(Reuters) - South Africa's rand was a tad softer against the dollar in early Johannesburg trade on Wednesday and should drift around these levels in the absence of an incentive to break out of ranges it has held for over a week.
At 0640 GMT, the local unit was at 7.04 against the greenback, just 0.07 percent weaker than its previous New York close of 7.035, although it recovered from a low of 7.064 during a short-lived spurt of volatility earlier.
Read more at Reuters Africa
Tuesday, May 1, 2007
Murray & Roberts to join South Africa's Top-40
(Reuters) - South African construction group Murray & Roberts will join the JSE Securities Exchange's blue-chip Top-40 index from the start of trading on Wednesday to replace Edcon, bourse operator JSE Ltd said.
Edgars Consolidated Stores (Edcon) is being delisted after it was bought by private equity group Bain Capital LLC for $3.5 billion.
Read more at Reuters Africa
Edgars Consolidated Stores (Edcon) is being delisted after it was bought by private equity group Bain Capital LLC for $3.5 billion.
Read more at Reuters Africa
S.African prompt coal prices weaken slightly
(Reuters) - Prices for prompt loading South African coal cargoes weakened slightly the past two days from Friday because resilient high freight rates have caused buyers to back away from the market, traders and producers said.
There were bids at over $50.00 a tonne FOB Richards Bay for July and August loading panamax cargoes of South African coal on Monday and earlier on Tuesday, they said.
Read more at Reuters Africa
There were bids at over $50.00 a tonne FOB Richards Bay for July and August loading panamax cargoes of South African coal on Monday and earlier on Tuesday, they said.
Read more at Reuters Africa
Alltel, Cablevision, DivX, Getty, Jones Lang, Tellabs: 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.
Alltel Corp. (AT US) gained 60 cents, or 1 percent, to $62.65 in trading yesterday after the official close of U.S. exchanges. The mobile-phone service provider is a potential takeover target, CNBC host Jim Cramer said on his ``Mad Money'' television program.
Read more at Bloomberg Stocks News
Alltel Corp. (AT US) gained 60 cents, or 1 percent, to $62.65 in trading yesterday after the official close of U.S. exchanges. The mobile-phone service provider is a potential takeover target, CNBC host Jim Cramer said on his ``Mad Money'' television program.
Read more at Bloomberg Stocks News
Alliance Boots, BSkyB, Glaxo and Home Retail: U.K., Irish Equity Preview
(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from yesterday's market close.
The benchmark FTSE 100 Index fell 29.6, or 0.46 percent, to close at 6419.6 in London as 25 stocks rose, 76 fell and 1 were unchanged. The FTSE All-Share Index lost 13.55, or 0.4 percent, to 3342.05.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index fell 29.6, or 0.46 percent, to close at 6419.6 in London as 25 stocks rose, 76 fell and 1 were unchanged. The FTSE All-Share Index lost 13.55, or 0.4 percent, to 3342.05.
Read more at Bloomberg Stocks News
Dollar May Gain to 121.50 Yen in Coming Days, Sumitomo Trust's Uchida Says
(Bloomberg) -- The dollar may climb to 121.50 yen in coming days after rising above 119.87 yen, said Akifumi Uchida, deputy general manager of the marketing unit at Sumitomo Trust & Banking Co. in Tokyo.
So-called resistance at 119.87 yen is the dollar's highs reached on April 16 and yesterday, and 121.50 yen is near 121.64 yen, the high set on Feb. 23 when the U.S. currency started its slide to 115.15 yen on March 5, Uchida said.
Read more at Bloomberg Currencies News
So-called resistance at 119.87 yen is the dollar's highs reached on April 16 and yesterday, and 121.50 yen is near 121.64 yen, the high set on Feb. 23 when the U.S. currency started its slide to 115.15 yen on March 5, Uchida said.
Read more at Bloomberg Currencies News
Factory Orders in U.S. Probably Gained as Business Investment Recovered
(Bloomberg) -- Orders placed with U.S. factories rose in March, reinforcing signs in the past week that business investment was on the mend going into the second quarter, economists said before a report today.
Factory orders increased 2.2 percent after a 1 percent gain in February, according to the median estimate in a Bloomberg News survey of economists. A separate report may show companies hired at about the same pace in April as in the prior month.
Read more at Bloomberg Currencies News
Factory orders increased 2.2 percent after a 1 percent gain in February, according to the median estimate in a Bloomberg News survey of economists. A separate report may show companies hired at about the same pace in April as in the prior month.
Read more at Bloomberg Currencies News
South Korean Stocks Climb; Daewoo Shipbuilding, SK Corp. Lead Advances
(Bloomberg) -- South Korean stocks rose. Daewoo Shipbuilding & Marine Engineering Co. led shipbuilders higher after Daishin Securities Co. lifted its recommendation on the shares, saying an industry ``supercycle'' would boost earnings until next year.
``The good vibrations about shipbuilders are continuing,'' said Kim Seung Woo, who helps manage about $400 million at Macquarie-IMM Investment Management Co. in Seoul. ``We have good first-quarter results and orders momentum.''
Read more at Bloomberg Stocks News
``The good vibrations about shipbuilders are continuing,'' said Kim Seung Woo, who helps manage about $400 million at Macquarie-IMM Investment Management Co. in Seoul. ``We have good first-quarter results and orders momentum.''
Read more at Bloomberg Stocks News
Korean Won Drops to Two-Week Low on Yield Premium; Government Bonds Climb
(Bloomberg) -- South Korea's won fell to the lowest in two weeks as the extra yield investors get for buying the nation's bonds compared with U.S. Treasuries narrowed.
Yields on U.S. government debt rose yesterday after a report showed manufacturing growth accelerated in the world's biggest economy and before a report today that may show factory orders quickened in March. The won dropped 0.5 percent since the central bank April 26 said the current-account deficit widened to the most in almost a year.
Read more at Bloomberg Bonds News
Yields on U.S. government debt rose yesterday after a report showed manufacturing growth accelerated in the world's biggest economy and before a report today that may show factory orders quickened in March. The won dropped 0.5 percent since the central bank April 26 said the current-account deficit widened to the most in almost a year.
Read more at Bloomberg Bonds News
Radnor Holdings, Adelphia, Solutia, Tower Automotive, Allied: Bankruptcy
(Bloomberg) -- Radnor Holdings Corp., a cup manufacturer that sold its business to Tennenbaum Capital Partners LLC, filed a liquidating Chapter 11 plan that doesn't guarantee unsecured creditors will receive any payment on their claims.
The plan, filed April 30, says secured creditors with $28 million in claims will be paid first from a liquidating trust from lawsuit recoveries. Unsecured creditors with $189 million in claims will receive payments from the trust only after secured creditors are fully paid.
Read more at Bloomberg Bonds News
The plan, filed April 30, says secured creditors with $28 million in claims will be paid first from a liquidating trust from lawsuit recoveries. Unsecured creditors with $189 million in claims will receive payments from the trust only after secured creditors are fully paid.
Read more at Bloomberg Bonds News
PRESS DIGEST - Washington Post Business - May 2
(Reuters) - The former chairman of the World Bank's ethics committee accused the institution's embattled president, Paul Wolfowitz, of misleading a panel investigating his role in granting his girlfriend a substantial pay raise.
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Read more at Reuters.com Bonds News
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Read more at Reuters.com Bonds News
Turkish Lira Rebounds as Constitutional Court Annuls Presidential Voteate
(Bloomberg) -- Turkey's lira rebounded after the Constitutional Court canceled the first round of presidential elections, defusing a row between the government and army and opening the way for new parliamentary elections.
The lira gained 0.7 percent to 1.355 against the dollar as of 6:57 p.m. in Istanbul after the court announced its verdict. Stock and bond markets were already closed.
Read more at Bloomberg Currencies News
The lira gained 0.7 percent to 1.355 against the dollar as of 6:57 p.m. in Istanbul after the court announced its verdict. Stock and bond markets were already closed.
Read more at Bloomberg Currencies News
Dollar Advances to Two-Month High Against Yen Before U.S. Factory Orders
(Bloomberg) -- The dollar climbed to 120 against the yen for the first time since February before a government report that may show growth in factory orders accelerated in March.
The U.S. currency also gained for a third day versus the euro after the Institute for Supply Management's manufacturing index rose to the highest in almost a year. The prices paid component climbed at the fastest pace since August, suggesting the Federal Reserve won't be in a hurry to cut interest rates.
Read more at Bloomberg Currencies News
The U.S. currency also gained for a third day versus the euro after the Institute for Supply Management's manufacturing index rose to the highest in almost a year. The prices paid component climbed at the fastest pace since August, suggesting the Federal Reserve won't be in a hurry to cut interest rates.
Read more at Bloomberg Currencies News
Gold Little Changed Amid Dollar Recovery and Speculation Losses Overdone
(Bloomberg) -- Gold was little changed in Asia as investors bet yesterday's sell-off in the precious metal as the dollar rallied was overdone. Silver gained.
Gold, which last week fell for the first week in eight, dropped 0.7 percent yesterday amid speculation investors may sell bullion after the dollar's drop last week against the euro failed to spur a rally. The U.S. currency advanced for a third day today against the euro and traded at a two-month high against the yen.
Read more at Bloomberg Commodities News
Gold, which last week fell for the first week in eight, dropped 0.7 percent yesterday amid speculation investors may sell bullion after the dollar's drop last week against the euro failed to spur a rally. The U.S. currency advanced for a third day today against the euro and traded at a two-month high against the yen.
Read more at Bloomberg Commodities News
OPEC Members Improved Compliance With Output Cuts in April, El-Badri Says
(Bloomberg) -- The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world's crude oil, reduced its production in April, the group's secretary general, Abdalla el-Badri said.
The group's compliance with the output reduction set last year rose to 70 percent in April, from 65 percent in March, el- Badri said in an interview today in Riyadh, the capital of Saudi Arabia, where is attending a meeting of Asian energy ministers.
Read more at Bloomberg Energy News
The group's compliance with the output reduction set last year rose to 70 percent in April, from 65 percent in March, el- Badri said in an interview today in Riyadh, the capital of Saudi Arabia, where is attending a meeting of Asian energy ministers.
Read more at Bloomberg Energy News
U.K. FTSE 100 Index Falls, Led by Hanson, Punch Taverns; BHP Retreats
(Bloomberg) -- U.K. stocks slid, led by Hanson Plc, the world's largest supplier of crushed rock used in construction. Merrill Lynch & Co. said it expects the company will be hurt by the slowing U.S. housing market.
Punch Taverns Plc, a pub landlord whose shares have surged 49 percent in the past year, dropped even after the company reported higher earnings. BHP Billiton Ltd. led mining companies lower as copper prices declined.
Read more at Bloomberg Stocks News
Punch Taverns Plc, a pub landlord whose shares have surged 49 percent in the past year, dropped even after the company reported higher earnings. BHP Billiton Ltd. led mining companies lower as copper prices declined.
Read more at Bloomberg Stocks News
ABN letter asks RBS consortium for more details
(Reuters) - The Dutch bank also asked for details on the risk to capital, clients and employees in the event of a break up, and for details on how ABN's revenues, expenses, capital and debt would be divided.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Asian Currencies: Indonesian Rupiah Advances as Global Funds May Buy Bonds
(Bloomberg) -- Indonesia's rupiah rose after a report showing weaker-than-expected inflation spurred speculation of more capital inflows as global funds buy local bonds.
The currency rebounded from yesterday's drop as a report from the Central Statistics Bureau showed consumer prices in April rose 6.3 percent from a year earlier, slower than the 6.5 percent median estimate of economists in a Bloomberg News survey. That may encourage Bank Indonesia to resume cutting the benchmark interest rate, which would increase the allure of debt's fixed income.
Read more at Bloomberg Currencies News
The currency rebounded from yesterday's drop as a report from the Central Statistics Bureau showed consumer prices in April rose 6.3 percent from a year earlier, slower than the 6.5 percent median estimate of economists in a Bloomberg News survey. That may encourage Bank Indonesia to resume cutting the benchmark interest rate, which would increase the allure of debt's fixed income.
Read more at Bloomberg Currencies News
European 2008 Carbon Emission Permits Advance to Highest Since December 4
(Bloomberg) -- European Union carbon dioxide permits rose to their highest since Dec. 4, as German power for 2008 traded near a five-month high.
Emission permits for December 2008 rose 44 cents, or 2.3 percent, to 19.45 euros ($27) a metric ton at 9:37 a.m. in Amsterdam, according to the European Climate Exchange.
Read more at Bloomberg Energy News
Emission permits for December 2008 rose 44 cents, or 2.3 percent, to 19.45 euros ($27) a metric ton at 9:37 a.m. in Amsterdam, according to the European Climate Exchange.
Read more at Bloomberg Energy News
Turkish Stocks Fall After Citigroup Downgrades Shares on Political Risk
(Bloomberg) -- Turkish stocks dropped after Citigroup Inc. recommended investors sell shares because of political instability following a dispute between the army and the government over the country's next president.
Turkiye Is Bankasi AS, the biggest bank, and Turkiye Garanti Bankasi AS, the third-largest, led the retreat.
Read more at Bloomberg Stocks News
Turkiye Is Bankasi AS, the biggest bank, and Turkiye Garanti Bankasi AS, the third-largest, led the retreat.
Read more at Bloomberg Stocks News
Turkish Lira, Bonds Extend Losses as Army Challenges Islamic Government
(Bloomberg) -- Turkey's lira fell 1 percent against the dollar, extending yesterday's losses, as the secular armed forces and the Islamic-rooted ruling party clashed over the country's next president.
Yields on lira-denominated government debt maturing in February 2009 rose 11 basis points to 19.25 percent. The lira was trading at 1.378 to the dollar at 10:20 a.m. in Istanbul. The currency fell 2.4 percent against the dollar yesterday.
Read more at Bloomberg Emerging Markets News
Yields on lira-denominated government debt maturing in February 2009 rose 11 basis points to 19.25 percent. The lira was trading at 1.378 to the dollar at 10:20 a.m. in Istanbul. The currency fell 2.4 percent against the dollar yesterday.
Read more at Bloomberg Emerging Markets News
Anglo American, Oasis, Punch, Tesco May Move: U.K., Irish Equity Preview
(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from the previous market close.
The benchmark FTSE 100 Index rose 30.5, or 0.5 percent, to close at 6449.2 in London as 83 stocks rose, 18 fell and 1 was unchanged. The FTSE All-Share Index gained 14.17, or 0.4 percent, to 3355.6.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index rose 30.5, or 0.5 percent, to close at 6449.2 in London as 83 stocks rose, 18 fell and 1 was unchanged. The FTSE All-Share Index gained 14.17, or 0.4 percent, to 3355.6.
Read more at Bloomberg Stocks News
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