Shell drops Gulf LNG port

(Reuters) - "It's just an assessment of the market," said project manager Greg Koehler in announcing cancellation of the terminal that had been dubbed Gulf Landing.

When Shell proposed Gulf Landing for a site 38 miles south of Cameron, La., in 2003, there was one LNG terminal in the Gulf of Mexico. Now, including Mexico, there are seven either operating or under construction and more are planned.


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Ericsson CEO sees more multimedia buys: report

(Reuters) - "There will be more acquisitions on the multimedia side. We do not need to take a breath just because we have made several acquisitions," he said.

Ericsson has recently bought Norwegian digital broadcast systems maker Tandberg Television and IP messaging components company Mobeon as part of its plan to build up multimedia.


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MTN 2006 adj headline EPS at 584.7 cts

(Reuters) - MTN, sub-Saharan Africa's biggest cell phone operator, posted annual adjusted headline EPS of 584.7 cents in line with its own forecast as it signed up new subscribers and made acquisitions.

MTN said on Thursday it had 40 million subscribers at the end of December, up 73 percent from a year earlier.


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Oil stands near six-month high on Iran tension

(Reuters) - Oil held near its highest close in over six months on Thursday as traders weighed rising risk to Gulf supplies from mounting tension between Iran and the West.

Small draws in weekly U.S. product and crude stocks were overshadowed by fears surrounding the world's fourth-largest oil exporter, which has been holding 15 British sailors and marines since Friday and was hit with new U.N. sanctions at the weekend.


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S.Africa crime blights local firms' reputation - finmin

(Reuters) - South Africa's Finance Minister Trevor Manuel said on Wednesday economic crime had reached unacceptable levels, besmirching local firms global reputation and the government would be tougher on it.

Manuel said the government would actively enforce laws to curb corruption in both the private sector and government.


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Dollar edges up as risk aversion worry eases

(Reuters) - The dollar edged up against the yen on Thursday, extending a rebound as a rise in Asian shares soothed worries about risk aversion and prompted buying of higher-yielding currencies against the yen.

The dollar also gained ground as market players viewed comments from Federal Reserve Chairman Ben Bernanke on Wednesday as suggesting the central bank is not ready to cut interest rates just yet.


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S.African c.bank chief Mboweni criticises Barclays - FT

(Reuters) - South Africa's central bank governor has criticised the 2005 takeover by Barclays Plc of South African retail bank Absa, the Financial Times reported on Thursday.

Reserve Bank governor Tito Mboweni called the British bank's stewardship of Absa "discouraging", the newspaper said.


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New Century cuts Freddie Mac tie

(Reuters) - The Irvine, California-based company also said it entered agreements with regulators in Idaho, Iowa, Michigan and Wyoming to stop lending. These follow similar agreements with or orders from several other states, including California and New York, arising from New Century's failure to fund loans.

New Century said it decided voluntarily on Monday to stop selling or being the main servicer of loans for Freddie Mac, the second-largest U.S. home loan financier. Fannie Mae , the largest financier, cut off its own ties with New Century earlier this month, saying the company breached some contracts.


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No bonuses for top GM executives: report

(Reuters) - Full details on executives' compensation will be released next month when the company files its annual proxy statement, the Times said.




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Many wealthy not attracted to hedge funds: survey

(Reuters) - The Spectrem survey, even though it comprises a small sampling, suggests that hedge funds have some work to do if they want to continue to attract more wealthy investors, which historically have comprised the largest percentage of industry investment.

"Financial services providers need to be proactive in educating affluent investors about their risks and rewards," said Spectrem in the report.


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AmBev to invest $2.4 billion in Brazil over 5 years

(Reuters) - AmBev said it needed the record level of investment to expand its production capacity, especially in northeastern and central-western Brazil to take advantage of the country's accelerating economic growth and growing beverage market.

"It is the biggest investment announced by the company since Ambev's creation" nearly seven years ago, the statement said.


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China's McDonald's, KFC, Pizza Hut accused of low pay

(Reuters) - Company representatives denied breaking labor laws.

A provincial official said the claims would be investigated, the China Daily reported on Thursday.


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Oil up around $2 after spike on Iran rumour

(Reuters) - Oil climbed near to $65 a barrel on Wednesday, after a $5 spike to six month highs overnight on a rumour, quickly dismissed by the United States, that a U.S. naval vessel had clashed with Iran.

Britain denied another market rumour that it had sent troops to release 15 British military personnel being held in Iran.


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Kenya seeks partner in Telkom privatisation

(Reuters) - Kenya invited expressions of interest on Wednesday from companies seeking to buy a 26 percent stake in Telkom Kenya, a state-owned landline company, as a strategic partner.

In a newspaper advertisement, the government said it also intended to sell off a further 34 percent of Telkom in an initial public offering once the strategic partner was on board.


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World trade talk prospects fading - Brazil expert

(Reuters) - The chances of success in the World Trade Organization's Doha round of free-trade talks are fading, Marcos Jank, president of the Brazilian Institute for International Trade Negotiations, said on Wednesday.

"We have a big risk of failure," he said at a conference organised by news and information service Agra Europe.


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Mozambique says CVRD near start of coal project

(Reuters) - Brazilian miner Companhia Vale do Rio Doce has promised to begin developing the $1.2 billion Moatize coal project in Mozambique within three months, Mozambique's mining minister said on Wednesday.

A consortium led by CVRD, the world's top iron ore producer, made the commitment in a development plan recently submitted to the Mozambique government, Mineral Resources Minister Esperanca Bias told state-run radio in the southern African nation.


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Dollar extends losses vs yen after US durables

(Reuters) - The dollar extended losses against the yen on Wednesday, after a softer-than-expected U.S. durables report bolstered chances of Federal Reserve interest rate cuts this year.

The report followed a string of weak U.S. data in the last few sessions, including Tuesday's fall in consumer confidence and Monday's unexpected sharp fall in new home sales.


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US stocks drop after Bernanke comments

(Reuters) - U.S. stocks fell sharply on Wednesday after Federal Reserve Chairman Ben Bernanke cast doubt about a recovery in housing and said uncertainties surrounding the economic outlook had increased.

Shares of bellwether companies, including plane maker Boeing Co. and diversified manufacturer General Electric Co. were among the top decliners, along with shares of banks and retailers.


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S.Africa stocks reverse minor gains after Bernanke

(Reuters) - South African stocks closed flat on Wednesday, reversing earlier gains after Federal Reserve Chairman Ben Bernanke raised the alarm about prospects for the U.S. economy.

The Johannesburg Top-40 index of blue-chip stocks edged 0.01 percent higher to 24,183.98 points, climbing down from earlier marginal gains. The All-share index closed 0.04 percent down at 26,829.80 points.


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S.Africa's Solidarity union to strike at Telkom unit

(Reuters) - South Africa's Solidarity union members propose to go on strike at Milnerton Maritime Radio, a unit of fixed-line phone company Telkom, which could affect shipping off the Cape coast, the union said on Wednesday.

Solidarity spokesperson Jaco Kleynhans said in a statement the trade union has obtained permission from the Commission for Conciliation, Mediation and Arbitration (CCMA) to call a strike over a dispute concerning weekend work.


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European stocks edge down as oil prices rise

(Reuters) - European stock markets drifted lower on Wednesday, as a 1.7 percent jump in U.S. crude oil prices to $64 a barrel supported oil firms Total and BP but hit the broader market.

Oil prices had briefly spiked above $68 on a rumour, quickly dismissed by the United States, of a conflict involving Iran.


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S.Africa Feb CPIX slows to 4.9 pct yr/yr

(Reuters) - South Africa's targeted CPIX inflation rate rose by 4.9 percent in the year to February, below forecasts, after increasing by 5.3 percent in January, official data showed on Wednesday.

Figures from Statistics South Africa also indicated that the all-items consumer price index (CPI) increased by an annual rate of 5.7 percent in February compared to January's 6.0 percent.


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Market Chatter -- Corporate finance press digest

(Reuters) - British Airways is considering a one billion pound bid for smaller rival bmi the Times said.

General Motors Corp. will not make a first-round bid for DaimlerChrysler AG's Chrysler unit, leaving just private equity firms and an auto parts supplier in the running, the Times reported, citing unnamed sources close to the talks.


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DBS may be allowed to bid for KEB in group-official

(Reuters) - The Singaporean bank has not yet submitted an application for such permission, the official at the Financial Supervisory Service added.



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Thomson sees no reason to be bought-report

(Reuters) - Asked to comment on recurrent market speculation that Thomson might be a takeover target, Chief Executive Frank Dangeard told La Tribune: "Thomson has a clear strategy which allows it to be a leader in its sector. There is no reason for us to be consolidated."

Dangeard added that Thomson's plan was to achieve annual sales growth of between 5 to 7 percent from now until 2009 and that Thomson expected a "very strong rise" in its net profit.


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ABN AMRO rejects TCI shakeup plan but allows vote

(Reuters) - By Reed Stevenson

AMSTERDAM, March 28 - ABN AMRO said on Wednesday it would let shareholders vote on proposals by hedge fund TCI for a shake-up of the bank, but recommended against the measures as it looks at a potential merger with Barclays .


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UPDATE 3-Strong sales boost Sainsbury ahead of possible bid

(Reuters) - LONDON, March 28 - British supermarket group J. Sainsbury Plc topped fourth-quarter sales forecasts on Wednesday and reaffirmed its recovery plan was on track, as it waits for a possible bid from a group of private equity firms.

Britain's third-biggest supermarket group said like-for-like sales excluding fuel rose 5.9 percent in the 12 weeks to March 24, boosted by strong sales of ethical "Fairtrade" products and goods linked to the national "Red Nose" charity day.


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UPDATE 2-Australia's Ten H1 profit down on costs, ad market

(Reuters) - SYDNEY, March 28 - Ten Network Holdings Ltd. , Australia's third-biggest TV broadcaster, posted a 12 percent fall in first-half profit on higher costs and a subdued advertising market, but tipped an improved performance this year.

Ten, which has been put up for sale by majority shareholder Canada's CanWest Global Communications Corp. , said an Australian election later this year would boost ad spending and its TV profits should improve after winning back market share.


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Singapore's DBS in talks to bid for Korea's KEB: sources

(Reuters) - The Singapore bank, Southeast Asia's largest, is working to form a consortium with South Korean bank Nonghyup to buy KEB from U.S. buyout fund Lone Star , one of the sources familiar with the situation told Reuters.

KEB is controlled by U.S. buyout fund Lone Star and is one of the few remaining targets in South Korea's banking sector for foreign buyers seeking growth. But a legal battle over Lone Star's 2003 purchase of KEB has put a sale on hold.


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DoubleClick eyes sale, talks with Microsoft: report

(Reuters) - No one at DoubleClick was immediately available for comment.

The company is majority-owned by San Francisco private-equity firm Hellman & Friedman, which is seeking at least $2 billion for DoubleClick, one person briefed on the situation said in the Journal.


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Wal-Mart chief writes off New York: paper

(Reuters) - He said Wal-Mart executives have lobbied for a store in New York, but he remains unconvinced. "It's too hard to make money here," he said.

Later, Wal-Mart spokesperson Mona Williams sought to amend Scott's remarks, the Times said.


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HP sues Acer for patent breach

(Reuters) - "Acer has become a threat that leading PC vendors cannot afford to neglect," he said in a research note. "We understand why competitors would desire a halt to Acer's expansion in the U.S. market."

Shares in Acer, which is due to report earnings later on Wednesday, were down 2 percent to T$63.00 at 0425 GMT on Wednesday, underperforming the benchmark TAIEX index, which declined 0.92 percent, although MSCI's index of IT stocks, down 1.4 percent, indicated a broad sell-off in the sector.


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Rand steady as rumour denied

(Reuters) - South African rand steadied against the dollar on Wednesday after rumours that Iran fired at a U.S. naval vessel in the Gulf were denied.

The rand was trading at 7.2880 versus the dollar at 0755 GMT, little changed from a close of 7.2850 in New York on Tuesday. The rand weakened sharply overnight as the rumour spooked investors out of high-risk markets such as South Africa.


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Shanghai copper drops 1.2 pct after LME fall

(Reuters) - Shanghai copper futures fell 1.2 percent on Wednesday, but light consumer buying in Asia helped London Metal Exchange copper futures stabilise after sharp overnight losses triggered by weak U.S. data.

A falling consumer confidence index and a drop in U.S. new home sales for February to their lowest level since June 2000 pushed down LME copper futures on Tuesday. Three-month copper closed at $6,680 a tonne, but recovered to trade between $6,690 and $6,725 on Wednesday as Asian consumers bought.


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