Monday, April 30, 2007

CORRECTED - Former Asda chief eyes bid for CDR's Brakes--paper

(Reuters) - Norman was understood to be considering getting together with one or more of the groups, comprising U.S. buyout firms Blackstone Group [BG.UL] and Bain Capital as well as UK-based CVC Capital Partners [CVC.UL] and Cinven [CINV.UL], the newspaper said in an unsourced report.

Comments were not immediately available from Norman, CVC or Cinven.


Read more at Reuters.com Mergers News

Tokyo stocks drop, oil slips in thin trade

(Reuters) - The euro raced to a record high against the yen, boosted by expectations the European Central Bank would raise interest rates in coming months, but trade was thin with most Asian markets and many in Europe shut for national holidays.

Britain's FTSE 100 index was expected to open 13 to 15 points lower, according to financial bookmakers, having closed up 30.5 points, or 0.48 percent, in the previous session.


Read more at Reuters.com Hot Stocks News

Gold Rises in Asian Trading as Dollar Declines Versus Euro; Silver Gains

(Bloomberg) -- Gold rose in Asian trading as the dollar traded near a record low against the euro, boosting the appeal of the precious metal as an alternative investment. Silver also gained.

The dollar fell before the release today of housing figures in the U.S. that may add to signs the world's largest economy is slowing. Gold, which rose to an 11-month high of $694.25 on April 23, has gained 6.5 percent this year, while the euro has risen 3.4 percent against the dollar. Financial markets are closed today in China, South Korea, Hong Kong and Singapore.


Read more at Bloomberg Commodities News

Icahn steps up Motorola campaign: WSJ

(Reuters) - The letter is expected to appear in a full-page ad on Tuesday, the Journal said.

Icahn said in late January he was seeking a board seat at Motorola, which has struggled in recent quarters with weak cell phone sales that caused it to post a first-quarter loss. The Motorola shareholder vote is scheduled for May 7.


Read more at Reuters.com Business News

Anglo American, Oasis, Punch, Sainsbury, Tesco: 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 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 0.42 percent, to 3355.6.


Read more at Bloomberg Stocks News

China Manufacturing Activity Grew Most in Two Years in April, Survey Shows

(Bloomberg) -- Manufacturing activity in China expanded at the fastest pace in more than two years in April, according to a survey of purchasing managers released today.

The Purchasing Managers' Index rose to 58.6 from 56.1 in March, the statistics bureau said in an e-mailed statement. That's the highest since the index started in January 2005.


Read more at Bloomberg Emerging Markets News

TREASURIES-Steady in Asia in holiday-thinned trade

(Reuters) - Investors continued to look for clues on the future path of the Federal Reserve's monetary policy as recent U.S. data has been mixed, with serious weakness in the housing and auto sectors offset by firmness in employment and nonresidential construction.

Activity was likely to be subdued ahead of key U.S. jobs data due on Friday, traders said.


Read more at Reuters.com Bonds News

Japanese 10-Year Bonds Rise for Second Day as Stock Slump Revives Demand

(Bloomberg) -- Japan's 10-year bonds advanced, pushing yields to the lowest in more than a month, after a decline in stocks spurred demand for government debt.

Bonds gained for a second day after shares of exporters slid on a report that showed personal spending rose less than forecast in the U.S., Japan's largest overseas market. A government report last week showed the U.S. economy grew last quarter at the slowest pace in four years, spurring speculation the Bank of Japan will be reluctant to raise interest rates.


Read more at Bloomberg Bonds News

Contact Energy Says Third-Quarter Power Production Declined by 17 Percent

(Bloomberg) -- Contact Energy Ltd., New Zealand's biggest publicly traded energy company, said third-quarter power production fell 17 percent as ample rainfall reduced demand for energy from the company's gas-fired power stations.

Total generation in the three months ended March 31 fell to 2,388 gigawatt-hours, from 2,892 gigawatt-hours a year earlier, the Wellington-based company said in a statement to the New Zealand stock exchange.


Read more at Bloomberg Energy News

UPDATE 1-Rent-A-Center qrtly net income falls on charges

(Reuters) - The largest rent-to-own operator in the United States said that first-quarter net profit was $15.1 million, or 21 cents per share, compared with $40.3 million, or 57 cents per share, a year earlier.

Excluding litigation charges, the company posted earnings of 66 cents a share. That was 1 cent above the average analysts' view of 65 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

U.S. Stocks Decline on Economy Concern; Coach Leads Consumer Stocks Lower

(Bloomberg) -- U.S. stocks fell for a third day on increasing signs growth in the world's biggest economy is faltering.

Luxury consumer shares led the retreat as Coach Inc., the biggest U.S. maker of high-end leather handbags, dropped the most in the Standard & Poor's 500 Index. Hilton Hotels Corp. slumped to a six-week low after the company predicted full-year profit that trailed analysts' estimates.


Read more at Bloomberg Stocks News

Telefonica veto power raises Italian eyebrows

(Reuters) - But that did not stop Italian media from reporting on Monday that the true scale of Telefonica's power was only now appearing in the politically sensitive deal.

"Details are starting to emerge of the real terms of the deal," reported one financial news Web site. "The Spanish company presides over Telco."


Read more at Reuters.com Mergers News

US STOCKS-Blue chips poised for best month in three years

(Reuters) - NEW YORK, April 30 - The Dow Jones industrial average touched a record high for the fourth straight session on Monday as government data helped soothe inflation worries and the latest earnings results pointed to robust corporate growth.

The S&P and the Nasdaq were nearly unchanged, as some investors took stocks' best monthly performance in three years as a cue to lock in profits by selling their shares. Both the S&P and Nasdaq Composite gained more than 5 percent in April. The Dow is up more than 6 percent.


Read more at Reuters.com Bonds News

TREASURIES-Prices surge on tame inflation reading

(Reuters) - NEW YORK, April 30 - U.S. government bond prices surged on Monday, buoyed by data showing that inflation might be subsiding closer to the Federal Reserve's presumed target range, while month-end positioning added some support.

The benign inflation reading boosted investor expectations the Fed could start cutting interest rates later this year.


Read more at Reuters.com Bonds News

US online help-wanted ads up in April, report says

(Reuters) - "Employers are actively looking for the right workers and a relatively tight labor market is forcing them to maintain aggressive advertising plans," said Gad Levanon, economist at The Conference Board.

"Business sentiment edged up in the first quarter and these indications about hiring plans early in the second quarter suggest business sentiment is continuing to pick up. The April rise in advertised vacancies reflects some momentum in the labor market, which in turn reflects an economy that is slow but not slowing," he said.


Read more at Reuters.com Bonds News

S&P raises Delta's ratings on bankruptcy exit

(Reuters) - "Delta's relatively rapid and successful reorganization leaves the airline with lower operating costs, improving revenue generation and a reduced debt load," S&P said in a release.

S&P raised Delta's corporate credit rating seven notches to "B," the fifth highest junk rating, from "D," or default.


Read more at Reuters.com Bonds News

Mexico 10-Year Peso Bond Yields Surge to Highest in 6 Weeks on Rate Boost

(Bloomberg) -- Mexico's 10-year bond fell, pushing yields to the highest in six weeks, after the central bank unexpectedly raised its lending rate last week.

``Markets are adjusting to this unanticipated move,'' said Rafael Camarena, an economist in Mexico City at Santander Central Hispano SA, the country's biggest trader of peso denominated bonds. ``It was really surprising.''


Read more at Bloomberg Currencies News

Doral in private equity talks, warns on dilution

(Reuters) - Doral said in a regulatory filing that if the contemplated transaction is consummated, its capital and liquidity needs will be satisfied but existing shareholders will face "very significant dilution."

The news was the latest blow to investors in Doral's stock, which has collapsed over the past two years amid charges that former senior management engaged in fraud.


Read more at Reuters.com Business News

FACTBOX-Peru's largest mining companies

(Reuters) - Mining is one of the South American economy's main drivers and accounts for more than half of Peru's export earnings.

The following is a list of 2006 production figures, as reported by the government's energy and mines ministry.


Read more at Reuters.com Bonds News

U.K. Pound Gains Versus Euro on View Inflation to Stay Above BOE's Target

(Bloomberg) -- The U.K. pound snapped a four-day losing streak against the euro as a report showed inflation will exceed the Bank of England's target for another year, stoking expectations of higher interest rates.

U.K. inflation will exceed the central bank's 2 percent ceiling because policy makers cut borrowing costs too far in 2005, the National Institute of Economic and Social Research said. The pound also rose as a separate report showed consumer confidence in Europe's second-largest economy gained this month.


Read more at Bloomberg Currencies News

America Movil, Femsa, Homex, Vale do Rio Doce, Vivo: Latin Equity Movers

(Bloomberg) -- Mexico's Bolsa fell for the fifth day in six, led by mobile-phone company America Movil SAB.

Mexico's Bolsa index fell 283.96, or 1 percent, to 29,088.97 at 10:49 a.m. New York time. Brazil's Bovespa index of the most- traded stocks on the Sao Paulo exchange rose 86.87, or 0.2 percent, to 49,316.47.


Read more at Bloomberg Stocks News

Freddie Mac sells $5 billion in bills

(Reuters) - The six-month bills were priced at 97.4609 and have a money market yield of 5.182 percent and the 12-month bills were priced at 95.0894 and have a money market yield of 5.121 percent.

Settlement is May 1.


Read more at Reuters.com Bonds News

Treasuries Rise Amid Stability in Fed's Favored Inflation Gauge Last Month

(Bloomberg) -- U.S. Treasuries rose the most in almost two weeks after the measure of inflation favored by Federal Reserve policy makers showed consumer prices excluding food and energy were stable in March.

The larger-than-forecast decline in the core inflation rate bolstered the view that the Fed may cut interest rates this year after raising them 17 times between 2004 and 2006. Treasuries held their gains after an industry report showed business activity slowed more than forecast this month.


Read more at Bloomberg Bonds News

UPDATE 1-Pricing pressure weighs on global chip market

(Reuters) - The Semiconductor Industry Association said that first-quarter global chip sales fell by 6.5 percent from the fourth quarter of last year, as microprocessor revenues fell 13 percent.

DRAM sales declined by just over 8 percent from the last quarter of 2006.


Read more at Reuters.com Market News

Carolina Group posts higher 1st-quarter profit

(Reuters) - After deducing profit attributable to parent Loews, earnings were $1.08 per share, up from 86 cents per share.




Read more at Reuters.com Market News

UPDATE 1-Wrigley 1st-quarter profit rises on higher sales

(Reuters) - The world's largest chewing-gum maker said profit was $142.70 million, or 52 cents a share, in the first quarter, compared with $111.88 million, or 40 cents a share, a year earlier.

Excluding the impact of a restructuring charge and a one-time asset sale gain, the company earned 50 cents a share, which compares with Wall Street estimates of 47 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

UMC Q1 net profit falls 88 pct, misses f'cast

(Reuters) - TAIPEI, April 30 - UMC in the first quarter, down 78 percent from T$84.98 million a year ago, the firm said in a statement to the Taiwan Stock Exchange.

UMC's net profit was T$1.459 billion in the January-March quarter, compared with T$12.29 billion a year ago and T$5.689 billion in the previous three months.


Read more at Reuters.com Market News

Ternium of Luxembourg to Buy Mexican Steelmaker Imsa for $1.7 Billion

(Bloomberg) -- Ternium SA agreed to buy Grupo Imsa SAB, Mexico's largest coated-steel producer, for about $1.7 billion to tap the country's rising demand for zinc-coated and painted steel.

Ternium offered $6.40 a share for all of Imsa, the Luxembourg-based steelmaker said today in a statement distributed by Business Wire. That's about 4.7 percent more than the Monterrey-based company's closing share price of 67 Mexican pesos ($6.11) on April 27.


Read more at Bloomberg Emerging Markets News

Brazilian Real, Colombian, Mexican Peso: Latin American Currency Preview

(Bloomberg) -- The following events and economic reports may influence trading in Latin American currencies today. Exchange rates are from the previous week.

Brazilian real: The budget surplus before interest payments was likely $12.9 billion reais ($6.3 billion) in March, according to the median estimate in a Bloomberg survey of five economists. That compares with a $6.7 billion reais surplus in February.


Read more at Bloomberg Currencies News

EDF Energy Cuts U.K. Consumer Gas Prices; Electricity to Remain Unchanged

(Bloomberg) -- EDF Energy, the U.K. unit of Electricite de France SA, said today it would lower its charges for residential gas customers, after regulators criticized the company for not cutting prices as its costs fell.

Gas tariffs will be reduced by 10.2 percent for customers using standard gas tariffs starting June 15, the company said in an e-mailed statement. Electricity rates will remain unchanged.


Read more at Bloomberg Energy News

Portland General posts Q1 profit, reaffirms '07 view

(Reuters) - Three analysts, on average, expected earnings of 78 cents a share, before exceptional items, while one analyst forecast revenue of $420 million, for the first quarter, according to Reuters Estimates.

The Oregon-based company stood by its full-year earnings outlook of $1.90 to $2.00 a share.


Read more at Reuters.com Business News

Delta Air Lines exits bankruptcy

(Reuters) - Delta, the third largest U.S. airline, emerges as a leaner carrier after cutting capacity and about $1 billion in labor costs. It also added more than 60 international routes to escape brutal low-fare competition in the U.S.

While the U.S. airline industry turned a profit last year for the first time since before the September 11, 2001 attacks, Delta emerges from reorganization amid signs that travel demand, which fueled the industry's recover, is softening.


Read more at Reuters.com Business News

Tyson Foods posts quarterly profit, raises outlook

(Reuters) - Wall Street analysts on average expected profit of 11 cents per share, according to Reuters Estimates.

Revenue increased to $6.5 billion from $6.25 billion.


Read more at Reuters.com Business News

Kenyan shilling firms vs dollar, seen gaining further

(Reuters) - The Kenya shilling gained ground against the dollar on Monday, helped by a general rise in export proceeds and little demand for the U.S. currency, dealers said.

At 1030 GMT, the shilling traded at 67.95/68.15 to the dollar, compared with Friday's close of 68.25/35.


Read more at Reuters Africa

Ciena, Coca-Cola, Sysco, Vishay, Xinhua Finance Media: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges tomorrow. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names. Share prices are as of 8:55 a.m. New York time.

American Real Estate Partners LP (ACP US): Shares of the holding company controlled by Carl Icahn are overvalued with the 69 percent premium the stock carries, Barron's reported, without citing anyone. The company is worth about $65 a share, compared with the closing price of $108.51 on April 27, Barron's said.


Read more at Bloomberg Stocks News

European Government Bonds Pare Gains as Money Supply Growth Accelerates

(Bloomberg) -- European 10-year government bonds pared gains after a report showed euro region money supply growth unexpectedly quickened to the fastest pace in more than 24 years.

Benchmark 10-year bund yields were near the highest since August 2005 as the quickening in money supply expansion, which the European Central Bank uses to gauge future inflation, underpinned views borrowing costs in the $10.4 trillion euro region economy have further to rise.


Read more at Bloomberg Bonds News

Copper Rises for Second Day on Peru Strike, Falling Stockpiles; Zinc Rises

(Bloomberg) -- Copper climbed for a second day in London as stockpiles dropped and miners in Peru, the world's third-largest producer of the metal, went on strike. Zinc also advanced.

Miners in Peru began their first national strike in three years, threatening to disrupt global supply of metals such as copper and zinc, after weekend talks with the government failed. Inventories monitored by the London Metal Exchange fell for a 12th day, dropping 1,925 tons, or 1.2 percent, to 157,200 tons, the exchange said today in a daily report. Copper stockpiles have fallen 14 percent this year to the lowest since Dec. 1.


Read more at Bloomberg Commodities News

Oil steady near $68; gasoline, Mideast support

(Reuters) - Brent crude, currently seen as more representative of global oil prices than U.S. oil, was down 13 cents at $68.28 a barrel by 1223 GMT. U.S. crude fell eight cents to $66.38.

But U.S. gasoline, the main price driver in recent weeks, strengthened. Gasoline stocks in the world's top consumer have declined to a six-year low on a combination of strong demand, refinery problems and slow imports.


Read more at Reuters.com Hot Stocks News

Texas Pacific declines comment on Alitalia cash

(Reuters) - to buy Alitalia.

"We are making no comment on that," a spokesman for the U.S. private equity company told Reuters.


Read more at Reuters.com Mergers News

UPDATE 1-B/E Aerospace's Q1 profit rises, raises outlook

(Reuters) - The world's largest maker of plane seats, which also fits out commercial and business jets with oxygen masks, food carts and other equipment, said it was increasing its profit forecast for 2007 and was on track to exceed its 2008 earnings and margin expansion targets.

Net income in the first quarter increased to $32.1 million, or 40 cents per share, compared with $13.8 million, or 18 cents per share, in the same period last year.


Read more at Reuters.com Market News

UPDATE 1-DaVita 1st-qtr profit rises 33 pct

(Reuters) - First-quarter profit increased to $76.6 million, or 72 cents per share from $57.5 million, or 55 cents per share, a year earlier.

Wall Street analysts had on average forecast 72 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPS offers to exchange 2031 stg bond for 2050 debt

(Reuters) - A special committee of the Association of British Insurers representing 44 percent of the existing notes has considered the deal and thinks it suitable to present to holders, the company said.

Deutsche Bank is transaction coordinator, with Goldman Sachs as joint dealer manager.


Read more at Reuters.com Bonds News

European Telecommunications Stocks Gain; Wereldhave, Property Shares Drop

(Bloomberg) -- European telecommunication stocks advanced after Telefonica SA and a group of investors agreed to pay 4.1 billion euros ($5.6 billion) for a controlling stake in Telecom Italia SpA, Italy's biggest phone company

Wereldhave NV led a slide by property companies slid after JPMorgan Chase & Co. downgraded the industry on concern higher interest rates will hurt earnings.


Read more at Bloomberg Stocks News

UPDATE 1-Porsche launches lowball VW bid

(Reuters) - Porsche, which is already the largest shareholder in VW, was required to bid for Europe's biggest carmaker after Porsche's voting stake exceeded 30 percent in March, but it has made clear it is not striving for majority control at this stage.

German regulators have approved the offer, which runs until May 29.


Read more at Reuters.com Mergers News

Russian Day Traders Increase as Gains in Stocks Slow After Six-Year Rally

(Bloomberg) -- Speculators are increasing their purchases of Russian stocks just as six years of gains grind to a halt in the world's second-largest emerging market.

Day traders, who seek instant profits from stock price fluctuations, on Russia's Micex Stock Exchange have more than doubled in the past 16 months, said Chief Executive Officer Alexei Rybnikov. Purchases and sales of less than 100,000 rubles ($3,890) by individuals make up 60 percent of trades on the Micex, compared with 4.6 percent of trading on the New York Stock Exchange.


Read more at Bloomberg Exclusive News

Sunday, April 29, 2007

European Bonds Gain for Second Day; 10-Year Yield Declines to 4.20 Percent

(Bloomberg) -- European 10-year government bonds advanced for a second day in London.

The yield on the benchmark 10-year German bund fell 1 basis point to 4.20 by 8:05 a.m. in London.


Read more at Bloomberg Bonds News

Thailand's 10-Year Bond Yields Hold Near 3 1/2-Year Low; Baht Strengthens

(Bloomberg) -- Thailand's 10-year bond yields held near the lowest in 3 1/2 years on speculation a government report tomorrow will show inflation slowed, allowing the central bank to keep lowering interest rates. The baht advanced.

The yield on 10-year notes has dropped more than a quarter of a percentage point since the central bank cut borrowing costs for a third time this year on April 11. Thailand's bonds are heading for their fourth monthly gain, handing investors a return of 8.4 percent this year, the best performer of 10 Asian debt markets tracked by HSBC Holdings Plc.


Read more at Bloomberg Bonds News

Citi, Lehman lead race for India's IFCI stake: paper

(Reuters) - "Offers made by Citi and Lehman are more attractive than others. A decision over the stake sale is expected by the month-end," the newspaper quoted an unnamed investment banker, who it said was directly involved in the deal.

A Citigroup spokesman could not comment immediately, while officials at Lehman and IFCI could not be reached.


Read more at Reuters.com Business News

ICICI Shares Slump on Concern India's Biggest Stock Sale May Erode Returns

(Bloomberg) -- Shares of ICICI Bank Ltd., India's biggest by market value, may fall on concern a planned 200 billion rupee ($4.9 billion) stock sale will reduce returns for investors as profit growth slows.

ICICI plans to sell the equivalent of 20 percent of its equity locally and overseas in June, the biggest stock sale by an Indian company, the Mumbai-based bank said on April 28. The bank reported fourth-quarter profit that missed analysts' estimates because it set aside more funds to cover loans.


Read more at Bloomberg Emerging Markets News

China Stocks Climb, Set for Record Month; China Vanke Advances on Earnings

(Bloomberg) -- China's stocks advanced, set to complete a record monthly gain, after Hainan Airlines Co. and Anhui Conch Cement Co. reported higher earnings and JPMorgan Chase & Co. raised its economic growth forecast for the nation.

The benchmark CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, rose 52.27, or 1.5 percent, to 3522.79 at the 11:30 a.m. local-time break. It's up 27 percent since March 30, headed for the biggest monthly increase since the benchmark was introduced in April 2005.


Read more at Bloomberg Stocks News

Coca-Cola Femsa, Suzano Papel & Celulose: Latin American Equity Preview

(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

Uranium Explorers Gain After Opposition Labor Party Ends Ban on New Mines

(Bloomberg) -- Australian uranium stocks surged after the nation's opposition Labor Party ended a 25-year ban on new mining of the radioactive mineral.

Shares in Perth-based Deep Yellow Ltd., which is seeking the uranium in Namibia as well as four Australian states and territories, gained as much as 13 percent. Eromanga Uranium Ltd., with projects in South Australia and Western Australia, rose 11 percent.


Read more at Bloomberg Energy News

Indonesia's Indika Inti Energi Raises $250 Million From Dollar Bond Sale

(Bloomberg) -- PT Indika Inti Energi, a privately owned energy group run by Indonesian businessmen Agus Lasmono and Wiwoho Basuki, raised $250 million from its first dollar- denominated bond sale, attracting almost $4 billion of demand.

Indika, which plans to pay debt and buy assets, priced the five-year bonds to yield 8.497 percent, 391.4 basis points more than U.S. Treasuries, according to an e-mail sent to investors. Strong demand helped the company cut the yield from as high as 8.875 percent set on April 26. A basis point is 0.01 percentage point. JPMorgan Chase & Co. and ING Groep NV managed the sale.


Read more at Bloomberg Bonds News

King's BOE Inflation-Targeting Loses Luster as Bernanke Mulls Similar Step

(Bloomberg) -- The Bank of England, confronting a record-breaking real-estate boom, is finding there's more to monetary policy than just keeping consumer prices in check.

A decade after the central bank won its independence from government control, surging U.K. property values are throwing into question the inflation-targeting approach of Governor Mervyn King and his colleagues, which focuses on consumer prices as the lodestar of policy and gives lower priority to asset values, money supply and credit growth.


Read more at Bloomberg Currencies News

South Korean Won Declines as Investors Sell Higher-Yielding Currencies

(Bloomberg) -- South Korea's won fell for a third day, the longest losing streak since the start of March, on speculation investors are selling higher-yielding currencies after China acted to slow its economy.

The won also slipped from the strongest in two months against Japan's currency on concern investors were exiting the so-called carry trade where they borrow in the yen and invest in countries with higher interest rates. China this weekend ordered lenders to set aside a higher proportion of deposits at the central bank to slow lending.


Read more at Bloomberg Currencies News

Thai Inflation Rate, at 3-Year Low, May Fall as Protests Slow Consumption

(Bloomberg) -- Thailand's inflation probably slowed in April, maintaining the three-year low reached a month earlier, as mounting anti-government protests and escalating terror attacks in the south curbed consumption.

Consumer prices in April gained 1.7 percent from a year earlier, the lowest since January 2004, according to the median estimate of 16 economists surveyed by Bloomberg News. Prices rose 2 percent a month earlier. The Commerce Ministry report is due on May 1 at 11 a.m. local time.


Read more at Bloomberg Bonds News

Canada Grows Faster Than China as Newest Market for Foreign Debt Sales

(Bloomberg) -- From Reykjavik to Wellington, the queue in Toronto is making Canada the fastest-growing market for international borrowers. Not even China's burgeoning bond sales can keep up with the pace of foreign debt being issued in Canadian dollars.

Canada's supremacy as the capital market of choice for companies as diverse as New Zealand's Telecom Corp. and Iceland's Kaupthing Bank hf has a lot to do with the Ottawa- based government's obsession with balanced budgets, some of the lowest interest rates available anywhere, a sinking currency against the euro and a 2-year-old law that lets pension funds own as much foreign debt as they want without a tax penalty.


Read more at Bloomberg Bonds News

RPT-UPDATE 2-China clamps down on credit growth -- again

(Reuters) - BEIJING, April 29 - China on Sunday ordered banks for the second time this month to hold more of their deposits in reserve in the latest attempt to prevent credit and investment growth from destabilising the world's fourth-largest economy.

The People's Bank of China said on its Web site that big banks would have to hold 11 percent of their deposits in reserve at the central bank as from May 15, up from 10.5 percent now.


Read more at Reuters.com Bonds News

N.Z. Windfarms, PGG Wrightson, Telecom Corp: New Zealand Equity Movers

(Bloomberg) -- New Zealand's NZX 50 Index was little changed, falling 0.04 points, to 4181.41 at 10:55 a.m. in Wellington.

The following stocks rose or fell. The stocks symbols are in brackets after the company names.


Read more at Bloomberg Stocks News

DoCoMo, Japan Tobacco, Sumitomo Mitsui Financial: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in Japanese markets on May 1. The Japanese stock markets will be closed on April 30 for a national holiday. Prices are as of the close of trading today. Statements were released after the close. Stock symbols are in parentheses.

All Nippon Airways Co. (9202 JT): Japan's largest domestic carrier said full-year profit rose as the country's economic growth boosted air travel. All Nippon's net income gained 22 percent to 32.7 billion yen ($274 million) in the 12 months ended March 31, from 26.7 billion yen a year earlier. The stock fell 14 yen, or 2.9 percent, to 465.


Read more at Bloomberg Stocks News

Gary-Williams Says Oklahoma Refinery Fire Is Out, Plant Isn't Operating

(Bloomberg) -- Gary-Williams Energy Co.'s refinery in Wynnewood, Oklahoma, isn't operating after a fire in two storage tanks was extinguished, a manager at the plant said.

The company may start up the plant on Tuesday, Mike Hancock, manager of administration for the refinery, said in a telephone interview. The plant was shut down April 27 about midnight because the fire was spreading to electric lines feeding into the plant, he said.


Read more at Bloomberg Energy News

Gold May Resume Rally on Rising Demand for Dollar Alternative, Survey Says

(Bloomberg) -- Gold may resume its two-month rally as a decline in the value of the dollar boosts the appeal of the precious metal as an alternative investment.

Twelve of 26 traders, investors and analysts surveyed by Bloomberg from Sydney to Chicago on April 26 and April 27 advised buying gold, which fell 2 percent to $681.80 an ounce last week on the Comex division of the New York Mercantile Exchange. The decline was the first in eight weeks. Five respondents said to sell, and nine were neutral.


Read more at Bloomberg Commodities News

Egypt's CASE 30 Index Declines; Sidi Kerir and Orascom Construction Slide

(Bloomberg) -- Egyptian stocks including Sidi Kerir Petrochemicals, the only maker of ethylene in Egypt, and Orascom Construction Industries, dropped.

Sixth of October Development & Investment Co., the largest real-estate developer by market value in Egypt, rose after it announced it would invest 8 billion Egyptian pounds ($1.4 billion) with Solidere of Lebanon to build new homes.


Read more at Bloomberg Stocks News

Dubai's Benchmark Index Advances, Paced by Dubai Islamic Bank: Gulf Stocks

(Bloomberg) -- Shares in Dubai, the United Arab Emirates, advanced for the first time in five trading sessions, paced by Dubai Islamic Bank and Dubai Financial Market.

The Dubai Financial Market General Index added 0.3 percent to 3824.58 at 11:20 a.m. local time. The measure lost 2.4 percent in the past four days. The Abu Dhabi Securities Market Index declined 0.1 percent to 3062.73.


Read more at Bloomberg Stocks News

Saturday, April 28, 2007

CORRECTED: Fed's Yellen-downturn in U.S. economy possible

(Reuters) - "I'd like to highlight three risks to the global economy. the first pertains to the U.S. economy, itself, where there is potential for a downturn that could have major spillover effects around the globe" she said.

The U.S. economy grew at a sluggish 1.3 percent in the first quarter of 2007, the Commerce Department said on Friday. It was the fourth consecutive quarter of sub-par economic expansion in the world's largest economy.


Read more at Reuters.com Bonds News

Dutch court to rule May 3 on ABN LaSalle deal

(Reuters) - A judge of the Dutch Commercial Court said at a hearing on Saturday it will judge next week about Dutch shareholders group VEB's request to hold up ABN's LaSalle deal. VEB says the deal is unlawful and makes it hard for other banks to bid for ABN.

Bank of America agreed to buy LaSalle from ABN this week, in a related deal to Barclays' offer to buy ABN, although other banks can make competing offers for the U.S. business up to May 6.


Read more at Reuters.com Business News

Treasuries Decline as Business Spending, Inflation Accelerate, Stocks Rise

(Bloomberg) -- U.S. Treasuries maturing in at least 10 years declined as business spending increased last month and inflation accelerated in the first quarter.

U.S. stocks reaching multiyear highs clouded the outlook for interest-rate cuts by the Federal Reserve this year. Two- year note yields, less sensitive to long-term inflation expectations, were little changed, steepening the yield gap between them and longer-dated maturities. The rate of inflation exceeded the comfort zone of Fed policy makers.


Read more at Bloomberg Bonds News

UPDATE 1-Telecom Italia deal still in the making-banker

(Reuters) - TRIESTE, Italy, April 28 - A deal to buy control of Italy's dominant phone operator Telecom Italia for a slice of control and an indirect stake of some 10 percent in the 40-billion-euro Telecom Italia.


Read more at Reuters.com Mergers News

Dow posts historic week, earnings don't

(Reuters) - A flurry of better-than-expected profits announced in the first-quarter earnings season, highlighted by Microsoft Corp. and Exxon Mobil Corp., drew praise from equity investors this week.

But truth be told, Corporate America got some help from share buybacks, asset sales, cost-cutting and Uncle Sam.


Read more at Reuters Africa

Europe Bonds Drop as Gains in German Confidence Signal Interest-Rate Rise

(Bloomberg) -- European government bonds dropped in the week separate reports showed business and consumer confidence in Germany advanced, supporting the likelihood of higher interest rates in the euro region.

Benchmark debt slid after the Ifo institute said April 25 its gauge of German business sentiment climbed to the second- highest level on record in April. Two-year bund yields posted their biggest daily gain in two weeks after GfK AG said its confidence index for Germany, Europe's largest economy, rose to 5.5 from 4.4 in April.


Read more at Bloomberg Bonds News

Friday, April 27, 2007

Mexico Bolsa Has Weekly Drop, Led by Walmex; Vale Leads Decline in Brazil

(Bloomberg) -- Mexican stocks had their first weekly decline since mid-March, led by retailer Wal-mart de Mexico SAB, as an unexpected interest rate increase by the central bank fanned concerns that profit growth is slowing.

The index of the most-traded stocks in Mexico City today rose 30.23, or 0.1 percent, to 29,372.93, paring its weekly loss to 1.5 percent. Brazil's Bovespa index was off 0.4 percent for the week, after rising 161.91, or 0.3 percent today to 49,229.60.


Read more at Bloomberg Emerging Markets News

U.S. can't alter "dolphin-safe" tuna rules

(Reuters) - The decision by the 9th U.S. Circuit Court of Appeals to back the standards is the latest in a long-running dispute on what tuna sold in the United States can be labeled "dolphin safe" -- a designation that means tuna is fished using practices that protect dolphins.

Previous such decisions have angered Mexican and South American fishing industries.


Read more at Reuters.com Business News

UPDATE 1-EU's Barroso: strong euro sign of strong economy

(Reuters) - NEW YORK, April 27 - A strong euro is a sign of a robust European economy and not a cause for concern, European Commission President Jose Manuel Barroso said on Friday.

"We don't consider the euro too strong," Barroso told reporters following a speech at the New York Stock Exchange, "A strong currency is a good thing, it's a signal of confidence in the European economy."


Read more at Reuters.com Bonds News

Dollar Slides to Record Low Against Euro as Report Shows U.S. Growth Slows

(Bloomberg) -- The dollar dropped to an all-time low against the euro after the U.S. government reported the economy grew at its slowest pace in four years.

The dollar also weakened against most other major currencies, with a Federal Reserve index measuring dollar strength near the lowest level in its 36-year history. The U.S. currency pared its decline against the euro after the record low triggered buy orders.


Read more at Bloomberg Currencies News

UPDATE 1-Peru miners say strike very likely despite talks

(Reuters) - LIMA, April 27 - Peru's largest miners union said on Friday a nationwide strike set for Monday looked increasingly inevitable, but it would meet again with government officials in the afternoon to try to reach a deal.

Luis Castillo, president of the National Federation of Metallurgic and Steel Miners, told Reuters: "The decision has been made. There is no turning back on the strike."


Read more at Reuters.com Bonds News

Platinum Ends Longest Weekly Rally Since May After Russia Resumes Exports

(Bloomberg) -- Platinum futures fell in New York, ending the longest weekly rally since May, after Russia allowed producers including OAO GMK Norilsk Nickel to resume exports. Palladium was little changed.

Norilsk, Russia's biggest platinum producer, was among companies that received new licenses to ship platinum, rhodium and other group metals, Interfax news agency reported April 25. Norilsk, also the world's biggest palladium producer, hadn't exported platinum-group metals since its license expired Jan. 1.


Read more at Bloomberg Commodities News

UPDATE 1-Chile's Falabella 1st qtr net profit up 20.2 pct

(Reuters) - The retailer, which also owns home improvement stores and is active in Argentina, Peru and Colombia as well as Chile, said its profit in the first three months of the year was 51.323 billion pesos , compared to 42.695 billion pesos in the same period a year earlier.

The median forecast of five analysts polled by Reuters was 50.963 billion pesos.


Read more at Reuters.com Market News

Empty U.S. homes "for sale" hits record: Census

(Reuters) - The number has been steadily climbing since the fourth quarter of 2004 when it was at 1.8 percent and indicates a housing market bloated with speculators, said William O'Donnell, head U.S. government bond strategist at UBS Securities LLC in Stamford, Connecticut.

"This is more pressure on the housing market and shows that the path to recovery is going to be that much longer," he said. "We just think it speaks volumes for the speculative nature of the housing market."


Read more at Reuters.com Economic News

Turkish Shares Slide as Opposition Party Boycotts Presidential Election

(Bloomberg) -- Turkey's main stock index dropped as Turkish lawmakers began voting for president and the country's opposition parties boycotted the ballot.

Turkiye Is Bankasi AS paced the decline. Turkiye Garanti Bankasi AS fell after Credit Suisse Group cut its recommendation on the stock.


Read more at Bloomberg Stocks News

Cocoa Has Biggest Weekly Decline Since July as Ivory Coast Stockpiles Gain

(Bloomberg) -- Cocoa had its biggest weekly decline since July as stockpiles monitored by the Euronext.liffe exchange climbed and bean deliveries to ports in Ivory Coast, the world's biggest grower, increased.

Inventories rose 0.9 percent in the past two weeks, taking the increase this year to 57 percent, London's Euronext.liffe said on its Web site. Farmers in Ivory Coast delivered 1.1 percent more cocoa to the country's second port of San Pedro between the beginning of October and April 22 than they did in the same period last season, Reuters reported yesterday.


Read more at Bloomberg Commodities News

FHLB plans to sell $3 bln 10-year bonds next week

(Reuters) - The joint lead managers on the sale are Deutsche Bank, Goldman Sachs and Lehman Brothers.




Read more at Reuters.com Bonds News

UPDATE 1-India body approves Vodafone deal

(Reuters) - NEW DELHI, April 27 - India's foreign investment body approved Vodafone's , which had deferred a decision on three previous occasions.


Read more at Reuters.com Government Filings News

Omnicare profit off, forecast cut; stock slumps

(Reuters) - Net profit fell to $43.0 million, or 35 cents per share, from $53.2 million, or 43 cents per share, a year earlier.

Excluding special items, earnings were 47 cents per share, far below analysts' average forecast of 65 cents as compiled by Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Mexico's Central Bank Unexpectedly Lifts Benchmark Rate to 7.25 Percent

(Bloomberg) -- The Bank of Mexico unexpectedly raised its overnight lending rate by a quarter percentage point to `reinforce' its commitment to fighting inflation that has remained at or above its target range this year.

Policy makers raised the benchmark rate to 7.25 percent, the first increase in almost two years. The increased surprised all 16 economists in a Bloomberg survey who predicted policy makers would keep the benchmark rate at 7 percent.


Read more at Bloomberg Emerging Markets News

Scottish & Newcastle, Carlsberg, ITV: Credit-Default Swap Market Movers

(Bloomberg) -- The risk of owning European corporate bonds rose, according to traders in the credit-default swaps market.

The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 4,000 euros to 204,500 euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

U.S. Stocks Pare Decline; Dow Average Rises to Record on Microsoft Rally

(Bloomberg) -- U.S. stocks pared a decline after consumer confidence topped economists' forecast in April and shares of Microsoft Corp., the largest software maker, rallied.

The Standard & Poor's 500 Index fell 1.51, or 0.1 percent, to 1492.74 as of 10:13 a.m. in New York after earlier dropping as much as 0.3 percent. The Dow Jones Industrial Average added 5.2 to 13,110.7, a record high. The Nasdaq Composite Index climbed 7.27, or 0.3 percent, to 2561.73.


Read more at Bloomberg Stocks News

U.S. Stocks Fall as Economic Growth Slows, Inflation Gains; JetBlue Slides

(Bloomberg) -- U.S. stocks dropped after the economy grew in the first quarter at the slowest pace in four years while inflation rose, interrupting a rally that has lifted shares the most of any month since October 2003.

The Commerce Department said U.S. gross domestic product increased at a 1.3 percent annual rate in January through March, the weakest since the first three months of 2003, after a slump in home construction and a bigger trade deficit reduced growth. Inflation surged to the highest since 1991.


Read more at Bloomberg Stocks News

U.S. Treasuries Are Little Changed as Quarterly Growth Slowed Last Quarter

(Bloomberg) -- Treasuries were little changed after a government report showed the world's largest economy expanded at the slowest pace in four years during the first quarter and a measure of inflation watched by the Federal Reserve accelerated.

Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Major U.S. stock markets exceeded multiyear highs yesterday, which may call into question whether the economy will stagnate, dealers said.


Read more at Bloomberg Bonds News

UPDATE 1-Goodyear posts loss, raises cost-cutting targets

(Reuters) - Goodyear posted a net loss of $174 million, or 96 cents per share, in the first quarter, compared with net income of $74 million, or 37 cents per share a year earlier.

Goodyear, which has listed its engineered products business as discontinued due to its planned sale announced in March, posted a loss of 61 cents per share from continuing operations in the quarter.


Read more at Reuters.com Market News

UPDATE 1-Mexico's KOF 1st-quarter net rises 18 pct

(Reuters) - KOF, also known as Coca-Cola Femsa, said its January-March net profit was 1.145 billion pesos as revenue rose 9.2 percent to 15.020 billion pesos.

The company, which operates in nine countries across Latin America and is the second largest Coke bottler in the world, said operations outside Mexico generated more than 50 percent of revenue for the first time in its history.


Read more at Reuters.com Market News

U.S. Stock-Index Futures Fall Before GDP Report; JetBlue, Airlines Slide

(Bloomberg) -- U.S. stock-index futures retreated on speculation a government report will show the economy grew in the first quarter at the slowest pace in more than a year.

JetBlue Airways Corp. led airlines lower after JPMorgan Chase & Co. downgraded the industry, arguing that overcapacity and a weakening economy will reduce profits. U.S. growth was hobbled in the first three months of 2007 by flagging investment in business equipment and home construction, economists said before the Commerce Department's report on gross domestic product.


Read more at Bloomberg Stocks News

Simon Property posts higher quarterly FFO

(Reuters) - Analysts had expected FFO of $1.30 a share, according to Reuters Estimates.




Read more at Reuters.com Market News

Moog

(Reuters) - This compares with the $21.5 million, or 53 cents a share, a year earlier. Net sales rose 19 percent to $384.9 million.

Analysts on average expected earnings of 56 cents a share, excluding exceptional items, on revenue of $357.5 million, according to Reuters Estimates.


Read more at Reuters.com Market News

Canada's Dollar Rises as Statoil Agrees to Buy Canadian Oil Sands Company

(Bloomberg) -- Canada's dollar rose, approaching a seven-month high, after a Norwegian company purchased a local oil company.

The currency is headed for its straight sixth weekly gain after Statoil ASA, Norway's biggest oil company, agreed to buy North American Oil Sands Corp., an Alberta-based oil-sands developer, for $2 billion. Higher prices of commodities have made Canadian resource-based companies attractive.


Read more at Bloomberg Currencies News

UPDATE 1-Viad posts higher quarterly profit, cuts 2007 EPS view

(Reuters) - Viad lowered its 2007 earnings outlook due to the costs associated with the first quarter restructuring charge at Exhibitgroup and the full year effect of its first quarter share repurchases.

The company now expects 2007 earnings of $1.72 to $1.82 a share, down from its earlier view of $1.75 to $1.85 a share. Analysts expect earnings of $1.79 a share, before items.


Read more at Reuters.com Market News

RSC Holdings almost doubles IPO to $575 mln

(Reuters) - The filing did not reveal how many shares the company plans to sell or the expected price of the shares.




Read more at Reuters.com Government Filings News

Philippine Bonds Decline for Fourth Week as Deficit Widens; Peso Advances

(Bloomberg) -- Philippine three-year bonds fell for a fourth week on concern the government will miss its budget deficit target and be forced to raise borrowing. The peso rose for a fourth week.

Bonds slumped after the government reported its widest monthly deficit in March in more than a decade, bringing the first-quarter shortfall to 52 billion pesos ($1.1 billion) or four-fifths of its full-year estimate. Bonds also fell this week following an announcement that National Treasurer Omar Cruz would resign.


Read more at Bloomberg Bonds News

Arcelor to announce buy-out terms at end of May

(Reuters) - Chairman Joseph Kinsch told Arcelor Mittal's shareholders meeting that the merger should be finalised by the summer.




Read more at Reuters.com Mergers News

India's Sensex Index Falls, Led by Cipla, Reliance: World's Biggest Mover

(Bloomberg) -- Indian stocks fell for the first time in six days as investors judged recent gains to be excessive in relation to earnings potential.

Cipla Ltd., the nation's second-biggest drugmaker, plunged the most in a more than a decade after reporting a profit that missed analyst estimates, prompting Credit Suisse Group to lower its rating on the stock. Reliance Industries Ltd., which also reported earnings late yesterday, slumped following a rating cut at Deutsche Bank AG.


Read more at Bloomberg Stocks News

German DAX Is Little Changed; Bayer Drops as Deutsche Postbank Shares Jump

(Bloomberg) -- German stocks including Bayer AG declined. Deutsche Post AG paced gaining shares on speculation TCI Fund Management LLP, a London-based hedge fund, is considering buying a stake in Europe's biggest postal service.

The DAX lost 2.66, or less than 0.1 percent, to 7384.36 as of 10:58 a.m. in Frankfurt. The gauge has added 0.6 percent so far this week. DAX futures expiring in June were unchanged. The HDAX Index of the country's 110 biggest companies declined less than 0.1 percent.


Read more at Bloomberg Stocks News

Gold Heads for Biggest Decline in Eight Weeks on Demand for U.S. Equities

(Bloomberg) -- Gold headed for the biggest decline in London in eight weeks amid speculation the dollar's drop has spurred demand for U.S. equities as an alternative investment. Silver also fell.

Gold, down 2.8 percent this week, had its biggest one-day decline since March 2 yesterday. The Dow Jones Industrial Average rose to a second straight record as the weaker dollar boosted the appeal of U.S. equities for foreign investors.


Read more at Bloomberg Commodities News

Lithuanian Economic Growth Accelerated to 7.1 Percent in First Quarter

(Bloomberg) -- Lithuania's economy grew a preliminary 7.1 percent in the first quarter, led by retail sales and constructions.

Growth accelerated from 6.9 percent in the fourth quarter, the Vilnius-based statistics office said in an e-mailed statement today. The figure exceeds a median estimate of 6.5 percent by five economists surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

GE Should Sell NBC, Money Units to Revive Stock, Citigroup Analysts Say

(Bloomberg) -- General Electric Co., the world's second-largest company, should sell units including its NBC television channel to revive the shares' performance, according to Citigroup Inc. analysts.

The company should also spin off its GE Money and real estate businesses and focus on infrastructure, a team of analysts at the largest U.S. bank wrote in a report today. The move could lift the stock by 26 percent from yesterday's closing price, to $45 a share, they said.


Read more at Bloomberg Stocks News

RBS group steps up pressure on ABN AMRO

(Reuters) - But their proposed offer was conditional on ABN scrapping its planned $21 billion sale of U.S. unit LaSalle Bank -- a key asset for suitor RBS -- to Bank of America.

The banks said on Friday that the conditions of that sale -- which include a "go-shop" clause allowing ABN until midnight on May 6 to seek higher bids for the U.S. unit -- prompted the formal notification to ABN's board late on Thursday.


Read more at Reuters.com Business News

UPDATE 1-Statoil to buy North American Oil Sands for $2 bln

(Reuters) - "It is estimated that the NAOSC leases hold approximately 2.2 billion barrels in recoverable reserves," Statoil ASA said in a statement.

"The board of directors of NAOSC has unanimously approved the offer," Statoil added.


Read more at Reuters.com Mergers News

Statoil to buy North American Oil Sands for $2 bln

(Reuters) - "The board of directors of NAOSC has unanimously approved the offer," Statoil said in a statement.




Read more at Reuters.com Mergers News

Thursday, April 26, 2007

Barclays, Colt, Pearson, RBS, GlaxoSmithKline: 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 rose 7.5, or 0.1 percent, to 6469.4 in London. The FTSE All-Share Index gained 5.15, or 0.2 percent, to 3364.52.


Read more at Bloomberg Stocks News

U.K. Pound Set for Weekly Decline as Investors Adjust to Rate Expectations

(Bloomberg) -- The pound is set for a weekly decline against the dollar on speculation the currency's recent rally already reflects prospects that the Bank of England will raise interest rates twice more this year to ward off inflation.

The pound last week soared to a 26-year high, breaching the $2 level, as traders increased bets the central bank will lift the benchmark rate twice more this year after inflation breached its target by more than a percentage point. The bank has indicated it expects the pace of price increases to moderate toward the year end, which may limit the scope for higher borrowing costs.


Read more at Bloomberg Currencies News

UPDATE 1-Sulzer says makes $2.2 bln offer for Bodycote

(Reuters) - Sulzer said it had made the final offer of 344.5 pence per Bodycote share which a 9 percent premium over Thursday's closing price of 315 pence.

Bodycote had rejected a previous offer from Sulzer of 332 pence per Bodycote share as unwelcome and too low.


Read more at Reuters.com Mergers News

U.S. Economy Probably Grew Last Quarter at Weakest Pace in Year on Housing

(Bloomberg) -- Shares of Microsoft Corp. rose after the world's biggest software maker said third-quarter earnings jumped 65 percent and forecast sales that may exceed analysts estimates for the next fiscal year.

The stock advanced as much as 5.2 percent to $30.60 in late trading yesterday after gaining 11 cents to $29.10 on the Nasdaq Stock Market.


Read more at Bloomberg Stocks News

Barclays may face SEC action over debt trading

(Reuters) - A separate lawsuit filed against the bank in March by a former employee alleges that Barclays' U.S. distressed debt desk, which deals in bankrupt company bonds, traded debt after "potentially gaining nonpublic information" through bankruptcy creditor committees.

The suit was filed in March by former Barclays analyst Michael Econn in the Manhattan federal court. Econn is seeking damages for alleged discrimination by Barclays because of his assistance of the SEC.


Read more at Reuters.com Business News

UPDATE 1-Barclays may face SEC action over debt trading

(Reuters) - The Securities and Exchange Commission investigation looks into trading activity between 2002 and 2003 by a proprietary trading desk at Barclays, the bank said in a March SEC filing.

A separate lawsuit filed against the bank in March by a former employee alleges that Barclays' U.S. distressed debt desk, which deals in bankrupt company bonds, traded debt after "potentially gaining nonpublic information" through bankruptcy creditor committees.


Read more at Reuters.com Bonds News

U.S. Economic Growth Probably Slowed Last Quarter on Housing, Investment

(Bloomberg) -- The U.S. economy grew in the first quarter at the slowest pace in more than a year, hobbled by flagging investment in business equipment and home construction, economists said before a government report today.

The projected 1.8 percent increase at an annual rate in gross domestic product, the sum of all goods and services produced, is the median estimate of 82 economists surveyed by Bloomberg News and follows a 2.5 percent gain in the fourth quarter. The growth rate would be the weakest since the last three months of 2005.


Read more at Bloomberg Bonds News

TREASURIES-Inch higher in Asia before GDP data

(Reuters) - The median of forecasts of analysts polled by Reuters is for first-quarter GDP, due at 1230 GMT, to rise to a 1.8 percent annual rate, compared with an increase of 2.5 percent in the fourth quarter of 2006.

Given recent mixed U.S. data, traders said the market was looking for clues from GDP to the strength of the economy and influence on the Federal Reserve's monetary policy decisions.


Read more at Reuters.com Bonds News

Shanghai Copper Falls Limit to Three-Week Low After U.S. Housing Data

(Bloomberg) -- Shanghai copper fell the daily limit to its lowest in almost three weeks after a forecast for lower U.S. housing starts raised concern about demand and Peru's government declared illegal a miners' strike planned for April 30.

Single-family housing starts will fall to 1.16 million this year, the lowest since 1.13 million in 1997, said the National Association of Home Builders, yesterday in Washington. Peru's mine unions failed to present strike petitions on time, Labor Minister Susana Pinilla said in Lima yesterday.


Read more at Bloomberg Commodities News

Asian Stocks Decline, Led by Japanese Banks; BHP Slides on Metals Prices

(Bloomberg) -- Asian stocks fell as Japanese inflation and industrial production reports heightened concern about growth in the region's biggest economy, and sliding metals prices dragged mining shares lower.

Mitsubishi UFJ Financial Group Inc., Japan's largest lender, slid to the lowest in more than a year. BHP Billiton Ltd., the world's biggest mining company, dropped for the first time in five days.


Read more at Bloomberg Stocks News

U.S. automakers not jumping into HD Radio

(Reuters) - Hyundai Corp. , BMW AG , and Ford Motor Co.-owned , Britain-based Jaguar plan to offer HD Radio, and other carmakers are also set to announce deals.

Because of the amount of time people spend listening to the radio in their cars, striking such deals will be critical if the technology is going to take off.


Read more at Reuters.com Business News

CapitaLand, Chartered Semiconductor, Keppel: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or fall in Singapore. Stock symbols are in parentheses and prices are from the previous market close.

The Straits Times Index added 1.3 percent to 3406.89. April futures added 1 percent to 418.3.


Read more at Bloomberg Stocks News

Minnesota sues American Equity over annuity sales

(Reuters) - American Equity said it cooperated fully with the attorney general's requests for information, but was denied any opportunity to discuss products or sales practices with the Minnesota AG's office prior to the filing of its lawsuit.

"We strongly believe the allegations of the Attorney General are without merit," the company said in a statement.


Read more at Reuters.com Government Filings News

UPDATE 1-Smurfit-Stone first quarter loss narrows

(Reuters) - The maker of cardboard and corrugated packaging posted a net loss of $55 million or 21 cents a share, compared with loss of $65 million or 25 cents a share, in the year-ago quarter.

Sales rose about 5 percent to $1.82 billion, the company said in a statement.


Read more at Reuters.com Market News

UPDATE 3-America Movil seeks partners for T. Italia bid

(Reuters) - MEXICO CITY/MILAN, April 26 - Mexican cell phone company America Movil is searching for new partners, especially Italians, to buy control of Telecom Italia after AT&T Inc. pulled out, America Movil's CEO said on Thursday, but the seller Pirelli said there was no new offer yet.

Pirelli's chairman, Marco Tronchetti Provera, said he would not sell for below 2.82 euros per Telecom Italia share -- the price offered by America Movil and U.S. phone company AT&T . Telecom Italia is Italy's biggest phone group.


Read more at Reuters.com Mergers News

Emcor Group Q1 profit rises, backs 2007 outlook

(Reuters) - April 26 - Emcor Group Inc. reported a higher quarterly profit that beat analysts' estimates, helped by robust balanced backlog, strong demand for its services across markets and cost control efforts.

The company said most operating segments posted outstanding performance, with the U.S. Electrical and U.S. Mechanical operations generating higher revenue and substantial increases in profitability.


Read more at Reuters.com Market News

Bristol names Cornelius CEO, profit beats forecast

(Reuters) - By Ransdell Pierson

NEW YORK, April 26 - Bristol-Myers Squibb Co. on Thursday said it had named its interim Chief Executive James Cornelius as leader of the company for the next two years, and reported first-quarter earnings well above forecasts.


Read more at Reuters.com Market News

Fairstar Shares Decline, Paladin Gains as Uranium Stock Frenzy Cools Off

(Bloomberg) -- Investors in uranium stocks, among the hottest industry groups in the world last year, are getting a reality check.

The shares of 64 of 218 uranium companies have dropped in 2007, compared with 27 in all of 2006. In a sign that the uranium mania is cooling, investors are fleeing companies they perceive as having little prospect of producing the mineral any time soon, such as Fairstar Resources Ltd. of Perth, Australia.


Read more at Bloomberg Stocks News

America Movil, Brasil Telecom, Guararapes, Vale, Vivo: Latin Equity Movers

(Bloomberg) -- Mexico's Bolsa rose for the first day in four, led by America Movil SAB after the mobile telephone company disclosed earnings that exceeded many analysts' estimates.

Mexico's Bolsa index rose 86.86, or 0.3 percent, to 29,531.01 at 10:34 a.m. New York time. Brazil's Bovespa index of the most- traded stocks on the Sao Paulo exchange fell 272.28, or 0.6 percent, to 49,403.31.


Read more at Bloomberg Stocks News

Israeli Shares Rally on Rate Optimism, Led by Hapoalim, Israel Chemicals

(Bloomberg) -- Israeli stocks rose for a third day after the shekel strengthened against the dollar, stoking speculation borrowing costs will fall.

Bank Hapoalim Ltd., Israel's largest lender, and Israel Chemicals Ltd., a fertilizer producer, led the advance.


Read more at Bloomberg Emerging Markets News

Office Depot sales miss, shares fall

(Reuters) - "Sales in the second quarter may be similarly affected if the current business conditions persist in North America," Chief Executive Steve Odland said in a release.

The Delray Beach, Florida-based company, which operates nearly 1,200 retail stores in the United States and Canada, said quarterly sales rose 7.1 percent to $4.1 billion, missing the analysts' average forecast of $4.2 billion, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Initial Unemployment Claims in U.S. Declined 20,000 Last Week to 321,000

(Bloomberg) -- Fewer U.S. workers filed first-time applications for unemployment benefits last week, while total jobless rolls indicate some softening in the labor market.

Initial jobless claims fell by 20,000 to 321,000 in the week ended April 21, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, increased, and the number of people continuing to collect benefits rose to a two-month high.


Read more at Bloomberg Currencies News

Wall Street indexes rise on earnings

(Reuters) - U.S. stocks rose on Thursday, sending the Dow to a record right after the open, as companies such as 3M Co. posted stronger-than-expected results, extending gains from the prior session when the Dow crossed 13,000 for the first time.

The Dow Jones industrial average was up 24.30 points, or 0.19 percent, at 13,114.19. The Standard & Poor's 500 Index


Read more at Reuters Africa

Barclays says ABN's LaSalle sale is open, fair

(Reuters) - But the RBS consortium will first have to unpick the sale of LaSalle, ABN's most attractive asset for RBS.

"It's open, transparent and fair," Diamond said at Barclays' annual shareholder meeting.


Read more at Reuters.com Bonds News

Biodel says IPO of 5 mln shares expected at $14-$16 each

(Reuters) - Biodel said it applied for a Nasdaq listing under the symbol "BIOD."




Read more at Reuters.com Bonds News

U.S. taxable funds report $15.75 bln inflows-report

(Reuters) - Taxable money fund yields averaged 4.73 percent, down from 4.76 percent the prior week, while tax-free yields rose 7 basis points to 3.18 percent.




Read more at Reuters.com Bonds News

UPDATE1-Biodel says IPO of 5 mln shares expected at $14-$16/shr

(Reuters) - The Danbury, Connecticut-based company said in an amended filing with the U.S. Securities and Exchange Commission that Morgan Stanley & Co. Inc., Banc of America Securities LLC, Leerink Swann & Co. Inc., Natexis Bleichroeder Inc. were underwriting the IPO.

The underwriters will have an option to buy an additional 750,000 shares to cover over-allotments, the developer and marketer of treatments for endocrine disorders such as diabetes and osteoporosis said.


Read more at Reuters.com Bonds News

Applebee's receives preliminary takeover offers

(Reuters) - CHICAGO, April 26 - Applebee's International Inc. , which has been under pressure from activist investors to increase shareholder value, said on Thursday it has received several preliminary nonbinding proposals to buy the casual dining chain operator.

The company also said it has agreed to appoint former Securities and Exchange Commission Chairman Richard Breeden and another Breeden Capital Management LLC nominee to its board of directors in a settlement of a proxy fight over board seats.


Read more at Reuters.com Bonds News

XM Satellite posts smaller quarterly loss

(Reuters) - NEW YORK, April 26 - XM Satellite Radio Holdings Inc. , which plans to merge with rival Sirius Satellite Radio Inc. , on Thursday reported a smaller first-quarter loss as it reaped more revenue from subscriptions, sending its shares up 3.5 percent.

The first-quarter loss attributable to common stockholders narrowed to $122 million, or 40 cents a share, from $149 million, or 60 cents a share, a year earlier.


Read more at Reuters.com Bonds News

Diamond Offshore quarterly earnings rise

(Reuters) - Analysts on average expected earnings of $1.47 a share, before special items, according to Reuters Estimates.




Read more at Reuters.com Market News

Millennium Pharmaceuticals Q1 loss narrows

(Reuters) - Excluding one-time items, the company earned 4 cents a share compared, with break even in the year-ago quarter. Analysts had on average expected the company to roughly break even, according to Reuters Estimates.




Read more at Reuters.com Market News

UPDATE 1-MBIA first-quarter earnings flat

(Reuters) - NEW YORK, April 26 - MBIA Inc. , the world's largest bond insurer, reported nearly flat first-quarter earnings on Thursday as growth in insurance income was offset by a decline in investment management services income.

The bond insurer reported quarterly earnings of $198.6 million, or $1.46 a share, compared with $199.0 million, or $1.46 a share a year earlier.


Read more at Reuters.com Market News

UPDATE 1-Hanesbrands posts fall in quarterly profit

(Reuters) - NEW YORK, April 26 - Bra and underwear maker Hanesbrands Inc. on Thursday reported sharply lower quarterly profit, hurt by restructuring costs related to its spinoff from Sara Lee last year, and higher interest expenses.

The maker of the Wonderbra and Champion T-shirts said net income in the first quarter was $12 million, or 12 cents per share, compared with $74.6 million, or 77 cents per share, a year earlier, before the spinoff.


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Halliburton first quarter profit rises

(Reuters) - Net income from continuing operations rose to 52 cents per share from 42 cents per share a year ago, matching analysts' forecast of 52 cents a share, according to Reuters Estimates.

Revenue in the quarter rose to $3.4 billion from $2.9 billion a year ago.


Read more at Reuters.com Business News

Exxon Mobil profit boosted by refineries

(Reuters) - Oil prices dropped sharply at the beginning of the quarter as geopolitical tensions seemed to ease, but renewed friction with Iran as well as concerns about gasoline supplies have pushed prices back up.

The average price of U.S. crude was around $58 for the quarter -- about $5, or 8 percent, lower than year-earlier levels.


Read more at Reuters.com Business News

UPDATE 1-Dolan Media files for $150 million IPO

(Reuters) - The Minneapolis-based company said in a preliminary filing with the U.S. Securities and Exchange Commission that it would use the proceeds from the offering to redeem preferred stock, to repay debt and for general corporate purposes.

Dolan Media's business information division publishes 69 business, court and commercial journals and newspapers, and operates Web sites in 19 markets.


Read more at Reuters.com Government Filings News

UPDATE 2-Iberdrola Q1 net beats forecasts, sees more growth

(Reuters) - MADRID, April 26 - Spanish power utility Iberdrola posted a forecast-beating 13.6 percent rise in first-quarter, net profit on Thursday and said it was on track to improve its full-year results by more than 10 percent.

Iberdrola said its net profit came in at 485.2 million euros , beating the 449 million euros forecast in a Reuters poll of 11 analysts, as international generation made up for a drop in demand and prices in Spain.


Read more at Reuters.com Mergers News

CEZ Starts Releasing Data on Generator Availability to Boost Transparency

(Bloomberg) -- CEZ AS, the Czech Republic's biggest power company, started releasing data on which of its generators were available to produce power, as part of an effort to make Czech electricity trading more transparent.

The data, which were posted on the company's Web site today for the first time, are a plan for May and the outlook for the whole year.


Read more at Bloomberg Energy News

Germany Plans to Raise Sales of Inflation-Linked, Foreign-Currency Bonds

(Bloomberg) -- Germany will probably sell inflation- linked bonds with maturities other than 10 years and issue more debt denominated in foreign currencies, the head of the finance agency that manages the sales told journalists in Frankfurt.

As well as bonds with coupons linked to euro-area inflation, sold by Germany for the first time last year, the government may sell debt in foreign currencies to add to its premier sale of a U.S. dollar bond in 2006, Finance Agency Managing Director Gerhard Schleif said. The federal government is expanding its debt instruments in a bid to win new customers, Schleif said.


Read more at Bloomberg Bonds News

Spanish Shares Advance as Builders Rebound After Rout; Sacyr and FCC Climb

(Bloomberg) -- Spanish stocks rose, led by Sacyr Vallehermoso SA, the country's fifth-biggest builder, and Fomento de Construcciones y Contratas SA, its third-largest construction company.

Banco Sabadell SA gained after Spain's fourth-biggest bank reported earnings that were more than analysts estimated. Banco Espirito Santo SA advanced in Portugal after saying profit jumped 33 percent.


Read more at Bloomberg Stocks News

Vietnam Ships 174,000 Tons of Coffee in March, 45 Percent Above Estimate

(Bloomberg) -- Vietnam's government said it exported 45 percent more coffee in March than the world's second-biggest shipper of the beans originally estimated.

The Asian nation shipped 174,000 tons of coffee, compared with a previous estimate of 120,000 tons, the General Statistics Office in Hanoi said yesterday. The revision boosted Vietnam's total first-quarter coffee exports to 536,000 tons. Shipments for January to April may rise 84 percent to 656,000 tons from the same period in 2006, the Statistics Office said.


Read more at Bloomberg Commodities News

UPDATE 1-UK watchdog to probe train rolling stock leasing

(Reuters) - LONDON, April 26 - Britain's Office of Rail Regulation said on Thursday it was referring the leasing of train rolling stock for franchised passenger services to the Competition Commission for further investigation.

"ORR remains of the view that certain market features are limiting competition and have the potential to lead to higher prices and a poorer quality of service than would otherwise be the case in a more competitive environment," the ORR said.


Read more at Reuters.com Government Filings News

FTSE 100 Index Gains, Paced by Compass and Amvescap; Shire, Rio Tinto Rise

(Bloomberg) -- U.K. stocks advanced, paced by Compass Group Plc after smaller rival Sodexho Alliance SA raised its outlook for the year. Amvescap Plc climbed before reporting first-quarter earnings.

Shire Group Plc gained after JPMorgan Chase & Co raised its price estimate for the shares by 10 percent. Rio Tinto Group paced mining shares higher.


Read more at Bloomberg Stocks News

Dutch group Stork Q1 net up 2 pct, aviation weak

(Reuters) - AMSTERDAM, April 26 - Dutch industrial group Stork NV said on Thursday first-quarter net profit rose 2 percent, at the low end of expectations, as weak earnings from its aerospace unit offset robust results from other divisions.

Net profit increased to 19 million euros , compared with forecasts ranging from 18 million to 23 million euros in a Reuters poll of five analysts. Earnings before interest and tax were up 5 percent to 25 million euros.


Read more at Reuters.com Mergers News

Israeli TA-25 Benchmark Index Reaches Record High: World's Biggest Mover

(Bloomberg) -- Israel's benchmark stock index climbed for a third day. Africa Israel Investments Ltd., a holding company controlled by Israeli diamond billionaire Lev Leviev, led gains.

The TA-25 Index added 18.29, or 1.7 percent, to 1080.22 at 11:12 a.m. in Tel Aviv, posting the biggest fluctuation among equity markets included in global benchmarks.


Read more at Bloomberg Stocks News

Lincoln National explores sale of unit: WSJ

(Reuters) - Lincoln could not immediately be reached for comment.




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Emirates airline profit jumps, may buy more A380s

(Reuters) - Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum said the airline was close to a compensation deal with Airbus on its delayed A380s and may buy more of the aircraft.

"We are very close to completing in the next few weeks the compensations," he told reporters in Dubai. "In terms of cancelling the A380s, no. Maybe we are buying more," he added.


Read more at Reuters.com Market News

UPDATE 1-Dutch group Stork Q1 net up 2 pct, aviation weak

(Reuters) - Net profit increased to 19 million euros , compared with forecasts ranging from 18 million to 23 million euros in a Reuters poll of five analysts. Earnings before interest and tax were up 5 percent to 25 million euros.

Stork said Aerospace Industries would continue to be weak for the rest of the year and possibly into 2008.


Read more at Reuters.com Market News

NYSE Group quarterly profit rises

(Reuters) - NYSE Euronext said that because the combination between NYSE Group and European stock exchange operator Euronext NV was consummated on April 4, the first-quarter results include the full-quarter results from the operations of NYSE Group only.




Read more at Reuters.com Business News

UPDATE 1-TSMC posts weak Q1 profit, but recovery in place

(Reuters) - TAIPEI, April 26 - TSMC , the world's top contract chip maker, posted its smallest profit in seven quarters on poor chip demand, but the downturn is near bottom as new PCs and consumer products fly off store shelves.

Armed with its economic scale that yields higher profit margins, analysts say Taiwan Semiconductor Manufacturing Co. Ltd.


Read more at Reuters.com Market News

Wednesday, April 25, 2007

European Bonds Drop as Report Shows Confidence Among German Consumers Rose

(Bloomberg) -- European government bonds fell for a second day after a report showed consumer confidence rose more than expected in Germany, underpinning the likelihood of higher interest rates in the euro region.

Benchmark debt slid yesterday after the Ifo institute said its gauge of German business sentiment climbed to the second- highest level on record in April. GfK AG said its confidence index for Germany, Europe's largest economy, rose to 5.5 from 4.4 in April. Economists surveyed by Bloomberg News had expected a reading of 4.7.


Read more at Bloomberg Bonds News

Wells Fargo plans A$ 5-year Kangaroo bond-source

(Reuters) - Indicative pricing is around 17 basis points over swap and BBSW, he added. Volume details were not available.

The planned offer is expected to be launched the week of April 30, the portfolio manager said.


Read more at Reuters.com Bonds News

Thailand's Bonds Advance on Rate-Cut Speculation; Baht Is Little Changed

(Bloomberg) -- Thailand's government bonds rose on speculation the central bank will cut rates for a fourth time this year at its meeting next month as economic growth slows. The baht traded at a more than nine-year high.

Ten-year yields are near the lowest in more than three years after the central bank on April 24 cut its growth forecast for this year. The Bank of Thailand may lower its benchmark rate by as much as 50 basis points to 3.5 percent in May, said Thanomsri Fongarunrung, an economist at Phatra Securities in Bangkok.


Read more at Bloomberg Bonds News

First-Time Unemployment Claims in the U.S. Probably Decreased Last Week

(Bloomberg) -- The number of U.S. workers filing first-time applications for state unemployment benefits probably slipped last week, while remaining at a level that indicates some softening in the labor market.

Initial jobless claims fell by 9,000 to 330,000 in the week ended April 21, according to the median of 40 forecasts in a Bloomberg News survey. Continuing claims, released with a one- week lag, may have dipped lower.


Read more at Bloomberg Bonds News

Biosite says Inverness bids tops Beckman offer

(Reuters) - Inverness has offered to buy 100 percent of the outstanding shares of Biosite common stock that it doesn't already own for $90 per share in cash.

The Inverness offer is irrevocable and will remain open until 11:59 p.m., Pacific Daylight Time, on May 2, the company said.


Read more at Reuters.com Mergers News

China's Yuan Falls on Lower Reference Rate, Declines in Won, Taiwan Dollar

(Bloomberg) -- China's yuan dropped after the central bank fixed the reference rate at a weaker level than yesterday's close, signaling it may want the exchange rate to fall along with other Asian currencies.

The currencies of nations such as South Korea and Taiwan, with whom China competes in exports, fell today. Wu Yi, China's most senior trade official, will meet U.S. Treasury Secretary Henry Paulson May 22-24 in Washington for the second of twice- annual talks established last year to improve relations.


Read more at Bloomberg Currencies News

JGBs track drop in Treasuries, 2-year auction eyed

(Reuters) - June 10-year futures dipped 0.07 point to 134.10, after falling as low as 134.02 in early trade, with a 1.3 percent gain in the Nikkei share average also weighting on JGBs.

The Ministry of Finance is selling 1.7 trillion yen of two-year JGBs with a coupon of 0.9 percent, the highest since last July.


Read more at Reuters.com Bonds News

Asian Currencies: Korean Won Weakens on Wider Deficit, Taiwan Dollar Drops

(Bloomberg) -- South Korea's won fell from a three-month high after a central bank report showed the current account deficit at its widest in 11 months.

The growing deficit means more money is flowing out of South Korea, weighing on the local currency. The won also weakened after a chart some traders use to predict future price movements showed the currency's appreciation may stall.


Read more at Bloomberg Currencies News

Asian Stocks Rise, Led by BHP on Oil, Metals Prices; Honda Gains on Profit

(Bloomberg) -- Asian stocks rose the most in a week as higher crude oil and metals prices drove commodity producers' shares higher and companies including Honda Motor Co. reported improved earnings.

BHP Billiton Ltd., the world's biggest mining company and Australia's largest oil explorer, advanced for a fourth day. Baoshan Iron & Steel Co., China's No. 1 producer of the alloy, led steelmakers higher after announcing profit more than doubled, while Honda was set for its biggest jump in three weeks after reporting earnings that beat analyst estimates.


Read more at Bloomberg Stocks News

Consolidated Says Third-Quarter Manganese Output Fell 11 Percent on Rain

(Bloomberg) -- Consolidated Minerals Ltd., which supplies 10 percent of the world's high-grade manganese, said third-quarter production of the ore used in steelmaking fell 11 percent due to rain.

The company produced 196,256 tons of the ore from its mines in Western Australia, down from 220,351 tons a year ago, Perth- based Consolidated said today in a statement to the Australian Stock Exchange. It expects to reach its full-year production target of between 900,000 and 925,000 tons.


Read more at Bloomberg Commodities News

Siemens CEO resigns, leadership vacuum grows

(Reuters) - Kleinfeld said he was unwilling to tolerate further uncertainty about his and the company's future after divisions among Siemens board members about whether to renew his contract became public in the last few days.

"In times like these, the company needs clarity about its leadership. I have therefore decided not to make myself available for an extension of my contract," Kleinfeld said in a statement. "The company must have complete freedom of action."


Read more at Reuters.com Business News

South Korean Won Declines as Report Shows Wider Current Account Deficit

(Bloomberg) -- South Korea's won fell from near the highest in more than three months after a central bank report showed the current account deficit widened to an 11-month high in March.

The growing deficit means more money is flowing out of South Korea, weighing on the local currency. The won also weakened after a chart some traders use to predict future price movements showed the currency's appreciation may stall.


Read more at Bloomberg Currencies News

Hyundai Heavy, Korean Airlines, Lotte Shopping: South Korea Stock Preview

(Bloomberg) -- The following shares may rise or fall in South Korea. Prices refer to the previous close. This preview includes news announced after markets shut yesterday. Stock symbols are in brackets after the company names.

The Kospi index dropped 0.7 percent to 1545.55. The Kosdaq fell 1.2 percent to 683.66. Kospi 200 futures expiring in June retreated 0.6 percent to 200.00, while the underlying index lost 0.8 percent to 198.43.


Read more at Bloomberg Stocks News

Telefonica, PT say held talks on Vivo, deny accord

(Reuters) - In a separate statement to the exchange, Portugal Telecom said the talks involved strategic alternatives for Brasilcel and also how to improve Vivo's business.

Brasilcel, which is jointly owned by Portugal Telecom and Telefonica, controls Brazil's largest mobile phone company Vivo .


Read more at Reuters.com Mergers News

Ryland Group posts first quarter net loss

(Reuters) - The company reported first-quarter loss of $24.4 million, or 58 cents per share, versus a profit of $90.0 million, or $1.86 per share a year earlier.

) Keywords: RYLAND RESULTS/


Read more at Reuters.com Market News

Brazil Real Rises Buoyed By Better-Than-Expected Inflation Data For April

(Bloomberg) -- Brazil's real strengthened after a government report showed prices rose at a slower pace than expected, boosting confidence in the value of local assets.

``The inflation data only reaffirms the strength of local assets,'' said Joao Prado at Agora Corretora in Rio de Janeiro. ``Inflows are supporting the real and all local factors point to further gains in the currency.''


Read more at Bloomberg Currencies News

Freddie Mac's portfolio grew 8.4 pct in March

(Reuters) - Freddie Mac's duration gap, an interest rate risk measure, stayed at zero months, unchanged from the previous month.

A zero duration gap indicates that Freddie Mac's payments to its debtholders matches income the company receives on its assets.


Read more at Reuters.com Bonds News

RBS says economic backdrop favourable

(Reuters) - In a statement from an annual shareholder meeting, RBS also said it would "act prudently but with great determination" in its pursuit of ABN, "and will only proceed if it is in the best interests of our shareholders to do so."




Read more at Reuters.com Bonds News

Fannie Mae sells $4.0 billion in bills

(Reuters) - Settlement is April 25-26.




Read more at Reuters.com Bonds News

US RATE FUTURES-Pare losses after new home sales

(Reuters) - New single family home sales in March rose by 2.6 percent to an annualized 858,000 unit pace. January and February sales were revised down as well.




Read more at Reuters.com Bonds News

TREASURIES-Bonds flat after mixed durables, housing data

(Reuters) - NEW YORK, April 25 - U.S. government bond prices traded flat on Wednesday after fresh signs of housing market weakness offset a stronger-than-expected durable goods report.

Benchmark yields remained near their April lows that were hit on Tuesday, when broadly weak housing and consumer confidence data raised expectations of an official interest rate cut this year to counter a slowing economy.


Read more at Reuters.com Bonds News

UPDATE 2-Venezuela sets Orinoco oil talks with companies

(Reuters) - A government source said the OPEC nation, which is on a nationalization drive this year, reached the agreement to be signed later on Wednesday with five of the six companies involved but had not struck that deal with Conoco Phillips .

When asked if Conoco would attend a ceremony on Wednesday for companies to sign the accord, a spokeswoman in Venezuela said Conoco had no comment.


Read more at Reuters.com Bonds News

Durable goods orders up, investment strong

(Reuters) - The pickup in March durable goods orders followed a revised 2.4 percent February gain, the Commerce Department report showed, and handily surpassed Wall Street economists' expectations for a 2.5 percent increase.

Even excluding transportation goods, which account for more than a quarter of overall business, March orders were up 1.5 percent after declining 0.4 percent in February.


Read more at Reuters.com Business News

Estee Lauder files $750 mln shelf offering

(Reuters) - The company said it intends to use the proceeds for general corporate purposes, including repayment of debt, acquisitions and buyback of Class A common stock, among other things.

Under a shelf registration filed with the U.S. Securities and Exchange Commission, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.


Read more at Reuters.com Government Filings News

WRAPUP 1-U.S. durable goods orders up, investment strong

(Reuters) - The pickup in March durable goods orders followed a revised 2.4 percent February gain, the Commerce Department report showed, and handily surpassed Wall Street economists' expectations for a 2.5 percent increase.

Even excluding transportation goods, which account for more than a quarter of overall business, March orders were up 1.5 percent after declining 0.4 percent in February.


Read more at Reuters.com Economic News

ABN invites consortium to meeting on rival bid

(Reuters) - "In that spirit, we have invited them for a meeting in Amsterdam today."

RBS, Spain's Santander and Dutch-Belgian bank Fortis have proposed a 72 billion-euro bid for ABN, equal to 39 euros per share, threatening Barclays' all-share bid announced on Monday of about 64.8 billion euros, or 35 euros per share at current market prices.


Read more at Reuters.com Mergers News

UPDATE 1-ISS recommends electing Icahn to Motorola board

(Reuters) - Billionaire investor Icahn, who has roughly a 3 percent stake in Motorola, is involved in a proxy battle with Motorola, having asked shareholders to flout Motorola's recommendation and vote for him at the company's May 7 annual meeting.

ISS cited Icahn's track record for creating shareholder value across diverse industries, for its recommendation.


Read more at Reuters.com Mergers News

Triad Hospitals says clears anti-trust hurdle

(Reuters) - The company said the waiting period for the merger under the Hart-Scott-Rodino Act expired on April 23.




Read more at Reuters.com Mergers News

UPDATE 1-ISE earnings up 34 pct on options demand

(Reuters) - First-quarter net income at the New York-based electronic exchange rose to $16.7 million, or 42 cents per share, from $12.4 million or 32 cents a share a year earlier.

That fell short of the average analysts' forecast of 45 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News