(Bloomberg) -- India's rupee headed for a weekly gain on speculation overseas investors were drawn to the nation's stocks as the economy grows at the second-fastest pace in the world after China.
The currency was near the highest in nine years, poised to complete a 10th five-day advance in 11 weeks, as funds abroad may add to last month's $1.5 billion Indian share purchases. The currency was also supported as the central bank drained rupees from the market to help curb lending and keep inflation under control, said foreign-exchange trader L.V. Prasad.
Read more at Bloomberg Currencies News
Thursday, May 17, 2007
Deutsche Bank AG, IVG Immobilien Shares May Move: German Equity Preview
(Bloomberg) -- The following stocks may rise or fall in German markets.
Germany's X-DAX Index rose 7.47, or 0.1 percent, to 7507.96. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX rose 0.2 percent to 7499.50 on the Xetra electronic-trading system.
Read more at Bloomberg Stocks News
Germany's X-DAX Index rose 7.47, or 0.1 percent, to 7507.96. The index provides an estimate of the DAX Index, based on trading in DAX futures after the Xetra electronic market closes. The DAX rose 0.2 percent to 7499.50 on the Xetra electronic-trading system.
Read more at Bloomberg Stocks News
Chile's Falabella Agrees to Buy Supermarket Chain D&S for $3.7 Billion
(Bloomberg) -- Chile's SACI Falabella, the country's biggest department-store chain, agreed to buy supermarket owner Distribucion Y Servicio D&S SA for $3.7 billion to form Latin America's second-biggest retailer and expand internatinally.
Falabella will exchange 0.11 share for each share of D&S, D&S Vice President Hans Eben said in an interview yesterday. That values each D&S share at about 300 pesos, 13 percent more than its closing share price yesterday.
Read more at Bloomberg Emerging Markets News
Falabella will exchange 0.11 share for each share of D&S, D&S Vice President Hans Eben said in an interview yesterday. That values each D&S share at about 300 pesos, 13 percent more than its closing share price yesterday.
Read more at Bloomberg Emerging Markets News
Yen on defensive after Japan GDP, carry trade still king
(Reuters) - The yen fell to a three-month low against the dollar and slid back toward a record low versus the euro on Thursday after Japanese growth data did little to dent investor appetite for higher-yielding currencies.
The Bank of Japan, which had the morning to examine the growth figures, ended its two day policy meeting on Thursday by leaving interest rates unchanged at 0.5 percent, as expected.
Read more at Reuters Africa
The Bank of Japan, which had the morning to examine the growth figures, ended its two day policy meeting on Thursday by leaving interest rates unchanged at 0.5 percent, as expected.
Read more at Reuters Africa
US withdraws money-laundering warning on Nigeria
(Reuters) - The U.S. Treasury has withdrawn a warning to banks it issued in 2002 about deficiencies in Nigeria's anti-money laundering system, according to a statement posted on its Financial Crimes Enforcement Network Web site.
The FinCEN statement said enhanced scrutiny of financial transactions involving Nigeria was no longer necessary, citing government reforms and Nigeria's exit from an international blacklist.
Read more at Reuters Africa
The FinCEN statement said enhanced scrutiny of financial transactions involving Nigeria was no longer necessary, citing government reforms and Nigeria's exit from an international blacklist.
Read more at Reuters Africa
Nigerian consumer inflation dips to 4.2 pct in April
(Reuters) - Nigerian year-on-year consumer price inflation eased to 4.2 percent in April from 5.3 percent in March, the National Bureau of Statistics (NBS) said on Thursday.
The Composite Consumer Price Index (CPI) rose by 1.2 percent to 161.1 in April from 159.2 in the previous month, the agency said in its monthly report.
Read more at Reuters Africa
The Composite Consumer Price Index (CPI) rose by 1.2 percent to 161.1 in April from 159.2 in the previous month, the agency said in its monthly report.
Read more at Reuters Africa
ARM okays $574 mln to build Khumani iron ore mine
(Reuters) - Mining group African Rainbow Minerals Ltd said its Assmang unit has approved capital expenditure of 4 billion rand to build the Khumani iron ore mine and export facilities.
"The board of directors has approved a total capital expenditure of 4.0 billion rand to construct the Khumani Mine, which includes anticipated escalation costs," a statement said.
Read more at Reuters Africa
"The board of directors has approved a total capital expenditure of 4.0 billion rand to construct the Khumani Mine, which includes anticipated escalation costs," a statement said.
Read more at Reuters Africa
Japanese Inflation Is `Stubbornly Low,' Fidelity Says, Favors Japan Debt
(Bloomberg) -- Fidelity Investments, the world's biggest mutual-fund company, said the firm favors five-year Japanese government bonds.
``Inflation remains stubbornly low in Japan,'' said Andrew Wells, chief investment officer for Asia fixed income, at a conference on investing organized by Fidelity in Singapore. ``Short-term rates above 2 percent in the next two to three years is a far-fetched story.'' The Bank of Japan's benchmark interest rate is 0.5 percent.
Read more at Bloomberg Bonds News
``Inflation remains stubbornly low in Japan,'' said Andrew Wells, chief investment officer for Asia fixed income, at a conference on investing organized by Fidelity in Singapore. ``Short-term rates above 2 percent in the next two to three years is a far-fetched story.'' The Bank of Japan's benchmark interest rate is 0.5 percent.
Read more at Bloomberg Bonds News
Moody's Ratings Double-Talk May Cost U.S. Taxpayers $3.6 Billion on Bonds
(Bloomberg) -- When California sells taxable bonds to foreigners, Moody's Investors Service says the state's credit is Aaa, the highest possible. When the state sells tax-free debt to U.S. citizens, its creditworthiness is four levels lower.
The discrepancy may cost taxpayers as much as $3.6 billion in extra interest on bonds sold during 2006, said Matt Fabian, an analyst at Municipal Market Advisors, a research firm in Concord, Massachusetts. New York-based Moody's doesn't allow towns and cities to apply the higher rankings to tax-exempt financings that make up 90 percent of the $2.4 trillion in outstanding municipal bonds.
Read more at Bloomberg Bonds News
The discrepancy may cost taxpayers as much as $3.6 billion in extra interest on bonds sold during 2006, said Matt Fabian, an analyst at Municipal Market Advisors, a research firm in Concord, Massachusetts. New York-based Moody's doesn't allow towns and cities to apply the higher rankings to tax-exempt financings that make up 90 percent of the $2.4 trillion in outstanding municipal bonds.
Read more at Bloomberg Bonds News
Germany Seeks Hedge-Fund Support at G-8; U.S. Henry Paulson Skips Meeting
(Bloomberg) -- German Finance Minister Peer Steinbrueck will try to win support for closer hedge-fund scrutiny at this weekend's meeting of colleagues from the Group of Eight main industrial nations in the absence of some of the club's heaviest hitters.
Steinbrueck, who chairs the gathering near Potsdam, Germany, today and tomorrow, wants his colleagues to back a code of conduct for hedge funds as rapid growth in the $2 trillion industry stokes concern they pose a potential threat to financial stability. The U.S. and the U.K. disagree, arguing that markets are better placed than governments to keep an eye on the pools of capital.
Read more at Bloomberg Currencies News
Steinbrueck, who chairs the gathering near Potsdam, Germany, today and tomorrow, wants his colleagues to back a code of conduct for hedge funds as rapid growth in the $2 trillion industry stokes concern they pose a potential threat to financial stability. The U.S. and the U.K. disagree, arguing that markets are better placed than governments to keep an eye on the pools of capital.
Read more at Bloomberg Currencies News
Federated Stores Loses Business When It Weans Shoppers From `Tough Drug'
(Bloomberg) -- Federated Department Stores Inc. is trying to break its shoppers' addiction to clipping coupons in order to boost earnings. In the process, it's losing customers once loyal to the Marshall Field's, Filene's and Hecht's stores it bought in 2005.
Federated's aim is to transform shopping habits by getting consumers hooked on consistent prices instead. The second- largest department-store chain, which plans to change its name to Macy's Inc. in June, may fail as companies such as Dillard's Inc. have had little success after shoppers resisted such changes.
Read more at Bloomberg Exclusive News
Federated's aim is to transform shopping habits by getting consumers hooked on consistent prices instead. The second- largest department-store chain, which plans to change its name to Macy's Inc. in June, may fail as companies such as Dillard's Inc. have had little success after shoppers resisted such changes.
Read more at Bloomberg Exclusive News
`Playing God,' U.K. Government Denies Life-Extending Drugs, Patients Say
(Bloomberg) -- After Barry Robinson's bowel cancer spread to his lungs in January, doctors told the U.K. resident his life might be extended with ImClone Systems Inc.'s Erbitux.
Britain's National Health Service has refused to pay for the treatment, leaving the 60-year-old retired soldier to raise 20,000 pounds ($39,500) to purchase the drug. A U.K. agency ruled in January that the cost outweighed its benefits. Erbitux is the seventh cancer medicine the advisory panel has decided is too expensive in the past year.
Read more at Bloomberg Exclusive News
Britain's National Health Service has refused to pay for the treatment, leaving the 60-year-old retired soldier to raise 20,000 pounds ($39,500) to purchase the drug. A U.K. agency ruled in January that the cost outweighed its benefits. Erbitux is the seventh cancer medicine the advisory panel has decided is too expensive in the past year.
Read more at Bloomberg Exclusive News
Shanghai Copper Falls to Eight-Week Low on Concern That China Oversupplied
(Bloomberg) -- Copper prices fell to their lowest in eight weeks in Shanghai on concern that rising production and inventories in China, the world's biggest consumer of the metal, may signal a glut in the market.
The world's copper surplus will rise to 520,000 metric tons next year from 280,000 tons this year, the Lisbon-based International Copper Study Group said in an e-mailed statement yesterday. Chinese production rose 17 percent in April to a record 274,000 tons, the Beijing-based National Bureau of Statistics said yesterday.
Read more at Bloomberg Commodities News
The world's copper surplus will rise to 520,000 metric tons next year from 280,000 tons this year, the Lisbon-based International Copper Study Group said in an e-mailed statement yesterday. Chinese production rose 17 percent in April to a record 274,000 tons, the Beijing-based National Bureau of Statistics said yesterday.
Read more at Bloomberg Commodities News
China's Stocks Fall From Record After Li Ka-Shing Says `Bubble' Is Evident
(Bloomberg) -- China's stocks rose to a record for a second day. Property stocks such as China Vanke Co. gained after Great Wall Securities Co. said real estate companies are expected to report fast earnings growth this year.
``Some money that has been pulled out of the stock market has moved into real estate, which means better earnings for property developers,'' said Wang Zheng who manages the equivalent of 500 million at China Everbright Asset Management Co. in Shanghai. ``Therefore we are still bullish on property stocks at a time other stocks may be at risk.''
Read more at Bloomberg Stocks News
``Some money that has been pulled out of the stock market has moved into real estate, which means better earnings for property developers,'' said Wang Zheng who manages the equivalent of 500 million at China Everbright Asset Management Co. in Shanghai. ``Therefore we are still bullish on property stocks at a time other stocks may be at risk.''
Read more at Bloomberg Stocks News
European Stocks Advance, Led by British Airways, Cairn Energy, Prudential
(Bloomberg) -- European stocks advanced, led by airlines and oil companies, on speculation British Airways Plc and Cairn Energy Plc will be takeover candidates.
Insurance companies also climbed as Prudential Plc faced demands by shareholders to breakup the insurer. BT Group Plc limited gains after earnings at the U.K.'s largest phone company missed analysts' estimates. Xstrata Plc paced a decline by mining stocks after copper dropped in London and New York.
Read more at Bloomberg Stocks News
Insurance companies also climbed as Prudential Plc faced demands by shareholders to breakup the insurer. BT Group Plc limited gains after earnings at the U.K.'s largest phone company missed analysts' estimates. Xstrata Plc paced a decline by mining stocks after copper dropped in London and New York.
Read more at Bloomberg Stocks News
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