US audit watchdog eases internal controls standard

(Reuters) - The standard was imposed on corporate America by Congress
in 2002 amid scandals where investigators often found weak
controls. Section 404 required companies to pay more attention
to internal controls and to get their external auditors to
review them.




The relaxed standard will affect the handling of Section
404 reviews by corporations and major audit firms such as
PricewaterhouseCoopers [PWC.UL], Ernst & Young [ERNY.UL], KPMG
[KPMG.UL], and Deloitte & Touche [DLTE.UL].


Read more at Reuters.com Government Filings News

Sanderson Farms earnings jump, shares rise

(Reuters) - Wall Street analysts, on average, expected earnings of 29 cents, according to Reuters Estimates.




"Market conditions improved steadily throughout the quarter, as did our profitability. The company's top-line growth, resulting from improved market conditions and additional poultry pounds, more than offset the higher grain costs," Joe F. Sanderson, Jr., Sanderson's chief executive officer, said in a statement.


Read more at Reuters.com Hot Stocks News

Crude-Oil Futures Fall in New York, Gain in London on Threats to Supplies

(Bloomberg) -- Crude oil fell in New York and rose in
London to a nine-month high, boosted by threats to supply from
Nigeria and Iran.

London-traded Brent crude, traditionally cheaper, now costs
a record $6.46 a barrel more than New York oil. A government
report yesterday showed that supplies in Cushing, Oklahoma, the
delivery point for New York futures, jumped last week, adding to
a glut that is depressing prices. Refinery fires and power
outages have cut demand for the U.S. benchmark grade.


Read more at Bloomberg Energy News

Mortgage industry reloads as subprime misery lingers

(Reuters) - Perched on an arm chair on a ballroom stage, Mozilo, who made $387 million in pay and stock options over the past five years, disavowed blame for the collapse, pleasing his audience of fellow mortgage-banking industry leaders and foot soldiers.




"You've got to be careful here about blaming ourselves too much," the deeply tanned and sharply dressed chairman of Countrywide told the Mortgage Bankers Association this week.


Read more at Reuters.com Bonds News

Platinum, Palladium Futures Drop as Dollar's Gain Damp Investment Demand

(Bloomberg) -- Platinum fell in New York for the
third time in four days as gains by the dollar eroded the
investment appeal of precious metals. Palladium also declined.

The price of platinum has slumped 4.2 percent from a record
$1,353.80 an ounce on May 7. The dollar has climbed 1.6 percent
against the euro this month after falling to a record in late
April. The U.S. currency gained today after a government report
showed purchases of new homes in the U.S. exceeded economists'
forecasts last month.


Read more at Bloomberg Commodities News

US RATE FUTURES-Hopes for Fed easing wane on home sales

(Reuters) - CHICAGO, May 24 - Implied prospects for the
Federal Reserve to cut interest rates this year tumbled after
U.S. April new home sales came in much stronger than expected
to suggest the housing slump may be easing.




Sales of single-family homes rose 16.2 percent to an
annualized pace of 981,000 units, well above the consensus
forecast of 860,000, posting the biggest monthly rise since
April 1993.


Read more at Reuters.com Bonds News

Brazilian Real Falls as Rise in U.S. Yields Saps Demand for Risky Assets

(Bloomberg) -- Brazil's real weakened for a third
day as rising U.S. bond yields cut into demand for riskier,
emerging-market securities.

The real slid as much as 0.7 percent today after the yield
on benchmark U.S. 10-year bonds rose 23 basis points, or 0.23
percentage point, this month to 4.86 percent. Yields are rising
in the world's biggest economy, narrowing the gap between U.S.
and Brazilian yields, as speculation fades that the Federal
Reserve will cut interest rates.


Read more at Bloomberg Currencies News