(Reuters) - HONG KONG, April 16 - China Construction Bank , the mainland's third-largest lender, posted a 27 percent rise in second-half profit, in line with expectations, after last year's bottom line got fattened by a one-off tax gain.
Construction Bank, in which Bank of America owns about 8 percent, said it earned 23.1 billion yuan , compared with 18.2 billion yuan in the year-earlier period.
Read more at Reuters.com Market News
Sunday, April 15, 2007
Copper Prices Rise in Shanghai on Stockpiles Decline; Zinc, Aluminum Gain
(Bloomberg) -- Copper futures in Shanghai rose near a seven-month high, as a drop in global stockpiles signaled improved demand for the metal used in wires and pipes.
Copper stockpiles monitored by London, New York and Shanghai exchanges fell 1.9 percent last week to 267,846 metric tons, the lowest since Jan. 30. Stockpiles in Shanghai Futures Exchange warehouses fell for the first week in more than two months.
Read more at Bloomberg Commodities News
Copper stockpiles monitored by London, New York and Shanghai exchanges fell 1.9 percent last week to 267,846 metric tons, the lowest since Jan. 30. Stockpiles in Shanghai Futures Exchange warehouses fell for the first week in more than two months.
Read more at Bloomberg Commodities News
UPDATE 1-GPC cancer drug satraplatin gets FDA priority
(Reuters) - The German biotech company, which estimates peak annual sales of satraplatin at $500 million, said on Monday the FDA had accepted its filing for the product, an oral drug for prostate cancer patients who fail to respond to hormone treatment.
"With the designation of priority review, we expect an action on the application from the FDA in August of this year and are thus moving forward with commercialisation plans for satraplatin," GPC said in a statement.
Read more at Reuters.com Government Filings News
"With the designation of priority review, we expect an action on the application from the FDA in August of this year and are thus moving forward with commercialisation plans for satraplatin," GPC said in a statement.
Read more at Reuters.com Government Filings News
Daiwa's Suezawa Says Sell Call, Put Options for Japan's June Bond Futures
(Bloomberg) -- Investors should simultaneously sell call and put options on Japan's bond futures for June delivery because the outlook for unchanged interest rates will limit price swings, according to Daiwa Securities SMBC Co.
Sell call options with a strike price of about 135 yen and sell put options with a strike of 132 yen by the end of May, said Hidenori Suezawa, chief strategist at Daiwa Securities. Call options give the owner the right, not the obligation, to buy bond futures at a specific price by a fixed date in exchange for a fee. A put option grants the right to sell.
Read more at Bloomberg Bonds News
Sell call options with a strike price of about 135 yen and sell put options with a strike of 132 yen by the end of May, said Hidenori Suezawa, chief strategist at Daiwa Securities. Call options give the owner the right, not the obligation, to buy bond futures at a specific price by a fixed date in exchange for a fee. A put option grants the right to sell.
Read more at Bloomberg Bonds News
German Investor Confidence Probably Increased as Economy Showed Resilience
(Bloomberg) -- German investor confidence probably rose to a nine-month high in April on evidence the economy is overcoming the effects of a U.S. slowdown and a rising euro, a survey of economists shows.
The ZEW Center for European Economic Research may say its index of investor and analyst expectations increased to 10, the highest since July 2006, from 5.8 in March, according to the median forecast of 42 economists in a Bloomberg News survey. ZEW will release the report at 11 a.m. in Mannheim tomorrow.
Read more at Bloomberg Bonds News
The ZEW Center for European Economic Research may say its index of investor and analyst expectations increased to 10, the highest since July 2006, from 5.8 in March, according to the median forecast of 42 economists in a Bloomberg News survey. ZEW will release the report at 11 a.m. in Mannheim tomorrow.
Read more at Bloomberg Bonds News
Google rivals urge antitrust scrutiny of deal
(Reuters) - Microsoft, the world's largest software maker, said the deal would allow Google to corner the online advertising market and provide them access to a huge amount of information on consumer behavior on the Internet.
"This proposed acquisition raises serious competition and privacy concerns," said Brad Smith, Microsoft senior vice president and general counsel in an e-mail statement.
Read more at Reuters.com Business News
"This proposed acquisition raises serious competition and privacy concerns," said Brad Smith, Microsoft senior vice president and general counsel in an e-mail statement.
Read more at Reuters.com Business News
Terra Firma accesses Alliance Boots books - paper
(Reuters) - A comment was not immediately available from Alliance Boots or Terra Firma.
Terra Firma and medical charity Wellcome Trust confirmed last Tuesday they were at the early stages of considering a counterbid for Alliance Boots.
Read more at Reuters.com Mergers News
Terra Firma and medical charity Wellcome Trust confirmed last Tuesday they were at the early stages of considering a counterbid for Alliance Boots.
Read more at Reuters.com Mergers News
Hong Kong May Shift Dollar Reserves to Riskier Assets, Says Morgan Stanley
(Bloomberg) -- The Hong Kong Monetary Authority may invest more of its $135 billion of foreign-exchange reserves in Asia to increase returns, said Stephen Jen, head of currency research at Morgan Stanley.
The city's de facto central bank, whose reserves are mostly in dollar-denominated debt, may buy riskier Asian assets, which would support the region's currencies, wrote Jen in a research note April 12. Yields on 10-year bonds in India and Indonesia are more than 3 percentage points higher than those of similar- dated U.S. Treasuries.
Read more at Bloomberg Currencies News
The city's de facto central bank, whose reserves are mostly in dollar-denominated debt, may buy riskier Asian assets, which would support the region's currencies, wrote Jen in a research note April 12. Yields on 10-year bonds in India and Indonesia are more than 3 percentage points higher than those of similar- dated U.S. Treasuries.
Read more at Bloomberg Currencies News
Japan Shares Climb; Canon Gains After Yen Falls to Record Low Versus Euro
(Bloomberg) -- Japanese shares rose, led by Canon Inc. and Honda Motor Co., after the yen fell to a record low against the euro, boosting the value of exports to Europe.
``Automaker and technology stocks will benefit from the view that the trend of a weaker yen won't change for at least another year,'' said Masanaga Kono, who helps manage about $14 billion at Societe Generale Asset Management (Japan) Co. in Tokyo. ``I changed my stance on technology stocks to neutral from bearish on the expectation their earnings may improve this business year.''
Read more at Bloomberg Stocks News
``Automaker and technology stocks will benefit from the view that the trend of a weaker yen won't change for at least another year,'' said Masanaga Kono, who helps manage about $14 billion at Societe Generale Asset Management (Japan) Co. in Tokyo. ``I changed my stance on technology stocks to neutral from bearish on the expectation their earnings may improve this business year.''
Read more at Bloomberg Stocks News
ABN Amro, Agfa-Gevaert, Axa, H&M, InBev, Philips: 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 increased 0.7 percent to 383.33. The Dow Jones Stoxx 50 Index climbed 0.9 percent to 3811.62. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, climbed 0.9 percent to 4317.35.
Read more at Bloomberg Stocks News
The Dow Jones Stoxx 600 increased 0.7 percent to 383.33. The Dow Jones Stoxx 50 Index climbed 0.9 percent to 3811.62. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, climbed 0.9 percent to 4317.35.
Read more at Bloomberg Stocks News
U.S. Stocks Gain, Erasing Losses From Rout, on Profit Optimism, Takeovers
(Bloomberg) -- U.S. stocks advanced, erasing losses from a February sell-off in the Standard & Poor's 500 Index, after profits exceeded analysts' forecasts and investors speculated takeovers will accelerate.
Alcoa Inc., the first Dow Jones Industrial Average member to report first-quarter results, climbed after earnings increased more than expected. MedImmune Inc. and Manor Care Inc. rose the most in the S&P 500, helping the index to its first back-to-back weekly gains since January, after saying they may sell themselves.
Read more at Bloomberg Stocks News
Alcoa Inc., the first Dow Jones Industrial Average member to report first-quarter results, climbed after earnings increased more than expected. MedImmune Inc. and Manor Care Inc. rose the most in the S&P 500, helping the index to its first back-to-back weekly gains since January, after saying they may sell themselves.
Read more at Bloomberg Stocks News
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