(Reuters) - WASHINGTON, May 7 - In a setback for supporters of legalizing the import of cheaper drugs into the United States, the Senate voted 49-40 on Monday for an amendment to require safety certification of drugs from other countries.
The safety requirement, offered by Mississippi Republican Thad Cochran, amended a measure from North Dakota Democrat Byron Dorgan that would legalize drug importation. The Dorgan measure was also approved by the Senate in a voice vote.
Read more at Reuters.com Government Filings News
Monday, May 7, 2007
Japan's 10-Year Bonds May Fall for Third Day as Stock Gains to Sap Demand
(Bloomberg) -- Japan's government bonds may drop for a third day, the longest slide since January, on speculation gains in stocks will dent demand for debt.
Benchmark yields may continue to climb from a more than one- month low reached last week, after the Nikkei 225 Stock Average yesterday had its biggest rally in almost five weeks. Demand for debt may be limited before an auction today of 10-year bonds, said Koji Ochiai, a senior market analyst at Mizuho Securities Co., one of 25 primary dealers that are obliged to bid at government sales.
Read more at Bloomberg Bonds News
Benchmark yields may continue to climb from a more than one- month low reached last week, after the Nikkei 225 Stock Average yesterday had its biggest rally in almost five weeks. Demand for debt may be limited before an auction today of 10-year bonds, said Koji Ochiai, a senior market analyst at Mizuho Securities Co., one of 25 primary dealers that are obliged to bid at government sales.
Read more at Bloomberg Bonds News
New Zealand Employers Probably Added 10,000 Workers During First Quarter
(Bloomberg) -- New Zealand employers probably added workers for the first time in three quarters, keeping the jobless rate close to a record low and adding to inflation pressure.
Companies added about 10,000 workers in the first quarter after shedding 12,000 jobs in the second half of 2006, according to the median forecast of 12 economists surveyed by Bloomberg News. The jobless rate probably rose to 3.8 percent. The report will be released at 10:45 a.m. on May 10 in Wellington.
Read more at Bloomberg Bonds News
Companies added about 10,000 workers in the first quarter after shedding 12,000 jobs in the second half of 2006, according to the median forecast of 12 economists surveyed by Bloomberg News. The jobless rate probably rose to 3.8 percent. The report will be released at 10:45 a.m. on May 10 in Wellington.
Read more at Bloomberg Bonds News
Alumina, BHP, IBA, Qantas, Rio, Woodside: Australian Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may rise or fall in Australia. This preview includes news announced after markets closed yesterday. Prices are from yesterday's close unless otherwise stated. Stock symbols are in brackets after the company names.
The S&P/ASX 200 Index futures contract due in June fell 2 points to 6335 at 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index added 0.9 percent in New York.
Read more at Bloomberg Stocks News
The S&P/ASX 200 Index futures contract due in June fell 2 points to 6335 at 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index added 0.9 percent in New York.
Read more at Bloomberg Stocks News
Quanta, InfraSource clear antitrust hurdle for merger
(Reuters) - In March, Quanta agreed to acquire InfraSource in an all-stock deal valued at about $1.26 billion.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
US Senate Republican wants Iraq progress by autumn
(Reuters) - Sen. Trent Lott of Mississippi, who holds the No. 2 leadership position in his party, made his comments a day after similar remarks by another powerful Republican lawmaker, House Leader John Boehner of Ohio.
"I do think this fall we've got to see some significant changes in the situation on the ground, in Baghdad and other surrounding areas ... or else," Lott told reporters.
Read more at Reuters.com Bonds News
"I do think this fall we've got to see some significant changes in the situation on the ground, in Baghdad and other surrounding areas ... or else," Lott told reporters.
Read more at Reuters.com Bonds News
Treasuries Volatility Falls to Record Low on Bets Fed to Hold Rates Steady
(Bloomberg) -- Volatility in U.S. Treasuries fell to a record low as traders bet the Federal Reserve will keep its benchmark interest rate unchanged at 5.25 percent until at least the second half of the year.
Merrill Lynch & Co.'s MOVE Index, based on prices of over- the-counter options on Treasuries maturing in two to 30 years, fell to 54.5 today, the lowest since 1988, when the firm began tracking the data. The previous record low was 54.9 on Feb. 5.
Read more at Bloomberg Bonds News
Merrill Lynch & Co.'s MOVE Index, based on prices of over- the-counter options on Treasuries maturing in two to 30 years, fell to 54.5 today, the lowest since 1988, when the firm began tracking the data. The previous record low was 54.9 on Feb. 5.
Read more at Bloomberg Bonds News
Yardville National says counsel finds no evidence of misconduct
(Reuters) - Yardville started the investigation following an allegation from a shareholder that one or more members of the company's board had improperly disclosed nonpublic information to at least one other shareholder.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Trade benefits at risk as Ecuador scraps US treaty
(Reuters) - Ecuador, which has strongly lobbied for the program, said on Sunday it will not prolong an investment treaty with its northern neighbor because it was unfair.
"This could serve as ammunition for Republicans in Congress to oppose the extension of the program," said Roberto Aspiazu, head of the Ecuadorean Businesses Committee.
Read more at Reuters.com Bonds News
"This could serve as ammunition for Republicans in Congress to oppose the extension of the program," said Roberto Aspiazu, head of the Ecuadorean Businesses Committee.
Read more at Reuters.com Bonds News
Judge rules against SEC, may be key to muni probe
(Reuters) - Administrative Law Judge James Kelly on Thursday ruled against the U.S. Securities and Exchange Commission in its efforts to convict two former JPMorgan bankers of violating one of the rules in the muni market designed to stop "pay-to-play" practices.
Kelly's 50-page "initial decision" also cast doubt on the SEC's position that it has authority in some cases to regulate derivatives even when they are not directly linked to a muni bond issue.
Read more at Reuters.com Bonds News
Kelly's 50-page "initial decision" also cast doubt on the SEC's position that it has authority in some cases to regulate derivatives even when they are not directly linked to a muni bond issue.
Read more at Reuters.com Bonds News
Study assails 'pay for failure' at U.S. companies
(Reuters) - CEOs at these companies have all received total pay of more than $15 million over the last two fiscal years, according to governance research firm The Corporate Library.
At the same time, the report said, the companies' total shareholder returns have fallen over the last five years and performance against peers slumped over the same period.
Read more at Reuters.com Bonds News
At the same time, the report said, the companies' total shareholder returns have fallen over the last five years and performance against peers slumped over the same period.
Read more at Reuters.com Bonds News
Thomson confirms "preliminary Reuters approach
(Reuters) - The company added a further announcement would come "in due course" and did not give any indication regarding the value of any potential offer. A spokesman had no further comment.
Reuters shares soared as much as 32 percent on Friday after reports that Thomson was in talks regarding a bid for London-based Reuters.
Read more at Reuters.com Mergers News
Reuters shares soared as much as 32 percent on Friday after reports that Thomson was in talks regarding a bid for London-based Reuters.
Read more at Reuters.com Mergers News
UPDATE !-US drug wholesaler McKesson sees quarterly profit up
(Reuters) - McKesson, which distributes drugs to hospitals and pharmacies, posted a net profit of $257 million, or 85 cents per share, for its fiscal fourth quarter ended March 31, compared with a profit of $220 million, or 70 cents per share, a year ago.
Analysts on average expected 79 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts on average expected 79 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Berkshire MidAmerican unit files $850 mln mixed shelf
(Reuters) - The proceeds will be used for general corporate purposes, which may include working capital, debt reduction, refinancing existing securities and capital spending, the company said.
Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Read more at Reuters.com Bonds News
Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Read more at Reuters.com Bonds News
UPDATE 1-US Medicare funding projections too small-Greenspan
(Reuters) - "We cannot realistically expect that we are going to find some magical formula" to fund Medicare, the former central bank chief said at the annual membership meeting of the American Hospital Association.
He also warned that demographics were such that there would be too few workers to fund entitlements for the retiring "baby boomer" generation.
Read more at Reuters.com Economic News
He also warned that demographics were such that there would be too few workers to fund entitlements for the retiring "baby boomer" generation.
Read more at Reuters.com Economic News
US Medicare funding projections too small-Greenspan
(Reuters) - He also warned that demographics were such that there would be too few workers to fund entitlements for the retiring "baby boomer" generation.
Read more at Reuters.com Economic News
Read more at Reuters.com Economic News
Former PCG execs launch new private equity firm
(Reuters) - The La Jolla, California-based firm is managed by Brem, Thomas Keck, Chief Investment Officer and Jose Fernandez, managing director.
All three came from PCG, a La Jolla-based advisory firm with $15 billion under management that saw a string of departures last year. PCG said last September that Brem and two other top executives left the firm. Reuters reported at the time that their leaving had to do with compensation, citing a source familiar with the matter. To read that story please click on [ID:nN18332362].
Read more at Reuters.com Mergers News
All three came from PCG, a La Jolla-based advisory firm with $15 billion under management that saw a string of departures last year. PCG said last September that Brem and two other top executives left the firm. Reuters reported at the time that their leaving had to do with compensation, citing a source familiar with the matter. To read that story please click on [ID:nN18332362].
Read more at Reuters.com Mergers News
Alcan call trading seen active before Alcoa's bid
(Reuters) - He said volume was heaviest on April 24, April 25, May 1 and May 4, and during each of these days, volume outstripped April average daily volume of 2,046. On Friday alone, some 4,869 call contracts traded on the three call series.
"It's not as cut and dry as others that it might have been insider trading, but it does certainly look like somebody had a pretty good idea," Najarian said.
Read more at Reuters.com Mergers News
"It's not as cut and dry as others that it might have been insider trading, but it does certainly look like somebody had a pretty good idea," Najarian said.
Read more at Reuters.com Mergers News
Canada Dollar Reaches 11-Month High on Bid for Alcan, Building Permit Data
(Bloomberg) -- Canada's dollar strengthened to an 11- month high following Alcoa Inc.'s $26.9 billion bid for Montreal-based Alcan Inc.
Alcoa Inc., the biggest aluminum company by sales, disclosed its unsolicited cash and stock takeover offer for Alcan Inc., the latest in a series of announced deals in Canada. The currency was also bolstered by news that Canadian building permits rose in March at the quickest pace ever, suggesting residential real estate woes in the U.S. haven't spread north.
Read more at Bloomberg Currencies News
Alcoa Inc., the biggest aluminum company by sales, disclosed its unsolicited cash and stock takeover offer for Alcan Inc., the latest in a series of announced deals in Canada. The currency was also bolstered by news that Canadian building permits rose in March at the quickest pace ever, suggesting residential real estate woes in the U.S. haven't spread north.
Read more at Bloomberg Currencies News
Automakers can't meet Vermont CO2 timeline: expert
(Reuters) - Automakers General Motors Corp. and DaimlerChrysler AG, along with local auto dealers and trade associations, are suing Vermont to try to block the standard, which calls for a 30 percent reduction in the amount of carbon dioxide, or CO2, released by vehicles, starting in 2009 and becoming stricter through 2016.
Adapting to the new rules would take far longer, said Thomas Austin, an industry expert at Sierra Research Inc., in court testimony.
Read more at Reuters.com Government Filings News
Adapting to the new rules would take far longer, said Thomas Austin, an industry expert at Sierra Research Inc., in court testimony.
Read more at Reuters.com Government Filings News
Florida lawmakers tweak state-run insurance pool
(Reuters) - In the waning hours of the 2007 session, members in both the Senate and the House approved changes to Citizens Property Insurance Corp., the state-run insurer pool that is now the largest property insurer in Florida.
For Citizens' customers, the bill extends for a year a rate freeze that was to end Jan. 1. The extension is expected to save Citizens' customers at least $350 million statewide.
Read more at Reuters.com Bonds News
For Citizens' customers, the bill extends for a year a rate freeze that was to end Jan. 1. The extension is expected to save Citizens' customers at least $350 million statewide.
Read more at Reuters.com Bonds News
UPDATE 1-Bids for Merck generics near 4.8 bln eur - source
(Reuters) - "Currently the offers are in the region of 4.7 to 4.8 billion euros," the source said.
Sources previously told Reuters the bids were expected to be about 4 billion euros .
Read more at Reuters.com Mergers News
Sources previously told Reuters the bids were expected to be about 4 billion euros .
Read more at Reuters.com Mergers News
Rand holds firm vs struggling dollar
(Reuters) - South Africa's rand reached fresh 4-month highs against the dollar on Monday as the greenback sagged in the face of a poor U.S. economic outlook after last week's soft employment data.
The rand was at 6.8815 against the dollar at 1530 GMT, up 0.53 percent from its previous New York close after earlier rising to 6.8801, the strongest it has been since January 3.
Read more at Reuters Africa
The rand was at 6.8815 against the dollar at 1530 GMT, up 0.53 percent from its previous New York close after earlier rising to 6.8801, the strongest it has been since January 3.
Read more at Reuters Africa
Corn Futures Fall as Drier Weather in Eastern Midwest Accelerates Planting
(Bloomberg) -- Corn futures in Chicago fell from a six-week high on speculation dry weekend weather firmed muddy fields in the eastern Midwest, allowing farmers to accelerate planting of the biggest U.S. crop.
Dry weather prevailed from eastern Iowa to Ohio, allowing many farmers to compete planting after weeks of delays caused by heavy rains, said George De la Gardelle, a merchandiser for The Andersons Inc. in Dunkirk, Indiana. In the western Midwest, there is little rain in the picture into next week, he said.
Read more at Bloomberg Commodities News
Dry weather prevailed from eastern Iowa to Ohio, allowing many farmers to compete planting after weeks of delays caused by heavy rains, said George De la Gardelle, a merchandiser for The Andersons Inc. in Dunkirk, Indiana. In the western Midwest, there is little rain in the picture into next week, he said.
Read more at Bloomberg Commodities News
Canada regulator aims for fast review of Alcoa bid
(Reuters) - "At this point, it's too early to anticipate how long it would possibly take," she said, adding that the agency's reviews of complex mergers over the past five years have typically taken under four months to complete.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Brazil gov't sees Selic rate at 9.5 pct in 2010
(Reuters) - The new outlook is part of an evaluation the government made on Monday of an economic stimulus package it presented in January. The government maintained its economic growth forecast at 4.5 percent this year and at 5 percent annually in the years through 2010.
The central bank cut its benchmark lending rate to a record low of 12.5 percent from 12.75 percent in April.
Read more at Reuters.com Bonds News
The central bank cut its benchmark lending rate to a record low of 12.5 percent from 12.75 percent in April.
Read more at Reuters.com Bonds News
UPDATE 1-Liberty Mutual to buy Ohio Casualty for $2.7 bln
(Reuters) - Ohio Casualty is the holding company of Ohio Casualty Insurance Co. and five other property and casualty insurance companies.
Ohio Casualty stock rose about 29.5 percent, to $43.19, in Monday morning trading.
Read more at Reuters.com Market News
Ohio Casualty stock rose about 29.5 percent, to $43.19, in Monday morning trading.
Read more at Reuters.com Market News
Entegris, Mercury General, Ohio Casualty, Cyberonics: 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 10:10 a.m. New York time.
Alcan Inc. (AL US) rose $20.48, or 34 percent, to $81.51 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, plans to offer cash and stock valued at $33 billion to acquire Alcan. Alcoa, based in New York, will offer $58.60 in cash and 0.4108 of a share of Alcoa stock for each Alcan share. That values Alcan at $73.25, 20 percent higher than the closing price on May 4, Alcoa said today in a statement distributed by Canada Newswire.
Read more at Bloomberg Stocks News
Alcan Inc. (AL US) rose $20.48, or 34 percent, to $81.51 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, plans to offer cash and stock valued at $33 billion to acquire Alcan. Alcoa, based in New York, will offer $58.60 in cash and 0.4108 of a share of Alcoa stock for each Alcan share. That values Alcan at $73.25, 20 percent higher than the closing price on May 4, Alcoa said today in a statement distributed by Canada Newswire.
Read more at Bloomberg Stocks News
Fitch drops McClatchy's rating into junk territory
(Reuters) - "The rating action incorporates the risk that given the company's depressed stock price and credit ratings, management may extend its debt repayment time frame by taking some modest shareholder-friendly actions in the coming years," Fitch said in a release.
Fitch lowered McClatchy's issuer default rating one notch to "BB-plus," the highest junk rating, from "BBB-minus." Fitch also lowered the senior unsecured notes the company assumed through acquiring Knight Ridder to "BB-plus" from "BBB-minus."
Read more at Reuters.com Bonds News
Fitch lowered McClatchy's issuer default rating one notch to "BB-plus," the highest junk rating, from "BBB-minus." Fitch also lowered the senior unsecured notes the company assumed through acquiring Knight Ridder to "BB-plus" from "BBB-minus."
Read more at Reuters.com Bonds News
Oil, Gasoline Futures Fall on Expectations of Increased U.S. Fuel Supply
(Bloomberg) -- Crude oil fell to a six-week low and gasoline plunged on speculation that U.S. refiners will increase output of the motor fuel before the peak-demand driving season.
Refineries operated at 90.2 percent of capacity last week, up 0.9 percentage point from the week before, according to a Bloomberg News survey. Analysts were split over whether gasoline supplies rose or fell. Stores of the fuel fell in the 12 weeks ended April 27, the Energy Department said. The driving season begins with the Memorial Day holiday at the end of this month.
Read more at Bloomberg Energy News
Refineries operated at 90.2 percent of capacity last week, up 0.9 percentage point from the week before, according to a Bloomberg News survey. Analysts were split over whether gasoline supplies rose or fell. Stores of the fuel fell in the 12 weeks ended April 27, the Energy Department said. The driving season begins with the Memorial Day holiday at the end of this month.
Read more at Bloomberg Energy News
Ford to idle Cleveland casting plant in 2009
(Reuters) - The actions are in line with Ford's aim to match its manufacturing capacity with customer demand, the company said in a statement.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Freddie Mac sells $5.0 billion in bills
(Reuters) - The six-month bills were priced at 97.4539 and have a money market yield of 5.196 percent.
Settlement is May 8.
Read more at Reuters.com Bonds News
Settlement is May 8.
Read more at Reuters.com Bonds News
U.S. Stocks Rise for a Fifth Day; Alcoa Jumps on Offer to Acquire Alcan
(Bloomberg) -- U.S. stocks rose for a fifth day, led by Alcoa Inc. after the world's largest aluminum company offered to buy Canadian rival Alcan Inc. for $33 billion.
Alcoa shares climbed to a three-year high and gained the most in the Dow Jones Industrial Average and Standard & Poor's 500 Index after making an unsolicited offer for Alcan. Armor Holdings Inc. rallied after BAE Systems Plc agreed to buy the biggest maker of armor for the U.S. military's Humvee vehicles for $4.1 billion.
Read more at Bloomberg Stocks News
Alcoa shares climbed to a three-year high and gained the most in the Dow Jones Industrial Average and Standard & Poor's 500 Index after making an unsolicited offer for Alcan. Armor Holdings Inc. rallied after BAE Systems Plc agreed to buy the biggest maker of armor for the U.S. military's Humvee vehicles for $4.1 billion.
Read more at Bloomberg Stocks News
Dollar Drops Against Euro, Within Cent of Record Low, on Growth Outlook
(Bloomberg) -- The dollar fell against the euro, trading within a cent of its all-time low, before a report this week that will probably show slower growth in U.S. retail sales.
The dollar fell against all 16 major currencies on bets the Federal Reserve will point to signs of U.S. economic weakness at its policy meeting this week, reinforcing the case for a cut in borrowing costs this year. The U.S. currency also weakened versus the euro on higher European interests expected in June and on a report last week showing the U.S. added the fewest jobs in April in more than two years.
Read more at Bloomberg Currencies News
The dollar fell against all 16 major currencies on bets the Federal Reserve will point to signs of U.S. economic weakness at its policy meeting this week, reinforcing the case for a cut in borrowing costs this year. The U.S. currency also weakened versus the euro on higher European interests expected in June and on a report last week showing the U.S. added the fewest jobs in April in more than two years.
Read more at Bloomberg Currencies News
Liz Claiborne forms partnership with designer Narciso Rodriguez
(Reuters) - Designer Narciso Rodriguez will be the creative director of the new company, the apparel maker said in a statement.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Copper Drops, Ending Six-Session Rally, as National Strike in Peru Ends
(Bloomberg) -- Copper dropped in New York, halting a six-session rally, after a mining strike ended in Peru, the world's third-largest producer of the metal.
Miners ended a five-day national walkout on May 4 after accepting government proposals to raise pensions and grant rights to subcontracted workers. Copper, used in pipes and wires, rose to an 11-month high last week on concern the strike would disrupt global supplies.
Read more at Bloomberg Commodities News
Miners ended a five-day national walkout on May 4 after accepting government proposals to raise pensions and grant rights to subcontracted workers. Copper, used in pipes and wires, rose to an 11-month high last week on concern the strike would disrupt global supplies.
Read more at Bloomberg Commodities News
BRIC's Growth Outlook Boosts Emerging Market Stock Index to Record High
(Bloomberg) -- A four-day rally pushed the Morgan Stanley Capital International benchmark index for emerging market stocks above 1000 for the first time, helped by speculation that earnings growth in Brazil, China, Russia and India will benefit from higher domestic spending.
The Morgan Stanley Capital International index of emerging market shares rose 0.7 percent to 1002.42 at 8:50 a.m. in New York. The measure surged 19 percent since March 5, when the worst weekly emerging market sell-off in eight months ended, and is 6.2 percent above its highest level before the rout.
Read more at Bloomberg Emerging Markets News
The Morgan Stanley Capital International index of emerging market shares rose 0.7 percent to 1002.42 at 8:50 a.m. in New York. The measure surged 19 percent since March 5, when the worst weekly emerging market sell-off in eight months ended, and is 6.2 percent above its highest level before the rout.
Read more at Bloomberg Emerging Markets News
UPDATE 1-Delphi Corp. reports wider quarterly loss
(Reuters) - Delphi reported a net loss of $533 million, or 95 cents per share, compared with a net loss of $363 million, or 65 cents per share a year before. The latest quarter's results included asset impairment charges of $160 million and $73 million in costs for employee termination benefits and other items.
Global sales were $6.7 billion, down from $7 billion in the 2006 first quarter.
Read more at Reuters.com Market News
Global sales were $6.7 billion, down from $7 billion in the 2006 first quarter.
Read more at Reuters.com Market News
WRAPUP 1-Chile's IMACEC index surges, trade surplus widens
(Reuters) - The median forecast of 11 analysts polled by Reuters was for growth of 5.9 percent. Estimates had ranged from 5.4 percent to 6.2 percent.
The IMACEC, a monthly gauge published by the central bank, measures more than 90 percent of the components comprising Chile's gross domestic product. GDP figures are issued quarterly.
Read more at Reuters.com Economic News
The IMACEC, a monthly gauge published by the central bank, measures more than 90 percent of the components comprising Chile's gross domestic product. GDP figures are issued quarterly.
Read more at Reuters.com Economic News
Marvell says committee seeks CEO's removal as chairman
(Reuters) - The company, which completed the review, appointed Mike Tate, its corporate controller and treasurer, to serve as interim CFO.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Dollar struggles to shake off post-payrolls hangover
(Reuters) - The Federal Reserve is expected to keep rates on hold at 5.25 percent on Wednesday, one day before the European Central Bank is seen keeping rates on hold at 3.75 percent and the Bank of England raises by a quarter percentage point to 5.5 percent.
But the softer-than-expected U.S. non-farm payrolls last Friday strengthened expectations the Fed will cut interest rates later in the year.
Read more at Reuters.com Hot Stocks News
But the softer-than-expected U.S. non-farm payrolls last Friday strengthened expectations the Fed will cut interest rates later in the year.
Read more at Reuters.com Hot Stocks News
Sarkozy's European vision -- some headaches ahead
(Reuters) - European Commission President Jose Manuel Barroso was quick to welcome his centre-right ally's victory, voicing confidence that Sarkozy would put France back at the heart of European integration and work for a quick solution to replace the bloc's defunct constitution.
"I have every confidence that Nicolas Sarkozy, whose convictions I know and whose strong beliefs are known to all, will play a driving role in resolving the institutional question and in consolidating a political Europe," Barroso said.
Read more at Reuters.com Bonds News
"I have every confidence that Nicolas Sarkozy, whose convictions I know and whose strong beliefs are known to all, will play a driving role in resolving the institutional question and in consolidating a political Europe," Barroso said.
Read more at Reuters.com Bonds News
CollaGenex discontinues treating patients in 40 mg arm of trial
(Reuters) - In a statement, the company said it learned of another case of apparent photo-toxicity, a side effect that was also observed last Wednesday in one patient.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
ABN rejects $24.5 bln RBS LaSalle offer
(Reuters) - The offer by RBS and its partners Santander and Fortis was not superior to Bank of America's deal to buy LaSalle for $21 billion, ABN said in a statement on Monday because it was conditional on the consortium acquiring all of the ABN group and carried execution risks.
The consortium has proposed a 72.35 billion-euro offer at 39 euros per share, including a 0.60 euro dividend, for all of ABN, but the Netherlands' biggest bank said the consortium's financing, as well as various regulatory, tax and legal issues carried "uncertainty and execution risks".
Read more at Reuters.com Business News
The consortium has proposed a 72.35 billion-euro offer at 39 euros per share, including a 0.60 euro dividend, for all of ABN, but the Netherlands' biggest bank said the consortium's financing, as well as various regulatory, tax and legal issues carried "uncertainty and execution risks".
Read more at Reuters.com Business News
Colombia Imposes Bank Loan Limits to Stem Inflation, Peso Appreciation
(Bloomberg) -- Colombian central bank chief Jose Dario Uribe, seeking to curb inflation and prevent the peso from strengthening further, imposed lending limits on banks.
Starting tomorrow, banks will have to hold at least 27 percent of checking accounts deposits, 12.5 percent for savings accounts and 5 percent for some certificates of deposits, Uribe said today at a press conference in Bogota. People borrowing foreign money will have to deposit 40 percent of the amount with the central bank for six months, he said.
Read more at Bloomberg Currencies News
Starting tomorrow, banks will have to hold at least 27 percent of checking accounts deposits, 12.5 percent for savings accounts and 5 percent for some certificates of deposits, Uribe said today at a press conference in Bogota. People borrowing foreign money will have to deposit 40 percent of the amount with the central bank for six months, he said.
Read more at Bloomberg Currencies News
Fossil says used incorrect dates in stock option awards
(Reuters) - Fossil said it will restate results for 2004 and 2005 and the first and second fiscal quarters of 2006.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
U.S. Stock-Index Futures Drop; Yahoo Falls, Armor Holdings Gains in Europe
(Bloomberg) -- U.S. stock-index futures were little changed as investors speculated Federal Reserve Chairman Ben S. Bernanke and other policy makers are unlikely to cut interest rates to revive a slowing economy when they meet this week.
There won't be a rate cut ``anytime soon and investors are waking up to this reality,'' said Maurizio Binelli, a strategist at Abaxbank SpA in Milan. ``The risk of a slowdown in the economy is there and Bernanke isn't going to be as activist as his predecessor. The Fed brought rates to a neutral level and maybe went too far.''
Read more at Bloomberg Stocks News
There won't be a rate cut ``anytime soon and investors are waking up to this reality,'' said Maurizio Binelli, a strategist at Abaxbank SpA in Milan. ``The risk of a slowdown in the economy is there and Bernanke isn't going to be as activist as his predecessor. The Fed brought rates to a neutral level and maybe went too far.''
Read more at Bloomberg Stocks News
UPDATE 1-Brazil's Bradesco posts higher profit on credit
(Reuters) - Net earnings rose to 1.705 billion reais in the quarter, up from 1.53 billion reais in the year-earlier period and 1.62 billion reais in the fourth quarter of 2006. The result was in line with the 1.726 billion reais average forecast of five analysts surveyed by Reuters.
Return on equity, a key gauge of profitability, averaged 30.2 percent in the fourth quarter, down from 34.6 percent a year ago and 32.3 percent in the previous quarter.
Read more at Reuters.com Market News
Return on equity, a key gauge of profitability, averaged 30.2 percent in the fourth quarter, down from 34.6 percent a year ago and 32.3 percent in the previous quarter.
Read more at Reuters.com Market News
French Stocks Including Bouygues Gain After Election; Total, Suez Slip
(Bloomberg) -- Shares of Bouygues SA, Alstom SA and Areva SA rose on speculation the victory of Nicolas Sarkozy in France's presidential election may pave the way for a merger between the companies.
European Aeronautic, Defence & Space Co. also gained. Total SA and Suez SA dragged down the benchmark CAC 40 Index.
Read more at Bloomberg Stocks News
European Aeronautic, Defence & Space Co. also gained. Total SA and Suez SA dragged down the benchmark CAC 40 Index.
Read more at Bloomberg Stocks News
Spain's Asco-2 Nuclear Power Unit Is Expected to Resume Production Today
(Bloomberg) -- Spain's Asco-2 nuclear power plant, majority-owned by Endesa SA, is expected to resume producing power today after being halted Saturday, a plant spokesman said.
The 1,027-megawatt Asco-2 generator was stopped because of a fault in a steam generator and is idle after an attempt to restart it yesterday failed, the spokesman, who declined to be identified, said by phone today. Operator Asociacion Nuclear Asco-Vandellos aims to start the plant this afternoon, he said.
Read more at Bloomberg Energy News
The 1,027-megawatt Asco-2 generator was stopped because of a fault in a steam generator and is idle after an attempt to restart it yesterday failed, the spokesman, who declined to be identified, said by phone today. Operator Asociacion Nuclear Asco-Vandellos aims to start the plant this afternoon, he said.
Read more at Bloomberg Energy News
German sportswear maker Puma cuts 2007 forecast
(Reuters) - By Rajiv Sekhri
FRANKFURT, May 7 - German sportswear company Puma AG reported a slight rise in first-quarter earnings on Monday but cut its 2007 profit forecast, days before French luxury goods retailer PPR plans to open a takeover offer for the firm.
Read more at Reuters.com Mergers News
FRANKFURT, May 7 - German sportswear company Puma AG reported a slight rise in first-quarter earnings on Monday but cut its 2007 profit forecast, days before French luxury goods retailer PPR plans to open a takeover offer for the firm.
Read more at Reuters.com Mergers News
Bouygues, Alstom, EADS Rise on Sarkozy's Industrial Policy Expectations
(Bloomberg) -- Shares of Bouygues SA, Alstom SA and European Aeronautic, Defence & Space Co. soared on expectations the companies would be at the center of an industrial shake-up planned by French President-elect Nicolas Sarkozy.
Bouygues, the world's second-largest construction company, rose as much as 3.4 percent in Paris, while Alstom, the world's third-biggest builder of power stations, rose as much as 4.9 percent. EADS, Airbus SAS's parent, rose 2.02 percent.
Read more at Bloomberg Stocks News
Bouygues, the world's second-largest construction company, rose as much as 3.4 percent in Paris, while Alstom, the world's third-biggest builder of power stations, rose as much as 4.9 percent. EADS, Airbus SAS's parent, rose 2.02 percent.
Read more at Bloomberg Stocks News
Partner Communications Q1 profit rises 22 pct
(Reuters) - Revenue increased 6.9 percent to 1.42 billion shekels.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
European Energy Stocks Decline; ABN Amro Retreats, Reed Elsevier Advances
(Bloomberg) -- European energy stocks declined, led by Royal Dutch Shell NV and Total SA, as oil prices traded near a two-week low.
ABN Amro Holding NV fell after rejecting an offer from a Royal Bank of Scotland Group Plc-led group for its LaSalle Bank unit. Reed Elsevier NA led media companies higher following the sale of its Harcourt businesses to Pearson Plc for $950 billion.
Read more at Bloomberg Stocks News
ABN Amro Holding NV fell after rejecting an offer from a Royal Bank of Scotland Group Plc-led group for its LaSalle Bank unit. Reed Elsevier NA led media companies higher following the sale of its Harcourt businesses to Pearson Plc for $950 billion.
Read more at Bloomberg Stocks News
Turkey Sells Halkbank Stake for $1.9 Billion as Investors Brave Politics
(Bloomberg) -- Turkey raised $1.9 billion, matching its biggest-ever initial public offering, by selling shares in state- run lender Turkiye Halk Bankasi AS, a sign of investor confidence after last week's dispute between the military and government.
The government sold shares in the Ankara-based bank at 8 liras apiece, the upper limit of the offer range, NTV television reported today. Investors bid for 25 percent of Halkbank last week even after the government called early elections.
Read more at Bloomberg Emerging Markets News
The government sold shares in the Ankara-based bank at 8 liras apiece, the upper limit of the offer range, NTV television reported today. Investors bid for 25 percent of Halkbank last week even after the government called early elections.
Read more at Bloomberg Emerging Markets News
Oil Is Little Changed After Falling on U.S. Stocks, Restarting Refineries
(Bloomberg) -- Crude oil was little changed, after falling 6.8 percent last week because of ample U.S. supplies and signs gasoline output is rising as refiners return plants from maintenance.
Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Gasoline fell 1.9 percent last week as rising production and plant restarts by refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. eased summer supply concerns.
Read more at Bloomberg Energy News
Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Gasoline fell 1.9 percent last week as rising production and plant restarts by refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. eased summer supply concerns.
Read more at Bloomberg Energy News
Microsoft, Courting Yahoo, May Have Lost $2 Billion to Google in Ad Fight
(Bloomberg) -- Microsoft Corp. Chief Executive Officer Steve Ballmer interrupted a Hawaiian vacation to call his top Internet ad man, Yusuf Mehdi, on April 16 after Google Inc. announced its $3.1 billion purchase of DoubleClick Inc.
Mehdi says Ballmer offered money, personnel, acquisitions or whatever he needs to fight the threat that buying Web advertising company DoubleClick will advance Google's dominance of the $28.8 billion market.
Read more at Bloomberg Exclusive News
Mehdi says Ballmer offered money, personnel, acquisitions or whatever he needs to fight the threat that buying Web advertising company DoubleClick will advance Google's dominance of the $28.8 billion market.
Read more at Bloomberg Exclusive News
Bernanke May Be Too Slow on the Trigger When Weak Economy Needs Rate Cut
(Bloomberg) -- Ben S. Bernanke may be too slow on the trigger.
That's the conclusion some economists are drawing as the Federal Reserve chairman and fellow policy makers prepare for their May 9 meeting, likely to be the seventh in a row without a change in interest rates.
Read more at Bloomberg Exclusive News
That's the conclusion some economists are drawing as the Federal Reserve chairman and fellow policy makers prepare for their May 9 meeting, likely to be the seventh in a row without a change in interest rates.
Read more at Bloomberg Exclusive News
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