(Bloomberg) -- Copper futures fell in Shanghai for a second day as international prices continued to drop on concern demand from China, the world's biggest consumer of the metal, may slow. Zinc and aluminum also declined.
Stockpiles of copper in Shanghai Futures Exchange warehouses have more than doubled this year to the highest since December 2005 as imports and domestic production rose. Inventory may rise as much as 10,000 tons this week, said analyst Cai Luoyi. The figures are expected this afternoon.
Read more at Bloomberg Commodities News
Thursday, May 10, 2007
UPDATE 1-Greenspan says odds against U.S. recession 2 to 1
(Reuters) - They cited Greenspan as saying that global economic growth would help mitigate any slowdown in the U.S. economy but China's trade imbalances would be hard to correct as long as Beijing keeps the yuan artificially low.
"He said the odds against a recession were now 2 to 1," said Spencer White of Thien Viet Securities, who participated in the Merrill Lynch conference in Singapore.
Read more at Reuters.com Bonds News
"He said the odds against a recession were now 2 to 1," said Spencer White of Thien Viet Securities, who participated in the Merrill Lynch conference in Singapore.
Read more at Reuters.com Bonds News
Australia, New Zealand Dollars Slump Against Yen as Carry Trades Unwind
(Bloomberg) -- The Australian and New Zealand dollars fell the most in three weeks against the yen as investors sold higher-returning assets on declines in global stocks.
New Zealand's dollar was the second-worst performer in the Asia-Pacific and Australia's third after Indonesia's rupiah, as Asian share markets followed U.S. equities, which yesterday dropped the most in almost two months. That caused traders to pare positions in so called carry trades, where higher-yielding assets are bought with lower-interest currencies such as the yen.
Read more at Bloomberg Currencies News
New Zealand's dollar was the second-worst performer in the Asia-Pacific and Australia's third after Indonesia's rupiah, as Asian share markets followed U.S. equities, which yesterday dropped the most in almost two months. That caused traders to pare positions in so called carry trades, where higher-yielding assets are bought with lower-interest currencies such as the yen.
Read more at Bloomberg Currencies News
Google to focus on software: CEO
(Reuters) - Google, the world's dominant provider of Web search, is also the dominant provider of pay-per-click advertising, which contributes virtually all of its revenue.
Last year, it entered the software application market with products it collectively refers to as "Google Apps." This refers to a series of online software applications and Web publishing tools it provides free to consumers.
Read more at Reuters.com Business News
Last year, it entered the software application market with products it collectively refers to as "Google Apps." This refers to a series of online software applications and Web publishing tools it provides free to consumers.
Read more at Reuters.com Business News
JGB futures climb as Nikkei falls, Treasuries rise
(Reuters) - But gains in JGBs were limited as investors were wary that better-than-expected first-quarter growth data due next week could prompt the Bank of Japan to raise rates in the third quarter.
"Investors will continue to find it difficult to trade actively until they see GDP data," said Hiroyoshi Sandaya, a JGB strategist at Goldman Sachs.
Read more at Reuters.com Bonds News
"Investors will continue to find it difficult to trade actively until they see GDP data," said Hiroyoshi Sandaya, a JGB strategist at Goldman Sachs.
Read more at Reuters.com Bonds News
UPDATE 1-U.S. movie group slaps new restrictions on smoking
(Reuters) - LOS ANGELES, May 10 - Attention film producers: smoking may now be hazardous to your movies.
The film industry group that rates U.S. movies in terms of their suitability for children on Thursday unveiled new rules affecting tobacco use in films that would stop children from seeing movies that glorified lighting up on-screen.
Read more at Reuters.com Bonds News
The film industry group that rates U.S. movies in terms of their suitability for children on Thursday unveiled new rules affecting tobacco use in films that would stop children from seeing movies that glorified lighting up on-screen.
Read more at Reuters.com Bonds News
UPDATE 1-Impac Mortgage posts first-quarter loss
(Reuters) - The Irvine, California-based company posted a net loss of $121.7 million, or $1.65 a share, compared with net earnings of $85.6 million, or $1.07 a share, a year earlier.
The latest quarter included a derivatives-related loss of $58.7 million compared with a gain of $51.4 million in the year-ago quarter, the company said.
Read more at Reuters.com Mergers News
The latest quarter included a derivatives-related loss of $58.7 million compared with a gain of $51.4 million in the year-ago quarter, the company said.
Read more at Reuters.com Mergers News
Japan's Government Bonds May Rise on Speculation Stock Drop to Spur Demand
(Bloomberg) -- Japan's government notes may advance, halting a five-day drop, on speculation a slump in global stocks will increase demand for debt.
Five-year notes may end the longest slide since December after a U.S. report showed the trade gap widened more than expected in March, spurring expectations the government may cut its first-quarter gross domestic product estimate. U.S. stocks tumbled the most in almost two months and Treasuries gained.
Read more at Bloomberg Bonds News
Five-year notes may end the longest slide since December after a U.S. report showed the trade gap widened more than expected in March, spurring expectations the government may cut its first-quarter gross domestic product estimate. U.S. stocks tumbled the most in almost two months and Treasuries gained.
Read more at Bloomberg Bonds News
Japanese Stocks May Decline, Led by Exporters, on U.S. Economic Concerns
(Bloomberg) -- Japanese stocks may decline, led by exporters including Toyota Motor Corp. after falling U.S. retail sales, higher import prices and a wider trade deficit raised concern the world's biggest economy will slow.
U.S. retailers posted the biggest sales decline on record last month and the trade gap widened more than analysts forecast in March, spurring expectations the government may reduce its first-quarter gross domestic product estimate. The Standard & Poor's 500 Index dropped by the most since March 13.
Read more at Bloomberg Stocks News
U.S. retailers posted the biggest sales decline on record last month and the trade gap widened more than analysts forecast in March, spurring expectations the government may reduce its first-quarter gross domestic product estimate. The Standard & Poor's 500 Index dropped by the most since March 13.
Read more at Bloomberg Stocks News
UPDATE 2-Sallie Mae stock trades face new regulatory probe
(Reuters) - Sallie Mae said NYSE Regulation Inc. joined the Philadelphia office of the U.S. Securities and Exchange Commission in examining trading in its stock and securities.
The Reston, Virginia-based company said it is cooperating with both regulators.
Read more at Reuters.com Bonds News
The Reston, Virginia-based company said it is cooperating with both regulators.
Read more at Reuters.com Bonds News
3D Systems sees Q1 net loss; to delay filing results
(Reuters) - The company said it does not expect backlog to be significant at March 31, reflecting more normal patterns in its business.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Ameren 1st-quarter net up 76 percent
(Reuters) - Net income rose to $123 million, or 59 cents per share, from $70 million, or 34 cents per share, a year ago, the St. Louis-based company said.
First-quarter earnings were reduced by 9 cents per share due to costs of restoring power during January ice storms in the Midwest.
Read more at Reuters.com Market News
First-quarter earnings were reduced by 9 cents per share due to costs of restoring power during January ice storms in the Midwest.
Read more at Reuters.com Market News
UPDATE 1-CI Financial earnings rise with assets
(Reuters) - TORONTO, May 10 - CI Financial Income Fund , or 51 Canadian cents a unit, in the three months ended March 31.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-SEC, NYSE Regulation examine Sallie Mae stock trades
(Reuters) - Reston, Virginia-based Sallie Mae said NYSE Regulation Inc. and the Philadelphia office of the U.S. Securities and Exchange Commission are examining trading in its stock and securities. The company said it is cooperating with both regulators.
Sallie Mae disclosed the inquiry in its quarterly report filed with the SEC. Its was not immediately available for comment. SEC spokesman John Heine and NYSE Regulation spokesman Brendan Intindola declined to comment.
Read more at Reuters.com Government Filings News
Sallie Mae disclosed the inquiry in its quarterly report filed with the SEC. Its was not immediately available for comment. SEC spokesman John Heine and NYSE Regulation spokesman Brendan Intindola declined to comment.
Read more at Reuters.com Government Filings News
Corn Falls to Five-Week Low as U.S. Planting Accelerates: Soybeans Decline
(Bloomberg) -- Corn fell to a five-week low as the pace of U.S. planting accelerates and exporters sold less grain. Soybeans also declined.
Temperatures 5 degrees Fahrenheit above normal the next four days may dry out wet fields enough to allow wider use of farm equipment needed to finish planting this year's crop, Lexington, Massachusetts-based Meteorlogix LLC said. Export sales of U.S. corn in the week ended May 3 were 46 percent below the average of the previous four weeks, the government said.
Read more at Bloomberg Commodities News
Temperatures 5 degrees Fahrenheit above normal the next four days may dry out wet fields enough to allow wider use of farm equipment needed to finish planting this year's crop, Lexington, Massachusetts-based Meteorlogix LLC said. Export sales of U.S. corn in the week ended May 3 were 46 percent below the average of the previous four weeks, the government said.
Read more at Bloomberg Commodities News
Bush, Congress close to deal on labor: Gutierrez
(Reuters) - "We're close. ... We're working extremely hard because we know how important these three agreements are," he told Reuters.
"I'm hopeful that we can get on with this and do it as soon as we can. This makes a lot of sense for our country. It's in our national interest to get these three free trade agreements approved."
Read more at Reuters.com Bonds News
"I'm hopeful that we can get on with this and do it as soon as we can. This makes a lot of sense for our country. It's in our national interest to get these three free trade agreements approved."
Read more at Reuters.com Bonds News
Urban Outfitters net rises, lower taxes help
(Reuters) - But earnings came in below analysts' expectations, when excluding a 3-cent-per-share benefit from a lower tax rate, and the company's stock fell as much as 5.6 percent.
The operator of the Anthropologie, Free People and Urban Outfitters chains said on Thursday that it earned $29.4 million, or 17 cents per share, in the first quarter, up from $20.3 million, or 12 cents per share, a year earlier.
Read more at Reuters.com Business News
The operator of the Anthropologie, Free People and Urban Outfitters chains said on Thursday that it earned $29.4 million, or 17 cents per share, in the first quarter, up from $20.3 million, or 12 cents per share, a year earlier.
Read more at Reuters.com Business News
Lear sees June 27 shareholder vote on Icahn deal
(Reuters) - A preliminary injunction hearing on a consolidated Delaware case is scheduled for June 6.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Goldman Sachs to Sell Stakes in Power Plants That Might Fetch $2.5 Billion
(Bloomberg) -- Goldman Sachs Group Inc., the world's biggest securities firm, plans to take advantage of higher prices for power plants by selling most of its stake in 14 of the 18 operations it owns through Cogentrix Energy Inc.
``We have initiated an auction of a significant portion of Cogentrix Energy Inc. power generation assets,'' said Ed Canaday, a Goldman spokesman in New York. He declined to comment further.
Read more at Bloomberg Energy News
``We have initiated an auction of a significant portion of Cogentrix Energy Inc. power generation assets,'' said Ed Canaday, a Goldman spokesman in New York. He declined to comment further.
Read more at Bloomberg Energy News
Oil Is Steady Amid Signs U.S. Gasoline Supply May Be Inadequate for Summer
(Bloomberg) -- Crude oil was little changed in New York amid speculation that U.S. motor-fuel inventories aren't sufficient to meet demand during the summer driving season.
Gasoline supplies in the week ended May 4 were down 8 percent from the five-year average for the date, the Energy Department said yesterday. Inventories of the fuel rose 372,000 barrels, the first gain in 13 weeks. Eni SpA cut output at Nigeria's Brass crude oil export terminal by 98,000 barrels a day after a militant group attacked pipelines this week.
Read more at Bloomberg Energy News
Gasoline supplies in the week ended May 4 were down 8 percent from the five-year average for the date, the Energy Department said yesterday. Inventories of the fuel rose 372,000 barrels, the first gain in 13 weeks. Eni SpA cut output at Nigeria's Brass crude oil export terminal by 98,000 barrels a day after a militant group attacked pipelines this week.
Read more at Bloomberg Energy News
Senate bill would block retailers' banks
(Reuters) - The bill, which is co-sponsored by Democrats Sherrod Brown of Ohio and Tim Johnson of South Dakota, and Republican Wayne Allard of Colorado, mirrors a version that is expected to win approval by the full House of Representatives.
The House is expected to consider it this month.
Read more at Reuters.com Government Filings News
The House is expected to consider it this month.
Read more at Reuters.com Government Filings News
Vonage loss narrows, shares rise
(Reuters) - Vonage's first-quarter net loss totaled $72 million, or 47 cents per share, compared with a loss of $85 million in the same quarter a year earlier. The company, founded in 2001, was not publicly traded until May 2006.
Revenue rose 64 percent to $196 million, basically in line with the average forecast of analysts, according to Reuters Estimates.
Read more at Reuters.com Business News
Revenue rose 64 percent to $196 million, basically in line with the average forecast of analysts, according to Reuters Estimates.
Read more at Reuters.com Business News
UPDATE 1-Argentine governor resigns as teacher strike builds
(Reuters) - BUENOS AIRES, May 10 - A governor and key ally of President Nestor Kirchner resigned on Thursday, a day after more than 20 people were hurt in protests by state workers that have intensified in the Argentine leader's home province.
The demonstrations are posing a stiff challenge to the center-left president five months ahead of Argentina's presidential election.
Read more at Reuters.com Bonds News
The demonstrations are posing a stiff challenge to the center-left president five months ahead of Argentina's presidential election.
Read more at Reuters.com Bonds News
Corn Futures Falls to One-Month Low as Dry Weather May Spur U.S. Planting
(Bloomberg) -- Corn fell to the lowest in a month on expectations that dry weather will farmers to accelerate planting of the biggest U.S. crop and on reduced export sales.
Temperatures 5 degrees Fahrenheit above normal the next four days may firm up wet corn fields for heavy farm machinery, Lexington, Massachusetts-based Meteorlogix LLC said. Export sales of U.S. corn in the week ended May 3 were 46 percent below the average of the previous four weeks, the government said.
Read more at Bloomberg Commodities News
Temperatures 5 degrees Fahrenheit above normal the next four days may firm up wet corn fields for heavy farm machinery, Lexington, Massachusetts-based Meteorlogix LLC said. Export sales of U.S. corn in the week ended May 3 were 46 percent below the average of the previous four weeks, the government said.
Read more at Bloomberg Commodities News
UPDATE 1-Moody's raises Goodyear, S&P may raise
(Reuters) - Goodyear said on Wednesday it plans to raise up to $834 million in net proceeds through a public stock offering to complete debt buybacks and to fund growth in its tire business. For details, see [ID:nN09299411]
The announcement "marks important further progress in the company's plans to strengthen its balance sheet," Moody's said in a statement.
Read more at Reuters.com Bonds News
The announcement "marks important further progress in the company's plans to strengthen its balance sheet," Moody's said in a statement.
Read more at Reuters.com Bonds News
S.African stocks up as upgrades lift Anglo, Billiton
(Reuters) - South African stocks inched higher on Thursday as broker upgrades bolstered heavyweight miners Anglo American and BHP Billiton.
The Johannesburg Top-40 index of blue-chip stocks edged up 0.34 percent to 25,483.34 points while the All-share index pushed 0.3 percent higher to 28,438.86 points.
Read more at Reuters Africa
The Johannesburg Top-40 index of blue-chip stocks edged up 0.34 percent to 25,483.34 points while the All-share index pushed 0.3 percent higher to 28,438.86 points.
Read more at Reuters Africa
Hershey cuts 2007 forecast, shares fall
(Reuters) - The stock fell more than 4 percent on the warning.
Hershey, which has lost U.S. market share to Mars Inc., has also been overhauling its supply chain and manufacturing system to try to improve margins.
Read more at Reuters.com Hot Stocks News
Hershey, which has lost U.S. market share to Mars Inc., has also been overhauling its supply chain and manufacturing system to try to improve margins.
Read more at Reuters.com Hot Stocks News
GMAC LLC sets price talk on two-part note sale
(Reuters) - The offering includes a two-year floating-rate note issue expected to have a coupon rate of 1.25 to 1.28 percentage points over the three-month London interbank offered rate.
It also includes a five-year fixed-rate note issue expected to yield about 2.20 percentage points over U.S. Treasuries.
Read more at Reuters.com Bonds News
It also includes a five-year fixed-rate note issue expected to yield about 2.20 percentage points over U.S. Treasuries.
Read more at Reuters.com Bonds News
Statoil Cuts 2007 Output Goal by 12 Percent on Oil Field Closing, Delays
(Bloomberg) -- Statoil ASA, Norway's largest oil company, cut its 2007 production target by as much as 12 percent after the closure of a North Sea field and delays at projects from Azerbaijan to Algeria.
Output will average between 1.15 million and 1.2 million barrels of oil equivalent daily this year, down from a previous goal of 1.3 million barrels, the Stavanger, Norway-based company said today in a statement. Statoil, which pumped 1.135 million barrels last year, first said it would miss the old estimate on April 26.
Read more at Bloomberg Energy News
Output will average between 1.15 million and 1.2 million barrels of oil equivalent daily this year, down from a previous goal of 1.3 million barrels, the Stavanger, Norway-based company said today in a statement. Statoil, which pumped 1.135 million barrels last year, first said it would miss the old estimate on April 26.
Read more at Bloomberg Energy News
Genesis receives two higher takeover offers
(Reuters) - Fillmore increased its offer to $69 per share in cash, from $67.25 per share. The new offer will remain in effect until May 15.
Meanwhile, Formation and JER Partners, which had an existing merger agreement with Genesis, offered $67.50 per share in cash, up from $65.25 per share.
Read more at Reuters.com Mergers News
Meanwhile, Formation and JER Partners, which had an existing merger agreement with Genesis, offered $67.50 per share in cash, up from $65.25 per share.
Read more at Reuters.com Mergers News
CI Financial earnings soar as assets rise
(Reuters) - That was up from a profit of C$73.1 million, or 26 Canadian cents a share, in the three months ended Feb. 28, 2006.
Toronto-based CI changed its financial year-end to Dec. 31 when it started trading as an income trust last June.
Read more at Reuters.com Market News
Toronto-based CI changed its financial year-end to Dec. 31 when it started trading as an income trust last June.
Read more at Reuters.com Market News
Norway, Fifth-Biggest Oil Exporter, Says April Production Gained 3 Percent
(Bloomberg) -- Norway, the world's fifth-largest oil exporter, said crude oil production rose 3 percent in April from a month earlier.
Output averaged 2.409 million barrels a day, from 2.335 million barrels a day in March, the Norwegian Petroleum Directorate, which oversees the nation's oil industry, said in a statement on its Web site. The figures are preliminary.
Read more at Bloomberg Energy News
Output averaged 2.409 million barrels a day, from 2.335 million barrels a day in March, the Norwegian Petroleum Directorate, which oversees the nation's oil industry, said in a statement on its Web site. The figures are preliminary.
Read more at Bloomberg Energy News
UPDATE 1-Pope & Talbot 1st-qtr loss widens, shares plunge 20 pct
(Reuters) - The company, which also makes lumbers and wood pellets, said its results were hurt by higher raw material costs, the Canadian National Railway strike and a decline in lumber prices.
A mechanical failure at the Mackenzie pulp mill last month and the subsequent 14 days of lost production will hurt the second quarter, Pope & Talbot said.
Read more at Reuters.com Market News
A mechanical failure at the Mackenzie pulp mill last month and the subsequent 14 days of lost production will hurt the second quarter, Pope & Talbot said.
Read more at Reuters.com Market News
Platinum Drops as South African Supply Concerns Ease; Palladium Declines
(Bloomberg) -- Platinum fell for the third-straight day in New York after a strike ended in South Africa, the world's largest producer of the metal. Palladium dropped.
Northam Platinum Holdings Ltd. said this week it reached an agreement that halted a walkout by about 5,500 workers. Global mine production was forecast to rise 4.2 percent this year, led by expansion in South Africa, London-based research-company GFMS Ltd. said last month.
Read more at Bloomberg Commodities News
Northam Platinum Holdings Ltd. said this week it reached an agreement that halted a walkout by about 5,500 workers. Global mine production was forecast to rise 4.2 percent this year, led by expansion in South Africa, London-based research-company GFMS Ltd. said last month.
Read more at Bloomberg Commodities News
Hershey cuts 2007 earnings forecast, shares fall
(Reuters) - The stock fell more than 4 percent on the warning.
Hershey, which has lost U.S. market share to Mars Inc., has also been overhauling its supply chain and manufacturing system to try to improve margins.
Read more at Reuters.com Business News
Hershey, which has lost U.S. market share to Mars Inc., has also been overhauling its supply chain and manufacturing system to try to improve margins.
Read more at Reuters.com Business News
China Central Bank Says It Won't Slash Holdings of U.S. Assets in Reserves
(Bloomberg) -- China's central bank today said it won't slash holdings of U.S.-dollar assets while diversifying the world's biggest foreign-currency reserves.
U.S. currency assets will remain a key part of its overseas investments, the People's Bank of China said in a quarterly monetary report posted on its Web site. The central bank said it won't sell large amounts.
Read more at Bloomberg Currencies News
U.S. currency assets will remain a key part of its overseas investments, the People's Bank of China said in a quarterly monetary report posted on its Web site. The central bank said it won't sell large amounts.
Read more at Bloomberg Currencies News
Dollar General April same-store sales down 2.4 pct
(Reuters) - Total retail sales for the four-week period ended May 4 were $674.5 million, up 0.2 percent from $673.3 million for the comparable period a year ago.
Dollar General has agreed to be acquired by Kohlberg Kravis Roberts & Co. [KKR.UL].
Read more at Reuters.com Market News
Dollar General has agreed to be acquired by Kohlberg Kravis Roberts & Co. [KKR.UL].
Read more at Reuters.com Market News
Canadian Raw Materials Stocks Fall, Led by Barrick; Magna Shares Advance
(Bloomberg) -- Canadian raw-materials stocks fell, led by Barrick Gold Corp., on lower bullion prices. Shares of Magna International Inc. climbed after it announced a $1.54 billion investment by Russian billionaire Oleg Deripaska.
The Standard & Poor's/TSX Composite Index slipped 1.34, or less than 0.1 percent, to 13,893.82 as of 9:50 a.m. in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index slipped 1.34, or less than 0.1 percent, to 13,893.82 as of 9:50 a.m. in Toronto.
Read more at Bloomberg Stocks News
Crude Oil Climbs on Signs U.S. Gasoline Supplies to Trail Summer Demand
(Bloomberg) -- Crude oil and gasoline rose on concern that U.S. motor-fuel inventories aren't sufficient to meet demand during the summer driving season.
Gasoline supplies in the week ended May 4 were down 8 percent from the five-year average for the date, the Energy Department said yesterday. Inventories of the fuel rose 372,000 barrels, the first gain in 13 weeks. Eni SpA cut output at Nigeria's Brass crude oil export terminal by 98,000 barrels a day after a militant group attacked pipelines this week.
Read more at Bloomberg Commodities News
Gasoline supplies in the week ended May 4 were down 8 percent from the five-year average for the date, the Energy Department said yesterday. Inventories of the fuel rose 372,000 barrels, the first gain in 13 weeks. Eni SpA cut output at Nigeria's Brass crude oil export terminal by 98,000 barrels a day after a militant group attacked pipelines this week.
Read more at Bloomberg Commodities News
Nigeria had $2.1 bln revenue shortfall in Jan-April
(Reuters) - Nigeria used 274 billion naira of savings in the first four months of 2007 to plug a revenue shortfall due to militant attacks that have cut oil output, the official in charge of accounts said on Thursday.
Nigeria's 2007 budget is based on the assumption that the country produces 2.5 million barrels per day (bpd) of crude oil at $40 per barrel. But production has fallen short due to attacks on oil facilities in the lawless Niger Delta.
Read more at Reuters Africa
Nigeria's 2007 budget is based on the assumption that the country produces 2.5 million barrels per day (bpd) of crude oil at $40 per barrel. But production has fallen short due to attacks on oil facilities in the lawless Niger Delta.
Read more at Reuters Africa
Fred's April same-store sales fall 2.5 pct
(Reuters) - Total sales for the first quarter rose 6 percent to $442.2 million, the company said in a statement.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Aeropostale posts a decrease in same-store sales
(Reuters) - Total net sales fell 9.8 percent for the four weeks ended May 5 to $75.4 million, the company said.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Technical Olympic posts quarterly loss
(Reuters) - The company reported a first-quarter net loss of $66 million, or $1.11 a share, compared with a profit of $55 million, or 89 cents, in the year-ago quarter. Revenue for the quarter was down 4 percent to $588.2 million primarily on lower land sales.
The Florida-based homebuilder is in trouble with lenders for its Transeastern joint venture in the wake of a slump in the housing market in the United States.
Read more at Reuters.com Market News
The Florida-based homebuilder is in trouble with lenders for its Transeastern joint venture in the wake of a slump in the housing market in the United States.
Read more at Reuters.com Market News
RPT-Exam looms for US education secretary in Congress
(Reuters) - WASHINGTON, May 9 - U.S. Education Secretary Margaret Spellings, a former Bush administration policy advisor, will appear before a congressional committee on Thursday with a scandal sweeping through the college student loan business, a key area of oversight for her agency.
The secretary is expected to face tough questions from the House of Representatives Education and Labor Committee, which has been probing conflicts of interest in an $85 billion industry that plays a crucial role in helping American students afford the highest college tuition fees in the world.
Read more at Reuters.com Government Filings News
The secretary is expected to face tough questions from the House of Representatives Education and Labor Committee, which has been probing conflicts of interest in an $85 billion industry that plays a crucial role in helping American students afford the highest college tuition fees in the world.
Read more at Reuters.com Government Filings News
U.K. Government Bond Yields Near Highest Since 2000 as BOE Lifts Rates
(Bloomberg) -- U.K. government bond yields held near their highest since November 2000 after Bank of England policy makers today raised interest rates by a quarter-point to a six- year high to counter inflation.
The rate increase was in line with forecast of all 61 economists surveyed by Bloomberg News. Reports earlier today showed house prices rose in April and manufacturing expanded the most in 10 months in March.
Read more at Bloomberg Bonds News
The rate increase was in line with forecast of all 61 economists surveyed by Bloomberg News. Reports earlier today showed house prices rose in April and manufacturing expanded the most in 10 months in March.
Read more at Bloomberg Bonds News
Brazil's racial income gap narrows-ILO
(Reuters) - The income gap narrowed because of successive minimum wage hikes, lower inflation and declining real wages for white men, the report said.
Brazil also made progress in advancing policies to reduce race inequality, said Lais Bramo, ILO director for Brazil.
Read more at Reuters.com Economic News
Brazil also made progress in advancing policies to reduce race inequality, said Lais Bramo, ILO director for Brazil.
Read more at Reuters.com Economic News
Nordstrom same-store sales rose 3.1 pct in April
(Reuters) - The Seattle-based retailer said preliminary data indicated total sales for the four weeks ended May 5 rose 3.3 percent to $604.0 million.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Mirant posts 1st-qtr loss on hedging
(Reuters) - Net loss was $52 million, or 20 cents per share, compared with a year-earlier profit of $467 million, or $1.51 per share.
Excluding special items, the company said it earned $218 million, or 78 cents per share, up from $142 million, or 46 cents per share, a year ago.
Read more at Reuters.com Market News
Excluding special items, the company said it earned $218 million, or 78 cents per share, up from $142 million, or 46 cents per share, a year ago.
Read more at Reuters.com Market News
U.K. Power Falls on Forecast for Lower Demand; German Electricity Declines
(Bloomberg) -- U.K. power for day-ahead delivery fell as forecasters predicted lower demand. French and German electricity also declined.
U.K. day-ahead power fell as much as 7.9 percent to 19.75 pounds ($39.39) a megawatt hour, according to prices on Bloomberg from energy broker GFI Group Inc. It traded at 20.30 pounds a megawatt hour as of 8:54 a.m. in London.
Read more at Bloomberg Energy News
U.K. day-ahead power fell as much as 7.9 percent to 19.75 pounds ($39.39) a megawatt hour, according to prices on Bloomberg from energy broker GFI Group Inc. It traded at 20.30 pounds a megawatt hour as of 8:54 a.m. in London.
Read more at Bloomberg Energy News
Statoil Cuts 2007 Output Goal by 12 Percent on Oil Field Closure, Delays
(Bloomberg) -- Statoil ASA, Norway's largest oil company, cut its 2007 production target by as much as 12 percent after the closure of a North Sea field and delays in Iran and Algeria.
Output will average between 1.15 million and 1.2 million barrels of oil equivalent daily this year, down from a previous target of 1.3 million barrels, the Stavanger, Norway-based company said today in a statement to the Oslo exchange. Statoil said April 26 it would miss the old target and give a new estimate this week.
Read more at Bloomberg Energy News
Output will average between 1.15 million and 1.2 million barrels of oil equivalent daily this year, down from a previous target of 1.3 million barrels, the Stavanger, Norway-based company said today in a statement to the Oslo exchange. Statoil said April 26 it would miss the old target and give a new estimate this week.
Read more at Bloomberg Energy News
Subscribe to:
Posts (Atom)