(Reuters) - Revenue grew 9.3 percent to 769.91 billion yen on brisk exports from Japan and healthy sales in Europe. Volumes in North America fell for the quarter but revenue grew thanks to expanded sales of more expensive tyre products, it said.
For the January-June first half, Bridgestone lifted its operating profit forecast to 89 billion yen from 76 billion yen, above the average projection of 87.3 billion yen from two brokerages surveyed by Reuters Estimates.
Read more at Reuters.com Market News
Monday, April 30, 2007
Hitachi, Toshiba, Mitsubishi Electric File Applications to Sell Yen Bonds
(Bloomberg) -- Hitachi Ltd., Toshiba Corp. and Mitsubishi Electric Corp. may sell yen denominated bonds in Japan to repay debt and raise funds for their businesses as interest rates remain stable.
Hitachi, Japan's largest electronics maker, filed an application to sell as much as 300 billion yen ($2.5 billion) of bonds, according to an April 27 company filing to Japan's finance ministry.
Read more at Bloomberg Bonds News
Hitachi, Japan's largest electronics maker, filed an application to sell as much as 300 billion yen ($2.5 billion) of bonds, according to an April 27 company filing to Japan's finance ministry.
Read more at Bloomberg Bonds News
Eurex vs U.S. Exchanges, ICICI's Value, Chalco's Cost: Commentary
(Bloomberg) -- Eurex AG fired a shot across the bow of stock exchanges in the U.S. with its $2.8 billion takeover bid for International Securities Exchange Holdings Inc., the country's second-largest options market.
Europe's largest derivatives exchange is destined to surpass the New York Stock Exchange in U.S. equity-options trading, as the ISE does more business than every other market except the Chicago Board Options Exchange. The NYSE's electronic market, NYSE Arca, ranks fourth in options.
Read more at Bloomberg Stocks News
Europe's largest derivatives exchange is destined to surpass the New York Stock Exchange in U.S. equity-options trading, as the ISE does more business than every other market except the Chicago Board Options Exchange. The NYSE's electronic market, NYSE Arca, ranks fourth in options.
Read more at Bloomberg Stocks News
U.S. Manufacturing Was Probably Little Changed in April as Demand Slowed
(Bloomberg) -- Manufacturing in the U.S. was probably little changed last month as factories strove to keep inventories lean, economists said before a report today.
The Institute for Supply Management's manufacturing index edged up to 51, from 50.9 in March, according to the median of 73 forecasts in a Bloomberg News survey. Readings of 50 are the dividing line between expansion and contraction.
Read more at Bloomberg Currencies News
The Institute for Supply Management's manufacturing index edged up to 51, from 50.9 in March, according to the median of 73 forecasts in a Bloomberg News survey. Readings of 50 are the dividing line between expansion and contraction.
Read more at Bloomberg Currencies News
Colombia Peso, Peru's New Sol, Brazil Real: Latin America Currency Preview
(Bloomberg) -- The following events and economic reports may influence trading in Latin American currencies today. Exchange rates are from the previous session.
Brazilian real: Brazil's budget deficit widened in March as the state-controlled energy company, Petroleo Brasileiro SA paid dividends to private stockholders and the government issued pension benefits after losing judicial battles. It grew to 6.78 billion reais ($3.33 billion) from 4.33 billion reais in February, the central bank reported in Brasilia yesterday.
Read more at Bloomberg Currencies News
Brazilian real: Brazil's budget deficit widened in March as the state-controlled energy company, Petroleo Brasileiro SA paid dividends to private stockholders and the government issued pension benefits after losing judicial battles. It grew to 6.78 billion reais ($3.33 billion) from 4.33 billion reais in February, the central bank reported in Brasilia yesterday.
Read more at Bloomberg Currencies News
Indonesia's Gas Negara First-Quarter Profit Falls on Foreign-Exchange Loss
(Bloomberg) -- PT Perusahaan Gas Negara, Indonesia's biggest publicly traded energy company, said its first-quarter profit fell 26 percent as a foreign-exchange loss countered a rise in revenue from transporting gas.
Net income in the three months ended March 31 declined to 514.5 billion rupiah ($57 million) from 693.6 billion rupiah a year earlier, Gas Negara said in an e-mailed statement yesterday. Gas Negara posted a foreign-exchange loss of 95.35 billion rupiah as a weaker rupiah raised the foreign-currency debt burden.
Read more at Bloomberg Emerging Markets News
Net income in the three months ended March 31 declined to 514.5 billion rupiah ($57 million) from 693.6 billion rupiah a year earlier, Gas Negara said in an e-mailed statement yesterday. Gas Negara posted a foreign-exchange loss of 95.35 billion rupiah as a weaker rupiah raised the foreign-currency debt burden.
Read more at Bloomberg Emerging Markets News
Gold Rises in Asian Trading as Dollar Declines Versus Euro, Silver Gains
(Bloomberg) -- Gold rose in Asian trading as the dollar traded near a record low against the euro, boosting the appeal of the precious metal as an alternative investment. Silver also gained.
The dollar fell before the release today of housing figures in the U.S. that may add to signs the world's largest economy is slowing. Gold, which rose to an 11-month high of $694.25 on April 23, has gained 6.5 percent this year, while the euro has risen 3.4 percent against the dollar. Financial markets are closed today in China, South Korea, Hong Kong and Singapore.
Read more at Bloomberg Commodities News
The dollar fell before the release today of housing figures in the U.S. that may add to signs the world's largest economy is slowing. Gold, which rose to an 11-month high of $694.25 on April 23, has gained 6.5 percent this year, while the euro has risen 3.4 percent against the dollar. Financial markets are closed today in China, South Korea, Hong Kong and Singapore.
Read more at Bloomberg Commodities News
Indonesia's Stock Index Declines; Gas Negara Slips, Bumi, Timah Advance
(Bloomberg) -- Indonesia's key stock index fell, led by PT Perusahaan Gas Negara and PT United Tractors after the companies reported first-quarter earnings declined. PT Timah and PT Bumi Resources climbed after saying earnings surged.
The Jakarta Composite index lost 5.42, or 0.3 percent, to 1993.74 as of 9:40 a.m. local time. More than three stocks rose for each that fell.
Read more at Bloomberg Stocks News
The Jakarta Composite index lost 5.42, or 0.3 percent, to 1993.74 as of 9:40 a.m. local time. More than three stocks rose for each that fell.
Read more at Bloomberg Stocks News
Oracle asks court to make SAP preserve documents
(Reuters) - SAP, which could not be reached immediately for comment, has denied the accusations.
Oracle said in a U.S. district court filing late on Monday it has repeatedly requested information and assurances that SAP would preserve documents, but questioned SAP's willingness to do so.
Read more at Reuters.com Business News
Oracle said in a U.S. district court filing late on Monday it has repeatedly requested information and assurances that SAP would preserve documents, but questioned SAP's willingness to do so.
Read more at Reuters.com Business News
Vornado buys H Street interest, settles litigation
(Reuters) - The announcement follows Vornado's 2005 acquisition of H Street Building Corp., which owns a 50-percent interest in the assets in Pentagon City, Virginia, and Washington, D.C.
Vornado also agreed to sell about 19.6 acres of the 34 acres of land to the existing ground lessee in one or more closings over a two-year period for about $220 million.
Read more at Reuters.com Mergers News
Vornado also agreed to sell about 19.6 acres of the 34 acres of land to the existing ground lessee in one or more closings over a two-year period for about $220 million.
Read more at Reuters.com Mergers News
Peru will negotiate Paris Club prepayment May 23
(Reuters) - "I can announce that we formally have a date. We will be negotiating with the Paris Club on May 23 and we will take along a proposal," Economy Minister Luis Carranza was quoted as saying.
Carranza said in March the payment could be made during the second quarter of this year, resembling an operation from 2005 when the government paid back $1.56 billion to the Paris Club to reduce its future interest payments.
Read more at Reuters.com Bonds News
Carranza said in March the payment could be made during the second quarter of this year, resembling an operation from 2005 when the government paid back $1.56 billion to the Paris Club to reduce its future interest payments.
Read more at Reuters.com Bonds News
UPDATE 4-Peru mining strike backed by minority of workers
(Reuters) - LIMA, April 30 - Peru's largest mining union launched a nationwide strike on Monday to demand better job benefits, drawing only partial support from workers in a protest the government described as a flop.
Some mines were affected by the walkout, although workers at many of the country's top pits reported for duty.
Read more at Reuters.com Bonds News
Some mines were affected by the walkout, although workers at many of the country's top pits reported for duty.
Read more at Reuters.com Bonds News
UPDATE 1-Grupo Mexico 1st-quarter net profit soars
(Reuters) - Grupo Mexico, whose output last year was hit by strikes, reported a 18.6 percent rise in quarterly revenue to $1.575 billion and said EBITDA rose 24 percent to $941.3 million.
It said metals prices recovered in February and March after a drop in January, thanks to strong demand from Asia and other markets, low world inventories, bottlenecks in the refining stage, lower ore grades and high demand from investment funds.
Read more at Reuters.com Market News
It said metals prices recovered in February and March after a drop in January, thanks to strong demand from Asia and other markets, low world inventories, bottlenecks in the refining stage, lower ore grades and high demand from investment funds.
Read more at Reuters.com Market News
Alaska Air, Appliance Recycling, Ceragon, Rockwood: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges. Stock symbols are in parentheses after company names. Share prices are as of 3 p.m. New York time.
Alaska Air Group Inc. (ALK US) fell for a third day, dropping $2.21, or 6.9 percent, to $29.67 and trading as low as $29.65. The parent of Alaska Airlines and regional carrier Horizon Air was downgraded April 27 at JPMorgan to ``underweight'' from ``overweight'' on concern overcapacity and a weakening economy will hurt profit.
Read more at Bloomberg Stocks News
Alaska Air Group Inc. (ALK US) fell for a third day, dropping $2.21, or 6.9 percent, to $29.67 and trading as low as $29.65. The parent of Alaska Airlines and regional carrier Horizon Air was downgraded April 27 at JPMorgan to ``underweight'' from ``overweight'' on concern overcapacity and a weakening economy will hurt profit.
Read more at Bloomberg Stocks News
UPDATE 1-One-time gain helps Chile Cencosud profit triple
(Reuters) - Cencosud, one of the biggest retailers in Latin America in terms of sales thanks to its ownership of supermarkets, hypermarkets, department stores and home improvement outlets, said profit rose to 56.512 billion pesos from 15.739 billion a year earlier.
Earnings were slightly higher than expected. The median forecast of six analysts polled by Reuters was 53.311 billion pesos.
Read more at Reuters.com Market News
Earnings were slightly higher than expected. The median forecast of six analysts polled by Reuters was 53.311 billion pesos.
Read more at Reuters.com Market News
ISE board accepts D. Boerse offer - source
(Reuters) - Deutsche Boerse wants to buy ISE to expand in the fast-growing global market for options trading. ISE is the largest U.S. equity options market. The companies could not be immediately reached for comment.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Mylan says preliminary injunction on generic Norvasc denied
(Reuters) - U.S. Food and Drug Administration had decided against approving generic versions of Norvasc other than an already launched generic version made by Mylan.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Morgan Stanley sets emerging mkt domestic debt fund
(Reuters) - "The growth of local currency emerging market domestic debt represents the next phase of development for emerging markets economies and offers a diversification option for U.S.- based investors," Abigail McKenna, managing director and a portfolio manager for the Fund, said in a statement.
"The Emerging Markets Domestic Debt Fund provides exposure to improving emerging market fundamentals through investments in a regionally diversified group of sovereign government bonds denominated in a diversified basket of emerging market currencies."
Read more at Reuters.com Bonds News
"The Emerging Markets Domestic Debt Fund provides exposure to improving emerging market fundamentals through investments in a regionally diversified group of sovereign government bonds denominated in a diversified basket of emerging market currencies."
Read more at Reuters.com Bonds News
AmeriGas to buy US propane distribution business of Shell
(Reuters) - The sale is expected to occur during the second quarter. The business, Shell Gas USA, sells over 13 million gallons of propane annually to nearly 20,000 customers from twelve locations in Michigan.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Trade data helps lift S.African stocks; miners slip
(Reuters) - South African stocks inched higher on Monday as a smaller-than-expected trade deficit eased worries about a possible interest rate hike, but weaker precious metal prices hit gold and platinum miners.
Traders said firmer European bourses had also helped sentiment, and noted volumes were thin as most investors took the day off ahead of the May Day holiday on Tuesday.
Read more at Reuters Africa
Traders said firmer European bourses had also helped sentiment, and noted volumes were thin as most investors took the day off ahead of the May Day holiday on Tuesday.
Read more at Reuters Africa
UPDATE 2-RBC Capital Markets to buy Seasongood & Mayer
(Reuters) - Terms of the deal, which is slated to close in the second quarter of this year, were not disclosed.
Larry Holtz, RBC's municipal markets head, said Ohio, one of the top states for municipal debt issuance, was a key strategic growth area for RBC.
Read more at Reuters.com Bonds News
Larry Holtz, RBC's municipal markets head, said Ohio, one of the top states for municipal debt issuance, was a key strategic growth area for RBC.
Read more at Reuters.com Bonds News
Turkish Markets Plunge as Army Threatens to Block Presidential Candidate
(Bloomberg) -- Turkey's lira fell the most in seven months and bonds and stocks slumped after the military threatened to block the ruling party's presidential candidate because of his support for Islamist causes.
The lira fell 2.43 percent, trading at 1.3678 to the dollar at 6:16 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 81 basis points to 19.14 percent. The benchmark stock index declined 4 percent, erasing $7.8 billion in stock market value.
Read more at Bloomberg Emerging Markets News
The lira fell 2.43 percent, trading at 1.3678 to the dollar at 6:16 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 81 basis points to 19.14 percent. The benchmark stock index declined 4 percent, erasing $7.8 billion in stock market value.
Read more at Bloomberg Emerging Markets News
Alexander Forbes says s'holders to back amended buy-out
(Reuters) - South African financial services firm Alexander Forbes said on Monday shareholders holding 64 percent of eligible voting shares had agreed to back an amended 8.8 billion rand private equity buyout of the firm.
Alexander Forbes said in a statement it was finalising documentation to amend the scheme to include a re-investment option for existing shareholders.
Read more at Reuters Africa
Alexander Forbes said in a statement it was finalising documentation to amend the scheme to include a re-investment option for existing shareholders.
Read more at Reuters Africa
Calpine Calif. Delta natgas plant back in service
(Reuters) - One MW powers about 700 homes in California.
Calpine, of San Jose, California, owns and operates about 25,000 MW of generating capacity in operation and under construction and markets energy commodities in North America.
Read more at Reuters.com Bonds News
Calpine, of San Jose, California, owns and operates about 25,000 MW of generating capacity in operation and under construction and markets energy commodities in North America.
Read more at Reuters.com Bonds News
US STOCKS-Wall St flat in pause after April runup
(Reuters) - NEW YORK, April 30 - U.S. stocks were little changed on Monday as investors paused after a month-long rally that saw the Dow set record highs and left stocks poised for the best monthly performance in more than three years.
March inflation data was reassuring, showing core personal consumption expenditures surprisingly unchanged.
Read more at Reuters.com Bonds News
March inflation data was reassuring, showing core personal consumption expenditures surprisingly unchanged.
Read more at Reuters.com Bonds News
U.S. March construction spending up 0.2 pct
(Reuters) - Private residential building fell 1 percent to $568.8 billion in March. Construction in that sector was up by 1.8 percent in February, the Commerce Department said on Monday, revising its original estimate of a 1 percent decline. February's rise was the first after 10 straight monthly declines in that residential component of construction spending.
Private nonresidential construction rose 2.4 percent in March to an all-time high of $331.5 billion. Federal construction spending in March was down 4.1 percent from the previous month.
Read more at Reuters.com Economic News
Private nonresidential construction rose 2.4 percent in March to an all-time high of $331.5 billion. Federal construction spending in March was down 4.1 percent from the previous month.
Read more at Reuters.com Economic News
UPDATE 1-RBC Capital Markets to buy Seasongood & Mayer
(Reuters) - Terms of the deal, which is slated to close in the second quarter of this year, were not disclosed.
As part of the deal, RBC has also agreed to acquire Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients.
Read more at Reuters.com Mergers News
As part of the deal, RBC has also agreed to acquire Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients.
Read more at Reuters.com Mergers News
CORRECTED (OFFICIAL)-Cameco profit falls on lower sales
(Reuters) - Cameco, the world's biggest uranium producer, said it earned C$59 million , or 16 Canadian cents per share, in the quarter to March 31, down from C$112 million, or 30 Canadian cents a share, in the same period a year earlier.
Revenues fell to C$409 million, from C$542 million in the first quarter of 2006.
Read more at Reuters.com Market News
Revenues fell to C$409 million, from C$542 million in the first quarter of 2006.
Read more at Reuters.com Market News
UPDATE 1-Nuveen quarterly profit up 17 pct, beats estimates
(Reuters) - Nuveen, a diversified fund products firm, said in a statement its broad investment capabilities positioned it well for "continued growth."
Net income in the quarter rose to $52.3 million, or 63 cents a share, from $44.9 million, or 54 cents a share in the same quarter a year ago.
Read more at Reuters.com Market News
Net income in the quarter rose to $52.3 million, or 63 cents a share, from $44.9 million, or 54 cents a share in the same quarter a year ago.
Read more at Reuters.com Market News
UPDATE 3-Mexico's Femsa quarterly net falls 12 pct
(Reuters) - Femsa , down from 1.194 billion pesos a year earlier.
Femsa's shares fell 2.45 percent to 116.32 pesos in Mexico. The company's New York-traded stock lost 2.32 percent to $106.61.
Read more at Reuters.com Market News
Femsa's shares fell 2.45 percent to 116.32 pesos in Mexico. The company's New York-traded stock lost 2.32 percent to $106.61.
Read more at Reuters.com Market News
UPDATE 1-Steel distributor PNA Group files for IPO
(Reuters) - The distributor of steel products and provider of steel processing services said Citi, UBS Investment Bank, and Goldman Sachs & Co. are underwriting the IPO.
The preliminary filing with the U.S. Securities and Exchange Commission did not detail how many shares the company plans to sell or the expected price of the shares, as those details will likely be in future filings.
Read more at Reuters.com Government Filings News
The preliminary filing with the U.S. Securities and Exchange Commission did not detail how many shares the company plans to sell or the expected price of the shares, as those details will likely be in future filings.
Read more at Reuters.com Government Filings News
Turkish Lira Plunges as Army Threatens to Block Presidential Candidate
(Bloomberg) -- Turkey's lira fell the most in two months and bonds and stocks slumped after the military threatened to block the ruling party's presidential candidate because of his support for Islamist causes.
The lira fell 2.2 percent, trading at 1.3654 to the dollar at 4:14 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 77 basis points to 19.10 percent. The benchmark stock index declined 5 percent.
Read more at Bloomberg Currencies News
The lira fell 2.2 percent, trading at 1.3654 to the dollar at 4:14 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 77 basis points to 19.10 percent. The benchmark stock index declined 5 percent.
Read more at Bloomberg Currencies News
Oil Falls on Expectations of Reduced Demand After U.S. Refiners Shut Units
(Bloomberg) -- Crude oil fell on speculation that demand will declined because U.S. refiners unexpectedly shut units over the weekend.
Exxon Mobil Corp., Citgo Petroleum Corp. and Gary-Williams Energy Co. cut output at refineries in Texas and Oklahoma since April 27. U.S. refiners are finishing maintenance and starting to maximize gasoline output as they prepare for the summer driving season. U.S. gasoline demand peaks between the Memorial Day holiday in late May and Labor Day in early September.
Read more at Bloomberg Energy News
Exxon Mobil Corp., Citgo Petroleum Corp. and Gary-Williams Energy Co. cut output at refineries in Texas and Oklahoma since April 27. U.S. refiners are finishing maintenance and starting to maximize gasoline output as they prepare for the summer driving season. U.S. gasoline demand peaks between the Memorial Day holiday in late May and Labor Day in early September.
Read more at Bloomberg Energy News
Pitney Bowes posts lower first-quarter profit
(Reuters) - Earnings from continuing operations rose to 66 cents a share from 60 cents a share in the year-ago quarter, while revenue rose 4 percent to $1.41 billion.
Analysts, on average, expected the company to post a profit of 67 cents per share on revenue of $1.44 billion, according to Reuters Estimates.
Read more at Reuters.com Business News
Analysts, on average, expected the company to post a profit of 67 cents per share on revenue of $1.44 billion, according to Reuters Estimates.
Read more at Reuters.com Business News
Wrigley posts higher profit
(Reuters) - Excluding items, the company earned 50 cents a share.
Analysts on average had forecast 47 cents a share, according to Reuters Estimates.
Read more at Reuters.com Business News
Analysts on average had forecast 47 cents a share, according to Reuters Estimates.
Read more at Reuters.com Business News
Euro zone April inflation dips, sentiment stable
(Reuters) - Euro zone inflation slowed as expected in April and inflation expectations fell among companies and consumers, with economic sentiment broadly stable and data pointing to a peak in the business cycle.
European Union statistics office Eurostat said prices in the 13 countries using the euro rose 1.8 percent year-on-year this month, slowing from 1.9 percent annual growth in March. The first estimate does not give monthly data or any details.
Read more at Reuters Africa
European Union statistics office Eurostat said prices in the 13 countries using the euro rose 1.8 percent year-on-year this month, slowing from 1.9 percent annual growth in March. The first estimate does not give monthly data or any details.
Read more at Reuters Africa
Indonesian Government Bonds Gain on View Inflation to Slow; Rupiah Drops
(Bloomberg) -- Indonesia's 10-year bonds rose for a 10th day on speculation a government report tomorrow will show inflation is slowing, allowing the central bank to resume cutting interest rates next month. The rupiah fell.
The securities completed a secondly monthly advance before the report, which is forecast to say consumer prices rose 0.1 percent in April from a month earlier, compared with March's 0.24 percent increase, according to the median forecast in a Bloomberg News survey. The central bank will on May 8 decide whether to resume lowering rates after a pause this month.
Read more at Bloomberg Bonds News
The securities completed a secondly monthly advance before the report, which is forecast to say consumer prices rose 0.1 percent in April from a month earlier, compared with March's 0.24 percent increase, according to the median forecast in a Bloomberg News survey. The central bank will on May 8 decide whether to resume lowering rates after a pause this month.
Read more at Bloomberg Bonds News
Treasuries Gain as Fed's Inflation Rate Is Less Than Forecast During March
(Bloomberg) -- U.S. Treasuries increased after a government report showed a measure of inflation closely watched by the Federal Reserve was less than forecast in March.
The report may add to speculation that price increases are slowing, allowing the central bank scope to lower interest rates later this year.
Read more at Bloomberg Bonds News
The report may add to speculation that price increases are slowing, allowing the central bank scope to lower interest rates later this year.
Read more at Bloomberg Bonds News
UPDATE 1-MHI Hospitality, Carlyle in JV to buy, manage hotels
(Reuters) - Carlyle's flagship U.S. real estate fund, Carlyle Realty Partners V , will commit up to $100 million of equity capital to the joint venture for 36 months, MHI Hospitality said in a statement.
MHI Hospitality will identify potential investment opportunities worth more than $30 million and Carlyle will fund up to 90 percent of the acquisition, it said.
Read more at Reuters.com Mergers News
MHI Hospitality will identify potential investment opportunities worth more than $30 million and Carlyle will fund up to 90 percent of the acquisition, it said.
Read more at Reuters.com Mergers News
UPDATE 2-Eni pays Dominion $4.76 bln for U.S. Gulf assets
(Reuters) - Eni, which produced 1.769 million barrels of oil equivalent per day at the end of 2006, said in a statement the deal would boost its production in the area by over 74,000 barrels of oil equivalent per day in the second half of 2007.
In the period from 2007-2010, production from the new assets would average more than 75,000 boepd, Eni added.
Read more at Reuters.com Mergers News
In the period from 2007-2010, production from the new assets would average more than 75,000 boepd, Eni added.
Read more at Reuters.com Mergers News
South African Rand Falls to Two-Week Low on Turkey Concern, Rates Outlook
(Bloomberg) -- The South African rand fell to its lowest in two weeks as political instability in Turkey caused investors to sell riskier emerging market assets.
The rand was the second worst performer versus the dollar today after the Turkish lira, as Turkey's military threatened to block the government's presidential candidate, pushing emerging market currencies lower. The rand also fell on speculation its rise to above 7 per dollar for the first time in three months last week wasn't warranted by the interest rate outlook.
Read more at Bloomberg Currencies News
The rand was the second worst performer versus the dollar today after the Turkish lira, as Turkey's military threatened to block the government's presidential candidate, pushing emerging market currencies lower. The rand also fell on speculation its rise to above 7 per dollar for the first time in three months last week wasn't warranted by the interest rate outlook.
Read more at Bloomberg Currencies News
European Stocks Advance, Paced by Telefonica, Skanska, Cable & Wirless
(Bloomberg) -- European stocks advanced, headed for the biggest monthly gain this year, after takeovers increased in the telecommunications industry and expectations of higher earnings lifted construction companies.
Telefonica SA rose after the Spanish phone company and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Telecom Italia SpA. Skanska AB rallied after Deutsche Bank AG said shares of the world's fourth-biggest building company should benefit from solid profit results.
Read more at Bloomberg Stocks News
Telefonica SA rose after the Spanish phone company and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Telecom Italia SpA. Skanska AB rallied after Deutsche Bank AG said shares of the world's fourth-biggest building company should benefit from solid profit results.
Read more at Bloomberg Stocks News
Crude Oil Gives Up Earlier Gains, Drops Close to $66 a Barrel in New York
(Bloomberg) -- Crude oil fell in New York trading, dropping close to $66 a barrel.
Crude oil for June delivery fell to $66.16 a barrel, down 30 cents, in after-hours electronic trading on the New York Mercantile Exchange by 8:55 a.m. in London.
Read more at Bloomberg Energy News
Crude oil for June delivery fell to $66.16 a barrel, down 30 cents, in after-hours electronic trading on the New York Mercantile Exchange by 8:55 a.m. in London.
Read more at Bloomberg Energy News
Australian Farmers to Start Sowing Wheat After Rain; Cattle Prices Climb
(Bloomberg) -- Grain growers in Australia, the world's third-largest wheat and canola exporter, may begin sowing this week after rain increased optimism of a break in one of the country's worst droughts in a century.
``Sowing will start everywhere,'' Brett Stevenson, managing director of Sydney-based forecaster AgRisk Management Pty. said. ``From the point of view of the 2007 cropping season, it's definitely the most meaningful rain we've had.''
Read more at Bloomberg Commodities News
``Sowing will start everywhere,'' Brett Stevenson, managing director of Sydney-based forecaster AgRisk Management Pty. said. ``From the point of view of the 2007 cropping season, it's definitely the most meaningful rain we've had.''
Read more at Bloomberg Commodities News
FTSE 100 Stocks Including Cable & Wireless Rise; Daily Mail SharesDecline
(Bloomberg) -- U.K. stocks including Cable & Wireless Plc and Next Plc rose. Daily Mail & General Trust Plc and InterContinental Hotels Group Plc paced declining shares.
The benchmark FTSE 100 Index rose 4.4, or 0.1 percent, to 6423.1. at 8:10 a.m. The FTSE All-Share Index climbed less than 0.1 percent to 3342.79. Ireland's ISEQ Index added 0.6 percent to 9523.06.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index rose 4.4, or 0.1 percent, to 6423.1. at 8:10 a.m. The FTSE All-Share Index climbed less than 0.1 percent to 3342.79. Ireland's ISEQ Index added 0.6 percent to 9523.06.
Read more at Bloomberg Stocks News
Rand falls up to 1.7 pct vs dollar
(Reuters) - South Africa's rand weakened up to 1.7 percent against the dollar early on Monday, as political turmoil in Turkey and moves by China to raise banks' statutory reserves weighed on emerging market sentiment.
The rand stood at 7.1222 to the dollar at 0709 GMT, 1.24 percent softer than its last New York close of 7.0400. It earlier dipped to 7.1650, its weakest level since April 18.
Read more at Reuters Africa
The rand stood at 7.1222 to the dollar at 0709 GMT, 1.24 percent softer than its last New York close of 7.0400. It earlier dipped to 7.1650, its weakest level since April 18.
Read more at Reuters Africa
Shanghai copper up 1 pct before week-long break
(Reuters) - Shanghai copper rose 1 percent on Monday ahead of a week-long holiday but investors were unconcerned about the possibility of the sharp rises typically seen in London futures when Shanghai is closed.
The most active July copper contract on the Shanghai Futures Exchange rose 640 yuan or 0.9 percent from Friday to 68,900 yuan a tonne at 0111 GMT.
Read more at Reuters Africa
The most active July copper contract on the Shanghai Futures Exchange rose 640 yuan or 0.9 percent from Friday to 68,900 yuan a tonne at 0111 GMT.
Read more at Reuters Africa
Kookmin Bank Reports Record First-Quarter Profit on Sale of LG Card Stake
(Bloomberg) -- Kookmin Bank, South Korea's largest by assets, reported record first-quarter profit on gains from its sale of a stake in credit card firm LG Card Co.
Net income rose 47 percent to 1.18 trillion won ($1.27 billion) from 803 billion won a year earlier, the Seoul-based bank said in a regulatory filing today. Operating profit increased 51 percent to 1.63 trillion won from a revised 1.08 trillion won.
Read more at Bloomberg Emerging Markets News
Net income rose 47 percent to 1.18 trillion won ($1.27 billion) from 803 billion won a year earlier, the Seoul-based bank said in a regulatory filing today. Operating profit increased 51 percent to 1.63 trillion won from a revised 1.08 trillion won.
Read more at Bloomberg Emerging Markets News
European Commodity Stocks, BHP May Gain; Royal Bank of Scotland Might Fall
(Bloomberg) -- European commodity stocks may gain, paced by BHP Billiton Ltd. and Anglo American Plc, after metal prices advanced.
Royal Bank of Scotland Group Plc might drop after the Wall Street Journal reported it had lined up most of the funds needed to pay for a bid for ABN Amro Holding NV. Telecom Italia SpA may rise after Telefonica SA and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Italy's biggest phone company
Read more at Bloomberg Stocks News
Royal Bank of Scotland Group Plc might drop after the Wall Street Journal reported it had lined up most of the funds needed to pay for a bid for ABN Amro Holding NV. Telecom Italia SpA may rise after Telefonica SA and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Italy's biggest phone company
Read more at Bloomberg Stocks News
Sunday, April 29, 2007
U.S. Consumer Spending, Incomes Probably Grew Last Month, Economists Say
(Bloomberg) -- Personal spending in the U.S. probably increased in March as incomes grew, giving the economy a lift heading into the second quarter, economists said before a report today.
The Commerce Department will report that spending increased 0.5 percent following a 0.6 percent gain a month earlier, according to the median estimate in a Bloomberg News survey of 58 economists. Other reports may show slower growth in construction and U.S. business activity.
Read more at Bloomberg Bonds News
The Commerce Department will report that spending increased 0.5 percent following a 0.6 percent gain a month earlier, according to the median estimate in a Bloomberg News survey of 58 economists. Other reports may show slower growth in construction and U.S. business activity.
Read more at Bloomberg Bonds News
U.K. Pound May Rise Versus Dollar on Speculation BOE to Lift Interest Rate
(Bloomberg) -- The U.K. pound may advance before U.K. and U.S. reports this week that will probably reinforce views that the interest-rate premium the pound has over the dollar will widen further.
The pound fell last week as the rally that pushed it to a 26-year high versus the dollar was judged by traders as being too rapid. Data this week may show money supply growth quickened in March and gains in house prices held above 10 percent in the three months to April. U.S. reports may show personal spending grew at a slower pace in March while inflation slowed.
Read more at Bloomberg Currencies News
The pound fell last week as the rally that pushed it to a 26-year high versus the dollar was judged by traders as being too rapid. Data this week may show money supply growth quickened in March and gains in house prices held above 10 percent in the three months to April. U.S. reports may show personal spending grew at a slower pace in March while inflation slowed.
Read more at Bloomberg Currencies News
Air Liquide, Antevenio, Carrefour and Belvedere: French Equity Preview
(Bloomberg) -- The following stocks may rise or fall on the Paris stock exchange today. Symbols are in parentheses after company names. Prices are from the April 27 close.
The benchmark CAC 40 Index slipped 13.67, or 0.2 percent, to 5930.77. The broader SBF 120 Index also declined 0.2 percent.
Read more at Bloomberg Stocks News
The benchmark CAC 40 Index slipped 13.67, or 0.2 percent, to 5930.77. The broader SBF 120 Index also declined 0.2 percent.
Read more at Bloomberg Stocks News
Indian Government Bonds Drop on Speculation Banks Will Sell to Raise Cash
(Bloomberg) -- India's 10-year bonds fell for a third day as banks sold debt to raise cash, after increasing reserves to meet new central bank regulations.
Yields rose to the highest in more than three weeks after banks were required to raise cash set aside as reserves to 6.5 percent of deposits from 6.25 percent, starting from April 28. That drained 77.5 billion rupees ($1.9 billion) from the banking system. Bonds also fell on concern payment for government debt sold on April 27 will further reduce banks' spare cash.
Read more at Bloomberg Bonds News
Yields rose to the highest in more than three weeks after banks were required to raise cash set aside as reserves to 6.5 percent of deposits from 6.25 percent, starting from April 28. That drained 77.5 billion rupees ($1.9 billion) from the banking system. Bonds also fell on concern payment for government debt sold on April 27 will further reduce banks' spare cash.
Read more at Bloomberg Bonds News
U.K. House Prices Gain Most in Almost Four Years in April, Hometrack Says
(Bloomberg) -- U.K. house prices advanced the most in almost four years in April as London buyers snapped up properties, according to a survey by Hometrack Ltd.
The average cost of a home in England and Wales rose an annual 6.8 percent, the most since June 2003, to 174,600 pounds ($350,000), the London-based research company said today. Prices rose 0.7 percent on the month. The figures are based on a survey of 3,500 real-estate agents.
Read more at Bloomberg Bonds News
The average cost of a home in England and Wales rose an annual 6.8 percent, the most since June 2003, to 174,600 pounds ($350,000), the London-based research company said today. Prices rose 0.7 percent on the month. The figures are based on a survey of 3,500 real-estate agents.
Read more at Bloomberg Bonds News
Gold Falls in Asia as Japan Holiday Reduces Investor Demand; Silver Drops
(Bloomberg) -- Gold fell in Asia today amid reduced investor demand due to a national holiday in Japan. Silver also fell.
Gold, which reached a two-week low of $671.15 on April 27, last week fell for the first week in eight as investors bet the recent rise to an 11-month high was overdone. Trading will be subdued because of a public holiday in Japan today, May 3 and May 4, and in China from tomorrow until May 4.
Read more at Bloomberg Commodities News
Gold, which reached a two-week low of $671.15 on April 27, last week fell for the first week in eight as investors bet the recent rise to an 11-month high was overdone. Trading will be subdued because of a public holiday in Japan today, May 3 and May 4, and in China from tomorrow until May 4.
Read more at Bloomberg Commodities News
Telkom Indonesia's First-Quarter Profit Drops on Rising Connection Costs
(Bloomberg) -- PT Telekomunikasi Indonesia, the nation's biggest company by market value, reported first-quarter profit fell 12 percent as higher costs of using rivals' networks offset gains in subscribers at its mobile-phone unit.
Unaudited net income at the state-owned telecommunications company known as Telkom declined to 3.04 trillion rupiah ($335 million) in the three months ended March 31, from 3.46 trillion rupiah a year earlier, the company said in an e-mailed statement yesterday. Telkom has yet to announce its 2006 earnings.
Read more at Bloomberg Emerging Markets News
Unaudited net income at the state-owned telecommunications company known as Telkom declined to 3.04 trillion rupiah ($335 million) in the three months ended March 31, from 3.46 trillion rupiah a year earlier, the company said in an e-mailed statement yesterday. Telkom has yet to announce its 2006 earnings.
Read more at Bloomberg Emerging Markets News
ICICI Bank's Stock May Decline on Plans for India's Biggest Sale of Shares
(Bloomberg) -- ICICI Bank Ltd.'s plan for the biggest share sale by an Indian company may prompt investors to sell its stock on concern it could dilute earnings of the nation's largest lender by market value.
The bank plans to raise 200 billion rupees ($4.9 billion) by selling stock in India and American depositary shares in June, Chief Executive K.V. Kamath said April 28. Its equity will increase 20 percent. Mumbai-based ICICI raised 80 billion rupees in 2005 to meet demand for loans from companies and consumers in the world's fastest-growing major economy after China.
Read more at Bloomberg Emerging Markets News
The bank plans to raise 200 billion rupees ($4.9 billion) by selling stock in India and American depositary shares in June, Chief Executive K.V. Kamath said April 28. Its equity will increase 20 percent. Mumbai-based ICICI raised 80 billion rupees in 2005 to meet demand for loans from companies and consumers in the world's fastest-growing major economy after China.
Read more at Bloomberg Emerging Markets News
IJM Corp, U.K. Government, Saad Planning Debt Sales: Islamic Bond Alert
(Bloomberg) -- The following is a list of pending Islamic bond sales. The securities comply with the religion's ban on paying interest and on investing in companies that have businesses in alcohol, tobacco or gaming.
IJM CORP., Malaysia's second-largest builder, plans to raise 1.42 billion ringgit ($415 million) in May from an Islamic bond sale to help fund a toll road outside the capital. IJM's toll- road unit Lebuhraya Kajang-Seremban Sdn. will gauge investor demand over the next two weeks before offering the securities to investors, said Kok Tuck Cheong, managing director at AmInvestment Bank Bhd., which is arranging the sale with Bank Muamalat Malaysia Bhd.
Read more at Bloomberg Bonds News
IJM CORP., Malaysia's second-largest builder, plans to raise 1.42 billion ringgit ($415 million) in May from an Islamic bond sale to help fund a toll road outside the capital. IJM's toll- road unit Lebuhraya Kajang-Seremban Sdn. will gauge investor demand over the next two weeks before offering the securities to investors, said Kok Tuck Cheong, managing director at AmInvestment Bank Bhd., which is arranging the sale with Bank Muamalat Malaysia Bhd.
Read more at Bloomberg Bonds News
UPDATE 1-Peru miners say talks with gov't failed, strike on
(Reuters) - LIMA, April 29 - Peru's largest miners' union on Sunday rejected a last-minute government proposal to avert a nationwide strike, and said an indefinite walkout would begin at midnight.
The two sides had negotiated at length since Thursday to try to reach an accord, but the talks faltered, according to Luis Castillo, president of the National Federation of Metallurgic and Steel Miners.
Read more at Reuters.com Bonds News
The two sides had negotiated at length since Thursday to try to reach an accord, but the talks faltered, according to Luis Castillo, president of the National Federation of Metallurgic and Steel Miners.
Read more at Reuters.com Bonds News
Indonesia Inflation Probably Held at Highest Rate in Three Months in April
(Bloomberg) -- Indonesia's inflation probably held at a three-month high in April, reducing the scope for the central bank to further cut interest rates to spur growth.
Consumer prices rose 6.5 percent from a year earlier, matching the gain reported in March, according to the median forecast of 21 economists surveyed by Bloomberg. The Central Statistics Bureau will release the data tomorrow in Jakarta.
Read more at Bloomberg Bonds News
Consumer prices rose 6.5 percent from a year earlier, matching the gain reported in March, according to the median forecast of 21 economists surveyed by Bloomberg. The Central Statistics Bureau will release the data tomorrow in Jakarta.
Read more at Bloomberg Bonds News
Allgreen, Ascott, CapitaLand, Chip Eng Seng: Singapore's Equity Preview
(Bloomberg) -- The following shares may rise or fall in Singapore. Stock symbols are in brackets and prices are from the previous market close.
The Straits Times Index fell 0.2 percent to 3398.60 on April 27. The May futures contract slid 0.6 percent to 413.9.
Read more at Bloomberg Stocks News
The Straits Times Index fell 0.2 percent to 3398.60 on April 27. The May futures contract slid 0.6 percent to 413.9.
Read more at Bloomberg Stocks News
BCE sees completing strategic review in 3rd qtr
(Reuters) - BCE said it would open an electronic data room this week that will be available to any qualified bidder. Potential bidders would also be required to sign standard confidentiality and standstill agreements.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Japan's Yen, Thai Baht, Korea's Won, Indian Rupee: 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
American Real Estate shares overvalued -Barron's
(Reuters) - According to the article, American Real Estate's shares are worth only $65, significantly below their current value of $108.51.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Fed's Yellen says economic downturn possible
(Reuters) - The U.S. economy grew modestly in the first quarter but should accelerate in the second half of the year, she said in a speech to the American Academy of Arts and Sciences and the American Philosophical Society.
Enumerating the top current risks to stable economic conditions around the world, she said that in the U.S. economy "there is potential for a downturn that could have major spillover effects around the globe." The United States contributes roughly 25 percent to world economic output, she noted.
Read more at Reuters.com Business News
Enumerating the top current risks to stable economic conditions around the world, she said that in the U.S. economy "there is potential for a downturn that could have major spillover effects around the globe." The United States contributes roughly 25 percent to world economic output, she noted.
Read more at Reuters.com Business News
Zloty, Peso, Won, Rand Never Looked Better to Traders in Currency Options
(Bloomberg) -- Investments in emerging-market currencies, from the Mexican peso to the South Korean won, have never been safer.
The cost of options to protect against fluctuations in emerging-markets fell last week to a record low, a sign investors have grown more confident in the stability of developing countries, according to data compiled by JPMorgan Chase & Co.
Read more at Bloomberg Emerging Markets News
The cost of options to protect against fluctuations in emerging-markets fell last week to a record low, a sign investors have grown more confident in the stability of developing countries, according to data compiled by JPMorgan Chase & Co.
Read more at Bloomberg Emerging Markets News
Saudi's Tadawul Declines, Led by Samba; Abu Dhabi Shares Fall: Gulf Stocks
(Bloomberg) -- Shares in Saudi Arabia dropped for the first time in four trading days, paced by Samba Financial Group and Saudi Basic Industries Corp. Abu Dhabi's index also declined.
Saudi Arabia's Tadawul All Share Index lost 0.7 percent to 7407.84 at 12:21 p.m. local time, ending a three-day winning streak that added 4 percent to the benchmark.
Read more at Bloomberg Stocks News
Saudi Arabia's Tadawul All Share Index lost 0.7 percent to 7407.84 at 12:21 p.m. local time, ending a three-day winning streak that added 4 percent to the benchmark.
Read more at Bloomberg Stocks News
Saturday, April 28, 2007
UPDATE 1-China raises banks' required reserves again
(Reuters) - The People's Bank of China said big banks would have to hold 11 percent of their deposits in reserve at the central bank as from May 15, up from 10.5 percent now.
It is the fourth increase in reserve requirements this year and the seventh since June 2006.
Read more at Reuters.com Bonds News
It is the fourth increase in reserve requirements this year and the seventh since June 2006.
Read more at Reuters.com Bonds News
Fed's Yellen-downturn in US economy possible
(Reuters) - "I'd like to highlight three risks to the global economy. the first pertains to the U.S. economy, itself, where there is potential for a downturn that could have major spillover effects around the globe" she said.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Siemens chairman has 5 CEO candidates
(Reuters) - The new chairman of German conglomerate Siemens has a wish list of five candidates to succeed Chief Executive Klaus Kleinfeld, who resigned this week, German magazine Focus reported on Saturday.
Kleinfeld tendered his resignation on Wednesday after the supervisory board hesitated to renew his contract, which expires in September, leaving a power vacuum at Siemens after Heinrich von Pierer resigned as chairman last week.
Read more at Reuters Africa
Kleinfeld tendered his resignation on Wednesday after the supervisory board hesitated to renew his contract, which expires in September, leaving a power vacuum at Siemens after Heinrich von Pierer resigned as chairman last week.
Read more at Reuters Africa
Opel Belgian plant on strike at least to Thursday
(Reuters) - GM's decision is another blow for the auto industry in Belgium. Last year Volkswagen announced it would slash the workforce of its Brussels plant to 1,500 from over 5,000.
Europe's largest carmaker eventually offered the plant the prospect of building the new Audi A1, securing 2,200 jobs, but only after workers had accepted longer hours for the same pay.
Read more at Reuters.com Bonds News
Europe's largest carmaker eventually offered the plant the prospect of building the new Audi A1, securing 2,200 jobs, but only after workers had accepted longer hours for the same pay.
Read more at Reuters.com Bonds News
Air France raises fuel surcharge by 5 euros
(Reuters) - Air France-KLM said on Saturday it would raise its fuel surcharge on long-haul flights due to the rise in oil prices.
The airline said Air France would increase its fuel surcharge by 5 euros. The rise would not apply to short-haul and medium-haul flights.
Read more at Reuters Africa
The airline said Air France would increase its fuel surcharge by 5 euros. The rise would not apply to short-haul and medium-haul flights.
Read more at Reuters Africa
UN lifts Liberia diamond ban
(Reuters) - The U.N. Security Council on Friday lifted a 6-year-old ban on Liberian diamond exports aimed at stopping so-called blood diamonds -- used to finance wars in Africa -- from reaching the world market.
The unanimous vote by the 15-nation Council was in "recognition of the progress made by Liberia" in setting up controls on its diamonds, which helped fuel a 14-year civil war that ended in 2003, British Ambassador Emyr Jones Parry said.
Read more at Reuters Africa
The unanimous vote by the 15-nation Council was in "recognition of the progress made by Liberia" in setting up controls on its diamonds, which helped fuel a 14-year civil war that ended in 2003, British Ambassador Emyr Jones Parry said.
Read more at Reuters Africa
Friday, April 27, 2007
Peru miners, gov't to continue talks Saturday
(Reuters) - After meeting for roughly four hours, both sides agreed to suspend negotiations until Saturday at around noon .
"We agreed to meet tomorrow at 12 p.m. to look again at the proposals and see how we can resolve our problems," Luis Castillo, president of the National Federation of Metallurgic and Steel Miners, told Reuters on Friday.
Read more at Reuters.com Bonds News
"We agreed to meet tomorrow at 12 p.m. to look again at the proposals and see how we can resolve our problems," Luis Castillo, president of the National Federation of Metallurgic and Steel Miners, told Reuters on Friday.
Read more at Reuters.com Bonds News
Michael Dell says direct sales 'not a religion'
(Reuters) - In an April 25 memo to employees, Michael Dell outlined a strategy for reinvigorating the company he founded, after slowing growth over the past two years led it to repeatedly miss analysts' financial forecasts.
Dell, 42, replaced Kevin Rollins as chief executive on January 31, and is also the company's chairman.
Read more at Reuters.com Business News
Dell, 42, replaced Kevin Rollins as chief executive on January 31, and is also the company's chairman.
Read more at Reuters.com Business News
Curtiss-Wright, Insituform, Lydall, Massey: U.S. Equity Movers Final
(Bloomberg) -- The following is a list of companies whose shares had unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 4 p.m. in New York.
Avid Technology Inc. (AVID US) fell $4.68, or 12 percent, to $33.98. The maker of sound- and video-editing systems said it broke even in the fiscal first quarter. Seven analysts polled by Bloomberg, on average, estimated profit of 20 cents a share.
Read more at Bloomberg Stocks News
Avid Technology Inc. (AVID US) fell $4.68, or 12 percent, to $33.98. The maker of sound- and video-editing systems said it broke even in the fiscal first quarter. Seven analysts polled by Bloomberg, on average, estimated profit of 20 cents a share.
Read more at Bloomberg Stocks News
T.Italia may seek arbitration over Bolivian assets
(Reuters) - Earlier this week the Bolivian government issued two decrees aimed at re-nationalising Entel.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 2-Mexico ups limit for pension investment in stocks
(Reuters) - Private pension funds in Mexico previously could hold up to 15 percent of their portfolios in equities.
Mexico's fast-growing private pension funds manage about $68 billion in retirement savings, making them major players in the country's investment industry.
Read more at Reuters.com Bonds News
Mexico's fast-growing private pension funds manage about $68 billion in retirement savings, making them major players in the country's investment industry.
Read more at Reuters.com Bonds News
UPDATE 1-Chile's Concha y Toro 1st-quarter profit soars
(Reuters) - Profit totaled 5.793 billion pesos , compared with 1.425 billion pesos in the same period a year earlier.
Concha y Toro said earnings per American Depositary Receipt soared 307.2 percent to 30 cents per share, while revenue rose 36.1 percent to 54.351 billion pesos .
Read more at Reuters.com Market News
Concha y Toro said earnings per American Depositary Receipt soared 307.2 percent to 30 cents per share, while revenue rose 36.1 percent to 54.351 billion pesos .
Read more at Reuters.com Market News
Freeport-McMoRan Bonds Soar in a `1 in a 3,000' Event for Coprorate Debt
(Bloomberg) -- A rally in Freeport-McMoRan Copper & Gold Inc.'s newest bonds marks a one in 3,000 event for the corporate debt market, according to high-yield, high-risk securities analyst Martin Fridson.
Prices on $6 billion of junk bonds sold by the Phoenix-based company March 14 in the biggest such offering since the 1980s have risen as much as 12 cents on the dollar, according to Trace, the bond-price reporting system of the NASD. The gains drove yields on some of the securities down 1.76 percentage points.
Read more at Bloomberg Bonds News
Prices on $6 billion of junk bonds sold by the Phoenix-based company March 14 in the biggest such offering since the 1980s have risen as much as 12 cents on the dollar, according to Trace, the bond-price reporting system of the NASD. The gains drove yields on some of the securities down 1.76 percentage points.
Read more at Bloomberg Bonds News
Tyco starts buying back $6.6 bln of debt
(Reuters) - The move by Tyco, and certain Tyco subsidiaries that are issuers of its corporate debt, is part of the conglomerate's planned separation into three independent, publicly traded companies.
Tyco also said it expects subsidiary Tyco International Group to tender for all of its outstanding euro- and pound-denominated debt, worth about $1.9 billion.
Read more at Reuters.com Mergers News
Tyco also said it expects subsidiary Tyco International Group to tender for all of its outstanding euro- and pound-denominated debt, worth about $1.9 billion.
Read more at Reuters.com Mergers News
Canadian Stocks Fall on U.S. Growth Concerns; Bank of Montreal Declines
(Bloomberg) -- Canadian stocks fell, heading for their first weekly decline in four, on concern slower growth in the U.S. economy will hurt financial companies and exporters.
Financial shares fell the most among 10 industry groups after Bank of Montreal, Canada's fourth-biggest bank, said it will post a loss on commodities trades, reducing profit in the second quarter. Royal Bank of Canada, the country's biggest lender, also declined.
Read more at Bloomberg Stocks News
Financial shares fell the most among 10 industry groups after Bank of Montreal, Canada's fourth-biggest bank, said it will post a loss on commodities trades, reducing profit in the second quarter. Royal Bank of Canada, the country's biggest lender, also declined.
Read more at Bloomberg Stocks News
Mozambique to modernise key Beira fishing port
(Reuters) - Mozambique's government said on Friday it was embarking on a $19 million renovation of a key fishing port that was shut down in 2001 because it was damaged and obsolete.
The modernisation of the port at Beira, located about 1,250 km (775 miles) north of the capital Maputo, will begin in July and be funded by the Arab Bank and Islamic Fund for Development, said Herminio Tembe, Mozambique's national fisheries director.
Read more at Reuters Africa
The modernisation of the port at Beira, located about 1,250 km (775 miles) north of the capital Maputo, will begin in July and be funded by the Arab Bank and Islamic Fund for Development, said Herminio Tembe, Mozambique's national fisheries director.
Read more at Reuters Africa
UPDATE 1-Mexico raises interest rate to head off inflation
(Reuters) - The bank nudged up its benchmark rate to 7.25 percent as it saw a slight increase in 12-month core inflation in May, saying uncertainty has increased over prices of tortillas, a Mexican staple food, and grains.
"The goal is to better balance inflation risks and stop the price increases ... affecting the setting of prices and wages," the bank said in a statement.
Read more at Reuters.com Bonds News
"The goal is to better balance inflation risks and stop the price increases ... affecting the setting of prices and wages," the bank said in a statement.
Read more at Reuters.com Bonds News
Statoil sees Canada oil sands costs of $12-15 bln
(Reuters) - Earlier on Friday, Statoil said it would buy Calgary-based North American Oil Sands Corporation for 2.2 billion Canadian dollars in cash and expected it to produce 200,000 barrels per day by 2020.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Treasuries Little Changed as Growth Slowed, Fed Measure of Inflation Rose
(Bloomberg) -- Treasuries were little changed after a government report showed the world's largest economy expanded at the slowest pace in four years during the first quarter and a measure of inflation watched by the Federal Reserve accelerated.
Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Major U.S. stock markets exceeded multiyear highs yesterday, which may call into question whether the economy will stagnate, dealers said.
Read more at Bloomberg Bonds News
Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Major U.S. stock markets exceeded multiyear highs yesterday, which may call into question whether the economy will stagnate, dealers said.
Read more at Bloomberg Bonds News
Platinum Set to End Longest Rally Since May After Russia Resumes Exports
(Bloomberg) -- Platinum futures headed for a weekly decline in New York, ending the longest rally since May, after Russia allowed producers including OAO GMK Norilsk Nickel to resume exports. Palladium rose.
Norilsk, Russia's biggest platinum producer, was among companies that received new licenses to ship platinum, rhodium and other group metals, Interfax news agency reported April 25. Norilsk, also the world's biggest palladium producer, hadn't exported platinum-group metals since its license expired Jan. 1.
Read more at Bloomberg Commodities News
Norilsk, Russia's biggest platinum producer, was among companies that received new licenses to ship platinum, rhodium and other group metals, Interfax news agency reported April 25. Norilsk, also the world's biggest palladium producer, hadn't exported platinum-group metals since its license expired Jan. 1.
Read more at Bloomberg Commodities News
TREASURIES-Bonds up a tad, inflation trumps weak GDP
(Reuters) - Bond prices initially extended their early gains after a government report showed an unexpectedly anemic 1.3 percent growth in first-quarter gross domestic product, boosting hopes that the Federal Reserve would lower rates to stimulate the economy.
But the initial buying faded as players shifted their focus to the GDP report's higher-than-expected inflation readings, which caused traders to pare their expectations of Fed rate cuts.
Read more at Reuters.com Bonds News
But the initial buying faded as players shifted their focus to the GDP report's higher-than-expected inflation readings, which caused traders to pare their expectations of Fed rate cuts.
Read more at Reuters.com Bonds News
UPDATE 1-Cummins beats, raises forecast; shares surge
(Reuters) - The company also raised its full-year outlook, sending its shares surging more than 6 percent.
The Columbus, Indiana-based company reported a first-quarter profit of $143 million, or $1.42 a share, compared with $135 million, or $1.35 a share, a year earlier. Sales rose 5 percent to $2.82 billion.
Read more at Reuters.com Market News
The Columbus, Indiana-based company reported a first-quarter profit of $143 million, or $1.42 a share, compared with $135 million, or $1.35 a share, a year earlier. Sales rose 5 percent to $2.82 billion.
Read more at Reuters.com Market News
Dollar Declines to Record Low Versus Euro as Data Show U.S. Growth Slows
(Bloomberg) -- The dollar dropped to an all-time low against the euro after a government report showed the U.S. economy grew last quarter less than forecast.
``This report pushed people to jump to sell the dollar,'' said Robert Fullem, vice president of U.S. corporate currency sales in New York at Bank of Tokyo-Mitsubishi UFJ Ltd. ``The market is negative for the dollar now.''
Read more at Bloomberg Currencies News
``This report pushed people to jump to sell the dollar,'' said Robert Fullem, vice president of U.S. corporate currency sales in New York at Bank of Tokyo-Mitsubishi UFJ Ltd. ``The market is negative for the dollar now.''
Read more at Bloomberg Currencies News
UPDATE 1-Tyco starts buying back debt
(Reuters) - Tyco also said it expects subsidiary Tyco International Group to tender for all of its outstanding euro- and pound-denominated debt, worth about $1.9 billion.
Tyco said on Thursday it entered into three bridge loan facilities and three revolving credit facilities. The aggregate commitment under the bridge loan facilities is $10 billion, and $2.5 billion under the revolving credit facility, rising to $4.25 billion at the time of the break-up.
Read more at Reuters.com Bonds News
Tyco said on Thursday it entered into three bridge loan facilities and three revolving credit facilities. The aggregate commitment under the bridge loan facilities is $10 billion, and $2.5 billion under the revolving credit facility, rising to $4.25 billion at the time of the break-up.
Read more at Reuters.com Bonds News
Cognis Loan Refinancing May Hurt Bondholders, Credit-Default Swaps Show
(Bloomberg) -- Cognis GmbH, a chemicals maker owned by Goldman Sachs Group Inc. and Permira Advisers Ltd., may hurt bondholders with its plan to borrow 1.65 billion ($2.25 billion) euros, according to traders in the credit-default swap market.
Credit-default swaps based on 10 million euros of the Monheim, Germany-based company's debt this week rose 24,000 euros to 314,000 euros, according to Societe Generale SA. An increase in the contracts, used to bet on a company's ability to repay debt, signals deterioration in the perception of credit quality.
Read more at Bloomberg Bonds News
Credit-default swaps based on 10 million euros of the Monheim, Germany-based company's debt this week rose 24,000 euros to 314,000 euros, according to Societe Generale SA. An increase in the contracts, used to bet on a company's ability to repay debt, signals deterioration in the perception of credit quality.
Read more at Bloomberg Bonds News
TREASURIES-Foreign buying lifts prices before GDP
(Reuters) - Prices also rebounded on bargain-hunting after back-to-back days of losses spurred by this week's $39 billion worth of new Treasury securities and a rally in stocks, which made bonds less attractive to some investors.
"There's some pickup in buying overseas, especially in Asia ahead of Golden Week ," said Michael Pond, Treasury strategist in Barclays Capital in New York.
Read more at Reuters.com Bonds News
"There's some pickup in buying overseas, especially in Asia ahead of Golden Week ," said Michael Pond, Treasury strategist in Barclays Capital in New York.
Read more at Reuters.com Bonds News
American Axle posts higher quarterly earnings
(Reuters) - The latest quarter included charges totaling 4 cents a share and a favorable tax adjustment totaling 6 cents a share.
Analysts on average had expected Detroit-based American Axle to report earnings, excluding one-time items, of 22 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average had expected Detroit-based American Axle to report earnings, excluding one-time items, of 22 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
US STOCKS-Futures fall, GDP and inflation data on tap
(Reuters) - NEW YORK, April 27 - U.S. stock index futures declined on Friday, with investors braced for government reports on economic growth and wage inflation that could shed light on the outlook for interest rates.
Investors' worry about the health of the economy has cast a cloud over a surprisingly strong earnings season.
Read more at Reuters.com Bonds News
Investors' worry about the health of the economy has cast a cloud over a surprisingly strong earnings season.
Read more at Reuters.com Bonds News
CTC Media profits ahead in Q1, restates guidance
(Reuters) - Net income to U.S. GAAP was up 24.1 percent to $28.1 million while diluted earnings per share gained 20 percent to 18 U.S. cents.
Nasdaq-listed CTC Media repeated its guidance for the full year that operating revenues would reach $460 million to $500 million and it would post an EBITDA margin of 45-48 percent.
Read more at Reuters.com Market News
Nasdaq-listed CTC Media repeated its guidance for the full year that operating revenues would reach $460 million to $500 million and it would post an EBITDA margin of 45-48 percent.
Read more at Reuters.com Market News
Dollar Heads for Fifth Week of Losses Against the Euro Before GDP Report
(Bloomberg) -- The dollar was poised for a fifth week of declines against the euro before a report today that's forecast to show the world's largest economy decelerated in the first quarter.
``I don't think there will be any relief for the dollar if the number is as expected,'' said Gavin Friend, head of currency strategy at Commerzbank in London. ``It'll cement the idea that growth is sub trend.''
Read more at Bloomberg Currencies News
``I don't think there will be any relief for the dollar if the number is as expected,'' said Gavin Friend, head of currency strategy at Commerzbank in London. ``It'll cement the idea that growth is sub trend.''
Read more at Bloomberg Currencies News
TPG links with Vista, Ibersuizas for Iberia-source
(Reuters) - "The TPG consortium is likely to include a strategic partner and a Spanish partner as well," the source said.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Brazilian Union, Eyeing Sale of ABN Amro Unit, Presses Santander Over Jobs
(Bloomberg) -- Brazil's main banking union called for immediate talks with Santander Central Hispano SA to discuss job guarantees amid concern Spain's biggest bank would shed staff if it buys ABN Amro Holding NV's Sao Paulo-based lender.
``We cannot accept that fathers and mothers lose their jobs in the name of capitalism,'' said Rita Berlofa, an executive director of the Sao Paulo region banking union, which has more than 100,000 members. ``We want guarantees that won't happen.''
Read more at Bloomberg Emerging Markets News
``We cannot accept that fathers and mothers lose their jobs in the name of capitalism,'' said Rita Berlofa, an executive director of the Sao Paulo region banking union, which has more than 100,000 members. ``We want guarantees that won't happen.''
Read more at Bloomberg Emerging Markets News
Ingersoll-Rand 1st-qtr profit falls 14 pct
(Reuters) - Analysts, on average, expected profit of 69 cents a share, according to Reuters Estimates.
Revenue rose 6 percent, to $2.67 billion, compared with Wall Street forecasts for sales of $2.77 billion.
Read more at Reuters.com Market News
Revenue rose 6 percent, to $2.67 billion, compared with Wall Street forecasts for sales of $2.77 billion.
Read more at Reuters.com Market News
U.S. Treasuries Advance; Fed's Yellen Says Inflation Likely to Come Down
(Bloomberg) -- U.S. Treasuries rose as president of the Federal Reserve Bank of San Francisco said inflation is likely to slow, stoking expectations of lower interest rates.
Ten-year notes ended two days of losses after Janet Yellen said in a speech in New York yesterday that the U.S. economy has slowed to a ``crawl'' and that it's important not to raise interest rates ``too much.'' Gross domestic product grew at the slowest pace in more than a year in the first quarter, a government report is forecast to show today.
Read more at Bloomberg Bonds News
Ten-year notes ended two days of losses after Janet Yellen said in a speech in New York yesterday that the U.S. economy has slowed to a ``crawl'' and that it's important not to raise interest rates ``too much.'' Gross domestic product grew at the slowest pace in more than a year in the first quarter, a government report is forecast to show today.
Read more at Bloomberg Bonds News
Triple-S Management files for $250 mln IPO
(Reuters) - The filing did not say how many shares the company plans to sell or their expected price.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
U.S. stock futures dip, Microsoft helps stem slide
(Reuters) - Shares in Microsoft, the world's largest software maker, jumped 3 percent after the closing bell on Thursday, after the company posted a 65-percent rise in quarterly profit, driven by the success of its new Windows Vista operating system.
This should help support the technology sector as well as the broader market as trade gets underway, although investors will likely remain cautious ahead of data on first-quarter U.S. economic growth.
Read more at Reuters.com Hot Stocks News
This should help support the technology sector as well as the broader market as trade gets underway, although investors will likely remain cautious ahead of data on first-quarter U.S. economic growth.
Read more at Reuters.com Hot Stocks News
Spanish Shares Lead Declines in Western Europe; Sacyr, Inmocaral Fall
(Bloomberg) -- Spanish stocks declined, led by Sacyr Vallehermoso SA and Inmocaral SA. Portugal's benchmark index was little changed.
Spain's IBEX 35 Index dropped 142.4, or 1 percent, to 14,468.6 at 11:13 a.m. in Madrid as all but two stocks fell. Portugal's PSI-20 Index gained 25.67, or 0.2 percent, to 12,272.53.
Read more at Bloomberg Stocks News
Spain's IBEX 35 Index dropped 142.4, or 1 percent, to 14,468.6 at 11:13 a.m. in Madrid as all but two stocks fell. Portugal's PSI-20 Index gained 25.67, or 0.2 percent, to 12,272.53.
Read more at Bloomberg Stocks News
Polish Zloty Heads for Sixth Week of Gains as Bank Raises Interest Rates
(Bloomberg) -- Poland's zloty is set to gain versus the euro for a sixth week, its best performance since June 2001, on speculation the central bank will add to its first interest- rate increase in three years.
The zloty has risen almost 1 percent this week after the National Bank of Poland raised borrowing costs to curb inflation stoked by quickening economic expansion. Central banker Dariusz Filar yesterday said the economy probably grew 7 percent in the first quarter, the fastest pace for more than a decade, prompting traders to increase bets rates will rise further.
Read more at Bloomberg Currencies News
The zloty has risen almost 1 percent this week after the National Bank of Poland raised borrowing costs to curb inflation stoked by quickening economic expansion. Central banker Dariusz Filar yesterday said the economy probably grew 7 percent in the first quarter, the fastest pace for more than a decade, prompting traders to increase bets rates will rise further.
Read more at Bloomberg Currencies News
UPDATE 1-Highlights-Japan economic data, BOJ outlook report
(Reuters) - In a closely watched twice-yearly outlook report by the Bank of Japan released later in the day, the BOJ underscored the need for further interest rate hikes by forecasting steady economic and price growth.
The central bank kept its target interest rate unchanged at 0.5 percent on Friday, as widely expected by markets.
Read more at Reuters.com Economic News
The central bank kept its target interest rate unchanged at 0.5 percent on Friday, as widely expected by markets.
Read more at Reuters.com Economic News
Korea Won Falls on Deficit, Singapore Dollar Drops on Central Bank Concern
(Bloomberg) -- South Korea's won dropped for the first week this month as a central bank official said the nation may post another current-account deficit following the March shortfall, which was the widest in almost a year.
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the country than coming in. The deficit is widening on rising dividend payments to offshore investors, who owned 37 percent of the shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the country than coming in. The deficit is widening on rising dividend payments to offshore investors, who owned 37 percent of the shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
World Bank staff voice concern over "crisis"
(Reuters) - World Bank officials at the forefront of the bank's anti-corruption fight on Thursday voiced deep concern over the impact to their work from the crisis surrounding bank chief Paul Wolfowitz.
In a letter to Wolfowitz and the bank's executive board, the officials said they could no longer credibly implement the bank's anti-corruption strategy, which the former U.S. deputy defense secretary zealously campaigned for since he joined the bank in 2005.
Read more at Reuters Africa
In a letter to Wolfowitz and the bank's executive board, the officials said they could no longer credibly implement the bank's anti-corruption strategy, which the former U.S. deputy defense secretary zealously campaigned for since he joined the bank in 2005.
Read more at Reuters Africa
Citigroup wins control of Japan's Nikko Cordial
(Reuters) - Citigroup said it secured 61 percent of Nikko's voting stock in a tender bid that expired on Thursday. The takeover is its biggest under Chief Executive Charles Prince and its second-biggest outside the United States.
A group of investment firms with large stakes in Nikko had rejected Citigroup's offer of 1,700 yen a share. Although they failed to rally enough smaller investors to block the bid, they could still cause headaches as significant minority owners.
Read more at Reuters.com Business News
A group of investment firms with large stakes in Nikko had rejected Citigroup's offer of 1,700 yen a share. Although they failed to rally enough smaller investors to block the bid, they could still cause headaches as significant minority owners.
Read more at Reuters.com Business News
Pertamina May Import LPG From Qatar, United Arab Emirates as Demand Grows
(Bloomberg) -- PT Pertamina, Indonesia's state oil company, may buy 1.5 million metric tons of liquefied petroleum gas a year from Qatar and the United Arab Emirates, a company official said.
Indonesia may start the purchases in 2009, Achmad Faisal, director of trading and marketing at Pertamina, told reporters in Jakarta today. Pertamina will import through Itochu Corp., an Osaka-based trading company. The company may also buy LPG, used as cooking fuel, from BP Plc's Australian unit, Faisal said.
Read more at Bloomberg Energy News
Indonesia may start the purchases in 2009, Achmad Faisal, director of trading and marketing at Pertamina, told reporters in Jakarta today. Pertamina will import through Itochu Corp., an Osaka-based trading company. The company may also buy LPG, used as cooking fuel, from BP Plc's Australian unit, Faisal said.
Read more at Bloomberg Energy News
European Stocks Drop, Paced by BHP, Anglo American; Peugeot Shares Advance
(Bloomberg) -- European stocks fell for the first time in three days after a slide in metal prices pushed shares of commodity producers lower. BHP Billiton Ltd. and Anglo American Plc paced the decline.
The Stoxx 600 dropped 0.2 percent to 387.75 as of 8:10 a.m. in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, both lost 0.2 percent.
Read more at Bloomberg Stocks News
The Stoxx 600 dropped 0.2 percent to 387.75 as of 8:10 a.m. in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, both lost 0.2 percent.
Read more at Bloomberg Stocks News
FACTBOX-Profiles of BOJ Policy Board members
(Reuters) - TOSHIHIKO FUKUI, 71, governor
Fukui, a career central banker except for a short stint in the private sector, is the main driver of the bank's monetary policy.
Read more at Reuters.com Bonds News
Fukui, a career central banker except for a short stint in the private sector, is the main driver of the bank's monetary policy.
Read more at Reuters.com Bonds News
Thursday, April 26, 2007
Taiwan's Acer says sees M&A deals in 3-5 months
(Reuters) - Acer posted a first-quarter net profit of T$5.66 billion , higher than T$4.02 billion a year earlier. The result beat market forecasts for T$3.34 billion, according to eight analysts on Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Thailand's Bonds Head for Weekly Gain on Rate-Cut Outlook; Baht Declines
(Bloomberg) -- Thailand's 10-year bonds headed for a fourth weekly gain on speculation the central bank will cut interest rates in May as economic growth slows. The baht dropped.
The yield on the securities has fallen more than a quarter of a percentage point since the central bank lowered borrowing costs for a third time this year on April 11 and is below the nation's key lending rate. Central bank Governor Tarisa Watanagase yesterday said a reduction in will help buoy the economy and boost confidence.
Read more at Bloomberg Bonds News
The yield on the securities has fallen more than a quarter of a percentage point since the central bank lowered borrowing costs for a third time this year on April 11 and is below the nation's key lending rate. Central bank Governor Tarisa Watanagase yesterday said a reduction in will help buoy the economy and boost confidence.
Read more at Bloomberg Bonds News
UPDATE 1-Pearson says trading in line with expectations
(Reuters) - Pearson, publisher of Penguin books and the Financial Times, said on Friday its schools business was expected to achieve underlying sales growth in the 4-6 percent range with margins improving.
The company said its professional revenues were expected to be broadly level amid improving margins while Penguin's margins were continuing to improve. In the Financial Times Group, full-year margins were expected to push into double digits.
Read more at Reuters.com Market News
The company said its professional revenues were expected to be broadly level amid improving margins while Penguin's margins were continuing to improve. In the Financial Times Group, full-year margins were expected to push into double digits.
Read more at Reuters.com Market News
UPDATE 1-Renault Q1 sales slip 2.7 percent
(Reuters) - The average forecast of 10 analysts in a Reuters poll was for sales of 10.227 billion.
The Automobile Division's sales fell 2.8 percent to 9.778 billion euros with world unit sales down 3.8 percent.
Read more at Reuters.com Market News
The Automobile Division's sales fell 2.8 percent to 9.778 billion euros with world unit sales down 3.8 percent.
Read more at Reuters.com Market News
Colt Telcom Q1 EBITDA falls, sees it flat for 2007
(Reuters) - Quarterly revenue fell 5.1 percent to 425.6 million euros compared with 448.4 million a year earlier, with keenly watched non-switched or data revenues rising 9.4 percent on year to 200.2 million.
Analysts had expected EBITDA between 68.2 million euros and 73.8 million, on revenues between 441 million and 458 million.
Read more at Reuters.com Market News
Analysts had expected EBITDA between 68.2 million euros and 73.8 million, on revenues between 441 million and 458 million.
Read more at Reuters.com Market News
South Korea's March Factory Production Unexpectedly Declines 0.4 Percent
(Bloomberg) -- South Korea's industrial output unexpectedly slid in March as production of mobile phones, computers and cars declined.
Manufacturing production fell 0.4 percent from February, when it climbed 0.3 percent, the National Statistical Office said today in Gwacheon, South Korea. That compares with the median estimate of a 0.9 percent gain in a Bloomberg News survey of eight economists. Output rose 3.1 percent from a year ago.
Read more at Bloomberg Emerging Markets News
Manufacturing production fell 0.4 percent from February, when it climbed 0.3 percent, the National Statistical Office said today in Gwacheon, South Korea. That compares with the median estimate of a 0.9 percent gain in a Bloomberg News survey of eight economists. Output rose 3.1 percent from a year ago.
Read more at Bloomberg Emerging Markets News
Indian Bonds Drop on Speculation Yields Will Rise at Today's Debt Auction
(Bloomberg) -- India's 10-year bonds fell for a second day on speculation investors will demand higher yields as a government debt sale today boosts supply of debt.
The yield on the benchmark 8.07 percent note due January 2017 rose 2 basis points, 0.02 percentage point, to 8.07 percent as of 9:26 a.m. in Mumbai, according to data compiled by Bloomberg. The price, which moves opposite to yields, fell 0.12, or 12 paise per 100 rupee face value, to 100.
Read more at Bloomberg Bonds News
The yield on the benchmark 8.07 percent note due January 2017 rose 2 basis points, 0.02 percentage point, to 8.07 percent as of 9:26 a.m. in Mumbai, according to data compiled by Bloomberg. The price, which moves opposite to yields, fell 0.12, or 12 paise per 100 rupee face value, to 100.
Read more at Bloomberg Bonds News
Panzhihua Cut to `Underperform' by Credit Suisse on First-Quarter Profit
(Bloomberg) -- Panzhihua New Steel & Vanadium Co. had its shares downgraded to `underperform' by Credit Suisse Group after the world's third-biggest maker of vanadium steel reported lower-than-expected first-quarter profit.
Panzhihua's stock was reduced from `outperform,' Credit Suisse's analysts, led by Trina Chen, said in a note to clients today. Vanadium steel is used to make railway tracks.
Read more at Bloomberg Commodities News
Panzhihua's stock was reduced from `outperform,' Credit Suisse's analysts, led by Trina Chen, said in a note to clients today. Vanadium steel is used to make railway tracks.
Read more at Bloomberg Commodities News
Yuan's Gains May `Disappoint' Paulson, Investors, Westpac, Rabobank Say
(Bloomberg) -- China may allow the yuan to gain less than analysts forecast in 2007 to discourage speculation, Westpac Banking Corp. and Rabobank International said.
The currency rose 1 percent against the dollar this year, lagging behind an advance of 8.3 percent in India's rupee and 3.1 percent in Malaysia's ringgit. The People's Bank of China's foreign exchange reserves climbed a record $136 billion in the first quarter to $1.2 trillion, a signal of increased sales of yuan to protect exporters' earnings.
Read more at Bloomberg Currencies News
The currency rose 1 percent against the dollar this year, lagging behind an advance of 8.3 percent in India's rupee and 3.1 percent in Malaysia's ringgit. The People's Bank of China's foreign exchange reserves climbed a record $136 billion in the first quarter to $1.2 trillion, a signal of increased sales of yuan to protect exporters' earnings.
Read more at Bloomberg Currencies News
Oil Rises as Gasoline Gains on U.S. Refinery Fire, Belgian Strike Threat
(Bloomberg) -- Crude oil rose in New York after a refinery fire and the threat of a production strike in Europe pushed gasoline futures higher for an eighth straight day.
Gasoline reached $2.32 a gallon yesterday, an eight-month high, after Marathon Oil Corp. had a fire at its Garryville, Louisiana, refinery and Belgian oil workers voted to join a strike at refineries in Antwerp next month. U.S. gasoline stockpiles fell for an 11th week, reaching an 18-month low of 194.2 million barrels, the Energy Department said April 25.
Read more at Bloomberg Energy News
Gasoline reached $2.32 a gallon yesterday, an eight-month high, after Marathon Oil Corp. had a fire at its Garryville, Louisiana, refinery and Belgian oil workers voted to join a strike at refineries in Antwerp next month. U.S. gasoline stockpiles fell for an 11th week, reaching an 18-month low of 194.2 million barrels, the Energy Department said April 25.
Read more at Bloomberg Energy News
Mexican Elektra 1st-qtr profit jumps 117 pct
(Reuters) - The retailer said revenues rose 5 percent to 8.56 billion pesos and EBITDA increased 18 percent to 1.58 billion pesos.
"The gain in the quarterly result was principally due to earnings of 1.47 billion pesos from derivative instruments compared to 486 million a year ago," the company said in a statement.
Read more at Reuters.com Market News
"The gain in the quarterly result was principally due to earnings of 1.47 billion pesos from derivative instruments compared to 486 million a year ago," the company said in a statement.
Read more at Reuters.com Market News
UPDATE 1-U.S. bill aims to repeal Web gambling ban
(Reuters) - WASHINGTON, April 26 - Legislation that would lift an online gambling ban imposed by Congress last year was introduced on Thursday by the chairman of U.S. House Financial Services Committee.
Calling the Internet gambling prohibition "imprudently adopted," Democratic Rep. Barney Frank of Massachusetts outlined a bill to make it legal again for banks and credit card companies to make payments to online gambling sites.
Read more at Reuters.com Government Filings News
Calling the Internet gambling prohibition "imprudently adopted," Democratic Rep. Barney Frank of Massachusetts outlined a bill to make it legal again for banks and credit card companies to make payments to online gambling sites.
Read more at Reuters.com Government Filings News
UPDATE 1-Technitrol profit falls on restructuring costs
(Reuters) - First-quarter net income fell to $4.7 million, or 12 cents per share, from $12 million, or 30 cents per share, a year ago. Excluding items, the company reported a per-share profit of 36 cents, a penny above the average analyst forecast, as compiled by Reuters Estimates.
Revenue rose to $254.4 million from $221.1 million, helped by growth in the communications markets, particularly for wireless antennas and magnetics-based components and modules for the networking market, the company said.
Read more at Reuters.com Market News
Revenue rose to $254.4 million from $221.1 million, helped by growth in the communications markets, particularly for wireless antennas and magnetics-based components and modules for the networking market, the company said.
Read more at Reuters.com Market News
OSI Restaurant says ISS recommends buyout offer
(Reuters) - Kangaroo Holdings and Kangaroo Acquisition are controlled by an investor group affiliated with private equity firms Bain Capital Partners LLC and Catterton Management Company LLC. The group is also expected to include OSI's founders and certain members of management.
On Nov. 6 last year, OSI Restaurant Partners, owner of the Outback Steakhouse chain, said it planned to go private in a $3.04 billion buyout.
Read more at Reuters.com Mergers News
On Nov. 6 last year, OSI Restaurant Partners, owner of the Outback Steakhouse chain, said it planned to go private in a $3.04 billion buyout.
Read more at Reuters.com Mergers News
Canada's Dodge does not intend to leave BoC early
(Reuters) - The Bank of Canada said on Wednesday that Dodge will not seek a second term, and Dodge said that he and his wife plan to take six or seven months off to figure out what to do next.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
M/I Homes 1st-quarter profit falls
(Reuters) - It had earned $16.4 million, or $1.14 a share, a year ago.
One analyst was looking for a profit of 11 cents a share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
One analyst was looking for a profit of 11 cents a share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
US STOCKS-Futures point higher as results top forecasts
(Reuters) - NEW YORK, April 26 - U.S. stock index futures indicated a strong start for Wall Street on Thursday after companies' quarterly results, such as Apple Inc. and Ford Motor Co. , easily topped analysts' forecasts.
Strong profit reports and reassuring economic during Wednesday's session data helped push the Dow Jones industrial average to a close above 13,000 for the first time and lifted the S&P to its highest in more than six years.
Read more at Reuters.com Bonds News
Strong profit reports and reassuring economic during Wednesday's session data helped push the Dow Jones industrial average to a close above 13,000 for the first time and lifted the S&P to its highest in more than six years.
Read more at Reuters.com Bonds News
US STOCKS-Wall Street indexes rise on earnings
(Reuters) - The Dow Jones industrial average was up 24.30 points, or 0.19 percent, at 13,114.19. The Standard & Poor's 500 Index was up 0.48 point, or 0.03 percent, at 1,495.90. The Nasdaq Composite Index was up 4.64 points, or 0.18 percent, at 2,552.53.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
NYSE Group's 1st-qtr profit more than doubles
(Reuters) - NEW YORK, April 26 - NYSE Euronext said on Thursday that first-quarter profits at NYSE Group more than doubled, helped by higher revenue and lower fixed operating expenses.
NYSE Group's net income rose to $67.6 million, or 43 cents a share from $30.3 million, or 24 cents a share in the same period last year, on revenue up 54.3 percent at $701.97 million.
Read more at Reuters.com Bonds News
NYSE Group's net income rose to $67.6 million, or 43 cents a share from $30.3 million, or 24 cents a share in the same period last year, on revenue up 54.3 percent at $701.97 million.
Read more at Reuters.com Bonds News
South Africa's March Producer-Price Inflation Rate Rises to Four-Year High
(Bloomberg) -- The cost of goods leaving South African factories and mines rose an annual 10.3 percent in March, the fastest pace in more than four years, increasing speculation the central bank may resume raising interest rates.
Producer-price inflation accelerated from an annual 9.5 percent in February, Pretoria-based Statistics South Africa said today. The inflation rate was expected to rise to 9.6 percent, according to the median estimate of 17 economists surveyed by Bloomberg. Prices rose 1.2 percent in the month.
Read more at Bloomberg Emerging Markets News
Producer-price inflation accelerated from an annual 9.5 percent in February, Pretoria-based Statistics South Africa said today. The inflation rate was expected to rise to 9.6 percent, according to the median estimate of 17 economists surveyed by Bloomberg. Prices rose 1.2 percent in the month.
Read more at Bloomberg Emerging Markets News
Monaco Coach quarterly profit falls
(Reuters) - Analysts on average had expected a profit of 4 cents per share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Cott returns to profit in first quarter
(Reuters) - The company, which said earlier this month it was in mergers and acquisitions talks with unnamed parties, earned $4.8 million, or 7 cents a share during the quarter.
That compared with a loss of $2.1 million, or 3 cents a share, in the same period a year earlier.
Read more at Reuters.com Market News
That compared with a loss of $2.1 million, or 3 cents a share, in the same period a year earlier.
Read more at Reuters.com Market News
UPDATE 1-Monaco Coach first quarter profit falls
(Reuters) - The maker of recreational vehicles reported a net profit of $1.5 million, or 5 cents per share, compared with $8.3 million, or 28 cents per share, a year earlier.
Analysts on average had expected a profit of 4 cents per share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average had expected a profit of 4 cents per share, before items, according to Reuters Estimates.
Read more at Reuters.com Market News
Thomson first-quarter earns jump 63.5 pct
(Reuters) - TORONTO, April 26 - Electronic publisher Thomson Corp. reported a 63.5-percent jump in its first-quarter results on Thursday helped in part by stronger revenue and a one-time gain.
Thomson, which is in the process of selling its education division, which could fetch an estimated $5 billion, said it earned $224 million, or 35 cents a share, in the three months ended March 31, up from $137 million, or 21 cents a share, in the same period a year earlier.
Read more at Reuters.com Market News
Thomson, which is in the process of selling its education division, which could fetch an estimated $5 billion, said it earned $224 million, or 35 cents a share, in the three months ended March 31, up from $137 million, or 21 cents a share, in the same period a year earlier.
Read more at Reuters.com Market News
UPDATE 1-Buzzard field helps Nexen swing to profit
(Reuters) - Canada's No. 4 independent oil producer said its net income rose to C$121 million , or 45 Canadian cents a share for the quarter ended March 31, compared with a loss of C$83 million, or 32 Canadian cents a year ago when it included a C$227 million non-cash expense.
The quarter was marked by the start-up of the massive Buzzard field in the North Sea, which began production in early January.
Read more at Reuters.com Market News
The quarter was marked by the start-up of the massive Buzzard field in the North Sea, which began production in early January.
Read more at Reuters.com Market News
UPDATE 1-Old Dominion Q1 profit slightly higher
(Reuters) - The Thomasville, North Carolina-based company reported first-quarter net income of $13.6 million or 36 cents a share, compared with $13.0 million or 35 cents a share a year earlier.
Revenue rose 9.7 percent to $319.9 million in the quarter from $291.6 million a year earlier.
Read more at Reuters.com Market News
Revenue rose 9.7 percent to $319.9 million in the quarter from $291.6 million a year earlier.
Read more at Reuters.com Market News
RPT-UPDATE 1-Amvescap's Q1 profit up 36 pct, shares rise
(Reuters) - LONDON, April 26 - Anglo-U.S. fund management firm Amvescap Plc said on Thursday its first-quarter pretax profit rose 36 percent to $232.7 million, as assets under management and margins increased, lifting its shares.
Long-term net inflows were $700 million in the three months to end-March as a result of a $1.2 billion net inflow of institutional assets and a $500 million net outflow of private wealth management assets.
Read more at Reuters.com Market News
Long-term net inflows were $700 million in the three months to end-March as a result of a $1.2 billion net inflow of institutional assets and a $500 million net outflow of private wealth management assets.
Read more at Reuters.com Market News
US Airways to beef up airport check-in services
(Reuters) - In March, thousands of US Airways passengers were forced to wait for hours at its Charlotte, North Carolina, hub after a glitch in its system. The airline has had problems blending reservations systems with America West, with which it merged in 2005.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Avnet posts higher quarterly profit
(Reuters) - Revenue rose 8 percent to $3.9 billion.
Excluding items, its profit per share of 73 cents beat Wall Street estimates of a profit per share of 69 cents, according to Reuters Estimates.
Read more at Reuters.com Market News
Excluding items, its profit per share of 73 cents beat Wall Street estimates of a profit per share of 69 cents, according to Reuters Estimates.
Read more at Reuters.com Market News
Bristol-Myers names Cornelius CEO; profit falls
(Reuters) - In a separate release, the New York-based drugmaker said it earned $690 million, or 35 cents per share, compared with $714 million, or 36 cents per share, in the year-ago period.
Excluding special items, the company earned 38 cents per share. Analysts on average expected 23 cents per share, according to Reuters Estimates. The company said its better-than-expected results were attributable largely to lower operating expenses and a favorable tax rate.
Read more at Reuters.com Business News
Excluding special items, the company earned 38 cents per share. Analysts on average expected 23 cents per share, according to Reuters Estimates. The company said its better-than-expected results were attributable largely to lower operating expenses and a favorable tax rate.
Read more at Reuters.com Business News
Anglo says will not claim against S.African government
(Reuters) - Anglo American Plc, the world's third-largest miner, said on Thursday it would not institute compensation claims against the South African government over mineral rights.
At a joint media briefing held by Anglo and the South African Department of Minerals and Energy (DME), the miner said that it and the mining companies it held stakes in would not take action against the government.
Read more at Reuters Africa
At a joint media briefing held by Anglo and the South African Department of Minerals and Energy (DME), the miner said that it and the mining companies it held stakes in would not take action against the government.
Read more at Reuters Africa
UPDATE 1-Thermo Fisher Scientific profit jumps on merger
(Reuters) - NEW YORK, April 26 - Laboratory equipment maker Thermo Fisher Scientific Inc. reported sharply higher net profit in its first full quarter since Thermo Electron acquired the larger Fisher Scientific International.
The combined entity posted net profit of $138.9 million, or 31 cents per share, compared with $46.9 million, or 28 cents a share, a year earlier for Thermo Electron.
Read more at Reuters.com Mergers News
The combined entity posted net profit of $138.9 million, or 31 cents per share, compared with $46.9 million, or 28 cents a share, a year earlier for Thermo Electron.
Read more at Reuters.com Mergers News
Pound Holds Near $2 as House-Price Gains Stoke Interest Rate Speculation
(Bloomberg) -- The pound fell against the dollar on speculation the currency's recent rally already reflects prospects that the Bank of England will raise interest rates twice more this year to ward off inflation.
The pound last week soared to a 25-year high, breaching the $2 level, as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point. Further strengthening may not be justified by the outlook for economic growth, said Nick Parsons, head of Markets Strategy at NabCapital.
Read more at Bloomberg Currencies News
The pound last week soared to a 25-year high, breaching the $2 level, as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point. Further strengthening may not be justified by the outlook for economic growth, said Nick Parsons, head of Markets Strategy at NabCapital.
Read more at Bloomberg Currencies News
U.S. Notes Are Little Changed; Report May Show Economic Growth Is Slowing
(Bloomberg) -- U.S. Treasuries were little changed as recent economic reports quenched optimism the world's largest economy is slowing enough for the Federal Reserve to consider cutting interest rates.
Treasuries fell yesterday for the first time in three days when durable goods orders rose, a sign that business investment is recovering. They gained the day before as existing home sales tumbled, potentially dragging down the overall economy, which may prompt rate cuts. A report today may show initial jobless claims dropped last week.
Read more at Bloomberg Bonds News
Treasuries fell yesterday for the first time in three days when durable goods orders rose, a sign that business investment is recovering. They gained the day before as existing home sales tumbled, potentially dragging down the overall economy, which may prompt rate cuts. A report today may show initial jobless claims dropped last week.
Read more at Bloomberg Bonds News
UPDATE 1-China Unicom Q1 net up 41 pct on lower costs
(Reuters) - With its CDMA standard network -- which is about a third the size of its GSM business -- turning profitable for the first time last year, the company has more room to focus on growth this year, analysts said.
Unicom , the country's lower-cost wireless provider, earned 1.96 billion yuan in the three months ended March, versus 1.39 billion yuan a year earlier, it said in a statement on Thursday.
Read more at Reuters.com Market News
Unicom , the country's lower-cost wireless provider, earned 1.96 billion yuan in the three months ended March, versus 1.39 billion yuan a year earlier, it said in a statement on Thursday.
Read more at Reuters.com Market News
South Africa's Rand Trades Near Its Highest This Year on Yield Appetite
(Bloomberg) -- The South African rand held near its highest this year as rising stock markets increased the allure of higher-yielding assets.
The rand was the second best-performing major currency against the dollar today and is headed for a second weekly gain, its longest winning streak in almost three months. The currency was also buoyed before a government report that's expected to show producer price growth quickened, boosting the chances the central bank will raise interest rates.
Read more at Bloomberg Emerging Markets News
The rand was the second best-performing major currency against the dollar today and is headed for a second weekly gain, its longest winning streak in almost three months. The currency was also buoyed before a government report that's expected to show producer price growth quickened, boosting the chances the central bank will raise interest rates.
Read more at Bloomberg Emerging Markets News
U.S. Stock-Index Futures Rise; Apple, Exxon, 3M, Wendy's, Qualcomm Gain
(Bloomberg) -- U.S. stock-index futures advanced as investors bet earnings will keep beating analysts' estimates after Apple Inc. said profit almost doubled.
The Dow Jones Industrial Average surpassed 13,000 for the first time yesterday, as profit reports from more than half of its 30 members bolstered speculation that the biggest U.S. companies will weather slower economic growth. Companies including Amazon.com, the world's largest online retailer, have also lifted their 2007 forecasts.
Read more at Bloomberg Stocks News
The Dow Jones Industrial Average surpassed 13,000 for the first time yesterday, as profit reports from more than half of its 30 members bolstered speculation that the biggest U.S. companies will weather slower economic growth. Companies including Amazon.com, the world's largest online retailer, have also lifted their 2007 forecasts.
Read more at Bloomberg Stocks News
NYSE Group's Q1 profit up 123 pct
(Reuters) - NYSE Euronext said that because the merger between NYSE Group and European stock exchange operator Euronext NV was consummated on April 4, the first-quarter results include the full-quarter results from the operations of NYSE Group only.
Fixed operating expenses on a non-GAAP basis decreased 20 percent to $229 million, it said.
Read more at Reuters.com Market News
Fixed operating expenses on a non-GAAP basis decreased 20 percent to $229 million, it said.
Read more at Reuters.com Market News
U.K. Pound Gains as House-Price Growth Stokes Speculation Rates Will Rise
(Bloomberg) -- The U.K. pound gained against the dollar after a report showed house-prices grew quicker than forecast, stoking speculation the Bank of England will increase interest rates further.
Property values in Britain rose at the fastest pace in four months in April, Nationwide Building Society said. The pound last week soared to a 25-year high as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point.
Read more at Bloomberg Currencies News
Property values in Britain rose at the fastest pace in four months in April, Nationwide Building Society said. The pound last week soared to a 25-year high as traders increased bets the central bank will lift its main rate twice more this year after inflation breached its target by more than a percentage point.
Read more at Bloomberg Currencies News
EU approves EQT buy of Scandic Hotels
(Reuters) - Scandic is a hotel chain operator and is currently owned by Hilton Hotels Corp.'s , the Commission said.
Hilton said on March 2 it would sell its Scandic Hotel chain to EQT for about $1.1 billion as it seeks to reduce debt amid buoyant lodging valuations.
Read more at Reuters.com Mergers News
Hilton said on March 2 it would sell its Scandic Hotel chain to EQT for about $1.1 billion as it seeks to reduce debt amid buoyant lodging valuations.
Read more at Reuters.com Mergers News
UPDATE 1-NYSE Group quarterly profit rises
(Reuters) - NYSE Group, the operator of the New York Stock Exchange, posted net income of $67.6 million, or 43 cents a share, compared with $30.3 million, or 24 cents a share, a year earlier, it said.
NYSE Euronext said that because the combination between NYSE Group and European stock exchange operator Euronext NV was consummated on April 4, the first-quarter results include the full-quarter results from the operations of NYSE Group only.
Read more at Reuters.com Market News
NYSE Euronext said that because the combination between NYSE Group and European stock exchange operator Euronext NV was consummated on April 4, the first-quarter results include the full-quarter results from the operations of NYSE Group only.
Read more at Reuters.com Market News
European Union Emission Permits Reach Highest This Year on Canada Demand
(Bloomberg) -- European Union carbon-dioxide permits rose to their highest so far this year after Canada proposed to allow its factories and power stations to buy credits that can also be used in the 27-nation bloc.
Emission permits for December 2008 rose as much as 33 cents, or 1.8 percent, to 18.55 euros ($25) a metric ton and traded at 18.40 euros at 9:07 a.m. in Amsterdam, according to the European Climate Exchange. That's their highest since Dec. 29. They've fallen 17 percent in the past year.
Read more at Bloomberg Energy News
Emission permits for December 2008 rose as much as 33 cents, or 1.8 percent, to 18.55 euros ($25) a metric ton and traded at 18.40 euros at 9:07 a.m. in Amsterdam, according to the European Climate Exchange. That's their highest since Dec. 29. They've fallen 17 percent in the past year.
Read more at Bloomberg Energy News
FTSE 100 Stocks Gain, Paced by Hanson and Amvescap; Vedanta, BHP Advance
(Bloomberg) -- U.K. stocks advanced, led by Hanson Plc and Amvescap Plc. Vedanta Resources Plc paced mining shares higher.
The benchmark FTSE 100 Index rallied 40.2, or 0.6 percent, to 6502.10 in London at 8:06 a.m. The FTSE All-Share Index added 21.11, or 0.6 percent, to 3380.48. Ireland's ISEQ Index rose 83.17, or 0.9 percent, to 9625.75.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index rallied 40.2, or 0.6 percent, to 6502.10 in London at 8:06 a.m. The FTSE All-Share Index added 21.11, or 0.6 percent, to 3380.48. Ireland's ISEQ Index rose 83.17, or 0.9 percent, to 9625.75.
Read more at Bloomberg Stocks News
France Tel. Q1 beats forecasts, not eyeing Italy
(Reuters) - By Astrid Wendlandt
PARIS, April 26 - France Telecom posted on Thursday a 1.5 percent rise in underlying first-quarter profit, slightly above forecasts, helped by cost-control and demand for Internet access and media services.
Read more at Reuters.com Market News
PARIS, April 26 - France Telecom posted on Thursday a 1.5 percent rise in underlying first-quarter profit, slightly above forecasts, helped by cost-control and demand for Internet access and media services.
Read more at Reuters.com Market News
Lower oil earnings hit Algeria Q1 trade surplus
(Reuters) - OPEC-member Algeria saw its trade surplus shrink by $1.98 billion to $6.32 billion in the first quarter of 2007 compared with the same period last year due to lower oil and gas exports, official figures showed on Wednesday.
The data issued by the CNIS customs centre and published by the official APS news agency showed total exports fell 9.96 percent to $12.2 billion while imports reached $ 5.88 billion, up 11.9 percent from the January-March period of 2006.
Read more at Reuters Africa
The data issued by the CNIS customs centre and published by the official APS news agency showed total exports fell 9.96 percent to $12.2 billion while imports reached $ 5.88 billion, up 11.9 percent from the January-March period of 2006.
Read more at Reuters Africa
Wednesday, April 25, 2007
France's Sodexho raises guidance after strong H1
(Reuters) - PARIS, April 26 - Sodexho Alliance , the world's second-largest contract caterer, said on Thursday first-half net profit rose a stronger-than-expected 24.2 percent and revised up its full-year guidance.
Net earnings in the six months to end-February rose to 198 million euros from 160 million euros a year earlier, it said in a statement. That compared to the average forecast in a Reuters analyst poll for 186 million. Operating profit rose to 364 million euros from 315 million, which it said represented growth excluding currency swings of 20.4 percent. Its small service vouchers business reported comparable growth in operating profit of 29.7 percent to 66 million euros.
Read more at Reuters.com Market News
Net earnings in the six months to end-February rose to 198 million euros from 160 million euros a year earlier, it said in a statement. That compared to the average forecast in a Reuters analyst poll for 186 million. Operating profit rose to 364 million euros from 315 million, which it said represented growth excluding currency swings of 20.4 percent. Its small service vouchers business reported comparable growth in operating profit of 29.7 percent to 66 million euros.
Read more at Reuters.com Market News
JGBs hit by Nikkei gains, BOJ outlook awaited
(Reuters) - The BOJ is expected to repeat its message that the economy's long expansion remains intact and core consumer inflation should slowly accelerate from near zero, laying the groundwork for future interest rate rises.
Two-year yields have matched nine-month highs this week and December euroyen futures have hit a nine-year low as investors gird for the BOJ to raise rates in the third or fourth quarter, with some speculation stirring of a move even sooner.
Read more at Reuters.com Bonds News
Two-year yields have matched nine-month highs this week and December euroyen futures have hit a nine-year low as investors gird for the BOJ to raise rates in the third or fourth quarter, with some speculation stirring of a move even sooner.
Read more at Reuters.com Bonds News
Platinum Gains in Asia on Demand Speculation; Tokyo Futures Near Record
(Bloomberg) -- Platinum gained in Asian trading as research reports predicted rising demand for the metal will help to push up prices. Tokyo futures for platinum and palladium rose.
Platinum will rise to a record this year as demand for its use in auto emission control parts, or catalysts, spurs optimism, GFMS Ltd., a London-based precious metals researcher, said yesterday. Demand for use in cars rose 6.5 percent to a record last year for platinum and 7.8 percent for palladium, GFMS said.
Read more at Bloomberg Commodities News
Platinum will rise to a record this year as demand for its use in auto emission control parts, or catalysts, spurs optimism, GFMS Ltd., a London-based precious metals researcher, said yesterday. Demand for use in cars rose 6.5 percent to a record last year for platinum and 7.8 percent for palladium, GFMS said.
Read more at Bloomberg Commodities News
ABN AMRO to open books to RBS, Fortis, Santander
(Reuters) - "Although the consortium has provided few additional details with respect to its proposals this decision is in line with ABN AMRO's on-going commitment to consider value-creating opportunities for shareholders," ABN said in a statement.
That could increase the chances that ABN will be at the centre of bidding war, as well as its U.S. unit LaSalle, which ABN agreed to sell to Bank of America for $21 billion earlier this week in a related deal.
Read more at Reuters.com Business News
That could increase the chances that ABN will be at the centre of bidding war, as well as its U.S. unit LaSalle, which ABN agreed to sell to Bank of America for $21 billion earlier this week in a related deal.
Read more at Reuters.com Business News
New Zealand's Dollar Advances Near Record as Central Bank Raises Rates
(Bloomberg) -- The New Zealand dollar advanced to near the strongest since it was floated 22 years ago after central bank Governor Alan Bollard raised the benchmark interest rate to a record high.
The currency also traded near a 17-year high against the yen after Bollard increased New Zealand's official cash rate by a quarter percentage point to 7.75 percent at his monetary policy review in Wellington today. Still, he didn't warn of further rate increases in his statement. High rates have helped the local dollar to make the biggest gain among the most-traded currencies tracked by Bloomberg over the past year.
Read more at Bloomberg Currencies News
The currency also traded near a 17-year high against the yen after Bollard increased New Zealand's official cash rate by a quarter percentage point to 7.75 percent at his monetary policy review in Wellington today. Still, he didn't warn of further rate increases in his statement. High rates have helped the local dollar to make the biggest gain among the most-traded currencies tracked by Bloomberg over the past year.
Read more at Bloomberg Currencies News
Barclays Probed by SEC for Trading Conflicts in Bankruptcies, People Say
(Bloomberg) -- Barclays Plc, Europe's biggest underwriter of corporate bonds, used confidential information from serving on creditors' committees to trade securities of bankrupt companies, two people with knowledge of the government investigation said.
The U.S. Securities and Exchange Commission has evidence that Barclays profited from advance knowledge of market-moving developments its analysts and traders received from the bankruptcy panels, said the people, who declined to be identified because the three-year probe isn't public. London- based Barclays is in talks to settle SEC allegations that it broke insider-trading rules, they said.
Read more at Bloomberg Bonds News
The U.S. Securities and Exchange Commission has evidence that Barclays profited from advance knowledge of market-moving developments its analysts and traders received from the bankruptcy panels, said the people, who declined to be identified because the three-year probe isn't public. London- based Barclays is in talks to settle SEC allegations that it broke insider-trading rules, they said.
Read more at Bloomberg Bonds News
Sony to raise $2.5 bln in financial arm IPO: paper
(Reuters) - Sony issued a statement saying there is no change to its previously announced plan to list the unit as early as the financial year that started this month, and that it could not comment further at this time.
Shares in Sony closed the morning session up 0.9 percent at 6,460 yen, roughly in line with the broader market.
Read more at Reuters.com Business News
Shares in Sony closed the morning session up 0.9 percent at 6,460 yen, roughly in line with the broader market.
Read more at Reuters.com Business News
Japanese Shares Gain After Earnings Cheer Investors; Canon Paces Advance
(Bloomberg) -- Japanese stocks climbed from a three-week low after better-than-expected earnings in the U.S. reassured investors growth in Japan's largest overseas market will remain strong.
Canon Inc., the world's largest maker of digital cameras, advanced for a fourth day. Sony Corp., the producer of the PlayStation 3 game console, jumped after the Nikkei newspaper said the company will list shares of its Sony Financial Holdings unit this year, raising 300 billion yen ($2.53 billion).
Read more at Bloomberg Stocks News
Canon Inc., the world's largest maker of digital cameras, advanced for a fourth day. Sony Corp., the producer of the PlayStation 3 game console, jumped after the Nikkei newspaper said the company will list shares of its Sony Financial Holdings unit this year, raising 300 billion yen ($2.53 billion).
Read more at Bloomberg Stocks News
Canadian Oil Sands, Celestica, Research In Motion: Canada Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in Canadian markets. This preview includes news that broke after markets closed. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index gained 82.52, or 0.6 percent, to 13,672.85 in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index gained 82.52, or 0.6 percent, to 13,672.85 in Toronto.
Read more at Bloomberg Stocks News
Japan's Two-Year Notes May Draw Low Accepted Price of 100.06, Survey Says
(Bloomberg) -- Japan's sale of 1.7 trillion yen ($14.3 billion) in two-year notes will probably have a lowest accepted price of 100.06, according to the median forecast of 12 traders surveyed by Bloomberg News.
Lowest accepted price estimates ranged from 100.055 to 100.065. The price is the minimum at which the government sells the securities.
Read more at Bloomberg Bonds News
Lowest accepted price estimates ranged from 100.055 to 100.065. The price is the minimum at which the government sells the securities.
Read more at Bloomberg Bonds News
U.S. Notes May Rise on Speculation Report to Show Slowing Economic Growth
(Bloomberg) -- U.S. Treasuries may rise on expectations a government report tomorrow will show economic growth is slowing enough to keep the Federal Reserve from raising interest rates.
Notes trimmed losses from yesterday as some investors said economic figures over the past week and a half increase the odds the central bank will cut rates later in the year to spur growth. The U.S. economy grew at the weakest pace in more than a year in the first quarter, according to a Bloomberg News survey of economists before tomorrow's report.
Read more at Bloomberg Bonds News
Notes trimmed losses from yesterday as some investors said economic figures over the past week and a half increase the odds the central bank will cut rates later in the year to spur growth. The U.S. economy grew at the weakest pace in more than a year in the first quarter, according to a Bloomberg News survey of economists before tomorrow's report.
Read more at Bloomberg Bonds News
US House passes Iraq funds with 2008 withdrawal goal
(Reuters) - Bush, who wants the war money, has promised to veto this bill because Democrats included a timetable for withdrawal, which would begin no later than Oct. 1, with the goal of completing it six months later.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Japanese Net Buying of Overseas Bonds Climbs to 5-Month High on Yield Gap
(Bloomberg) -- Japanese investors' net purchases of overseas bonds rose to the highest in five months as they stepped up buying of high-yielding assets at the start of the fiscal year.
Investors bought 653.4 billion yen ($5.5 billion) in foreign bonds and notes on a net basis in the week ended April 21, the most since 959.7 billion yen in net purchases in the week ended Nov. 11, the Ministry of Finance said today in Tokyo. The third consecutive week of buying was an increase from the previous week's 434 billion yen in net purchases, according to MOF data.
Read more at Bloomberg Bonds News
Investors bought 653.4 billion yen ($5.5 billion) in foreign bonds and notes on a net basis in the week ended April 21, the most since 959.7 billion yen in net purchases in the week ended Nov. 11, the Ministry of Finance said today in Tokyo. The third consecutive week of buying was an increase from the previous week's 434 billion yen in net purchases, according to MOF data.
Read more at Bloomberg Bonds News
Australian Stocks Gain, Led by BHP Billiton, Rio Tinto on Metals Demand
(Bloomberg) -- Australian stocks gained, led by BHP Billiton Ltd. and Rio Tinto Group, after China said it may boost iron-ore imports and prices of copper and zinc advanced.
The S&P/ASX 200 Index rose 22.60, or 0.4 percent, to 6210.80 at 10:24 a.m. in Sydney. About two stocks rose for each that fell.
Read more at Bloomberg Stocks News
The S&P/ASX 200 Index rose 22.60, or 0.4 percent, to 6210.80 at 10:24 a.m. in Sydney. About two stocks rose for each that fell.
Read more at Bloomberg Stocks News
Keppel Land, United Test & Assembly, Venture: Singapore's Equity Preview
(Bloomberg) -- The following shares may rise or fall in Singapore. Stock symbols are in parentheses and prices are from the previous market close.
The Straits Times Index fell 0.4 percent to 3362.68. The April futures contract gained 0.4 percent to 414.2.
Read more at Bloomberg Stocks News
The Straits Times Index fell 0.4 percent to 3362.68. The April futures contract gained 0.4 percent to 414.2.
Read more at Bloomberg Stocks News
Japan's Nikkei Stock Average, Topix Index Rise; Canon, Sony Lead Advance
(Bloomberg) -- Japan's Nikkei 225 Stock Average rose 139.17, or 0.8 percent, to 17,375.33 at 9:03 a.m. in Tokyo. The broader Topix index added 9.84, or 0.6 percent, to 1697.18.
Canon Inc. and Sony Corp. led the advances.
Read more at Bloomberg Stocks News
Canon Inc. and Sony Corp. led the advances.
Read more at Bloomberg Stocks News
UPDATE 1-Cytyc posts Q1 loss on charges, ups 2007 revenue view
(Reuters) - Excluding charges, adjusted net income for the latest quarter was $38.3 million, or 32 cents per share. Revenue rose 20 percent to $168.9 million.
Analysts were expecting earnings of 31 cents a share, excluding exceptional items, on revenue of $165 million, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts were expecting earnings of 31 cents a share, excluding exceptional items, on revenue of $165 million, according to Reuters Estimates.
Read more at Reuters.com Market News
UPDATE 1-U.S. says Pfizer unit pleads guilty to kickback
(Reuters) - As a result of its conviction, Pharmacia will be excluded permanently from participation in all federal health care programs, prosecutors said.
Pharmacy benefit managers often recommend drugs to health plans. Their list of recommended drugs is called a formulary.
Read more at Reuters.com Market News
Pharmacy benefit managers often recommend drugs to health plans. Their list of recommended drugs is called a formulary.
Read more at Reuters.com Market News
Dollar Trades Near All-Time Low Against Euro as Home Sales Trail Forecasts
(Bloomberg) -- The dollar was little changed against the euro after matching an all-time low as a government report showed new-home sales rose less than economists forecast.
The U.S. currency has dropped 3.4 percent this year on speculation signs of an economic slowdown will encourage the Federal Reserve to cut borrowing costs. The dollar rebounded from the record low as investors sold euros to protect options-related bets, traders said. The dollar erased its losses against the euro and gained versus the yen as U.S. stocks rallied, with the Dow Jones Industrial Average closing above 13,000 for the first time.
Read more at Bloomberg Currencies News
The U.S. currency has dropped 3.4 percent this year on speculation signs of an economic slowdown will encourage the Federal Reserve to cut borrowing costs. The dollar rebounded from the record low as investors sold euros to protect options-related bets, traders said. The dollar erased its losses against the euro and gained versus the yen as U.S. stocks rallied, with the Dow Jones Industrial Average closing above 13,000 for the first time.
Read more at Bloomberg Currencies News
Exxon Mobil raises dividend to 35 cents/share
(Reuters) - Shares in Exxon Mobil were up 1.6 percent at 79.83 per share on the New York Stock Exchange, slightly below their all-time high of $79.98 hit earlier this week.
The dividend is payable on June 11 to shareholders of record of common stock at the close of business on May 14.
Read more at Reuters.com Hot Stocks News
The dividend is payable on June 11 to shareholders of record of common stock at the close of business on May 14.
Read more at Reuters.com Hot Stocks News
Durables orders up, home sales disappoint
(Reuters) - But another report showing weaker-than-expected sales of new homes and big stocks of completed but unsold homes damped hopes for improvement in the slowing U.S. economy, despite the signs of strength in the manufacturing sector.
The pickup in March durable goods orders followed a revised 2.4 percent February gain, a Commerce Department report showed, and handily surpassed Wall Street economists' expectations for a 2.5 percent increase.
Read more at Reuters.com Business News
The pickup in March durable goods orders followed a revised 2.4 percent February gain, a Commerce Department report showed, and handily surpassed Wall Street economists' expectations for a 2.5 percent increase.
Read more at Reuters.com Business News
Jarden to buy K2 for $765 mln
(Reuters) - PHILADELPHIA, April 25 - Small appliance and consumer goods company Jarden Corp. will acquire K2 Inc. , the maker of K2 skis and Rawlings baseballs, for about $765 million to broaden its sporting goods product line.
Jarden, whose products range from playing cards and plastic cutlery to camping gear and coffee makers, will pay about $15.50 per share in cash and stock for each share of K2. That marked a 23-percent premium to the closing price of K2's stock on Tuesday.
Read more at Reuters.com Mergers News
Jarden, whose products range from playing cards and plastic cutlery to camping gear and coffee makers, will pay about $15.50 per share in cash and stock for each share of K2. That marked a 23-percent premium to the closing price of K2's stock on Tuesday.
Read more at Reuters.com Mergers News
Optical Communication says Oplink buying controlling stake
(Reuters) - Optical Communication said in a statement on Wednesday that Oplink, in a letter, also proposed to buy the outstanding shares which Furukawa does not already own for $1.50 per share by means of a merger of Optical with a unit of Oplink.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-Freeport-McMoRan first-quarter profit soars
(Reuters) - Net earnings were $476.2 million, or $2.02 per share, compared with $251.7 million, or $1.23 per share, in the same quarter last year, the Phoenix-based mining company said.
Freeport, which operates the vast Grasberg mine in Indonesia, became the world's largest publicly traded copper company with its $25.9 billion acquisition of Phelps Dodge Corp., which was completed in March.
Read more at Reuters.com Market News
Freeport, which operates the vast Grasberg mine in Indonesia, became the world's largest publicly traded copper company with its $25.9 billion acquisition of Phelps Dodge Corp., which was completed in March.
Read more at Reuters.com Market News
UPDATE 1-Scripps profit drops with weaker print and Web
(Reuters) - Scripps said its cable networks HGTV and the Food Network continued to post double-digit growth, with revenue up 13 percent at the division that houses the two channels and segment profit up 20 percent.
But weak newspaper advertising in Florida and a year without Olympic broadcasts or political advertising for its television station group weighed on results. The company also said it posted a loss for its Internet businesses as the company invested more to beef up its sites.
Read more at Reuters.com Market News
But weak newspaper advertising in Florida and a year without Olympic broadcasts or political advertising for its television station group weighed on results. The company also said it posted a loss for its Internet businesses as the company invested more to beef up its sites.
Read more at Reuters.com Market News
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