(Bloomberg) -- Canada's dollar fell, paring a weekly gain against the U.S. dollar that has been spurred by higher commodity prices.
The Canadian dollar dropped 0.3 percent to 87.85 U.S. cents at 11:22 a.m. in Toronto, leaving it up 1 percent this week. One U.S. dollar buys C$1.1382.
Read more at Bloomberg Currencies News
Friday, April 13, 2007
Crude Oil Rises as U.S. Refiners Increase Gasoline Production for Summer
(Bloomberg) -- Crude oil rose above $64 a barrel in New York on speculation demand will climb as U.S. refiners increase operating rates to make gasoline for the summer months.
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Energy News
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Energy News
TREASURIES-Bonds briefly add to gains after April sentiment
(Reuters) - After gaining in price for several minutes, the benchmark 10-year note erased gains and was trading unchanged in price for a yield of 4.74 percent.
The two-year note _was flat in price for a yield of 4.74 percent.
Read more at Reuters.com Bonds News
The two-year note _was flat in price for a yield of 4.74 percent.
Read more at Reuters.com Bonds News
US STOCKS-Indexes fall as consumer sentiment sinks
(Reuters) - NEW YORK, April 13 - U.S. stocks fell on Friday after data showed both consumer sentiment and consumer expectations fell to an eight-month low in April, erasing earlier positive sentiment about the outlook for inflation.
Stocks had started the session higher after producer prices data helped to soothe concern about inflation, which was stoked by Federal Reserve minutes this week that hinted at the need for more interest rate increases.
Read more at Reuters.com Bonds News
Stocks had started the session higher after producer prices data helped to soothe concern about inflation, which was stoked by Federal Reserve minutes this week that hinted at the need for more interest rate increases.
Read more at Reuters.com Bonds News
Dollar Weakens to a Two-Year Low Against Euro on Federal Reserve Concern
(Bloomberg) -- The dollar fell to a two-year low against the euro and weakened versus the yen on concern a slowing economy and high inflation may prevent the Federal Reserve from lowering borrowing costs.
The U.S. currency weakened as reports showed consumer confidence declined in April and producer prices rose last month more than economists forecast. The yen dropped to an all-time low against the euro today.
Read more at Bloomberg Currencies News
The U.S. currency weakened as reports showed consumer confidence declined in April and producer prices rose last month more than economists forecast. The yen dropped to an all-time low against the euro today.
Read more at Bloomberg Currencies News
Cemex, Cemig, Embraer, Petroleo Brasileiro and Urbi: Latin Equity Movers
(Bloomberg) -- The following are the most-active stocks in Latin markets today. In Brazil, the preferred share is usually a company's most-traded class of stock.
The Bovespa index of the most-traded stocks on the Sao Paulo exchange rose 63.73, or 0.1 percent to 47,410.29 at 10:05 a.m. New York time. Mexico's Bolsa also was little changed, rising 15.64, or 0.1 percent, to 29,622.61
Read more at Bloomberg Stocks News
The Bovespa index of the most-traded stocks on the Sao Paulo exchange rose 63.73, or 0.1 percent to 47,410.29 at 10:05 a.m. New York time. Mexico's Bolsa also was little changed, rising 15.64, or 0.1 percent, to 29,622.61
Read more at Bloomberg Stocks News
Sallie Mae shares surge on buyout report
(Reuters) - A private equity deal would be unusual for a financial company, because leveraged buyout deals typically require companies to take on more debt. Borrowing more can raise a company's funding costs, which could seriously squeeze profit margins of a lender like Sallie Mae.
Sallie Mae does not comment on market rumors or speculation, a spokesman said.
Read more at Reuters.com Hot Stocks News
Sallie Mae does not comment on market rumors or speculation, a spokesman said.
Read more at Reuters.com Hot Stocks News
Shaw subscriber growth pumps up profit
(Reuters) - OTTAWA, April 13 - Shaw Communications Inc. , Canada's No. 2 cable and satellite television company, reported a sharply higher second-quarter profit on Friday, as it gained customers across its cable, phone and Internet services.
Shaw said it earned C$79.8 million , or 37 Canadian cents per share, in the three months ended Feb. 28, up from C$45.8 million, or 21 Canadian cents a share for the same time last year.
Read more at Reuters.com Market News
Shaw said it earned C$79.8 million , or 37 Canadian cents per share, in the three months ended Feb. 28, up from C$45.8 million, or 21 Canadian cents a share for the same time last year.
Read more at Reuters.com Market News
Cemig, Embraer, Perdigao and Petroleo Brasileiro: Brazilian Equity Movers
(Bloomberg) -- Brazilian stocks rose for a second day, led by Petroleo Brasileiro SA, Brazil's state-controlled oil company.
The Bovespa index of the most-traded stocks on the Sao Paulo exchange rose 328.71, or 0.7 percent, to 47,675.27 at 9:28 a.m. in New York.
Read more at Bloomberg Stocks News
The Bovespa index of the most-traded stocks on the Sao Paulo exchange rose 328.71, or 0.7 percent, to 47,675.27 at 9:28 a.m. in New York.
Read more at Bloomberg Stocks News
U.S. Treasuries Little Changed as Consumer Confidence Declined in April
(Bloomberg) -- Treasuries were little changed after a preliminary private report showed U.S. consumer confidence in the economy fell more than economists forecast in April.
The Reuters/University of Michigan's preliminary index of sentiment for April declined to 85.3, from the final level of 88.4 in March. The index was forecast to fall to 87.5, according to the median estimate in a Bloomberg News survey.
Read more at Bloomberg Bonds News
The Reuters/University of Michigan's preliminary index of sentiment for April declined to 85.3, from the final level of 88.4 in March. The index was forecast to fall to 87.5, according to the median estimate in a Bloomberg News survey.
Read more at Bloomberg Bonds News
Oil Is Steady as U.S. Refiners Increase Gasoline Production for Summer
(Bloomberg) -- Crude oil was little changed, close to $64 a barrel in New York, amid speculation demand will climb as U.S. refiners increase operating rates to make gasoline for the summer months.
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Energy News
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Energy News
Copper Extends Longest Rally Since May on Potential Disruptions at Mines
(Bloomberg) -- Copper prices rose in New York, extending a six-week rally that is the longest since May, on speculation that supplies will be disrupted at mines in Indonesia and Argentina.
Workers at the Grasberg mine in Indonesia plan a ``rally'' starting April 18 that will last until owner Freeport-McMoRan Copper & Gold Inc. agrees to raise wages, said Frans Pigome, who heads the local group behind the action. In Argentina, Xstrata Plc delayed some copper shipments after a flood disrupted rail services. Prices have risen 47 percent in the past 10 weeks.
Read more at Bloomberg Commodities News
Workers at the Grasberg mine in Indonesia plan a ``rally'' starting April 18 that will last until owner Freeport-McMoRan Copper & Gold Inc. agrees to raise wages, said Frans Pigome, who heads the local group behind the action. In Argentina, Xstrata Plc delayed some copper shipments after a flood disrupted rail services. Prices have risen 47 percent in the past 10 weeks.
Read more at Bloomberg Commodities News
US STOCKS-Wall St indexes rise on earnings optimism
(Reuters) - The Dow Jones industrial average was up 37.31 points, or 0.30 percent, at 12,590.27. The Standard & Poor's 500 Index was up 2.07 points, or 0.14 percent, at 1,449.87. The Nasdaq Composite Index was up 0.72 points, or 0.03 percent, at 2,481.04.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
GE targeting sale of plastics unit in 3rd qtr
(Reuters) - "The plastics transaction is on track. Lots of interest in this business," Immelt said on a conference call with analysts.
"We expect a first round of bids soon," he added. "We really are targeting an announcement of a definitive agreement in the second quarter, close in the third quarter. I'm pretty optimistic about how this process is going and the outlook for our plastics business overall in terms of doing this disposition."
Read more at Reuters.com Mergers News
"We expect a first round of bids soon," he added. "We really are targeting an announcement of a definitive agreement in the second quarter, close in the third quarter. I'm pretty optimistic about how this process is going and the outlook for our plastics business overall in terms of doing this disposition."
Read more at Reuters.com Mergers News
Korean KEPCO to operate Nigerian power plant
(Reuters) - South Korea's state-run Korea Electric Power Corp. has won a contract to operate Nigeria's 1,320 megawatt Egbin power plant near the commercial capital Lagos, Yonhap news agency reported on Friday.
The gas-fired plant, which has been operating far below its full capacity recently, was offered for privatisation in January, but Yonhap quoted a company official as saying President Olusegun Obasanjo had cancelled that process.
Read more at Reuters Africa
The gas-fired plant, which has been operating far below its full capacity recently, was offered for privatisation in January, but Yonhap quoted a company official as saying President Olusegun Obasanjo had cancelled that process.
Read more at Reuters Africa
Russia's RTS Stock Index Hits 2000 for First Time Ever on Oil Prices
(Bloomberg) -- Russia's benchmark RTS Index surpassed the 2000 level for the first time. OAO Rosneft and OAO Lukoil led today's gains on rising oil prices, a key support for the index.
The RTS rose 1.7 percent to 2001.19 at 5:07 p.m. in Moscow. Energy companies led today's gain after oil prices jumped following the close of Russian stock markets yesterday. Oil and gas companies make up about half of the RTS and a third of the Micex Index.
Read more at Bloomberg Stocks News
The RTS rose 1.7 percent to 2001.19 at 5:07 p.m. in Moscow. Energy companies led today's gain after oil prices jumped following the close of Russian stock markets yesterday. Oil and gas companies make up about half of the RTS and a third of the Micex Index.
Read more at Bloomberg Stocks News
US RATE FUTURES-Slight boost from steady core PPI
(Reuters) - Core producer prices, stripped of food and energy, were steady in March against Wall Street expectations for a 0.2 percent advance. Year-on-year core prices rose by 1.7 percent, down from a 1.8 percent year-on-year advance in February.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Crude Oil Is Little Changed as U.S. Refiners Increase Gasoline Production
(Bloomberg) -- Crude oil was little changed, close to $64 a barrel in New York, amid speculation demand will climb as U.S. refiners increase operating rates to make gasoline for the summer months.
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Commodities News
Refineries are bolstering output because the profit margin, or ``crack,'' for turning crude oil into gasoline and heating oil has more than tripled this year. Refineries operated at 88.4 percent of capacity last week, the highest since Jan. 5, the Energy Department said. Oil surged yesterday on an International Energy Agency report showing that world supplies fell last month.
Read more at Bloomberg Commodities News
Temasek says offer for STATS unconditional
(Reuters) - Temasek said in March it would bid as much as $1.6 billion for the 64.4 percent it did not already own in STATS.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Dollar Remains Lower as Report Shows Trade Deficit Unexpectedly Narrowed
(Bloomberg) -- The dollar remained lower against the euro and yen after a U.S. government report showed the trade deficit unexpectedly narrowed in February.
The dollar's movement against the yen was limited before today's meeting in Washington of the Group of Seven, which may discuss the Japanese currency's weakness.
Read more at Bloomberg Currencies News
The dollar's movement against the yen was limited before today's meeting in Washington of the Group of Seven, which may discuss the Japanese currency's weakness.
Read more at Bloomberg Currencies News
Merck shares up after broker comments
(Reuters) - Seperately, Deutsche Bank raised its price target on Merck to $56 from $51.
Merck shares rose to $48.48 in electronic trade, from a close of $46.36 on the New York Stock Exchange.
Read more at Reuters.com Hot Stocks News
Merck shares rose to $48.48 in electronic trade, from a close of $46.36 on the New York Stock Exchange.
Read more at Reuters.com Hot Stocks News
Kenya plans change to telecoms shareholding rules
(Reuters) - Kenya plans to modify rules compelling foreign telecoms firms to take a 30 percent local shareholding, a move sparked by the country's repeated failure to secure a second national operator.
A senior government official said on Friday the ministry of information and communications has suggested the government be allowed to hold on to the 30 percent shareholding until a foreign investor finds local partners.
Read more at Reuters Africa
A senior government official said on Friday the ministry of information and communications has suggested the government be allowed to hold on to the 30 percent shareholding until a foreign investor finds local partners.
Read more at Reuters Africa
Canadian Dollar Reaches Highest Since November as Commodity Prices Advance
(Bloomberg) -- Canada's dollar reached the strongest since November on speculation that higher commodity prices will support the nation's economic growth and fuel demand for the currency.
The currency's advance was limited before a government report today that may show Canada's trade surplus in February narrowed. Commodities including oil account for 54 percent of the country's exports.
Read more at Bloomberg Currencies News
The currency's advance was limited before a government report today that may show Canada's trade surplus in February narrowed. Commodities including oil account for 54 percent of the country's exports.
Read more at Bloomberg Currencies News
Burlington Northern, United Surgical Sell Bonds as Issuance Begins to Slow
(Bloomberg) -- Burlington Northern Santa Fe Corp., the second-largest U.S. railroad, and hospital manager United Surgical Partners International Inc. led borrowers in selling $6.31 billion of bonds this week as issuance slows amid increased concern about faster inflation and a faltering economy.
Sales are on pace to be the lowest this year, falling from $18.4 billion last week, according to data compiled by Bloomberg. The weekly average this year is $23 billion.
Read more at Bloomberg Bonds News
Sales are on pace to be the lowest this year, falling from $18.4 billion last week, according to data compiled by Bloomberg. The weekly average this year is $23 billion.
Read more at Bloomberg Bonds News
SAfrica fund PIC votes against Edcon buyout
(Reuters) - By Ron Derby
JOHANNESBURG, April 13 - South Africa's largest fund manager, the state-owned Public Investment Corporation
Read more at Reuters.com Mergers News
JOHANNESBURG, April 13 - South Africa's largest fund manager, the state-owned Public Investment Corporation
Read more at Reuters.com Mergers News
US stocks to open mixed; economy, GE in focus
(Reuters) - Futures for the S&P 500 and the Dow Jones industrial average were little changed, while futures for the Nasdaq 100 were down 0.1 percent at 0935 GMT.
Investors will focus on results from General Electric and March Producer Price Index figures to gauge the health of the US economy.
Read more at Reuters.com Bonds News
Investors will focus on results from General Electric and March Producer Price Index figures to gauge the health of the US economy.
Read more at Reuters.com Bonds News
Big SAfrican fund PIC votes against Edcon buyout
(Reuters) - Shareholders in Edgars Consolidated Stores , the country's top fashion outlet, will vote on Monday on the offer led by Bain Capital LLC of the United States, which would be the largest leveraged buyout in the country if successful.
Edcon's board has advised shareholders to accept the offer.
Read more at Reuters.com Mergers News
Edcon's board has advised shareholders to accept the offer.
Read more at Reuters.com Mergers News
UPDATE 2-M'bishi UFJ Nicos sees wider loss than forecast
(Reuters) - TOKYO, April 13 - Japanese consumer lender Mitsubishi UFJ Nicos Co. on Friday estimated a bigger-than-expected $438 million annual net loss after it hiked reserves against legal claims by borrowers.
Japanese consumer loan firms have been hit by a flood of demands to repay interest charges deemed by courts to be illegally high. Many have fallen deep into the red, forcing them to cut jobs, shrink their branch networks and in some cases seek outside financial help.
Read more at Reuters.com Bonds News
Japanese consumer loan firms have been hit by a flood of demands to repay interest charges deemed by courts to be illegally high. Many have fallen deep into the red, forcing them to cut jobs, shrink their branch networks and in some cases seek outside financial help.
Read more at Reuters.com Bonds News
Philippines May Borrow Less From Overseas Next Year, Says Treasurer Cruz
(Bloomberg) -- The Philippines, which aims to reduce its huge debt stockpile, may borrow less than $1 billion from overseas next year, National Treasurer Omar Cruz said.
``Borrowing will always move proportionally to the fiscal deficit, hence, overall borrowing will be less,'' Cruz said in a phone interview. ``Following the same strategy of borrowing more domestically, foreign borrowing should be less'' than last year.
Read more at Bloomberg Bonds News
``Borrowing will always move proportionally to the fiscal deficit, hence, overall borrowing will be less,'' Cruz said in a phone interview. ``Following the same strategy of borrowing more domestically, foreign borrowing should be less'' than last year.
Read more at Bloomberg Bonds News
International Sugar Organization Raises Global Surplus Forecast, CEO Says
(Bloomberg) -- Rising sugar production will create a world surplus 18 percent larger than previously forecast for the year to Sept. 30, the International Sugar Organization said.
Raw sugar output may reach 161.5 million tons this year, up from 160.2 million forecast in February, said Peter Baron, chief executive of the London-based agency in an interview in Mumbai. Consumption may stay unchanged at 153 million tons, he said.
Read more at Bloomberg Commodities News
Raw sugar output may reach 161.5 million tons this year, up from 160.2 million forecast in February, said Peter Baron, chief executive of the London-based agency in an interview in Mumbai. Consumption may stay unchanged at 153 million tons, he said.
Read more at Bloomberg Commodities News
U.K. Pound May Weaken Against Yen Before G-7 Ministers Meet
(Bloomberg) -- The U.K. pound may slide against the yen on concern central bankers and finance ministers from the Group of Seven industrialized countries meeting today will say recent weakness in the Japanese currency is unwarranted.
The pound rose against the yen and the dollar this week on prospects that interest rates in Britain are headed higher. G-7 officials meet in Washington two months since they urged investors to recognize Japan's economic recovery. European Central Bank Governor Jean-Claude Trichet yesterday said the yen should reflect ``fundamentals.''
Read more at Bloomberg Currencies News
The pound rose against the yen and the dollar this week on prospects that interest rates in Britain are headed higher. G-7 officials meet in Washington two months since they urged investors to recognize Japan's economic recovery. European Central Bank Governor Jean-Claude Trichet yesterday said the yen should reflect ``fundamentals.''
Read more at Bloomberg Currencies News
ABN Says Europe Earnings Will Contrast With `Lackluster' U.S. Results
(Bloomberg) -- European first-quarter earnings will reflect sustained economic growth in the region and contrast with ``lackluster'' results in the U.S., according to ABN Amro Holding NV strategists.
HeidelbergCement AG, Germany's biggest maker of the building material, and Zurich Financial Services AG, Switzerland's largest insurer, are among companies whose earnings reports may help lift their stock, the strategists wrote in a report distributed yesterday after markets closed.
Read more at Bloomberg Stocks News
HeidelbergCement AG, Germany's biggest maker of the building material, and Zurich Financial Services AG, Switzerland's largest insurer, are among companies whose earnings reports may help lift their stock, the strategists wrote in a report distributed yesterday after markets closed.
Read more at Bloomberg Stocks News
REFILE-CAMEC makes rival A$222 mln bid for OmegaCorp
(Reuters) - CAMEC said the offer of one new CAMEC share for every OmegaCorp Share valued OmegaCorp at around $222 million Australian , based on Wednesday's closing price, a 25 percent premium to a rival offer from Canada's Denison Mines Corp .
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
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