(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
Friday, April 27, 2007
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
Subscribe to:
Posts (Atom)