(Reuters) - Revenue grew 9.3 percent to 769.91 billion yen on brisk exports from Japan and healthy sales in Europe. Volumes in North America fell for the quarter but revenue grew thanks to expanded sales of more expensive tyre products, it said.
For the January-June first half, Bridgestone lifted its operating profit forecast to 89 billion yen from 76 billion yen, above the average projection of 87.3 billion yen from two brokerages surveyed by Reuters Estimates.
Read more at Reuters.com Market News
Monday, April 30, 2007
Hitachi, Toshiba, Mitsubishi Electric File Applications to Sell Yen Bonds
(Bloomberg) -- Hitachi Ltd., Toshiba Corp. and Mitsubishi Electric Corp. may sell yen denominated bonds in Japan to repay debt and raise funds for their businesses as interest rates remain stable.
Hitachi, Japan's largest electronics maker, filed an application to sell as much as 300 billion yen ($2.5 billion) of bonds, according to an April 27 company filing to Japan's finance ministry.
Read more at Bloomberg Bonds News
Hitachi, Japan's largest electronics maker, filed an application to sell as much as 300 billion yen ($2.5 billion) of bonds, according to an April 27 company filing to Japan's finance ministry.
Read more at Bloomberg Bonds News
Eurex vs U.S. Exchanges, ICICI's Value, Chalco's Cost: Commentary
(Bloomberg) -- Eurex AG fired a shot across the bow of stock exchanges in the U.S. with its $2.8 billion takeover bid for International Securities Exchange Holdings Inc., the country's second-largest options market.
Europe's largest derivatives exchange is destined to surpass the New York Stock Exchange in U.S. equity-options trading, as the ISE does more business than every other market except the Chicago Board Options Exchange. The NYSE's electronic market, NYSE Arca, ranks fourth in options.
Read more at Bloomberg Stocks News
Europe's largest derivatives exchange is destined to surpass the New York Stock Exchange in U.S. equity-options trading, as the ISE does more business than every other market except the Chicago Board Options Exchange. The NYSE's electronic market, NYSE Arca, ranks fourth in options.
Read more at Bloomberg Stocks News
U.S. Manufacturing Was Probably Little Changed in April as Demand Slowed
(Bloomberg) -- Manufacturing in the U.S. was probably little changed last month as factories strove to keep inventories lean, economists said before a report today.
The Institute for Supply Management's manufacturing index edged up to 51, from 50.9 in March, according to the median of 73 forecasts in a Bloomberg News survey. Readings of 50 are the dividing line between expansion and contraction.
Read more at Bloomberg Currencies News
The Institute for Supply Management's manufacturing index edged up to 51, from 50.9 in March, according to the median of 73 forecasts in a Bloomberg News survey. Readings of 50 are the dividing line between expansion and contraction.
Read more at Bloomberg Currencies News
Colombia Peso, Peru's New Sol, Brazil Real: Latin America Currency Preview
(Bloomberg) -- The following events and economic reports may influence trading in Latin American currencies today. Exchange rates are from the previous session.
Brazilian real: Brazil's budget deficit widened in March as the state-controlled energy company, Petroleo Brasileiro SA paid dividends to private stockholders and the government issued pension benefits after losing judicial battles. It grew to 6.78 billion reais ($3.33 billion) from 4.33 billion reais in February, the central bank reported in Brasilia yesterday.
Read more at Bloomberg Currencies News
Brazilian real: Brazil's budget deficit widened in March as the state-controlled energy company, Petroleo Brasileiro SA paid dividends to private stockholders and the government issued pension benefits after losing judicial battles. It grew to 6.78 billion reais ($3.33 billion) from 4.33 billion reais in February, the central bank reported in Brasilia yesterday.
Read more at Bloomberg Currencies News
Indonesia's Gas Negara First-Quarter Profit Falls on Foreign-Exchange Loss
(Bloomberg) -- PT Perusahaan Gas Negara, Indonesia's biggest publicly traded energy company, said its first-quarter profit fell 26 percent as a foreign-exchange loss countered a rise in revenue from transporting gas.
Net income in the three months ended March 31 declined to 514.5 billion rupiah ($57 million) from 693.6 billion rupiah a year earlier, Gas Negara said in an e-mailed statement yesterday. Gas Negara posted a foreign-exchange loss of 95.35 billion rupiah as a weaker rupiah raised the foreign-currency debt burden.
Read more at Bloomberg Emerging Markets News
Net income in the three months ended March 31 declined to 514.5 billion rupiah ($57 million) from 693.6 billion rupiah a year earlier, Gas Negara said in an e-mailed statement yesterday. Gas Negara posted a foreign-exchange loss of 95.35 billion rupiah as a weaker rupiah raised the foreign-currency debt burden.
Read more at Bloomberg Emerging Markets News
Gold Rises in Asian Trading as Dollar Declines Versus Euro, Silver Gains
(Bloomberg) -- Gold rose in Asian trading as the dollar traded near a record low against the euro, boosting the appeal of the precious metal as an alternative investment. Silver also gained.
The dollar fell before the release today of housing figures in the U.S. that may add to signs the world's largest economy is slowing. Gold, which rose to an 11-month high of $694.25 on April 23, has gained 6.5 percent this year, while the euro has risen 3.4 percent against the dollar. Financial markets are closed today in China, South Korea, Hong Kong and Singapore.
Read more at Bloomberg Commodities News
The dollar fell before the release today of housing figures in the U.S. that may add to signs the world's largest economy is slowing. Gold, which rose to an 11-month high of $694.25 on April 23, has gained 6.5 percent this year, while the euro has risen 3.4 percent against the dollar. Financial markets are closed today in China, South Korea, Hong Kong and Singapore.
Read more at Bloomberg Commodities News
Indonesia's Stock Index Declines; Gas Negara Slips, Bumi, Timah Advance
(Bloomberg) -- Indonesia's key stock index fell, led by PT Perusahaan Gas Negara and PT United Tractors after the companies reported first-quarter earnings declined. PT Timah and PT Bumi Resources climbed after saying earnings surged.
The Jakarta Composite index lost 5.42, or 0.3 percent, to 1993.74 as of 9:40 a.m. local time. More than three stocks rose for each that fell.
Read more at Bloomberg Stocks News
The Jakarta Composite index lost 5.42, or 0.3 percent, to 1993.74 as of 9:40 a.m. local time. More than three stocks rose for each that fell.
Read more at Bloomberg Stocks News
Oracle asks court to make SAP preserve documents
(Reuters) - SAP, which could not be reached immediately for comment, has denied the accusations.
Oracle said in a U.S. district court filing late on Monday it has repeatedly requested information and assurances that SAP would preserve documents, but questioned SAP's willingness to do so.
Read more at Reuters.com Business News
Oracle said in a U.S. district court filing late on Monday it has repeatedly requested information and assurances that SAP would preserve documents, but questioned SAP's willingness to do so.
Read more at Reuters.com Business News
Vornado buys H Street interest, settles litigation
(Reuters) - The announcement follows Vornado's 2005 acquisition of H Street Building Corp., which owns a 50-percent interest in the assets in Pentagon City, Virginia, and Washington, D.C.
Vornado also agreed to sell about 19.6 acres of the 34 acres of land to the existing ground lessee in one or more closings over a two-year period for about $220 million.
Read more at Reuters.com Mergers News
Vornado also agreed to sell about 19.6 acres of the 34 acres of land to the existing ground lessee in one or more closings over a two-year period for about $220 million.
Read more at Reuters.com Mergers News
Peru will negotiate Paris Club prepayment May 23
(Reuters) - "I can announce that we formally have a date. We will be negotiating with the Paris Club on May 23 and we will take along a proposal," Economy Minister Luis Carranza was quoted as saying.
Carranza said in March the payment could be made during the second quarter of this year, resembling an operation from 2005 when the government paid back $1.56 billion to the Paris Club to reduce its future interest payments.
Read more at Reuters.com Bonds News
Carranza said in March the payment could be made during the second quarter of this year, resembling an operation from 2005 when the government paid back $1.56 billion to the Paris Club to reduce its future interest payments.
Read more at Reuters.com Bonds News
UPDATE 4-Peru mining strike backed by minority of workers
(Reuters) - LIMA, April 30 - Peru's largest mining union launched a nationwide strike on Monday to demand better job benefits, drawing only partial support from workers in a protest the government described as a flop.
Some mines were affected by the walkout, although workers at many of the country's top pits reported for duty.
Read more at Reuters.com Bonds News
Some mines were affected by the walkout, although workers at many of the country's top pits reported for duty.
Read more at Reuters.com Bonds News
UPDATE 1-Grupo Mexico 1st-quarter net profit soars
(Reuters) - Grupo Mexico, whose output last year was hit by strikes, reported a 18.6 percent rise in quarterly revenue to $1.575 billion and said EBITDA rose 24 percent to $941.3 million.
It said metals prices recovered in February and March after a drop in January, thanks to strong demand from Asia and other markets, low world inventories, bottlenecks in the refining stage, lower ore grades and high demand from investment funds.
Read more at Reuters.com Market News
It said metals prices recovered in February and March after a drop in January, thanks to strong demand from Asia and other markets, low world inventories, bottlenecks in the refining stage, lower ore grades and high demand from investment funds.
Read more at Reuters.com Market News
Alaska Air, Appliance Recycling, Ceragon, Rockwood: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges. Stock symbols are in parentheses after company names. Share prices are as of 3 p.m. New York time.
Alaska Air Group Inc. (ALK US) fell for a third day, dropping $2.21, or 6.9 percent, to $29.67 and trading as low as $29.65. The parent of Alaska Airlines and regional carrier Horizon Air was downgraded April 27 at JPMorgan to ``underweight'' from ``overweight'' on concern overcapacity and a weakening economy will hurt profit.
Read more at Bloomberg Stocks News
Alaska Air Group Inc. (ALK US) fell for a third day, dropping $2.21, or 6.9 percent, to $29.67 and trading as low as $29.65. The parent of Alaska Airlines and regional carrier Horizon Air was downgraded April 27 at JPMorgan to ``underweight'' from ``overweight'' on concern overcapacity and a weakening economy will hurt profit.
Read more at Bloomberg Stocks News
UPDATE 1-One-time gain helps Chile Cencosud profit triple
(Reuters) - Cencosud, one of the biggest retailers in Latin America in terms of sales thanks to its ownership of supermarkets, hypermarkets, department stores and home improvement outlets, said profit rose to 56.512 billion pesos from 15.739 billion a year earlier.
Earnings were slightly higher than expected. The median forecast of six analysts polled by Reuters was 53.311 billion pesos.
Read more at Reuters.com Market News
Earnings were slightly higher than expected. The median forecast of six analysts polled by Reuters was 53.311 billion pesos.
Read more at Reuters.com Market News
ISE board accepts D. Boerse offer - source
(Reuters) - Deutsche Boerse wants to buy ISE to expand in the fast-growing global market for options trading. ISE is the largest U.S. equity options market. The companies could not be immediately reached for comment.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Mylan says preliminary injunction on generic Norvasc denied
(Reuters) - U.S. Food and Drug Administration had decided against approving generic versions of Norvasc other than an already launched generic version made by Mylan.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Morgan Stanley sets emerging mkt domestic debt fund
(Reuters) - "The growth of local currency emerging market domestic debt represents the next phase of development for emerging markets economies and offers a diversification option for U.S.- based investors," Abigail McKenna, managing director and a portfolio manager for the Fund, said in a statement.
"The Emerging Markets Domestic Debt Fund provides exposure to improving emerging market fundamentals through investments in a regionally diversified group of sovereign government bonds denominated in a diversified basket of emerging market currencies."
Read more at Reuters.com Bonds News
"The Emerging Markets Domestic Debt Fund provides exposure to improving emerging market fundamentals through investments in a regionally diversified group of sovereign government bonds denominated in a diversified basket of emerging market currencies."
Read more at Reuters.com Bonds News
AmeriGas to buy US propane distribution business of Shell
(Reuters) - The sale is expected to occur during the second quarter. The business, Shell Gas USA, sells over 13 million gallons of propane annually to nearly 20,000 customers from twelve locations in Michigan.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Trade data helps lift S.African stocks; miners slip
(Reuters) - South African stocks inched higher on Monday as a smaller-than-expected trade deficit eased worries about a possible interest rate hike, but weaker precious metal prices hit gold and platinum miners.
Traders said firmer European bourses had also helped sentiment, and noted volumes were thin as most investors took the day off ahead of the May Day holiday on Tuesday.
Read more at Reuters Africa
Traders said firmer European bourses had also helped sentiment, and noted volumes were thin as most investors took the day off ahead of the May Day holiday on Tuesday.
Read more at Reuters Africa
UPDATE 2-RBC Capital Markets to buy Seasongood & Mayer
(Reuters) - Terms of the deal, which is slated to close in the second quarter of this year, were not disclosed.
Larry Holtz, RBC's municipal markets head, said Ohio, one of the top states for municipal debt issuance, was a key strategic growth area for RBC.
Read more at Reuters.com Bonds News
Larry Holtz, RBC's municipal markets head, said Ohio, one of the top states for municipal debt issuance, was a key strategic growth area for RBC.
Read more at Reuters.com Bonds News
Turkish Markets Plunge as Army Threatens to Block Presidential Candidate
(Bloomberg) -- Turkey's lira fell the most in seven months and bonds and stocks slumped after the military threatened to block the ruling party's presidential candidate because of his support for Islamist causes.
The lira fell 2.43 percent, trading at 1.3678 to the dollar at 6:16 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 81 basis points to 19.14 percent. The benchmark stock index declined 4 percent, erasing $7.8 billion in stock market value.
Read more at Bloomberg Emerging Markets News
The lira fell 2.43 percent, trading at 1.3678 to the dollar at 6:16 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 81 basis points to 19.14 percent. The benchmark stock index declined 4 percent, erasing $7.8 billion in stock market value.
Read more at Bloomberg Emerging Markets News
Alexander Forbes says s'holders to back amended buy-out
(Reuters) - South African financial services firm Alexander Forbes said on Monday shareholders holding 64 percent of eligible voting shares had agreed to back an amended 8.8 billion rand private equity buyout of the firm.
Alexander Forbes said in a statement it was finalising documentation to amend the scheme to include a re-investment option for existing shareholders.
Read more at Reuters Africa
Alexander Forbes said in a statement it was finalising documentation to amend the scheme to include a re-investment option for existing shareholders.
Read more at Reuters Africa
Calpine Calif. Delta natgas plant back in service
(Reuters) - One MW powers about 700 homes in California.
Calpine, of San Jose, California, owns and operates about 25,000 MW of generating capacity in operation and under construction and markets energy commodities in North America.
Read more at Reuters.com Bonds News
Calpine, of San Jose, California, owns and operates about 25,000 MW of generating capacity in operation and under construction and markets energy commodities in North America.
Read more at Reuters.com Bonds News
US STOCKS-Wall St flat in pause after April runup
(Reuters) - NEW YORK, April 30 - U.S. stocks were little changed on Monday as investors paused after a month-long rally that saw the Dow set record highs and left stocks poised for the best monthly performance in more than three years.
March inflation data was reassuring, showing core personal consumption expenditures surprisingly unchanged.
Read more at Reuters.com Bonds News
March inflation data was reassuring, showing core personal consumption expenditures surprisingly unchanged.
Read more at Reuters.com Bonds News
U.S. March construction spending up 0.2 pct
(Reuters) - Private residential building fell 1 percent to $568.8 billion in March. Construction in that sector was up by 1.8 percent in February, the Commerce Department said on Monday, revising its original estimate of a 1 percent decline. February's rise was the first after 10 straight monthly declines in that residential component of construction spending.
Private nonresidential construction rose 2.4 percent in March to an all-time high of $331.5 billion. Federal construction spending in March was down 4.1 percent from the previous month.
Read more at Reuters.com Economic News
Private nonresidential construction rose 2.4 percent in March to an all-time high of $331.5 billion. Federal construction spending in March was down 4.1 percent from the previous month.
Read more at Reuters.com Economic News
UPDATE 1-RBC Capital Markets to buy Seasongood & Mayer
(Reuters) - Terms of the deal, which is slated to close in the second quarter of this year, were not disclosed.
As part of the deal, RBC has also agreed to acquire Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients.
Read more at Reuters.com Mergers News
As part of the deal, RBC has also agreed to acquire Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients.
Read more at Reuters.com Mergers News
CORRECTED (OFFICIAL)-Cameco profit falls on lower sales
(Reuters) - Cameco, the world's biggest uranium producer, said it earned C$59 million , or 16 Canadian cents per share, in the quarter to March 31, down from C$112 million, or 30 Canadian cents a share, in the same period a year earlier.
Revenues fell to C$409 million, from C$542 million in the first quarter of 2006.
Read more at Reuters.com Market News
Revenues fell to C$409 million, from C$542 million in the first quarter of 2006.
Read more at Reuters.com Market News
UPDATE 1-Nuveen quarterly profit up 17 pct, beats estimates
(Reuters) - Nuveen, a diversified fund products firm, said in a statement its broad investment capabilities positioned it well for "continued growth."
Net income in the quarter rose to $52.3 million, or 63 cents a share, from $44.9 million, or 54 cents a share in the same quarter a year ago.
Read more at Reuters.com Market News
Net income in the quarter rose to $52.3 million, or 63 cents a share, from $44.9 million, or 54 cents a share in the same quarter a year ago.
Read more at Reuters.com Market News
UPDATE 3-Mexico's Femsa quarterly net falls 12 pct
(Reuters) - Femsa , down from 1.194 billion pesos a year earlier.
Femsa's shares fell 2.45 percent to 116.32 pesos in Mexico. The company's New York-traded stock lost 2.32 percent to $106.61.
Read more at Reuters.com Market News
Femsa's shares fell 2.45 percent to 116.32 pesos in Mexico. The company's New York-traded stock lost 2.32 percent to $106.61.
Read more at Reuters.com Market News
UPDATE 1-Steel distributor PNA Group files for IPO
(Reuters) - The distributor of steel products and provider of steel processing services said Citi, UBS Investment Bank, and Goldman Sachs & Co. are underwriting the IPO.
The preliminary filing with the U.S. Securities and Exchange Commission did not detail how many shares the company plans to sell or the expected price of the shares, as those details will likely be in future filings.
Read more at Reuters.com Government Filings News
The preliminary filing with the U.S. Securities and Exchange Commission did not detail how many shares the company plans to sell or the expected price of the shares, as those details will likely be in future filings.
Read more at Reuters.com Government Filings News
Turkish Lira Plunges as Army Threatens to Block Presidential Candidate
(Bloomberg) -- Turkey's lira fell the most in two months and bonds and stocks slumped after the military threatened to block the ruling party's presidential candidate because of his support for Islamist causes.
The lira fell 2.2 percent, trading at 1.3654 to the dollar at 4:14 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 77 basis points to 19.10 percent. The benchmark stock index declined 5 percent.
Read more at Bloomberg Currencies News
The lira fell 2.2 percent, trading at 1.3654 to the dollar at 4:14 p.m. in Istanbul. Yields on lira-denominated government debt maturing in February 2009 rose 77 basis points to 19.10 percent. The benchmark stock index declined 5 percent.
Read more at Bloomberg Currencies News
Oil Falls on Expectations of Reduced Demand After U.S. Refiners Shut Units
(Bloomberg) -- Crude oil fell on speculation that demand will declined because U.S. refiners unexpectedly shut units over the weekend.
Exxon Mobil Corp., Citgo Petroleum Corp. and Gary-Williams Energy Co. cut output at refineries in Texas and Oklahoma since April 27. U.S. refiners are finishing maintenance and starting to maximize gasoline output as they prepare for the summer driving season. U.S. gasoline demand peaks between the Memorial Day holiday in late May and Labor Day in early September.
Read more at Bloomberg Energy News
Exxon Mobil Corp., Citgo Petroleum Corp. and Gary-Williams Energy Co. cut output at refineries in Texas and Oklahoma since April 27. U.S. refiners are finishing maintenance and starting to maximize gasoline output as they prepare for the summer driving season. U.S. gasoline demand peaks between the Memorial Day holiday in late May and Labor Day in early September.
Read more at Bloomberg Energy News
Pitney Bowes posts lower first-quarter profit
(Reuters) - Earnings from continuing operations rose to 66 cents a share from 60 cents a share in the year-ago quarter, while revenue rose 4 percent to $1.41 billion.
Analysts, on average, expected the company to post a profit of 67 cents per share on revenue of $1.44 billion, according to Reuters Estimates.
Read more at Reuters.com Business News
Analysts, on average, expected the company to post a profit of 67 cents per share on revenue of $1.44 billion, according to Reuters Estimates.
Read more at Reuters.com Business News
Wrigley posts higher profit
(Reuters) - Excluding items, the company earned 50 cents a share.
Analysts on average had forecast 47 cents a share, according to Reuters Estimates.
Read more at Reuters.com Business News
Analysts on average had forecast 47 cents a share, according to Reuters Estimates.
Read more at Reuters.com Business News
Euro zone April inflation dips, sentiment stable
(Reuters) - Euro zone inflation slowed as expected in April and inflation expectations fell among companies and consumers, with economic sentiment broadly stable and data pointing to a peak in the business cycle.
European Union statistics office Eurostat said prices in the 13 countries using the euro rose 1.8 percent year-on-year this month, slowing from 1.9 percent annual growth in March. The first estimate does not give monthly data or any details.
Read more at Reuters Africa
European Union statistics office Eurostat said prices in the 13 countries using the euro rose 1.8 percent year-on-year this month, slowing from 1.9 percent annual growth in March. The first estimate does not give monthly data or any details.
Read more at Reuters Africa
Indonesian Government Bonds Gain on View Inflation to Slow; Rupiah Drops
(Bloomberg) -- Indonesia's 10-year bonds rose for a 10th day on speculation a government report tomorrow will show inflation is slowing, allowing the central bank to resume cutting interest rates next month. The rupiah fell.
The securities completed a secondly monthly advance before the report, which is forecast to say consumer prices rose 0.1 percent in April from a month earlier, compared with March's 0.24 percent increase, according to the median forecast in a Bloomberg News survey. The central bank will on May 8 decide whether to resume lowering rates after a pause this month.
Read more at Bloomberg Bonds News
The securities completed a secondly monthly advance before the report, which is forecast to say consumer prices rose 0.1 percent in April from a month earlier, compared with March's 0.24 percent increase, according to the median forecast in a Bloomberg News survey. The central bank will on May 8 decide whether to resume lowering rates after a pause this month.
Read more at Bloomberg Bonds News
Treasuries Gain as Fed's Inflation Rate Is Less Than Forecast During March
(Bloomberg) -- U.S. Treasuries increased after a government report showed a measure of inflation closely watched by the Federal Reserve was less than forecast in March.
The report may add to speculation that price increases are slowing, allowing the central bank scope to lower interest rates later this year.
Read more at Bloomberg Bonds News
The report may add to speculation that price increases are slowing, allowing the central bank scope to lower interest rates later this year.
Read more at Bloomberg Bonds News
UPDATE 1-MHI Hospitality, Carlyle in JV to buy, manage hotels
(Reuters) - Carlyle's flagship U.S. real estate fund, Carlyle Realty Partners V , will commit up to $100 million of equity capital to the joint venture for 36 months, MHI Hospitality said in a statement.
MHI Hospitality will identify potential investment opportunities worth more than $30 million and Carlyle will fund up to 90 percent of the acquisition, it said.
Read more at Reuters.com Mergers News
MHI Hospitality will identify potential investment opportunities worth more than $30 million and Carlyle will fund up to 90 percent of the acquisition, it said.
Read more at Reuters.com Mergers News
UPDATE 2-Eni pays Dominion $4.76 bln for U.S. Gulf assets
(Reuters) - Eni, which produced 1.769 million barrels of oil equivalent per day at the end of 2006, said in a statement the deal would boost its production in the area by over 74,000 barrels of oil equivalent per day in the second half of 2007.
In the period from 2007-2010, production from the new assets would average more than 75,000 boepd, Eni added.
Read more at Reuters.com Mergers News
In the period from 2007-2010, production from the new assets would average more than 75,000 boepd, Eni added.
Read more at Reuters.com Mergers News
South African Rand Falls to Two-Week Low on Turkey Concern, Rates Outlook
(Bloomberg) -- The South African rand fell to its lowest in two weeks as political instability in Turkey caused investors to sell riskier emerging market assets.
The rand was the second worst performer versus the dollar today after the Turkish lira, as Turkey's military threatened to block the government's presidential candidate, pushing emerging market currencies lower. The rand also fell on speculation its rise to above 7 per dollar for the first time in three months last week wasn't warranted by the interest rate outlook.
Read more at Bloomberg Currencies News
The rand was the second worst performer versus the dollar today after the Turkish lira, as Turkey's military threatened to block the government's presidential candidate, pushing emerging market currencies lower. The rand also fell on speculation its rise to above 7 per dollar for the first time in three months last week wasn't warranted by the interest rate outlook.
Read more at Bloomberg Currencies News
European Stocks Advance, Paced by Telefonica, Skanska, Cable & Wirless
(Bloomberg) -- European stocks advanced, headed for the biggest monthly gain this year, after takeovers increased in the telecommunications industry and expectations of higher earnings lifted construction companies.
Telefonica SA rose after the Spanish phone company and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Telecom Italia SpA. Skanska AB rallied after Deutsche Bank AG said shares of the world's fourth-biggest building company should benefit from solid profit results.
Read more at Bloomberg Stocks News
Telefonica SA rose after the Spanish phone company and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Telecom Italia SpA. Skanska AB rallied after Deutsche Bank AG said shares of the world's fourth-biggest building company should benefit from solid profit results.
Read more at Bloomberg Stocks News
Crude Oil Gives Up Earlier Gains, Drops Close to $66 a Barrel in New York
(Bloomberg) -- Crude oil fell in New York trading, dropping close to $66 a barrel.
Crude oil for June delivery fell to $66.16 a barrel, down 30 cents, in after-hours electronic trading on the New York Mercantile Exchange by 8:55 a.m. in London.
Read more at Bloomberg Energy News
Crude oil for June delivery fell to $66.16 a barrel, down 30 cents, in after-hours electronic trading on the New York Mercantile Exchange by 8:55 a.m. in London.
Read more at Bloomberg Energy News
Australian Farmers to Start Sowing Wheat After Rain; Cattle Prices Climb
(Bloomberg) -- Grain growers in Australia, the world's third-largest wheat and canola exporter, may begin sowing this week after rain increased optimism of a break in one of the country's worst droughts in a century.
``Sowing will start everywhere,'' Brett Stevenson, managing director of Sydney-based forecaster AgRisk Management Pty. said. ``From the point of view of the 2007 cropping season, it's definitely the most meaningful rain we've had.''
Read more at Bloomberg Commodities News
``Sowing will start everywhere,'' Brett Stevenson, managing director of Sydney-based forecaster AgRisk Management Pty. said. ``From the point of view of the 2007 cropping season, it's definitely the most meaningful rain we've had.''
Read more at Bloomberg Commodities News
FTSE 100 Stocks Including Cable & Wireless Rise; Daily Mail SharesDecline
(Bloomberg) -- U.K. stocks including Cable & Wireless Plc and Next Plc rose. Daily Mail & General Trust Plc and InterContinental Hotels Group Plc paced declining shares.
The benchmark FTSE 100 Index rose 4.4, or 0.1 percent, to 6423.1. at 8:10 a.m. The FTSE All-Share Index climbed less than 0.1 percent to 3342.79. Ireland's ISEQ Index added 0.6 percent to 9523.06.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index rose 4.4, or 0.1 percent, to 6423.1. at 8:10 a.m. The FTSE All-Share Index climbed less than 0.1 percent to 3342.79. Ireland's ISEQ Index added 0.6 percent to 9523.06.
Read more at Bloomberg Stocks News
Rand falls up to 1.7 pct vs dollar
(Reuters) - South Africa's rand weakened up to 1.7 percent against the dollar early on Monday, as political turmoil in Turkey and moves by China to raise banks' statutory reserves weighed on emerging market sentiment.
The rand stood at 7.1222 to the dollar at 0709 GMT, 1.24 percent softer than its last New York close of 7.0400. It earlier dipped to 7.1650, its weakest level since April 18.
Read more at Reuters Africa
The rand stood at 7.1222 to the dollar at 0709 GMT, 1.24 percent softer than its last New York close of 7.0400. It earlier dipped to 7.1650, its weakest level since April 18.
Read more at Reuters Africa
Shanghai copper up 1 pct before week-long break
(Reuters) - Shanghai copper rose 1 percent on Monday ahead of a week-long holiday but investors were unconcerned about the possibility of the sharp rises typically seen in London futures when Shanghai is closed.
The most active July copper contract on the Shanghai Futures Exchange rose 640 yuan or 0.9 percent from Friday to 68,900 yuan a tonne at 0111 GMT.
Read more at Reuters Africa
The most active July copper contract on the Shanghai Futures Exchange rose 640 yuan or 0.9 percent from Friday to 68,900 yuan a tonne at 0111 GMT.
Read more at Reuters Africa
Kookmin Bank Reports Record First-Quarter Profit on Sale of LG Card Stake
(Bloomberg) -- Kookmin Bank, South Korea's largest by assets, reported record first-quarter profit on gains from its sale of a stake in credit card firm LG Card Co.
Net income rose 47 percent to 1.18 trillion won ($1.27 billion) from 803 billion won a year earlier, the Seoul-based bank said in a regulatory filing today. Operating profit increased 51 percent to 1.63 trillion won from a revised 1.08 trillion won.
Read more at Bloomberg Emerging Markets News
Net income rose 47 percent to 1.18 trillion won ($1.27 billion) from 803 billion won a year earlier, the Seoul-based bank said in a regulatory filing today. Operating profit increased 51 percent to 1.63 trillion won from a revised 1.08 trillion won.
Read more at Bloomberg Emerging Markets News
European Commodity Stocks, BHP May Gain; Royal Bank of Scotland Might Fall
(Bloomberg) -- European commodity stocks may gain, paced by BHP Billiton Ltd. and Anglo American Plc, after metal prices advanced.
Royal Bank of Scotland Group Plc might drop after the Wall Street Journal reported it had lined up most of the funds needed to pay for a bid for ABN Amro Holding NV. Telecom Italia SpA may rise after Telefonica SA and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Italy's biggest phone company
Read more at Bloomberg Stocks News
Royal Bank of Scotland Group Plc might drop after the Wall Street Journal reported it had lined up most of the funds needed to pay for a bid for ABN Amro Holding NV. Telecom Italia SpA may rise after Telefonica SA and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Italy's biggest phone company
Read more at Bloomberg Stocks News
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