(Reuters) - Kukla participated in a panel discussion at the National Conference of State Legislatures' spring meeting.
Subprime lending caused homeownership to drop, not rise, in recent years, Kukla said, citing a study posted on the group's Web site. The Center for Responsible Lending describes itself as a nonprofit, nonpartisan research and policy organization, working to eliminate abusive financial practices.
Read more at Reuters.com Bonds News
Friday, April 20, 2007
Gold hits 11-month high, platinum jumps on dlr, ETF
(Reuters) - A rebound in Chinese stock markets also helped the bullion market, as it eased concerns that a possible hike in interest rates could hit demand in China.
Gold rose as high as $693.60 an ounce and was quoted at $692.60/693.10 an ounce by 1446 GMT, against $681.70/682.20 late in New York on Thursday.
Read more at Reuters.com Hot Stocks News
Gold rose as high as $693.60 an ounce and was quoted at $692.60/693.10 an ounce by 1446 GMT, against $681.70/682.20 late in New York on Thursday.
Read more at Reuters.com Hot Stocks News
US STOCKS-Shares rise on optimism over profits
(Reuters) - NEW YORK, April 20 - U.S. stocks rallied on Friday, with the Dow coming within 50 points of the 13,000 mark, as stronger-than-expected earnings from companies including Google Inc. and Caterpillar Inc. eased investor nervousness over quarterly results.
Dow component Caterpillar, a manufacturer of heavy construction and mining equipment, also raised its outlook and said growth outside North America was offsetting weakness in the U.S. housing and truck engine markets. For more see [ID:nN19299226].
Read more at Reuters.com Bonds News
Dow component Caterpillar, a manufacturer of heavy construction and mining equipment, also raised its outlook and said growth outside North America was offsetting weakness in the U.S. housing and truck engine markets. For more see [ID:nN19299226].
Read more at Reuters.com Bonds News
U.S. precious metals finish higher on ETF proposals
(Reuters) - Both platinum and palladium jumped more than 2 percent, while silver also gained over 1 percent on Friday.
Most-active gold for June delivery on the COMEX division of the New York Mercantile Exchange settled up $7.50, or 1.1 percent, to $695.80 an ounce. It fell to a low of $686.70 in early trading.
Read more at Reuters.com Hot Stocks News
Most-active gold for June delivery on the COMEX division of the New York Mercantile Exchange settled up $7.50, or 1.1 percent, to $695.80 an ounce. It fell to a low of $686.70 in early trading.
Read more at Reuters.com Hot Stocks News
U.S. recession warnings flashing, economist says
(Reuters) - Kasriel argues that the relationship between the 10-year Treasury bond yield and the federal funds rate has signaled every recession since that of 1969.
"I have modestly named this combination the Kasriel Recession Warning Indicator," he said. "The KRWI is now sending out a recession warning as of the first quarter of this year, in that the yield spread is negative and the real monetary base is contracting."
Read more at Reuters.com Bonds News
"I have modestly named this combination the Kasriel Recession Warning Indicator," he said. "The KRWI is now sending out a recession warning as of the first quarter of this year, in that the yield spread is negative and the real monetary base is contracting."
Read more at Reuters.com Bonds News
Latin Stocks Gain for Fifth Week, Led by Banco Bradesco; Peru Miners Soar
(Bloomberg) -- Latin stocks rose and headed for a fifth straight weekly gain, led by Brazil's Banco Bradesco SA, as a bidding war for ABN Amro Holding NV drove up prices for the region's banks.
The Morgan Stanley Capital International index of Latin American shares gained 1.7 percent to a record 3,384.07 as of 1:38 New York time. The index of 130 stocks gained 39.10 points, or 1.2 percent, today.
Read more at Bloomberg Stocks News
The Morgan Stanley Capital International index of Latin American shares gained 1.7 percent to a record 3,384.07 as of 1:38 New York time. The index of 130 stocks gained 39.10 points, or 1.2 percent, today.
Read more at Bloomberg Stocks News
US STOCKS-Shares jump as earnings beat estimates
(Reuters) - NEW YORK, April 20 - U.S. stocks rose sharply on Friday, with the Dow coming within 50 points of the 13,000 mark, boosted by stronger-than-expected earnings from companies including Google Inc. and Caterpillar Inc. .
Dow component Caterpillar, a manufacturer of heavy construction and mining equipment, also raised its outlook and said growth outside North America was offsetting weakness in the U.S. housing and truck engine markets. For more see [ID:nN19299226].
Read more at Reuters.com Bonds News
Dow component Caterpillar, a manufacturer of heavy construction and mining equipment, also raised its outlook and said growth outside North America was offsetting weakness in the U.S. housing and truck engine markets. For more see [ID:nN19299226].
Read more at Reuters.com Bonds News
Nation mourns U.S. university shooting victims
(Reuters) - Thousands of grieving students headed home to family as a tragic week drew to a close, and mourning shifted to hometowns across the United States and around the world with the first funerals for students and teachers killed in the rampage.
Moments of silence were observed on the trading floors of financial markets in New York and Chicago and church bells rang out from coast to coast to mark the loss of four teachers and 28 students at the hands of gunman Cho Seung-Hui, 23.
Read more at Reuters.com Bonds News
Moments of silence were observed on the trading floors of financial markets in New York and Chicago and church bells rang out from coast to coast to mark the loss of four teachers and 28 students at the hands of gunman Cho Seung-Hui, 23.
Read more at Reuters.com Bonds News
UPDATE 1-Russia's leading telecoms firms win 3G licences
(Reuters) - MOSCOW, April 20 - Russia's three leading telecoms firms MTS , Vimpelcom and Megafon pledged on Friday to invest between $300 million and $1 billion each in new generation mobile services after all three won 3G licences.
MTS, Russia's largest telecoms company, said it would invest $1 billion in the next three years to build around 3,000 new stations.
Read more at Reuters.com Government Filings News
MTS, Russia's largest telecoms company, said it would invest $1 billion in the next three years to build around 3,000 new stations.
Read more at Reuters.com Government Filings News
CSX to sell $1 bln notes in 2 parts -fund manager
(Reuters) - Demand for the offering is being helped by a "change-of-control put," said Bishop. A change-of-control put gives investors a right to sell the bonds back to the company at a premium if it changes hands.
"That's worth a lot in an industry that's been in the event risk headlines," Bishop said.
Read more at Reuters.com Bonds News
"That's worth a lot in an industry that's been in the event risk headlines," Bishop said.
Read more at Reuters.com Bonds News
Emerging debt funds lose $1.4 bln in week
(Reuters) - On April 13, Argentine and Venezuelan government bonds plunged on fears that ABN AMRO Asset Management would reduce its large exposure on both countries, after news that its top-performing fund manager who headed the bank's global emerging markets debt portfolio had resigned.
Cumulative inflows since Jan. 1, 2006 for U.S. funds were down 1.3 percent and for non-U.S. funds were up 25 percent.
Read more at Reuters.com Bonds News
Cumulative inflows since Jan. 1, 2006 for U.S. funds were down 1.3 percent and for non-U.S. funds were up 25 percent.
Read more at Reuters.com Bonds News
Nikko investor says won't sell to Citi at 1,700 yen
(Reuters) - That followed a similar statement late on Thursday by Orbis Investment Management saying it would not tender its Nikko shares at 1,700 yen and that it would maintain a sell order for its roughly 5.8 percent stake at 1,900 yen per share.
Orbis also said that 29 per cent of Nikko shares were now on offer at 1,900 yen per share, above Citigroup's offer. This could put pressure on Citigroup to raise its offer. Citigroup was not immediately available for comment.
Read more at Reuters.com Bonds News
Orbis also said that 29 per cent of Nikko shares were now on offer at 1,900 yen per share, above Citigroup's offer. This could put pressure on Citigroup to raise its offer. Citigroup was not immediately available for comment.
Read more at Reuters.com Bonds News
Shoprite's share rise casts doubt on bid
(Reuters) - Shares of private equity target Shoprite have risen 14.5 percent above the 28 rand-a-share bid by a consortium led by Brait Private Equity, fuelling doubts about whether the deal will go through.
Investors are now awaiting a higher offer or the collapse of the bid for Africa's largest grocer. Earlier this month, Shoprite said it would release a revised circular with the updated offer details to shareholders.
Read more at Reuters Africa
Investors are now awaiting a higher offer or the collapse of the bid for Africa's largest grocer. Earlier this month, Shoprite said it would release a revised circular with the updated offer details to shareholders.
Read more at Reuters Africa
Genesco, Google, Hanmi Financial, Honeywell, Hub: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 10:30 a.m. New York time.
Aeroflex Inc. (ARXX US) rose 93 cents, or 7 percent, to $14.21 and traded as high as $14.22. The maker of test gear for aerospace and defense said it had received an acquisition proposal from Veritas Capital that countered an offer from General Atlantic and Francisco Partners. The plan from Veritas would recapitalize the company and pay Aeroflex shareholders a cash dividend of $14 a share, Aeroflex said.
Read more at Bloomberg Stocks News
Aeroflex Inc. (ARXX US) rose 93 cents, or 7 percent, to $14.21 and traded as high as $14.22. The maker of test gear for aerospace and defense said it had received an acquisition proposal from Veritas Capital that countered an offer from General Atlantic and Francisco Partners. The plan from Veritas would recapitalize the company and pay Aeroflex shareholders a cash dividend of $14 a share, Aeroflex said.
Read more at Bloomberg Stocks News
Brazil Central Bank Plans to Sell as Much as 12,900 Reverse Currency Swaps
(Bloomberg) -- Brazil's central bank said it plans to sell up to 12,900 reverse currency swap contracts in an auction today.
The bank said in a statement it will accept bids for the contracts from 12:30 p.m. to 1:00 p.m. local time (11:30 a.m. to noon New York time). The bank plans to announce results after 2:30 p.m. local time.
Read more at Bloomberg Currencies News
The bank said in a statement it will accept bids for the contracts from 12:30 p.m. to 1:00 p.m. local time (11:30 a.m. to noon New York time). The bank plans to announce results after 2:30 p.m. local time.
Read more at Bloomberg Currencies News
Freddie Mac to sell $6 bln in bills next week
(Reuters) - -- $2.0 billion of one-month bills due May 23, 2007 to be sold on Wednesday and settle Thursday;
-- $2.5 billion of three-month bills due July 23, 2007 to be sold Monday and settle Tuesday; and
Read more at Reuters.com Bonds News
-- $2.5 billion of three-month bills due July 23, 2007 to be sold Monday and settle Tuesday; and
Read more at Reuters.com Bonds News
Clear Channel to sell television group for $1.2bln
(Reuters) - NEW YORK, April 20 - U.S. broadcaster Clear Channel Communications Inc. said on Friday it will sell its television group to Providence Equity Partners Inc. for about $1.2 billion.
The sale comes as Clear Channel considers a nearly $19.5 billion private equity buyout offer for the company. Bidders Thomas H. Lee and Bain Capital raised their offer for the company earlier this week, though it is unclear whether it will persuade enough shareholders to support the deal.
Read more at Reuters.com Mergers News
The sale comes as Clear Channel considers a nearly $19.5 billion private equity buyout offer for the company. Bidders Thomas H. Lee and Bain Capital raised their offer for the company earlier this week, though it is unclear whether it will persuade enough shareholders to support the deal.
Read more at Reuters.com Mergers News
Palm Shares Upgraded at Lehman as Phone Market May See `Rapid' Growth
(Bloomberg) -- Palm Inc., maker of the Treo e-mail phone, was upgraded to ``equal weight'' from ``underweight'' at Lehman Brothers, which said the market for its phones may experience ``rapid'' growth as competition declines.
The smartphone market is expanding at a pace of 25 percent to 30 percent a year and could grow as much as 50 percent, compared with a 22 percent growth rate for handsets, analyst Jeff Kvaal wrote in a note. Smartphones are phones capable of running advanced functions such as sending e-mail.
Read more at Bloomberg Stocks News
The smartphone market is expanding at a pace of 25 percent to 30 percent a year and could grow as much as 50 percent, compared with a 22 percent growth rate for handsets, analyst Jeff Kvaal wrote in a note. Smartphones are phones capable of running advanced functions such as sending e-mail.
Read more at Bloomberg Stocks News
US STOCKS-Wall Street powers ahead on profits
(Reuters) - NEW YORK, April 20 - U.S. stocks surged on Friday, with the Dow closing in on 13,000, as investors cheered strong earnings from companies such as Google Inc. and Caterpillar Inc.
Higher oil prices, which boosted Exxon Mobil Corp. , also helped power the rally.
Read more at Reuters.com Bonds News
Higher oil prices, which boosted Exxon Mobil Corp. , also helped power the rally.
Read more at Reuters.com Bonds News
Polish Zloty Logs Weekly Gain on Expectations of Rate Increase Next Week
(Bloomberg) -- The Polish zloty advanced for a fifth consecutive week against the euro, the longest winning streak since August, on expectations the central bank will lift interest rates this month.
The zloty logged its biggest weekly gain in four months as reports showing industrial output rose last month stoked speculation the National Bank of Poland will increase its benchmark rate by a quarter point at its April 25 meeting. The currency was also buoyed by speculation the Euro 2012 soccer tournament, which Poland is hosting together with Ukraine, will fuel economic growth.
Read more at Bloomberg Currencies News
The zloty logged its biggest weekly gain in four months as reports showing industrial output rose last month stoked speculation the National Bank of Poland will increase its benchmark rate by a quarter point at its April 25 meeting. The currency was also buoyed by speculation the Euro 2012 soccer tournament, which Poland is hosting together with Ukraine, will fuel economic growth.
Read more at Bloomberg Currencies News
Cocoa Heads For Its Biggest Weekly Decline Since July as the Pound Soars
(Bloomberg) -- Cocoa headed for its biggest weekly drop since July in London after the pound, in which the contract is denominated, rose its highest against the dollar in more than a quarter of a century.
A stronger pound makes cocoa traded on the Euronext.liffe exchange more costly for investors holding other currencies. The pound on April 18 rose to its strongest against the dollar since June 1981.
Read more at Bloomberg Commodities News
A stronger pound makes cocoa traded on the Euronext.liffe exchange more costly for investors holding other currencies. The pound on April 18 rose to its strongest against the dollar since June 1981.
Read more at Bloomberg Commodities News
Banco do Brasil, Besc, Petrobras, Vale do Rio Doce: Brazil Equity Movers
(Bloomberg) -- Brazil's main stock index gained for a second day, rising to a record, led by the world's biggest iron-ore and nickel producer, Cia. Vale do Rio Doce.
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange rose 622.46, or 1.3 percent, to 49384.59 as of 9:40 a.m. New York time, surpassing the previous record close April 16.
Read more at Bloomberg Stocks News
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange rose 622.46, or 1.3 percent, to 49384.59 as of 9:40 a.m. New York time, surpassing the previous record close April 16.
Read more at Bloomberg Stocks News
UPDATE 1-MGM Mirage ups size, cost of CityCenter project
(Reuters) - It said the gross construction area of the project has increased by 670,000 square feet, while gross construction costs are now estimated at about $7.4 billion, excluding land costs and pre-opening expenses.
However, MGM Mirage raised its estimate of gross proceeds from the sale of residential units to $2.7 billion from $2.5 billion, making the estimated net cost of the CityCenter development $4.7 billion against the previous estimate of $4.3 billion.
Read more at Reuters.com Bonds News
However, MGM Mirage raised its estimate of gross proceeds from the sale of residential units to $2.7 billion from $2.5 billion, making the estimated net cost of the CityCenter development $4.7 billion against the previous estimate of $4.3 billion.
Read more at Reuters.com Bonds News
S.Africa's Telkom aims to launch pay-TV next year
(Reuters) - South Africa's Telkom Media, majority owned by fixed-line phone operator Telkom, hopes to launch a cheap pay-TV service to rival Naspers' monopoly, the company said on Friday.
Unveiling its strategy for pay-TV in Africa's richest country, Telkom Media said it would launch a cut-price satellite service with plenty of local content plus international sport and movies, aimed at the middle income bracket.
Read more at Reuters Africa
Unveiling its strategy for pay-TV in Africa's richest country, Telkom Media said it would launch a cut-price satellite service with plenty of local content plus international sport and movies, aimed at the middle income bracket.
Read more at Reuters Africa
Sherritt plans C$1.6 bln buy of Dynatec
(Reuters) - That values each Dynatec common share at C$4.88, a 29 percent premium to Dynatec's closing share price on April 19, and 39 percent premium based on the 20-day volume weighted average share prices for the three companies from that date, Sherritt said.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-McDonald's profit up, sets LatAm franchise plan
(Reuters) - CHICAGO, April 20 - McDonald's Corp. reported higher first-quarter earnings on Friday on strong U.S. demand for its new chicken Snack Wrap and improved performance in international markets such as China, Japan, France and Russia.
The world's largest hamburger chain operator also said it has reached an agreement to franchise nearly 1,600 restaurants in Latin America and the Caribbean to an organization led by entrepreneur Woods Staton. McDonald's said it expected to receive about $700 million for the sale of the operations and will use the funds for dividends and share repurchases. The company now expects to pay out $5.7 billion for dividends and share repurchases in 2007 and 2008.
Read more at Reuters.com Market News
The world's largest hamburger chain operator also said it has reached an agreement to franchise nearly 1,600 restaurants in Latin America and the Caribbean to an organization led by entrepreneur Woods Staton. McDonald's said it expected to receive about $700 million for the sale of the operations and will use the funds for dividends and share repurchases. The company now expects to pay out $5.7 billion for dividends and share repurchases in 2007 and 2008.
Read more at Reuters.com Market News
Clear Channel to sell television group for $1.2 bln
(Reuters) - Clear Channel also said it continues to pursue the divestiture of 287 radio stations in 54 markets.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
TREASURIES-Bond prices flat, eyeing stocks, speakers
(Reuters) - U.S. stock market futures were pointing to a higher open, which could put some downward pressure on Treasury prices, traders said.
"There isn't any news, so stocks, the European market; peripheral things will drive Treasury prices today. I don't expect the range to be that large and feel consolidation is in store," said Tom Tucci, head Treasuries trader at RBC Capital Markets in New York.
Read more at Reuters.com Bonds News
"There isn't any news, so stocks, the European market; peripheral things will drive Treasury prices today. I don't expect the range to be that large and feel consolidation is in store," said Tom Tucci, head Treasuries trader at RBC Capital Markets in New York.
Read more at Reuters.com Bonds News
CORRECTED-Xerox quarterly profit rises
(Reuters) - For the first quarter, net income was $233 million, or 24 cents a share, compared with $200 million, or 20 cents a share, a year earlier.
Excluding special charges, profit was 26 cents a share. Analysts on average were expecting 21 cents, according to Reuters Estimates.
Read more at Reuters.com Market News
Excluding special charges, profit was 26 cents a share. Analysts on average were expecting 21 cents, according to Reuters Estimates.
Read more at Reuters.com Market News
UPDATE 2-G7 report says hedge fund risks need more study
(Reuters) - BERLIN, April 20 - Regulators should consider asking major dealer firms to provide more information about their total exposure to hedge funds, a draft report commissioned by the G7 powers says.
The report on potential risks to financial stability from the loosely regulated $1.5 trillion global industry also urged investors and counterparties to make sure hedge funds give them frequent updates about the risks they are taking.
Read more at Reuters.com Government Filings News
The report on potential risks to financial stability from the loosely regulated $1.5 trillion global industry also urged investors and counterparties to make sure hedge funds give them frequent updates about the risks they are taking.
Read more at Reuters.com Government Filings News
H&R Block to sell Option One to Cerberus Capital affiliate
(Reuters) - According to the terms of the deal, the cash purchase price will be the value of the tangible net assets of the business at the date of closing, less $300 million. As of January 31, the tangible net assets of Option One were $1.27 billion.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Germany's Benchmark DAX Index Advances, Led by SAP, Metro and Commerzbank
(Bloomberg) -- German stocks advanced, led by SAP AG, Metro AG and Commerzbank AG.
The benchmark DAX Index added 48.46, or 0.7 percent, to 7291.19 as of 9:06 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies climbed 0.6 percent.
Read more at Bloomberg Stocks News
The benchmark DAX Index added 48.46, or 0.7 percent, to 7291.19 as of 9:06 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies climbed 0.6 percent.
Read more at Bloomberg Stocks News
Royal Canin recalls dry pet-food products
(Reuters) - The announcement is the latest in a widening recall of dog and cat food products across the United States since mid-March. More than 100 brands of pet food have been recalled after reports of cases of pets developing kidney failure.
The U.S. Food and Drug Administration has received more than 14,000 reports of pet illnesses so far. Officials have confirmed just 16 deaths but believe the actual number could be higher.
Read more at Reuters.com Business News
The U.S. Food and Drug Administration has received more than 14,000 reports of pet illnesses so far. Officials have confirmed just 16 deaths but believe the actual number could be higher.
Read more at Reuters.com Business News
Shares up early as focus returns to results, M&A
(Reuters) - Shares in German software maker SAP rose 2 percent after its software license sales met forecasts in the first quarter.
British pharmaceuticals trader Alliance Boots gained nearly 6 percent after it agreed a higher takeover bid from Kohlberg Kravis Roberts and billionaire Stefano Pessina. A rival consortium said it had tabled an indicative bid.
Read more at Reuters.com Hot Stocks News
British pharmaceuticals trader Alliance Boots gained nearly 6 percent after it agreed a higher takeover bid from Kohlberg Kravis Roberts and billionaire Stefano Pessina. A rival consortium said it had tabled an indicative bid.
Read more at Reuters.com Hot Stocks News
TREASURIES-Inch down in Asia as stocks rebound
(Reuters) - "Following their drop yesterday, Asian stocks are recovering, so Treasuries are not extending yesterday's gains," said a dealer at a U.S. securities house in Tokyo.
The benchmark Shanghai Composite Index rose nearly 3 percent on Friday as concerns abated about an overheating Chinese economy, keeping demand intact for riskier assets such as those of emerging markets.
Read more at Reuters.com Bonds News
The benchmark Shanghai Composite Index rose nearly 3 percent on Friday as concerns abated about an overheating Chinese economy, keeping demand intact for riskier assets such as those of emerging markets.
Read more at Reuters.com Bonds News
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