(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
Wednesday, April 25, 2007
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
QLT sees Europe curbs on Visudyne use;profit drops
(Reuters) - But the company could not say what impact the decision would have on its European sales of Visudyne, which is used in the treatment of age-related macular degeneration.
QLT reported a 60-percent drop in its first-quarter earnings due to a sharp decline in sales of Visudyne in the United States and Europe.
Read more at Reuters.com Market News
QLT reported a 60-percent drop in its first-quarter earnings due to a sharp decline in sales of Visudyne in the United States and Europe.
Read more at Reuters.com Market News
Norfolk Southern quarterly profit falls
(Reuters) - Analysts on average had forecast earnings of 70 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Kennametal posts 57 pct profit increase
(Reuters) - The company also raised the low end of its forecast range for 2007 earnings, saying demand in Europe and developing economies will remain strong in the face of moderating demand in North America.
Earnings in the third quarter ended on March 31 rose to $51.7 million, or $1.32 per share, from $32.9 million, or 82 cents per share, a year earlier.
Read more at Reuters.com Market News
Earnings in the third quarter ended on March 31 rose to $51.7 million, or $1.32 per share, from $32.9 million, or 82 cents per share, a year earlier.
Read more at Reuters.com Market News
UPDATE 2-PepsiCo posts higher profit, backs outlook
(Reuters) - The world's No. 2 soft drink company said net income for the first quarter rose to $1.10 billion, or 65 cents per share, from $947 million, or 56 cents per share, a year earlier.
Analysts on average were expecting 61 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average were expecting 61 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Norfolk Southern profit falls, beats analyst view
(Reuters) - CHICAGO, April 25 - Railroad company Norfolk Southern Corp. on Wednesday reported a lower quarterly profit citing softness in the U.S. economy, in particular the housing and automotive sectors, but beat analyst forecasts.
The Norfolk, Virginia-based company posted first-quarter net income of $285 million, or 71 cents a share, compared with $305 million, or 72 cents a share, a year earlier.
Read more at Reuters.com Market News
The Norfolk, Virginia-based company posted first-quarter net income of $285 million, or 71 cents a share, compared with $305 million, or 72 cents a share, a year earlier.
Read more at Reuters.com Market News
Boeing profit up on jet deliveries, holds view
(Reuters) - Boeing, which vies with European rival Airbus for dominance in the jetliner market, reported quarterly profit of $877 million, or $1.13 per share, compared with $692 million, or 88 cents per share, in the year-ago quarter.
Wall Street was expecting earnings of $1.01, on average, according to Reuters Estimates.
Read more at Reuters.com Business News
Wall Street was expecting earnings of $1.01, on average, according to Reuters Estimates.
Read more at Reuters.com Business News
Amazon, C.H. Robinson, Cymer, PepsiCo, Travelzoo: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed yesterday. Stock symbols are in parentheses after company names. Share prices are as of 8:10 a.m. New York time.
Asset Acceptance Capital Corp. (AACC US): The debt- collecting company will return $150 million to shareholders through a stock repurchase and a special dividend, the company said in a securities filing. Shares rose 10 cents to $16.14 in regular U.S. trading yesterday.
Read more at Bloomberg Stocks News
Asset Acceptance Capital Corp. (AACC US): The debt- collecting company will return $150 million to shareholders through a stock repurchase and a special dividend, the company said in a securities filing. Shares rose 10 cents to $16.14 in regular U.S. trading yesterday.
Read more at Bloomberg Stocks News
South African Rand May Fail to Hold Gain Above 7 Per Dollar, Investec Says
(Bloomberg) -- The South African rand's advance to its highest versus the dollar since the start of the year may stall after it failed to breach a key technical level, according to Investec Asset management.
The rand, which soared to a four-month high after breaking its 20-day moving average of 7.126, may struggle to hold gains below 7 per dollar, said Vivienne Taberer, a portfolio manager at Investec Asset Management. The moving average is a technical- analysis indicator that displays the average value of a security's price over a set period of time.
Read more at Bloomberg Currencies News
The rand, which soared to a four-month high after breaking its 20-day moving average of 7.126, may struggle to hold gains below 7 per dollar, said Vivienne Taberer, a portfolio manager at Investec Asset Management. The moving average is a technical- analysis indicator that displays the average value of a security's price over a set period of time.
Read more at Bloomberg Currencies News
UPDATE 1-Sunrise suspends CFO amid stock, accounting probe
(Reuters) - The company said Chief Financial Officer Bradley Rush was suspended with pay after the board concluded Rush's actions "were not consistent with the document retention directives issued by the company."
Sunrise, which owns about 440 assisted living and other senior living communities throughout the United States, is restating financial statements for 2003 through at least 2005.
Read more at Reuters.com Government Filings News
Sunrise, which owns about 440 assisted living and other senior living communities throughout the United States, is restating financial statements for 2003 through at least 2005.
Read more at Reuters.com Government Filings News
Cocoa Declines in London on Speculation Rains May Boost Ivory Coast Crop
(Bloomberg) -- Cocoa climbed for a third consecutive trading session in London on concern rain in Ivory Coast may boost supplies coming from the world's biggest producer of the bean.
Rain is forecast in the Ivorian commercial capital Abidjan for the next three days with showers expected on April 29, according to weather forecaster Meteorlogix LLC of Woburn, Massachusetts. Increasing rainfall in Ivory Coast and Ghana, the world's top cocoa producers, may boost late development of the so-called midcrop, the smaller of two annual harvests, Meteorlogix said yesterday.
Read more at Bloomberg Commodities News
Rain is forecast in the Ivorian commercial capital Abidjan for the next three days with showers expected on April 29, according to weather forecaster Meteorlogix LLC of Woburn, Massachusetts. Increasing rainfall in Ivory Coast and Ghana, the world's top cocoa producers, may boost late development of the so-called midcrop, the smaller of two annual harvests, Meteorlogix said yesterday.
Read more at Bloomberg Commodities News
Advantest 2006/07 profit falls, sees modest growth
(Reuters) - TOKYO, April 25 - Advantest Corp. , the world's largest maker of microchip testers, said on Wednesday its net profit fell 14 percent last business year as chip makers delayed spending, and forecast a weaker-than-expected recovery this year.
Advantest sales have slowed as major clients such as Intel Corp. pushed back plans to buy machines that test microchips, typically used towards the end of the chip-making process. For the year to next March, Advantest forecast a net profit of 40 billion yen, short of the consensus forecast of 49.2 billion yen from 22 analysts polled by Reuters Estimates.
Read more at Reuters.com Market News
Advantest sales have slowed as major clients such as Intel Corp. pushed back plans to buy machines that test microchips, typically used towards the end of the chip-making process. For the year to next March, Advantest forecast a net profit of 40 billion yen, short of the consensus forecast of 49.2 billion yen from 22 analysts polled by Reuters Estimates.
Read more at Reuters.com Market News
Copper Rises in London on Falling Inventory, Chinese Demand; Nickel Drops
(Bloomberg) -- Copper rose in London, paring yesterday's losses, as investors judged selling had been exaggerated because Chinese demand and falling stockpiles will underpin the price of the metal used in pipes. Nickel declined.
London Metal Exchange-monitored copper inventories fell 1.8 percent to 163,200 metric tons, the exchange said today in a daily report. That's the biggest one-day drop since March 23. Stockpiles are at their lowest since Dec. 7. Copper fell 2.4 percent yesterday after sales of previously owned homes in the U.S. declined in March to the lowest level in almost four years.
Read more at Bloomberg Commodities News
London Metal Exchange-monitored copper inventories fell 1.8 percent to 163,200 metric tons, the exchange said today in a daily report. That's the biggest one-day drop since March 23. Stockpiles are at their lowest since Dec. 7. Copper fell 2.4 percent yesterday after sales of previously owned homes in the U.S. declined in March to the lowest level in almost four years.
Read more at Bloomberg Commodities News
DEALTALK-Richard Li looking again to unload PCCW
(Reuters) - HONG KONG, April 25 - Billionaire Richard Li, thwarted in his efforts to unload Hong Kong's dominant fixed-line phone company, is once again looking to sell PCCW Ltd. .
The search for an exit comes after last year's deal fell apart and forced Li to look for a Plan B to extricate himself from PCCW.
Read more at Reuters.com Mergers News
The search for an exit comes after last year's deal fell apart and forced Li to look for a Plan B to extricate himself from PCCW.
Read more at Reuters.com Mergers News
Russian Oligarch Deripaska Buys 30 Percent of Austrian Builder Strabag
(Bloomberg) -- Oleg Deripaska, Russia's second- richest man, agreed to buy 30 percent of Austrian contractor Strabag SE for about 1.2 billion euros ($1.64 billion) to tap a building boom in eastern Europe.
Strabag, Austria's biggest construction company and one of the largest in Germany, will increase its share capital to allow the sale to Deripaska's Rasperia Trading Ltd., Strabag said today at a press conference in Vienna.
Read more at Bloomberg Emerging Markets News
Strabag, Austria's biggest construction company and one of the largest in Germany, will increase its share capital to allow the sale to Deripaska's Rasperia Trading Ltd., Strabag said today at a press conference in Vienna.
Read more at Bloomberg Emerging Markets News
Zimbabwe c.bank to issue early statement amid crisis
(Reuters) - Zimbabwe's central bank governor will make an interim policy statement on Thursday, two months ahead of schedule, in an attempt to deal with a worsening economic crisis, state media said on Wednesday.
The central bank, which has failed to stem soaring inflation in the economically strapped southern African nation, traditionally makes policy statements in January and July.
Read more at Reuters Africa
The central bank, which has failed to stem soaring inflation in the economically strapped southern African nation, traditionally makes policy statements in January and July.
Read more at Reuters Africa
Valeo says open to talks with shareholder Pardus
(Reuters) - "We are open to discussions but any board representation for Pardus should honour certain conditions -- it should be proportional to their stake, there should be no conflict of interest and it should not constitute a creeping takeover," Chairman and Chief Executive Thierry Morin told a meeting with analysts on its results, which were published on Tuesday.
Pardus Capital Management is Valeo's biggest single shareholder, with over 13 percent of the company, and has urged Valeo to acquire all or parts of U.S car parts group Visteon Corp .
Read more at Reuters.com Bonds News
Pardus Capital Management is Valeo's biggest single shareholder, with over 13 percent of the company, and has urged Valeo to acquire all or parts of U.S car parts group Visteon Corp .
Read more at Reuters.com Bonds News
Valeo says studying bid approaches
(Reuters) - He added that Valeo's board was open to having a discussion with investment fund Pardus Capital Management.
Pardus is the biggest single shareholder in Valeo, with over 13 percent, and has urged Valeo to acquire all or parts of Visteon Corp in the U.S. in which it had a 17 percent stake.
Read more at Reuters.com Bonds News
Pardus is the biggest single shareholder in Valeo, with over 13 percent, and has urged Valeo to acquire all or parts of Visteon Corp in the U.S. in which it had a 17 percent stake.
Read more at Reuters.com Bonds News
Autonomy says consumer unit demerger to boost EPS
(Reuters) - "Our operating margin also goes up," he said in an interview.
Lynch also said the outlook for his company's business remained strong and he was happy with market forecasts for its annual performance.
Read more at Reuters.com Mergers News
Lynch also said the outlook for his company's business remained strong and he was happy with market forecasts for its annual performance.
Read more at Reuters.com Mergers News
Euro Trades Near Record Against Dollar Before German Confidence Report
(Bloomberg) -- The euro held within a half-cent of the record against the dollar before a report that's expected to show German business confidence rose for a second month in April, further underpinning expectations of an increase in European interest rates.
The single currency has gained 2.1 percent against the dollar this month as traders raised bets on the European Central Bank increasing its key rate to 4.25 percent this year. ECB council member Miguel Fernandez Ordonez yesterday said the bank's monetary policy is ``still on the accommodative side.''
Read more at Bloomberg Currencies News
The single currency has gained 2.1 percent against the dollar this month as traders raised bets on the European Central Bank increasing its key rate to 4.25 percent this year. ECB council member Miguel Fernandez Ordonez yesterday said the bank's monetary policy is ``still on the accommodative side.''
Read more at Bloomberg Currencies News
UPDATE 2-RBS group unveils $98 bln rival ABN AMRO bid plan
(Reuters) - LONDON/AMSTERDAM, April 25 - A trio of banks led by Royal Bank of Scotland has proposed a 72-billion-euro bid for ABN AMRO , threatening to thwart an agreed takeover of the Dutch bank by Britain's Barclays .
The RBS group, which also includes Spain's Santander and Dutch-Belgian bank Fortis , said on Wednesday it planned to offer 39 euros a share for ABN AMRO, made up of 70 percent in cash and 30 percent in RBS shares.
Read more at Reuters.com Mergers News
The RBS group, which also includes Spain's Santander and Dutch-Belgian bank Fortis , said on Wednesday it planned to offer 39 euros a share for ABN AMRO, made up of 70 percent in cash and 30 percent in RBS shares.
Read more at Reuters.com Mergers News
ABN rises 4.6 pct, RBS down 2.5 pct on rival bid
(Reuters) - "This may relaunch the "auction process" on ABN AMRO, and Barclays' position is more challenging," said an analyst.
Read more at Reuters.com Hot Stocks News
Read more at Reuters.com Hot Stocks News
European Stocks Rise, Led by ABN on RBS Offer; Siemens, Michelin Advance
(Bloomberg) -- European stocks rose for the first day in three days, paced by ABN Amro Holding NV after a group led by Royal Bank of Scotland Plc offered 39 euros a share to buy the Dutch bank, in the biggest takeover battle in the financial-services industry.
``This has got to be a knockout blow,'' said Kevin Lilley, who helps manage about $2.5 billion at Royal London Asset Management. ``Banks are such a large sector in Europe so this news is bound to have a positive impact on the market. M&A is underpinning equities.''
Read more at Bloomberg Stocks News
``This has got to be a knockout blow,'' said Kevin Lilley, who helps manage about $2.5 billion at Royal London Asset Management. ``Banks are such a large sector in Europe so this news is bound to have a positive impact on the market. M&A is underpinning equities.''
Read more at Bloomberg Stocks News
Dow ends higher on IBM boost; Sun Micro off late
(Reuters) - The Dow Jones industrial average rose on Tuesday as IBM boosted its dividend by a third and as companies such as DuPont Co. posted strong earnings.
But the sharpest monthly drop in U.S. existing-home sales in 18 years weighed on the broader market and tempered the Dow's late surge toward the 13,000 milestone. The Dow hit an intraday record of 12,989.86, but pared gains in the last hour of trade.
Read more at Reuters Africa
But the sharpest monthly drop in U.S. existing-home sales in 18 years weighed on the broader market and tempered the Dow's late surge toward the 13,000 milestone. The Dow hit an intraday record of 12,989.86, but pared gains in the last hour of trade.
Read more at Reuters Africa
Rand eases vs dollar ahead of inflation
(Reuters) - South Africa's rand softened against the dollar on Wednesday, ahead of inflation data expected to show the CPIX index ticking higher.
At 0642 GMT, the rand stood at 7.0225 against the greenback compared to 7.0125 when New York closed on Tuesday, although it was firmer than late Johannesburg levels of around 7.05.
Read more at Reuters Africa
At 0642 GMT, the rand stood at 7.0225 against the greenback compared to 7.0125 when New York closed on Tuesday, although it was firmer than late Johannesburg levels of around 7.05.
Read more at Reuters Africa
Honda Q4 drops, sees decline this year
(Reuters) - By Chang-Ran Kim, Asia auto correspondent
TOKYO, April 25 - Honda Motor Co. sees a tough year if the yen firms and dents export earnings, but it should still increase market share in Europe and the United States with its Civic and CR-V models and an all-new Accord sedan.
Read more at Reuters.com Market News
TOKYO, April 25 - Honda Motor Co. sees a tough year if the yen firms and dents export earnings, but it should still increase market share in Europe and the United States with its Civic and CR-V models and an all-new Accord sedan.
Read more at Reuters.com Market News
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