Yen recovers as tame CPI weighs on Aussie

(Reuters) - The yen recovered broadly on Tuesday as a second set of surprisingly tame inflation data pushed the Australian dollar lower, dragging down other major currencies including the euro.

The yen was also supported by short covering ahead of Japan's Golden Week holidays starting next week and before key data and a Bank of Japan monetary policy meeting on Friday.


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Korean Won Drops From 3-Month High as Charts Flag Halt in Gain; Bonds Fall

(Bloomberg) -- South Korea's won dropped from the highest since January, as a technical chart some traders watch to predict future price movements indicated the appreciation may have been excessive. Government bonds rose.

The dollar's relative strength index against the won was 31.035 yesterday, close to a level that suggests its decline may pause. The won has advanced 1.1 percent over the past month as the benchmark share index climbed to a record, helped by optimism growth will quicken later this year.


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Canon Q1 profit up 22 pct yr/yr, lifts outlook

(Reuters) - The result beat Canon's own forecast of 185 billion yen but was roughly in line with the Nikkei business daily's prediction of about 210 billion yen in an article last week. Merrill Lynch had forecast a profit of 189.9 billion yen.

Canon raised its operating profit forecast for the year to December to 790 billion yen from 765 billion yen.


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UPDATE 1-Canon Q1 profit up 22 pct, lifts outlook

(Reuters) - Canon earnings have been propelled higher by growing sales of digital cameras, colour office copiers and laser printers, including those supplied to Hewlett-Packard Co. . It has also benefitted form a weaker-than-expected yen.

Canon is the first to report earnings among Japan's top camera and office equipment makers, which on average are expected to post strong earnings for the past business year but see slower growth this year as digital camera demand softens and due to the absence of big currency gains.


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TEXT-Babcock & Brown acquires U.S. ethanol operator

(Reuters) - IBEC recently commenced the operation of a 40 million gallon per year ethanol production facility which it has built over the last 18 months. Babcock & Brown's interest in IBEC stems from its excellent market location, state-of-the-art production technology and valuable contractual relationships with leading industry participants.

IBEC represents Babcock & Brown's fourth investment in the US ethanol industry. In January 2006, Babcock & Brown Environmental Investments completed the acquisition of Diversified Energy Company , whose primary asset is a 25 mgpy facility in Morris, Minnesota. Babcock & Brown also has two plants under construction: a 100 mgpy facility in Hennepin, Illinois and a 50 mgpy facility in Necedah, Wisconsin.


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Taiwan's AU swings to Q1 loss after LCD prices sag

(Reuters) - Analysts are betting on a rebound in the coming months after new computers and flat-screen televisions roll down the production lines as a lower price tag encourages consumers to replace old PCs and TVs. AU posted a net loss of T$5.105 billion in the January-March quarter, reversing a T$6.65 billion profit a year ago and a net profit of T$1.659 billion in the previous three months.

Analysts had expected the company to post a first-quarter loss of T$3.13 billion, according to a consensus forecast of five analysts surveyed by Reuters Estimates.


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Chinese pirates beat Spider-Man to the punch

(Reuters) - There is even a warning on the back, printed in Chinese, against pirating the product.

But put the one bought on Tuesday in the machine, and it does not work -- a common problem with Chinese-made DVDs, which are often made with poor equipment in dingy backrooms.


Read more at Reuters.com Business News