(Reuters) - The South African rand was a bit weaker versus the dollar on Wednesday, but traders said the currency would likely test the key 7/dlr mark in the session because of continuing weakness in the greenback.
The rand stood near three-month highs at 7.03 against the dollar at 0620 GMT, about 0.2 percent softer than its New York close of 7.01 on Tuesday.
Read more at Reuters Africa
Tuesday, April 17, 2007
Police hunt for Virginia Tech killer's motives
(Reuters) - A chilling portrait of Cho Seung-Hui, a 23-year-old South Korean, has emerged from accounts of fellow students and teachers and from writings for his English degree that were dominated by disillusioned, violent characters.
"I felt he was a very lonely, isolated kind of person the whole time," Lucinda Roy, an English professor who taught Cho, told CNN on Tuesday. "He would always wear sunglasses even inside, and a cap."
Read more at Reuters.com Bonds News
"I felt he was a very lonely, isolated kind of person the whole time," Lucinda Roy, an English professor who taught Cho, told CNN on Tuesday. "He would always wear sunglasses even inside, and a cap."
Read more at Reuters.com Bonds News
U.K. Pound Advances Before Central Bank Releases Minutes of Rate Meeting
(Bloomberg) -- The pound may extend gains from its highest since September 1992 on expectation the Bank of England will raise interest rates twice more this year to bring inflation back towards its target.
The pound broke through the $2 mark for the first time in 15 years yesterday after a government report showed inflation unexpectedly quickened, breaching the bank's 2 percent target by more than 1 percentage point. Futures trading suggests policy makers will raise rates next month and probably once more this year. The bank will publish minutes from its last rate meeting at 9:30 a.m. in London today.
Read more at Bloomberg Currencies News
The pound broke through the $2 mark for the first time in 15 years yesterday after a government report showed inflation unexpectedly quickened, breaching the bank's 2 percent target by more than 1 percentage point. Futures trading suggests policy makers will raise rates next month and probably once more this year. The bank will publish minutes from its last rate meeting at 9:30 a.m. in London today.
Read more at Bloomberg Currencies News
Palm Oil Declines in Malaysia on Concerns Recent Gains Overvalue Commodity
(Bloomberg) -- Palm oil futures declined on concerns last week's 4.8 percent rally, the largest one-week gain in 15 weeks, overvalued the commodity.
Palm oil futures fell as much as 2.2 percent today, a second day of decline after surging another 2.3 percent on April 16 to the highest in more than eight years after Malaysia, the world's largest producer of the tropical oil, reported unexpectedly strong growth in exports this month.
Read more at Bloomberg Commodities News
Palm oil futures fell as much as 2.2 percent today, a second day of decline after surging another 2.3 percent on April 16 to the highest in more than eight years after Malaysia, the world's largest producer of the tropical oil, reported unexpectedly strong growth in exports this month.
Read more at Bloomberg Commodities News
Clear Channel bidders consider higher bid: source
(Reuters) - If a modified deal was agreed, Clear Channel could make an announcement as early as Wednesday morning, the source said.
Buyout firms Thomas H. Lee and Bain Capital's $37.60-a-share, or $19 billion, offer has run into resistance from some shareholders and proxy advisory firms, who argue that the deal undervalues the company.
Read more at Reuters.com Business News
Buyout firms Thomas H. Lee and Bain Capital's $37.60-a-share, or $19 billion, offer has run into resistance from some shareholders and proxy advisory firms, who argue that the deal undervalues the company.
Read more at Reuters.com Business News
Domino's Pizza, Intel, MSC.Software, Monster, Yahoo: 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 yeterday. Stock symbols are in parentheses after company names.
Cognex Corp. (CGNX US) fell $2.78, or 12 percent, to $20 in trading yesterday after the official close of U.S. exchanges. The maker of machine vision sensors and systems said it expects to earn as much as 12 cents a share for the second quarter. That missed the 19 cent average estimate by analysts in a Bloomberg survey.
Read more at Bloomberg Stocks News
Cognex Corp. (CGNX US) fell $2.78, or 12 percent, to $20 in trading yesterday after the official close of U.S. exchanges. The maker of machine vision sensors and systems said it expects to earn as much as 12 cents a share for the second quarter. That missed the 19 cent average estimate by analysts in a Bloomberg survey.
Read more at Bloomberg Stocks News
U.K.'s FTSE 100 Index Declines, Led by HSBC, HBOS; Debenhams Shares Slump
(Bloomberg) -- U.K. stocks fell after a report showed inflation unexpectedly quickened to the fastest in a decade in March, fueling speculation interest rates may rise.
HSBC Holdings Plc, HBOS Plc and Lloyds TSB Group Plc paced a decline by companies that are the most sensitive to higher rates. The pound topped $2 for the first time since September 1992. Experian Group Plc and Hammerson Plc also retreated. BHP Billiton led mining companies lower as gold fell.
Read more at Bloomberg Stocks News
HSBC Holdings Plc, HBOS Plc and Lloyds TSB Group Plc paced a decline by companies that are the most sensitive to higher rates. The pound topped $2 for the first time since September 1992. Experian Group Plc and Hammerson Plc also retreated. BHP Billiton led mining companies lower as gold fell.
Read more at Bloomberg Stocks News
US STOCKS-Wall St rises on earnings, Dow eyes record
(Reuters) - NEW YORK, April 17 - U.S. stocks rose on Tuesday, sending the Dow to within striking distance of a record, after solid profits at companies such as Coca-Cola Co. and data showing tamer March core inflation.
Shares of Coca-Cola rose 3 percent, while those of health-care company Johnson & Johnson , which also posted stronger-than-expected earnings, were up 2.7 percent. Both stocks led advances on the Dow and the S&P 500.
Read more at Reuters.com Bonds News
Shares of Coca-Cola rose 3 percent, while those of health-care company Johnson & Johnson , which also posted stronger-than-expected earnings, were up 2.7 percent. Both stocks led advances on the Dow and the S&P 500.
Read more at Reuters.com Bonds News
Black & Decker shares up on improved forecast
(Reuters) - Citing strong international demand for power tools and favorable U.S. order trends, Black & Decker raised its first-quarter outlook to $1.60 per share, up from a previous view of $1.25 per share to $1.30 per share.
Analysts had forecast earnings of $1.26 per share, according to Reuters Estimates. However, the company said it would increase its full-year earnings forecast only slightly when it reports quarterly results later this month because the economic environment remains challenging.
Read more at Reuters.com Hot Stocks News
Analysts had forecast earnings of $1.26 per share, according to Reuters Estimates. However, the company said it would increase its full-year earnings forecast only slightly when it reports quarterly results later this month because the economic environment remains challenging.
Read more at Reuters.com Hot Stocks News
US STOCKS-Blue chips rise on Coca-Cola, J&J earnings
(Reuters) - NEW YORK, April 17 - U.S. blue-chip stocks edged higher on Tuesday, helped by data showing tamer March core consumer prices and after solid profits at companies such as Coca-Cola Co.
Shares of Coca-Cola were up 1.7 percent, while those of health-care company Johnson & Johnson , which also posted stronger-than-expected earnings, were up 3 percent.
Read more at Reuters.com Bonds News
Shares of Coca-Cola were up 1.7 percent, while those of health-care company Johnson & Johnson , which also posted stronger-than-expected earnings, were up 3 percent.
Read more at Reuters.com Bonds News
Pound Traders Grow Most Bullish Since January, Currency Options Indicate
(Bloomberg) -- Currency options traders are the most bullish on the U.K. pound since January as a jump in inflation increased speculation the Bank of England will raise interest rates as soon as May.
The U.K. pound rose above $2 for the first time since September 1992 today as consumer-price inflation accelerated to 3.1 percent in March, the fastest pace in a decade.
Read more at Bloomberg Currencies News
The U.K. pound rose above $2 for the first time since September 1992 today as consumer-price inflation accelerated to 3.1 percent in March, the fastest pace in a decade.
Read more at Bloomberg Currencies News
Wheat Rises on U.S. Damage From Freeze; Corn May Gain on Slower Planting
(Bloomberg) -- Wheat futures in Chicago may rise, extending a rally to a seven-week high, after a government report showed increased freeze damaged to the U.S. crop. Corn prices may gain as wet weather delays planting.
An estimated 55 percent of the winter wheat crop was rated in good or excellent condition on April 15, down from 64 percent a week earlier, the U.S. Department of Agriculture said yesterday in a report. Temperatures dropped as low as 17 degrees for several hours in parts of Kansas on April 7. Damage occurs if temperatures fall below 24 degrees for two hours.
Read more at Bloomberg Commodities News
An estimated 55 percent of the winter wheat crop was rated in good or excellent condition on April 15, down from 64 percent a week earlier, the U.S. Department of Agriculture said yesterday in a report. Temperatures dropped as low as 17 degrees for several hours in parts of Kansas on April 7. Damage occurs if temperatures fall below 24 degrees for two hours.
Read more at Bloomberg Commodities News
Canadian Stocks Advance on BCE Takeover Talks; Telus, Rovers Shares Rise
(Bloomberg) -- Canadian stocks rose for a fourth day on merger speculation, after BCE Inc. said it's in talks with Kohlberg Kravis Roberts & Co. and three Canadian pension funds about a sale, which would be the country's biggest buyout ever.
Gains in the market were limited after a report showed a decline last month in industrial production in the U.S., Canada's biggest export market.
Read more at Bloomberg Stocks News
Gains in the market were limited after a report showed a decline last month in industrial production in the U.S., Canada's biggest export market.
Read more at Bloomberg Stocks News
US RATE FUTURES-Focus on late-year Fed cuts after CPI
(Reuters) - CHICAGO, April 17 - U.S. short-term interest rate futures rose on Tuesday after U.S. core consumer prices in March rose less than expected, raising hopes in the market that inflation pressures may have peaked.
Still, most of the market's response came in deferred contracts, suggesting it will be several months before Federal Reserve policy-makers feel comfortable enough with the inflation outlook to think about cutting rates.
Read more at Reuters.com Bonds News
Still, most of the market's response came in deferred contracts, suggesting it will be several months before Federal Reserve policy-makers feel comfortable enough with the inflation outlook to think about cutting rates.
Read more at Reuters.com Bonds News
TREASURIES-Bond bulls emboldended by inflation pullback
(Reuters) - NEW YORK, April 17 - U.S. government bond prices rallied on Tuesday after data showed underlying inflation eased last month, indicating the Federal Reserve has room to cut interest rates if economic growth slows appreciably.
Consumer prices outside of food and energy, known as core inflation, rose just half of what Wall Street had forecast.
Read more at Reuters.com Bonds News
Consumer prices outside of food and energy, known as core inflation, rose just half of what Wall Street had forecast.
Read more at Reuters.com Bonds News
TXU names two executives as part of buyout plan
(Reuters) - TXU's electric delivery business will formally be renamed Oncor later this month ahead of its merger review filing with the Public Utility Commission of Texas, TXU said in a statement.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
U.K. 10-Year Bond Yields Rise to 6 1/2-Year High as Inflation Accelerates
(Bloomberg) -- Yields on U.K. two-year government notes touched their highest in about 6 1/2 years after a report showed inflation in Europe's second-biggest economy unexpectedly quickened in March to 3.1 percent, the fastest pace in a decade.
Benchmark gilts slid by the most in more than two months as traders added to bets rising consumer prices will prompt the Bank of England to lift interest rates twice more this year. BOE Governor Mervyn King said in a letter policy makers ``must ensure'' price expectations in the U.K. will be ``anchored.'' Inflation erodes the value of fixed income assets.
Read more at Bloomberg Bonds News
Benchmark gilts slid by the most in more than two months as traders added to bets rising consumer prices will prompt the Bank of England to lift interest rates twice more this year. BOE Governor Mervyn King said in a letter policy makers ``must ensure'' price expectations in the U.K. will be ``anchored.'' Inflation erodes the value of fixed income assets.
Read more at Bloomberg Bonds News
CORRECTED - UPDATE 1-OSI Restaurant Partners 1st-quarter profit falls
(Reuters) - CHICAGO, April 17 - OSI Restaurant Partners Inc. , whose restaurants include Outback Steakhouse, posted a 14 percent decline in first-quarter profit on Tuesday, weighed down by higher beef, produce and labor costs.
Profit was $27.6 million, or 36 cents per share, compared with $32.2 million, or 42 cents per share, a year earlier.
Read more at Reuters.com Market News
Profit was $27.6 million, or 36 cents per share, compared with $32.2 million, or 42 cents per share, a year earlier.
Read more at Reuters.com Market News
M&T Bank first-quarter profit falls 13 percent
(Reuters) - NEW YORK, April 17 - M&T Bank Corp. , whose largest shareholders include Warren Buffett's Berkshire Hathaway Inc. , on Tuesday said first-quarter profit fell 13 percent, hurt by weak demand for mortgages.
Net income for the Buffalo-based company fell to $176 million, or $1.57 per share, from $203 million, or $1.77 a share, a year earlier.
Read more at Reuters.com Market News
Net income for the Buffalo-based company fell to $176 million, or $1.57 per share, from $203 million, or $1.77 a share, a year earlier.
Read more at Reuters.com Market News
UPDATE 1-United Community quarterly profit rises
(Reuters) - The Blairsville, Georgia-based bank holding company also said it expects 2007 earnings-per-share outlook at the lower end of its long-term goal of 12 percent to 15 percent. It had said previously that earnings would fall within the range.
United Community Banks reported first-quarter net income of $19.3 million, or 44 cents a share, compared with $16.0 million, or 39 cents in the year ago period.
Read more at Reuters.com Market News
United Community Banks reported first-quarter net income of $19.3 million, or 44 cents a share, compared with $16.0 million, or 39 cents in the year ago period.
Read more at Reuters.com Market News
U.K. Shares Fall on Inflation Concern, Led by HSBC, HBOS; Debenhams Slumps
(Bloomberg) -- U.K. stocks fell after a report showed inflation unexpectedly quickened to the fastest in a decade in March, fueling speculation interest rates may rise.
HSBC Holdings Plc, HBOS Plc and Lloyds TSB Group Plc paced a decline by companies that are the most sensitive to higher rates. The pound topped $2 for the first time since September 1992. Experian Group Plc and Hammerson Plc also retreated. BHP Billiton led mining companies lower as gold fell.
Read more at Bloomberg Stocks News
HSBC Holdings Plc, HBOS Plc and Lloyds TSB Group Plc paced a decline by companies that are the most sensitive to higher rates. The pound topped $2 for the first time since September 1992. Experian Group Plc and Hammerson Plc also retreated. BHP Billiton led mining companies lower as gold fell.
Read more at Bloomberg Stocks News
Coca-Cola profit tops view
(Reuters) - Excluding items including a charge from an asset write-off in a Philippines bottler and gains on the sales of an equity interest in a Brazilian bottler, the company earned 56 cents per share.
Analysts on average were expecting 53 cents per share, according to Reuters Estimates.
Read more at Reuters.com Business News
Analysts on average were expecting 53 cents per share, according to Reuters Estimates.
Read more at Reuters.com Business News
IMF sees Liberia growth surge, urges debt relief
(Reuters) - Liberia's economic growth, already motoring at nearly 8 percent thanks to reconstruction after a civil war, will surge above 11 percent on average in the coming five years, the International Monetary Fund said.
In a statement released late on Monday, an IMF team which visited earlier this month said however the West African country could not sustain its huge foreign debt, which totals nearly $4 billion, and needed comprehensive debt relief.
Read more at Reuters Africa
In a statement released late on Monday, an IMF team which visited earlier this month said however the West African country could not sustain its huge foreign debt, which totals nearly $4 billion, and needed comprehensive debt relief.
Read more at Reuters Africa
Treasuries Rise as Report Shows Core Inflation Rate Decelerated In March
(Bloomberg) -- U.S. Treasuries rose a second day, pushing yields on benchmark 10-year securities to the lowest in more than a week, after a government report showed the pace of core inflation, which excludes food and energy, slowed in March.
The data may add to speculation the Federal Reserve will cut interest rates later this year. Yields on 10-year Treasury notes last week rose to the highest in two months after minutes from the most recent central bank meeting showed policy makers are more concerned about inflation than slowing economic growth.
Read more at Bloomberg Bonds News
The data may add to speculation the Federal Reserve will cut interest rates later this year. Yields on 10-year Treasury notes last week rose to the highest in two months after minutes from the most recent central bank meeting showed policy makers are more concerned about inflation than slowing economic growth.
Read more at Bloomberg Bonds News
Dollar Drops to Two-Year Low as Consumer Prices Rise Slower Than Forecast
(Bloomberg) -- The dollar fell to a more than two- year low versus the euro and dropped against the yen as a government report showed core consumer prices in the U.S. rose last month less than economists forecast.
``The core inflation number is not friendly for the dollar,'' said Christian Dupont, a senior currency trader in Montreal at Societe Generale SA. ``Inflation is not threatening. It gives the Fed a little bit more room to move rates lower to spur growth later this year.''
Read more at Bloomberg Currencies News
``The core inflation number is not friendly for the dollar,'' said Christian Dupont, a senior currency trader in Montreal at Societe Generale SA. ``Inflation is not threatening. It gives the Fed a little bit more room to move rates lower to spur growth later this year.''
Read more at Bloomberg Currencies News
US RATE FUTURES-Up on mild rise in March core CPI
(Reuters) - Core consumer prices, stripped of food and energy, rose 0.1 percent in March against Wall Street expectations for a 0.2 percent advance. Year-on-year core prices rose by 2.5 percent, down from a 2.7 percent year-on-year advance in February.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-Rail strike hampers Canada Feb factory shipments
(Reuters) - Analysts surveyed by Reuters had expected a 0.5 percent rise in shipments, but the government agency said the strike had hampered the supply chain of manufacturers of chemicals, transportation equipment and nonmetallic minerals.
Chemicals fell 2.0 percent. The transportation equipment sector rose by 0.6 percent, but could risen more following down time for auto plant maintenance in January. However, the subcomponent of aerospace shipments fell 2.4 percent.
Read more at Reuters.com Economic News
Chemicals fell 2.0 percent. The transportation equipment sector rose by 0.6 percent, but could risen more following down time for auto plant maintenance in January. However, the subcomponent of aerospace shipments fell 2.4 percent.
Read more at Reuters.com Economic News
Constellation, Goldcorp, Lundin, Power Financial: Canada Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in Canadian markets. This preview includes news that broke after markets closed. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index gained 0.6 to 13,659.98 in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index gained 0.6 to 13,659.98 in Toronto.
Read more at Bloomberg Stocks News
UPDATE 2-GOME's Q4 net doubles, eyes more market share
(Reuters) - Competition in China'ss consumer electronics market, which is expected to reach $100 billion by 2008, is stiffening with GOME's main rival, Suning Appliance Co. Ltd. , stepping up expansion and U.S. competitor Best Buy opening in Shanghai last year.
GOME said on Tuesday that with its parent, GOME Electrical Appliances Group, it aimed to boost market share to more than 20 percent by 2011, up from its present 12 percent.
Read more at Reuters.com Market News
GOME said on Tuesday that with its parent, GOME Electrical Appliances Group, it aimed to boost market share to more than 20 percent by 2011, up from its present 12 percent.
Read more at Reuters.com Market News
SunTrust profit falls 3 pct on rates, loan losses
(Reuters) - NEW YORK, April 17 - SunTrust Banks Inc. , the seventh-largest U.S. bank, on Tuesday said first-quarter profit fell 3 percent, hurt by a difficult interest rate environment and rising loan losses.
Net income for the Atlanta-based company declined to $513.9 million, or $1.44 per share, from $531.5 million, or $1.46, a year earlier.
Read more at Reuters.com Market News
Net income for the Atlanta-based company declined to $513.9 million, or $1.44 per share, from $531.5 million, or $1.46, a year earlier.
Read more at Reuters.com Market News
UPDATE 2-Entergy sees higher 1st qtr earnings
(Reuters) - The company said it see earnings of about $1.01 per share compared with 92 cents per share a year earlier when results reflected the impact of hurricanes Katrina and Rita.
Analysts on average are expecting New Orleans-based Entergy to report $1.06 per share, according Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average are expecting New Orleans-based Entergy to report $1.06 per share, according Reuters Estimates.
Read more at Reuters.com Market News
White Sugar Gains in London on Speculation Yesterday's Losses Overdone
(Bloomberg) -- White sugar futures gained in London as some investors deemed yesterday's loss excessive.
Sugar's 14-day relative strength index, a chart used by traders to measure the momentum of price movements, was at 38.8 today and at 35.3 yesterday. A reading at 30 or lower typically signals prices will gain, whereas a reading higher than 70 signals a decline.
Read more at Bloomberg Commodities News
Sugar's 14-day relative strength index, a chart used by traders to measure the momentum of price movements, was at 38.8 today and at 35.3 yesterday. A reading at 30 or lower typically signals prices will gain, whereas a reading higher than 70 signals a decline.
Read more at Bloomberg Commodities News
Nano-Proprietary hires Citi as financial adviser
(Reuters) - "Although we are happy with our current strategy as an intellectual-property licensing firm, I believe we have an obligation to our shareholders to determine if this course represents the best short- and long-term value to them," Nano-Proprietary Chief Executive Thomas Bijou said in a press release on Tuesday.
Nano Proprietary said Citi's investment banking division will review various strategic alternatives for the Texas-based company, but it will not necessarily lead to any particular transaction.
Read more at Reuters.com Mergers News
Nano Proprietary said Citi's investment banking division will review various strategic alternatives for the Texas-based company, but it will not necessarily lead to any particular transaction.
Read more at Reuters.com Mergers News
Futures drop on inflation worry, earnings eyed
(Reuters) - A sharp drop in the dollar against sterling after data showed inflation in Britain topping 3 percent could also put investors on edge. A fall in the dollar can add to pressure on U.S. prices and increase imports.
Besides data on the March consumer price index, investors will also get reports on housing starts and industrial production. Stocks surged on Monday, lifting the Standard & Poor's 500 index to a 6 1/2-year high on signs of strength in the economy and corporate profits.
Read more at Reuters.com Hot Stocks News
Besides data on the March consumer price index, investors will also get reports on housing starts and industrial production. Stocks surged on Monday, lifting the Standard & Poor's 500 index to a 6 1/2-year high on signs of strength in the economy and corporate profits.
Read more at Reuters.com Hot Stocks News
JoS. A. Bank Clothiers 2006 earnings rise
(Reuters) - The company posted revenue of $546.4 million in fiscal 2006, up 17.6 percent from $464.6 million in fiscal 2005. Analysts on average expected $542.5 million for 2006.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Pound hurdles $2 as inflation rises, euro eyes highs
(Reuters) - Sterling finally hurdled the psychological $2 barrier to hit a 15-year peak against the dollar on Tuesday as UK inflation topped 3 percent, while robust German investor sentiment kept the euro well supported.
The pound unlocked the $2 barrier -- last seen just before Britain exited the pre-euro Exchange Rate Mechanism in 1992 -- as data showed consumer prices had accelerated to 3.1 percent in March, its highest since comparable records began in 1997. This has cemented expectations for a May interest rate hike to 5.5 percent and priced in the possibility of more.
Read more at Reuters Africa
The pound unlocked the $2 barrier -- last seen just before Britain exited the pre-euro Exchange Rate Mechanism in 1992 -- as data showed consumer prices had accelerated to 3.1 percent in March, its highest since comparable records began in 1997. This has cemented expectations for a May interest rate hike to 5.5 percent and priced in the possibility of more.
Read more at Reuters Africa
U.K. Shares Fall Most in Month on Inflation Concern; HSBC, HBOS Lead Drop
(Bloomberg) -- U.K. stocks fell the most in a month after a report showed inflation unexpectedly quickened to the fastest in a decade in March.
HSBC Holdings Plc, HBOS Plc and Lloyds TSB Group Plc paced a decline by companies that are the most sensitive to higher interest rates. The pound topped $2 for the first time since September 1992.
Read more at Bloomberg Stocks News
HSBC Holdings Plc, HBOS Plc and Lloyds TSB Group Plc paced a decline by companies that are the most sensitive to higher interest rates. The pound topped $2 for the first time since September 1992.
Read more at Bloomberg Stocks News
Spain regulator chief to appear in Congress
(Reuters) - Earlier this month, Conthe became involved in a bizarre stand-off with the government when he said he wanted to resign but would only do so if he was allowed to explain his reasons in Congress.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Euro Trades Close to 2-Year High Against Dollar after ZEW Sentiment Report
(Bloomberg) -- The euro traded close to a two-year high against the dollar after a report from the ZEW Center for European Economic Research showed German investor sentiment rose by the most since June.
The European common currency rose to a record against the yen yesterday after Group of Seven policy makers omitted to mention the yen and European officials said exchange rates aren't holding back their economies. The pound rose just above $2 today, the highest since September 1992, after U.K. inflation reached a record in March, fuelling speculation of higher interest rates.
Read more at Bloomberg Currencies News
The European common currency rose to a record against the yen yesterday after Group of Seven policy makers omitted to mention the yen and European officials said exchange rates aren't holding back their economies. The pound rose just above $2 today, the highest since September 1992, after U.K. inflation reached a record in March, fuelling speculation of higher interest rates.
Read more at Bloomberg Currencies News
Euro Trades at 15-Month High Against Dollar After ZEW Sentiment Report
(Bloomberg) -- The euro traded close to a 15-month high against the dollar after a report from the ZEW Center for European Economic Research showed German investor sentiment rose by the most since June.
The European common currency rose to a record against the yen yesterday after Group of Seven policy makers omitted to mention the yen and European officials said exchange rates aren't holding back their economies. The pound rose just above $2 today, the highest since September 1992, after U.K. inflation reached a record in March, fuelling speculation of higher interest rates.
Read more at Bloomberg Currencies News
The European common currency rose to a record against the yen yesterday after Group of Seven policy makers omitted to mention the yen and European officials said exchange rates aren't holding back their economies. The pound rose just above $2 today, the highest since September 1992, after U.K. inflation reached a record in March, fuelling speculation of higher interest rates.
Read more at Bloomberg Currencies News
Angloplat opposes Swiss plan for platinum ETF
(Reuters) - The world's biggest platinum producer Angloplat will not supply physical metal to a planned exchange-traded fund based on platinum because it would sharpen supply shortages, the firm said on Tuesday.
"The reason why we as a producer are opposed to it is that it takes metal away from physical consumption and therefore would push the price up," said Trevor Raymond, senior manager of investor relations at South Africa's Anglo Platinum.
Read more at Reuters Africa
"The reason why we as a producer are opposed to it is that it takes metal away from physical consumption and therefore would push the price up," said Trevor Raymond, senior manager of investor relations at South Africa's Anglo Platinum.
Read more at Reuters Africa
Telecom Italia, Valeo, Corus: European Credit-Default Swap Market Movers
(Bloomberg) -- The risk of owning European corporate bonds rose, according to traders in the credit-default swaps market.
The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 2,000 euros to 202,000 euros, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 2,000 euros to 202,000 euros, according to JPMorgan Chase & Co.
Read more at Bloomberg Bonds News
Oil Climbs in New York on Expected Demand Boost; Refineries Raise Output
(Bloomberg) -- Crude oil rose as some analysts expect U.S. refineries to raise fuel production to meet growing demand ahead of the summer driving season.
A government report tomorrow may show U.S. gasoline supplies fell the least in 10 weeks as refining reached a 14-week high, according to a Bloomberg News survey. Gasoline reached an eight- month high on April 13, after refinery breakdowns and above- average demand cut U.S. fuel stockpiles by 12 percent. Gasoline futures fell 2.9 percent yesterday.
Read more at Bloomberg Energy News
A government report tomorrow may show U.S. gasoline supplies fell the least in 10 weeks as refining reached a 14-week high, according to a Bloomberg News survey. Gasoline reached an eight- month high on April 13, after refinery breakdowns and above- average demand cut U.S. fuel stockpiles by 12 percent. Gasoline futures fell 2.9 percent yesterday.
Read more at Bloomberg Energy News
FTSE slips as retail numbers mixed; data eyed
(Reuters) - The FTSE 100 of Britain's leading shares edged down 0.3 percent on Tuesday after the Nikkei ended down 0.57 percent and investors held back ahead of a raft of economic data.
Britain's biggest retailer, Tesco climbed 2.1 percent after it met forecasts with a 13 percent rise in annual underlying profit and said it planned to free up at least 3 billion pounds from property assets for investors.
Read more at Reuters Africa
Britain's biggest retailer, Tesco climbed 2.1 percent after it met forecasts with a 13 percent rise in annual underlying profit and said it planned to free up at least 3 billion pounds from property assets for investors.
Read more at Reuters Africa
European Stocks Retreat From 6 1/2-Year High; Debenhams, Pirelli Slump
(Bloomberg) -- European stocks fell on concern a rally that has sent indexes to 6 1/2-year highs overstates prospects for earnings growth.
Debenhams Plc had its biggest slump in almost a year after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates. Pirelli & C. SpA slid after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder.
Read more at Bloomberg Stocks News
Debenhams Plc had its biggest slump in almost a year after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates. Pirelli & C. SpA slid after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder.
Read more at Bloomberg Stocks News
UPDATE 2-Prodi wants Telecom Italian, Mexicans weigh options
(Reuters) - TOKYO/MILAN, April 17 - Italian Prime Minister Romano Prodi said he hoped Telecom Italia would stay Italian after his government scuppered American interest in Italy's largest telecoms company, which still lacks a chairman.
Prodi, speaking on a trip to Japan, said there could be other players, possibly from Europe, after U.S. phone giant AT&T pulled out of talks with Pirelli to buy a majority stake in Olimpia, which controls Telecom Italia.
Read more at Reuters.com Bonds News
Prodi, speaking on a trip to Japan, said there could be other players, possibly from Europe, after U.S. phone giant AT&T pulled out of talks with Pirelli to buy a majority stake in Olimpia, which controls Telecom Italia.
Read more at Reuters.com Bonds News
D.Telekom will not sell Magyar Telekom -Econ Min
(Reuters) - His comments came after German media reported last month that Russian conglomerate Sistema and Deutsche were in talks over an asset swap deal in which Sistema would yield its stake in U.S.-listed MTS for Deutsche's stake in Magyar.
Magyar Telekom CEO Christopher Mattheisen earlier dismissed reports of a Russian takeover at the Hungarian telecom operator as pure speculation.
Read more at Reuters.com Mergers News
Magyar Telekom CEO Christopher Mattheisen earlier dismissed reports of a Russian takeover at the Hungarian telecom operator as pure speculation.
Read more at Reuters.com Mergers News
Tata Consultancy's Ramadorai Says Rupee's Rise to 9-Year High Curbs Profit
(Bloomberg) -- Tata Consultancy Services Ltd., India's largest computer-services provider, said the rupee's appreciation against the dollar will erode earnings as almost all of the company's sales are generated overseas.
``We're very concerned,'' Chief Executive Officer S. Ramadorai said in an interview today in Mumbai, where the company is based. ``The way the rupee drastically appreciated in the last couple of days is definitely of concern.''
Read more at Bloomberg Emerging Markets News
``We're very concerned,'' Chief Executive Officer S. Ramadorai said in an interview today in Mumbai, where the company is based. ``The way the rupee drastically appreciated in the last couple of days is definitely of concern.''
Read more at Bloomberg Emerging Markets News
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