(Reuters) - South Africa's rand was slightly firmer against the dollar on Tuesday, and market players saw it trading in tight ranges and taking its cue from major currencies in the absence of market moving data.
By 0625 GMT the rand stood at 7.2350 versus the dollar, about 0.2 percent firmer than its New York close of 7.2525 on Monday.
Read more at Reuters Africa
Monday, April 2, 2007
NicOx launches 2nd osteoarthritis Phase III trial
(Reuters) - In previous clinical studies, naproxcinod showed it was more effective than placebo and that it had no detrimental effect on blood pressure when compared with widely used non-steroidal anti-inflammatory drugs .
NicOx aims to file for U.S. marketing approval of naproxcinod in the first quarter of 2009. The efficacy results of the second Phase III trial are expected mid-2008.
Read more at Reuters.com Government Filings News
NicOx aims to file for U.S. marketing approval of naproxcinod in the first quarter of 2009. The efficacy results of the second Phase III trial are expected mid-2008.
Read more at Reuters.com Government Filings News
Shares end higher
(Reuters) - First Data, a credit-card and payment processor, said it had agreed to a buyout bid by private equity firm Kohlberg Kravis Roberts & Co. Its stock was the top percentage gainer, up 20.6 percent, on the New York Stock Exchange.
The Institute for Supply Management said factory activity grew in March, but less than forecast. The data also showed rising price pressures that could help dissuade the Federal Reserve from cutting interest rates soon even as growth slows.
Read more at Reuters.com Hot Stocks News
The Institute for Supply Management said factory activity grew in March, but less than forecast. The data also showed rising price pressures that could help dissuade the Federal Reserve from cutting interest rates soon even as growth slows.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Chocolate maker Callebaut sees 11 pct profit rise
(Reuters) - ZURICH, April 3 - Swiss chocolate maker Barry Callebaut posted an 11 percent rise in net profit for its fiscal half-year on Tuesday, boosted by the industry's outsourcing trend.
The maker of chocolate for food manufacturers, artisans and chefs said net profit rose to 125.2 million Swiss francs , narrowly beating the analysts' average forecast of 124.4 million francs.
Read more at Reuters.com Market News
The maker of chocolate for food manufacturers, artisans and chefs said net profit rose to 125.2 million Swiss francs , narrowly beating the analysts' average forecast of 124.4 million francs.
Read more at Reuters.com Market News
Oil eases on hope for diplomacy in Iran stand-off
(Reuters) - Oil prices dipped on Tuesday as the market was soothed by the potential for a diplomatic solution to a stand-off between OPEC producer Iran and Britain.
U.S. light crude for May delivery fell 22 cents to $65.72 a barrel by 0348 GMT, after rising 7 cents on Monday. London Brent crude lost 9 cents to $68.65, trimming 64-cent gains on Monday, when it hit a seven-month high of
Read more at Reuters Africa
U.S. light crude for May delivery fell 22 cents to $65.72 a barrel by 0348 GMT, after rising 7 cents on Monday. London Brent crude lost 9 cents to $68.65, trimming 64-cent gains on Monday, when it hit a seven-month high of
Read more at Reuters Africa
JGBs slip before 10-year auction on Nikkei rebound
(Reuters) - The 1.9 trillion yen auction is the first major JGB sale of the new financial year and is seen as an important barometer of demand for yield among domestic investors.
The Ministry of Finance on Tuesday set the coupon at 1.7 percent, in line with market expectations, and analysts said the supply should be well absorbed. The auction results are due at 12:45 p.m. .
Read more at Reuters.com Bonds News
The Ministry of Finance on Tuesday set the coupon at 1.7 percent, in line with market expectations, and analysts said the supply should be well absorbed. The auction results are due at 12:45 p.m. .
Read more at Reuters.com Bonds News
UPDATE 2-Wesfarmers eyes $16 bln Coles bid, buys stake
(Reuters) - SYDNEY, April 3 - Australia's Wesfarmers Ltd. shook up the bidding for Coles Group Ltd. by taking a stake in the underperforming retailer, positioning itself for a potential A$20 billion takeover.
The Perth-based conglomerate joined forces with Macquarie Bank Ltd. and buyout firms to emerge as a surprise contender for Coles, which put itself up for sale in February, sources familiar with the situation said.
Read more at Reuters.com Mergers News
The Perth-based conglomerate joined forces with Macquarie Bank Ltd. and buyout firms to emerge as a surprise contender for Coles, which put itself up for sale in February, sources familiar with the situation said.
Read more at Reuters.com Mergers News
UPDATE 2-Bolivia to regain control of telecoms firm
(Reuters) - LA PAZ, April 2 - Bolivia's leftist government said on Monday it had decided to put telecommunications company Entel, which is controlled by Telecom Italia , back under state control.
Government minister Juan Ramon Quintana said President Evo Morales had issued a presidential decree setting a 30-day deadline to negotiate Entel's return to state hands.
Read more at Reuters.com Bonds News
Government minister Juan Ramon Quintana said President Evo Morales had issued a presidential decree setting a 30-day deadline to negotiate Entel's return to state hands.
Read more at Reuters.com Bonds News
UPDATE 2-L.A. Times staff uncertain about new owner
(Reuters) - LOS ANGELES, April 2 - Staff at the Los Angeles Times, shaken by months of turmoil, voiced anxiety on Monday over Chicago billionaire Sam Zell's planned buyout even as the paper ran a story about the real estate mogul's reputation as a hard-nosed "grave dancer."
The Times' corporate parent, Tribune Co., announced it had accepted Zell's offer to take the newspaper and broadcasting giant private in a bid valued at $34 per share, or about $8.2 billion.
Read more at Reuters.com Mergers News
The Times' corporate parent, Tribune Co., announced it had accepted Zell's offer to take the newspaper and broadcasting giant private in a bid valued at $34 per share, or about $8.2 billion.
Read more at Reuters.com Mergers News
RadioShack sued over Texas ID theft law
(Reuters) - RadioShack, based in Fort Worth, Texas, did not return phone calls seeking comment.
According to the complaint, which was posted on the state attorney general's Web site, "thousands" of records containing customer names, addresses, telephone numbers and other data were found in a trash can in an alley behind a RadioShack store located in Portland, Texas, in March 2007.
Read more at Reuters.com Business News
According to the complaint, which was posted on the state attorney general's Web site, "thousands" of records containing customer names, addresses, telephone numbers and other data were found in a trash can in an alley behind a RadioShack store located in Portland, Texas, in March 2007.
Read more at Reuters.com Business News
UPDATE 1-Continental Airlines March passenger revenue rose
(Reuters) - Continental said its load factor, the percentage of seats filled with paying passengers, rose 1.4 points to 82.6 percent -- a record for the month.
Traffic, as measured by revenue passenger miles, rose 3.4 percent in March, while capacity, as measured by available seat miles, increased 1.8 percent.
Read more at Reuters.com Market News
Traffic, as measured by revenue passenger miles, rose 3.4 percent in March, while capacity, as measured by available seat miles, increased 1.8 percent.
Read more at Reuters.com Market News
Ex-Black manager tells trial fees were legal
(Reuters) - Craig Holick, former manager of corporate finance for what was then Hollinger International, said the so-called non-compete payments were "ingenious" because the money could be used for purposes other than paying off Hollinger's debt.
While the bulk of the sale proceeds were used to pay off bank debts accumulated as Hollinger grew into one of the world's largest newspaper publishers, the portions of the proceeds allocated to non-compete payments were used to enrich executives, prosecutors have said.
Read more at Reuters.com Business News
While the bulk of the sale proceeds were used to pay off bank debts accumulated as Hollinger grew into one of the world's largest newspaper publishers, the portions of the proceeds allocated to non-compete payments were used to enrich executives, prosecutors have said.
Read more at Reuters.com Business News
Wesfarmers says controls 11.3 pct of retailer Coles
(Reuters) - Wesfarmers, which launched a share raid on Coles late on Monday, said it would pursue discussions with Coles, which is also expected to attract a bid from a rival private-equity consortium led by Kohlberg Kravis Roberts & Co .
Sources said Wesfarmers bought a 3.4 percent stake late on Monday at A$16.47 a share, a 2.2 percent premium over Monday's closing price, and had looking to buy up to 15 percent.
Read more at Reuters.com Business News
Sources said Wesfarmers bought a 3.4 percent stake late on Monday at A$16.47 a share, a 2.2 percent premium over Monday's closing price, and had looking to buy up to 15 percent.
Read more at Reuters.com Business News
FACTBOX: New Century creditors named in bankruptcy filing
(Reuters) - Nature of claim: warehouse and repurchase obligation
Company: Credit Suisse First Boston Mortgage Capital LLC/Credit Suisse Group
Read more at Reuters.com Business News
Company: Credit Suisse First Boston Mortgage Capital LLC/Credit Suisse Group
Read more at Reuters.com Business News
FCC adopts tougher telephone record privacy rules
(Reuters) - If a customer does not provide a password, carriers may not release the customer's call records except by sending it to the address of record or by the carrier calling the customer at the telephone number on record, the agency said.
The order, which was approved with varying levels of support from the five commissioners that vote on agency rules, would also require companies to get permission from a customer before sharing their data with a third party, such as a marketing partner.
Read more at Reuters.com Government Filings News
The order, which was approved with varying levels of support from the five commissioners that vote on agency rules, would also require companies to get permission from a customer before sharing their data with a third party, such as a marketing partner.
Read more at Reuters.com Government Filings News
UBS names Bourkoff vice chairman, tech investment banking
(Reuters) - Prior to joining UBS in 1999, Bourkoff was the senior cable and telecommunications high yield bond analyst at CIBC World Markets Corp.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
New Century 'somber' as fired employees head home
(Reuters) - Hours later, she was asked to leave herself.
Sitting on the curb outside New Century's glitzy headquarters, clutching a manila envelope, the woman declined to identify herself but admitted to being one of the 3,200 employees laid off as the company known for risky loans filed for bankruptcy on Monday morning.
Read more at Reuters.com Bonds News
Sitting on the curb outside New Century's glitzy headquarters, clutching a manila envelope, the woman declined to identify herself but admitted to being one of the 3,200 employees laid off as the company known for risky loans filed for bankruptcy on Monday morning.
Read more at Reuters.com Bonds News
AT&T, America Movil have agendas
(Reuters) - NEW YORK/MEXICO CITY, April 2 - Top U.S. telephone company AT&T Inc. and Mexican mobile phone operator America Movil have separate agendas as they jointly bid for a stake in Telecom Italia SpA .
AT&T wants to expand in Europe amid a decline in fixed-line services in the United States, while America Movil, owned by billionaire Carlos Slim, seeks to boost its supremacy in Latin America by taking over Telecom Italia's Brazilian operations.
Read more at Reuters.com Business News
AT&T wants to expand in Europe amid a decline in fixed-line services in the United States, while America Movil, owned by billionaire Carlos Slim, seeks to boost its supremacy in Latin America by taking over Telecom Italia's Brazilian operations.
Read more at Reuters.com Business News
U.S. airline February on-time record worst in 6 years
(Reuters) - The data released on Monday by the Transportation Department's statistics bureau raised fresh questions about industry problems with customer service ahead of the summer travel season, historically the busiest for airlines.
A report from the department earlier this year found that consumer complaints were up in 2006 as U.S. airlines mishandled more than 4 million bags and had other operational problems, despite improved finances.
Read more at Reuters.com Business News
A report from the department earlier this year found that consumer complaints were up in 2006 as U.S. airlines mishandled more than 4 million bags and had other operational problems, despite improved finances.
Read more at Reuters.com Business News
TREASURIES-Prices stall after mixed US factory data
(Reuters) - NEW YORK, April 2 - U.S. Treasury debt prices were static on Monday after a mixed report on the factory sector gave no support to the idea that the Federal Reserve might trim interest rates soon to stimulate economic growth.
News that New Century Financial Corp. , the biggest independent player in the troubled subprime mortgage industry, had filed for Chapter 11 bankruptcy protection did not spur any safety bid in Treasuries.
Read more at Reuters.com Bonds News
News that New Century Financial Corp. , the biggest independent player in the troubled subprime mortgage industry, had filed for Chapter 11 bankruptcy protection did not spur any safety bid in Treasuries.
Read more at Reuters.com Bonds News
Fed's Poole favors rate hike if inflation stays up
(Reuters) - "I won't be leading the pack in cutting rates" in that situation, he said.
The Fed has left interest rates steady for the past six meetings. Poole is a voting member of the Fed's rate-setting committee this year.
Read more at Reuters.com Business News
The Fed has left interest rates steady for the past six meetings. Poole is a voting member of the Fed's rate-setting committee this year.
Read more at Reuters.com Business News
UPDATE 1-GTSI posts profit, auditors remove going concern status
(Reuters) - Chief Financial Officer Joe Ragan said GTSI was making significant progress in lowering risks related to the material weaknesses identified in 2006.
The company, in a statement, said it had $30.9 million drawn on its senior credit facility at the end of 2006. Day sales outstanding as of Dec. 31, 2006 were 45 days, it added.
Read more at Reuters.com Market News
The company, in a statement, said it had $30.9 million drawn on its senior credit facility at the end of 2006. Day sales outstanding as of Dec. 31, 2006 were 45 days, it added.
Read more at Reuters.com Market News
UPDATE 1-Hedge funds lead junk loan lending, S&P says
(Reuters) - Non-bank investors "have gone from supporting players to leading actors in the leveraged loan market," analysts Steven Miller and Robert Polenberg co-wrote in the April 2007 report.
The volume of collateralized loan obligations, or CLOs, almost doubled last year to a record $97 billion from $53 billion in 2005, according to data from JP Morgan Chase & Co. and Merrill Lynch & Co.
Read more at Reuters.com Bonds News
The volume of collateralized loan obligations, or CLOs, almost doubled last year to a record $97 billion from $53 billion in 2005, according to data from JP Morgan Chase & Co. and Merrill Lynch & Co.
Read more at Reuters.com Bonds News
Congo halts mining negotiations for review process
(Reuters) - Democratic Republic of Congo is suspending negotiations on future mining deals in the mineral-rich central African country until a mechanism to review existing contracts is created, the minister of mines said.
"The minister ... instructs state administrators of the mining sector to suspend until fresh instructions all negotiation on new partnerships until after the government has launched a review procedure for existing contracts," Minister Martin Kabwelulu said in a March 27 memo seen by Reuters.
Read more at Reuters Africa
"The minister ... instructs state administrators of the mining sector to suspend until fresh instructions all negotiation on new partnerships until after the government has launched a review procedure for existing contracts," Minister Martin Kabwelulu said in a March 27 memo seen by Reuters.
Read more at Reuters Africa
UPDATE 1-US top court overturns Duke clean air law ruling
(Reuters) - The case had been closely watched by the industry because it could determine whether U.S. electric utilities must spend billions of dollars on clean air equipment and whether the government can succeed in a number of other similar cases.
The justices set aside a U.S. appeals court ruling that Charlotte, North Carolina-based Duke did not need a permit from the U.S. Environmental Protection Agency because hourly emissions from the plants would not increase.
Read more at Reuters.com Government Filings News
The justices set aside a U.S. appeals court ruling that Charlotte, North Carolina-based Duke did not need a permit from the U.S. Environmental Protection Agency because hourly emissions from the plants would not increase.
Read more at Reuters.com Government Filings News
LSI Logic completes Agere acquisition
(Reuters) - LSI said it was confident it would achieve savings plans from the deal that it had outlined in December. It had forecast 2008 savings of at least $125 million through improvements in manufacturing efficiency and management of operating expenses.
It had also said in December that the deal would reduce LSI's earnings per share slightly in 2007 and add to them "meaningfully" in 2008.
Read more at Reuters.com Mergers News
It had also said in December that the deal would reduce LSI's earnings per share slightly in 2007 and add to them "meaningfully" in 2008.
Read more at Reuters.com Mergers News
AirTran Airways raises offer for Midwest Air
(Reuters) - CHICAGO, April 2 - AirTran Holdings Inc. , parent of low-cost airline AirTran Airways, said on Monday it increased its hostile offer for Midwest Air Group Inc. to $15 per Midwest share, or about $389 million in total.
It is the second time AirTran has increased its bid for Midwest, which has said it prefers to remain independent. AirTran first offered to buy Midwest for $11.25 per share on Oct. 20, 2006.
Read more at Reuters.com Mergers News
It is the second time AirTran has increased its bid for Midwest, which has said it prefers to remain independent. AirTran first offered to buy Midwest for $11.25 per share on Oct. 20, 2006.
Read more at Reuters.com Mergers News
UPDATE 1-Infor to buy Workbrain for $196 mln in cash
(Reuters) - TORONTO, April 2 - Workbrain Corp. said on Monday it will be acquired by privately-owned software company Infor for C$227 million in cash.
Infor will acquire all of Workbrain's outstanding shares for C$12.50 apiece, a 22-percent premium to Workbrain's closing price of C$10.28 on the Toronto Stock Exchange on Friday.
Read more at Reuters.com Mergers News
Infor will acquire all of Workbrain's outstanding shares for C$12.50 apiece, a 22-percent premium to Workbrain's closing price of C$10.28 on the Toronto Stock Exchange on Friday.
Read more at Reuters.com Mergers News
Xerox to buy Global Imaging Systems for $1.5 bln
(Reuters) - Xerox expects the acquisition of Global to be accretive to Xerox's full-year 2007 earnings.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Kenyan shilling barely moved vs dollar, trade quiet
(Reuters) - The Kenya shilling was little changed against the dollar in quiet trade on Monday, dealers said.
At 0745 GMT, commercial banks quoted the shilling 68.60/80 to the dollar, compared with Friday's close of 68.65/75.
Read more at Reuters Africa
At 0745 GMT, commercial banks quoted the shilling 68.60/80 to the dollar, compared with Friday's close of 68.65/75.
Read more at Reuters Africa
KKR to buy First Data; deal valued at $29 billion
(Reuters) - The agreement was unanimously approved by the First Data board of directors based upon the recommendation of the Strategic Review Committee comprised of three independent directors.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Mortgage woes seen holding US growth 'below trend'
(Reuters) - The sluggish growth will help clear the way for the Federal Reserve to ease monetary policy at the end of the second quarter despite a historically low 4.5 percent unemployment rate, the economic forecasting unit said in its report.
Citing Fed Chairman Ben Bernanke's recent comments about the link between inflation and employment levels appearing "looser" than in past decades, the unit projected three cuts to the Fed Funds rate by the end of the year, taking it to 4.5 percent from 5.25 percent currently.
Read more at Reuters.com Bonds News
Citing Fed Chairman Ben Bernanke's recent comments about the link between inflation and employment levels appearing "looser" than in past decades, the unit projected three cuts to the Fed Funds rate by the end of the year, taking it to 4.5 percent from 5.25 percent currently.
Read more at Reuters.com Bonds News
JGB futures nudge up as Nikkei tumbles
(Reuters) - The March tankan showed the headline diffusion index for big manufacturers' sentiment stood at plus 23, slightly lower than the reading of plus 25 in the December survey and just short of the market's median forecast of plus 24.
The tankan outlook index for June also showed big manufacturers are slightly less positive about conditions over the next three months.
Read more at Reuters.com Bonds News
The tankan outlook index for June also showed big manufacturers are slightly less positive about conditions over the next three months.
Read more at Reuters.com Bonds News
European shares drift lower, Novartis hit
(Reuters) - European shares drifted lower in early trade on Monday after a sharp fall in Japanese stocks, and a drug withdrawal from Novartis more than offset the impact of acquisition activity and weaker oil prices.
At 0714 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,512.95 points.
Read more at Reuters Africa
At 0714 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,512.95 points.
Read more at Reuters Africa
KKR to buy First Data in deal valued at $29 bln
(Reuters) - The agreement was unanimously approved by the First Data board of directors based upon the recommendation of the Strategic Review Committee comprised of three independent directors.
Completion of the transaction, which is subject to the approval of First Data shareholders, regulatory approvals and customary closing conditions, is expected by the end of the third quarter of 2007.
Read more at Reuters.com Business News
Completion of the transaction, which is subject to the approval of First Data shareholders, regulatory approvals and customary closing conditions, is expected by the end of the third quarter of 2007.
Read more at Reuters.com Business News
FACTBOX: Expected impact of U.S. trade deal on South Korea
(Reuters) - AUTO MAKERS
Lower tariffs could help improve returns at auto makers such as Hyundai Motor Co. and Kia Motors Corp.KS> from the key U.S. market, with auto parts makers such as Hyundai Autonet also expected to benefit.
Read more at Reuters.com Business News
Lower tariffs could help improve returns at auto makers such as Hyundai Motor Co. and Kia Motors Corp.KS> from the key U.S. market, with auto parts makers such as Hyundai Autonet also expected to benefit.
Read more at Reuters.com Business News
Syniverse to buy UK's BSG wireless business
(Reuters) - Syniverse said it will pay approximately $290 million in cash, which includes debt to be refinanced at closing.
The transaction is subject to customary closing conditions, including BSG shareholder approval and regulatory approvals, and is expected to close as soon as such approvals are obtained.
Read more at Reuters.com Mergers News
The transaction is subject to customary closing conditions, including BSG shareholder approval and regulatory approvals, and is expected to close as soon as such approvals are obtained.
Read more at Reuters.com Mergers News
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