(Bloomberg) -- The following stocks may make significant gains or losses in Brazil and Mexico today. Symbols are in parentheses after the company name, and stock prices are from the last session. In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Read more at Bloomberg Stocks News
Wednesday, May 9, 2007
UPDATE 1-CGGVeritas Q1 profits rise, ups synergies target
(Reuters) - The group, born from the merger of Compagnie Generale de Geophysique and Texas-based Veritas that came into effect on Jan. 12, also raised its target for 2008 merger synergies to more than $75 million from $65 million previously.
The world's biggest listed provider of seismic surveys, which are used to make detailed maps of potentially oil-bearing deposits, generated operating profit of $188.3 million in the three months to March 31.
Read more at Reuters.com Market News
The world's biggest listed provider of seismic surveys, which are used to make detailed maps of potentially oil-bearing deposits, generated operating profit of $188.3 million in the three months to March 31.
Read more at Reuters.com Market News
UPDATE 1-Nikon profit jumps 53 pct on strong digicam sales
(Reuters) - Operating profit was 102.01 billion yen in the year ended March 31, up from 66.6 billion yen a year earlier. That compares with a mean market estimate of 99.1 billion yen based on 18 brokerages surveyed by Reuters Estimates.
Nikon has widened its popular digital single-lens reflex camera line-up, especially lighter and smaller devices geared for new users and women, while focusing on profitability in simpler compact models rather than competing for market share.
Read more at Reuters.com Market News
Nikon has widened its popular digital single-lens reflex camera line-up, especially lighter and smaller devices geared for new users and women, while focusing on profitability in simpler compact models rather than competing for market share.
Read more at Reuters.com Market News
Asian Aframax Tanker Rates Decline as Demand for Smaller Ships Increases
(Bloomberg) -- The cost of shipping 80,000 tons of oil on Asian routes fell to its lowest in six weeks as traders chose to transport fuel oil on smaller ships.
The rate of shipping crude or fuel oil on so-called Aframax tankers to Singapore from Kuwait fell for a seventh day yesterday, dropping 1.3 percent to Worldscale 150.19, according to the London-based Baltic Exchange. Shipping a barrel of oil on the route costs $2.07, based on Bloomberg data.
Read more at Bloomberg Energy News
The rate of shipping crude or fuel oil on so-called Aframax tankers to Singapore from Kuwait fell for a seventh day yesterday, dropping 1.3 percent to Worldscale 150.19, according to the London-based Baltic Exchange. Shipping a barrel of oil on the route costs $2.07, based on Bloomberg data.
Read more at Bloomberg Energy News
Credit Suisse Raises Indian Rupee Forecast on Speculation Stocks to Climb
(Bloomberg) -- Credit Suisse Group raised its forecast for the Indian rupee on speculation economic growth will drive overseas demand for the nation's stocks.
The rupee is the fourth-best performing currency in the world this year, rising 7.4 percent, as India has grown at the second- fastest pace among the world's 20 biggest economies. The bank also predicts India's currency will extend gains from near the highest in nine years on bets the Reserve Bank of India will allow it to strengthen to help curb inflation.
Read more at Bloomberg Currencies News
The rupee is the fourth-best performing currency in the world this year, rising 7.4 percent, as India has grown at the second- fastest pace among the world's 20 biggest economies. The bank also predicts India's currency will extend gains from near the highest in nine years on bets the Reserve Bank of India will allow it to strengthen to help curb inflation.
Read more at Bloomberg Currencies News
Euro Ends Two-Day Loss Before European Interest Rate Decision, Statement
(Bloomberg) -- The euro ended two days of losses against the dollar on speculation European Central Bank President Jean-Claude Trichet will keep the benchmark interest rate at a 5 1/2-year high and signal an increase next month.
The ECB will hold its refinancing rate at 3.75 percent at a meeting today, according to all 45 economists surveyed by Bloomberg News. The Federal Reserve kept the U.S. target rate for overnight lending between banks at 5.25 percent yesterday. The euro has risen 2.5 percent this year as the rate differential between the two economies narrowed.
Read more at Bloomberg Currencies News
The ECB will hold its refinancing rate at 3.75 percent at a meeting today, according to all 45 economists surveyed by Bloomberg News. The Federal Reserve kept the U.S. target rate for overnight lending between banks at 5.25 percent yesterday. The euro has risen 2.5 percent this year as the rate differential between the two economies narrowed.
Read more at Bloomberg Currencies News
Malaysia Bonds Rise on Chance for Interest Rate Cut: World's Biggest Mover
(Bloomberg) -- Malaysian bonds rose, the biggest fluctuation of any government debt market today, on speculation slowing export growth will prompt the central bank to cut interest rates. The ringgit was little changed.
Purchases of Malaysian bonds by foreign investors helped extend a three-month rally, pushing 10-year yields to the lowest since December 2001. Overseas shipments unexpectedly fell 4.3 percent in March from a year earlier, following a 2.8 percent drop in February, the trade ministry said this week.
Read more at Bloomberg Bonds News
Purchases of Malaysian bonds by foreign investors helped extend a three-month rally, pushing 10-year yields to the lowest since December 2001. Overseas shipments unexpectedly fell 4.3 percent in March from a year earlier, following a 2.8 percent drop in February, the trade ministry said this week.
Read more at Bloomberg Bonds News
Trade Deficit in U.S. Probably Widened in March as Oil Import Prices Rose
(Bloomberg) -- The U.S. trade deficit widened in March for the first time in three months as the cost of imported crude oil rose, economists said before a government report today.
The gap between imports and exports grew to $60 billion from $58.4 billion in February, according to the median forecast in a Bloomberg News survey of 78 economists. A separate report today may show higher fuel costs lifted import prices in April.
Read more at Bloomberg Bonds News
The gap between imports and exports grew to $60 billion from $58.4 billion in February, according to the median forecast in a Bloomberg News survey of 78 economists. A separate report today may show higher fuel costs lifted import prices in April.
Read more at Bloomberg Bonds News
ICICI, DLF Record Stock Sales May Signal Revival in India Equity Offerings
(Bloomberg) -- ICICI Bank Ltd. and DLF Ltd.'s plans to sell a combined $7 billion of stock may herald a revival in fund raisings by Indian companies after equity issuance more than halved from last year's record high.
DLF, a New Delhi-based real-estate developer, received regulatory approval this week to sell at least $2.1 billion of shares. ICICI Bank, India's largest by market value, is raising $5 billion in India and overseas, the biggest such sale.
Read more at Bloomberg Emerging Markets News
DLF, a New Delhi-based real-estate developer, received regulatory approval this week to sell at least $2.1 billion of shares. ICICI Bank, India's largest by market value, is raising $5 billion in India and overseas, the biggest such sale.
Read more at Bloomberg Emerging Markets News
U.S. support for foreign investment wanes: Paulson
(Reuters) - "Regrettably, I've seen signs that this consensus is beginning to erode here and elsewhere in the world," he said, adding that he intended to "go on the offense and make it very clear that we're open for foreign investment and we appreciate the benefits of foreign investment."
Paulson was scheduled to participate in a panel discussion at a Washington university on Thursday that aims to highlight how foreign investment supports U.S. jobs and growth.
Read more at Reuters.com Bonds News
Paulson was scheduled to participate in a panel discussion at a Washington university on Thursday that aims to highlight how foreign investment supports U.S. jobs and growth.
Read more at Reuters.com Bonds News
RPT-TREASURIES-Bonds fall after Fed cites inflation worry
(Reuters) - NEW YORK, May 9 - U.S. government bond prices dropped on Wednesday after the Federal Reserve held interest rates steady and signaled to investors its main concern was that inflation would fail to moderate.
The Fed held the benchmark federal funds rate target unchanged at 5.25 percent as expected. In its accompanying statement, the Federal Open Market Committee said core inflation remained somewhat elevated.
Read more at Reuters.com Bonds News
The Fed held the benchmark federal funds rate target unchanged at 5.25 percent as expected. In its accompanying statement, the Federal Open Market Committee said core inflation remained somewhat elevated.
Read more at Reuters.com Bonds News
UPDATE 1-Black's ex-partner Radler: payments were 'wrong'
(Reuters) - CHICAGO, May 9 - Conrad Black's business partner of 30 years testified on Wednesday that he knew the scheme he and the former media mogul devised to pay themselves bonuses was wrong.
David Radler, star witness at Black's trial who has already pleaded guilty to fraud and faces jail time, described how he and Black divided up $600,000 from the proceeds of two deals made as Black was selling off the media empire they had built.
Read more at Reuters.com Bonds News
David Radler, star witness at Black's trial who has already pleaded guilty to fraud and faces jail time, described how he and Black divided up $600,000 from the proceeds of two deals made as Black was selling off the media empire they had built.
Read more at Reuters.com Bonds News
UPDATE 1-Greenlight sets IPO at 10.25 mln shrs, $16-$18/shr
(Reuters) - Underwriters, led by Lehman Brothers and UBS Investment Bank, will have the option to buy another 1.5 million shares to cover overallotments, according to an amended offering document.
Greenlight is selling Class A common shares.
Read more at Reuters.com Government Filings News
Greenlight is selling Class A common shares.
Read more at Reuters.com Government Filings News
UPDATE 1-Radian Group shareholders approve MGIC deal
(Reuters) - The mortgage insurance companies are expecting to close the deal late in the third quarter or early in the fourth quarter.
On Feb. 6, MGIC and rival Radian agreed to merge in a bid to cut costs through economics of scale as the slowing housing market has hit demand. The deal was worth about $5.47 billion at the time of the announcement.
Read more at Reuters.com Bonds News
On Feb. 6, MGIC and rival Radian agreed to merge in a bid to cut costs through economics of scale as the slowing housing market has hit demand. The deal was worth about $5.47 billion at the time of the announcement.
Read more at Reuters.com Bonds News
Brazil Real Approaches Six-Year High as Nation's Stock Index Sets Record
(Bloomberg) -- Brazil's real approached a six-year high on bets foreigners will purchase local assets. The nation's benchmark stock index rose to a record.
``The attractiveness of local assets will continue to bring dollars to the market, and high commodity prices abroad mean our trade surplus will also add fuel to the real's rally,'' said Octavio de Barros, chief economist at Banco Bradesco SA, Brazil's second-largest bank, in an interview in Sao Paulo.
Read more at Bloomberg Currencies News
``The attractiveness of local assets will continue to bring dollars to the market, and high commodity prices abroad mean our trade surplus will also add fuel to the real's rally,'' said Octavio de Barros, chief economist at Banco Bradesco SA, Brazil's second-largest bank, in an interview in Sao Paulo.
Read more at Bloomberg Currencies News
U.S. Stocks Erase Gains; Fed Cites Inflation Concern in Rate Announcement
(Bloomberg) -- U.S. stocks erased their gains after the Federal Reserve left interest rates unchanged and said inflation remains the main risk to the economy.
The central bank's Federal Open Market Committee held its target rate for overnight loans between banks at 5.25 percent for a seventh meeting, matching the estimates of all 101 economists surveyed by Bloomberg.
Read more at Bloomberg Stocks News
The central bank's Federal Open Market Committee held its target rate for overnight loans between banks at 5.25 percent for a seventh meeting, matching the estimates of all 101 economists surveyed by Bloomberg.
Read more at Bloomberg Stocks News
L'Oreal buys U.S. haircare brand PureOlogy
(Reuters) - L'Oreal said PureOlogy, which it will consolidate from May 8, had sales in the last 12 months of $57 million.
It said the transaction should have a neutral impact on earnings per share in 2007 and a positive impact from 2008.
Read more at Reuters.com Mergers News
It said the transaction should have a neutral impact on earnings per share in 2007 and a positive impact from 2008.
Read more at Reuters.com Mergers News
India to Pursue Iran Pipeline Project Over U.S. Objections, Minister Says
(Bloomberg) -- India's planned gas pipeline project with Iran is independent of the South Asian nation's relations with any other country, including the U.S., Foreign Minister Pranab Mukherjee said today.
India clarified its position on the project to U.S. Energy Secretary Samuel Bodman during his March meeting in New Delhi with Petroleum Minister Murli Deora, saying its energy policy will be guided by its own interests.
Read more at Bloomberg Energy News
India clarified its position on the project to U.S. Energy Secretary Samuel Bodman during his March meeting in New Delhi with Petroleum Minister Murli Deora, saying its energy policy will be guided by its own interests.
Read more at Bloomberg Energy News
Germany's Dax Index Climbs; TUI, Henkel and Commerzbank Lead the Increase
(Bloomberg) -- German stocks climbed, paced by TUI AG on speculation Hamed El Chiaty may raise his stake in Europe's largest tour operator to almost a third of the company.
Henkel KGaA gained after analysts recommended the shares.
Read more at Bloomberg Stocks News
Henkel KGaA gained after analysts recommended the shares.
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GM top execs can now trade automaker's shares
(Reuters) - In April of that year, GM also stopped providing earnings forecasts, a practice it has not reinstated.
"In recent months, the company has resolved a number of strategic matters, provided greater disclosures on things that are ongoing and pending," GM spokeswoman Renee Rashid-Merem said.
Read more at Reuters.com Government Filings News
"In recent months, the company has resolved a number of strategic matters, provided greater disclosures on things that are ongoing and pending," GM spokeswoman Renee Rashid-Merem said.
Read more at Reuters.com Government Filings News
UPDATE 1-TreeHouse Q1 earnings miss Street view, shares fall
(Reuters) - J.P. Morgan Securities, which has an "underweight" rating on the TreeHouse stock, said in a note to clients that the specialty food company missed the consensus estimate due to a struggling pickles business.
Pickle segment net sales fell 2.3 percent or $1.7 million from a year ago on continued softness in both food service and retail channels, the company said. The segment was impacted by higher costs of sweeteners, vinegar and packaging, it added.
Read more at Reuters.com Market News
Pickle segment net sales fell 2.3 percent or $1.7 million from a year ago on continued softness in both food service and retail channels, the company said. The segment was impacted by higher costs of sweeteners, vinegar and packaging, it added.
Read more at Reuters.com Market News
Soybeans Rise as Drier U.S. Weather May Stop Farmers From Switching Corn
(Bloomberg) -- Soybeans in Chicago rose for the first time in six sessions on speculation dry weather will help U.S. farmers finish seeding corn, reducing the number of acres that may be switched to the nation's second-biggest crop.
Dry, warm weather through May 16 will firm muddy soils for heavy farm machinery, allowing farmers to accelerate planting, said Mike Tannura, a meteorologist for T-Storm Weather in Champaign, Illinois. Farmers told the government in March they planned to cut soybean acres to an 11-year low while increasing corn acreage to the highest since 1944.
Read more at Bloomberg Commodities News
Dry, warm weather through May 16 will firm muddy soils for heavy farm machinery, allowing farmers to accelerate planting, said Mike Tannura, a meteorologist for T-Storm Weather in Champaign, Illinois. Farmers told the government in March they planned to cut soybean acres to an 11-year low while increasing corn acreage to the highest since 1944.
Read more at Bloomberg Commodities News
TREASURIES-Bonds drift ahead of Fed
(Reuters) - NEW YORK, May 9 - U.S. government bonds were unchanged to slightly lower as investors expected the Federal Reserve to leave interest rates on hold at its meeting on Wednesday while giving hints on future moves.
Markets want to hear how the Fed acknowledges the recent softening in inflation and economic growth, which could shift expectations for an interest rate cut. However, the Fed is still likely to leave benchmark borrowing costs on hold at 5.25 percent for a while longer.
Read more at Reuters.com Bonds News
Markets want to hear how the Fed acknowledges the recent softening in inflation and economic growth, which could shift expectations for an interest rate cut. However, the Fed is still likely to leave benchmark borrowing costs on hold at 5.25 percent for a while longer.
Read more at Reuters.com Bonds News
IBM Reaches 5-Year High After Goldman Upgrades Stock, Says Profit May Rise
(Bloomberg) -- International Business Machines Corp. climbed to the highest level in five years after Goldman Sachs & Co. upgraded the world's largest computer-services provider and said earnings may rise because of an accelerated share repurchasing plan.
Analyst Laura Conigliaro, who raised her rating to ``buy'' from ``neutral,'' also cited a ``coming tailwind'' from the company's decreasing pension costs. She expects earnings growth of 13 percent this year and 16 percent next year.
Read more at Bloomberg Stocks News
Analyst Laura Conigliaro, who raised her rating to ``buy'' from ``neutral,'' also cited a ``coming tailwind'' from the company's decreasing pension costs. She expects earnings growth of 13 percent this year and 16 percent next year.
Read more at Bloomberg Stocks News
Allied Capital to sell Healthy Pet stake to VCA Antech
(Reuters) - The transaction is expected to close in the second quarter of 2007, the company said in a statement.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
London's Black-Cab Drivers Turn Bearish on City Prospects, Survey Shows
(Bloomberg) -- London's black-cab drivers are growing pessimistic about the economy and say they're getting less business from bankers and lawyers, a survey of drivers showed.
In a quarterly poll of 500 cabbies by U.K.-based corporate- recovery specialist Begbies Traynor, the drivers said traffic between the City, London's financial district, and London's airports has declined and the number of calls to take bankers home from the office at night is on the wane.
Read more at Bloomberg Exclusive News
In a quarterly poll of 500 cabbies by U.K.-based corporate- recovery specialist Begbies Traynor, the drivers said traffic between the City, London's financial district, and London's airports has declined and the number of calls to take bankers home from the office at night is on the wane.
Read more at Bloomberg Exclusive News
Petrobras Argentine unit 1st-qtr profit falls
(Reuters) - In a statement to the Buenos Aires Stock Exchange, the unit, Petrobras Energia Participaciones
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Bush would veto emerging House Iraq bill: spokesman
(Reuters) - Asked whether Bush would veto the bill in its current form, Snow said: "Yes."
Bush vetoed a $124 billion war funding bill last week because it called for a phased withdrawal of combat troops from Iraq starting no later than October 1.
Read more at Reuters.com Bonds News
Bush vetoed a $124 billion war funding bill last week because it called for a phased withdrawal of combat troops from Iraq starting no later than October 1.
Read more at Reuters.com Bonds News
Oil Is Steady Amid Unrest in Nigeria, Expectations of U.S. Inventory Gain
(Bloomberg) -- Crude oil was little changed in New York amid speculation that U.S. stockpiles increased last week and on concern that kidnappings and attacks on oil facilities in Nigeria may curb output in Africa's biggest producer.
An Energy Department report today may show that crude oil and gasoline inventories rose last week as refineries raised operating rates, according to the median of 16 responses in a Bloomberg News survey. Four U.S. citizens working for a Chevron Corp. contractor were abducted in the Niger delta, said Femi Odumabo, a spokesman for Chevron's Nigerian venture.
Read more at Bloomberg Energy News
An Energy Department report today may show that crude oil and gasoline inventories rose last week as refineries raised operating rates, according to the median of 16 responses in a Bloomberg News survey. Four U.S. citizens working for a Chevron Corp. contractor were abducted in the Niger delta, said Femi Odumabo, a spokesman for Chevron's Nigerian venture.
Read more at Bloomberg Energy News
U.S. Stocks Drop a 2nd Day Before Fed Decision; Cisco, Disney Shares Fall
(Bloomberg) -- U.S. stocks fell for a second day after forecasts from Cisco Systems Inc. and Walt Disney Co. spurred concern that profit growth may stall amid a slowdown in the world's largest economy.
Cisco, the biggest maker of computer-networking equipment, retreated after its sales outlook missed analysts' estimates for the first time in a year. Disney declined after the second- largest U.S. media company told investors it may struggle to generate revenue growth.
Read more at Bloomberg Stocks News
Cisco, the biggest maker of computer-networking equipment, retreated after its sales outlook missed analysts' estimates for the first time in a year. Disney declined after the second- largest U.S. media company told investors it may struggle to generate revenue growth.
Read more at Bloomberg Stocks News
UPDATE 1-Brazil's Unibanco profit rises to 581 mln reais
(Reuters) - The result was in line with the 587 million reais average forecast of four analysts surveyed by Reuters.
Return on equity, a key gauge of profitability, averaged 25.1 percent in the first quarter, up from 24 percent a year ago and down slightly from 25.8 percent in the previous quarter.
Read more at Reuters.com Market News
Return on equity, a key gauge of profitability, averaged 25.1 percent in the first quarter, up from 24 percent a year ago and down slightly from 25.8 percent in the previous quarter.
Read more at Reuters.com Market News
Liberty Media aims to buy Liberty Interactive stock
(Reuters) - Liberty Media said it expects to launch the offer within five business days.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Fed starts one-day meeting, market sees rates flat
(Reuters) - The Fed is expected to hold its key overnight rate steady at 5.25 percent and reaffirm that inflation remains its predominant concern in a statement due at about 2:15 p.m. .
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Nickel Falls in London, Erasing Earlier Gain; Copper and Zinc Also Decline
(Bloomberg) -- Nickel fell in London, erasing earlier gains that took the metal to a record. Copper and zinc also declined.
Nickel for delivery in three months on the London Metal Exchange slipped $300, or 0.6 percent, to $50,700 a metric ton as of 1:36 p.m. local time. Earlier, it rose as much as $800 to $51,800, beating the previous record set on May 5 by $175.
Read more at Bloomberg Commodities News
Nickel for delivery in three months on the London Metal Exchange slipped $300, or 0.6 percent, to $50,700 a metric ton as of 1:36 p.m. local time. Earlier, it rose as much as $800 to $51,800, beating the previous record set on May 5 by $175.
Read more at Bloomberg Commodities News
UPDATE 1-Nice Systems Q1 earnings, revenue rise
(Reuters) - Israel-based Nice posted first-quarter net income of $8.7 million, or 16 cents per diluted share, from $7.1 million, or 14 cents a share, a year earlier.
On a non-GAAP basis net income rose to $16.6 million or 31 cents per share from $10.8 million or 21 cents a share a year earlier.
Read more at Reuters.com Market News
On a non-GAAP basis net income rose to $16.6 million or 31 cents per share from $10.8 million or 21 cents a share a year earlier.
Read more at Reuters.com Market News
UPDATE 1-Brazil's Vivo Q1 net loss narrows on call traffic
(Reuters) - Net loss narrowed to 19.3 million reais from 179.3 million reais in the year-earlier period.
Sales rose 10.6 percent to 2.85 billion reais even as the number of subscribers declined to 29.03 million people from 30.14 million in the first quarter of 2006. Vivo said the boost in sales took place after it launched new calling plans that increased traffic and also as pre-paid clients bought more minutes.
Read more at Reuters.com Market News
Sales rose 10.6 percent to 2.85 billion reais even as the number of subscribers declined to 29.03 million people from 30.14 million in the first quarter of 2006. Vivo said the boost in sales took place after it launched new calling plans that increased traffic and also as pre-paid clients bought more minutes.
Read more at Reuters.com Market News
Nordson warns Q2 results to fall short of previous expectations
(Reuters) - The company said revenue will be lower-than-expected mostly because it built backlog during the quarter instead of sales.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Delta Air Lines, News Corp., Toyota Motor, Dendreon: 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.
Allscripts Healthcare Solutions Inc. (MDRX US) fell $2.06, or 7.6 percent, to $25 in trading before U.S. exchanges opened. The provider of software for medical doctors reported revenue of $65 million in the first quarter. That missed the average estimate of $67.9 million from analysts in a Bloomberg survey.
Read more at Bloomberg Stocks News
Allscripts Healthcare Solutions Inc. (MDRX US) fell $2.06, or 7.6 percent, to $25 in trading before U.S. exchanges opened. The provider of software for medical doctors reported revenue of $65 million in the first quarter. That missed the average estimate of $67.9 million from analysts in a Bloomberg survey.
Read more at Bloomberg Stocks News
Canada Dollar Drops a Second Day as Traders Buy U.S. Currency Before Fed
(Bloomberg) -- Canada's dollar dropped a second straight day after touching an 11-month high as traders bought U.S. dollars before the Federal Reserve's policy meeting later today.
Fed policy makers will likely hold their benchmark interest rate at 5.25 percent, according to all 101 economists surveyed by Bloomberg News. They will release an accompanying statement at about 2:15 p.m. in Washington and may indicate they are still leaning toward higher rates to curb inflation. The Bank of Canada's key rate is at 4.25 percent.
Read more at Bloomberg Currencies News
Fed policy makers will likely hold their benchmark interest rate at 5.25 percent, according to all 101 economists surveyed by Bloomberg News. They will release an accompanying statement at about 2:15 p.m. in Washington and may indicate they are still leaning toward higher rates to curb inflation. The Bank of Canada's key rate is at 4.25 percent.
Read more at Bloomberg Currencies News
GMAC unit to buy Prov Financial's motor insurance arm
(Reuters) - Provident Financial, which specializes in doorstep loans, said on Wednesday it would book a pre-tax exceptional gain of around 70 million pounds from the sale to GMAC unit Car Care Plan, adding it expected the deal to be completed in June.
"Completion of this disposal will allow the demerger of the International business to proceed rapidly," Chairman John van Kuffeler said in a statement.
Read more at Reuters.com Mergers News
"Completion of this disposal will allow the demerger of the International business to proceed rapidly," Chairman John van Kuffeler said in a statement.
Read more at Reuters.com Mergers News
Dollar flat, bides time before Fed policy decision
(Reuters) - The Fed is set to keep rates on hold at 5.25 percent at its meeting on Wednesday but investors are focused on the accompanying statement to see if policymakers acknowledge signs of weaker economic indicators and the housing market slowdown.
Along with the Fed, the European Central Bank and Bank of England will also meet to set interest rates this week.
Read more at Reuters.com Hot Stocks News
Along with the Fed, the European Central Bank and Bank of England will also meet to set interest rates this week.
Read more at Reuters.com Hot Stocks News
US mortgage applications rise for 3rd straight week
(Reuters) - Average 30-year fixed-rate mortgage rates, excluding fees, fell 0.04 percentage point to 6.10 percent, the lowest since they hit 6.04 percent in the March 23 week. Long-term borrowing costs have fallen about half a percentage point from a year ago, according to the trade group.
The MBA's seasonally adjusted purchase index rose 2.6 percent to 438.3, its highest level since 439.7 in the week ended Jan. 12. The group's seasonally adjusted refinancing index showed applications up 4.9 percent to 2,115.2, its peak since the March 23 week.
Read more at Reuters.com Bonds News
The MBA's seasonally adjusted purchase index rose 2.6 percent to 438.3, its highest level since 439.7 in the week ended Jan. 12. The group's seasonally adjusted refinancing index showed applications up 4.9 percent to 2,115.2, its peak since the March 23 week.
Read more at Reuters.com Bonds News
FDA seeks more data on Dendreon drug as shares slump
(Reuters) - Shares in the Seattle-based group plunged 65 percent to $6.20 in electronic trading ahead of the Nasdaq open.
The drop comes just over a month after the stock more than doubled in a single session when a U.S. Food and Drug Administration advisory panel recommended approval.
Read more at Reuters.com Business News
The drop comes just over a month after the stock more than doubled in a single session when a U.S. Food and Drug Administration advisory panel recommended approval.
Read more at Reuters.com Business News
European stocks tick higher, miners lead the way
(Reuters) - European shares nudged higher on Wednesday ahead of a key U.S. interest rate decision, with miners providing a boost after speculation of a bid for Rio Tinto from BHP Billiton
Among major movers, French bank BNP Paribas jumped after its quarterly profit beat expectations, while Dutch insurer Aegon slipped after its earnings missed forecasts.
Read more at Reuters Africa
Among major movers, French bank BNP Paribas jumped after its quarterly profit beat expectations, while Dutch insurer Aegon slipped after its earnings missed forecasts.
Read more at Reuters Africa
Nickel Rises to Record in London as Inventories Fall; Copper, Zinc Gain
(Bloomberg) -- Nickel rose to a record in London after inventories of the metal slumped as demand increased from stainless-steel makers. Copper, zinc and aluminum also gained.
Stockpiles of nickel fell 3.8 percent to 4,458 metric tons, the London Metal Exchange said today in a daily report. The inventories have plunged 82 percent in the past 12 months. Stainless-steel producers are still buying the metal as an ingredient and haven't been deterred by the price rally, said Michael Widmer, a metals analyst at Calyon in London.
Read more at Bloomberg Commodities News
Stockpiles of nickel fell 3.8 percent to 4,458 metric tons, the London Metal Exchange said today in a daily report. The inventories have plunged 82 percent in the past 12 months. Stainless-steel producers are still buying the metal as an ingredient and haven't been deterred by the price rally, said Michael Widmer, a metals analyst at Calyon in London.
Read more at Bloomberg Commodities News
InterCon says has not met Barclay bros since Jan
(Reuters) - Earlier this month, the Barclay brothers increased their shareholding in the group to 8.19 percent through their Ellerman Corp Ltd vehicle, making them by far the biggest shareholder.
In January, the entrepreneurial Barclay twins David and Frederick, who own the London Ritz hotel and the Telegraph newspapers, revealed a 5 percent stake sparking talk of stake building ahead of a possible bid.
Read more at Reuters.com Market News
In January, the entrepreneurial Barclay twins David and Frederick, who own the London Ritz hotel and the Telegraph newspapers, revealed a 5 percent stake sparking talk of stake building ahead of a possible bid.
Read more at Reuters.com Market News
Virgin Media set to lose customers over Sky spat
(Reuters) - The group, which launched earlier this year from the merger of NTL, Telewest and Virgin's mobile phone division, said it had added 36,100 net TV customers in the first quarter but that this number could turn negative during the second three months.
Its overall customer numbers in the first quarter were hit by the poor performance of its fixed-line telephony business, which pulled down otherwise good demand for broadband and TV.
Read more at Reuters.com Market News
Its overall customer numbers in the first quarter were hit by the poor performance of its fixed-line telephony business, which pulled down otherwise good demand for broadband and TV.
Read more at Reuters.com Market News
UPDATE 1-Archstone-Smith quarterly FFO rises
(Reuters) - The latest FFO, a key performance measure of real estate investment trusts, was below the year-ago quarter level of 59 cents a share, and the 51 cents a share average view of analysts, according to Reuters Estimates.
FFO removes the profit-reducing effect that depreciation -- a noncash accounting item -- has on earnings.
Read more at Reuters.com Market News
FFO removes the profit-reducing effect that depreciation -- a noncash accounting item -- has on earnings.
Read more at Reuters.com Market News
European Bonds Decline on Speculation ECB Will Signal More Rate Increases
(Bloomberg) -- European government bonds dropped on speculation the European Central Bank will signal its intention tomorrow to raise interest rates in June.
Two-year yields have climbed about 30 basis points since the ECB lifted borrowing costs in March as traders bet rates will rise twice more to 4.25 percent this year. All 45 economists surveyed by Bloomberg News predict ECB policy makers led by President Jean-Claude Trichet will hold rates at 3.75 percent tomorrow and flag a rate increase for next month.
Read more at Bloomberg Bonds News
Two-year yields have climbed about 30 basis points since the ECB lifted borrowing costs in March as traders bet rates will rise twice more to 4.25 percent this year. All 45 economists surveyed by Bloomberg News predict ECB policy makers led by President Jean-Claude Trichet will hold rates at 3.75 percent tomorrow and flag a rate increase for next month.
Read more at Bloomberg Bonds News
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