(Bloomberg) -- Allianz SE, Europe's biggest insurer, said first-quarter profit surged 80 percent, boosted by gains from the sale of shareholdings in Germany.
Net income climbed to 3.2 billion euros ($4.35 billion) from 1.78 billion euros in the year-ago period, Munich-based Allianz said in a statement distributed by the DGAP newswire today. That beat the 2.4 billion-euro median estimate of 16 analysts surveyed by Bloomberg via telephone and e-mail.
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Tuesday, May 1, 2007
World Bank ethics chief disputes Wolfowitz claims
(Reuters) - World Bank President Paul Wolfowitz broke staff rules when he intervened directly in the personnel matters of his girlfriend even though he said he wanted no part in a deal to transfer her outside the bank, the head of a bank ethics panel at the time said on Tuesday.
In a statement to a bank committee examining Wolfowitz's role in arranging a high-paid promotion for his girlfriend, the former official, Ad Melkert, said it would have been better if Wolfowitz had instructed one of his deputies to handle the transfer for Shaha Riza, to avoid conflict of interest issues.
Read more at Reuters Africa
In a statement to a bank committee examining Wolfowitz's role in arranging a high-paid promotion for his girlfriend, the former official, Ad Melkert, said it would have been better if Wolfowitz had instructed one of his deputies to handle the transfer for Shaha Riza, to avoid conflict of interest issues.
Read more at Reuters Africa
Alliance Boots says year profit up 7.4 pct
(Reuters) - Alliance Boots, created from the merger of drug store chain Boots and drugs wholesaler Alliance Unichem in July 2006, agreed last month to a takeover by private equity firm Kohlberg Kravis Roberts [KKR.UL] and deputy chairman and biggest shareholder Stefano Pessina in an 11.1 billion pound deal.
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Read more at Reuters.com Market News
Coal & Allied Cuts Hunter Valley Output 20 Percent on Port, Rail Capacity
(Bloomberg) -- Coal & Allied Industries Ltd., an Australian thermal coal producer controlled by Rio Tinto Group, will cut production by 20 percent this year because of reduced port and rail export capacity.
The company will cut 250 contractor jobs after Newcastle Port cut the share of capacity it allocates to Coal & Allied, the Brisbane-based company said today in a statement. Thermal coal is used in power stations.
Read more at Bloomberg Commodities News
The company will cut 250 contractor jobs after Newcastle Port cut the share of capacity it allocates to Coal & Allied, the Brisbane-based company said today in a statement. Thermal coal is used in power stations.
Read more at Bloomberg Commodities News
Dollar hits 2-mth high vs yen on solid U.S. data
(Reuters) - The Institute for Supply Management said its index of national factory activity rose to 54.7 in April from 50.9 in March. The reading was the highest since May 2006.
Although separate data released on Tuesday showed that pending sales of existing U.S. homes in March fell to their lowest level in four years, the upbeat manufacturing report was enough to give the dollar a boost, traders and analysts said.
Read more at Reuters.com Hot Stocks News
Although separate data released on Tuesday showed that pending sales of existing U.S. homes in March fell to their lowest level in four years, the upbeat manufacturing report was enough to give the dollar a boost, traders and analysts said.
Read more at Reuters.com Hot Stocks News
Indonesia May Boost Palm Export Tax to Cut Cooking Oil Cost, Official Says
(Bloomberg) -- The government in Indonesia, the world's second-largest palm-oil grower last year, may double the export levy on shipments unless producers set aside enough to prevent inflated prices of cooking oil, an official said.
``The vice president will decide to lift the export duty in June'' unless cooking oil prices are 6,500 to 6,800 rupiah a kilogram by the end of May, Djoko Said Damarjati, director general of marketing for agricultural products, said today.
Read more at Bloomberg Commodities News
``The vice president will decide to lift the export duty in June'' unless cooking oil prices are 6,500 to 6,800 rupiah a kilogram by the end of May, Djoko Said Damarjati, director general of marketing for agricultural products, said today.
Read more at Bloomberg Commodities News
TREASURIES-Little moved in Asia in thin trade before jobs
(Reuters) - Due to recent mixed U.S. data, the market was likely to react more sensitively to indicators exceeding forecasts, analysts said.
In a rangebound market, investors will likely keep hunting for bonds at lower prices rather than chasing prices higher, they said.
Read more at Reuters.com Bonds News
In a rangebound market, investors will likely keep hunting for bonds at lower prices rather than chasing prices higher, they said.
Read more at Reuters.com Bonds News
Hyundai Q1 operating profit down on weak sales
(Reuters) - That compared to 335.3 billion won profit a year ago and 306.7 billion won in October-December.
First-quarter net profit fell 10.2 percent although Hyundai narrowed its derivatives losses and paid less corporate tax than a year earlier.
Read more at Reuters.com Market News
First-quarter net profit fell 10.2 percent although Hyundai narrowed its derivatives losses and paid less corporate tax than a year earlier.
Read more at Reuters.com Market News
BP's Browne Steps Down as Chief Executive Officer, Is Replaced by Hayward
(Bloomberg) -- John Browne stepped down as chief executive officer of BP Plc three months earlier than planned after losing a legal battle to prevent the publication of claims he let a former boyfriend use company resources.
BP, Europe's second-biggest oil company, said today in London that Tony Hayward, who was scheduled to replace Browne Aug. 1, takes over the position immediately. BP said allegations Browne misused resources were ``unfounded or insubstantive.''
Read more at Bloomberg Bonds News
BP, Europe's second-biggest oil company, said today in London that Tony Hayward, who was scheduled to replace Browne Aug. 1, takes over the position immediately. BP said allegations Browne misused resources were ``unfounded or insubstantive.''
Read more at Bloomberg Bonds News
U.S. Treasuries May Fall for Second Day Ahead of Non-Farm Payrolls Report
(Bloomberg) -- U.S. Treasuries may drop for a second day ahead of a government report on employment.
The data in two days may show employers in the U.S. added 100,000 workers to payrolls this month, the fewest in two years, according to a Bloomberg News survey. U.S. bonds fell yesterday after manufacturing growth accelerated to an almost one-year high in April and rising prices for materials became more widespread.
Read more at Bloomberg Bonds News
The data in two days may show employers in the U.S. added 100,000 workers to payrolls this month, the fewest in two years, according to a Bloomberg News survey. U.S. bonds fell yesterday after manufacturing growth accelerated to an almost one-year high in April and rising prices for materials became more widespread.
Read more at Bloomberg Bonds News
Turkish Shares Extend Losses on Citigroup Downgrade: World's Biggest Mover
(Bloomberg) -- Turkish stocks dropped after Citigroup Inc. recommended investors sell shares on concern a row between the army and the government over the country's next president may fuel political instability.
Turkiye Is Bankasi AS, the biggest bank, and Turkiye Garanti Bankasi AS, the third-largest, led the retreat. Stocks yesterday had their steepest decline in two months after the military, which has forced four governments from power since 1960, signaled it may block the administration's presidential candidate because of his Islamist past.
Read more at Bloomberg Stocks News
Turkiye Is Bankasi AS, the biggest bank, and Turkiye Garanti Bankasi AS, the third-largest, led the retreat. Stocks yesterday had their steepest decline in two months after the military, which has forced four governments from power since 1960, signaled it may block the administration's presidential candidate because of his Islamist past.
Read more at Bloomberg Stocks News
Archer Daniels, R.R. Donnelley, UAL, Vulcan Materials: 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 2:50 p.m. New York time.
24/7 Real Media Inc. (TFSM US) rose $2.03, or 20 percent, to $11.98 and traded as high as $13. Microsoft Corp., the world's largest software maker, is weighing a bid to acquire Internet advertising provider 24/7 Real Media Inc., the New York Post reported, without citing anyone. Microsoft is considering a price of about $1 billion, above the New York-based company's $600 million value, the Post said, citing unidentified analysts.
Read more at Bloomberg Stocks News
24/7 Real Media Inc. (TFSM US) rose $2.03, or 20 percent, to $11.98 and traded as high as $13. Microsoft Corp., the world's largest software maker, is weighing a bid to acquire Internet advertising provider 24/7 Real Media Inc., the New York Post reported, without citing anyone. Microsoft is considering a price of about $1 billion, above the New York-based company's $600 million value, the Post said, citing unidentified analysts.
Read more at Bloomberg Stocks News
Shinhan Card Hires Four Banks to Sell $400 Million of Bonds, E-mail Shows
(Bloomberg) -- Shinhan Card Co., a credit card unit of South Korea's second-largest financial-services company, hired four banks to sell $400 million of bonds, according to an e-mail sent to investors.
Shinhan Card engaged ABN Amro Holding NV, Bank of America Corp., BNP Paribas SA and Goldman Sachs Group Inc. to sell the five-year securities, according to the e-mail. Shinhan will meet investors in Asia and Europe next week for the sale of the senior unsecured notes, the e-mail shows.
Read more at Bloomberg Emerging Markets News
Shinhan Card engaged ABN Amro Holding NV, Bank of America Corp., BNP Paribas SA and Goldman Sachs Group Inc. to sell the five-year securities, according to the e-mail. Shinhan will meet investors in Asia and Europe next week for the sale of the senior unsecured notes, the e-mail shows.
Read more at Bloomberg Emerging Markets News
Canada Dollar Reverses Gains as Dodge Says `Currency Higher Than Assumed'
(Bloomberg) -- Canada's dollar dropped from near an eight-month high after Bank of Canada Governor David Dodge said the currency was trading ``higher than was assumed.''
The Canadian dollar has gained about 4.4 percent this quarter on evidence of economic strength and commodity gains, which account for 54 percent of the nation's exports. The Canadian dollar rallied past the 90-cent level for the first time since September.
Read more at Bloomberg Currencies News
The Canadian dollar has gained about 4.4 percent this quarter on evidence of economic strength and commodity gains, which account for 54 percent of the nation's exports. The Canadian dollar rallied past the 90-cent level for the first time since September.
Read more at Bloomberg Currencies News
Sullivan's AIG Sheds Arrogant Image to Win Clients in Post-Greenberg Era
(Bloomberg) -- American International Group Inc. lost about $5 million in annual premiums from Gap Inc. two years ago because Jenny Novoa was sick of AIG's billing delays.
The risk manager at the largest U.S. clothing retailer said she's now thinking of returning to the world's biggest insurer.
Read more at Bloomberg Exclusive News
The risk manager at the largest U.S. clothing retailer said she's now thinking of returning to the world's biggest insurer.
Read more at Bloomberg Exclusive News
Oil Rises From Seven-Day Low on Expectation That Gasoline Inventories Fell
(Bloomberg) -- Crude oil rose from a seven-day low on expectation U.S. gasoline stockpiles fell last week as refiners shut units for repairs.
Gasoline stockpiles probably fell for a 12th week as fires and breakdowns hampered refiners' efforts to store fuel for summer, according to a Bloomberg News survey of analysts. Concern that supplies from Nigeria may be disrupted increased after six Chevron Corp. foreign oil workers were kidnapped and an oil field producing 15,000 barrels a day was shut.
Read more at Bloomberg Energy News
Gasoline stockpiles probably fell for a 12th week as fires and breakdowns hampered refiners' efforts to store fuel for summer, according to a Bloomberg News survey of analysts. Concern that supplies from Nigeria may be disrupted increased after six Chevron Corp. foreign oil workers were kidnapped and an oil field producing 15,000 barrels a day was shut.
Read more at Bloomberg Energy News
Schroders Says First-Quarter Pretax Profit Rises 30 Percent on New Money
(Bloomberg) -- Schroders Plc, the largest London- based publicly traded fund manager, said first-quarter pretax profit increased 30 percent as it concentrated on attracting mutual fund clients, who pay higher fees.
Pretax profit rose to 93.2 million pounds ($186.4 million) from 71.4 million pounds in the year-earlier period, Schroders said in a statement today. Funds under management rose 3 percent to 132.3 billion pounds at the end of March, from 128.5 billion pounds three months before, the 204-year-old company said.
Read more at Bloomberg Stocks News
Pretax profit rose to 93.2 million pounds ($186.4 million) from 71.4 million pounds in the year-earlier period, Schroders said in a statement today. Funds under management rose 3 percent to 132.3 billion pounds at the end of March, from 128.5 billion pounds three months before, the 204-year-old company said.
Read more at Bloomberg Stocks News
Saudi Arabia's Crude Oil Production Steady, Crown Prince Abdelaziz Says
(Bloomberg) -- Saudi Arabia, the world's largest oil producer, is pumping between 8.5 million and 8.6 million barrels of oil a day, the Middle East nation's Crown Prince Sultan bin Abdelaziz al-Saud said in Riyadh today.
The country produced 8.5 million barrels of oil a day in March, according to Bloomberg estimates.
Read more at Bloomberg Energy News
The country produced 8.5 million barrels of oil a day in March, according to Bloomberg estimates.
Read more at Bloomberg Energy News
GLOBAL MARKETS-Euro hits yen record, holidays mute stocks
(Reuters) - May Day holidays shut most European bourses along with Hong Kong, South Korea, India, Singapore, Malaysia and Thailand. Chinese trading was closed for the country's Golden Week.
The Turkish lira and shares, which were rattled on Monday, fell more than one percent early on before stabilising as investors, worried by a political crisis, awaited a court ruling on a challenge to the presidential election process.
Read more at Reuters.com Bonds News
The Turkish lira and shares, which were rattled on Monday, fell more than one percent early on before stabilising as investors, worried by a political crisis, awaited a court ruling on a challenge to the presidential election process.
Read more at Reuters.com Bonds News
Cemex, NRW.Bank, Network Rail, Oakwood to Sell Debt: European Bond Alert
(Bloomberg) -- The following is a list of bond sales denominated in euros or pounds and expected in the coming days and weeks.
Investment-Grade Sales
Read more at Bloomberg Bonds News
Investment-Grade Sales
Read more at Bloomberg Bonds News
Indonesian Stocks Rise After Consumer Prices Slow in April; Danamon Gains
(Bloomberg) -- Indonesian stocks rose after consumer prices fell in April from a month ago, raising expectations the nation's central bank will have room to lower interest rates. PT Bank Danamon Indonesia and PT Bank Niaga advanced.
PT Bumi Resources and PT Timah jumped after reporting first- quarter earnings surged, while PT United Tractors and PT Indocement Tunggal Prakarsa declined after reporting first-quarter earnings fell.
Read more at Bloomberg Stocks News
PT Bumi Resources and PT Timah jumped after reporting first- quarter earnings surged, while PT United Tractors and PT Indocement Tunggal Prakarsa declined after reporting first-quarter earnings fell.
Read more at Bloomberg Stocks News
Indonesia's April Inflation Rate Slows to 6.3 Percent as Food Prices Fall
(Bloomberg) -- Indonesia's inflation slowed in April, as prices of food products including rice fell.
Consumer prices rose 6.3 percent from a year earlier, compared with 6.5 percent in March, according to the Central Statistics Bureau. That's lower than median 6.5 percent forecast of 21 economists surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
Consumer prices rose 6.3 percent from a year earlier, compared with 6.5 percent in March, according to the Central Statistics Bureau. That's lower than median 6.5 percent forecast of 21 economists surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
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