(Reuters) - "The all-cash transaction is valued at C$51.7 billion, including C$16.9 billion of debt, preferred equity and minority interests," it said.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Saturday, June 30, 2007
Pound Posts Sixth Straight Quarterly Gain on Outlook for Higher U.K. Rates
(Bloomberg) -- The pound posted a quarterly gain,
its sixth in a row, after a rise in consumer and mortgage lending
supported the view that the Bank of England will keep raising
interest rates to curb inflation.
Data showed consumer credit growth almost doubled in May and
mortgage approvals unexpectedly rose to a three-month high,
suggesting the BOE must do more to cool price growth. Policy
makers next decide on interest rates on July 5, and economists
surveyed by Bloomberg News expect them to lift the main benchmark
a quarter-point to 5.75 percent.
Read more at Bloomberg Currencies News
its sixth in a row, after a rise in consumer and mortgage lending
supported the view that the Bank of England will keep raising
interest rates to curb inflation.
Data showed consumer credit growth almost doubled in May and
mortgage approvals unexpectedly rose to a three-month high,
suggesting the BOE must do more to cool price growth. Policy
makers next decide on interest rates on July 5, and economists
surveyed by Bloomberg News expect them to lift the main benchmark
a quarter-point to 5.75 percent.
Read more at Bloomberg Currencies News
Friday, June 29, 2007
Asian Stocks Fall for First Time in Three Weeks on U.S. Housing Concerns
(Bloomberg) -- Asian stocks dropped for the first
time in three weeks on concern a U.S. housing slump will curb
growth in the region's biggest export market. Samsung Electronics
Co. and James Hardie Industries NV led the slide.
``Markets seem unable to push higher as we get more news
every day about the U.S. economy, particularly the housing
troubles there,'' said Hans Kunnen, who helps manage $107 billion
at Colonial First State Global Asset Management in Sydney.
Read more at Bloomberg Stocks News
time in three weeks on concern a U.S. housing slump will curb
growth in the region's biggest export market. Samsung Electronics
Co. and James Hardie Industries NV led the slide.
``Markets seem unable to push higher as we get more news
every day about the U.S. economy, particularly the housing
troubles there,'' said Hans Kunnen, who helps manage $107 billion
at Colonial First State Global Asset Management in Sydney.
Read more at Bloomberg Stocks News
Sierra Pacific unit plans new power projects
(Reuters) - The plans were included in a filing at the Public Utilities
Commission of Nevada updating Sierra Pacific's resource plan
for long-term energy needs.
The utility also asked regulators to approve several
agreements to purchase electricity from geothermal power
projects in northern Nevada.
Read more at Reuters.com Bonds News
Commission of Nevada updating Sierra Pacific's resource plan
for long-term energy needs.
The utility also asked regulators to approve several
agreements to purchase electricity from geothermal power
projects in northern Nevada.
Read more at Reuters.com Bonds News
ACA Capital investors cancel share sale
(Reuters) - No reason was provided for the company's withdrawing the
registration statement for the sale of shares.
ACA's shares have fallen more than 20 percent since June
19.
Read more at Reuters.com Bonds News
registration statement for the sale of shares.
ACA's shares have fallen more than 20 percent since June
19.
Read more at Reuters.com Bonds News
North American Energy files for 14.8 mln share offer
(Reuters) - Credit Suisse, UBS Investment Bank, CIBC World Markets, and
Jefferies & Co. are underwriting the offering.
Read more at Reuters.com Government Filings News
Jefferies & Co. are underwriting the offering.
Read more at Reuters.com Government Filings News
Dreamgate, Genting, Infosys, PTT Chemical: Asia Ex-Japan Equity Preview
(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan, on July 2. This preview
includes news that broke after markets closed. Prices are from
the local market's last close. Stock symbols are in parentheses
after company names.
Dreamgate Corp. (DCB MK): The largest supplier of gaming
machines in Asia outside Japan said it signed a shareholders
agreement to form a venture to set up a casino in Cambodia. It
will own 40 percent of the venture called Chateau De Bavet Club
Co. Dreamgate was unchanged at 1.75 ringgit.
Read more at Bloomberg Stocks News
in Asian markets, excluding Japan, on July 2. This preview
includes news that broke after markets closed. Prices are from
the local market's last close. Stock symbols are in parentheses
after company names.
Dreamgate Corp. (DCB MK): The largest supplier of gaming
machines in Asia outside Japan said it signed a shareholders
agreement to form a venture to set up a casino in Cambodia. It
will own 40 percent of the venture called Chateau De Bavet Club
Co. Dreamgate was unchanged at 1.75 ringgit.
Read more at Bloomberg Stocks News
UPDATE 1-Path for generic biologics clears US Senate panel
(Reuters) - WASHINGTON, June 27 - A U.S. Senate panel voted
on Wednesday to set a path for generic drugmakers to seek
approval of cheaper, copycat versions of expensive
biotechnology medicines.
Brand-name manufacturers would receive 12 years of
exclusive marketing time before generic competition could start
under a bill that cleared the Senate Health, Education, Labor
and Pensions Committee by a voice vote.
Read more at Reuters.com Government Filings News
on Wednesday to set a path for generic drugmakers to seek
approval of cheaper, copycat versions of expensive
biotechnology medicines.
Brand-name manufacturers would receive 12 years of
exclusive marketing time before generic competition could start
under a bill that cleared the Senate Health, Education, Labor
and Pensions Committee by a voice vote.
Read more at Reuters.com Government Filings News
Treasury Two-Year Notes Rise Most Since March as Gauge of Inflation Slows
(Bloomberg) -- Two-year Treasury notes rose the
most since March after a government report showed a gauge of
inflation watched by the Federal Reserve slowed in May and
consumer spending increased less than economists forecast.
Bonds extended their gains after police discovered and
dismantled a car bomb in London, prompting investors to seek the
safety of government debt. U.S. government securities rebounded
from a drop yesterday after the central bank said in a statement
that inflation remains its main concern.
Read more at Bloomberg Bonds News
most since March after a government report showed a gauge of
inflation watched by the Federal Reserve slowed in May and
consumer spending increased less than economists forecast.
Bonds extended their gains after police discovered and
dismantled a car bomb in London, prompting investors to seek the
safety of government debt. U.S. government securities rebounded
from a drop yesterday after the central bank said in a statement
that inflation remains its main concern.
Read more at Bloomberg Bonds News
UPDATE 1-ABS swap traders, dealers reject contract change
(Reuters) - Hedge fund executive John Paulson of Paulson & Co. had
proposed that new language be introduced into the language of
credit default swaps on ABS that makes explicit in the
contracts that an attempt to manipulate CDS prices by buying
back loans would break securities laws.
Paulson's concern was that sellers of protection on
mortgages could buy delinquent loans underlying the contracts
to avoid triggering default payments and limit their losses.
For details, see [ID:nN07639106].
Read more at Reuters.com Bonds News
proposed that new language be introduced into the language of
credit default swaps on ABS that makes explicit in the
contracts that an attempt to manipulate CDS prices by buying
back loans would break securities laws.
Paulson's concern was that sellers of protection on
mortgages could buy delinquent loans underlying the contracts
to avoid triggering default payments and limit their losses.
For details, see [ID:nN07639106].
Read more at Reuters.com Bonds News
Freddie Mac to sell $3.5 bln bills on Monday
(Reuters) - -- $2.5 billion of three-month bills due Oct. 1, 2007 to be
sold Monday and settle Tuesday; and
-- $1.0 billion of six-month bills due Dec. 31, 2007 to be
sold Monday and settle Tuesday.
Read more at Reuters.com Bonds News
sold Monday and settle Tuesday; and
-- $1.0 billion of six-month bills due Dec. 31, 2007 to be
sold Monday and settle Tuesday.
Read more at Reuters.com Bonds News
Chavez Wants Producers to Cooperate to Keep Oil Prices Above $60 a Barrel
(Bloomberg) -- Venezuelan President Hugo Chavez told
Russian legislators he wanted oil producers to cooperate to keep
oil prices above $60 a barrel.
``Sixty dollars as a floor,'' he said earlier today to the
Duma in Moscow. ``For a ceiling, as high as it can go.'' The
remarks were shown on Venezuelan state television. He said that
Russia, the world's second-largest oil exporter, cooperated on
supporting the price of oil. Russia isn't a member of OPEC.
Read more at Bloomberg Energy News
Russian legislators he wanted oil producers to cooperate to keep
oil prices above $60 a barrel.
``Sixty dollars as a floor,'' he said earlier today to the
Duma in Moscow. ``For a ceiling, as high as it can go.'' The
remarks were shown on Venezuelan state television. He said that
Russia, the world's second-largest oil exporter, cooperated on
supporting the price of oil. Russia isn't a member of OPEC.
Read more at Bloomberg Energy News
UPDATE 1-Finish Line shares fall after disappointing update
(Reuters) - NEW YORK/LOS ANGELES, June 29 - Finish Line Inc.
said on Friday that the trend of falling same-store
sales that caused it to report a net loss in the first quarter
was continuing into the second, helping to send the athletic
shoe retailer's shares down 5 percent.
On a conference call, the operator of the Finish Line, Man
Alive and Paiva chains said that so far for June, same-store
sales were similar to those in the first quarter, when they
fell 3.9 percent.
Read more at Reuters.com Bonds News
said on Friday that the trend of falling same-store
sales that caused it to report a net loss in the first quarter
was continuing into the second, helping to send the athletic
shoe retailer's shares down 5 percent.
On a conference call, the operator of the Finish Line, Man
Alive and Paiva chains said that so far for June, same-store
sales were similar to those in the first quarter, when they
fell 3.9 percent.
Read more at Reuters.com Bonds News
Bisys' No. 2 shareholder opposes Citigroup buyout
(Reuters) - Okumus released his letter in a U.S. Securities and
Exchange Commission filing. Bisys and Citigroup did not
immediately return calls seeking comment.
Citigroup, the largest U.S. bank, agreed to buy Bisys on
May 2 so that it could offer more services to hedge funds and
private equity firms.
Read more at Reuters.com Government Filings News
Exchange Commission filing. Bisys and Citigroup did not
immediately return calls seeking comment.
Citigroup, the largest U.S. bank, agreed to buy Bisys on
May 2 so that it could offer more services to hedge funds and
private equity firms.
Read more at Reuters.com Government Filings News
Inflation gauge eases, Midwest activity grows
(Reuters) - In a separate report, a Reuters/University of Michigan survey showed consumer sentiment improved slightly in June from earlier in the month as gasoline prices ebbed. Even so, the final June reading was the lowest since last August.
Taken together, the reports suggested the Federal Reserve was succeeding in controlling price pressures while fostering moderate economic growth. They came a day after Fed policy-makers said they were leaving the benchmark interest rate at 5.25 percent, where it has stood for the past year.
Read more at Reuters.com Economic News
Taken together, the reports suggested the Federal Reserve was succeeding in controlling price pressures while fostering moderate economic growth. They came a day after Fed policy-makers said they were leaving the benchmark interest rate at 5.25 percent, where it has stood for the past year.
Read more at Reuters.com Economic News
GLOBAL MARKETS-Subsiding inflation lifts US stocks, bonds
(Reuters) - NEW YORK, June 29 - U.S. stocks and government
bond prices rose on Friday after data showed inflation
pressures moderating, while signs of strength in the
manufacturing sector also aided shares.
In the currency market, the euro and other high-yielding
currencies climbed against the dollar while the low-yielding
yen weakened across the board as investors' appetite for risk
returned.
Read more at Reuters.com Bonds News
bond prices rose on Friday after data showed inflation
pressures moderating, while signs of strength in the
manufacturing sector also aided shares.
In the currency market, the euro and other high-yielding
currencies climbed against the dollar while the low-yielding
yen weakened across the board as investors' appetite for risk
returned.
Read more at Reuters.com Bonds News
Cotton Rallies to Three-Year High After U.S. Farmers Cut Acreage 9 Percent
(Bloomberg) -- Cotton in New York rose to a three-
year high after a government report showed U.S. farmers planted
9 percent fewer acres with the fiber than forecast in March,
sowing more-profitable corn instead.
About 11.06 million acres were planted with cotton this
year, the U.S. Department of Agriculture said today, down from
12.15 million projected in March and 28 percent less than last
year's 15.27 million. The average estimate of 11 analysts
surveyed by Bloomberg News was for 11.6 million.
Read more at Bloomberg Commodities News
year high after a government report showed U.S. farmers planted
9 percent fewer acres with the fiber than forecast in March,
sowing more-profitable corn instead.
About 11.06 million acres were planted with cotton this
year, the U.S. Department of Agriculture said today, down from
12.15 million projected in March and 28 percent less than last
year's 15.27 million. The average estimate of 11 analysts
surveyed by Bloomberg News was for 11.6 million.
Read more at Bloomberg Commodities News
UPDATE 1-Packeteer - IRS claims company owes back taxes
(Reuters) - Shares of the company were down almost 19 percent to $7.69
in afternoon trade on the Nasdaq.
In a filing with the U.S. Securities and Exchange
Commission, the networking hardware maker said its previously
reported income tax provision was adequate, and that it intends
to file a protest against the claims.
Read more at Reuters.com Government Filings News
in afternoon trade on the Nasdaq.
In a filing with the U.S. Securities and Exchange
Commission, the networking hardware maker said its previously
reported income tax provision was adequate, and that it intends
to file a protest against the claims.
Read more at Reuters.com Government Filings News
RIM shares soar on outlook, unfazed by iPhone
(Reuters) - In research reports littered with phrases like "great," "spectacular," "powerhouse momentum" and "bordering on the unbelievable," analysts uniformly cheered RIM's first-quarter earnings and even more so the second-quarter outlook it reported on Thursday.
RIM, which also announced it would split its shares on a 3-for-1 basis by way of stock dividend, rose C$36.46 to C$211.68 on the Toronto Stock Exchange. On Nasdaq, it soared $33.66 to $199.25.
Read more at Reuters.com Market News
RIM, which also announced it would split its shares on a 3-for-1 basis by way of stock dividend, rose C$36.46 to C$211.68 on the Toronto Stock Exchange. On Nasdaq, it soared $33.66 to $199.25.
Read more at Reuters.com Market News
Apple IPhone, Must-Have for Technophiles, May Be Tougher Sell for Parents
(Bloomberg) -- Yahoo! Inc. Chief Executive Officer
Jerry Yang wants an iPhone. Salesforce.com CEO Marc Benioff
plans to trade in his Motorola Inc. Razr for one. Chuck Jones
not only doesn't want one, he also isn't about to spend $1,000
or more to get iPhones for his two daughters.
While technophiles clamor for Apple Inc.'s combination
mobile phone and music player, some regular consumers like Jones
are less enthusiastic. The iPhone is pricier than rivals, lacks
the keyboard used by text messagers and works only on an AT&T
Inc. network. Parents also may balk at the $200 penalty to
switch wireless carriers, no matter how much their kids beg.
Read more at Bloomberg Exclusive News
Jerry Yang wants an iPhone. Salesforce.com CEO Marc Benioff
plans to trade in his Motorola Inc. Razr for one. Chuck Jones
not only doesn't want one, he also isn't about to spend $1,000
or more to get iPhones for his two daughters.
While technophiles clamor for Apple Inc.'s combination
mobile phone and music player, some regular consumers like Jones
are less enthusiastic. The iPhone is pricier than rivals, lacks
the keyboard used by text messagers and works only on an AT&T
Inc. network. Parents also may balk at the $200 penalty to
switch wireless carriers, no matter how much their kids beg.
Read more at Bloomberg Exclusive News
US STOCKS-Indexes climb as Wall St ends strong quarter
(Reuters) - NEW YORK, June 29 - U.S. stocks rose on Friday
after data showed strength in the economy while an inflation
measure moderated, putting the stock market on track to end the
quarter on a strong note.
Among advancing shares, Research In Motion Ltd.
surged after the BlackBerry maker posted
stronger-than-expected quarterly profit and announced a stock
split. For details, see [ID:nN2838412.
Read more at Reuters.com Bonds News
after data showed strength in the economy while an inflation
measure moderated, putting the stock market on track to end the
quarter on a strong note.
Among advancing shares, Research In Motion Ltd.
surged after the BlackBerry maker posted
stronger-than-expected quarterly profit and announced a stock
split. For details, see [ID:nN2838412.
Read more at Reuters.com Bonds News
Argentine's Peso Trades Near Two-Month Low on Subprime Mortgage Concerns
(Bloomberg) -- Argentina's peso was little changed
after falling to an almost two-month low yesterday as
uncertainty over the impact of U.S. subprime mortgages damps
emerging markets.
``We'll continue to see some mild volatility with the peso
over the subprime mortgages,'' said Guillermo Estebanez, a
currency strategist at Banc of America Securities LLC in San
Francisco. ``The market has become more comfortable with the
subprime issue, but the problem is still there and it will
recur.''
Read more at Bloomberg Currencies News
after falling to an almost two-month low yesterday as
uncertainty over the impact of U.S. subprime mortgages damps
emerging markets.
``We'll continue to see some mild volatility with the peso
over the subprime mortgages,'' said Guillermo Estebanez, a
currency strategist at Banc of America Securities LLC in San
Francisco. ``The market has become more comfortable with the
subprime issue, but the problem is still there and it will
recur.''
Read more at Bloomberg Currencies News
U.K. Stocks Rebound, Paced by Shares of Northern Rock, Shell; Segro Drops
(Bloomberg) -- U.K. stocks advanced, paced by
Northern Rock Plc after Goldman, Sachs & Co. recommended
investors buy the shares.
Royal Dutch Shell Plc climbed with the price of oil while BT
Group Plc rose after the phone company said analysts are too
pessimistic about sales growth.
Read more at Bloomberg Stocks News
Northern Rock Plc after Goldman, Sachs & Co. recommended
investors buy the shares.
Royal Dutch Shell Plc climbed with the price of oil while BT
Group Plc rose after the phone company said analysts are too
pessimistic about sales growth.
Read more at Bloomberg Stocks News
UPDATE 2-S.Africa's ANC nears decision on leadership spat
(Reuters) - MIDRAND, June 29 - South Africa's ruling African
National Congress said on Friday it was still struggling to
decide how to elect its next leader amid disagreement over
whether to allow President Thabo Mbeki to run for a third term.
About 1,500 delegates from the ANC, which has ruled the
country since 1994, were meeting at a policy conference to
debate proposals that could block or clear the way for Mbeki to
hold on to the reins of the party at a congress in December.
Read more at Reuters.com Bonds News
National Congress said on Friday it was still struggling to
decide how to elect its next leader amid disagreement over
whether to allow President Thabo Mbeki to run for a third term.
About 1,500 delegates from the ANC, which has ruled the
country since 1994, were meeting at a policy conference to
debate proposals that could block or clear the way for Mbeki to
hold on to the reins of the party at a congress in December.
Read more at Reuters.com Bonds News
Southern Co seeks Georgia Power rate increase
(Reuters) - Georgia regulators are expected to issue a final order on
the rate hike request in December, the company said.
Southern said the majority of the rate hike would go to
cover the cost of environmental compliance and continued
investment in new generation, transmission and distribution
facilities.
Read more at Reuters.com Market News
the rate hike request in December, the company said.
Southern said the majority of the rate hike would go to
cover the cost of environmental compliance and continued
investment in new generation, transmission and distribution
facilities.
Read more at Reuters.com Market News
European Stocks Advance in Quarter; Total, Linde, Swatch Pace the Gains
(Bloomberg) -- European stocks headed for a fourth
consecutive quarterly advance on speculation companies will keep
increasing profit and takeovers will lift shares.
Linde Group and BASF AG led chemical makers higher on
expectations they may merge. Swatch Group AG rallied after
Deutsche Bank AG recommended buying shares in the watchmaker
because revenue and profit margins may increase. Total SA and
Royal Dutch Shell Plc as oil climbed to a 10-month high.
Read more at Bloomberg Stocks News
consecutive quarterly advance on speculation companies will keep
increasing profit and takeovers will lift shares.
Linde Group and BASF AG led chemical makers higher on
expectations they may merge. Swatch Group AG rallied after
Deutsche Bank AG recommended buying shares in the watchmaker
because revenue and profit margins may increase. Total SA and
Royal Dutch Shell Plc as oil climbed to a 10-month high.
Read more at Bloomberg Stocks News
Hudson's shareholder sells 14.9 mln shares
(Reuters) - The company said it intends to buy back about 1.2 million
additional shares through a tender offer, increasing total
shares to be retired to 6.9 million.
Read more at Reuters.com Mergers News
additional shares through a tender offer, increasing total
shares to be retired to 6.9 million.
Read more at Reuters.com Mergers News
European Stocks Recover Earlier Losses as Linde, BASF, Shell Advance
(Bloomberg) -- European stocks recovered earlier
losses as shares of Linde Group, BASF AG and Royal Dutch Shell
Plc advanced.
The Dow Jones Stoxx 600 Index was little changed, adding
less than 0.1 percent to 391.78 as of 2:25 p.m. in London. The
gauge has climbed 4.7 percent this quarter, heading for its
fourth consecutive gain, on speculation companies will keep
increasing profit and takeovers will rise. The index fell as much
as 0.5 percent earlier today.
Read more at Bloomberg Stocks News
losses as shares of Linde Group, BASF AG and Royal Dutch Shell
Plc advanced.
The Dow Jones Stoxx 600 Index was little changed, adding
less than 0.1 percent to 391.78 as of 2:25 p.m. in London. The
gauge has climbed 4.7 percent this quarter, heading for its
fourth consecutive gain, on speculation companies will keep
increasing profit and takeovers will rise. The index fell as much
as 0.5 percent earlier today.
Read more at Bloomberg Stocks News
US STOCKS-Futures point to higher open on tame inflation
(Reuters) - NEW YORK, June 29 - U.S. stock index futures
pointed to a higher market open on Friday after a gauge of
inflation in May showed its lowest reading since March 2004.
In company news, shares of Research In Motion Ltd.
rose before the opening bell after the
BlackBerry maker posted a quarterly profit above estimates,
which was followed by several brokerage upgrades. For details,
see [ID:nN28384123]
Read more at Reuters.com Bonds News
pointed to a higher market open on Friday after a gauge of
inflation in May showed its lowest reading since March 2004.
In company news, shares of Research In Motion Ltd.
rose before the opening bell after the
BlackBerry maker posted a quarterly profit above estimates,
which was followed by several brokerage upgrades. For details,
see [ID:nN28384123]
Read more at Reuters.com Bonds News
London cocoa hits 4-year high after Ivory Coast attack
(Reuters) - London benchmark September cocoa futures hit a fresh four-year high of 1,118 pounds per tonne basis second month on speculative buying after news of a rocket attack on the Ivorian Prime Minister.
Ivory Coast is the world's top cocoa producing country.
Read more at Reuters Africa
Ivory Coast is the world's top cocoa producing country.
Read more at Reuters Africa
UPDATE 1-Canada economy stands still in April
(Reuters) - April was the first time since June 2006 that gross
domestic product did not grow, according to Statscan's revised
figures.
Analysts had forecast, on average, 0.2 percent growth in
April, after a robust 3.7 percent growth in the first quarter
and 1.5 percent expansion in the fourth quarter of last year.
Read more at Reuters.com Economic News
domestic product did not grow, according to Statscan's revised
figures.
Analysts had forecast, on average, 0.2 percent growth in
April, after a robust 3.7 percent growth in the first quarter
and 1.5 percent expansion in the fourth quarter of last year.
Read more at Reuters.com Economic News
Apple's IPhone, Must-Have for Technopiles, May Be Tougher Sell for Parents
(Bloomberg) -- Yahoo! Inc. Chief Executive Officer
Jerry Yang wants an iPhone. Salesforce.com CEO Marc Benioff
plans to trade in his Motorola Inc. Razr for one. Chuck Jones
not only doesn't want one, he also isn't about to spend $1,000
or more to get iPhones for his two daughters.
While technophiles clamor for Apple Inc.'s combination
mobile phone and music player, some regular consumers like Jones
are less enthusiastic. The iPhone is pricier than rivals, lacks
the keyboard used by text messagers and works only on an AT&T
Inc. network. Parents also may balk at the $200 penalty to
switch wireless carriers, no matter how much their kids beg.
Read more at Bloomberg Exclusive News
Jerry Yang wants an iPhone. Salesforce.com CEO Marc Benioff
plans to trade in his Motorola Inc. Razr for one. Chuck Jones
not only doesn't want one, he also isn't about to spend $1,000
or more to get iPhones for his two daughters.
While technophiles clamor for Apple Inc.'s combination
mobile phone and music player, some regular consumers like Jones
are less enthusiastic. The iPhone is pricier than rivals, lacks
the keyboard used by text messagers and works only on an AT&T
Inc. network. Parents also may balk at the $200 penalty to
switch wireless carriers, no matter how much their kids beg.
Read more at Bloomberg Exclusive News
Cocoa Jumps in London After Plane of Ivory Coast Prime Minister Attacked
(Bloomberg) -- Cocoa jumped in London after a plane
carrying the prime minister of Ivory Coast, the world's biggest
grower of the beans, was attacked.
The plane carrying Guillaume Soro was attacked with rockets
and small handguns shortly after landing at an airport in the
central town of Bouake today, said Lee Woodyear, a United Nations
spokesman. While three people were killed, Soro survived the
attack, Agence France-Presse reported.
Read more at Bloomberg Commodities News
carrying the prime minister of Ivory Coast, the world's biggest
grower of the beans, was attacked.
The plane carrying Guillaume Soro was attacked with rockets
and small handguns shortly after landing at an airport in the
central town of Bouake today, said Lee Woodyear, a United Nations
spokesman. While three people were killed, Soro survived the
attack, Agence France-Presse reported.
Read more at Bloomberg Commodities News
S.Africa's ANC nears decision on leadership spat
(Reuters) - Mbeki has not ruled out running for a third term as ANC
chief although the country's constitution prevents him from
continuing to lead South Africa after 2009.
Read more at Reuters.com Bonds News
chief although the country's constitution prevents him from
continuing to lead South Africa after 2009.
Read more at Reuters.com Bonds News
S.Africa petrol prices to fall by 8 cents - government
(Reuters) - South Africa's petrol prices will fall by 8 cents a litre across all grades from July 4, the government said on Friday.
A statement from the minerals and energy department said the most-used 95 grade would drop to 7.16 rand a litre in the central Gauteng province, which includes the financial hub Johannesburg.
Read more at Reuters Africa
A statement from the minerals and energy department said the most-used 95 grade would drop to 7.16 rand a litre in the central Gauteng province, which includes the financial hub Johannesburg.
Read more at Reuters Africa
Stocks set to fall post Fed, price data looms
(Reuters) - By 0916 GMT, September Dow Jones futures fell 0.1 percent, while S&P 500 futures eased 0.07 percent, and Nasdaq 100 futures dipped 0.05 percent.
U.S. indexes ended little changed on Thursday as the Fed's post-meeting statement acknowledged a recent easing in the rate of core consumer inflation, but insisted price pressures were the central bank's main policy concern.
Read more at Reuters.com Business News
U.S. indexes ended little changed on Thursday as the Fed's post-meeting statement acknowledged a recent easing in the rate of core consumer inflation, but insisted price pressures were the central bank's main policy concern.
Read more at Reuters.com Business News
Oil Gains as U.S. Refineries Increase Output, Midwest Stockpiles Decline
(Bloomberg) -- Crude oil rose after supplies in the
U.S. Midwest fell to the lowest since March as refineries started
making more gasoline to meet summer demand.
Crude stockpiles in Cushing, Oklahoma, where the benchmark
West Texas Intermediate crude is priced, fell by 1.5 million
barrels last week, the Department of Energy said. Refineries
increased runs to 89.4 percent of capacity for the same week.
Read more at Bloomberg Energy News
U.S. Midwest fell to the lowest since March as refineries started
making more gasoline to meet summer demand.
Crude stockpiles in Cushing, Oklahoma, where the benchmark
West Texas Intermediate crude is priced, fell by 1.5 million
barrels last week, the Department of Energy said. Refineries
increased runs to 89.4 percent of capacity for the same week.
Read more at Bloomberg Energy News
Kim Squeezed as Japan's North Koreans Switch Allegiance, Stop Sending Aid
(Bloomberg) -- Kim Jong Il no longer supports the
government of North Korea.
Kim is a 66-year-old businessman who owns a shoe factory in
Kobe, Japan. In 1997, he resolved to switch his citizenship to
South Korea from North Korea after deciding that ``I could no
longer support a government that allowed children to starve to
death.''
Read more at Bloomberg Exclusive News
government of North Korea.
Kim is a 66-year-old businessman who owns a shoe factory in
Kobe, Japan. In 1997, he resolved to switch his citizenship to
South Korea from North Korea after deciding that ``I could no
longer support a government that allowed children to starve to
death.''
Read more at Bloomberg Exclusive News
Indonesia May Have Tin Futures Exchange Within Five Years, Official Says
(Bloomberg) -- Indonesia, the world's second-
largest tin producer after China, plans to set up an exchange to
trade futures in the metal, a trade ministry official said.
``We expect within five years to have a Jakarta Tin
Market,'' Diah Maulida, the ministry's director general of
foreign trade, told reporters in Jakarta. ``The plan is related
to our regulation on refined tin exports.''
Read more at Bloomberg Commodities News
largest tin producer after China, plans to set up an exchange to
trade futures in the metal, a trade ministry official said.
``We expect within five years to have a Jakarta Tin
Market,'' Diah Maulida, the ministry's director general of
foreign trade, told reporters in Jakarta. ``The plan is related
to our regulation on refined tin exports.''
Read more at Bloomberg Commodities News
Total Says Rosa Deepwater Oil Field Off Angola Began Production on June 18
(Bloomberg) -- Total SA, Europe's third-largest oil
company, said production started June 18 at its Rosa deepwater
oilfield off the coast of Angola.
Total said the Rosa field, which has proven and probable
reserves of 370 million barrels, will maintain the production
plateau of the Girassol platform at 250,000 barrels a day ``until
early in the next decade,'' the Paris-based company said today in
an e-mailed statement.
Read more at Bloomberg Energy News
company, said production started June 18 at its Rosa deepwater
oilfield off the coast of Angola.
Total said the Rosa field, which has proven and probable
reserves of 370 million barrels, will maintain the production
plateau of the Girassol platform at 250,000 barrels a day ``until
early in the next decade,'' the Paris-based company said today in
an e-mailed statement.
Read more at Bloomberg Energy News
Thursday, June 28, 2007
Botswana exchange rate 'broadly appropriate' - IMF
(Reuters) - The International Monetary Fund said on Thursday Botswana's exchange rate was "broadly appropriate" amid a strong current account, high reserves and growing exports outside diamonds.
Inflation in Botswana, one of southern Africa's most stable countries and a large diamond producer, has crept up following a 2005 currency devaluation and adoption of a crawling peg.
Read more at Reuters Africa
Inflation in Botswana, one of southern Africa's most stable countries and a large diamond producer, has crept up following a 2005 currency devaluation and adoption of a crawling peg.
Read more at Reuters Africa
FACTBOX-Asian investment banking fees hit H1 record
(Reuters) - The following is a ranking of the top 5 Asia Pacific
investment banks by revenue in the first half, according to
Dealogic, and a breakdown of revenue by type of deals.
H1
2006
BANK NET REVENUE PCT MKT SHR RANK
UBS $390 million 12.7 2
JPMorgan $196 million 6.4 3
Morgan Stanley $187 million 6.1 6
Goldman Sachs $171 million 5.6 1
Citigroup $167 million 5.4 5
NET REVENUE DEAL TYPE
Read more at Reuters.com Mergers News
investment banks by revenue in the first half, according to
Dealogic, and a breakdown of revenue by type of deals.
H1
2006
BANK NET REVENUE PCT MKT SHR RANK
UBS $390 million 12.7 2
JPMorgan $196 million 6.4 3
Morgan Stanley $187 million 6.1 6
Goldman Sachs $171 million 5.6 1
Citigroup $167 million 5.4 5
NET REVENUE DEAL TYPE
Read more at Reuters.com Mergers News
Alcatel-Lucent, Alitalia SpA, Siemens AG, Pirelli: European Equity Preview
(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 added 1 percent to 391.60. The Dow
Jones Stoxx 50 Index climbed 0.9 percent to 3922.48. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
increased 1 percent to 4457.99.
Read more at Bloomberg Stocks News
fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 added 1 percent to 391.60. The Dow
Jones Stoxx 50 Index climbed 0.9 percent to 3922.48. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
increased 1 percent to 4457.99.
Read more at Bloomberg Stocks News
Bernanke Unwilling to Declare Inflation Victory, Signals Unchanged Rates
(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke and his colleagues aren't ready to declare victory in
their battle against inflation.
The Federal Open Market Committee yesterday said the
decline in its preferred gauge of inflation isn't enough to
satisfy policy makers. ``A sustained moderation in inflation
pressures has yet to be convincingly demonstrated,'' the panel
said in a statement after a meeting in Washington at which it
also kept the benchmark interest rate at 5.25 percent.
Read more at Bloomberg Bonds News
Bernanke and his colleagues aren't ready to declare victory in
their battle against inflation.
The Federal Open Market Committee yesterday said the
decline in its preferred gauge of inflation isn't enough to
satisfy policy makers. ``A sustained moderation in inflation
pressures has yet to be convincingly demonstrated,'' the panel
said in a statement after a meeting in Washington at which it
also kept the benchmark interest rate at 5.25 percent.
Read more at Bloomberg Bonds News
Asia Currencies: Philippine Peso Heads for Fourth Quarterly Gain on Inflow
(Bloomberg) -- The Philippine peso headed for a
fourth quarterly gain on speculation workers abroad are sending
back more remittances and overseas funds are buying the nation's
stocks.
The peso is the second-best performer of 10 of the most-
traded Asian currencies this quarter as money sent home by
Filipinos employed overseas rises and the Philippine Stock
Exchange Index trades near a record high.
Read more at Bloomberg Currencies News
fourth quarterly gain on speculation workers abroad are sending
back more remittances and overseas funds are buying the nation's
stocks.
The peso is the second-best performer of 10 of the most-
traded Asian currencies this quarter as money sent home by
Filipinos employed overseas rises and the Philippine Stock
Exchange Index trades near a record high.
Read more at Bloomberg Currencies News
China Eastern Wins Approval to Sell Stake to Singapore Airlines, Temasek
(Bloomberg) -- China Eastern Airlines Corp., the
nation's third-largest carrier, won preliminary approval to sell
a stake to Singapore Airlines Ltd., which is seeking better
access to the world's second-largest aviation market.
Singapore Airlines and parent Temasek Holdings Pte. plan to
buy about 25 percent of China Eastern, Li Fenghua, the Chinese
carrier's chairman, said at a shareholders' meeting in Shanghai
today. Final details of the plan are now under discussion after
the State Administration of State-Owned Assets Commission
approved the deal, he added.
Read more at Bloomberg Emerging Markets News
nation's third-largest carrier, won preliminary approval to sell
a stake to Singapore Airlines Ltd., which is seeking better
access to the world's second-largest aviation market.
Singapore Airlines and parent Temasek Holdings Pte. plan to
buy about 25 percent of China Eastern, Li Fenghua, the Chinese
carrier's chairman, said at a shareholders' meeting in Shanghai
today. Final details of the plan are now under discussion after
the State Administration of State-Owned Assets Commission
approved the deal, he added.
Read more at Bloomberg Emerging Markets News
South Korea's Won Set for Quarterly Gain on Signs Economy Is Rebounding
(Bloomberg) -- South Korea's won headed for a
quarterly gain as growth in exports suggested the economy is
rebounding from a slowdown in the first three months of the year.
The nation's current account returned to surplus in May for
the first time in three months as shipments overseas increased,
the Bank of Korea said today. The won rose to the highest in
almost 10 years against the yen last week and touched the
strongest for 2007 in May versus the dollar, with consumer
confidence the highest in 14 months.
Read more at Bloomberg Currencies News
quarterly gain as growth in exports suggested the economy is
rebounding from a slowdown in the first three months of the year.
The nation's current account returned to surplus in May for
the first time in three months as shipments overseas increased,
the Bank of Korea said today. The won rose to the highest in
almost 10 years against the yen last week and touched the
strongest for 2007 in May versus the dollar, with consumer
confidence the highest in 14 months.
Read more at Bloomberg Currencies News
Australian Shares Rise, Led by BHP, Rio Tinto on Higher Metals, Oil Prices
(Bloomberg) -- Australian stocks gained for a second
day. BHP Billiton Ltd., Rio Tinto Group and Woodside Petroleum Ltd.
climbed along with the price of commodities such as copper, zinc
and crude oil.
The S&P/ASX 200 gained 10.30, or 0.2 percent, to 6275.90 at
10:11 a.m. in Sydney. About the same number of shares rose and
fell. The index is set to decline 1.7 percent this week.
Read more at Bloomberg Stocks News
day. BHP Billiton Ltd., Rio Tinto Group and Woodside Petroleum Ltd.
climbed along with the price of commodities such as copper, zinc
and crude oil.
The S&P/ASX 200 gained 10.30, or 0.2 percent, to 6275.90 at
10:11 a.m. in Sydney. About the same number of shares rose and
fell. The index is set to decline 1.7 percent this week.
Read more at Bloomberg Stocks News
Oregon state appeals Freightliner fraud settlement
(Reuters) - In December, the court ordered Portland-based Freightliner
to pay MAN at least $488 million and, with DaimlerChrysler, an
additional $350 million in punitive damages -- an amount
believed to be the largest such award ever in Oregon.
But the parties struck a new deal in late May that excluded
punitive damages, and Judge Kathleen Dailey approved that deal
on June 7.
Read more at Reuters.com Bonds News
to pay MAN at least $488 million and, with DaimlerChrysler, an
additional $350 million in punitive damages -- an amount
believed to be the largest such award ever in Oregon.
But the parties struck a new deal in late May that excluded
punitive damages, and Judge Kathleen Dailey approved that deal
on June 7.
Read more at Reuters.com Bonds News
Australian Dollar Strengthens for Second Day on Appeal of Higher Yields
(Bloomberg) -- The Australian dollar rose for the
second day against the U.S. currency and yen as investors were
attracted to the nation's higher yielding assets.
The currency was headed for the fifth-straight quarterly
advance against the U.S. dollar and yen on Australia's 6.25
percent interest rate. Traders have taken advantage of the yield
over Japan's 0.5 percent benchmark by borrowing money there and
buying Australia's higher returning assets, in a strategy known
as the carry trade.
Read more at Bloomberg Currencies News
second day against the U.S. currency and yen as investors were
attracted to the nation's higher yielding assets.
The currency was headed for the fifth-straight quarterly
advance against the U.S. dollar and yen on Australia's 6.25
percent interest rate. Traders have taken advantage of the yield
over Japan's 0.5 percent benchmark by borrowing money there and
buying Australia's higher returning assets, in a strategy known
as the carry trade.
Read more at Bloomberg Currencies News
UPDATE 2-Career Education to close Penn., Calif. schools
(Reuters) - The Hoffman Estates, Illinois-based company does not
believe the closures will materially affect second-quarter
results, said a company spokesman.
Two of the schools slated for closure, the Long Beach and
Sunnyvale, California campuses of Brooks College, had been for
sale.
Read more at Reuters.com Bonds News
believe the closures will materially affect second-quarter
results, said a company spokesman.
Two of the schools slated for closure, the Long Beach and
Sunnyvale, California campuses of Brooks College, had been for
sale.
Read more at Reuters.com Bonds News
RIM subscriber additions lead profit, revenue surge
(Reuters) - RIM said it earned $223.2 million, or $1.17 a share, for
the three months ended June 2. That was up a profit of $128.8
million, or 67 cents a share, in the same period a year
earlier.
Read more at Reuters.com Market News
the three months ended June 2. That was up a profit of $128.8
million, or 67 cents a share, in the same period a year
earlier.
Read more at Reuters.com Market News
UPDATE 3-RIM profit surges, sets stock split, shares jump
(Reuters) - TORONTO, June 28 - BlackBerry maker Research In
Motion Ltd. reported a higher first-quarter
profit on Thursday, beating expectations and sending its shares
higher as it added more subscribers for its popular wireless
e-mail devices than it had forecast.
The company also announced a three-for-one share split,
which it plans to implement through a stock dividend.
Read more at Reuters.com Market News
Motion Ltd. reported a higher first-quarter
profit on Thursday, beating expectations and sending its shares
higher as it added more subscribers for its popular wireless
e-mail devices than it had forecast.
The company also announced a three-for-one share split,
which it plans to implement through a stock dividend.
Read more at Reuters.com Market News
UPDATE 1-Hard disk maker Western Digital to buy rival Komag
(Reuters) - SAN FRANCISCO, June 28 - Western Digital Corp.
has agreed to acquire Komag Inc. , one of its
last rivals in the U.S. hard disk drive industry, for about $1
billion in cash, the companies said on Thursday.
The proposed merger comes amid a sharp fall in prices in
the highly commoditized computer disk-drive industry, once one
of the bedrock manufacturing sectors in Silicon Valley.
Read more at Reuters.com Mergers News
has agreed to acquire Komag Inc. , one of its
last rivals in the U.S. hard disk drive industry, for about $1
billion in cash, the companies said on Thursday.
The proposed merger comes amid a sharp fall in prices in
the highly commoditized computer disk-drive industry, once one
of the bedrock manufacturing sectors in Silicon Valley.
Read more at Reuters.com Mergers News
St. Jude Medical says pacemaker feature gets OK
(Reuters) - The approval is for the QuickOpt timing cycle optimization, the company said in a statement.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
American Home Mortgage pulls outlook on credit losses
(Reuters) - Analysts on average expected profit per share of 75 cents for the second quarter and $3.14 for the year.
The company specializes in prime and near-prime loans, and makes roughly 2.5 percent of all U.S. mortgages.
Read more at Reuters.com Bonds News
The company specializes in prime and near-prime loans, and makes roughly 2.5 percent of all U.S. mortgages.
Read more at Reuters.com Bonds News
Cotton Falls From Three-Year High as U.S. Exports May Be Short of Forecast
(Bloomberg) -- Cotton fell from a three-year high
in New York after U.S. weekly exports declined 15 percent,
indicating that shipments may fall short of the Department of
Agriculture's forecast.
Exports of upland cotton in the week ended June 21 fell to
373,539 bales, according to the USDA. The department has
forecast exports of 13 million bales for the marketing year,
leaving 9.8 million unsold by July 31, the most in 40 years.
Read more at Bloomberg Commodities News
in New York after U.S. weekly exports declined 15 percent,
indicating that shipments may fall short of the Department of
Agriculture's forecast.
Exports of upland cotton in the week ended June 21 fell to
373,539 bales, according to the USDA. The department has
forecast exports of 13 million bales for the marketing year,
leaving 9.8 million unsold by July 31, the most in 40 years.
Read more at Bloomberg Commodities News
Petro-Canada, Partners Plan to Invest $24.6 Billion in Oil-Sands Project
(Bloomberg) -- Petro-Canada, the third-largest oil
company in Canada, and its partners will spend C$26.2 billion
($24.6 billion) on an oil-sands project in northern Alberta
that's one of the world's most costly energy developments.
The Fort Hills project is expected to produce 280,000
barrels of oil a day from the tar-like deposits by 2014, with
output starting in the second quarter of 2012, the Calgary-based
company said today in a statement. The project, under development
for more than five years, will tap oil reserves second only to
those in Saudi Arabia.
Read more at Bloomberg Energy News
company in Canada, and its partners will spend C$26.2 billion
($24.6 billion) on an oil-sands project in northern Alberta
that's one of the world's most costly energy developments.
The Fort Hills project is expected to produce 280,000
barrels of oil a day from the tar-like deposits by 2014, with
output starting in the second quarter of 2012, the Calgary-based
company said today in a statement. The project, under development
for more than five years, will tap oil reserves second only to
those in Saudi Arabia.
Read more at Bloomberg Energy News
Treasuries Decline After Fed Says Inflation Remains `Predominant' Concernn
(Bloomberg) -- Treasuries fell after the Federal
Reserve said inflation remained its ``predominant'' concern
while keeping the benchmark lending rate unchanged for an eighth
consecutive meeting at 5.25 percent.
``The Fed is signaling it wants it proven first that
inflation is down and will stay down,'' said Gerald Lucas,
senior investment strategist in New York at Deutsche Bank AG,
one of the 21 primary U.S. government securities dealers that
trade with the Fed. ``Inflation and the perception that the Fed
will remain on hold is what the market is reacting to.''
Read more at Bloomberg Bonds News
Reserve said inflation remained its ``predominant'' concern
while keeping the benchmark lending rate unchanged for an eighth
consecutive meeting at 5.25 percent.
``The Fed is signaling it wants it proven first that
inflation is down and will stay down,'' said Gerald Lucas,
senior investment strategist in New York at Deutsche Bank AG,
one of the 21 primary U.S. government securities dealers that
trade with the Fed. ``Inflation and the perception that the Fed
will remain on hold is what the market is reacting to.''
Read more at Bloomberg Bonds News
Already sprawling, Onex expands reach with GM deal
(Reuters) - TORONTO, June 28 - With investments as diverse as
cosmetics, electronics, aircraft manufacturing and movie
theaters, Onex Corp. again expanded its portfolio on
Thursday by announcing it would buy a stake in General Motors
Corp.'s Allison Transmission unit.
Onex, Canada's only large publicly traded private-equity
firm, has been buying companies in an array of industries since
1983.
Read more at Reuters.com Mergers News
cosmetics, electronics, aircraft manufacturing and movie
theaters, Onex Corp. again expanded its portfolio on
Thursday by announcing it would buy a stake in General Motors
Corp.'s Allison Transmission unit.
Onex, Canada's only large publicly traded private-equity
firm, has been buying companies in an array of industries since
1983.
Read more at Reuters.com Mergers News
British Airways to be patient on Iberia: CEO
(Reuters) - British Airways is part of a consortium led by private equity firm Texas Pacific Group that has bid 3.60 euros a share for Iberia.
Iberia did not discuss the offer at its monthly board meeting on Thursday, a spokeswoman for the Spanish airline said, despite a previous commitment to do so.
Read more at Reuters.com Mergers News
Iberia did not discuss the offer at its monthly board meeting on Thursday, a spokeswoman for the Spanish airline said, despite a previous commitment to do so.
Read more at Reuters.com Mergers News
Cattle Futures Gain for Second Day on South Korea Imports; Hog Prices Fall
(Bloomberg) -- Cattle rose for a second-straight
session in Chicago as the restoration of South Korean beef
imports from the U.S. spurred cattle buying. Hog futures fell.
South Korea resumed purchases this week from six plants
owned by Tyson Foods Inc. and Cargill Inc., the two-largest U.S.
beef packers. The Asian country banned beef from the plants on
May 29 after receiving shipments intended for U.S. consumption.
South Korea was the third-largest importer of U.S. beef until a
mad-cow case in 2003.
Read more at Bloomberg Commodities News
session in Chicago as the restoration of South Korean beef
imports from the U.S. spurred cattle buying. Hog futures fell.
South Korea resumed purchases this week from six plants
owned by Tyson Foods Inc. and Cargill Inc., the two-largest U.S.
beef packers. The Asian country banned beef from the plants on
May 29 after receiving shipments intended for U.S. consumption.
South Korea was the third-largest importer of U.S. beef until a
mad-cow case in 2003.
Read more at Bloomberg Commodities News
DAX Benchmark Rises; Postbank Jumps After Commerzbank Expresses Interest
(Bloomberg) -- Germany's benchmark DAX Index rose
for the first time in six days, led by Deutsche Postbank AG after
Commerzbank AG said the rival would be an ``excellent addition.''
MAN AG and Henkel KGaA also gained.
The DAX added 120.36, or 1.5 percent, to 7921.36. DAX
futures expiring in September increased 1.5 percent to 7998 at
5:51 p.m. in Frankfurt. The HDAX Index of the country's 110
biggest companies climbed 1.6 percent.
Read more at Bloomberg Stocks News
for the first time in six days, led by Deutsche Postbank AG after
Commerzbank AG said the rival would be an ``excellent addition.''
MAN AG and Henkel KGaA also gained.
The DAX added 120.36, or 1.5 percent, to 7921.36. DAX
futures expiring in September increased 1.5 percent to 7998 at
5:51 p.m. in Frankfurt. The HDAX Index of the country's 110
biggest companies climbed 1.6 percent.
Read more at Bloomberg Stocks News
Harbinger steps up proxy fight for Ryerson
(Reuters) - The nominees stand for election at Ryerson's Aug. 23
meeting. Ryerson set the meeting date earlier this month after
Harbinger sued the company, saying that it had delayed its
meeting past the legal limit.
Ryerson earlier this year delayed its annual meeting and
hired UBS to look at strategic alternatives, including a
possible sale as it sought to fight off Harbinger.
Read more at Reuters.com Mergers News
meeting. Ryerson set the meeting date earlier this month after
Harbinger sued the company, saying that it had delayed its
meeting past the legal limit.
Ryerson earlier this year delayed its annual meeting and
hired UBS to look at strategic alternatives, including a
possible sale as it sought to fight off Harbinger.
Read more at Reuters.com Mergers News
British Airways to be patient on Iberia - CEO
(Reuters) - offer, its chief executive said on Thursday. British Airways is part of a consortium led by private equity firm Texas Pacific Group [TPG.UL] that has bid 3.60 euros a share for Iberia.
The offer is expected to be rejected by Iberia's board at a meeting on Thursday in the hopes of receiving a rival bid, according to a source familiar with the situation.
Read more at Reuters.com Bonds News
The offer is expected to be rejected by Iberia's board at a meeting on Thursday in the hopes of receiving a rival bid, according to a source familiar with the situation.
Read more at Reuters.com Bonds News
Cisco, CKE, Dillard's, General Motors, LSI, Meridian: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:45 a.m. New York time.
Atmel Corp. (ATML US) gained 9 cents, or 1.6 percent, to
$5.80. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.
Read more at Bloomberg Stocks News
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:45 a.m. New York time.
Atmel Corp. (ATML US) gained 9 cents, or 1.6 percent, to
$5.80. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.
Read more at Bloomberg Stocks News
IMF chief Rato says to step down in October
(Reuters) - International Monetary Fund Managing Director Rodrigo Rato said on Thursday he would step down from his post in October for "personal reasons," cutting short his term.
Rato, who took office June 7, 2004, said he would depart after the IMF's fall meetings in October.
Read more at Reuters Africa
Rato, who took office June 7, 2004, said he would depart after the IMF's fall meetings in October.
Read more at Reuters Africa
Security Benefit to acquire Rydex Investments
(Reuters) - Rydex, based in Rockville, Maryland, manages more than $15
billion in mutual funds, exchange-traded funds and
institutional products.
The combined firm will manage about $35 billion in assets,
the announcement said.
Read more at Reuters.com Mergers News
billion in mutual funds, exchange-traded funds and
institutional products.
The combined firm will manage about $35 billion in assets,
the announcement said.
Read more at Reuters.com Mergers News
Mexico May Be Closing in on Credit Rating Increase, S&P's Mukherji Says
(Bloomberg) -- Mexico's chances of a credit rating
increase are improving as President Felipe Calderon moves toward
garnering congressional approval for legislation that would boost
tax collection, said Joydeep Mukherji, a sovereign ratings
director at Standard and Poor's.
The government last week sent legislators a proposal to
boost annual tax revenue by the equivalent of 3 percent of gross
domestic product in an effort to ease Mexico's dependence on oil
export income and keep the budget deficit in check.
Read more at Bloomberg Emerging Markets News
increase are improving as President Felipe Calderon moves toward
garnering congressional approval for legislation that would boost
tax collection, said Joydeep Mukherji, a sovereign ratings
director at Standard and Poor's.
The government last week sent legislators a proposal to
boost annual tax revenue by the equivalent of 3 percent of gross
domestic product in an effort to ease Mexico's dependence on oil
export income and keep the budget deficit in check.
Read more at Bloomberg Emerging Markets News
Grain Supply, Stock Forecasts Cut by Council on Drought, Canadian Sowings
(Bloomberg) -- Global stockpiles of grains such as
wheat and corn will be 1.7 percent lower than previously
forecast because of drought in Europe and fewer sowings in
Canada, the International Grains Council said.
Inventories for the year ending June 2008 will 236 million
tons, the lowest in 30 years, the London-based council said in
an e-mailed report today. Its May forecast was 240 million tons.
Grain production in the year will be 1.66 billion metric tons,
0.6 percent less than previously forecast.
Read more at Bloomberg Commodities News
wheat and corn will be 1.7 percent lower than previously
forecast because of drought in Europe and fewer sowings in
Canada, the International Grains Council said.
Inventories for the year ending June 2008 will 236 million
tons, the lowest in 30 years, the London-based council said in
an e-mailed report today. Its May forecast was 240 million tons.
Grain production in the year will be 1.66 billion metric tons,
0.6 percent less than previously forecast.
Read more at Bloomberg Commodities News
Carlyle Group Reduces Size of $400 Million Mortgage Fund IPO by 25 Percent
(Bloomberg) -- Carlyle Group, the buyout firm run by
David Rubenstein, cut the size of the initial public offering for
a fund that invests in bonds backed by mortgages by 25 percent to
$300 million after a slump in the U.S. subprime market.
Carlyle trimmed the offering from $400 million and reduced
the price of the shares to $19 from a range of $20 to $22,
Carlyle Capital Chief Executive Officer John Stomber said in an
interview today. The firm said earlier in a statement it would
delay the pricing of the fund, which will mostly invest in AAA
rated residential mortgage-backed securities. The fund also
targets loans, junk bonds and collateralized debt obligations.
Read more at Bloomberg Bonds News
David Rubenstein, cut the size of the initial public offering for
a fund that invests in bonds backed by mortgages by 25 percent to
$300 million after a slump in the U.S. subprime market.
Carlyle trimmed the offering from $400 million and reduced
the price of the shares to $19 from a range of $20 to $22,
Carlyle Capital Chief Executive Officer John Stomber said in an
interview today. The firm said earlier in a statement it would
delay the pricing of the fund, which will mostly invest in AAA
rated residential mortgage-backed securities. The fund also
targets loans, junk bonds and collateralized debt obligations.
Read more at Bloomberg Bonds News
UPDATE 1-Equinix agrees to buy IXEurope for 241 mln stg
(Reuters) - Equinix said it would pay 125 pence per share in the British
data centre group, disappointing investors and analysts who felt
the deal undervalued IXEurope's potential.
Shares in the company, which had closed at 131-1/2 pence on
Wednesday, slid 6.5 percent to 123p.
Read more at Reuters.com Mergers News
data centre group, disappointing investors and analysts who felt
the deal undervalued IXEurope's potential.
Shares in the company, which had closed at 131-1/2 pence on
Wednesday, slid 6.5 percent to 123p.
Read more at Reuters.com Mergers News
US STOCKS-Futures edge lower on signs of core inflation
(Reuters) - NEW YORK, June 28 - Standard & Poor's 500 stock
index futures dipped on Thursday after government data showed
first-quarter core personal consumption spending, an inflation
gauge favored by the Federal Reserve, was revised higher.
PCE excluding food and energy was revised up during the
quarter to a 2.4 percent rate from the prior 2.2 percent
estimate. This will likely be weighed by Fed officials as they
conclude their two-day policy meeting later on Thursday.
Read more at Reuters.com Bonds News
index futures dipped on Thursday after government data showed
first-quarter core personal consumption spending, an inflation
gauge favored by the Federal Reserve, was revised higher.
PCE excluding food and energy was revised up during the
quarter to a 2.4 percent rate from the prior 2.2 percent
estimate. This will likely be weighed by Fed officials as they
conclude their two-day policy meeting later on Thursday.
Read more at Reuters.com Bonds News
First-quarter growth weakest in 4 years
(Reuters) - It was the weakest quarterly expansion in gross domestic product, or GDP, since 2002. The slowdown came as businesses sold off inventories, though consumer spending remained strong.
However, the report's inflation gauge, the Personal Consumption Expenditures price index, showed price pressures were stronger than expected.
Read more at Reuters.com Business News
However, the report's inflation gauge, the Personal Consumption Expenditures price index, showed price pressures were stronger than expected.
Read more at Reuters.com Business News
UPDATE 1-U.S. jobless claims fall 13,000 in latest week
(Reuters) - Analysts polled by Reuters were expecting claims to slip to
318,000 in the week ending June 23 from the previous week. New
jobless claims were revised to 326,000 from 324,000 in the week
ending June 16.
The report was "a little stronger than had been expected
... but it was an improvement. This I think is kind of
encouraging for economic activity." said Michael Metz, chief
investment strategist, Oppenheimer & Co. in New York.
Read more at Reuters.com Economic News
318,000 in the week ending June 23 from the previous week. New
jobless claims were revised to 326,000 from 324,000 in the week
ending June 16.
The report was "a little stronger than had been expected
... but it was an improvement. This I think is kind of
encouraging for economic activity." said Michael Metz, chief
investment strategist, Oppenheimer & Co. in New York.
Read more at Reuters.com Economic News
Canada's Dollar Reaches Highest in Almost Two Weeks on Increase in Oil
(Bloomberg) -- The Canadian dollar rose to the
highest in almost two weeks on speculation an advance in crude
oil will lift the country's economic growth.
Investors also pushed up the Canadian dollar against the
yen as a rebound in Asia and European stocks encouraged
investors to seek higher-yielding assets funded by loans in
Japan, a practice known as the carry trade. Commodities
including oil make up about half of Canada's exports.
Read more at Bloomberg Currencies News
highest in almost two weeks on speculation an advance in crude
oil will lift the country's economic growth.
Investors also pushed up the Canadian dollar against the
yen as a rebound in Asia and European stocks encouraged
investors to seek higher-yielding assets funded by loans in
Japan, a practice known as the carry trade. Commodities
including oil make up about half of Canada's exports.
Read more at Bloomberg Currencies News
U.S. 2007 first-quarter GDP growth up 0.7 pct
(Reuters) - Businesses cut inventories at a $4.2 billion annual rate during the quarter, the department said, slightly less than the $4.5 billion annual rate in the previous estimate for the quarter but still big enough to pull growth down during the quarter.
In the report, personal consumption spending that fuels two-thirds of national economic activity rose at a 4.2 percent rate, slightly lower than the 4.4 percent rate estimated a month ago but still a strong underpinning to keep the economy growing.
Read more at Reuters.com Economic News
In the report, personal consumption spending that fuels two-thirds of national economic activity rose at a 4.2 percent rate, slightly lower than the 4.4 percent rate estimated a month ago but still a strong underpinning to keep the economy growing.
Read more at Reuters.com Economic News
Amazon, Cisco, Family Dollar, Intel, Meridian Gold: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8 a.m. New York time.
Amazon.com Inc. (AMZN US): RBC Capital raised its share-
price estimate for the world's biggest online retailer to $75
from $45, citing high short interest. The shares rose 66 cents to
$68.14 in regular trading yesterday.
Read more at Bloomberg Stocks News
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8 a.m. New York time.
Amazon.com Inc. (AMZN US): RBC Capital raised its share-
price estimate for the world's biggest online retailer to $75
from $45, citing high short interest. The shares rose 66 cents to
$68.14 in regular trading yesterday.
Read more at Bloomberg Stocks News
Rite Aid posts higher quarterly profit
(Reuters) - Analysts, on average, expected the Camp Hill,
Pennsylvania-based retailer to post a loss of 1 cent per share,
according to Reuters Estimates.
Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.
Read more at Reuters.com Market News
Pennsylvania-based retailer to post a loss of 1 cent per share,
according to Reuters Estimates.
Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.
Read more at Reuters.com Market News
Publicis, Dassault Systemes in 3D online venture
(Reuters) - PARIS, June 28 - French advertising group Publicis
and software group Dassault Systemes will
create a joint venture in 3D online marketing in a bid to boost
advertising sales, the two companies said on Thursday.
The Paris-based venture named 3dswym -- an acronym for 3DSee
What You Mean -- will be 51 percent owned by Publicis and 49
percent by Dassault Systemes and will allow marketers to reach
consumers directly and to create and adapt new consumer goods
together, the joint statement said.
Read more at Reuters.com Mergers News
and software group Dassault Systemes will
create a joint venture in 3D online marketing in a bid to boost
advertising sales, the two companies said on Thursday.
The Paris-based venture named 3dswym -- an acronym for 3DSee
What You Mean -- will be 51 percent owned by Publicis and 49
percent by Dassault Systemes and will allow marketers to reach
consumers directly and to create and adapt new consumer goods
together, the joint statement said.
Read more at Reuters.com Mergers News
U.S. Stock-Index Futures Are Little Changed; Apple Shares Climb in Europe
(Bloomberg) -- U.S. stock-index futures were little
changed before the Federal Reserve announces its interest-rate
decision and comments on the economic and inflation outlook.
Apple Inc. shares gained in Europe after the Financial Times
reported Motorola Inc., the world's second-biggest mobile-phone
maker, is worried about the iPhone. Monsanto Co., the world's
biggest seed producer, rose before reporting earnings. Bed Bath &
Beyond Inc., the largest U.S. home-furnishings retailer, fell
after saying profit may decline.
Read more at Bloomberg Stocks News
changed before the Federal Reserve announces its interest-rate
decision and comments on the economic and inflation outlook.
Apple Inc. shares gained in Europe after the Financial Times
reported Motorola Inc., the world's second-biggest mobile-phone
maker, is worried about the iPhone. Monsanto Co., the world's
biggest seed producer, rose before reporting earnings. Bed Bath &
Beyond Inc., the largest U.S. home-furnishings retailer, fell
after saying profit may decline.
Read more at Bloomberg Stocks News
S.Africa May PPI quickens to 11.3 pct y/y
(Reuters) - South Africa's producer price inflation accelerated to 11.3 percent year-on-year in May after a 11.1 percent increase in April, slightly above forecasts, official data showed on Thursday.
On a monthly basis, PPI increased by 1.1 percent after a 1.7 percent increase in April.
Read more at Reuters Africa
On a monthly basis, PPI increased by 1.1 percent after a 1.7 percent increase in April.
Read more at Reuters Africa
Commods fuel FTSE recovery in global stocks bounce
(Reuters) - Britain's leading shares jumped 0.7 percent on Thursday, with commodities hoisting the index into the black as global equities took heart from a rebound on Wall Street.
All FTSE 100 mining and oil shares traded higher, adding nearly 20 points to the index's upside as copper bounced back and oil edged higher as U.S. gasoline inventories fell.
Read more at Reuters Africa
All FTSE 100 mining and oil shares traded higher, adding nearly 20 points to the index's upside as copper bounced back and oil edged higher as U.S. gasoline inventories fell.
Read more at Reuters Africa
Nestle strengthens on upgrade, L'Oreal buyback
(Reuters) - Separately, Deutsche Bank raised its investor recommendation on Nestle to buy from hold with a target price 520 francs, traders said.
Nestle shares were up 2.34 percent at 459.25 francs at 0721 GMT, the lead gainer in the European food and beverage sector , which was up 0.7 percent at the same time.
Read more at Reuters.com Hot Stocks News
Nestle shares were up 2.34 percent at 459.25 francs at 0721 GMT, the lead gainer in the European food and beverage sector , which was up 0.7 percent at the same time.
Read more at Reuters.com Hot Stocks News
Colombia, Brazil, Chile, Peru, Venezuela: Latin America Local Bond Preview
(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.
Argentina: Supermarket sales by volume rose 12.4 percent in
May from a year earlier, the National Statistics Institute said.
Supermarkets sold 2.4 billion pesos ($776 million) worth of
goods, the institute said in a report issued yesterday in Buenos
Aires. Shopping center sales by volume rose 13.3 percent from
May last year.
Read more at Bloomberg Bonds News
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.
Argentina: Supermarket sales by volume rose 12.4 percent in
May from a year earlier, the National Statistics Institute said.
Supermarkets sold 2.4 billion pesos ($776 million) worth of
goods, the institute said in a report issued yesterday in Buenos
Aires. Shopping center sales by volume rose 13.3 percent from
May last year.
Read more at Bloomberg Bonds News
Red Hat CEO says he talked patents with Microsoft
(Reuters) - The developer of Linux software, has yet to sign such a deal which could see Novell, its biggest rival, woo customers away from Red Hat and work on product development and sales with the world's No.1 software maker.
In an interview with Reuters, Szulik declined to say whether his company is now in negotiations with Microsoft over signing such a patent agreement.
Read more at Reuters.com Business News
In an interview with Reuters, Szulik declined to say whether his company is now in negotiations with Microsoft over signing such a patent agreement.
Read more at Reuters.com Business News
Ford offers month-end incentives
(Reuters) - The sale, which begins on Thursday and runs through July 9, will offer an additional $2,007 in cash to customers buying 2007-model Ford, Lincoln or Mercury trucks or sport utility vehicles.
The announcement comes after larger rival General Motors Corp. said on Tuesday it would offer qualified buyers zero-percent financing for three years with an additional $1,000 cash on select vehicles.
Read more at Reuters.com Business News
The announcement comes after larger rival General Motors Corp. said on Tuesday it would offer qualified buyers zero-percent financing for three years with an additional $1,000 cash on select vehicles.
Read more at Reuters.com Business News
Wednesday, June 27, 2007
Yield rises at Egyptian 63-day deposit auction
(Reuters) - The average yield rose at a 63-day deposit auction by the Central Bank of Egypt on Wednesday to 9.049 percent from 8.986 percent a week earlier.
The bank accepted bids for 1.51 billion Egyptian pounds ranging from 8.9 to 9.12 percent, the central bank said.
Read more at Reuters Africa
The bank accepted bids for 1.51 billion Egyptian pounds ranging from 8.9 to 9.12 percent, the central bank said.
Read more at Reuters Africa
S.Africa's Mboweni warns interest rate "too low"
(Reuters) - South Africa's central bank Governor, Tito Mboweni, warned on Wednesday that interest rates may be too low, hinting they may have to rise again in Africa's biggest economy.
"Maybe we have been far too nice to our people and interest rates have been too low," he told a dinner in Pretoria, adding that inflation data released on Wednesday was disappointing.
Read more at Reuters Africa
"Maybe we have been far too nice to our people and interest rates have been too low," he told a dinner in Pretoria, adding that inflation data released on Wednesday was disappointing.
Read more at Reuters Africa
UPDATE 2-Yamana, Northern Orion bid for Meridian Gold
(Reuters) - They said a three-way combination would create a gold
producer with a strong presence in Latin America, producing 1.4
million ounces of gold per year by 2009, more than double the
combined 2006 level. It would control six mining and development
projects in Brazil, Chile and Argentina.
Under the deal Northern Orion shareholders would receive
0.543 of a Yamana share, or C$7.07 based on Yamana's Wednesday
closing price. Meridian shareholders would receive 2.235 of a
Yamana share plus C$3.15 in cash, Yamana and Northern said.
Read more at Reuters.com Mergers News
producer with a strong presence in Latin America, producing 1.4
million ounces of gold per year by 2009, more than double the
combined 2006 level. It would control six mining and development
projects in Brazil, Chile and Argentina.
Under the deal Northern Orion shareholders would receive
0.543 of a Yamana share, or C$7.07 based on Yamana's Wednesday
closing price. Meridian shareholders would receive 2.235 of a
Yamana share plus C$3.15 in cash, Yamana and Northern said.
Read more at Reuters.com Mergers News
Asian Oil-Product Tanker Rates Rise After Japan's Product Inventory Falls
(Bloomberg) -- Asian freight rates for shipping
jet fuel, gasoline and other clean petroleum products were
mostly higher on a dearth of vessels and may rise in the next
few days following a drop in Japan's oil product inventories.
The cost of hiring medium-range or MR tankers capable of
shipping 30,000-ton oil-product cargoes on the benchmark
Singapore-Japan rose for a third straight day, according to the
London-based Baltic Exchange. It added 2.2 percent to
Worldscale 203.33 yesterday, up 2.6 percent from June 22.
Read more at Bloomberg Energy News
jet fuel, gasoline and other clean petroleum products were
mostly higher on a dearth of vessels and may rise in the next
few days following a drop in Japan's oil product inventories.
The cost of hiring medium-range or MR tankers capable of
shipping 30,000-ton oil-product cargoes on the benchmark
Singapore-Japan rose for a third straight day, according to the
London-based Baltic Exchange. It added 2.2 percent to
Worldscale 203.33 yesterday, up 2.6 percent from June 22.
Read more at Bloomberg Energy News
Converium, Escada, Iberdrola, Merck, Tod's, UBS: European Equity Preview
(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.5 percent to 387.69. The Dow
Jones Stoxx 50 Index declined 0.3 percent to 3886.99. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
fell 0.5 percent to 4412.12.
Read more at Bloomberg Stocks News
fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.5 percent to 387.69. The Dow
Jones Stoxx 50 Index declined 0.3 percent to 3886.99. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
fell 0.5 percent to 4412.12.
Read more at Bloomberg Stocks News
Yen Recoups Loss as Traders Reduce Selling Before Fed Ends Rate Meeting
(Bloomberg) -- The yen recouped losses against the
dollar and euro as traders reduced bets on a weaker currency
before a Federal Reserve meeting that ends today.
The Fed is expected to keep its target rate for overnight
lending between banks at 5.25 percent. Futures show traders
priced in higher odds of an interest-rate cut this year. Japan's
yen had snapped a three-day winning streak, declining against 14
of the 16 most-active currencies, after U.S. stocks gained.
Read more at Bloomberg Currencies News
dollar and euro as traders reduced bets on a weaker currency
before a Federal Reserve meeting that ends today.
The Fed is expected to keep its target rate for overnight
lending between banks at 5.25 percent. Futures show traders
priced in higher odds of an interest-rate cut this year. Japan's
yen had snapped a three-day winning streak, declining against 14
of the 16 most-active currencies, after U.S. stocks gained.
Read more at Bloomberg Currencies News
Japanese Government Bonds Drop, Halting Four-Day Rally, as Stocks Advance
(Bloomberg) -- Japan's government bonds dropped,
halting a four-day advance, after gains in stocks reduced demand
for debt.
Benchmark 10-year bonds ended the longest rally since March
as investors stayed away from securities with the lowest yields
in almost three weeks. The gain in stocks outweighed a
government report today that showed an unexpected decline in
industrial production.
Read more at Bloomberg Bonds News
halting a four-day advance, after gains in stocks reduced demand
for debt.
Benchmark 10-year bonds ended the longest rally since March
as investors stayed away from securities with the lowest yields
in almost three weeks. The gain in stocks outweighed a
government report today that showed an unexpected decline in
industrial production.
Read more at Bloomberg Bonds News
Japanese Shares Rise as Yen Weakens; Honda Leads Gains, Bridgestone Jumps
(Bloomberg) -- Japanese stocks advanced, helping
the Nikkei 225 Stock Average rebound from a four-day slide,
after the yen reversed a strengthening trend and some U.S.
investment houses said they see few risks of widespread turmoil
in credit markets.
Honda Motor Co. jumped 2.3 percent, after sliding 1.6
percent during the past three sessions as the yen strengthened
and a weakening U.S. housing market increased concern consumer
demand would be curbed and that investors would favor bonds over
stocks. Toyota Motor Corp. rose after Goldman, Sachs & Co.
lifted its recommendation on the shares to ``buy.''
Read more at Bloomberg Stocks News
the Nikkei 225 Stock Average rebound from a four-day slide,
after the yen reversed a strengthening trend and some U.S.
investment houses said they see few risks of widespread turmoil
in credit markets.
Honda Motor Co. jumped 2.3 percent, after sliding 1.6
percent during the past three sessions as the yen strengthened
and a weakening U.S. housing market increased concern consumer
demand would be curbed and that investors would favor bonds over
stocks. Toyota Motor Corp. rose after Goldman, Sachs & Co.
lifted its recommendation on the shares to ``buy.''
Read more at Bloomberg Stocks News
UPDATE 1-Image Entertainment post Q4 loss; sees 2008 profit
(Reuters) - "This quarter's loss is primarily because of the write-off
of distribution and music publishing advances paid to and on
behalf of one of our content providers, Source Entertainment,"
Chief Executive Martin Greenwald said in a statement.
He added that they also continue to accrue legal and other
expenses related to their takeover by BTP Acquisition Co. LLC.,
an investor group led by financier and film producer David
Bergstein, which pushed them into the red this quarter.
Read more at Reuters.com Market News
of distribution and music publishing advances paid to and on
behalf of one of our content providers, Source Entertainment,"
Chief Executive Martin Greenwald said in a statement.
He added that they also continue to accrue legal and other
expenses related to their takeover by BTP Acquisition Co. LLC.,
an investor group led by financier and film producer David
Bergstein, which pushed them into the red this quarter.
Read more at Reuters.com Market News
Schroder's Parbrook Likes China, Not China Stocks, for Top Hong Kong Fund
(Bloomberg) -- Robin Parbrook's fund has beaten its
rivals in Hong Kong in the past year by steering away from
companies in China, the world's fastest growing major economy and
home to the world's top-performing stock market.
Parbrook instead has focused on companies such as Hong Kong-
based Jardine Matheson Holdings Ltd., which runs hotels worldwide,
and Standard Chartered Plc, a London-based bank that makes most of
its money in Asia and is expanding in China.
Read more at Bloomberg Stocks News
rivals in Hong Kong in the past year by steering away from
companies in China, the world's fastest growing major economy and
home to the world's top-performing stock market.
Parbrook instead has focused on companies such as Hong Kong-
based Jardine Matheson Holdings Ltd., which runs hotels worldwide,
and Standard Chartered Plc, a London-based bank that makes most of
its money in Asia and is expanding in China.
Read more at Bloomberg Stocks News
UPDATE 1-U.S. panel backs CryoCor heart flutter device
(Reuters) - The advisers voted 8-2 to urge the FDA to approve the
Cryoablation System, with conditions on physician training,
labeling and other issues, FDA spokeswoman Karen Riley said.
The panel urged the FDA to request a post-approval study
comparing all patients treated with the CryoCor device and an
alternative treatment, Riley said.
Read more at Reuters.com Government Filings News
Cryoablation System, with conditions on physician training,
labeling and other issues, FDA spokeswoman Karen Riley said.
The panel urged the FDA to request a post-approval study
comparing all patients treated with the CryoCor device and an
alternative treatment, Riley said.
Read more at Reuters.com Government Filings News
US CDC panel advises wider use of meningitis jab
(Reuters) - The vaccine was approved by the U.S. government in 2005 for
preventing bacterial meningitis, an infection that can cause
seizures, brain damage, memory loss and even death in otherwise
healthy people in less than 48 hours.
The relatively rare disease involves the inflammation of
membranes covering the brain and spinal cord. It is a more
serious infection than viral meningitis.
Read more at Reuters.com Government Filings News
preventing bacterial meningitis, an infection that can cause
seizures, brain damage, memory loss and even death in otherwise
healthy people in less than 48 hours.
The relatively rare disease involves the inflammation of
membranes covering the brain and spinal cord. It is a more
serious infection than viral meningitis.
Read more at Reuters.com Government Filings News
Argentina stocks up but bonds continue to decline
(Reuters) - The MerVal index of 16 leading stocks rose 1.44
percent to close at 2,227.33 points.
"There is no doubt that the upcoming end of the month is
prompting institutional to make purchases as they
look to close the month and the semester in better shape," said
Nestor De Cesare, an analyst at Allaria Ledesma brokerage.
Read more at Reuters.com Bonds News
percent to close at 2,227.33 points.
"There is no doubt that the upcoming end of the month is
prompting institutional to make purchases as they
look to close the month and the semester in better shape," said
Nestor De Cesare, an analyst at Allaria Ledesma brokerage.
Read more at Reuters.com Bonds News
UPDATE 2-Corp bonds meet resistance on flood of high-yield sales
(Reuters) - NEW YORK, June 27 - A slew of companies were
required to restructure debt sales on Wednesday, as high
leverage and risky types of debt made investors reticent to
jump into a market flooded by leveraged buyout financings.
Dollar General Corp. , Nelson Education, the Canadian
publishing business of Thomson Corp. , and Community
Health Systems Inc. were all required to make changes
to their debt offerings. In addition, Magnum Coal Co. pulled
its $350 million junk bond deal due to weak market conditions,
according to Reuters Loan Pricing Corp. .
Read more at Reuters.com Mergers News
required to restructure debt sales on Wednesday, as high
leverage and risky types of debt made investors reticent to
jump into a market flooded by leveraged buyout financings.
Dollar General Corp. , Nelson Education, the Canadian
publishing business of Thomson Corp. , and Community
Health Systems Inc. were all required to make changes
to their debt offerings. In addition, Magnum Coal Co. pulled
its $350 million junk bond deal due to weak market conditions,
according to Reuters Loan Pricing Corp. .
Read more at Reuters.com Mergers News
Comverge to acquire Enerwise Global Technologies
(Reuters) - After closing, former Enerwise shareholders will own
approximately 7 percent of the combined company.
Read more at Reuters.com Mergers News
approximately 7 percent of the combined company.
Read more at Reuters.com Mergers News
TREASURIES-Stocks rally drains interest in bonds before Fed
(Reuters) - The market began to waver as soon as equities gained
traction. As the rise in stocks grew in conviction, bonds caved
and trickled into negative territory.
U.S. benchmark ten-year Treasury notes fell
3/32 in price and were offering a yield of 5.10 percent, up two
basis points on the day.
Read more at Reuters.com Bonds News
traction. As the rise in stocks grew in conviction, bonds caved
and trickled into negative territory.
U.S. benchmark ten-year Treasury notes
3/32 in price and were offering a yield of 5.10 percent, up two
basis points on the day.
Read more at Reuters.com Bonds News
UPDATE 1-Mexico economic activity grew 3.2 pct in April
(Reuters) - Economic activity was up 0.76 percent in April from March,
according to the monthly IGAE index, which measures the vast
majority of Mexico's economic output.
The Mexican economy grew 4.8 percent in 2006 but is
expected to lose steam this year as the United States, the
country's main trade partner, enters a slowdown.
Read more at Reuters.com Economic News
according to the monthly IGAE index, which measures the vast
majority of Mexico's economic output.
The Mexican economy grew 4.8 percent in 2006 but is
expected to lose steam this year as the United States, the
country's main trade partner, enters a slowdown.
Read more at Reuters.com Economic News
NEWSMAKER-Trouble-shooter takes on crucial role at Bear
(Reuters) - Looking for a trouble-shooter, the investment bank has
turned to Thomas Marano, head of the firm's mortgage department
and an expert in specialized mortgage securities, a source
familiar with the funds disclosed on Tuesday. Marano's mandate
is to help Ralph Cioffi, the current manager, put one of the
funds back on its feet.
"I can't think of anyone in their whole operation, maybe in
the world, who understands about different types of mortgages
and different types of lending features than Tom," said a
senior trader who used to work with Marano at Bear Stearns.
Read more at Reuters.com Bonds News
turned to Thomas Marano, head of the firm's mortgage department
and an expert in specialized mortgage securities, a source
familiar with the funds disclosed on Tuesday. Marano's mandate
is to help Ralph Cioffi, the current manager, put one of the
funds back on its feet.
"I can't think of anyone in their whole operation, maybe in
the world, who understands about different types of mortgages
and different types of lending features than Tom," said a
senior trader who used to work with Marano at Bear Stearns.
Read more at Reuters.com Bonds News
Best Buy boosts buyback, dividend, store plans
(Reuters) - CHICAGO, June 27 - Best Buy Co Inc. said on Wednesday that it would open more North American stores than previously planned, buy back $5.5 billion in stock and raise its dividend by 30 percent. Shares of Best Buy, the top U.S. consumer electronics retailer, rose 2.2 percent in early electronic trading.
The plan comes after Best Buy reported quarterly earnings last week that missed analyst estimates by a wide margin and gave a disappointing full-year forecast as television sales cooled.
Read more at Reuters.com Bonds News
The plan comes after Best Buy reported quarterly earnings last week that missed analyst estimates by a wide margin and gave a disappointing full-year forecast as television sales cooled.
Read more at Reuters.com Bonds News
European Union Signals Support for New German Emission-Credit Import Limit
(Bloomberg) -- European Union regulators signaled a
readiness to approve a higher limit on Germany's imported
emission credits after the country decided to sell 9 percent of
new allowances instead of giving them away.
The German government aims to allow imported credits
covering emissions of about 90 million metric tons a year in
2008-2012. The European Commission, the EU's regulatory arm,
must endorse the limit, which is 20 percent of Germany's total
allowances to emit 453 million tons of carbon dioxide a year and
22 percent of the country's free permits.
Read more at Bloomberg Energy News
readiness to approve a higher limit on Germany's imported
emission credits after the country decided to sell 9 percent of
new allowances instead of giving them away.
The German government aims to allow imported credits
covering emissions of about 90 million metric tons a year in
2008-2012. The European Commission, the EU's regulatory arm,
must endorse the limit, which is 20 percent of Germany's total
allowances to emit 453 million tons of carbon dioxide a year and
22 percent of the country's free permits.
Read more at Bloomberg Energy News
Treasury's Paulson-Higher rates a positive wake-up call
(Reuters) - And while interest rates remain low by historical
standards, he said their recent rise is "in many ways
positive."
"I clearly believe that this is a wake-up call to focus on
some of the excesses," he said.
Read more at Reuters.com Bonds News
standards, he said their recent rise is "in many ways
positive."
"I clearly believe that this is a wake-up call to focus on
some of the excesses," he said.
Read more at Reuters.com Bonds News
Durable goods orders fall, stir growth fears
(Reuters) - Orders for durable goods, items meant to last at least three years, slid a larger-than-expected 2.8 percent after a 1.1 percent April rise, a Commerce Department report showed.
It was the first drop since January and reflected weak demand for a wide array of products, including goods businesses need to expand.
Read more at Reuters.com Business News
It was the first drop since January and reflected weak demand for a wide array of products, including goods businesses need to expand.
Read more at Reuters.com Business News
TREASURIES-Bonds steady, still up after 5-year notes sale
(Reuters) - The five-year note's price traded up 3/32 for a yield of
4.94 percent, versus 4.94 percent before the
auction and compared with 4.96 percent late on Tuesday. Bond
yields and prices move inversely.
Read more at Reuters.com Bonds News
4.94 percent
auction and compared with 4.96 percent late on Tuesday. Bond
yields and prices move inversely.
Read more at Reuters.com Bonds News
Sugar Futures Fall in New York on Speculation Global Oversupply Will Widen
(Bloomberg) -- Sugar declined in New York on
speculation that rising Brazilian and Indian production will
widen a global surplus.
World production will exceed demand by 9.8 million tons this
year, according to London-based ED&F Man, the biggest trader of
the sweetener. Brazil and India, the largest producers, are
growing more sugarcane partly to meet rising demand for the
alternative fuel ethanol.
Read more at Bloomberg Commodities News
speculation that rising Brazilian and Indian production will
widen a global surplus.
World production will exceed demand by 9.8 million tons this
year, according to London-based ED&F Man, the biggest trader of
the sweetener. Brazil and India, the largest producers, are
growing more sugarcane partly to meet rising demand for the
alternative fuel ethanol.
Read more at Bloomberg Commodities News
EU mergers and takeovers (June 27)
(Reuters) - JULY 17
-- AIG Capital Partners, an asset manager, buys Bulgarian
Telecommunications Co, which provides fixed and mobile
communications in Bulgaria
Read more at Reuters.com Government Filings News
-- AIG Capital Partners, an asset manager, buys Bulgarian
Telecommunications Co, which provides fixed and mobile
communications in Bulgaria
Read more at Reuters.com Government Filings News
UPDATE 2-US Treasury to review financial services rules
(Reuters) - "To maintain our capital markets' leadership, we need a
modern regulatory structure complemented by market leaders
embracing best practices," Treasury Secretary Henry Paulson
said in a statement.
The Treasury said it would release a "blueprint" for
regulatory reforms by early next year.
Read more at Reuters.com Bonds News
modern regulatory structure complemented by market leaders
embracing best practices," Treasury Secretary Henry Paulson
said in a statement.
The Treasury said it would release a "blueprint" for
regulatory reforms by early next year.
Read more at Reuters.com Bonds News
Wheat Futures Rise to Record as Rains Delay Harvest in U.S. Great Plains
(Bloomberg) -- Wheat futures rose to a record in
Chicago as wet weather in the southern Great Plains delays
harvesting of the U.S. winter crop, threatening yields.
As much as 3 inches (7.6 centimeters) of rain fell in
Oklahoma and Texas, leaving fields too muddy for heavy harvest
machinery. Only about half of the winter crop has been
harvested in the two states, compared with a year ago when most
of the grain had been collected, government data show. Oklahoma
is fourth in winter-wheat production. Texas ranks 14th.
Read more at Bloomberg Commodities News
Chicago as wet weather in the southern Great Plains delays
harvesting of the U.S. winter crop, threatening yields.
As much as 3 inches (7.6 centimeters) of rain fell in
Oklahoma and Texas, leaving fields too muddy for heavy harvest
machinery. Only about half of the winter crop has been
harvested in the two states, compared with a year ago when most
of the grain had been collected, government data show. Oklahoma
is fourth in winter-wheat production. Texas ranks 14th.
Read more at Bloomberg Commodities News
Brazil's Real Erases Losses as Lower U.S. Treasury Yields Increase Demand
(Bloomberg) -- Brazil's currency was little changed,
erasing earlier losses, as declines in U.S. Treasury yields
helped lure some investors to the higher returns offered by the
country's debt.
U.S. stocks pared losses, which also helped spark demand for
riskier emerging-market assets, said Rodrigo Ferreira, a fixed-
income trader at Banco Alfa de Investimento in Sao Paulo.
Read more at Bloomberg Currencies News
erasing earlier losses, as declines in U.S. Treasury yields
helped lure some investors to the higher returns offered by the
country's debt.
U.S. stocks pared losses, which also helped spark demand for
riskier emerging-market assets, said Rodrigo Ferreira, a fixed-
income trader at Banco Alfa de Investimento in Sao Paulo.
Read more at Bloomberg Currencies News
Chile's Peso Weakens a Fourth Day on Lower-Than-Expected Industrial Output
(Bloomberg) -- Chile's peso dropped for a fourth
day after the country's industrial production grew less than
expected and copper fell.
Industrial production rose 3 percent in May from a year
ago, lower than the 4.9 percent median forecast from 11 analysts
in a Bloomberg survey. Copper, the country's biggest export,
fell on concern of slowing growth in the U.S., the world's
second-largest consumer of the metal.
Read more at Bloomberg Currencies News
day after the country's industrial production grew less than
expected and copper fell.
Industrial production rose 3 percent in May from a year
ago, lower than the 4.9 percent median forecast from 11 analysts
in a Bloomberg survey. Copper, the country's biggest export,
fell on concern of slowing growth in the U.S., the world's
second-largest consumer of the metal.
Read more at Bloomberg Currencies News
UPDATE 1-EU hits gambling curbs in wave of legal action
(Reuters) - The Commission adopted 955 legal actions spanning telecoms,
energy, gambling and the financial sector.
"While important improvements have been made in recent
years, too many member states persistently infringe Community
law. That is why we are determined to act," Commission President
Jose Manuel Barroso said in a statement.
Read more at Reuters.com Government Filings News
energy, gambling and the financial sector.
"While important improvements have been made in recent
years, too many member states persistently infringe Community
law. That is why we are determined to act," Commission President
Jose Manuel Barroso said in a statement.
Read more at Reuters.com Government Filings News
Brazilian Coffee Growers Sell 4 Million Bags Offered at Subsidy Auction
(Bloomberg) -- Coffee growers in Brazil, the
world's biggest producer, sold all 4 million bags offered at an
auction today that was subsidized by the government.
The government will pay growers a subsidy of 39.99 reais
($20.40) a bag to supplement prices paid by roasters and
exporters, the Agriculture Ministry said on its Web site. Buyers
paid at least 260 reais per bag.
Read more at Bloomberg Commodities News
world's biggest producer, sold all 4 million bags offered at an
auction today that was subsidized by the government.
The government will pay growers a subsidy of 39.99 reais
($20.40) a bag to supplement prices paid by roasters and
exporters, the Agriculture Ministry said on its Web site. Buyers
paid at least 260 reais per bag.
Read more at Bloomberg Commodities News
Treasury Two-Year Note Yields Reach Lowest in a Month on Outlook for Risk
(Bloomberg) -- Treasury two-year notes rose,
pushing yields to the lowest in a month, as investors dumped
riskier assets and a government report showed orders for durable
goods fell more than forecast in May.
U.S., European and Asian stocks fell and the perceived risk
of owning U.S. corporate bond rose to a 10-month high in the
derivatives market on concern over the extent of investor losses
arising from defaults on subprime mortgage loans. Treasuries
gained as dealers prepared to bid on $13 billion of five-year
notes in the monthly auction of the securities today.
Read more at Bloomberg Bonds News
pushing yields to the lowest in a month, as investors dumped
riskier assets and a government report showed orders for durable
goods fell more than forecast in May.
U.S., European and Asian stocks fell and the perceived risk
of owning U.S. corporate bond rose to a 10-month high in the
derivatives market on concern over the extent of investor losses
arising from defaults on subprime mortgage loans. Treasuries
gained as dealers prepared to bid on $13 billion of five-year
notes in the monthly auction of the securities today.
Read more at Bloomberg Bonds News
S.Africa unions hint may accept wage deal
(Reuters) - One of the biggest public sector unions taking part in a damaging wage strike in South Africa said on Wednesday it was ready to accept a pay offer from the government.
Members of the National Education Health and Allied Workers Union (NEHAWU) were due to vote on the motion later on Wednesday as union negotiators held another meeting with the government to try to resolve the strike, SAPA news agency said.
Read more at Reuters Africa
Members of the National Education Health and Allied Workers Union (NEHAWU) were due to vote on the motion later on Wednesday as union negotiators held another meeting with the government to try to resolve the strike, SAPA news agency said.
Read more at Reuters Africa
US STOCKS-Indexes drop on durable goods, risk worries
(Reuters) - The Dow Jones industrial average was down 40.57
points, or 0.30 percent, at 13,297.09. The Standard & Poor's
500 Index was down 3.81 points, or 0.26 percent, at
1,489.08. The Nasdaq Composite Index was down 10.05
points, or 0.39 percent, at 2,564.11.
Read more at Reuters.com Bonds News
points, or 0.30 percent, at 13,297.09. The Standard & Poor's
500 Index was down 3.81 points, or 0.26 percent, at
1,489.08. The Nasdaq Composite Index was down 10.05
points, or 0.39 percent, at 2,564.11.
Read more at Reuters.com Bonds News
UPDATE 1-Fidelity National to buy eFunds for $1.8 bln
(Reuters) - The deal will expand Fidelity National Information
Service's distribution capabilities and boost the
company's product offering.
FIS expects to realize about $65 million in annual cost
savings. It will finance the purchase through cash on hand and
recently secured long-term debt commitments. The deal is
expected to close by the end of the third quarter.
Read more at Reuters.com Mergers News
Service's distribution capabilities and boost the
company's product offering.
FIS expects to realize about $65 million in annual cost
savings. It will finance the purchase through cash on hand and
recently secured long-term debt commitments. The deal is
expected to close by the end of the third quarter.
Read more at Reuters.com Mergers News
Canada's Dollar Declines Versus U.S. as Oil Falls, Dims Growth Outlook
(Bloomberg) -- The Canadian dollar fell against the
U.S. currency as crude oil declined, dimming the prospect of the
country's economy.
Commodities including oil make up half of Canada's exports.
Copper and platinum also dropped today. The Canadian currency
dropped for a third day against the yen, the longest losing
streaks since March, as investors pared holdings of riskier
assets funded by loans in Japan, known as the carry trade.
Read more at Bloomberg Currencies News
U.S. currency as crude oil declined, dimming the prospect of the
country's economy.
Commodities including oil make up half of Canada's exports.
Copper and platinum also dropped today. The Canadian currency
dropped for a third day against the yen, the longest losing
streaks since March, as investors pared holdings of riskier
assets funded by loans in Japan, known as the carry trade.
Read more at Bloomberg Currencies News
May durable goods orders fell 2.8 percent
(Reuters) - Transportation orders fell 6.8 percent as civilian aircraft and parts orders tumbled 22.7 percent.
However, excluding volatile transportation orders, durables orders declined surprisingly by 1 percent as manufacturing, machinery, metals and electrical equipment orders fell.
Read more at Reuters.com Bonds News
However, excluding volatile transportation orders, durables orders declined surprisingly by 1 percent as manufacturing, machinery, metals and electrical equipment orders fell.
Read more at Reuters.com Bonds News
U.S. Stock-Index Futures Retreat; ConocoPhillips, Lennar Shares Decline
(Bloomberg) -- U.S. stock-index futures fell after
energy producers retreated on a drop in the price of oil and a
report said mortgage applications slipped to a four-month low.
ConocoPhillips, the third-largest U.S. oil company,
declined after it said it will record a charge of $4.5 billion
to write off its Venezuela projects. Lennar Corp., the biggest
homebuilder, slid for a sixth straight day.
Read more at Bloomberg Stocks News
energy producers retreated on a drop in the price of oil and a
report said mortgage applications slipped to a four-month low.
ConocoPhillips, the third-largest U.S. oil company,
declined after it said it will record a charge of $4.5 billion
to write off its Venezuela projects. Lennar Corp., the biggest
homebuilder, slid for a sixth straight day.
Read more at Bloomberg Stocks News
Hedge Funds Cash Out of Big Lots Shares After Price Doubles, Profit Slows
(Bloomberg) -- Big Lots Inc., the largest U.S.
seller of overstocked and discontinued items, has an online Wild
and Wacky Find museum where customers can submit items they
stumble upon while shopping at the company's stores.
There's Chick A Poo Organic plant food made from chicken
droppings, Shower Buzz vibrating body soap and Woofy Pop
chicken-flavored popcorn for dogs. While the goods make Big Lots
fun for shoppers, the enjoyment is waning for investors,
particularly hedge funds.
Read more at Bloomberg Exclusive News
seller of overstocked and discontinued items, has an online Wild
and Wacky Find museum where customers can submit items they
stumble upon while shopping at the company's stores.
There's Chick A Poo Organic plant food made from chicken
droppings, Shower Buzz vibrating body soap and Woofy Pop
chicken-flavored popcorn for dogs. While the goods make Big Lots
fun for shoppers, the enjoyment is waning for investors,
particularly hedge funds.
Read more at Bloomberg Exclusive News
CommScope to acquire Andrew Corp for $2.6 billion
(Reuters) - The acquisition is expected to add to CommScope's earnings
in the first full year after closing, it said.
Read more at Reuters.com Mergers News
in the first full year after closing, it said.
Read more at Reuters.com Mergers News
Crude Oil Declines on Forecast for Increase in U.S. Gasoline Inventories
(Bloomberg) -- Crude oil fell to a nine-day low in New
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.
An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.
Read more at Bloomberg Commodities News
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.
An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.
Read more at Bloomberg Commodities News
U.K. Electricity Prices Decline as Spare Output Capacity Margin Increases
(Bloomberg) -- U.K. power for next-day delivery
declined as forecasts predicted a widening volume of spare
generation capacity. The month-ahead dropped to a record.
Day-ahead baseload electricity for delivery in the U.K.
fell 1.8 percent to 22.45 pounds ($44.77) a megawatt-hour,
according to prices on Bloomberg from the energy broker GFI
Group Inc. Baseload power is delivered round the clock.
Read more at Bloomberg Energy News
declined as forecasts predicted a widening volume of spare
generation capacity. The month-ahead dropped to a record.
Day-ahead baseload electricity for delivery in the U.K.
fell 1.8 percent to 22.45 pounds ($44.77) a megawatt-hour,
according to prices on Bloomberg from the energy broker GFI
Group Inc. Baseload power is delivered round the clock.
Read more at Bloomberg Energy News
S.Africa May CPIX quickens to 6.4 percent y/y
(Reuters) - South Africa's targeted CPIX inflation quickened to 6.4 percent year-on-year in May, from 6.3 percent in April, slightly above the market expectation, official data showed on Wednesday.
Statistics South Africa also said that the all-items consumer price index (CPI) increased by an annual rate of 6.9 percent in May, compared to 7.0 percent in April.
Read more at Reuters Africa
Statistics South Africa also said that the all-items consumer price index (CPI) increased by an annual rate of 6.9 percent in May, compared to 7.0 percent in April.
Read more at Reuters Africa
Iberdrola to Sell 85 Million New Shares to Pay for Energy East Acquisition
(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, plans to raise about 3.5 billion euros
($4.7 billion) in a share sale to pay for U.S. utility Energy
East Corp.
The Spanish utility will begin selling 85 million new shares
today through a so-called accelerated offering, the Bilbao-based
power producer said today in an e-mailed statement. ABN Amro
Rothschild, Credit Suisse Group and JPMorgan Chase & Co. are
managing the sale, aimed at fund managers.
Read more at Bloomberg Stocks News
owner of wind-power parks, plans to raise about 3.5 billion euros
($4.7 billion) in a share sale to pay for U.S. utility Energy
East Corp.
The Spanish utility will begin selling 85 million new shares
today through a so-called accelerated offering, the Bilbao-based
power producer said today in an e-mailed statement. ABN Amro
Rothschild, Credit Suisse Group and JPMorgan Chase & Co. are
managing the sale, aimed at fund managers.
Read more at Bloomberg Stocks News
European Stocks Drop for Fifth Day; Axa, BHP, Northern Rock Pace Retreat
(Bloomberg) -- European stocks fell for a fifth day
on speculation higher borrowing costs will reduce economic and
profit growth.
Deutsche Bank AG, Germany's biggest bank, and Axa SA,
Europe's second-largest insurer, paced declines by companies
sensitive to rising interest rates. Northern Rock Plc tumbled
more than 10 percent after the U.K. bank said earnings growth
will miss analysts' estimates as rates increased more than
expected. BHP Billiton Ltd., the world's biggest mining company,
paced a drop in metal stocks as copper prices fell.
Read more at Bloomberg Stocks News
on speculation higher borrowing costs will reduce economic and
profit growth.
Deutsche Bank AG, Germany's biggest bank, and Axa SA,
Europe's second-largest insurer, paced declines by companies
sensitive to rising interest rates. Northern Rock Plc tumbled
more than 10 percent after the U.K. bank said earnings growth
will miss analysts' estimates as rates increased more than
expected. BHP Billiton Ltd., the world's biggest mining company,
paced a drop in metal stocks as copper prices fell.
Read more at Bloomberg Stocks News
OECD plays down emerging markets selloff risk
(Reuters) - Emerging markets have been hit by expectations that U.S.
interest rates will not fall soon, or may even rise further.
Weak stock markets, due partly to concerns about the
exposure of U.S. lenders to subprime mortgages, have also
reduced investor interest in risky assets around the world.
Read more at Reuters.com Economic News
interest rates will not fall soon, or may even rise further.
Weak stock markets, due partly to concerns about the
exposure of U.S. lenders to subprime mortgages, have also
reduced investor interest in risky assets around the world.
Read more at Reuters.com Economic News
U.K. Pound Holds Near 2-Month High Versus Dollar on Interest-Rate Outlook
(Bloomberg) -- The U.K. sterling traded near its
highest in two months after Bank of England policy maker John
Gieve indicated interest rates are still too low to curb credit
growth in Europe's second-biggest economy.
The U.K. currency broke through $2 for the second time in as
many days yesterday on views borrowing costs will rise further.
Gieve, who spoke late yesterday, joined BOE Governor Mervyn King
and two other members of the Monetary Policy Committee in voting
for a rate increase in June. They were outvoted by the other five
MPC members who favored holding rates at 5.5 percent.
Read more at Bloomberg Currencies News
highest in two months after Bank of England policy maker John
Gieve indicated interest rates are still too low to curb credit
growth in Europe's second-biggest economy.
The U.K. currency broke through $2 for the second time in as
many days yesterday on views borrowing costs will rise further.
Gieve, who spoke late yesterday, joined BOE Governor Mervyn King
and two other members of the Monetary Policy Committee in voting
for a rate increase in June. They were outvoted by the other five
MPC members who favored holding rates at 5.5 percent.
Read more at Bloomberg Currencies News
Tuesday, June 26, 2007
European Stocks May Drop for Fifth Day; Total, BHP, Northern Rock May Fall
(Bloomberg) -- European stocks may fall for a fifth
day, paced by energy and basic-resources shares as crude oil
traded near a nine-day low and metals prices dropped.
U.S.-traded securities of Total SA and Eni SpA declined. BHP
Billiton Ltd. and Rio Tinto Group retreated in Australian
trading. Northern Rock Plc, the U.K.'s seventh-largest bank, may
fall after saying it sees 2007 profit growth missing analysts'
estimates as interest rates rose more than expected.
Read more at Bloomberg Stocks News
day, paced by energy and basic-resources shares as crude oil
traded near a nine-day low and metals prices dropped.
U.S.-traded securities of Total SA and Eni SpA declined. BHP
Billiton Ltd. and Rio Tinto Group retreated in Australian
trading. Northern Rock Plc, the U.K.'s seventh-largest bank, may
fall after saying it sees 2007 profit growth missing analysts'
estimates as interest rates rose more than expected.
Read more at Bloomberg Stocks News
Tunisia c.bank keeps benchmark rate on hold
(Reuters) - Tunisia's central bank kept its key interest rate on hold, citing slowing inflation, swelling tourism revenue and strong exports, the bank said on Tuesday.
"In light of these evolutions, the management board decided to maintain the central bank's interest rate unchanged," it said in a statement after a monthly board meeting.
Read more at Reuters Africa
"In light of these evolutions, the management board decided to maintain the central bank's interest rate unchanged," it said in a statement after a monthly board meeting.
Read more at Reuters Africa
MISC, LNG Carrier, Postpones $750 Million Bond Sale on `Market Volatility'
(Bloomberg) -- MISC Bhd., the world's biggest owner
of liquefied natural gas tankers, postponed a planned dollar-
denominated bond sale because of fluctuations in debt yields
sparked by losses linked to U.S. subprime mortgages.
Kuala Lumpur-based MISC, a unit of Malaysian state-owned oil
company Petroliam Nasional Bhd., hired Citigroup Inc. and
Deutsche Bank AG to sell $750 million of 10-year bonds, an e-mail
sent to investors earlier this week showed.
Read more at Bloomberg Emerging Markets News
of liquefied natural gas tankers, postponed a planned dollar-
denominated bond sale because of fluctuations in debt yields
sparked by losses linked to U.S. subprime mortgages.
Kuala Lumpur-based MISC, a unit of Malaysian state-owned oil
company Petroliam Nasional Bhd., hired Citigroup Inc. and
Deutsche Bank AG to sell $750 million of 10-year bonds, an e-mail
sent to investors earlier this week showed.
Read more at Bloomberg Emerging Markets News
ProSiebenSat.1 to Combine With SBS Broadcasting in Deal Worth $4.4 Billion
(Bloomberg) -- ProSiebenSat.1 Media AG will combine
forces with SBS Broadcasting Group in a transaction valued by the
companies at 3.3 billion euros ($4.4 billion), the companies
announced today in an e-mailed statement.
ProSiebenSat.1 Media AG, Germany's largest broadcaster,
plans to create a pan-European broadcasting group, which will
significantly reduce its dependence on the German television
advertising market, the statement said. ProSiebenSat.1 expects to
complete the purchase in July.
Read more at Bloomberg Bonds News
forces with SBS Broadcasting Group in a transaction valued by the
companies at 3.3 billion euros ($4.4 billion), the companies
announced today in an e-mailed statement.
ProSiebenSat.1 Media AG, Germany's largest broadcaster,
plans to create a pan-European broadcasting group, which will
significantly reduce its dependence on the German television
advertising market, the statement said. ProSiebenSat.1 expects to
complete the purchase in July.
Read more at Bloomberg Bonds News
Argentina, Brazil, Peru and Venezuela: Latin American Local Bond Preview
(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.
Argentina: President Nestor Kirchner's approval rating fell
to the lowest level since taking office in May 2003 amid rising
consumer prices and energy shortages. Kirchner's approval rating
fell in June to 52 percent from 57 percent in May, according to
Buenos Aires-based Poliarquia. The president's approval rating
was 82 percent in February 2004.
Read more at Bloomberg Bonds News
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.
Argentina: President Nestor Kirchner's approval rating fell
to the lowest level since taking office in May 2003 amid rising
consumer prices and energy shortages. Kirchner's approval rating
fell in June to 52 percent from 57 percent in May, according to
Buenos Aires-based Poliarquia. The president's approval rating
was 82 percent in February 2004.
Read more at Bloomberg Bonds News
Bancolombia, MMX Mineracao, Tam, Telmex: Latin American Equity Preview
(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Colombia 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.
Read more at Bloomberg Stocks News
significant gains or losses in Brazil, Colombia 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.
Read more at Bloomberg Stocks News
UPDATE 1-UTAC jumps on bid news, analysts say offer is fair
(Reuters) - SINGAPORE, June 27 - Shares of United Test and
Assembly Center rose as much as 8.3 percent on
Wednesday after private equity firm Texas Pacific Group and
Asia-focused buyout firm Affinity Equity Partners offered to
buy the Singapore microchip tester.
UTAC shares hit S$1.17, a level last seen in February 2004,
and the stock was the most actively traded stock on the
Singapore bourse with more than 146 million shares changing
hands.
Read more at Reuters.com Mergers News
Assembly Center rose as much as 8.3 percent on
Wednesday after private equity firm Texas Pacific Group and
Asia-focused buyout firm Affinity Equity Partners offered to
buy the Singapore microchip tester.
UTAC shares hit S$1.17, a level last seen in February 2004,
and the stock was the most actively traded stock on the
Singapore bourse with more than 146 million shares changing
hands.
Read more at Reuters.com Mergers News
UPDATE 2-C-C Amatil lifts outlook; S.Korea talks continue
(Reuters) - Coca-Cola Amatil, 35 percent-owned by Coca-Cola Co. ,
also said negotiations over the sale of its South Korea
business, which has a book value of A$700 million , were continuing.
The company said it now sees first-half earnings before
interest and tax rising 12 percent, above a previous forecast,
due to strong sales in Australia and New Zealand. It had
previously forecast high single-digit growth.
Read more at Reuters.com Mergers News
also said negotiations over the sale of its South Korea
business, which has a book value of A$700 million , were continuing.
The company said it now sees first-half earnings before
interest and tax rising 12 percent, above a previous forecast,
due to strong sales in Australia and New Zealand. It had
previously forecast high single-digit growth.
Read more at Reuters.com Mergers News
Shanghai Copper Falls to Three-Month Low on U.S. Demand Concern; Zinc Down
(Bloomberg) -- Copper prices fell for the fourth day
in Asia on concern consumption may be slowing in the U.S., the
world's second largest user of the metal.
U.S. new-home purchases dropped in May, signaling demand is
still dwindling in the second year of a housing slump. Builders
are the biggest consumers of the metal, which also came under
pressure from speculation that China may raise interest rates for
the third time this year.
Read more at Bloomberg Commodities News
in Asia on concern consumption may be slowing in the U.S., the
world's second largest user of the metal.
U.S. new-home purchases dropped in May, signaling demand is
still dwindling in the second year of a housing slump. Builders
are the biggest consumers of the metal, which also came under
pressure from speculation that China may raise interest rates for
the third time this year.
Read more at Bloomberg Commodities News
WRAPUP 3-Bear Stearns not planning to bail out second fund
(Reuters) - NEW YORK, June 26 - Bear Stearns Cos. Inc.
does not plan to bail out the second of two struggling
hedge funds -- citing stabilizing markets -- but the subprime
loan woes that brought down the funds still worry investors.
Stocks fell and Treasuries edged higher late on Tuesday on
concern problems stemming from defaults by less-credit-worthy
mortgage holders could reverberate through the markets.
Read more at Reuters.com Bonds News
does not plan to bail out the second of two struggling
hedge funds -- citing stabilizing markets -- but the subprime
loan woes that brought down the funds still worry investors.
Stocks fell and Treasuries edged higher late on Tuesday on
concern problems stemming from defaults by less-credit-worthy
mortgage holders could reverberate through the markets.
Read more at Reuters.com Bonds News
U.S. says importer of Chinese tires must do recall
(Reuters) - "We sent them a letter tonight saying that's unacceptable," Nason said.
She also said the agency will seek more information from Chinese manufacturer Hangzhou Zhongce Rubber Co. about the defect claim. Hangzhou Zhongce has said its products have no quality problems.
Read more at Reuters.com Government Filings News
She also said the agency will seek more information from Chinese manufacturer Hangzhou Zhongce Rubber Co. about the defect claim. Hangzhou Zhongce has said its products have no quality problems.
Read more at Reuters.com Government Filings News
UPDATE 1-Conoco says Venezuela controls its operations there
(Reuters) - It said negotiations are continuing between ConocoPhillips
and Venezuelan authorities over compensation for the company's
stake in the projects.
Still, the company said it has preserved all its legal
rights, including international arbitration.
Read more at Reuters.com Bonds News
and Venezuelan authorities over compensation for the company's
stake in the projects.
Still, the company said it has preserved all its legal
rights, including international arbitration.
Read more at Reuters.com Bonds News
Oil Trades Near Nine-Day Low on Forecasts for Rising U.S. Gasoline Stocks
(Bloomberg) -- Crude oil was little changed in New
York after falling to a nine-day low yesterday as forecasts for
an eighth weekly increase in U.S. motor-fuel supplies pushed
gasoline 2.4 percent lower.
An Energy Department today will probably show U.S. gasoline
stockpiles gained 1 million barrels last week as refiners raised
output, according to a Bloomberg News survey of 15 analysts. A
record 41.1 million Americans, 0.8 percent more than a year ago,
may travel next week for the Independence Day holidays,
according to an AAA survey published yesterday.
Read more at Bloomberg Energy News
York after falling to a nine-day low yesterday as forecasts for
an eighth weekly increase in U.S. motor-fuel supplies pushed
gasoline 2.4 percent lower.
An Energy Department today will probably show U.S. gasoline
stockpiles gained 1 million barrels last week as refiners raised
output, according to a Bloomberg News survey of 15 analysts. A
record 41.1 million Americans, 0.8 percent more than a year ago,
may travel next week for the Independence Day holidays,
according to an AAA survey published yesterday.
Read more at Bloomberg Energy News
US SEC's Cox says CDO probes are subprime-related
(Reuters) - "Each of these cases will turn out its own facts but this
is the securities fraud enforcement piece of it, and not
obviously anything to do with banking or lending-related
issues," Cox said. He added that the investigations were
launched in 2007.
Read more at Reuters.com Government Filings News
is the securities fraud enforcement piece of it, and not
obviously anything to do with banking or lending-related
issues," Cox said. He added that the investigations were
launched in 2007.
Read more at Reuters.com Government Filings News
GSI Commerce Falls, Nike Advances on Earnings: U.S. After Hours Trading
(Bloomberg) -- Nike Inc. gained in extended U.S.
trading after the world's largest athletic-shoe maker said
fourth-quarter profit climbed 32 percent on increased overseas
demand and higher clothing and equipment sales in the U.S.
Shares of Beaverton, Oregon-based Nike climbed $2.78, or
5.2 percent, to $56.60 at 6 p.m. New York time. Net income rose
to 86 cents a share from 64 cents a year earlier, matching
analysts' estimates.
Read more at Bloomberg Stocks News
trading after the world's largest athletic-shoe maker said
fourth-quarter profit climbed 32 percent on increased overseas
demand and higher clothing and equipment sales in the U.S.
Shares of Beaverton, Oregon-based Nike climbed $2.78, or
5.2 percent, to $56.60 at 6 p.m. New York time. Net income rose
to 86 cents a share from 64 cents a year earlier, matching
analysts' estimates.
Read more at Bloomberg Stocks News
Argentina stocks, bonds down amid investor concerns
(Reuters) - "There is a wave of bad feeling among investors due to both
internal and external factors," said Fernando Izzo, an analyst
with ABC Mercado de Cambios.
The government has had to apply cuts in natural gas and
electricity provisions for large consumers to guarantee service
to homes during a winter cold spell, which has intensified
overall demand for energy.
Read more at Reuters.com Bonds News
internal and external factors," said Fernando Izzo, an analyst
with ABC Mercado de Cambios.
The government has had to apply cuts in natural gas and
electricity provisions for large consumers to guarantee service
to homes during a winter cold spell, which has intensified
overall demand for energy.
Read more at Reuters.com Bonds News
Centerline to start distressed debt fund
(Reuters) - For the past several years, commercial real estate investors have used as much cheap debt as they could to buy properties. Many of those loans made their way into pools of mortgages behind commercial mortgage-backed securities .
Last year, $202.7 billion of U.S. CMBS bonds were generated from commercial mortgage pools, according to Commercial Mortgage Alert, a trade paper.
Read more at Reuters.com Bonds News
Last year, $202.7 billion of U.S. CMBS bonds were generated from commercial mortgage pools, according to Commercial Mortgage Alert, a trade paper.
Read more at Reuters.com Bonds News
Germany mulling programme to boost energy efficiency
(Reuters) - State support for renewable energy and cogeneration -- the
simultaneous production of electricity and heat -- will also be
increased, the paper reported in a preview of its Wednesday
edition, citing the documents.
Spending on research into climate change and new energy
technologies would be raised clearly above the current 500
million euros annually, the paper added. Environment Minister
Sigmar Gabriel has warned the energy industry against
obstructing efforts to protect the climate, the Frankfurter
Allgemeine reported.
Read more at Reuters.com Bonds News
simultaneous production of electricity and heat -- will also be
increased, the paper reported in a preview of its Wednesday
edition, citing the documents.
Spending on research into climate change and new energy
technologies would be raised clearly above the current 500
million euros annually, the paper added. Environment Minister
Sigmar Gabriel has warned the energy industry against
obstructing efforts to protect the climate, the Frankfurter
Allgemeine reported.
Read more at Reuters.com Bonds News
Southwest braces for turbulence as it turns 30
(Reuters) - NEW YORK, June 26 - Southwest Airlines Co.
once seemed impervious to the turbulence that buffeted
other U.S. airlines, but on the eve of its 30th anniversary as
a public company, the first and still the biggest U.S. low-cost
carrier looks vulnerable.
Big carriers like Delta Air Lines Inc. have cut
costs in bankruptcy, low-fare competitors like JetBlue Airways
Corp. offer unmatched perks such as live television,
and Southwest's fuel hedges no longer provide the same level of
protection from high fuel costs that they once did.
Read more at Reuters.com Market News
once seemed impervious to the turbulence that buffeted
other U.S. airlines, but on the eve of its 30th anniversary as
a public company, the first and still the biggest U.S. low-cost
carrier looks vulnerable.
Big carriers like Delta Air Lines Inc. have cut
costs in bankruptcy, low-fare competitors like JetBlue Airways
Corp. offer unmatched perks such as live television,
and Southwest's fuel hedges no longer provide the same level of
protection from high fuel costs that they once did.
Read more at Reuters.com Market News
Treasuries Decline on U.S. Two-Year Note Auction, Corporate Bond Rebound
(Bloomberg) -- Treasuries fell, pushing yields on
two-year notes up from their lowest this month, as the
government sold $18 billion of the securities in an auction and
the perceived risk of owning corporate bonds fell.
Two-year notes in particular had benefited from concern a
weak housing market would lead to losses for investors in
mortgage-backed securities. All Treasuries have yields lower
than the Federal Reserve's benchmark lending rate, which the
central bank is expected to leave at 5.25 percent at a two-day
meeting that starts tomorrow.
Read more at Bloomberg Bonds News
two-year notes up from their lowest this month, as the
government sold $18 billion of the securities in an auction and
the perceived risk of owning corporate bonds fell.
Two-year notes in particular had benefited from concern a
weak housing market would lead to losses for investors in
mortgage-backed securities. All Treasuries have yields lower
than the Federal Reserve's benchmark lending rate, which the
central bank is expected to leave at 5.25 percent at a two-day
meeting that starts tomorrow.
Read more at Bloomberg Bonds News
UPDATE 1-Yield on Mexico 28-day Cetes edges up at auction
(Reuters) - Longer-term Cetes yields were mixed at the central bank's
weekly auction, with 91-day paper up 1 basis point at 7.37
percent and the 175-day note down 1 basis point at 7.44
percent.
The yield on the 5-year bond was up 14 basis points at 7.73
percent from the last time it was auctioned on May 29.
Read more at Reuters.com Bonds News
weekly auction, with 91-day paper up 1 basis point at 7.37
percent and the 175-day note down 1 basis point at 7.44
percent.
The yield on the 5-year bond was up 14 basis points at 7.73
percent from the last time it was auctioned on May 29.
Read more at Reuters.com Bonds News
U.S. Stocks Erase Gains; S&P 500 Declines for Fourth Time in Five Days
(Bloomberg) -- U.S. stocks declined and the
Standard & Poor's 500 Index slid for the fourth time in five
days, dragged down by energy shares after the price of oil fell.
The S&P 500 lost 1.29, or 0.1 percent, to 1496.45 as of
2:26 p.m. in New York. The Dow Jones Industrial Average added
10.48, or 0.1 percent, to 13,362.53, helped by rallies in Merck
& Co. and Altria Group Inc. The Nasdaq Composite Index was
little changed at 2577.11.
Read more at Bloomberg Stocks News
Standard & Poor's 500 Index slid for the fourth time in five
days, dragged down by energy shares after the price of oil fell.
The S&P 500 lost 1.29, or 0.1 percent, to 1496.45 as of
2:26 p.m. in New York. The Dow Jones Industrial Average added
10.48, or 0.1 percent, to 13,362.53, helped by rallies in Merck
& Co. and Altria Group Inc. The Nasdaq Composite Index was
little changed at 2577.11.
Read more at Bloomberg Stocks News
UPDATE 1-Exxon, Shell to sell Canada gas project stake
(Reuters) - Bids on Exxon Mobil's 12 percent and Shell's 6 percent of
the long-delayed development are due Aug. 8, IndigoPool, the
Houston-based acquisition and divestiture service, said in an
email.
EnCana Corp. is the operator of Deep Panuke, with
a 78 percent interest. It restarted efforts to develop it last
year after halting its application in 2003 over high costs.
Read more at Reuters.com Mergers News
the long-delayed development are due Aug. 8, IndigoPool, the
Houston-based acquisition and divestiture service, said in an
email.
EnCana Corp. is the operator of Deep Panuke, with
a 78 percent interest. It restarted efforts to develop it last
year after halting its application in 2003 over high costs.
Read more at Reuters.com Mergers News
Manulife expands Canadian mutual fund business
(Reuters) - The deal is part of a plan by Canada's biggest life insurer
to expand its mutual funds unit.
The takeover adds more than 700 advisers and 237 branches
to Manulife Securities International, creating a sales force of
1,500 independent advisers and a business with about C$19
billion in assets under administration.
Read more at Reuters.com Mergers News
to expand its mutual funds unit.
The takeover adds more than 700 advisers and 237 branches
to Manulife Securities International, creating a sales force of
1,500 independent advisers and a business with about C$19
billion in assets under administration.
Read more at Reuters.com Mergers News
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