(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
Friday, April 27, 2007
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.
Read more at Reuters.com Market News
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.
Read more at Reuters.com Market News
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.''
Read more at Bloomberg Stocks News
``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.''
Read more at Bloomberg Stocks News
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.
Read more at Bloomberg Stocks News
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.
Read more at Bloomberg Stocks News
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.
Read more at Bloomberg Stocks News
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.
Read more at Bloomberg Stocks News
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