(Reuters) - Motorola said that based on a preliminary estimate of the votes cast by shareholders in an annual meeting in Chicago, Icahn was not elected, while current board members were reelected. The company said final results will be available within three weeks.
"We remain steadfast in our commitment to continue building value for all of our stockholders," Chief Executive Ed Zander said in a statement announcing the results after the meeting.
Read more at Reuters.com Business News
Monday, May 7, 2007
Kinross Gold profit up steeply on Bema Gold gains
(Reuters) - Kinross earned $68.5 million, or 15 cents a diluted share, up from $8.9 million, or 3 cents per share, in same period last year.
The latest results included net gains of $23.2 million, or 5 cents per share, on non-hedge derivative gains, the sale of the Lupin mine in Nunavut, Canada, and accounting gains on inventory from Bema Gold properties.
Read more at Reuters.com Market News
The latest results included net gains of $23.2 million, or 5 cents per share, on non-hedge derivative gains, the sale of the Lupin mine in Nunavut, Canada, and accounting gains on inventory from Bema Gold properties.
Read more at Reuters.com Market News
Platinum Futures Climb to Record in Tokyo; Northam Strike Crimps Supply
(Bloomberg) -- Platinum futures climbed to a record for a second day in Tokyo amid expectations a strike at a South African mine will crimp supplies of the metal.
About 5,500 workers stopped working April 29 in a strike over wages at the world's deepest platinum mine, run by Johannesburg-based Northam Platinum Holdings Ltd. A court order granting Northam the right to end the work stoppage may not end the metal's rally, given the demand outlook, some analysts said.
Read more at Bloomberg Commodities News
About 5,500 workers stopped working April 29 in a strike over wages at the world's deepest platinum mine, run by Johannesburg-based Northam Platinum Holdings Ltd. A court order granting Northam the right to end the work stoppage may not end the metal's rally, given the demand outlook, some analysts said.
Read more at Bloomberg Commodities News
CORRECTED - (OFFICIAL)-Venezuela Jan-April vehicle sales up 52 pct
(Reuters) - April sales reached 31,467 units, up 59.7 percent from sales of 19,695 the year before.
Vehicle sales for January to April reached 130,956 compared to 85,957 for the same period a year earlier, Venezuela's auto chamber Cavenez said.
Read more at Reuters.com Economic News
Vehicle sales for January to April reached 130,956 compared to 85,957 for the same period a year earlier, Venezuela's auto chamber Cavenez said.
Read more at Reuters.com Economic News
JGBs barely budge, market awaits 10-year auction
(Reuters) - The Ministry of Finance will offer 1.9 trillion yen in 10-year notes later in the session.
"Given yesterday's levels, the coupon is likely to come in at 1.7 percent," said Tetsuya Miura, a bond strategist at Shinko Securities.
Read more at Reuters.com Bonds News
"Given yesterday's levels, the coupon is likely to come in at 1.7 percent," said Tetsuya Miura, a bond strategist at Shinko Securities.
Read more at Reuters.com Bonds News
China, India, Indonesia, Philippines, Sri Lanka: Asia Local Bond Preview
(Bloomberg) -- The following events and economic reports may influence trading in Asian local-currency bonds today. Yields are from the previous session.
China: The central bank will sell 15 billion yuan ($1.95 billion) of one-year notes today. The securities yielded 2.976 percent at a previous sale on April 24. Retail sales rose 15.5 percent to 320 billion yuan during the May 1 to May 7 Golden Week holidays from a year earlier, the Ministry of Commerce said yesterday.
Read more at Bloomberg Bonds News
China: The central bank will sell 15 billion yuan ($1.95 billion) of one-year notes today. The securities yielded 2.976 percent at a previous sale on April 24. Retail sales rose 15.5 percent to 320 billion yuan during the May 1 to May 7 Golden Week holidays from a year earlier, the Ministry of Commerce said yesterday.
Read more at Bloomberg Bonds News
Icahn says not planning to sell Motorola shares
(Reuters) - Asked how long he would hold onto them, he said: "I'm not here to negotiate a commitment. But I will tell you I think it's a very, very good investment. They are in a great business. They've got great brands ... It's just a question of do they have good enough management to carry it home."
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Qantas bid group declares offer lapsed
(Reuters) - The bid group, Airlines Partners Australia , said it had decided not to pursue a legal arguement over a clause in its offer it claimed gave it the 50 percent of shareholder acceptances needed by last Friday's deadline to extend the deal.
APA said this was due to the amount of time it would take for litigation and the uncertainty for Qantas shareholders.
Read more at Reuters.com Business News
APA said this was due to the amount of time it would take for litigation and the uncertainty for Qantas shareholders.
Read more at Reuters.com Business News
Venezuela's Jan-April vehicle sales almost double
(Reuters) - The economy of Venezuela, the fourth-largest exporter of oil to the United States, grew 10.3 percent in 2006 on record-high crude prices.
Leftist President Hugo Chavez, who won a landslide reelection in December, has spurred economic growth through an anti-poverty crusade that has vastly increased government spending.
Read more at Reuters.com Economic News
Leftist President Hugo Chavez, who won a landslide reelection in December, has spurred economic growth through an anti-poverty crusade that has vastly increased government spending.
Read more at Reuters.com Economic News
VECO chief pleads guilty in Alaska corruption case
(Reuters) - ANCHORAGE, Alaska, May 7 - The chief executive and part owner of Alaska's largest oil-field services company and one of his vice presidents pleaded guilty on Monday to charges that they tried to bribe Alaska legislators to secure favorable state oil policies.
VECO Corp. Chief Executive Bill Allen and Richard Smith, vice president for community affairs and government relations, pleaded guilty to charges of bribery, extortion and conspiracy.
Read more at Reuters.com Bonds News
VECO Corp. Chief Executive Bill Allen and Richard Smith, vice president for community affairs and government relations, pleaded guilty to charges of bribery, extortion and conspiracy.
Read more at Reuters.com Bonds News
Japan's Yen, Indonesia's Rupiah, Malaysian Ringgit: Asian Currency Preview
(Bloomberg) -- The following events and economic reports may influence trading in Asian currencies today.
Exchange rates are from the previous session.
Read more at Bloomberg Currencies News
Exchange rates are from the previous session.
Read more at Bloomberg Currencies News
Visant files with SEC for $500 million notes offering
(Reuters) - The company said it will not receive any of the proceeds from this offering, which is in connection with the sale of notes by Credit Suisse Securities LLC in market-making transactions.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Quebec to provide details on Alcan power, job pact
(Reuters) - "This agreement, fundamentally involves commitments made by Alcan on investment," Bachand told reporters in Quebec City.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-McDermott quarterly profit up, shares soar
(Reuters) - Shares of McDermott climbed more than 8 percent in extended trade after the earnings report.
The Houston-based company reported a profit of $158 million, or $1.38 cents a diluted share, compared with $55 million, or 49 cents a diluted share, in the same quarter a year earlier.
Read more at Reuters.com Market News
The Houston-based company reported a profit of $158 million, or $1.38 cents a diluted share, compared with $55 million, or 49 cents a diluted share, in the same quarter a year earlier.
Read more at Reuters.com Market News
Store ads spur teens to smoke, U.S. study finds
(Reuters) - "Our study shows that the marketing of cigarettes in places where teens shop clearly increases their cigarette use," said Sandy Slater of Bridging the Gap, a joint project of the University of Illinois at Chicago and the University of Michigan.
"Restricting these marketing practices would reduce youth smoking," Slater, who led the study, added in a statement.
Read more at Reuters.com Bonds News
"Restricting these marketing practices would reduce youth smoking," Slater, who led the study, added in a statement.
Read more at Reuters.com Bonds News
Wynn Resorts swings to a profit in first quarter
(Reuters) - Revenue jumped to $635.3 million from $277.2 million.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Sotheby's swings to quarterly profit
(Reuters) - The company earned $24.3 million, or 37 cents a share, in the quarter ended March 31, compared with a loss of $4.0 million, or 7 cents a share, in the year-ago period.
Quarterly revenue went up 53.5 percent at $147.4 million.
Read more at Reuters.com Market News
Quarterly revenue went up 53.5 percent at $147.4 million.
Read more at Reuters.com Market News
Texas agency's road bid tops Cintra by $500 mln
(Reuters) - Cintra in February was preliminarily approved for the Republican governor's latest road project, modernizing State Highway 121. Though the deal still must clear environmental and other reviews, legislators asked the North Texas Authority what it might pay for the project.
The authority on Monday said it has offered to pay $2.5 billion up front and $833 million in annual lease payments.
Read more at Reuters.com Bonds News
The authority on Monday said it has offered to pay $2.5 billion up front and $833 million in annual lease payments.
Read more at Reuters.com Bonds News
Summary-Quotes on Alcoa's bid for Alcan
(Reuters) - ALAIN BELDA, ALCOA CEO
"We're prepared for anything," when asked about a bidding war for Alcan
Read more at Reuters.com Government Filings News
"We're prepared for anything," when asked about a bidding war for Alcan
Read more at Reuters.com Government Filings News
Telco capital hike won't dilute Telefonica stake
(Reuters) - The capital increase, which will inject fresh capital into the holding, will have a share right issue solely reserved for Telefonica, thus allowing the Spanish company to keep its 42.3 percent stake in Telco, the documents showed.
A portion of the share right issue will be reserved for new Italian investors that Intesa is charged to find out.
Read more at Reuters.com Mergers News
A portion of the share right issue will be reserved for new Italian investors that Intesa is charged to find out.
Read more at Reuters.com Mergers News
Two expected to plead guilty in US trading case
(Reuters) - Randi and Christopher Collotta are both expected to enter guilty pleas at a hearing in Manhattan federal court on Thursday, Assistant U.S. Attorney Andrew Fish wrote in a court filing last week.
"The parties are very close to completing plea negotiations," Fish wrote. "The government anticipates that both defendants will be ready to enter guilty pleas on May 10, 2007."
Read more at Reuters.com Government Filings News
"The parties are very close to completing plea negotiations," Fish wrote. "The government anticipates that both defendants will be ready to enter guilty pleas on May 10, 2007."
Read more at Reuters.com Government Filings News
UPDATE 2-Orbotech Q1 profit,revenue down; cuts 2007 revenue view
(Reuters) - The company now expects 2007 revenue of about $380 million to $390 million, Chief Executive Rani Cohen said in a conference call on Monday. The company had previously forecast revenue of about $400 million.
Analysts on average expect revenue of $397.7 million for 2007, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average expect revenue of $397.7 million for 2007, according to Reuters Estimates.
Read more at Reuters.com Market News
Corzine back to work as NJ governor after crash
(Reuters) - Corzine, 60, told reporters outside Drumthwacket, the governor's mansion in Princeton, that he now feels strong enough to resume his duties after temporarily handing them to the state Senate president.
Corzine suffered 11 broken ribs, a broken left leg and fractures to his collarbone and sternum in the April 12 accident when the sport utility vehicle he was a passenger in hit a guard rail near Atlantic City after a collision with a pickup truck.
Read more at Reuters.com Bonds News
Corzine suffered 11 broken ribs, a broken left leg and fractures to his collarbone and sternum in the April 12 accident when the sport utility vehicle he was a passenger in hit a guard rail near Atlantic City after a collision with a pickup truck.
Read more at Reuters.com Bonds News
Clear Channel mulls raised bid
(Reuters) - Clear Channel originally rejected the $19.6 billion, or $39.20, bid, made last week by the buyout firms, arguing that accepting the offer would delay the date of a special meeting by up to 90 days, with no certainty the transaction would be approved by shareholders. The bidders previously offered $39.
But shareholders have since been putting pressure on Clear Channel to reconsider its decision.
Read more at Reuters.com Business News
But shareholders have since been putting pressure on Clear Channel to reconsider its decision.
Read more at Reuters.com Business News
ISS against Atmel board ouster, but backs change
(Reuters) - ISS said that, while it felt the board would benefit by adding Brian Bean and Joseph Berardine, the proxy voting card distributed with Perlegos' proposal did not allow for replacing just two directors, instead of five.
"We believe that inclusion of dissident nominees would help improve the board's independence and management oversight, and also diversify board expertise. However, as the management and dissident's strategies are similar, we do not believe that a full-board change is necessary," ISS said.
Read more at Reuters.com Market News
"We believe that inclusion of dissident nominees would help improve the board's independence and management oversight, and also diversify board expertise. However, as the management and dissident's strategies are similar, we do not believe that a full-board change is necessary," ISS said.
Read more at Reuters.com Market News
S&P may cut Weyerhaeuser on possible asset sale
(Reuters) - "Diversity, which has played a key role in our assessment of the company's business risk profile, will suffer if this segment is divested or spun off," S&P said in a statement.
Weyerhaeuser would be focused on highly cyclical wood products manufacturing, building products distribution and homebuilding, and its earnings and cash flow could be more volatile, S&P said.
Read more at Reuters.com Bonds News
Weyerhaeuser would be focused on highly cyclical wood products manufacturing, building products distribution and homebuilding, and its earnings and cash flow could be more volatile, S&P said.
Read more at Reuters.com Bonds News
UPDATE 1-Ford says 25,000 workers gone, closes casting plant
(Reuters) - Ford, which posted a record loss of $12.7 billion in 2006 and another $282 million loss in first quarter, is in a four-year turnaround plan announced in 2006 that aims to cut 16 plants and up to 45,000 jobs.
About 38,000 Ford workers, including workers from the automaker's Automotive Component Holdings subsidiary, initially accepted buyout offers, which the company offered last year under an agreement with the United Auto Workers union.
Read more at Reuters.com Bonds News
About 38,000 Ford workers, including workers from the automaker's Automotive Component Holdings subsidiary, initially accepted buyout offers, which the company offered last year under an agreement with the United Auto Workers union.
Read more at Reuters.com Bonds News
UPDATE 1-Canadian regulator aims for fast Alcoa bid review
(Reuters) - "At this point, it's too early to anticipate how long it would possibly take," she said.
Aitken said that over the past five years, the agency has taken just under four months to complete reviews of mergers that are considered either "complex" or "very complex", as is likely the case with Alcoa and Alcan.
Read more at Reuters.com Government Filings News
Aitken said that over the past five years, the agency has taken just under four months to complete reviews of mergers that are considered either "complex" or "very complex", as is likely the case with Alcoa and Alcan.
Read more at Reuters.com Government Filings News
Alcan says will consider Alcoa bid
(Reuters) - Alcan shares surged $21.15, or 31 percent, to C$88.70 on the Toronto Stock Exchange and $19.78 to $80.81 on the New York Stock Exchange on Monday morning.
Read more at Reuters.com Hot Stocks News
Read more at Reuters.com Hot Stocks News
UPDATE 1-Banknorth to add C$23 mln to TD Bank earnings
(Reuters) - Portland, Maine-based Banknorth posted a 28 percent drop in net income to $55.2 million on Monday for the three months ended March 31 as competition for loans and deposits in the U.S. Northeast remained stiff.
Banknorth, in which TD bought a majority stake in 2005, has struggled with slowing loan growth, competition and narrowed lending margins in recent quarters.
Read more at Reuters.com Market News
Banknorth, in which TD bought a majority stake in 2005, has struggled with slowing loan growth, competition and narrowed lending margins in recent quarters.
Read more at Reuters.com Market News
Genesis HealthCare says Fillmore raises offer to $67.25/shr
(Reuters) - On May 1, Formation and JER raised their joint buyout offer for Genesis HealthCare to $65.25 per share from $64.25.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
U.S. mortgage bond prepayments unchanged in April
(Reuters) - Overall fixed-rate agency prepayment speeds were unchanged in April, with the paydowns flat at $40 billion, according to JPMorgan.
Net fixed-rate, mortgage-backed securities issuance was about $23 billion, the company said in a research report.
Read more at Reuters.com Bonds News
Net fixed-rate, mortgage-backed securities issuance was about $23 billion, the company said in a research report.
Read more at Reuters.com Bonds News
Ex-Siemens Managers Should Get Jail Sentences for Bribery, Prosecutor Say
(Bloomberg) -- Two former Siemens AG managers who are on trial in Germany should be given jail sentences, a prosecutor told a Darmstadt court in the first such trial since Siemens became the focus of several bribery investigations last year.
Prosecutor Ulrich Busch asked the court to sentence Andreas Kley, an ex-finance chief at the Siemens power-generation unit, to three and a half years in jail for bribery and breach of fiduciary duty. He asked the court for an 18-month suspended sentence for bribery for Horst Vigener, a consultant to Siemens at the time of the alleged offense. Both men deny the charges.
Read more at Bloomberg Energy News
Prosecutor Ulrich Busch asked the court to sentence Andreas Kley, an ex-finance chief at the Siemens power-generation unit, to three and a half years in jail for bribery and breach of fiduciary duty. He asked the court for an 18-month suspended sentence for bribery for Horst Vigener, a consultant to Siemens at the time of the alleged offense. Both men deny the charges.
Read more at Bloomberg Energy News
Alcan says will consider Alcoa takeover bid
(Reuters) - Alcan shares surged $21.15, or 31 percent, to C$88.70 on the Toronto Stock Exchange and $19.78 to $80.81 on the New York Stock Exchange on Monday morning.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
TREASURIES-Bonds in tight range ahead of supply
(Reuters) - NEW YORK, May 7 - U.S. government bond prices were little changed after a rally at the end of last week as investors prepared for an auction of three-year notes on Monday and an upcoming Federal Reserve interest rate meeting.
The Treasury will offer $14.0 billion in the three-year auction, its final scheduled sale of the paper. The government said it is ending issues of three-year notes due to an improving fiscal position.
Read more at Reuters.com Bonds News
The Treasury will offer $14.0 billion in the three-year auction, its final scheduled sale of the paper. The government said it is ending issues of three-year notes due to an improving fiscal position.
Read more at Reuters.com Bonds News
UPDATE 1-Mercury General quarterly profit beats Street estimates
(Reuters) - The auto and home insurer said first-quarter net income was $60.5 million, or $1.10 cents, compared with $58.6 million, or $1.07 cents in the year-ago period.
Included in the latest first-quarter earnings were net investment losses of 1 cent per share, compared with investment gains of 8 cents per share in the year-ago quarter.
Read more at Reuters.com Market News
Included in the latest first-quarter earnings were net investment losses of 1 cent per share, compared with investment gains of 8 cents per share in the year-ago quarter.
Read more at Reuters.com Market News
UPDATE 1-Before the Bell - Alcoa, Alcan rise on Alcoa bid
(Reuters) - Alcoa shares, which initially slipped 1.85 percent on the news, rebounded to rise more than 4 percent at $37.35 before the bell.
In consolidated electronic trading before the bell, Alcan's U.S.-listed shares jumped $17.87 to $78.90 after finishing Friday at $61.03. Alcan shares on the Toronto Stock Exchange were not yet active after closing Friday at C$67.55.
Read more at Reuters.com Mergers News
In consolidated electronic trading before the bell, Alcan's U.S.-listed shares jumped $17.87 to $78.90 after finishing Friday at $61.03. Alcan shares on the Toronto Stock Exchange were not yet active after closing Friday at C$67.55.
Read more at Reuters.com Mergers News
Alcoa expects anti-trust approval of Alcan bid
(Reuters) - Belda said he expected that the merged companies would likely have to divest assets in the aerospace sector.
Belda said Alcoa had already had discussions with various anti-trust regulators, and with government officials in Ottawa, Quebec City and Montreal.
Read more at Reuters.com Mergers News
Belda said Alcoa had already had discussions with various anti-trust regulators, and with government officials in Ottawa, Quebec City and Montreal.
Read more at Reuters.com Mergers News
Gold, Silver Gain in New York on Bets U.S. Fed Won't Change Interest Rates
(Bloomberg) -- Gold and silver rose for a third straight session in New York on speculation interest rates in the U.S. will remain steady, weakening the dollar and increasing the appeal of precious metals as an alternative investment.
Gold generally moves in the opposite direction of the dollar, which fell against the euro today on speculation a slowing U.S. economy will force the Federal Reserve to keep rates steady at its meeting on May 9. Gold has risen 8.5 percent this year while the dollar has fallen 3.1 percent against the euro.
Read more at Bloomberg Commodities News
Gold generally moves in the opposite direction of the dollar, which fell against the euro today on speculation a slowing U.S. economy will force the Federal Reserve to keep rates steady at its meeting on May 9. Gold has risen 8.5 percent this year while the dollar has fallen 3.1 percent against the euro.
Read more at Bloomberg Commodities News
Colombian Peso May Weaken After Central Banks Seeks to Halt Speculation
(Bloomberg) -- Colombia's peso may weaken today after the central bank required investors to post deposits with the central bank against overseas borrowings in an effort to discourage short-term capital flows.
Central bank general manager Jose Dario Uribe yesterday said investors borrowing abroad will have to post 40 percent of the amount with the bank for six months, paring ``the incentive to bring in short-term capital as interest rates rise.''
Read more at Bloomberg Currencies News
Central bank general manager Jose Dario Uribe yesterday said investors borrowing abroad will have to post 40 percent of the amount with the bank for six months, paring ``the incentive to bring in short-term capital as interest rates rise.''
Read more at Bloomberg Currencies News
UPDATE 1-Penn West Energy first-quarter profit falls
(Reuters) - Penn West, Canada's No. 2 energy trust, said net income fell to C$96.3 million , or 41 Canadian cents per unit, from C$144.4 million, or 87 Canadian cents per unit, in the first quarter of 2006.
Penn West's first-quarter cash flow, used in part to pay monthly distributions to unitholders, was C$311 million, or C$1.31 per unit, compared with C$243 million, or C$1.49 per unit, a year earlier.
Read more at Reuters.com Market News
Penn West's first-quarter cash flow, used in part to pay monthly distributions to unitholders, was C$311 million, or C$1.31 per unit, compared with C$243 million, or C$1.49 per unit, a year earlier.
Read more at Reuters.com Market News
Canada's Dollar Reaches 11-Month High Amid Cash and Stock Offer for Alcan
(Bloomberg) -- Canada's dollar strengthened to an 11- month high after Alcoa Inc., the biggest aluminum company by sales, announced a $33 billion cash and stock bid for Montreal- based Alcan Inc.
Traders bought the Canadian currency amid speculation that the acquisition of Alcan, the world's second-biggest aluminum company by 2006 revenue, may be completed in U.S. dollars. The deal is one in a series announced in Canada this quarter, adding to the appeal of the Canadian currency, which has strengthened nearly 5 percent since April 1.
Read more at Bloomberg Currencies News
Traders bought the Canadian currency amid speculation that the acquisition of Alcan, the world's second-biggest aluminum company by 2006 revenue, may be completed in U.S. dollars. The deal is one in a series announced in Canada this quarter, adding to the appeal of the Canadian currency, which has strengthened nearly 5 percent since April 1.
Read more at Bloomberg Currencies News
KMG America exploring strategic alternatives
(Reuters) - KMG said it retained Keefe, Bruyette and Woods as its financial advisor.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-CollaGenex discontinues 40 mg arm of acne drug trial
(Reuters) - Last Wednesday, the company halted further enrollment in this arm of the trial after one patient suffered apparent photo-toxicity, the same side effect reported on Monday.
The company said it was evaluating its options for continuing development of incyclinide in acne at lower doses, as no adverse events were seen there.
Read more at Reuters.com Government Filings News
The company said it was evaluating its options for continuing development of incyclinide in acne at lower doses, as no adverse events were seen there.
Read more at Reuters.com Government Filings News
Nigeria Protest Forces Chevron to Halt Production of 42,000 Barrels a Day
(Bloomberg) -- Chevron Corp.'s venture in Nigeria today shut down 42,000 barrels a day in production in the Niger River delta after nearby villagers overran its Abiteye pumping station at 4 a.m. local time, the company said.
Production has been stopped at the fields of Dibi, Utonana, Makaraba and Abiteye, Chevron spokesman Michael Barrett said in an e-mailed statement from London.
Read more at Bloomberg Energy News
Production has been stopped at the fields of Dibi, Utonana, Makaraba and Abiteye, Chevron spokesman Michael Barrett said in an e-mailed statement from London.
Read more at Bloomberg Energy News
ECB Chief Trichet, at G-10 Meeting, Says Some Investors Underestimate Risk
(Bloomberg) -- European Central Bank President Jean- Claude Trichet said some investors aren't taking full account of potential risks as markets surge.
``There are indications which are perhaps suggesting an under-pricing of risk,'' Trichet said after chairing a meeting of the Group of 10 central bankers in Basel, Switzerland, today. ``It's clear that we are observing a low level of volatility, a low level of risk premia, a low level of spreads. A disorderly correction of this possible under-pricing of risks was something we discussed.''
Read more at Bloomberg Bonds News
``There are indications which are perhaps suggesting an under-pricing of risk,'' Trichet said after chairing a meeting of the Group of 10 central bankers in Basel, Switzerland, today. ``It's clear that we are observing a low level of volatility, a low level of risk premia, a low level of spreads. A disorderly correction of this possible under-pricing of risks was something we discussed.''
Read more at Bloomberg Bonds News
U.S. Stock-Index Futures Are Little Changed; Armor Gains, Yahoo Declines
(Bloomberg) -- U.S. stock-index futures were little changed as investors speculated Federal Reserve Chairman Ben S. Bernanke and other policy makers are unlikely to cut interest rates to revive a slowing economy when they meet this week.
There won't be a rate cut ``anytime soon and investors are waking up to this reality,'' said Maurizio Binelli, a strategist at Abaxbank SpA in Milan. ``The risk of a slowdown in the economy is there and Bernanke isn't going to be as activist as his predecessor. The Fed brought rates to a neutral level and maybe went too far.''
Read more at Bloomberg Stocks News
There won't be a rate cut ``anytime soon and investors are waking up to this reality,'' said Maurizio Binelli, a strategist at Abaxbank SpA in Milan. ``The risk of a slowdown in the economy is there and Bernanke isn't going to be as activist as his predecessor. The Fed brought rates to a neutral level and maybe went too far.''
Read more at Bloomberg Stocks News
Poland's Zloty Trades Close to Five-Year High Against Euro on Rate Outlook
(Bloomberg) -- The zloty traded near its highest in five years on speculation the rate of Poland's economic expansion will persuade the central bank to keep lifting interest rates.
Poland's currency climbed for a record seventh week in the five days through May 4 after the Economy Ministry last month said the economy grew at the fastest rate in two years in first quarter, and the central bank lifted interest rates to 4.25 percent.
Read more at Bloomberg Emerging Markets News
Poland's currency climbed for a record seventh week in the five days through May 4 after the Economy Ministry last month said the economy grew at the fastest rate in two years in first quarter, and the central bank lifted interest rates to 4.25 percent.
Read more at Bloomberg Emerging Markets News
UPDATE 1-American Tower posts Q1 profit
(Reuters) - The company reported a first-quarter net income of $22.2 million, or 5 cents a share, compared with a loss of $1.9 million, or 1 cent a share, a year ago.
Total revenue increased 10 percent to $352.5 million, the operator of wireless and broadcast communications towers said in a statement.
Read more at Reuters.com Market News
Total revenue increased 10 percent to $352.5 million, the operator of wireless and broadcast communications towers said in a statement.
Read more at Reuters.com Market News
Brazil's Bradesco posts 11 pct jump in Q1 profit
(Reuters) - Bradesco, which is based in Sao Paulo, had reported a net profit of 1.62 billion reais in the fourth quarter of 2006.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Protest halts major Chevron oil plant in Nigeria
(Reuters) - Villagers with sticks and machetes staged a protest at a major Chevron oil production facility in Nigeria on Monday, forcing the company to shut it down as a precaution, security sources said.
The protest at the gates of the Ebite flow station in the western Niger Delta, which is a primary feed point for the 160,000 barrel per day Escravos export terminal, was triggered by alleged delays in compensation for an oil spill.
Read more at Reuters Africa
The protest at the gates of the Ebite flow station in the western Niger Delta, which is a primary feed point for the 160,000 barrel per day Escravos export terminal, was triggered by alleged delays in compensation for an oil spill.
Read more at Reuters Africa
GLOBAL MARKETS-Dollar weak, no Sarkozy bounce for shares
(Reuters) - A local holiday in major market centre London was one part of the explanation, the long series of opinion polls showing Sarkozy comfortably ahead of his Socialist rival Segolene Royal another.
Sarkozy, who beat Royal in the second round of the election on Sunday, said in late April he thought the euro was too strong, but some analysts said his win might actually add to the euro's recent strength.
Read more at Reuters.com Bonds News
Sarkozy, who beat Royal in the second round of the election on Sunday, said in late April he thought the euro was too strong, but some analysts said his win might actually add to the euro's recent strength.
Read more at Reuters.com Bonds News
Israel's Orbotech first quarter profit falls
(Reuters) - Revenues fell to $86.1 million from $101.4 million a year ago.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Taiwan's Bonds Rise After Report Shows Inflation Slowed; Currency Advances
(Bloomberg) -- Taiwan's 10-year government bonds advanced after a report last week showed inflation slowed.
Weaker inflation reduces the need for the central bank to further tighten money supply, said Ernest Lee of Mega Securities Co., leaving more funds in the banking system and helping bonds gain. Consumer prices in April rose 0.67 percent from a year earlier, after climbing a revised 0.84 percent in March, the statistics bureau in Taipei said May 4 after the market closed.
Read more at Bloomberg Bonds News
Weaker inflation reduces the need for the central bank to further tighten money supply, said Ernest Lee of Mega Securities Co., leaving more funds in the banking system and helping bonds gain. Consumer prices in April rose 0.67 percent from a year earlier, after climbing a revised 0.84 percent in March, the statistics bureau in Taipei said May 4 after the market closed.
Read more at Bloomberg Bonds News
Spanish Stocks Advance for Second Day, Led by Popular and Sabadell Shares
(Bloomberg) -- Spanish stocks gained, pace by Banco Popular Espanol SA and Banco de Sabadell SA. Shares in Portugal were little changed.
Spain's benchmark IBEX 35 Index rose 0.4 percent to 14,678.9 at 9:21 a.m. in Madrid, as 23 out of 35 stocks advanced. Portugal's PSI-20 Index fell less than 0.1 percent to 12,324.65.
Read more at Bloomberg Stocks News
Spain's benchmark IBEX 35 Index rose 0.4 percent to 14,678.9 at 9:21 a.m. in Madrid, as 23 out of 35 stocks advanced. Portugal's PSI-20 Index fell less than 0.1 percent to 12,324.65.
Read more at Bloomberg Stocks News
Turkey Sells Halkbank Stake for $1.9 Billion , Investors Brave Politics
(Bloomberg) -- Turkey raised $1.9 billion, matching its biggest-ever initial public offering, by selling shares in state- run lender Turkiye Halk Bankasi AS, a sign of investor confidence after last week's dispute between the military and government.
The state asset sales agency sold shares in the Ankara-based bank at 8 liras apiece, the upper limit of the offer range, NTV television reported today. Investors bid for 25 percent of Halkbank in an initial public offering last week even as political turmoil spooked the markets. The government called snap elections in response to an April 27 threat from the army to block the ruling party's candidate for president due to his Islamist past.
Read more at Bloomberg Emerging Markets News
The state asset sales agency sold shares in the Ankara-based bank at 8 liras apiece, the upper limit of the offer range, NTV television reported today. Investors bid for 25 percent of Halkbank in an initial public offering last week even as political turmoil spooked the markets. The government called snap elections in response to an April 27 threat from the army to block the ruling party's candidate for president due to his Islamist past.
Read more at Bloomberg Emerging Markets News
Insider Trading Concerns Increase as Stock Options Surge Before Buyouts
(Bloomberg) -- While Kohlberg Kravis Roberts & Co., TPG Inc. and Bain Capital LLC meet behind closed doors to mount the world's biggest leveraged buyouts, their deals already are common knowledge in the stock options market.
Options trading jumped an average 221 percent in the three days before the 17 biggest U.S. takeovers of the past year were disclosed, compared with the average for the previous 50 days, data compiled by Bloomberg show. The acquisitions of Dallas- based electric utility TXU Corp., HCA Inc., the biggest U.S. hospital operator, First Data Corp., the world's largest processor of credit-card payments, and student loan company Sallie Mae were all preceded by a surge in seemingly well-timed options bets, the data show.
Read more at Bloomberg Exclusive News
Options trading jumped an average 221 percent in the three days before the 17 biggest U.S. takeovers of the past year were disclosed, compared with the average for the previous 50 days, data compiled by Bloomberg show. The acquisitions of Dallas- based electric utility TXU Corp., HCA Inc., the biggest U.S. hospital operator, First Data Corp., the world's largest processor of credit-card payments, and student loan company Sallie Mae were all preceded by a surge in seemingly well-timed options bets, the data show.
Read more at Bloomberg Exclusive News
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