains after an industry report showed business activity slowed more than forecast this month.
Read more at Bloomberg Bonds News
Rand reverses losses after knee-jerk fall
(Reuters) - South Africa's rand and government bonds were steady on Monday after bouncing back from a knee-jerk fall in early trade, bolstered by a smaller-than-expected trade deficit for March.
The currency initially slid against the dollar as political turmoil in Turkey and moves by China to raise bank's statutory reserves hit emerging markets.
Read more at Reuters Africa
The currency initially slid against the dollar as political turmoil in Turkey and moves by China to raise bank's statutory reserves hit emerging markets.
Read more at Reuters Africa
Mexico cuts 2007 GDP forecast to 3.3 pct-Carstens
(Reuters) - He also said he believed the Mexican central bank "went ahead of time in tightening monetary policy" on Friday.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Shipping Rates May Plummet as Vessel Supply Rivals U.S. WWII Building Boom
(Bloomberg) -- The cost of shipping coal and iron ore is about to decline as the supply of cargo vessels overwhelms demand.
Japan, China and South Korea will produce so many vessels that shipping costs, now at an all-time high, will fall 40 percent by 2010, according to futures contracts traded privately between banks, transportation companies and hedge funds. The decline would hurt Antwerp-based Compagnie Maritime Belge SA, the world's largest commodities-shipping line, and Golden Ocean Group Ltd., run by Norwegian billionaire John Fredriksen.
Read more at Bloomberg Emerging Markets News
Japan, China and South Korea will produce so many vessels that shipping costs, now at an all-time high, will fall 40 percent by 2010, according to futures contracts traded privately between banks, transportation companies and hedge funds. The decline would hurt Antwerp-based Compagnie Maritime Belge SA, the world's largest commodities-shipping line, and Golden Ocean Group Ltd., run by Norwegian billionaire John Fredriksen.
Read more at Bloomberg Emerging Markets News
Insurer Old Mutual confirms UK distribution shakeup
(Reuters) - South Africa's biggest insurer Old Mutual has merged its UK distribution platform Selestia with platforms run by Skandia, the Swedish group it bought last year, to create Britain's largest fund platform.
The combined business, including Skandia Life and Skandia MultiFunds, will be led by Brett Williams, who will report to Nick Poyntz-Wright, chief executive of Skandia UK & Offshore, Old Mutual said on Monday, confirming an expected move.
Read more at Reuters Africa
The combined business, including Skandia Life and Skandia MultiFunds, will be led by Brett Williams, who will report to Nick Poyntz-Wright, chief executive of Skandia UK & Offshore, Old Mutual said on Monday, confirming an expected move.
Read more at Reuters Africa
Copper Gains in New York as Peru Mining Strike May Threaten World Supplies
(Bloomberg) -- Copper prices in New York rose the most in more than a week as a strike threatened to slow supplies from Peru, the world's third-largest producer of the metal.
Miners in Peru began their first national strike in three years after weekend talks with the government failed. Workers at two Southern Copper Corp. mines and zinc producer Volcan Cia. Minera SA began the strike today, according to the Mining Federation union. Prices for copper rose to a record in May as mine accidents and labor disputes disrupted supplies.
Read more at Bloomberg Commodities News
Miners in Peru began their first national strike in three years after weekend talks with the government failed. Workers at two Southern Copper Corp. mines and zinc producer Volcan Cia. Minera SA began the strike today, according to the Mining Federation union. Prices for copper rose to a record in May as mine accidents and labor disputes disrupted supplies.
Read more at Bloomberg Commodities News
Ceragon, Eagle Hospitality, Enpath, Wrigley, Xinhua: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges tomorrow. Stock symbols are in parentheses after company names. Share prices are as of 10:10 a.m. New York time.
American Real Estate Partners LP (ACP US) fell $15.21, or 14 percent, to $93.30 and traded as low as $92.25. Shares of the holding company controlled by Carl Icahn are overvalued with the 69 percent premium the stock carries, Barron's reported, without citing anyone. The company is worth about $65 a share, compared with the closing price of $108.51 on April 27, Barron's said.
Read more at Bloomberg Stocks News
American Real Estate Partners LP (ACP US) fell $15.21, or 14 percent, to $93.30 and traded as low as $92.25. Shares of the holding company controlled by Carl Icahn are overvalued with the 69 percent premium the stock carries, Barron's reported, without citing anyone. The company is worth about $65 a share, compared with the closing price of $108.51 on April 27, Barron's said.
Read more at Bloomberg Stocks News
TREASURIES-Bonds rise on tamer-than-expected inflation
(Reuters) - NEW YORK, April 30 - U.S. Treasury debt prices climbed on Monday after a weaker-than-forecast reading on inflation boosted investor expectations the Federal Reserve could move to cut benchmark interest rates.
Fed officials have said that inflation remains their highest concern when considering monetary policy, but March data released on Monday showed inflation that was nearer to the central bank's presumed comfort zone.
Read more at Reuters.com Bonds News
Fed officials have said that inflation remains their highest concern when considering monetary policy, but March data released on Monday showed inflation that was nearer to the central bank's presumed comfort zone.
Read more at Reuters.com Bonds News
US Midwest business growth eases in April
(Reuters) - The employment component of the index rose in April to 50.5 from 45.0 in March. Prices paid rose to 64.9 from 59.1 and new orders fell to 56.5 from 72.2 in March.
Read more at Reuters.com Economic News
Read more at Reuters.com Economic News
Alcan signs agreement for Saudi aluminum smelter
(Reuters) - Alcan, the world's second-largest maker of primary aluminum, said it would hold a 49-percent stake in the project, which would include 1,400 megawatts of power generation, a 720,000-tonne aluminum smelter and 1.6 million-tonne alumina refinery.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
CIT says accounting decision will reduce profit
(Reuters) - The company said its profit excluding noteworthy items remained unchanged at $1.30 per share.
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UPDATE 1-Hilton Hotels profit falls
(Reuters) - Net income for the first quarter fell to $95 million, or 23 cents per share, from $104 million, or 26 cents per share, in the same period a year ago.
Excluding gains from asset sales, the earnings were in line with analyst expectations of 18 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Excluding gains from asset sales, the earnings were in line with analyst expectations of 18 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
CORRECTED: RadioShack profit rises as expenses drop
(Reuters) - Selling, general and administrative expenses in the quarter dropped 16.9 percent to $412 million, as the company cut jobs, advertising spending and outside services in an ongoing effort to turn around its struggling business.
RadioShack incurred $8.5 million in costs related to cutting about 280 jobs, as announced earlier. It had previously said the reduction in payroll and elimination of other open positions will yield $30 million a year in pretax savings.
Read more at Reuters.com Market News
RadioShack incurred $8.5 million in costs related to cutting about 280 jobs, as announced earlier. It had previously said the reduction in payroll and elimination of other open positions will yield $30 million a year in pretax savings.
Read more at Reuters.com Market News
Steel distributor PNA Group files for IPO
(Reuters) - The preliminary filing with the U.S. Securities and Exchange Commission did not detail how many shares the company plans to sell or the expected price of the shares, as those details will likely be in future filings.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Canada's Dollar Advances to Seven-Month High as Economic Growth Quickens
(Bloomberg) -- Canada's dollar touched a seven- month high after a report showed economic growth quickened in February.
Traders bought Canadian dollars after Statistics Canada said the nation's economy grew at a 0.4 percent pace in February, compared with a 0.1 percent gain the previous month. Economists expected a 0.2 percent expansion, according to the median forecast in a Bloomberg survey.
Read more at Bloomberg Currencies News
Traders bought Canadian dollars after Statistics Canada said the nation's economy grew at a 0.4 percent pace in February, compared with a 0.1 percent gain the previous month. Economists expected a 0.2 percent expansion, according to the median forecast in a Bloomberg survey.
Read more at Bloomberg Currencies News
Verizon quarterly profit falls
(Reuters) - Earnings per share from continuing operations was 51 cents, or 54 cents on an adjusted basis, compared to 46 cents in the first quarter of 2006, the No. 2 U.S. phone company said.
That was in line with analysts' expectations of 54 cents in adjusted earnings per share before discontinued items, according to Reuters Estimates.
Read more at Reuters.com Business News
That was in line with analysts' expectations of 54 cents in adjusted earnings per share before discontinued items, according to Reuters Estimates.
Read more at Reuters.com Business News
S.Africa trade deficit 2.7 bln rand in March
(Reuters) - South Africa recorded a trade deficit of 2.74 billion rand in March, virtually unchanged from the shortfall in February, the South African Revenue Service said on Monday.
The figure, below the 4.1 billion rand deficit forecast in a Reuters poll of economists, confirms a trend of relatively small deficits in the wake of January's 11.7 billion rand shortfall and record deficits in the second half of 2006.
Read more at Reuters Africa
The figure, below the 4.1 billion rand deficit forecast in a Reuters poll of economists, confirms a trend of relatively small deficits in the wake of January's 11.7 billion rand shortfall and record deficits in the second half of 2006.
Read more at Reuters Africa
S&P 500 Futures Rise on Earnings, Inflation; RadioShack, Verizon Advance
(Bloomberg) -- Futures on the Standard & Poor's 500 Index gained after earnings beat estimates and a measure of inflation was unchanged, bearing out the Federal Reserve's prediction that price increases will ease as the economy slows.
RadioShack Corp. advanced after the third-largest U.S. electronics retailer said first-quarter profit rose fivefold because of reduced costs. Verizon Communications Inc. rose after revenue at the nation's second-biggest phone company topped analysts' projections.
Read more at Bloomberg Stocks News
RadioShack Corp. advanced after the third-largest U.S. electronics retailer said first-quarter profit rose fivefold because of reduced costs. Verizon Communications Inc. rose after revenue at the nation's second-biggest phone company topped analysts' projections.
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Chicago, California Hospital Lead Municipal Bond Borrowers of $6 Billion
(Bloomberg) -- The city of Chicago and Community Medical Centers of central California will lead U.S. tax-exempt borrowers as new municipal bond issues drop to about $6 billion, the lowest in three weeks.
Chicago will sell $603 of general obligation bonds in a deal managed by Merrill Lynch & Co., while the Fresno, California-based nonprofit hospital network will borrow $327 million with Citigroup Inc. as managing underwriter. Banner Health of Phoenix also may offer $600 million of tax-exempt bonds as soon as this week.
Read more at Bloomberg Bonds News
Chicago will sell $603 of general obligation bonds in a deal managed by Merrill Lynch & Co., while the Fresno, California-based nonprofit hospital network will borrow $327 million with Citigroup Inc. as managing underwriter. Banner Health of Phoenix also may offer $600 million of tax-exempt bonds as soon as this week.
Read more at Bloomberg Bonds News
D.Boerse in friendly talks to buy ISE - source
(Reuters) - The source said Deutsche Boerse Chief Excecutive Reto Francioni would present the plan to a supervisory board meeting on Monday, confirming a report in the Wall Street Journal.
The source said Deutsche Boerse was likely to announce the planned deal, which would bulk up the German stock exchange operator's position in the fast-growing area of equities options, in a statement later on Monday.
Read more at Reuters.com Mergers News
The source said Deutsche Boerse was likely to announce the planned deal, which would bulk up the German stock exchange operator's position in the fast-growing area of equities options, in a statement later on Monday.
Read more at Reuters.com Mergers News
UPDATE 1-Deutsche Boerse in talks to buy ISE for $68/shr-WSJ
(Reuters) - A deal would allow the Frankfurt stock exchange to expand into the U.S. options trading market. Financial exchanges have been consolidating to diversify their businesses and cut costs. Options markets have become particularly attractive as the trading of listed options is growing faster than both stock and futures trading
Deutsche Boerse Chief Executive Reto Francioni is presenting the plan at a supervisory board meeting on Monday, The Journal reported, citing people familiar with the matter.
Read more at Reuters.com Mergers News
Deutsche Boerse Chief Executive Reto Francioni is presenting the plan at a supervisory board meeting on Monday, The Journal reported, citing people familiar with the matter.
Read more at Reuters.com Mergers News
Hungarian Forint Falls as Investors Shun Emerging Market Assets on Turkey
(Bloomberg) -- The Hungarian forint fell the most in two weeks against the euro, in line with other central European currencies, as political instability in Turkey prompted investors to sell riskier assets.
Turkey's lira headed for its biggest drop in 11 months and bonds and stocks also slumped after the military threatened to block the government's presidential candidate because of his Islamist past. The zloty today fell versus the euro with the Polish zloty, the Romanian leu and the Slovak koruna.
Read more at Bloomberg Currencies News
Turkey's lira headed for its biggest drop in 11 months and bonds and stocks also slumped after the military threatened to block the government's presidential candidate because of his Islamist past. The zloty today fell versus the euro with the Polish zloty, the Romanian leu and the Slovak koruna.
Read more at Bloomberg Currencies News
Central European Stocks Decline, Led by Erste Bank; KGHM Polska Advances
(Bloomberg) -- Central European shares fell, led by Erste Bank AG, Austria's largest bank, and Poland's PKO Bank Polski SA.
Shares of KGHM Polska Miedz SA jumped after the PAP newswire reported the Polish company that mines more copper in Europe than any competitor may raise its profit forecast and after copper prices increased.
Read more at Bloomberg Emerging Markets News
Shares of KGHM Polska Miedz SA jumped after the PAP newswire reported the Polish company that mines more copper in Europe than any competitor may raise its profit forecast and after copper prices increased.
Read more at Bloomberg Emerging Markets News
Eni to Buy Dominion Assets for $4.8 Billion, Triple Gulf of Mexico Output
(Bloomberg) -- Eni SpA, Europe's fourth-largest oil company, agreed to buy Dominion Resources Inc.'s exploration and production assets in the Gulf of Mexico for $4.8 billion, to triple its output from the region.
The purchase will boost Eni's production in the Gulf to 110,000 barrels of oil equivalent a day by the second half of 2007, from 36,000 barrels a day currently, the Rome-based company said today in a statement distributed by the Italian Stock Exchange.
Read more at Bloomberg Currencies News
The purchase will boost Eni's production in the Gulf to 110,000 barrels of oil equivalent a day by the second half of 2007, from 36,000 barrels a day currently, the Rome-based company said today in a statement distributed by the Italian Stock Exchange.
Read more at Bloomberg Currencies News
JPMorgan Analysts Downgrade European Property Stocks on Interest Rates
(Bloomberg) -- Shares of European property companies were downgraded by JPMorgan Chase & Co. on concern higher interest rates will hurt the industry.
The brokerage lowered its recommendation for property companies to ``underweight'' from ``neutral,'' according to a research note dated today.
Read more at Bloomberg Stocks News
The brokerage lowered its recommendation for property companies to ``underweight'' from ``neutral,'' according to a research note dated today.
Read more at Bloomberg Stocks News
Turkish Stocks Tumble After Army Warning, Protests: World's Biggest Mover
(Bloomberg) -- Turkey's main stock index sank the most in 11 months after the military signaled it may block the government's presidential candidate. Turkiye Garanti Bankasi AS, a bank co-owned by General Electric Co., paced the retreat.
The nation's military, which has forced four governments from power since 1960, said late on April 27 it was watching the presidential elections and was prepared to ``clearly express'' its worries for the secular constitution. Hundreds of thousands of people protested the government's nominee for president yesterday in Istanbul.
Read more at Bloomberg Stocks News
The nation's military, which has forced four governments from power since 1960, said late on April 27 it was watching the presidential elections and was prepared to ``clearly express'' its worries for the secular constitution. Hundreds of thousands of people protested the government's nominee for president yesterday in Istanbul.
Read more at Bloomberg Stocks News
UPDATE 1-UPS offers to exchange 2031 stg bond for 2050 debt
(Reuters) - UPS said it was undertaking the exchange offer to give it greater financing flexibility by extending its debt maturity.
A special committee of the Association of British Insurers representing 44 percent of the existing notes has considered the deal and thinks it suitable to present to holders, the company said.
Read more at Reuters.com Bonds News
A special committee of the Association of British Insurers representing 44 percent of the existing notes has considered the deal and thinks it suitable to present to holders, the company said.
Read more at Reuters.com Bonds News
U.K. Pound Gains Versus Euro on Speculation BOE to Raise Interest Rates
(Bloomberg) -- The U.K. pound rose against the euro before reports this week that will probably reinforce views that the interest-rate premium the pound has over the dollar will widen further.
The pound fell last week as the rally that pushed it to a 26-year high versus the dollar was judged by traders as being too rapid. Data this week may show money supply growth quickened in March and gains in house prices held above 10 percent in the three months to April. U.S. reports may show personal spending grew at a slower pace in March while inflation slowed.
Read more at Bloomberg Currencies News
The pound fell last week as the rally that pushed it to a 26-year high versus the dollar was judged by traders as being too rapid. Data this week may show money supply growth quickened in March and gains in house prices held above 10 percent in the three months to April. U.S. reports may show personal spending grew at a slower pace in March while inflation slowed.
Read more at Bloomberg Currencies News
Billionaire Ananda Krishnan Offers to Buy the Rest of Maxis Communications
(Bloomberg) -- Billionaire T. Ananda Krishnan plans to buy full control of Maxis Communications Bhd., Malaysia's biggest mobile-phone operator, which is valued at $9.6 billion.
Krishnan's Usaha Tegas Sdn. and affiliates plan to make an offer to buy all shares they don't already own by May 3, Maxis said today in a statement to the stock exchange in Kuala Lumpur. Sarah Lim, a Maxis spokeswoman, declined to say why Krishnan planned a bid or comment on financial terms.
Read more at Bloomberg Emerging Markets News
Krishnan's Usaha Tegas Sdn. and affiliates plan to make an offer to buy all shares they don't already own by May 3, Maxis said today in a statement to the stock exchange in Kuala Lumpur. Sarah Lim, a Maxis spokeswoman, declined to say why Krishnan planned a bid or comment on financial terms.
Read more at Bloomberg Emerging Markets News
Australian Farmers to Start Sowing Wheat, Canola After Rain in Many Areas
(Bloomberg) -- Grain growers in Australia, the world's third-largest wheat and canola exporter, will likely start sowing this week as rain in many parts raised hopes of relief from one of the country's worst droughts in a century.
As much as 50 millimeters of rain fell in some cropping regions in South Australia, Western Australia, Victoria and New South Wales states in the week ending April 29, the Bureau of Meteorology said on its Web site.
Read more at Bloomberg Commodities News
As much as 50 millimeters of rain fell in some cropping regions in South Australia, Western Australia, Victoria and New South Wales states in the week ending April 29, the Bureau of Meteorology said on its Web site.
Read more at Bloomberg Commodities News
PRESS DIGEST - New York Times front page - Apr 30
(Reuters) - Animal feed produced in China has been regularly supplemented with a cheap additive that is at the center of a pet food recall.
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Read more at Reuters.com Bonds News
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Read more at Reuters.com Bonds News
Sunday, April 29, 2007
GM, Ford, Chrysler May Say April U.S. Sales Fell as Toyota Takes Customers
(Bloomberg) -- General Motors Corp. and Ford Motor Co. probably will say U.S. sales fell in April as rising gasoline prices reduced consumer demand for new cars.
Sales declined 3 percent from a year earlier for GM, 9.7 percent for Ford and 2.2 percent for DaimlerChrysler AG's Chrysler, according to the average adjusted estimates of six analysts in a Bloomberg survey. Toyota Motor Corp. may report little change in sales, said Ronald Tadross, a Banc of America Securities auto analyst.
Read more at Bloomberg Bonds News
Sales declined 3 percent from a year earlier for GM, 9.7 percent for Ford and 2.2 percent for DaimlerChrysler AG's Chrysler, according to the average adjusted estimates of six analysts in a Bloomberg survey. Toyota Motor Corp. may report little change in sales, said Ronald Tadross, a Banc of America Securities auto analyst.
Read more at Bloomberg Bonds News
Corn May Rise as Pace of U.S. Planting Slows on Rains; Soybeans May Drop
(Bloomberg) -- Corn may rise in Chicago as rain further delays U.S. plantings that already are 50 percent behind the pace of the previous five years. Soybeans may fall as U.S. farmers sow more of the crop on freeze-damaged wheat fields.
Fifteen of 27 traders, farm advisers and merchants surveyed on April 27 said to buy corn after prices rose 0.5 percent to $3.7375 a bushel last week on the Chicago Board of Trade. Fourteen said to sell soybeans, which fell 0.2 percent to $7.385 a bushel, the fifth straight weekly drop.
Read more at Bloomberg Commodities News
Fifteen of 27 traders, farm advisers and merchants surveyed on April 27 said to buy corn after prices rose 0.5 percent to $3.7375 a bushel last week on the Chicago Board of Trade. Fourteen said to sell soybeans, which fell 0.2 percent to $7.385 a bushel, the fifth straight weekly drop.
Read more at Bloomberg Commodities News
Asia exporters down
(Reuters) - With Tokyo markets closed for a holiday and many financial markets gearing up for a shutdown later in the week, Asian trading was subdued, and bourses failed to extend the record levels they set last week despite an all-time high for the Dow on Friday.
Exporters fell, with South Korea's Samsung Electronics down 1.2 percent. Hong Kong's Hang Seng shed 1.0 percent and MSCI's index of non-Japan Asian shares was 0.4 percent lower at 0245
Read more at Reuters.com Hot Stocks News
Exporters fell, with South Korea's Samsung Electronics down 1.2 percent. Hong Kong's Hang Seng shed 1.0 percent and MSCI's index of non-Japan Asian shares was 0.4 percent lower at 0245
Read more at Reuters.com Hot Stocks News
BAE, Barclays, Dana, 888, Marston's, Sainsbury: U.K., Irish Equity Preview
(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from the April 27 close.
The benchmark FTSE 100 Index fell 50.7, or 0.8 percent, to close at 6418.7 in London as 23 stocks rose, 76 fell and 3 were unchanged. The FTSE All-Share Index lost 23.09, or 0.7 percent, to 3341.43.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index fell 50.7, or 0.8 percent, to close at 6418.7 in London as 23 stocks rose, 76 fell and 3 were unchanged. The FTSE All-Share Index lost 23.09, or 0.7 percent, to 3341.43.
Read more at Bloomberg Stocks News
Brightpoint, Coca-Cola, Harley-Davidson, Southwest Gas: U.S. Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges tomorrow. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
American Real Estate Partners LP (ACP US): Shares of the holding company controlled by Carl Icahn are overvalued with the 69 percent premium the stock carries, Barron's reported, without citing anyone. The company is worth about $65 a share, compared with the closing price of $108.51 on April 27, Barron's said. The stock fell 49 cents to $108.51.
Read more at Bloomberg Stocks News
American Real Estate Partners LP (ACP US): Shares of the holding company controlled by Carl Icahn are overvalued with the 69 percent premium the stock carries, Barron's reported, without citing anyone. The company is worth about $65 a share, compared with the closing price of $108.51 on April 27, Barron's said. The stock fell 49 cents to $108.51.
Read more at Bloomberg Stocks News
Copper in Shanghai Rises on Dollar Weakness; Aluminum Advances; Zinc Drops
(Bloomberg) -- Copper in Shanghai rose on speculation a fall in the dollar may encourage buyers in China and Europe to purchase the metal used to make wires and pipes.
The dollar dropped to an all-time low against the euro on April 27 after a government report showed the U.S. economy grew at the slowest pace in four years. The depreciation makes copper, traded in dollars, less expensive for buyers using other currencies. The U.S. currency has fallen 3.8 percent against the yuan in the past year as copper rose 1.7 percent in Shanghai.
Read more at Bloomberg Commodities News
The dollar dropped to an all-time low against the euro on April 27 after a government report showed the U.S. economy grew at the slowest pace in four years. The depreciation makes copper, traded in dollars, less expensive for buyers using other currencies. The U.S. currency has fallen 3.8 percent against the yuan in the past year as copper rose 1.7 percent in Shanghai.
Read more at Bloomberg Commodities News
London Sumatra Says First-Quarter Profit Advances 46 Percent as Sales Gain
(Bloomberg) -- PT Perusahaan Perkebunan London Sumatra Indonesia, which runs rubber and oil palm plantations in the Southeast Asian nation, said first-quarter profit rose 46 percent as sales rose and costs declined.
The company, based in Jakarta, earned 91.3 billion rupiah ($10.1 million), or 71 rupiah a share, compared with 62.5 billion rupiah, or 51 rupiah a share, a year earlier, it said on its Web site. Sales rose 5.7 percent to 534.28 billion rupiah.
Read more at Bloomberg Commodities News
The company, based in Jakarta, earned 91.3 billion rupiah ($10.1 million), or 71 rupiah a share, compared with 62.5 billion rupiah, or 51 rupiah a share, a year earlier, it said on its Web site. Sales rose 5.7 percent to 534.28 billion rupiah.
Read more at Bloomberg Commodities News
Russia's Day Traders Pile in to Stocks as Gains Slow After Six-Year Rally
(Bloomberg) -- Speculators are increasing their purchases of Russian stocks just as six years of gains grind to a halt in the world's second-largest emerging market.
Day traders, who seek instant profits from stock price fluctuations, on Russia's Micex Stock Exchange have more than doubled in the past 16 months, said Chief Executive Officer Alexei Rybnikov. Purchases and sales of less than 100,000 rubles ($3,890) by individuals make up 60 percent of trades on the Micex, compared with 4.6 percent of trading on the New York Stock Exchange.
Read more at Bloomberg Stocks News
Day traders, who seek instant profits from stock price fluctuations, on Russia's Micex Stock Exchange have more than doubled in the past 16 months, said Chief Executive Officer Alexei Rybnikov. Purchases and sales of less than 100,000 rubles ($3,890) by individuals make up 60 percent of trades on the Micex, compared with 4.6 percent of trading on the New York Stock Exchange.
Read more at Bloomberg Stocks News
Bernanke Is Wrong on Inflation, Interest Rates, Goldman, Merrill, UBS Say
(Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke's assertion that interest rates may need to increase to curb inflation is wrong. That's what Goldman Sachs Group Inc., Merrill Lynch & Co. and UBS AG are saying.
While Bernanke warned last month that the odds of worsening inflation have increased, chief economists at the three firms say the worst housing slump in a decade may drive the U.S. economy into a recession and stifle consumer prices. Their chief economists say the Fed will cut its target for overnight loans between banks at least three times this year.
Read more at Bloomberg Currencies News
While Bernanke warned last month that the odds of worsening inflation have increased, chief economists at the three firms say the worst housing slump in a decade may drive the U.S. economy into a recession and stifle consumer prices. Their chief economists say the Fed will cut its target for overnight loans between banks at least three times this year.
Read more at Bloomberg Currencies News
Qantas bid group says has 12.57 percent voting power
(Reuters) - Shareholder acceptances including a facility where institutions can accept but retain the right to withdraw were at 25.51 percent.
However, this was down 27.8 percent last week as some fund managers sold shares in the open market to benefit from strength in the Australian dollar, sources close to the bid said.
Read more at Reuters.com Business News
However, this was down 27.8 percent last week as some fund managers sold shares in the open market to benefit from strength in the Australian dollar, sources close to the bid said.
Read more at Reuters.com Business News
South Korean Stocks Fall for Second Day; Samsung, L.G. Philips LCD Decline
(Bloomberg) -- South Korean stocks fell for a second day. Samsung Electronics Co. slid after U.S. economic growth cooled to the slowest in four years, raising concern exporters' overseas earnings will decrease.
The Kospi index slid 7.49, or 0.5 percent, to 1535.03 as of 9:18 a.m. in Seoul. The Kosdaq added 0.1 percent to 676.31. Kospi 200 futures expiring in June retreated 0.3 percent to 198.85, while the underlying index lost 0.4 percent to 197.48.
Read more at Bloomberg Stocks News
The Kospi index slid 7.49, or 0.5 percent, to 1535.03 as of 9:18 a.m. in Seoul. The Kosdaq added 0.1 percent to 676.31. Kospi 200 futures expiring in June retreated 0.3 percent to 198.85, while the underlying index lost 0.4 percent to 197.48.
Read more at Bloomberg Stocks News
UPDATE 1-BCE to complete review in Q3, may privatize
(Reuters) - Montreal-based BCE, which owns Bell Canada -- the country's largest telephone company -- has a market capitalization of about C$30 billion .
BCE previously said it was in talks with U.S. private equity firm Kohlberg Kravis Roberts & Co. [KKR.UL] and three big Canadian pension funds that could lead to taking the company private in Canada's biggest buyout. BCE said it would consider other alternatives as well.
Read more at Reuters.com Mergers News
BCE previously said it was in talks with U.S. private equity firm Kohlberg Kravis Roberts & Co. [KKR.UL] and three big Canadian pension funds that could lead to taking the company private in Canada's biggest buyout. BCE said it would consider other alternatives as well.
Read more at Reuters.com Mergers News
EDF Energy Follows Rivals, Cuts Domestic Gas Rate to Win U.K. Customers
(Bloomberg) -- EDF Energy, the U.K. unit of Electricite de France SA, today said it will cut its price rates for domestic gas customers.
The gas prices will be reduced by 10.2 percent for customers using the standard gas tariffs as of June 15, the company said in e-mailed statement. Its electricity rates will remain unchanged.
Read more at Bloomberg Energy News
The gas prices will be reduced by 10.2 percent for customers using the standard gas tariffs as of June 15, the company said in e-mailed statement. Its electricity rates will remain unchanged.
Read more at Bloomberg Energy News
New Zealand Dollar May Gain on High Rates, Prospect of Further Increases
(Bloomberg) -- The New Zealand dollar may rise as investors are attracted to the nation's higher-yielding assets and the prospect the central bank may have to boost interest rates again this year.
New Zealand home-building approvals may have risen in March, adding to concern the central bank hasn't managed to temper consumer demand for housing with two increases to the benchmark interest rate so far this year. Statistics New Zealand releases the figures at 10:45 a.m. The local currency gained 16 percent over the past 12 months, spurred by the nation's record 7.75 percent official cash rate.
Read more at Bloomberg Currencies News
New Zealand home-building approvals may have risen in March, adding to concern the central bank hasn't managed to temper consumer demand for housing with two increases to the benchmark interest rate so far this year. Statistics New Zealand releases the figures at 10:45 a.m. The local currency gained 16 percent over the past 12 months, spurred by the nation's record 7.75 percent official cash rate.
Read more at Bloomberg Currencies News
Gary-Williams Refinery in Oklahoma Operating After Blaze, Fire Chief Says
(Bloomberg) -- Gary-Williams Energy Co.'s refinery in Wynnewood, Oklahoma, is operating after a fire in two storage tanks was extinguished, Wynnewood's fire chief said.
``They didn't shut completely down,'' Fire Chief Chris Mallow said in a telephone interview. ``There wasn't any damage to the plant other than those two storage tanks.''
Read more at Bloomberg Energy News
``They didn't shut completely down,'' Fire Chief Chris Mallow said in a telephone interview. ``There wasn't any damage to the plant other than those two storage tanks.''
Read more at Bloomberg Energy News
Tadiran to delist after Elbit buys remaining shrs
(Reuters) - Elbit, which already owned a 43 percent stake in Tadiran, bought an additional 51.16 percent or 6,690,801 of the company's shares in a cash tender offer to shareholders on Thursday.
Elbit paid 210 shekels per share or a total of 1.4 billion shekels after raising its offer from 186 shekels.
Read more at Reuters.com Mergers News
Elbit paid 210 shekels per share or a total of 1.4 billion shekels after raising its offer from 186 shekels.
Read more at Reuters.com Mergers News
RPT-UPDATE 4-Pirelli sells T.Italia control to Telefonica, banks
(Reuters) - MILAN/MADRID, April 28 - Italy's Pirelli sold its Telecom Italia on the investment it made 6 years ago.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Saturday, April 28, 2007
Fed's Yellen-downturn in U.S. economy possible
(Reuters) - "I'd like to highlight three risks to the global economy. the first pertains to the U.S. economy, itself, where there is potential for a downturn that could have major spillover effects around the globe" she said.
The U.S. economy grew at a sluggish 1.3 percent in the first quarter of 2006, the Commerce Department said on Friday. It was the fourth consecutive quarter of sub-par economic expansion in the world's largest economy.
Read more at Reuters.com Business News
The U.S. economy grew at a sluggish 1.3 percent in the first quarter of 2006, the Commerce Department said on Friday. It was the fourth consecutive quarter of sub-par economic expansion in the world's largest economy.
Read more at Reuters.com Business News
FACTBOX: Congress looks to measure success in Iraq
(Reuters) - Lawmakers are still haggling over the details, but here is a list of possibilities:
-- Developing Iraqi security forces to a level that allows them to secure all provinces.
Read more at Reuters.com Bonds News
-- Developing Iraqi security forces to a level that allows them to secure all provinces.
Read more at Reuters.com Bonds News
German hedge fund initiative all but dead -magazine
(Reuters) - "We must prepare ourselves for that," Edgar Meister, who is responsible for banking supervision at the German central bank, told the magazine.
Meister warned that hedge-fund takeovers of large banks could create "considerable risks" for the global financial system.
Read more at Reuters.com Government Filings News
Meister warned that hedge-fund takeovers of large banks could create "considerable risks" for the global financial system.
Read more at Reuters.com Government Filings News
European Stocks Fall for First Week in Four on Growth Concern; BHP Slides
(Bloomberg) -- European stocks fell for the first time in four weeks on concern slowing U.S. economic growth may weigh on earnings and companies are overspending on acquisitions.
BHP Billiton Ltd. led mining stocks lower as shares of industries most sensitive to economic growth retreated. Royal Bank of Scotland Plc dropped as it led a group planning to make an unsolicited offer for ABN Amro Holding NV.
Read more at Bloomberg Stocks News
BHP Billiton Ltd. led mining stocks lower as shares of industries most sensitive to economic growth retreated. Royal Bank of Scotland Plc dropped as it led a group planning to make an unsolicited offer for ABN Amro Holding NV.
Read more at Bloomberg Stocks News
Friday, April 27, 2007
UPDATE 1-Texas House OKs bill to cap plant ownership
(Reuters) - The House measure is a weaker version of legislation passed last month by the Texas Senate.
The House bill limits companies from owning more than 20 percent of installed generation available to Texas' primary grid, known as ERCOT, or more than 40 percent within smaller power zones, compared to a 25-percent "per zone" cap under the Senate version.
Read more at Reuters.com Mergers News
The House bill limits companies from owning more than 20 percent of installed generation available to Texas' primary grid, known as ERCOT, or more than 40 percent within smaller power zones, compared to a 25-percent "per zone" cap under the Senate version.
Read more at Reuters.com Mergers News
UPDATE 1-Venezuelan economy grew about 7 pct in 1st quarter
(Reuters) - The Caribbean OPEC nation's economy is growing fast on the back of bumper oil prices and the president's generous social spending. Venezuelan crude averaged $59.21 per barrel in the last week.
"Although the official figures have not been published, we now have very solid figures. Our economy has grown about 7 percent in the first quarter of 2007," he told a crowd in the central state of Guarico.
Read more at Reuters.com Economic News
"Although the official figures have not been published, we now have very solid figures. Our economy has grown about 7 percent in the first quarter of 2007," he told a crowd in the central state of Guarico.
Read more at Reuters.com Economic News
UPDATE 1-US Treasury to offer cross-border derivatives data
(Reuters) - WASHINGTON, April 27 - The U.S. Treasury said on Friday it will begin publishing data on the value of U.S. cross-border derivatives contracts in May, information that could alter size of the U.S. current account deficit.
The new data, which will be published quarterly alongside the Treasury International Capital data, will expand the information available on U.S. cross-border capital flows and international investment holdings.
Read more at Reuters.com Bonds News
The new data, which will be published quarterly alongside the Treasury International Capital data, will expand the information available on U.S. cross-border capital flows and international investment holdings.
Read more at Reuters.com Bonds News
Menu Foods says ChemNutra statement wrong
(Reuters) - U.S. officials have said the wheat gluten used in pet food made by Menu Foods was tainted with melamine, an industrial chemical that is not approved for use in food, and is linked to a U.S. pet food recall that includes over 100 brands and could expand further.
"ChemNutra's statement is wrong, and unnecessarily alarms consumers," a Menu Foods spokesman said via e-mail.
Read more at Reuters.com Business News
"ChemNutra's statement is wrong, and unnecessarily alarms consumers," a Menu Foods spokesman said via e-mail.
Read more at Reuters.com Business News
U.S. Treasuries Are Little Changed as Growth Slows, Inflation Accelerates
(Bloomberg) -- Treasuries were little changed after a government report showed growth in the world's largest economy slowed during the first quarter and inflation accelerated.
Treasury yields touched the highest in more than a week as separate data showed wages and salaries increased the most in six years, a barrier to the Federal Reserve cutting interest rates to spur growth. Gross domestic product grew at a 1.3 percent annual rate, the slowest pace in four years.
Read more at Bloomberg Bonds News
Treasury yields touched the highest in more than a week as separate data showed wages and salaries increased the most in six years, a barrier to the Federal Reserve cutting interest rates to spur growth. Gross domestic product grew at a 1.3 percent annual rate, the slowest pace in four years.
Read more at Bloomberg Bonds News
NYSE launches new corporate bond trading platform
(Reuters) - Launched on Monday, the system, based on NYSE's electronic equity market Arca, replaces an older corporate bond trading platform called the automated bond system, or ABS.
The goal is to bring an exchange-trading model to the fixed-income world, improving pricing and transparency, according to John Holman, vice president of fixed-income for NYSE Euronext.
Read more at Reuters.com Bonds News
The goal is to bring an exchange-trading model to the fixed-income world, improving pricing and transparency, according to John Holman, vice president of fixed-income for NYSE Euronext.
Read more at Reuters.com Bonds News
Chicago Merc Delays Start of Credit Derivatives Trading for CFTC Review
(Bloomberg) -- The Chicago Mercantile Exchange delayed by at least several weeks plans for the first exchange- traded credit derivatives in the U.S., after regulators asked for more time to review issues with the tradable contracts.
The Merc, which was set to become the first U.S. exchange to break into the fastest-growing derivatives market on May 6, now will wait until at least early June, said Pamela Plehn, a spokeswoman for the exchange. Its so-called credit index event futures are modeled after credit-default swaps, the privately negotiated contracts used by hedge funds and others to speculate on the ability of companies to repay their debt.
Read more at Bloomberg Bonds News
The Merc, which was set to become the first U.S. exchange to break into the fastest-growing derivatives market on May 6, now will wait until at least early June, said Pamela Plehn, a spokeswoman for the exchange. Its so-called credit index event futures are modeled after credit-default swaps, the privately negotiated contracts used by hedge funds and others to speculate on the ability of companies to repay their debt.
Read more at Bloomberg Bonds News
Abbott says holders reject splitting CEO, chairman role
(Reuters) - The shareholders also rejected a proposal calling for a non-binding vote on executive compensation, Abbott said in statement.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Freeport-McMoRan Bonds Soar in a `1 in 3,000' Event for Corporate Debt
(Bloomberg) -- J.C. Penney Co., the third-biggest U.S. department-store chain, and discounter Target Corp. led borrowers selling $24.1 billion of bonds this week as issuance accelerated amid gains in corporate profits.
Sales rose from $14.7 billion last week and exceed this year's weekly average of $22.5 billion, according to data compiled by Bloomberg. J.C. Penney and Target each sold $1 billion of bonds. For Plano, Texas-based J.C. Penney, the offering was its largest in a decade.
Read more at Bloomberg Bonds News
Sales rose from $14.7 billion last week and exceed this year's weekly average of $22.5 billion, according to data compiled by Bloomberg. J.C. Penney and Target each sold $1 billion of bonds. For Plano, Texas-based J.C. Penney, the offering was its largest in a decade.
Read more at Bloomberg Bonds News
Sulzer says won't make takeover offer for Bodycote
(Reuters) - Earlier on Friday, Sulzer said it was prepared to pay 340 pence a share in cash, valuing Bodycote at 1.1 billion pounds .
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Peru miners say strike very likely despite talks
(Reuters) - Castillo said another meeting with government officials was scheduled for 3 p.m. , "but we don't foresee anything because our positions haven't grown any closer."
The federation is demanding that President Alan Garcia fulfill campaign pledges to eliminate all outsourcing among mining companies and to improve pension benefits, among other things.
Read more at Reuters.com Bonds News
The federation is demanding that President Alan Garcia fulfill campaign pledges to eliminate all outsourcing among mining companies and to improve pension benefits, among other things.
Read more at Reuters.com Bonds News
Merck says FDA rejects Arcoxia drug
(Reuters) - Merck had been awaiting approval since December 2003 for the oral medicine, which is already sold in more than 60 other countries. Merck had asked the FDA to approve 30- and 60-milligram doses of Arcoxia to treat osteoarthritis -- the most common form of arthritis caused by wear and tear of the joints.
Recent studies of 90-milligram doses of Arcoxia -- the dose widely used overseas to treat rheumatoid arthritis -- have linked Arcoxia to elevated rates of blood pressure, tissue swelling that can lead to heart problems and congestive heart failure. The same problems had been seen in studies of Vioxx, which Merck withdrew in September 2004 after it was linked to heart attacks among long-term users.
Read more at Reuters.com Business News
Recent studies of 90-milligram doses of Arcoxia -- the dose widely used overseas to treat rheumatoid arthritis -- have linked Arcoxia to elevated rates of blood pressure, tissue swelling that can lead to heart problems and congestive heart failure. The same problems had been seen in studies of Vioxx, which Merck withdrew in September 2004 after it was linked to heart attacks among long-term users.
Read more at Reuters.com Business News
The dollar's decline tracks U.S. fall from grace
(Reuters) - A stark reminder came on Friday when the weakening dollar slumped to a record low against its main rival, the euro, after the U.S. economy recorded its fourth consecutive quarter of below-trend growth.
The strength of the dollar is more than just a matter of bragging rights. Experts say the consequences of its long-term decline could have deep significance -- for average Americans and for the country's position as an unrivaled global power.
Read more at Reuters.com Bonds News
The strength of the dollar is more than just a matter of bragging rights. Experts say the consequences of its long-term decline could have deep significance -- for average Americans and for the country's position as an unrivaled global power.
Read more at Reuters.com Bonds News
Xerox's Global Imaging acquisition clears hurdle
(Reuters) - The expiration of the Hart-Scott-Rodino Act waiting period satisfies one of the conditions to the tender offer, which is set to expire on May 8, the company said in a statement.
Xerox, through its unit RG Acquisition I Corp., on April 4 offered to acquire Global Imaging Systems for $29 per share in cash.
Read more at Reuters.com Government Filings News
Xerox, through its unit RG Acquisition I Corp., on April 4 offered to acquire Global Imaging Systems for $29 per share in cash.
Read more at Reuters.com Government Filings News
Atlas America board approves 3-for-2 stock split
(Reuters) - The board has also declared its first quarterly cash dividend of 5 cents a share of common stock, payable on May 15, to shareholders of record on May 8, it added.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Oil May Rise Next Week on Below-Normal U.S. Gasoline Supply, Survey Shows
(Bloomberg) -- Crude oil may rise next week on speculation U.S. gasoline supplies will remain below normal going into the summer after refiners shut units for repairs.
Fourteen of 33 analysts surveyed, or 42 percent, said oil prices will rise. Eleven, or 33 percent, said prices will decline and eight forecast that oil will be little changed. Last week, 45 percent of respondents said prices would fall.
Read more at Bloomberg Energy News
Fourteen of 33 analysts surveyed, or 42 percent, said oil prices will rise. Eleven, or 33 percent, said prices will decline and eight forecast that oil will be little changed. Last week, 45 percent of respondents said prices would fall.
Read more at Bloomberg Energy News
GATX says unit to merge with company
(Reuters) - All outstanding debt and other financial obligations of GFC will become the obligations of GATX Corp., the company said in a statement.
The merger is expected to be completed in the next several weeks, it added.
Read more at Reuters.com Mergers News
The merger is expected to be completed in the next several weeks, it added.
Read more at Reuters.com Mergers News
CORRECTION - WASHINGTON - REFILE-U.S. homeowner vacancy rate rises to record2.8 pct
(Reuters) - The number has been steadily climbing since the fourth quarter of 2004 when it was at 1.8 percent and indicates a housing market bloated with speculators, said William O'Donnell, head U.S. government bond strategist at UBS Securities LLC in Stamford, Connecticut.
"This is more pressure on the housing market and shows that the path to recovery is going to be that much longer," he said. "We just think it speaks volumes for the speculative nature of the housing market."
Read more at Reuters.com Bonds News
"This is more pressure on the housing market and shows that the path to recovery is going to be that much longer," he said. "We just think it speaks volumes for the speculative nature of the housing market."
Read more at Reuters.com Bonds News
Copper Gains as Weaker U.S. Dollar May Prompt Buying in Other Currencies
(Bloomberg) -- Copper gained in New York on speculation that a slumping dollar will encourage buyers holding other currencies to purchase the metal.
The U.S. currency dropped to an all-time low against the euro after a government report showed that the U.S. economy grew last quarter at the slowest pace in four years. Copper, traded in dollars, sometimes moves in the opposite direction of the U.S. currency as a change in the dollar's value makes the metal more or less expensive for buyers using other currencies.
Read more at Bloomberg Commodities News
The U.S. currency dropped to an all-time low against the euro after a government report showed that the U.S. economy grew last quarter at the slowest pace in four years. Copper, traded in dollars, sometimes moves in the opposite direction of the U.S. currency as a change in the dollar's value makes the metal more or less expensive for buyers using other currencies.
Read more at Bloomberg Commodities News
UPDATE 1-TransCanada 1st qtr profit slips on weak pipelines
(Reuters) - The company said net income was C$265 million , or 52 Canadian cents a share, for the quarter ended March 31, down from C$273 million, or 56 Canadian cents a share for the same time a year earlier.
Calgary, Alberta-based TransCanada said net income from continuing operations was C$265 million, or 52 Canadian cents a share, up from C$245 million or 50 Canadian cents per share, in the prior-year period.
Read more at Reuters.com Market News
Calgary, Alberta-based TransCanada said net income from continuing operations was C$265 million, or 52 Canadian cents a share, up from C$245 million or 50 Canadian cents per share, in the prior-year period.
Read more at Reuters.com Market News
UPDATE 1-U.S. denies patent extension for Medicines Co drug
(Reuters) - The company said it disagrees with the decision by the United States Patent and Trademark Office not to extend the patent beyond 2010 and will seek a review.
Angiomax, a synthetic form of an anticlotting compound found in the saliva of leeches, is used to prevent blood clots in patients undergoing coronary angioplasty procedures.
Read more at Reuters.com Government Filings News
Angiomax, a synthetic form of an anticlotting compound found in the saliva of leeches, is used to prevent blood clots in patients undergoing coronary angioplasty procedures.
Read more at Reuters.com Government Filings News
WRAPUP 1-U.S. first-quarter GDP growth weakest in four yrs
(Reuters) - Gross domestic product or GDP, which measures total goods and services output within U.S. borders, increased at a weaker-than-expected 1.3 percent annual rate in the three months from January through March.
That was a little more than half the fourth quarter's 2.5 percent rate and well below the 1.8 percent rate that Wall Street analysts had forecast GDP would expand. The last quarter when growth was weaker was in the first three months of 2003, when GDP expanded at a 1.2 percent rate.
Read more at Reuters.com Economic News
That was a little more than half the fourth quarter's 2.5 percent rate and well below the 1.8 percent rate that Wall Street analysts had forecast GDP would expand. The last quarter when growth was weaker was in the first three months of 2003, when GDP expanded at a 1.2 percent rate.
Read more at Reuters.com Economic News
U.S. Stock-Index Futures Fall as Economic Growth Stalls, Inflation Gains
(Bloomberg) -- U.S. stock-index futures dropped after the economy grew in the first quarter at the slowest pace in four years while inflation increased.
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003. A slump in home construction and a bigger trade deficit hobbled growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003. A slump in home construction and a bigger trade deficit hobbled growth. Inflation surged to the highest since 1991.
Read more at Bloomberg Stocks News
UPDATE 1-Chevron earnings rise due to refinery sale
(Reuters) - Net income increased to $4.72 billion, or $2.18 a share, from $4 billion, or $1.80 a share, a year earlier.
The company's results in the quarter included a gain of $700 million, or 32 cents a share, from the sale of its 31 percent stake in the Nerefco Refinery in the Netherlands.
Read more at Reuters.com Market News
The company's results in the quarter included a gain of $700 million, or 32 cents a share, from the sale of its 31 percent stake in the Nerefco Refinery in the Netherlands.
Read more at Reuters.com Market News
TREASURIES-Anemic U.S. growth bolsters bond market
(Reuters) - U.S. first quarter gross domestic product came in at 1.3 percent, its lowest in four years, down from 2.5 percent in the fourth quarter of last year.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Alltel 1st-qtr net profit falls, rev rises
(Reuters) - Profit from current business, excluding discontinued businesses and expenses related to amortization and other items, rose to $225.4 million, or 63 cents a share, from $168.57 million, or 43 cents a share.
Revenue rose to $2.08 billion from $1.84 billion from a year-ago. Alltel said year-ago revenues were adjusted to exclude the wireline business.
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Revenue rose to $2.08 billion from $1.84 billion from a year-ago. Alltel said year-ago revenues were adjusted to exclude the wireline business.
Read more at Reuters.com Market News
UPDATE 1-ITT profit beats Wall St, raises forecast
(Reuters) - The company, which makes a range of products including night vision equipment, military radios and sewage treatment equipment, reported net profit of $140 million, or 76 cents per share, compared with $155.9 million, or 83 cents per share, a year earlier.
Sales rose in each its three operating areas -- fluid technology, defense, and flow control products -- but ITT said profit was cut by the sale of pump and fluid handling businesses last year.
Read more at Reuters.com Market News
Sales rose in each its three operating areas -- fluid technology, defense, and flow control products -- but ITT said profit was cut by the sale of pump and fluid handling businesses last year.
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Waste Management earnings rise
(Reuters) - Analysts, on average, had expected earnings of 36 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
European shares down at midday; banks, miners weigh
(Reuters) - At 1032 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,571.72 points, with British shares underperforming counterparts in Germany and France.
A consortium made up of the Royal Bank of Scotland, Spain's Santander and Belgium's Fortis said it intended to bid for ABN AMRO, which has already agreed a takeover deal with Barclays.
Read more at Reuters.com Hot Stocks News
A consortium made up of the Royal Bank of Scotland, Spain's Santander and Belgium's Fortis said it intended to bid for ABN AMRO, which has already agreed a takeover deal with Barclays.
Read more at Reuters.com Hot Stocks News
Scottish & Newcastle, Colt, Kingfisher: Credit-Default Swap Market Movers
(Bloomberg) -- The risk of owning European corporate bonds rose, according to traders in the credit-default swaps market.
The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 3,000 euros to 203,500 euros, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 3,000 euros to 203,500 euros, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
FACTBOX-Recent comments by Bank of Japan officials
(Reuters) - "We cannot ignore short-term movements in prices, but what is more important for conducting monetary policy is how prices will move in the long run.
Even if they are weak in the near future, if we can confirm that the economy and prices are firm, then, unless we raise rates accordingly, we'll have an undesirable outcome in resource allocation and a volatile economy...
Read more at Reuters.com Economic News
Even if they are weak in the near future, if we can confirm that the economy and prices are firm, then, unless we raise rates accordingly, we'll have an undesirable outcome in resource allocation and a volatile economy...
Read more at Reuters.com Economic News
Carlsberg Shareholder's Plan to Loosen Control Boosts Shares of Beermakers
(Bloomberg) -- Carlsberg A/S said its founding trust plans to loosen control, boosting brewing shares on speculation the Danish beermaker may issue stock to buy rivals.
The 131-year-old Carlsberg Foundation will seek to amend a rule that it ``must always'' hold at least 51 percent of the company's stock, enabling Carlsberg to double its share capital, the Valby, Denmark-based brewer said today in a statement. Shares of Scottish & Newcastle Plc, the U.K. maker of John Smith's ale, rose on speculation that it's more likely to get a takeover bid.
Read more at Bloomberg Stocks News
The 131-year-old Carlsberg Foundation will seek to amend a rule that it ``must always'' hold at least 51 percent of the company's stock, enabling Carlsberg to double its share capital, the Valby, Denmark-based brewer said today in a statement. Shares of Scottish & Newcastle Plc, the U.K. maker of John Smith's ale, rose on speculation that it's more likely to get a takeover bid.
Read more at Bloomberg Stocks News
Japan Shares Drop, Led by Canon, After Rising Inventories Signal Slowdown
(Bloomberg) -- Japanese stocks slipped, led by electronics companies such as Kyocera Corp. after electrical parts inventories rose for a second month, suggesting demand may be slowing for their products.
``Electronics parts inventories are a bit excessive,'' said Yoshinori Nagano, who helps oversee about $70 billion at Daiwa Asset Management Co. in Tokyo. ``The inventory numbers are an important indicator as to the economic cycle for electronics companies and when it rises that's a sign that production may be headed for a decline.''
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``Electronics parts inventories are a bit excessive,'' said Yoshinori Nagano, who helps oversee about $70 billion at Daiwa Asset Management Co. in Tokyo. ``The inventory numbers are an important indicator as to the economic cycle for electronics companies and when it rises that's a sign that production may be headed for a decline.''
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U.S. Stock-Index Futures Decline; Broadcom, SanDisk, MEMC Fall in Europe
(Bloomberg) -- U.S. stock-index futures fell on speculation a government report will show the economy grew in the first quarter at the slowest pace in more than year.
``Investors will keep their powder dry until today's data on U.S. growth is released,'' said Ulrike Pfuhl, Frankfurt-based portfolio manager at JPMorgan Asset Management, which oversees $847 billion.
Read more at Bloomberg Stocks News
``Investors will keep their powder dry until today's data on U.S. growth is released,'' said Ulrike Pfuhl, Frankfurt-based portfolio manager at JPMorgan Asset Management, which oversees $847 billion.
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FTSE Index Retreats, Paced by Vedanta and BHP Billiton; Royal Bank Slides
(Bloomberg) -- U.K. stocks dropped, paced by BHP Billiton Ltd. and Xstrata Plc after copper fell to a three-week low in Asia and gold fell.
Royal Bank of Scotland Plc declined after the bank said it will make an unsolicited offer for ABN Amro Holding NV, raising the prospect of a hostile bid in the world's biggest bank takeover.
Read more at Bloomberg Stocks News
Royal Bank of Scotland Plc declined after the bank said it will make an unsolicited offer for ABN Amro Holding NV, raising the prospect of a hostile bid in the world's biggest bank takeover.
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Nickel May Surpass This Year's Record on China Demand, Standard Bank Says
(Bloomberg) -- Nickel prices may surpass this year's record as supplies of the metal used to make steel resistant to corrosion lags behind demand, Standard Bank said.
Nickel may rise above $55,000 a metric ton, exceeding the April 24 peak of $50,200 a ton, Michael Skinner, an analyst at Standard Bank in London, said in an interview yesterday.
Read more at Bloomberg Commodities News
Nickel may rise above $55,000 a metric ton, exceeding the April 24 peak of $50,200 a ton, Michael Skinner, an analyst at Standard Bank in London, said in an interview yesterday.
Read more at Bloomberg Commodities News
German Stocks Including Commerzbank, Volkswagen Retreat; Henkel Increases
(Bloomberg) -- German stocks including Commerzbank AG and Volkswagen AG declined, while Henkel KGaA paced rising shares.
The benchmark DAX Index lost 1.50, or less than 0.1 percent, to 7385.52 as of 9:11 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies was little changed at 3825.46.
Read more at Bloomberg Stocks News
The benchmark DAX Index lost 1.50, or less than 0.1 percent, to 7385.52 as of 9:11 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies was little changed at 3825.46.
Read more at Bloomberg Stocks News
FTSE Index Retreats, Paced by Vedanta and BHP Billiton; Daily Mail Slides
(Bloomberg) -- U.K. stocks fell, paced by Vedanta Resources Plc and BHP Billiton Ltd. Daily Mail & General Trust Plc shares declined.
The benchmark FTSE 100 Index dropped 11.8, or 0.2 percent, to 6457.60 at 8:08 in London. The FTSE All-Share Index lost 5.86, or 0.2 percent, to 3358.66. Ireland's ISEQ Index slipped 0.2 percent to 9578.07.
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The benchmark FTSE 100 Index dropped 11.8, or 0.2 percent, to 6457.60 at 8:08 in London. The FTSE All-Share Index lost 5.86, or 0.2 percent, to 3358.66. Ireland's ISEQ Index slipped 0.2 percent to 9578.07.
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Thursday, April 26, 2007
GM cuts work at 2 plants after talks fail: WSJ
(Reuters) - The paper cited sources as saying GM told UAW that it was suspending work related to two new-vehicle programs.
UAW and GM could not immediately be reached for comment.
Read more at Reuters.com Business News
UAW and GM could not immediately be reached for comment.
Read more at Reuters.com Business News
Infineon widens Q2 EBIT loss ex-Qimonda
(Reuters) - FRANKFURT, April 27 - Infineon loss excluding memory unit Qimonda was 28 million euros
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Pearson says trading in line
(Reuters) - The comments came in a trading update ahead of the company's annual shareholder meeting, scheduled later on Friday.
The update marks the first major market announcement since Pearson unveiled annual earnings at the top end of analyst expectations on Feb. 26.
Read more at Reuters.com Market News
The update marks the first major market announcement since Pearson unveiled annual earnings at the top end of analyst expectations on Feb. 26.
Read more at Reuters.com Market News
UPDATE 1-Dassault Systemes Q1 EPS up 15 pct, to buy UK's ICEM
(Reuters) - Dassault Systemes said first-quarter non-GAAP EPS rose to 0.39 euros. A poll of 10 analysts had given an average analyst EPS forecast of 0.33 euros.
Dassault also announced an agreement to buy UK software group ICEM for around 51.4 million euros , a deal it said should be non-dilutive on its non-GAAP earnings.
Read more at Reuters.com Market News
Dassault also announced an agreement to buy UK software group ICEM for around 51.4 million euros , a deal it said should be non-dilutive on its non-GAAP earnings.
Read more at Reuters.com Market News
Banorte, Datasul, Weg, Televisa, Fianciero Banorte : Latin Equity Preview
(Bloomberg) -- The following stocks may make significant gains or losses in Brazil and Mexico today. Symbols are in parentheses after the company name, and stock prices are from the last session. In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
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Brazil
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JGB futures hit one-month high, BOJ outlook eyed
(Reuters) - Euroyen futures jumped, recovering from a nine-year low hit earlier in the week, as the data was seen making it hard for the BOJ to justify raising rates with core inflation now stuck in negative territory, falling 0.3 percent year-on-year in March.
The reports caught off guard some market players who had started to speculate this week that the BOJ could raise rates as soon as May or June if upcoming figures were strong.
Read more at Reuters.com Bonds News
The reports caught off guard some market players who had started to speculate this week that the BOJ could raise rates as soon as May or June if upcoming figures were strong.
Read more at Reuters.com Bonds News
Yen hits record low vs euro after data
(Reuters) - Data on Friday showed Japan's core consumer price index declined 0.3 percent in March, compared with forecast 0.2 percent slide.
"The expected timing for the BOJ's next rate rise is being pushed towards the year-end after CPI data," said Mitsuru Sahara, a senior trader at the Bank of Tokyo-Mitsubishi UFJ.
Read more at Reuters.com Hot Stocks News
"The expected timing for the BOJ's next rate rise is being pushed towards the year-end after CPI data," said Mitsuru Sahara, a senior trader at the Bank of Tokyo-Mitsubishi UFJ.
Read more at Reuters.com Hot Stocks News
Yuan's Gains May `Disappoint' Paulson and Investors, Say Westpac, Rabobank
(Bloomberg) -- China may allow the yuan to gain less than analysts forecast in 2007 to discourage speculation, Westpac Banking Corp. and Rabobank International said.
The currency rose 1 percent against the dollar this year, lagging behind an advance of 8.3 percent in India's rupee and 3.1 percent in Malaysia's ringgit. The People's Bank of China's foreign exchange reserves climbed a record $136 billion in the first quarter to $1.2 trillion, a signal of increased sales of yuan to protect exporters' earnings.
Read more at Bloomberg Emerging Markets News
The currency rose 1 percent against the dollar this year, lagging behind an advance of 8.3 percent in India's rupee and 3.1 percent in Malaysia's ringgit. The People's Bank of China's foreign exchange reserves climbed a record $136 billion in the first quarter to $1.2 trillion, a signal of increased sales of yuan to protect exporters' earnings.
Read more at Bloomberg Emerging Markets News
Daido Life to Increase Investment in Hedge Funds, Private Equity in U.S.
(Bloomberg) -- Daido Life Insurance Co., a unit of Japan's only publicly traded life insurer, will boost investment in hedge funds and private equity by as much as 50 billion yen ($420 million) in the fiscal year started April 1.
The Osaka-based company will allocate 10 to 20 billion yen in hedge funds and 30 billion yen in private equity, Akio Shinju, general manager of the firm's investment planning said in an interview yesterday. Holdings of stocks and bonds will be unchanged, he said. As of March 31, Daido Life held 190 billion yen in hedge funds and 120 billion yen in private equity.
Read more at Bloomberg Bonds News
The Osaka-based company will allocate 10 to 20 billion yen in hedge funds and 30 billion yen in private equity, Akio Shinju, general manager of the firm's investment planning said in an interview yesterday. Holdings of stocks and bonds will be unchanged, he said. As of March 31, Daido Life held 190 billion yen in hedge funds and 120 billion yen in private equity.
Read more at Bloomberg Bonds News
Yen Drops to Record Low Against Euro After Japan's March Inflation Report
(Bloomberg) -- The yen dropped to a record low versus the euro after consumer prices fell more than expected in March and industrial production declined.
Japan's currency headed for an eighth weekly loss against the euro, the worst run since January 2002, before a Bank of Japan semiannual outlook that may show inflation and growth forecasts don't support the case for raising the overnight lending rate from 0.5 percent. The yield gap between 10-year German and Japanese bonds widened to the most in 2 1/2 years.
Read more at Bloomberg Currencies News
Japan's currency headed for an eighth weekly loss against the euro, the worst run since January 2002, before a Bank of Japan semiannual outlook that may show inflation and growth forecasts don't support the case for raising the overnight lending rate from 0.5 percent. The yield gap between 10-year German and Japanese bonds widened to the most in 2 1/2 years.
Read more at Bloomberg Currencies News
N.Z. Dollar Snaps 7 Weeks of Gains on Speculation Central Bank May Sell It
(Bloomberg) -- New Zealand's dollar snapped seven weeks of gains against the U.S. dollar and dropped versus the yen on speculation the central bank may sell its currency to stem an advance to decade highs.
The country's dollar this week dropped the most among the 16 most-actively traded currencies as Reserve Bank of New Zealand Governor Alan Bollard said its level was ``unjustified.'' The New Zealand dollar, or kiwi, reached a 22-year high versus the U.S. dollar and the strongest against the yen in 17 years as investors plowed funds into the nation's high-yielding assets.
Read more at Bloomberg Currencies News
The country's dollar this week dropped the most among the 16 most-actively traded currencies as Reserve Bank of New Zealand Governor Alan Bollard said its level was ``unjustified.'' The New Zealand dollar, or kiwi, reached a 22-year high versus the U.S. dollar and the strongest against the yen in 17 years as investors plowed funds into the nation's high-yielding assets.
Read more at Bloomberg Currencies News
Australian Stocks Fall, Led by BHP Billiton, Rio on Lower Metals Prices
(Bloomberg) -- Australian stocks declined, led by BHP Billiton Ltd. and Rio Tinto Group, after prices for metals such as copper, zinc and lead slumped.
The S&P/ASX 200 Index dropped 28.30, or 0.5 percent, to 6183.90 at 10:25 a.m. in Sydney. About two stocks fell for each that gained. The index is set for a 0.4 percent weekly decline.
Read more at Bloomberg Stocks News
The S&P/ASX 200 Index dropped 28.30, or 0.5 percent, to 6183.90 at 10:25 a.m. in Sydney. About two stocks fell for each that gained. The index is set for a 0.4 percent weekly decline.
Read more at Bloomberg Stocks News
UPDATE 3-McAfee profit rises on worldwide demand
(Reuters) - SAN FRANCISCO, April 26 - Security software maker McAfee Inc. on Thursday posted higher first-quarter profit and revenue that topped Wall Street forecasts as demand rose worldwide, sending its shares up more than 3 percent.
Chief Executive Dave DeWalt also said robust technology spending and expectations that strong growth would continue spurred the company to boost its full-year financial forecast.
Read more at Reuters.com Market News
Chief Executive Dave DeWalt also said robust technology spending and expectations that strong growth would continue spurred the company to boost its full-year financial forecast.
Read more at Reuters.com Market News
Trade-Weighted U.S. Dollar Index Declines To a Record Three-Decade Low
(Bloomberg) -- The Federal Reserve's trade-weighted dollar index fell to the lowest since its inception in 1971 amid expectations the currency will extend a slide against the euro.
The U.S. Trade Weighted Major Currency Index fell to 78.99 yesterday and is down 2.3 percent this year. The central bank's broad dollar index also dropped to the lowest since July 1997, while the New York Board of Trade's dollar index declined to a two-year low.
Read more at Bloomberg Currencies News
The U.S. Trade Weighted Major Currency Index fell to 78.99 yesterday and is down 2.3 percent this year. The central bank's broad dollar index also dropped to the lowest since July 1997, while the New York Board of Trade's dollar index declined to a two-year low.
Read more at Bloomberg Currencies News
Hartford posts higher first quarter earnings
(Reuters) - Hartford said earnings were $876 million, or $2.71 a share, up from $728 million, or $2.34 a share, in the year earlier quarter.
) Keywords: HARTFORD RESULTS/
Read more at Reuters.com Market News
) Keywords: HARTFORD RESULTS/
Read more at Reuters.com Market News
Citigroup Downgrades Apple Shares, Says Stock is Expensive After Rally
(Bloomberg) -- Apple Inc., which surged yesterday after second-quarter profit beat analysts' estimates, was downgraded at Citigroup Investment Research, which said the stock was expensive after rallying 18 percent since the start of 2007.
``While we continue to like Apple's long-term growth opportunity, we see little more than market returns in the shares from current levels,'' wrote analyst Richard Gardner, the top- rated analyst on Apple, according to data from StarMine Inc.
Read more at Bloomberg Stocks News
``While we continue to like Apple's long-term growth opportunity, we see little more than market returns in the shares from current levels,'' wrote analyst Richard Gardner, the top- rated analyst on Apple, according to data from StarMine Inc.
Read more at Bloomberg Stocks News
Reckitt shines after polished Q1 and raised targets
(Reuters) - LONDON, April 26 - Britain's Reckitt Benckiser Plc , the world's biggest household goods maker, posted a higher-than-expected 27 percent rise in first-quarter net profit on Thursday and raised its profit and sales growth targets.
The maker of Cillit Bang cleaner, Finish/Calgonit dishwashing products and Lysol disinfectants posted first-quarter net profit of 179 million pounds , ahead of analyst forecasts of 157-168 million pounds, on actual sales up 8 percent.
Read more at Reuters.com Market News
The maker of Cillit Bang cleaner, Finish/Calgonit dishwashing products and Lysol disinfectants posted first-quarter net profit of 179 million pounds , ahead of analyst forecasts of 157-168 million pounds, on actual sales up 8 percent.
Read more at Reuters.com Market News
Bristol names Cornelius CEO
(Reuters) - The company also announced a $1 billion deal with Pfizer Inc. to help develop and sell Bristol's promising apixaban drug to prevent blood clots.
The drugmaker's shares fell 3.3 percent after analysts speculated its tie-up with Pfizer could deter other drugmakers from making an attempt to acquire Bristol.
Read more at Reuters.com Market News
The drugmaker's shares fell 3.3 percent after analysts speculated its tie-up with Pfizer could deter other drugmakers from making an attempt to acquire Bristol.
Read more at Reuters.com Market News
Indonesia Stock Index Passes 2000, Led by PT Astra; World's Biggest Mover
(Bloomberg) -- Indonesia's stock index climbed above 2000 for the first time after the government said inflation has stabilized, raising speculation the central bank will cut interest rates. PT Astra International and PT Lippo Karawaci advanced.
``The expectation that we have slower inflation in April or even deflation is spurring demand for stocks,'' said Arfan Karniody, who helps manage about $165 million at PT Niaga Aset Manajemen in Jakarta. ``Interest rate-sensitive companies such as Astra and property companies should benefit.''
Read more at Bloomberg Stocks News
``The expectation that we have slower inflation in April or even deflation is spurring demand for stocks,'' said Arfan Karniody, who helps manage about $165 million at PT Niaga Aset Manajemen in Jakarta. ``Interest rate-sensitive companies such as Astra and property companies should benefit.''
Read more at Bloomberg Stocks News
Corrected: Newell Rubbermaid profit lower but beats estimates
(Reuters) - The maker of Rubbermaid containers and Goody hair care products also forecast full-year 2007 earnings in-line with analysts' expectations.
Net income from continuing operations of $65.1 million or 23 cents a share, compared with $130.2 million, or 47 cents a share, a year earlier.
Read more at Reuters.com Business News
Net income from continuing operations of $65.1 million or 23 cents a share, compared with $130.2 million, or 47 cents a share, a year earlier.
Read more at Reuters.com Business News
Eli Lilly says FDA has all Zyprexa data
(Reuters) - Angel Perez-Agenjo, Eli Lilly director for Denmark and Iceland, said the side-effects of Zyprexa had been reported extensively and that the FDA had been provided with all the data.
"We are working very closely with the FDA on Zyprexa as we are doing with any other product," he told Reuters in connection with the launch of Lilly's Byetta type 2 diabetes drug.
Read more at Reuters.com Government Filings News
"We are working very closely with the FDA on Zyprexa as we are doing with any other product," he told Reuters in connection with the launch of Lilly's Byetta type 2 diabetes drug.
Read more at Reuters.com Government Filings News
Capitec shares jump after PSG offer
(Reuters) - Shares in small South African financial services firm Capitec jumped as much as 3.6 percent on Thursday after bigger rival PSG offered to buy up to 34.9 percent of the company.
PSG said it would offer 1.4545 of its own shares for each Capitec share. It has placed a value of 40.79 rand on each Capitec share which represents a 14 percent premium on Capitec's 30-day volume weighted average price on April 23.
Read more at Reuters Africa
PSG said it would offer 1.4545 of its own shares for each Capitec share. It has placed a value of 40.79 rand on each Capitec share which represents a 14 percent premium on Capitec's 30-day volume weighted average price on April 23.
Read more at Reuters Africa
Zimbabwe inflation rises to 2,200 pct in March - c.bank
(Reuters) - Zimbabwe's inflation rose to a new record high of 2,200 percent year-on-year in March, central bank Governor Gideon Gono said on Thursday, in a policy statement that comes amid a deepening economic crisis.
"Year-on-year inflation, which stood at 1072.2 percent in October last year, rose to 1,281.1 in December and has risen to 2,200 percent by March," he said in a televised statement.
Read more at Reuters Africa
"Year-on-year inflation, which stood at 1072.2 percent in October last year, rose to 1,281.1 in December and has risen to 2,200 percent by March," he said in a televised statement.
Read more at Reuters Africa
US STOCKS-Tech shares set to rise on Apple
(Reuters) - Strong profit reports and reassuring economic data helped pushed the Dow Jones industrial average to a close above 13,000 for the first time on Wednesday.
Apple, the maker of the iPod music device, handily beat analysts' expectations after Wednesday's close, sending its shares up as much as 8 percent in extended-hours trading.
Read more at Reuters.com Bonds News
Apple, the maker of the iPod music device, handily beat analysts' expectations after Wednesday's close, sending its shares up as much as 8 percent in extended-hours trading.
Read more at Reuters.com Bonds News
Beckman Coulter says Biosite notified it of higher bid
(Reuters) - Beckman Colter said it is considering its options and that it is under no obligation to respond to the Biosite notice.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-Valero earnings beat Wall Street, ups buybacks
(Reuters) - Stronger refining margins lifted the San Antonio-based company's net income to $1.1 billion, or $1.86 per share, from $849 million or $1.32 a share, a year earlier.
On average, analysts had expected first-quarter earnings to be $1.80 per share, according to data compiled by Reuters Estimates.
Read more at Reuters.com Bonds News
On average, analysts had expected first-quarter earnings to be $1.80 per share, according to data compiled by Reuters Estimates.
Read more at Reuters.com Bonds News
UPDATE 1-Friedman Billings swings to loss in Q1
(Reuters) - The Arlington, Virginia-based company posted a first-quarter net loss of $185.9 million, or $1.08 a share, compared with after-tax earnings of $26.6 million, or 16 cents a share in the year-ago period.
Analsyts had forecasted FBR to earn 13 cents a share during the quarter, excluding any special items, according to Reuters Estimates.
Read more at Reuters.com Bonds News
Analsyts had forecasted FBR to earn 13 cents a share during the quarter, excluding any special items, according to Reuters Estimates.
Read more at Reuters.com Bonds News
U.S. newspaper help-wanted ads fall in March
(Reuters) - "The relatively modest ad volume now could be a signal that job growth may be modest this summer," said Ken Goldstein, labor economist at the Conference Board, in a statement.
Help-wanted ads declined in eight of nine U.S. regions in the last three months, with the largest falls in the East South Central, South Atlantic and East North Central regions, the Conference Board said. Ads in the East South Central region fell 22.6 percent.
Read more at Reuters.com Bonds News
Help-wanted ads declined in eight of nine U.S. regions in the last three months, with the largest falls in the East South Central, South Atlantic and East North Central regions, the Conference Board said. Ads in the East South Central region fell 22.6 percent.
Read more at Reuters.com Bonds News
Barclays says ABN bid "stark contrast" with rivals
(Reuters) - LONDON, April 26 - Barclays Plc told shareholders on Thursday that its agreed takeover of ABN AMRO stood in "stark contrast" with a break-up approach from rival suitors, adding the Dutch bank's preference was clear.
Speaking at the bank's annual shareholder meeting, Chief Executive John Varley said Barclays' bid for ABN -- an offer worth $88 billion at current prices -- would help it realise growth ambitions, but said size was not a driving motivation.
Read more at Reuters.com Bonds News
Speaking at the bank's annual shareholder meeting, Chief Executive John Varley said Barclays' bid for ABN -- an offer worth $88 billion at current prices -- would help it realise growth ambitions, but said size was not a driving motivation.
Read more at Reuters.com Bonds News
Travelers posts higher first-quarter earnings
(Reuters) - Travelers, which changed its name from St. Paul Travelers earlier this year, said earnings were $1.09 billion, or $1.56 a share, up from $1.01 billion, or $1.41 a share in the year-ago quarter.
) Keywords: TRAVELERS RESULTS/
Read more at Reuters.com Market News
) Keywords: TRAVELERS RESULTS/
Read more at Reuters.com Market News
WRAPUP 1-BASF, Bayer profits beat expectations
(Reuters) - MANNHEIM, Germany, April 26 - Germany's BASF and Bayer reported forecast-beating profits on Thursday thanks to strong demand for chemicals and drugs amid a robust global economy, sending their shares up sharply.
Both companies reaffirmed their profits outlook for this year as investors bet on a prolonged strong performance after spending billions of euros on acquisitions last year to expand.
Read more at Reuters.com Market News
Both companies reaffirmed their profits outlook for this year as investors bet on a prolonged strong performance after spending billions of euros on acquisitions last year to expand.
Read more at Reuters.com Market News
UPDATE 2-Starwood first-quarter profit rises, ups forecast
(Reuters) - Starwood, which announced early this month that Chief Executive Steven Heyer had resigned under pressure from the company's board, raised its second-quarter earnings forecast as it enjoys strong travel demand and limited growth in supply, allowing for steady increases in room rates.
It has also been selling hotels and retaining management contracts, as well as franchising its brands -- a strategy that helps free up cash.
Read more at Reuters.com Market News
It has also been selling hotels and retaining management contracts, as well as franchising its brands -- a strategy that helps free up cash.
Read more at Reuters.com Market News
UPDATE 2-Bunge earnings fall 76 pct on trading losses
(Reuters) - CHICAGO, April 26 - Oilseed processor and fertilizer producer Bunge Ltd. on Thursday reported that quarterly profit dropped 76 percent from losses in trading positions, but the company expects its agribusiness sector to recover.
Bunge warned investors in early April that results would fall short of Wall Street estimates, but has kept its forecast for full-year earnings at $4.56 to $4.71 a share.
Read more at Reuters.com Market News
Bunge warned investors in early April that results would fall short of Wall Street estimates, but has kept its forecast for full-year earnings at $4.56 to $4.71 a share.
Read more at Reuters.com Market News
Emcor Group Q1 profit rises
(Reuters) - Net earnings for the latest first quarter rose to $12 million, or 36 cents a share, from $7 million, or 22 cents a share in the year-ago quarter, the provider of electrical and mechanical construction services said in a statement.
For the latest quarter, analysts on average expected earnings of 35 cents a share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
For the latest quarter, analysts on average expected earnings of 35 cents a share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
REFILE-UPDATE 1-Timken profit falls on restructuring costs
(Reuters) - Net profit fell 35 percent to $42.6 million, or 45 cents per share, compared with $65.9 million, or 70 cents per share a year earlier.
Excluding special items, Timken earned 66 cents per share, the company said. Its industrial and steel groups reported higher sales and profits, while its automotive group had lower revenue and posted a loss.
Read more at Reuters.com Market News
Excluding special items, Timken earned 66 cents per share, the company said. Its industrial and steel groups reported higher sales and profits, while its automotive group had lower revenue and posted a loss.
Read more at Reuters.com Market News
UCB says results so far in line with expectations
(Reuters) - BRUSSELS, April 26 - Belgian pharmaceutical group UCB is performing well and its results this year are so far in line with expectations, Chief Executive Roch Doliveux said on Thursday.
UCB previously said revenues and operating profit were expected to grow significantly in 2007 as a result of its acquisition of German peer Schwarz.
Read more at Reuters.com Market News
UCB previously said revenues and operating profit were expected to grow significantly in 2007 as a result of its acquisition of German peer Schwarz.
Read more at Reuters.com Market News
UPDATE 1-3M posts stronger-than-expected profit, shares up
(Reuters) - The company also affirmed its full-year financial outlook.
Net income in the quarter rose to $1.37 billion, or $1.85 a share, from $899 million, or $1.17 a share, a year earlier.
Read more at Reuters.com Market News
Net income in the quarter rose to $1.37 billion, or $1.85 a share, from $899 million, or $1.17 a share, a year earlier.
Read more at Reuters.com Market News
Thermo Fisher Scientific profit jumps on merger
(Reuters) - Excluding several items, such as costs and tax effects of restructuring and certain acquisition-related costs, earnings were 59 cents per share. Analysts on average expected 53 cents, according to Reuters Estimates.
On a pro forma basis that assumes the companies were combined for all of 2006, adjusted operating income rose 34 percent and revenue increased 11.5 percent to $2.1 billion.
Read more at Reuters.com Mergers News
On a pro forma basis that assumes the companies were combined for all of 2006, adjusted operating income rose 34 percent and revenue increased 11.5 percent to $2.1 billion.
Read more at Reuters.com Mergers News
MBIA First-Quarter Profit Little Changed; Structured Finance Deals Soar
(Bloomberg) -- MBIA Inc., the world's biggest bond insurer, said its first-quarter profit was unchanged even as demand rose to insure bonds, particularly in the U.S. structured finance market.
Net income was $198.6 million, or $1.46 a share, compared with $199 million, or $1.46, a year earlier, the Armonk, New York-based company said in a statement today. The average analyst estimate from a Bloomberg survey was for $1.45 a share. Excluding investment income and refundings, earnings were $1.30 a share.
Read more at Bloomberg Bonds News
Net income was $198.6 million, or $1.46 a share, compared with $199 million, or $1.46, a year earlier, the Armonk, New York-based company said in a statement today. The average analyst estimate from a Bloomberg survey was for $1.45 a share. Excluding investment income and refundings, earnings were $1.30 a share.
Read more at Bloomberg Bonds News
UPDATE 1-Shiseido profit jumps on China sales, sees growth
(Reuters) - TOKYO, April 26 - Shiseido Co. Ltd. , Japan's biggest cosmetics maker, reported 29 percent profit growth for the past business year on Thursday on vibrant sales in China, and it forecast double-digit growth this year.
Sluggish sales at home have forced Japanese cosmetics makers to seek growth abroad, particularly in China where Shiseido is investing heavily to expand and rival Kao Corp. , which bought Kanebo Cosmetics last year, is also planning a big push.
Read more at Reuters.com Market News
Sluggish sales at home have forced Japanese cosmetics makers to seek growth abroad, particularly in China where Shiseido is investing heavily to expand and rival Kao Corp. , which bought Kanebo Cosmetics last year, is also planning a big push.
Read more at Reuters.com Market News
Thailand's Bonds Advance on Speculation of Interest Rate Cuts; Baht Rises
(Bloomberg) -- Thailand's government bonds rose on speculation the central bank will cut rates for a fourth time this year at its meeting next month as the economy slows. The baht traded at more than a nine-year high.
Ten-year yields are near the lowest in more than three years after the central bank on April 24 cut its growth forecast for this year. The Bank of Thailand may lower its benchmark interest rate by as much as 50 basis points to 3.5 percent in May, said Thanomsri Fongarunrung, an economist at Phatra Securities in Bangkok.
Read more at Bloomberg Bonds News
Ten-year yields are near the lowest in more than three years after the central bank on April 24 cut its growth forecast for this year. The Bank of Thailand may lower its benchmark interest rate by as much as 50 basis points to 3.5 percent in May, said Thanomsri Fongarunrung, an economist at Phatra Securities in Bangkok.
Read more at Bloomberg Bonds News
Microsoft Profit Forecast May Trail Estimates on Windows Sales, Xbox Costs
(Bloomberg) -- Microsoft Corp., the world's biggest software company, today may give a profit forecast for the coming fiscal year that misses analysts' estimates because of lower- than-expected Windows sales and higher Xbox costs.
``The best-case scenario is that Microsoft will be in line with estimates and there's a risk that they'll be low,'' said Brendan Barnicle, an analyst at Pacific Crest Securities in Portland, Oregon.
Read more at Bloomberg Stocks News
``The best-case scenario is that Microsoft will be in line with estimates and there's a risk that they'll be low,'' said Brendan Barnicle, an analyst at Pacific Crest Securities in Portland, Oregon.
Read more at Bloomberg Stocks News
U.K. Pub Companies May Shun Tax Breaks, Keep Asset-Backed Bonds, RBS Says
(Bloomberg) -- Bondholders betting U.K. pub companies Marston's Plc, Greene King Plc and Punch Taverns Plc will repay debt early to take advantage of new tax rules may be disappointed, according to Royal Bank of Scotland Group Plc.
Bonds secured by pub real estate have gained in the past six months on speculation the companies will buy back the securities as they convert to more tax-efficient real estate investment trusts. Pub companies reporting results during the next month are unlikely to announce plans to convert to REITs because of concerns the structure would restrict their business, said Michael Cox, a securitization analyst at RBS in London.
Read more at Bloomberg Bonds News
Bonds secured by pub real estate have gained in the past six months on speculation the companies will buy back the securities as they convert to more tax-efficient real estate investment trusts. Pub companies reporting results during the next month are unlikely to announce plans to convert to REITs because of concerns the structure would restrict their business, said Michael Cox, a securitization analyst at RBS in London.
Read more at Bloomberg Bonds News
Pakistan State Oil 9-mth net profit falls 53.5 pct
(Reuters) - This compared with a net profit of 4.62 billion rupees for the corresponding year-ago period.
The result was in line with a range of between 1.95 billion and 2.73 billion rupees, forecast by five analysts surveyed by Reuters.
Read more at Reuters.com Market News
The result was in line with a range of between 1.95 billion and 2.73 billion rupees, forecast by five analysts surveyed by Reuters.
Read more at Reuters.com Market News
Zloty Advances to Highest in 14 Months on Outlook for Poland's Expansion
(Bloomberg) -- Poland's zloty rose to the highest level since March 2006 against the euro on expectations the country's pace of economic growth will accelerate.
The zloty gained for a second day after central banker Dariusz Filar said in an interview for private Radio PiN today that the biggest central European economy may expand by more than 7 percent in the first quarter of this year and top 6 percent growth in all of 2007.
Read more at Bloomberg Currencies News
The zloty gained for a second day after central banker Dariusz Filar said in an interview for private Radio PiN today that the biggest central European economy may expand by more than 7 percent in the first quarter of this year and top 6 percent growth in all of 2007.
Read more at Bloomberg Currencies News
Siemens CEO says VDO IPO preparations on track
(Reuters) - Potential buyers who have declared interest in VDO, valued at up to 9 billion euros , include German tyre and car parts maker Continental .
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 2-Bayer Q1 profits beat expectations
(Reuters) - Earnings before interest, taxes and special items rose 17 percent to 1.4 billion euros in the quarter, from 1.2 billion euros in the same period a year earlier, leading the company's shares to rise in early trading.
A poll of 16 analysts by Reuters showed they expected Bayer, which plans to release more detailed results on May 8, to report earnings of 1.22 billion euros in the quarter on average.
Read more at Reuters.com Bonds News
A poll of 16 analysts by Reuters showed they expected Bayer, which plans to release more detailed results on May 8, to report earnings of 1.22 billion euros in the quarter on average.
Read more at Reuters.com Bonds News
French Stocks Gain, Led by Cap Gemini, France Telecom and PPR on Revenue
(Bloomberg) -- French stocks gained, paced by Cap Gemini SA, France Telecom SA and PPR SA after the companies reported sales which beat analysts' estimates.
The CAC 40 Index advanced 28.76, or 0.5 percent, to 5976.09 at 9:14 a.m. in Paris. The SBF 120 Index also rose 0.5 percent.
Read more at Bloomberg Stocks News
The CAC 40 Index advanced 28.76, or 0.5 percent, to 5976.09 at 9:14 a.m. in Paris. The SBF 120 Index also rose 0.5 percent.
Read more at Bloomberg Stocks News
European shares rally early on Wall St, results
(Reuters) - "It's probably going to be another perky market today, despite some dollar weakness, and the earnings results coming from both out of the States and Europe are pretty good," said Exane BNP Paribas European strategist Bert Jansen, in Paris.
"M&A ... issues are one of the main drivers, if not the main driver today," he said.
Read more at Reuters.com Hot Stocks News
"M&A ... issues are one of the main drivers, if not the main driver today," he said.
Read more at Reuters.com Hot Stocks News
Wednesday, April 25, 2007
UPDATE 1-Capgemini Q1 sales up 18.5 percent, raises sales goal
(Reuters) - Europe's largest computer consultancy said that in view of the high level of activity recorded in the quarter, it was raising its revenue growth target for 2007 by a percentage point.
Capgemini had so far forecast like-for-like revenue growth of 8 percent in 2007.
Read more at Reuters.com Market News
Capgemini had so far forecast like-for-like revenue growth of 8 percent in 2007.
Read more at Reuters.com Market News
Capesize Ship Rates Rise to Record on China's Soaring Demand For Iron Ore
(Bloomberg) -- The cost of hiring Capesize bulkers, the largest type of ship that carries iron ore and coal, rose to a record on China's demand for raw materials.
The Baltic Capesize Index, a measure of rates on routes around the world, rose 1.8 percent yesterday to 8,953, passing the high of 8,911 reached on Dec. 7, 2004. The index has surged 50 percent this year. Capesize vessels carry as much as 175,000 tons of coal or iron ore.
Read more at Bloomberg Commodities News
The Baltic Capesize Index, a measure of rates on routes around the world, rose 1.8 percent yesterday to 8,953, passing the high of 8,911 reached on Dec. 7, 2004. The index has surged 50 percent this year. Capesize vessels carry as much as 175,000 tons of coal or iron ore.
Read more at Bloomberg Commodities News
Wesizwe to buy stake in JV for $93 mln
(Reuters) - South African platinum miner Wesizwe Platinum has agreed to buy a 26 percent stake in the Western Bushveld joint venture for 650 million rand, it said on Wednesday.
Wesizwe, the investment vehicle for South Africa's Bakubung Ba-Ratheo Tribe, said it would buy African Wide Mineral Prospecting and Exploration Ltd by issuing new shares.
Read more at Reuters Africa
Wesizwe, the investment vehicle for South Africa's Bakubung Ba-Ratheo Tribe, said it would buy African Wide Mineral Prospecting and Exploration Ltd by issuing new shares.
Read more at Reuters Africa
UPDATE 1-ABN AMRO to open books to RBS, Fortis, Santander
(Reuters) - ABN, which agreed earlier this week to a 65 billion-euro buyout deal with Barclays , said that RBS, Belgian-Dutch group Fortis and Spain's Santander could look at its books, subject to confidentiality agreements.
"Although the consortium has provided few additional details with respect to its proposals this decision is in line with ABN AMRO's on-going commitment to consider value-creating opportunities for shareholders," ABN said in a statement.
Read more at Reuters.com Market News
"Although the consortium has provided few additional details with respect to its proposals this decision is in line with ABN AMRO's on-going commitment to consider value-creating opportunities for shareholders," ABN said in a statement.
Read more at Reuters.com Market News
Weaker U.S. dollar, India buys lift gold
(Reuters) - "The metal's failure to decisively break the key resistances has knocked off the bullish sentiments, albeit marginally," said Pradeep Unni, analyst at Vision Commodity Services in Dubai.
"The rally is clearly running out of steam, and as far as things stand the market probably needs stronger motivating factors to scythe the psychologically important level of $700, which has of late become more of a level of self esteem for the bulls."
Read more at Reuters.com Hot Stocks News
"The rally is clearly running out of steam, and as far as things stand the market probably needs stronger motivating factors to scythe the psychologically important level of $700, which has of late become more of a level of self esteem for the bulls."
Read more at Reuters.com Hot Stocks News
Indian Bonds Fall on Speculation Yields Will Rise at Debt Sale Tomorrow
(Bloomberg) -- India's 10-year bonds snapped a two-day advance on speculation investors will demand higher yields at a government debt sale tomorrow.
The federal government will sell 60 billion rupees ($1.5 billion) of bonds tomorrow, taking the total amount of debt sold this month to 160 billion rupees. Bonds had posted the biggest two-day advance in two weeks after the central bank left its benchmark overnight lending rate unchanged at a quarterly policy meeting on April 24.
Read more at Bloomberg Bonds News
The federal government will sell 60 billion rupees ($1.5 billion) of bonds tomorrow, taking the total amount of debt sold this month to 160 billion rupees. Bonds had posted the biggest two-day advance in two weeks after the central bank left its benchmark overnight lending rate unchanged at a quarterly policy meeting on April 24.
Read more at Bloomberg Bonds News
Portman Says First-Quarter Sales Rise 53 Percent on Higher Prices, Output
(Bloomberg) -- Portman Ltd., Australia's third- largest iron-ore mining company, said first-quarter sales rose 53 percent as it shipped more of the steelmaking raw material at higher prices.
Sales rose to A$128 million ($107 million) for the three months ended March 31 from A$84 million a year ago, the Perth- based company said today in a statement to the Australian Stock Exchange. It sold 1.9 million tons of ore in the quarter, up from 1.5 million tons previously.
Read more at Bloomberg Commodities News
Sales rose to A$128 million ($107 million) for the three months ended March 31 from A$84 million a year ago, the Perth- based company said today in a statement to the Australian Stock Exchange. It sold 1.9 million tons of ore in the quarter, up from 1.5 million tons previously.
Read more at Bloomberg Commodities News
ABB, BASF, Christian Dior, DCX, Ericsson, Siemens: European Equity Preview
(Bloomberg) -- The following stocks may rise or fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 climbed 0.6 percent to 387.80. The Dow Jones Stoxx 50 Index added 0.6 percent to 3875.78. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, advanced 0.8 percent to 4404.44.
Read more at Bloomberg Stocks News
The Dow Jones Stoxx 600 climbed 0.6 percent to 387.80. The Dow Jones Stoxx 50 Index added 0.6 percent to 3875.78. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, advanced 0.8 percent to 4404.44.
Read more at Bloomberg Stocks News
UPDATE 2-US House passes Iraq funds with 2008 withdrawal goal
(Reuters) - WASHINGTON, April 25 - Defying President George W. Bush's veto threat, the House of Representatives on Wednesday approved a bill providing new war funds while setting a timeline for the withdrawal of all U.S. combat troops from Iraq by March 31 next year.
By a mostly partisan vote of 218-208, the Democratic-led House narrowly approved the $124-billion emergency spending bill, ignoring Bush's promise to veto any bill that sets deadlines for withdrawing U.S. troops from Iraq.
Read more at Reuters.com Bonds News
By a mostly partisan vote of 218-208, the Democratic-led House narrowly approved the $124-billion emergency spending bill, ignoring Bush's promise to veto any bill that sets deadlines for withdrawing U.S. troops from Iraq.
Read more at Reuters.com Bonds News
South Korean Current Account Deficit Is at 11-Month High on Repatriation
(Bloomberg) -- South Korea's current account deficit widened to an 11-month high in March on increased dividend payments to offshore investors.
The nation's currency fell after the report showed the current account shortfall widened to $1.5 billion from a $426.8 million gap a year earlier. February's surplus was revised to $402 million, the Bank of Korea said in Seoul today.
Read more at Bloomberg Emerging Markets News
The nation's currency fell after the report showed the current account shortfall widened to $1.5 billion from a $426.8 million gap a year earlier. February's surplus was revised to $402 million, the Bank of Korea said in Seoul today.
Read more at Bloomberg Emerging Markets News
Show Us the Money: Royal Costs Under Fire as Malaysia Installs New King
(Bloomberg) -- Malaysian taxpayers are funding a lavish ceremony today to enthrone a new king. In five years' time, they will do it again.
Whoever succeeds the latest ruler, Tuanku Mizan Zainal Abidin, will settle into a $117 million palace the government is building in Kuala Lumpur. Malaysia's nine royal families, all subsidized by the state, take turns providing a constitutional monarch every five years.
Read more at Bloomberg Exclusive News
Whoever succeeds the latest ruler, Tuanku Mizan Zainal Abidin, will settle into a $117 million palace the government is building in Kuala Lumpur. Malaysia's nine royal families, all subsidized by the state, take turns providing a constitutional monarch every five years.
Read more at Bloomberg Exclusive News
JGBs track drop in Treasuries, eye 2-year auction
(Reuters) - Analysts said demand from Japanese banks at the start of the business year that kicked off this month should produce a solid result, though some investors may hesitate to buy before the Bank of Japan's twice-yearly economic outlook report on Friday.
"The auction should turn out to be good as not many expect the BOJ to hike rates in the next few months, and demand at the start of the business year will help," JGB analysts at Lehman Brothers said in a note to clients.
Read more at Reuters.com Bonds News
"The auction should turn out to be good as not many expect the BOJ to hike rates in the next few months, and demand at the start of the business year will help," JGB analysts at Lehman Brothers said in a note to clients.
Read more at Reuters.com Bonds News
Japan's Industrial Production Probably Rose on Exports to China, Europe
(Bloomberg) -- Japan's industrial production probably rose for a second month as demand from China and Europe encouraged manufacturers to step up output even as they anticipate a U.S. slowdown.
Production climbed a seasonally adjusted 0.9 percent in March, according to the median estimate of 41 economists surveyed by Bloomberg News. The trade ministry will release the report tomorrow at 8:50 a.m. in Tokyo.
Read more at Bloomberg Bonds News
Production climbed a seasonally adjusted 0.9 percent in March, according to the median estimate of 41 economists surveyed by Bloomberg News. The trade ministry will release the report tomorrow at 8:50 a.m. in Tokyo.
Read more at Bloomberg Bonds News
Cott adopts plan to protect from unsolicited bids
(Reuters) - Analysts have suggested that a buyer might consider acquiring Cadbury and Cott and combining their businesses.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Alcon first-quarter profit rises
(Reuters) - Excluding a charge related to the impairment of certain assets of the company's refractive laser product line, Alcon earned $1.21 per share. Analysts on average expected $1.16 per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Avaya posts higher 2nd-qtr profit; shares up
(Reuters) - SAN FRANCISCO, April 25 - Avaya Inc. posted higher quarterly profit on Wednesday as sales of its Internet telephone equipment rose, sending shares up 3.5 percent.
Avaya, a provider of equipment for Web-based telephone calls, said net income rose to $57 million, or 13 cents per share, for the second quarter ended March 31, from $38 million, or 8 cents per share, a year ago.
Read more at Reuters.com Market News
Avaya, a provider of equipment for Web-based telephone calls, said net income rose to $57 million, or 13 cents per share, for the second quarter ended March 31, from $38 million, or 8 cents per share, a year ago.
Read more at Reuters.com Market News
Canada Dollar Reaches 7-Month High on Rising Oil Prices, U.S. Rate Outlook
(Bloomberg) -- The Canadian dollar reached the highest in seven months, bolstered by a weakening U.S. dollar and increasing prices for commodities, which account for 54 percent of exports.
The currency was the strongest since Sept. 29 against the U.S. dollar after a U.S. government report showed new home sales rose less than economists expected last month, raising speculation the Federal Reserve may cut borrowing costs in the third quarter. The report also dropped the U.S. dollar to a record low against the euro.
Read more at Bloomberg Currencies News
The currency was the strongest since Sept. 29 against the U.S. dollar after a U.S. government report showed new home sales rose less than economists expected last month, raising speculation the Federal Reserve may cut borrowing costs in the third quarter. The report also dropped the U.S. dollar to a record low against the euro.
Read more at Bloomberg Currencies News
US STOCKS-Futures rise on profits, durable goods
(Reuters) - NEW YORK, April 25 - U.S. stock index futures pointed to a higher market opening on Wednesday, with the Dow poised to cross 13,000 after higher-than-expected earnings reports and data that calmed worries about the economy.
Specialty glass maker Corning Inc. and beverage and snack company PepsiCo Inc. were among the companies reporting profits that topped Wall Street estimates.
Read more at Reuters.com Bonds News
Specialty glass maker Corning Inc. and beverage and snack company PepsiCo Inc. were among the companies reporting profits that topped Wall Street estimates.
Read more at Reuters.com Bonds News
TREASURIES-Bond prices fall after strong durables data
(Reuters) - NEW YORK, April 25 - U.S. government bond prices fell on Wednesday, extending losses after a stronger-than-expected U.S. durable goods report reduced bond investors' expectations for future Federal Reserve interest rate cuts.
The durable goods report showed the closely watched nondefense capital goods orders excluding aircraft jumped 4.7 percent in March, the biggest rise since September 2004. The rise in that gauge, widely seen as reflecting business investment trends, was nearly triple economists' forecast rise.
Read more at Reuters.com Bonds News
The durable goods report showed the closely watched nondefense capital goods orders excluding aircraft jumped 4.7 percent in March, the biggest rise since September 2004. The rise in that gauge, widely seen as reflecting business investment trends, was nearly triple economists' forecast rise.
Read more at Reuters.com Bonds News
US STOCKS-Dow rises above 13,000 on earnings, Alcoa
(Reuters) - NEW YORK, April 25 - The Dow Jones industrial average charged through 13,000 on Wednesday, powered by higher-than-expected earnings reports and data that calmed worries about the economy.
Dow component Alcoa Inc. , the world's largest aluminum company, gave the blue-chip average an added bounce after saying it will explore strategic alternatives for several of its units, sending Alcoa's shares up 5.1 percent to $35.74.
Read more at Reuters.com Bonds News
Dow component Alcoa Inc. , the world's largest aluminum company, gave the blue-chip average an added bounce after saying it will explore strategic alternatives for several of its units, sending Alcoa's shares up 5.1 percent to $35.74.
Read more at Reuters.com Bonds News
Turkish Index Rises, Led by Erdemir on Bid Report: World's Biggest Mover
(Bloomberg) -- Turkish stocks climbed to an all- time high. Eregli Demir & Celik Fabrikalari TAS, the country's largest steelmaker, led gains after a newspaper said Arcelor Mittal may buy the company.
The ISE National 100 Index rose 1017.82, or 2.2 percent, to 48,032.72 in Istanbul, making the biggest move among equity markets included in global benchmarks. Seven shares gained for each one that fell.
Read more at Bloomberg Stocks News
The ISE National 100 Index rose 1017.82, or 2.2 percent, to 48,032.72 in Istanbul, making the biggest move among equity markets included in global benchmarks. Seven shares gained for each one that fell.
Read more at Bloomberg Stocks News
U.S. Stocks Rise on Earnings; Dow Average Surpasses 13,000 for First Time
(Bloomberg) -- The Dow Jones Industrial Average rose above 13,000 for the first time as U.S. stocks rallied on higher-than-estimated profits from Amazon.com Inc.
Shares of Amazon jumped the most in five years after the online retailer increased its full-year forecasts, boosting expectations corporate earnings projections are too low. C.H. Robinson Worldwide Inc., the largest U.S. arranger of freight shipments, also topped estimates. Alcoa Inc. was the Dow average's best performer after saying it may sell packaging and electronics units to focus on more profitable metal production.
Read more at Bloomberg Stocks News
Shares of Amazon jumped the most in five years after the online retailer increased its full-year forecasts, boosting expectations corporate earnings projections are too low. C.H. Robinson Worldwide Inc., the largest U.S. arranger of freight shipments, also topped estimates. Alcoa Inc. was the Dow average's best performer after saying it may sell packaging and electronics units to focus on more profitable metal production.
Read more at Bloomberg Stocks News
Colgate profit rise meets view; growth to continue
(Reuters) - Colgate, which is in the midst of a four-year restructuring announced in late 2004, also forecast additional savings and charges from that plan.
The maker of toothpaste, dish soap and other household products said Reuben Mark would step down as chief executive on July 1. Mark, who has been CEO since 1984, said last year that he planned to hand over the CEO post to President and Chief Operating Officer Ian Cook in mid-2007.
Read more at Reuters.com Business News
The maker of toothpaste, dish soap and other household products said Reuben Mark would step down as chief executive on July 1. Mark, who has been CEO since 1984, said last year that he planned to hand over the CEO post to President and Chief Operating Officer Ian Cook in mid-2007.
Read more at Reuters.com Business News
NY AG Cuomo--US Education Dept. "asleep at switch"
(Reuters) - Amid a widening conflict-of-interest scandal in the $85-billion student loan industry, Cuomo said, in prepared remarks to be given to a congressional committee, "The failure of the Department of Education to pass adequate regulations is disappointing and irresponsible."
He said: "Our investigation has revealed an unholy alliance between lenders and many trusted institutions of higher education ... Part of the reason the practices we have uncovered have been able to flourish nationwide over the past several years is because the U.S. Department of Education has been asleep at the switch."
Read more at Reuters.com Government Filings News
He said: "Our investigation has revealed an unholy alliance between lenders and many trusted institutions of higher education ... Part of the reason the practices we have uncovered have been able to flourish nationwide over the past several years is because the U.S. Department of Education has been asleep at the switch."
Read more at Reuters.com Government Filings News
Democrat says expect online gambling bill Thursday
(Reuters) - Frank, a Massachusetts Democrat, said he will introduce the legislation on Thursday.
Internet gambling in the United States was effectively banned last October when President George W. Bush signed legislation outlawing gaming financial transactions.
Read more at Reuters.com Government Filings News
Internet gambling in the United States was effectively banned last October when President George W. Bush signed legislation outlawing gaming financial transactions.
Read more at Reuters.com Government Filings News
New home sales rise 2.6 pct in March
(Reuters) - Analysts polled by Reuters were expecting March sales to rise to 888,000 from the previously reported rate of 848,000 units in February.
In March, the median sales price of a new home rose $2,200 to $254,000 from $251,800 in February.
Read more at Reuters.com Economic News
In March, the median sales price of a new home rose $2,200 to $254,000 from $251,800 in February.
Read more at Reuters.com Economic News
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