(Reuters) - BP has rejected the claims that cost cuts lie at the root of the problems in Alaska, but the company has acknowledged poor management culture at its U.S. operations.
The following is a summary of the most important findings in the Booz Allen report, based on a copy provided to Reuters by congressional staffers:
Read more at Reuters.com Bonds News
Wednesday, May 16, 2007
Gen Xer more cynic than slacker
(Reuters) - Not so, says new research sponsored by Charles Schwab Corp., one of several financial services companies trying to draw a bead on this age 27-to-42 demographic. Today's 30-somethings are hard workers who have more bills than cash. They also have a healthy distrust of the very financial services industry that wants their cash. Perhaps for good reason.
"They aren't being well served," says Jonathan Craig, who's heading up Schwab's effort to capture Gen X clients.
Read more at Reuters.com Business News
"They aren't being well served," says Jonathan Craig, who's heading up Schwab's effort to capture Gen X clients.
Read more at Reuters.com Business News
UPDATE 1-Harleysville National to buy East Penn Financial
(Reuters) - East Penn Financial's East Penn Bank unit offers deposit and lending services throughout the Lehigh Valley, Pennsylvania, and the acquisition will help extend Harleysville National's franchise in the area, the companies said.
The actual deal value will depend on factors such as the price of Harleysville stock but will not be less than $13.52 a share or more than $15.48 a share, they said in a statement.
Read more at Reuters.com Mergers News
The actual deal value will depend on factors such as the price of Harleysville stock but will not be less than $13.52 a share or more than $15.48 a share, they said in a statement.
Read more at Reuters.com Mergers News
Venezuela's Bonds Gain on Report Chavez to Scrap Plans to Pull Out of IMF
(Bloomberg) -- Venezuela's dollar bonds rose the most in more than a week after a Caracas-based newspaper reported that President Hugo Chavez has scrapped plans to withdraw from the International Monetary Fund.
Weekly newspaper Descifrado, citing a government official it didn't identify, reported Chavez will keep Venezuela in the IMF to avoid a possible bond default. Pulling out of the IMF could trigger a default clause in many of the countries' dollar bond contracts that would allow investors to demand immediate payment of principal.
Read more at Bloomberg Bonds News
Weekly newspaper Descifrado, citing a government official it didn't identify, reported Chavez will keep Venezuela in the IMF to avoid a possible bond default. Pulling out of the IMF could trigger a default clause in many of the countries' dollar bond contracts that would allow investors to demand immediate payment of principal.
Read more at Bloomberg Bonds News
S.African banks, gold miners down on jittery bourse
(Reuters) - South African main stock indexes hovered at barely changed levels on Wednesday as nervous investors mulled the market's direction after it hit successive fresh peaks this year.
The Johannesburg Top-40 index of blue-chip stocks slipped 0.13 percent lower to 25,112.39 points while the All-Share index inched 0.04 percent down to 28,046.80 points.
Read more at Reuters Africa
The Johannesburg Top-40 index of blue-chip stocks slipped 0.13 percent lower to 25,112.39 points while the All-Share index inched 0.04 percent down to 28,046.80 points.
Read more at Reuters Africa
Difficult to see how Wolfowitz can continue: Denmark
(Reuters) - "And there is also no doubt that the prerequisites for continued cooperation between Wolfowitz and the bank's board don't seem to exist. It's difficult to see how he can continue."
She said the World Bank panel's report made it "quite clear" that the World Bank chief had violated both the terms of his contract and the bank's internal rules.
Read more at Reuters.com Bonds News
She said the World Bank panel's report made it "quite clear" that the World Bank chief had violated both the terms of his contract and the bank's internal rules.
Read more at Reuters.com Bonds News
Bradesco, Copel, Femsa, Homex, Televisa: Latin American Equity Movers
(Bloomberg) -- Mexico's main stock index rose for the first time in three days, led by broadcaster Grupo Televisa SA.
The Bolsa index gained 5.98 to 29,625.89 at 11:20 a.m. New York time. The Bovespa index of the most-traded stocks on the Sao Paulo exchange added 104.89, or 0.2 percent, to 50,623.10.
Read more at Bloomberg Stocks News
The Bolsa index gained 5.98 to 29,625.89 at 11:20 a.m. New York time. The Bovespa index of the most-traded stocks on the Sao Paulo exchange added 104.89, or 0.2 percent, to 50,623.10.
Read more at Bloomberg Stocks News
European Bond Platform May Vote This Month on Plan for Hedge Fund Access
(Bloomberg) -- The management board of MTS SpA, operator of Europe's dominant government bond trading system, may vote this month on a plan to give hedge funds access for the first time, according to Chairman Gianluca Garbi.
``Following the mandate received by the supervisory board, we are working on a plan,'' Garbi said in a phone interview from Milan. ``I will call a meeting of the management board within the next two weeks proposing that the question of hedge fund access be put on the agenda.''
Read more at Bloomberg Bonds News
``Following the mandate received by the supervisory board, we are working on a plan,'' Garbi said in a phone interview from Milan. ``I will call a meeting of the management board within the next two weeks proposing that the question of hedge fund access be put on the agenda.''
Read more at Bloomberg Bonds News
Pimco's Gross Says Emerging-Market Bonds, Currencies Offer Best Returns
(Bloomberg) -- Bill Gross, manager of the world's biggest bond fund, said developing nations' local bond and currency markets may provide the best returns this year as their strengthening economies lure foreign investment.
Gross, who manages Pacific Investment Management Co.'s $100 billion Total Return Fund, also recommended investments in commodities, whose rally has spurred the expansions in emerging- market countries such as Brazil and Russia. He said Pimco will invest in more foreign currencies as slowing U.S. growth continues to push down the dollar.
Read more at Bloomberg Emerging Markets News
Gross, who manages Pacific Investment Management Co.'s $100 billion Total Return Fund, also recommended investments in commodities, whose rally has spurred the expansions in emerging- market countries such as Brazil and Russia. He said Pimco will invest in more foreign currencies as slowing U.S. growth continues to push down the dollar.
Read more at Bloomberg Emerging Markets News
ING Canada profit drops as investments pay less
(Reuters) - TORONTO, May 16 - ING Canada Inc. , or 95 Canadian cents a share, down from C$185.9 million, or C$1.39 a share, a year earlier.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Nestle Yanks Logos as Sao Paulo Spruces Up, Bans Billboards and Big Signs
(Bloomberg) -- Corporate logos are disappearing from the Sao Paulo skyline. Four signs atop Nestle SA's Brazilian headquarters were among the first to go. Microsoft Corp. yanked the logo from the summit of its high-rise offices. Hilton Hotels Corp.'s signs may go dark soon.
The transforming skyscape is the result of a new citywide ban on billboards and oversized company signs. The anti-ad ordinance -- the first of its kind in Latin America -- is part of an effort to spruce up South America's biggest city.
Read more at Bloomberg Exclusive News
The transforming skyscape is the result of a new citywide ban on billboards and oversized company signs. The anti-ad ordinance -- the first of its kind in Latin America -- is part of an effort to spruce up South America's biggest city.
Read more at Bloomberg Exclusive News
Agile, Bausch & Lomb, Calpine, Nuvelo, TiVo, Virgin: 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 9:30 a.m. New York time.
Aecom Technology Corp. (ACM US) gained $1.65, or 7.9 percent, to $22.65 and traded as high as $22.70. The architectural and engineering company was recommended by CNBC host Jim Cramer, who said the stock should go ``much higher'' after last week's initial offering.
Read more at Bloomberg Stocks News
Aecom Technology Corp. (ACM US) gained $1.65, or 7.9 percent, to $22.65 and traded as high as $22.70. The architectural and engineering company was recommended by CNBC host Jim Cramer, who said the stock should go ``much higher'' after last week's initial offering.
Read more at Bloomberg Stocks News
Shares of Mexico's Homex jump at market open
(Reuters) - Merrill Lynch upgraded Homex stock to "buy" from "neutral," citing an attractive valuation compared to other sector peers. Homex shares fell 3.61 percent on Tuesday after a board member sold a significant part of his shares in the company.
Read more at Reuters.com Hot Stocks News
Read more at Reuters.com Hot Stocks News
European Stocks Rebound on U.S. Production; Bulgari, Volkswagen Advance
(Bloomberg) -- European stocks pared losses after industrial production in the U.S. rose more than forecast last month. Bulgari SpA and Volkswagen AG paced gains.
The Dow Jones Stoxx 600 Index rose 0.33, or 0.1 percent, to 390.54 at 2:18 a.m. in London after losing as much as 0.4 percent earlier. The Stoxx 50 slid 0.1 percent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, added 0.1 percent.
Read more at Bloomberg Stocks News
The Dow Jones Stoxx 600 Index rose 0.33, or 0.1 percent, to 390.54 at 2:18 a.m. in London after losing as much as 0.4 percent earlier. The Stoxx 50 slid 0.1 percent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, added 0.1 percent.
Read more at Bloomberg Stocks News
Oil Falls on End of Nigerian Protest, Expectation of U.S. Fuel Supply Gain
(Bloomberg) -- Crude oil fell on a report that protesters in Nigeria left a facility run by Royal Dutch Shell Plc. and signs that U.S. fuel supplies increased.
The protesters will let Shell open the facility and restore lost output amounting to 170,000 barrels a day, Reuters reported. Shell yesterday said deliveries in May and June would be delayed because of the incident. An Energy Department report today is expected to show that stockpiles rose last week as refineries ramped up fuel output.
Read more at Bloomberg Energy News
The protesters will let Shell open the facility and restore lost output amounting to 170,000 barrels a day, Reuters reported. Shell yesterday said deliveries in May and June would be delayed because of the incident. An Energy Department report today is expected to show that stockpiles rose last week as refineries ramped up fuel output.
Read more at Bloomberg Energy News
Crude Oil Falls as Nigerian Protest Ends, U.S. Gasoline Supplies May Rise
(Bloomberg) -- Crude oil fell on a report that protesters in Nigeria left a facility run by Royal Dutch Shell Plc. and signs that U.S. fuel supplies increased.
The protesters will let Shell open the facility and restore lost output amounting to 170,000 barrels a day, Reuters reported. Shell yesterday said deliveries in May and June would be delayed because of the incident. An Energy Department report today is expected to show that stockpiles rose last week as refineries ramped up fuel output.
Read more at Bloomberg Commodities News
The protesters will let Shell open the facility and restore lost output amounting to 170,000 barrels a day, Reuters reported. Shell yesterday said deliveries in May and June would be delayed because of the incident. An Energy Department report today is expected to show that stockpiles rose last week as refineries ramped up fuel output.
Read more at Bloomberg Commodities News
Freddie Mac sells $1.22 bln reference REMICs
(Reuters) - Settlement is May 21.
Merrill Lynch, Morgan Stanley and RBS Greenwich Capital were the joint lead managers on the sale.
Read more at Reuters.com Bonds News
Merrill Lynch, Morgan Stanley and RBS Greenwich Capital were the joint lead managers on the sale.
Read more at Reuters.com Bonds News
Franc Slides to Record Low Against Euro as Rate View Spurs Carry Trades
(Bloomberg) -- The Swiss franc fell to a record low against the euro after higher-than-expected inflation in the euro region spurred carry trades on perceptions the interest-rate differential between the two economies may widen.
The franc has lost 6 percent against the single currency in the past 12 months as investors bet interest rates in Switzerland will rise at a slower pace in the economy of 13 countries using the euro. The Japanese yen, another popular carry currency, also fell to a record low against the euro today.
Read more at Bloomberg Currencies News
The franc has lost 6 percent against the single currency in the past 12 months as investors bet interest rates in Switzerland will rise at a slower pace in the economy of 13 countries using the euro. The Japanese yen, another popular carry currency, also fell to a record low against the euro today.
Read more at Bloomberg Currencies News
April housing starts up 2.5 pct, permits fall
(Reuters) - Building permits, which signal future construction plans, dropped in April by 8.9 percent to a pace of 1.429 million units. That was the slowest pace since June of 1997 when the pace stood at 1.402 million and well below expectations for 1.525 million units.
Even though housing starts increased in April to the highest pace since December 2006, they were down 16 percent from a year ago and, in a sign the troubled housing market may not be turning the corner as quickly as hoped, building permits were off 28.1 percent from a year ago.
Read more at Reuters.com Business News
Even though housing starts increased in April to the highest pace since December 2006, they were down 16 percent from a year ago and, in a sign the troubled housing market may not be turning the corner as quickly as hoped, building permits were off 28.1 percent from a year ago.
Read more at Reuters.com Business News
Bio-Rad says to acquire DiaMed Holding
(Reuters) - DiaMed develops, manufactures and markets a complete line of reagents and instruments used in blood typing and screening.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
U.S. April housing starts up 2.5 pct, permits fall
(Reuters) - Building permits, which signal future construction plans, dropped in April by 8.9 percent to a pace of 1.429 million units. That was the slowest pace since June of 1997 when the pace stood at 1.402 million and well below expectations for 1.525 million units.
Even though housing starts increased in April to the highest pace since December 2006, they were down 16 percent from a year ago and, in a sign the troubled housing market may not be turning the corner as quickly as hoped, building permits were off 28.1 percent from a year ago.
Read more at Reuters.com Economic News
Even though housing starts increased in April to the highest pace since December 2006, they were down 16 percent from a year ago and, in a sign the troubled housing market may not be turning the corner as quickly as hoped, building permits were off 28.1 percent from a year ago.
Read more at Reuters.com Economic News
Agile Software, Compuware, Federated, Nuvelo, Sony: 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. Stock symbols are in parentheses after company names. Share prices are as of 7:30 a.m. New York time.
Aecom Technology Corp. (ACM US) gained $2.40, or 11 percent, to $23.40 in trading yesterday after the official close of U.S. exchanges. The architectural and engineering company was recommended by CNBC host Jim Cramer, who said the stock should go ``much higher'' after last week's initial offering.
Read more at Bloomberg Stocks News
Aecom Technology Corp. (ACM US) gained $2.40, or 11 percent, to $23.40 in trading yesterday after the official close of U.S. exchanges. The architectural and engineering company was recommended by CNBC host Jim Cramer, who said the stock should go ``much higher'' after last week's initial offering.
Read more at Bloomberg Stocks News
EnerNOC ups expected IPO price to $23-$25/share
(Reuters) - Credit Suisse, Morgan Stanley, Canaccord Adams, Jefferies & Co. are underwriting the offering.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
RPT-UPDATE 2-Icahn takes big stake in Anadarko--SEC filing
(Reuters) - Icahn Management LP, one of Icahn's investment vehicles, took a stake of about 3.1 million shares in Anadarko, worth about $133.5 million as of March 31, the filing said Tuesday.
Anadarko last year purchased another of Icahn's targets, Kerr-McGee Corp., after an activist campaign by Icahn and hedge fund Jana Partners.
Read more at Reuters.com Mergers News
Anadarko last year purchased another of Icahn's targets, Kerr-McGee Corp., after an activist campaign by Icahn and hedge fund Jana Partners.
Read more at Reuters.com Mergers News
Oil tumbles after Nigeria protesters quit pipeline hub
(Reuters) - By 0953 GMT prices had recovered to $68.10, down one cent on the day.
Read more at Reuters.com Hot Stocks News
Read more at Reuters.com Hot Stocks News
Robusta Coffee Gains on Tight Vietnam Supplies, Increasing Freight Rates
(Bloomberg) -- Robusta coffee gained in London, climbing back to the eight-year highs reached at the beginning of the week, on tight supplies from Vietnam, the world's biggest producer of the beans, and soaring freight rates.
Vietnam has finished reaping its harvest, which typically runs from October to April. The country's stockpiles have almost run out, according to RedTower Ltd., in Aberdeen, Scotland, pushing domestic prices up to record levels. The price of a kilogram of robusta beans has climbed 18 percent since the beginning of the year to 25,450 dong ($1.60) in the province of Daklak, according to Daklak Trade and Tourism Center data.
Read more at Bloomberg Commodities News
Vietnam has finished reaping its harvest, which typically runs from October to April. The country's stockpiles have almost run out, according to RedTower Ltd., in Aberdeen, Scotland, pushing domestic prices up to record levels. The price of a kilogram of robusta beans has climbed 18 percent since the beginning of the year to 25,450 dong ($1.60) in the province of Daklak, according to Daklak Trade and Tourism Center data.
Read more at Bloomberg Commodities News
UPDATE 2-Spain shines for Telefonica's Q1, Germany weighs
(Reuters) - MADRID, May 16 - Spain's Telefonica , topping consensus expectations of 13.58 billion. Net profit climbed to 1.26 billion euros, broadly in line with forecasts in a Reuters poll of eight analysts.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Chicago Soybean Futures Rise to Six-Week High on Demand; Wheat Advances
(Bloomberg) -- Chicago soybean futures rose for a fourth day to a six-week high on improved demand for animal feed and vegetable oils. Corn futures were little changed, while wheat gained amid speculation about weather damage to the U.S. crop.
Soybeans rose yesterday after a U.S. industry group said processors increased output by 6.1 percent in April from a year earlier. Demand for soybean oil may increase as the price of rival palm oil reached its highest in more than eight years today after Indian data showed imports at a four-month high in April.
Read more at Bloomberg Commodities News
Soybeans rose yesterday after a U.S. industry group said processors increased output by 6.1 percent in April from a year earlier. Demand for soybean oil may increase as the price of rival palm oil reached its highest in more than eight years today after Indian data showed imports at a four-month high in April.
Read more at Bloomberg Commodities News
U.K. Unemployment Falls to Lowest Since 2005; Earnings Climb 4.5 Percent
(Bloomberg) -- U.K. unemployment fell to the lowest since October 2005 last month as the pace of economic growth prompted companies to step up hiring.
Jobless claims declined 15,700 to 890,000, the Office for National Statistics in London said. Economists expected a drop of 5,700, according to the median of 32 forecasts in a Bloomberg News survey. Earnings including bonuses rose 4.5 percent in the first quarter, down from 4.6 percent in the three months through February.
Read more at Bloomberg Bonds News
Jobless claims declined 15,700 to 890,000, the Office for National Statistics in London said. Economists expected a drop of 5,700, according to the median of 32 forecasts in a Bloomberg News survey. Earnings including bonuses rose 4.5 percent in the first quarter, down from 4.6 percent in the three months through February.
Read more at Bloomberg Bonds News
UPDATE 1-JPMorgan's China fund JV fires manager over probe
(Reuters) - "We have just been informed by regulatory authorities that they have started a formal investigation of our employee Tang Jian over investment irregularities," Shanghai-based China International Fund Management Co. said in a statement.
"Through our cooperation with regulators in the probe, we found Tang Jian is suspected of using insider information to engage in illicit investment activities," the statement said, quoting China International Chief Executive Mandy Wang.
Read more at Reuters.com Government Filings News
"Through our cooperation with regulators in the probe, we found Tang Jian is suspected of using insider information to engage in illicit investment activities," the statement said, quoting China International Chief Executive Mandy Wang.
Read more at Reuters.com Government Filings News
UPDATE 1-China Sinopec kills buyout talk, units' shares dive
(Reuters) - Shares in Yizheng dived as much as 12 percent after Sinopec's comments, reversing gains of as much as 9 percent in the morning.
And Shanghai Petrochemical, China's largest integrated petrochemicals firm, plummeted as much as 6 percent in the opening minutes of the afternoon session.
Read more at Reuters.com Mergers News
And Shanghai Petrochemical, China's largest integrated petrochemicals firm, plummeted as much as 6 percent in the opening minutes of the afternoon session.
Read more at Reuters.com Mergers News
Philippines Plans Rice Tender Next Month; May Boost Import Total for 2007
(Bloomberg) -- The Philippines, the world's biggest rice importer, plans to buy 300,000 tons of the grain next month, taking total imports so far this year close to the total approved by the government for all of 2007.
The latest tender will be held June 6, National Food Deputy Administrator Ludivico Jarina said today. The purchase will bring imports so far this year to 1.72 million tons, compared to the 1.73 million tons that has been sanctioned.
Read more at Bloomberg Commodities News
The latest tender will be held June 6, National Food Deputy Administrator Ludivico Jarina said today. The purchase will bring imports so far this year to 1.72 million tons, compared to the 1.73 million tons that has been sanctioned.
Read more at Bloomberg Commodities News
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