(Reuters) - Earlier on Tuesday, Meridian's board said the deal did not
properly value the company.
Read more at Reuters.com Mergers News
properly value the company.
Read more at Reuters.com Mergers News
Tuesday, July 31, 2007
RAIT Financial says American Home has not made payments
(Reuters) - Earlier in the day, American Home, a large U.S. mortgage
provider, said it can no longer fund home loans and may
liquidate assets, putting its survival in doubt.
Read more at Reuters.com Bonds News
provider, said it can no longer fund home loans and may
liquidate assets, putting its survival in doubt.
Read more at Reuters.com Bonds News
UPDATE 2-Nelnet agrees to a $2 mln settlement with New York
(Reuters) - Cuomo, as part of his sweeping probe into the $85 billion a
year student-loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general. The $2 million
under the New York pact will be paid into Cuomo's fund for
educating high school seniors about financial aid.
Read more at Reuters.com Market News
year student-loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general. The $2 million
under the New York pact will be paid into Cuomo's fund for
educating high school seniors about financial aid.
Read more at Reuters.com Market News
Indonesia currency in line with fundamentals - IMF
(Reuters) - The IMF said in a regular review of the country's economic
health that future surges in capital inflows should be tackled
by letting the currency appreciate, tempered by intervention to
prevent excessive moves, while cutting interest rates.
Read more at Reuters.com Bonds News
health that future surges in capital inflows should be tackled
by letting the currency appreciate, tempered by intervention to
prevent excessive moves, while cutting interest rates.
Read more at Reuters.com Bonds News
Cache, Dow Jones, Faro, Gymboree, RAIT Financial: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.
Aftermarket Technology Corp. (ATAC US) rose the most since
August 2001, jumping $4.84, or 18 percent, to $31.33. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.
Read more at Bloomberg Stocks News
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.
Aftermarket Technology Corp. (ATAC US) rose the most since
August 2001, jumping $4.84, or 18 percent, to $31.33. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.
Read more at Bloomberg Stocks News
Yen Poised for Biggest Monthly Gain in Three Years Versus Dollar on Risks
(Bloomberg) -- The yen rose, heading for the biggest
monthly advance in almost three years against the dollar, on
concern losses from U.S. subprime mortgages will drive investors
from riskier assets.
The Japanese currency has gained against all 16 major
currencies tracked by Bloomberg this month as investors pared
higher-yielding investments funded by loans in Japan, a practice
known as the carry trade. U.S. stocks dropped, erasing early
gains, and a gauge of corporate bond risk increased, adding to
yen buying today.
Read more at Bloomberg Currencies News
monthly advance in almost three years against the dollar, on
concern losses from U.S. subprime mortgages will drive investors
from riskier assets.
The Japanese currency has gained against all 16 major
currencies tracked by Bloomberg this month as investors pared
higher-yielding investments funded by loans in Japan, a practice
known as the carry trade. U.S. stocks dropped, erasing early
gains, and a gauge of corporate bond risk increased, adding to
yen buying today.
Read more at Bloomberg Currencies News
Central Florida counties aboard for $615 mln rail project
(Reuters) - Volusia County, the last local signatory needed, on Tuesday
committed to helping pay the tab for the rail system, which
will be financed through 30-year fixed guideway bonds issued
through the state of Florida.
"The train is here. It's not coming. It's here," Volusia
County Councilman Jack Hayman said after a unanimous vote in
favor of the plan.
Read more at Reuters.com Bonds News
committed to helping pay the tab for the rail system, which
will be financed through 30-year fixed guideway bonds issued
through the state of Florida.
"The train is here. It's not coming. It's here," Volusia
County Councilman Jack Hayman said after a unanimous vote in
favor of the plan.
Read more at Reuters.com Bonds News
Treasuries Strengthen as Investors Seek Refuge Amid Renewed Credit Concern
(Bloomberg) -- Treasuries rose as evidence of
losses among providers of riskier mortgages encouraged investors
to seek the safety of U.S. government debt.
Ten-year note yields fell to near the lowest in two months
as American Home Mortgage Investment Corp., a lender whose stock
stopped trading after it disclosed a cash shortage, said it may
have to liquidate assets. Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations.
Read more at Bloomberg Bonds News
losses among providers of riskier mortgages encouraged investors
to seek the safety of U.S. government debt.
Ten-year note yields fell to near the lowest in two months
as American Home Mortgage Investment Corp., a lender whose stock
stopped trading after it disclosed a cash shortage, said it may
have to liquidate assets. Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations.
Read more at Bloomberg Bonds News
Worldwide gasoline glut seen by 2010: WoodMac
(Reuters) - Wood Mackenzie forecasts an additional 8.1 million barrels per day of crude refining capacity by 2010. The firm also sees about 1.8 million barrels per day more fuel from non-refinery sources, such as biofuels and natural gas liquids.
With estimates of demand increasing around 9 million barrels per day in the same period, Wood Mackenzie foresees a surplus of about 1 million barrels daily in 2010, Jamieson's report said. As a result, prices will drop, she predicted.
Read more at Reuters.com Hot Stocks News
With estimates of demand increasing around 9 million barrels per day in the same period, Wood Mackenzie foresees a surplus of about 1 million barrels daily in 2010, Jamieson's report said. As a result, prices will drop, she predicted.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Deutsche Boerse Q2 profit, sales lag expectations
(Reuters) - Group earnings before interest, taxes and amortization
rose 10 percent year-on-year to 321.8 million euros
, Deutsche Boerse said in a statement.
The profit included an extraordinary gain of "some 10
million" euros from the disposal of land, the company said.
Read more at Reuters.com Mergers News
rose 10 percent year-on-year to 321.8 million euros
, Deutsche Boerse said in a statement.
The profit included an extraordinary gain of "some 10
million" euros from the disposal of land, the company said.
Read more at Reuters.com Mergers News
Latin American Shares Advance on Commodity Demand, Corporate Profit Growth
(Bloomberg) -- Latin American stocks rose on
speculation that global demand for metals and oil will boost
corporate profits. Raw-materials producers led the advance.
The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 598.02, or 1.1
percent, to 55,170.63 as of 12:39 p.m. New York time. Mexico's
Bolsa index rallied 280.25, or 0.9 percent, to 31,180.93. Even
with today's gain, the index is little changed for the month.
Read more at Bloomberg Stocks News
speculation that global demand for metals and oil will boost
corporate profits. Raw-materials producers led the advance.
The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 598.02, or 1.1
percent, to 55,170.63 as of 12:39 p.m. New York time. Mexico's
Bolsa index rallied 280.25, or 0.9 percent, to 31,180.93. Even
with today's gain, the index is little changed for the month.
Read more at Bloomberg Stocks News
Canada's April daily FX turnover rose nearly 13 pct
(Reuters) - In the survey of foreign exchange turnover in Canada, the
CFEC said average total daily turnover in the 20-business-day
April 2007 period was $55.5 billion.
That's up 12.8 percent from a $49.2 billion average daily
turnover during the 21-day period in October 2006, and 5.5
percent higher than $52.6 billion in April 2006.
Read more at Reuters.com Bonds News
CFEC said average total daily turnover in the 20-business-day
April 2007 period was $55.5 billion.
That's up 12.8 percent from a $49.2 billion average daily
turnover during the 21-day period in October 2006, and 5.5
percent higher than $52.6 billion in April 2006.
Read more at Reuters.com Bonds News
TVA to review Tenn. Watts Barr reactor project
(Reuters) - The board, which has not yet decided whether to complete the
unit's construction which was halted in 1988, asked the staff to
study the completion and startup of the unit.
Earlier this year, TVA completed an extensive $1.8 billion
overhaul of 1,155-megawatt Unit 1 at the Browns Ferry nuclear
station in Alabama, which the company shut in 1985 to address
management and operational issues. The board approved the
restart of Browns Ferry 1 in 2002.
Read more at Reuters.com Bonds News
unit's construction which was halted in 1988, asked the staff to
study the completion and startup of the unit.
Earlier this year, TVA completed an extensive $1.8 billion
overhaul of 1,155-megawatt Unit 1 at the Browns Ferry nuclear
station in Alabama, which the company shut in 1985 to address
management and operational issues. The board approved the
restart of Browns Ferry 1 in 2002.
Read more at Reuters.com Bonds News
AngloGold Plans to Boost Output, Reduce Costs After Second-Quarter Profit
(Bloomberg) -- AngloGold Ashanti Ltd., Africa's
largest gold producer, said it will increase production and
reduce costs after posting a 1.08 billion-rand ($152.3 million)
second-quarter profit.
Net income was 3.85 rand a share, compared with a loss of
150 million rand, or 53 cents, in the first quarter, the
Johannesburg-based company said today in a statement. Chief
Executive Officer Bobby Godsell, 54, also announced his
retirement after almost a decade in his post.
Read more at Bloomberg Emerging Markets News
largest gold producer, said it will increase production and
reduce costs after posting a 1.08 billion-rand ($152.3 million)
second-quarter profit.
Net income was 3.85 rand a share, compared with a loss of
150 million rand, or 53 cents, in the first quarter, the
Johannesburg-based company said today in a statement. Chief
Executive Officer Bobby Godsell, 54, also announced his
retirement after almost a decade in his post.
Read more at Bloomberg Emerging Markets News
Nelnet agrees to a $2 mln settlement with New York
(Reuters) - NEW YORK, July 31 - New York Attorney General Andrew Cuomo said on Tuesday that Nelnet Inc , the leading consolidator of student loans, had agreed to pay $2 million as part of a settlement that ends a broad investigation into its business practices.
Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.
Read more at Reuters.com Government Filings News
Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.
Read more at Reuters.com Government Filings News
Dollar edges up as stocks rally
(Reuters) - U.S. stock indexes were mixed in a volatile session, with blue chips recovering from one of Wall Street's worst weeks in five years. Equities pared the morning's strong gains, led by losses in the financial sector.
Volatility in the stock market capped dollar gains versus the yen, but the greenback recovered modestly versus the euro, which at one point traded above $1.37.
Read more at Reuters.com Hot Stocks News
Volatility in the stock market capped dollar gains versus the yen, but the greenback recovered modestly versus the euro, which at one point traded above $1.37.
Read more at Reuters.com Hot Stocks News
UPDATE 3-Brazil primary budget surplus rises to June record
(Reuters) - BRASILIA, July 31 - Brazil's consolidated primary
budget surplus grew to a record for the month of
June, climbing to 11.65 billion reais from a
surplus of 10.44 billion reais a year earlier, the central bank
said on Tuesday.
The result was higher than the 9.9 billion reais median
estimate of 18 economists in a Reuters poll. The estimates
ranged from 6.0 billion reais to 12.1 billion reais. In May,
the consolidated primary surplus was 9.3 billion reais.
Read more at Reuters.com Economic News
budget surplus
June, climbing to 11.65 billion reais from a
surplus of 10.44 billion reais a year earlier, the central bank
said on Tuesday.
The result was higher than the 9.9 billion reais median
estimate of 18 economists in a Reuters poll. The estimates
ranged from 6.0 billion reais to 12.1 billion reais. In May,
the consolidated primary surplus was 9.3 billion reais.
Read more at Reuters.com Economic News
UPDATE 1-Libbey swings to Q2 profit, shares rise
(Reuters) - Sales for the latest quarter rose 31 percent to $207.1
million, beating one analysts' estimate of $203.8 million.
The Toledo, Ohio-based company's sales grew as it witnessed
a significant increase in its North American glass sales and
international sales.
Read more at Reuters.com Market News
million, beating one analysts' estimate of $203.8 million.
The Toledo, Ohio-based company's sales grew as it witnessed
a significant increase in its North American glass sales and
international sales.
Read more at Reuters.com Market News
OPEC's Refining Capacity Rises on New Investments in Saudi Arabia, Iran
(Bloomberg) -- OPEC's refining capacity increased by
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.
Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.
Read more at Bloomberg Energy News
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.
Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.
Read more at Bloomberg Energy News
Midwest Air to start talks with AirTran
(Reuters) - Midwest said in a statement on Tuesday that while it had not changed its recommendation that shareholders reject the bid, it planned to start talks with AirTran, which has offered $15 a share, or about $367 million in cash and stock.
Midwest said its nine-member board had formed a committee to explore strategic and financial alternatives. That committee planned to hold discussions AirTran and other parties that have recently expressed interest in the company.
Read more at Reuters.com Mergers News
Midwest said its nine-member board had formed a committee to explore strategic and financial alternatives. That committee planned to hold discussions AirTran and other parties that have recently expressed interest in the company.
Read more at Reuters.com Mergers News
Dow Jones' Bancrofts with 32 pct stock ok deal-WSJ
(Reuters) - That represents about half of the family's 64 percent ownership of the company's voting shares, likely more than enough to seal the News Corp deal, the Journal reported, citing unnamed sources.
Dow Jones owns the Wall Street Journal.
Read more at Reuters.com Mergers News
Dow Jones owns the Wall Street Journal.
Read more at Reuters.com Mergers News
UPDATE 2-Perot Systems quarterly earnings fall; eyes acquisition
(Reuters) - Perot Systems, which did not name the target company, said
the expected acquisition would contribute about $8 million to
third-quarter revenue and slightly reduce its earnings per
share.
In a conference call with analysts, Chief Executive Peter
Altabef said he expects the company to enter into the
acquisition contract in August.
Read more at Reuters.com Mergers News
the expected acquisition would contribute about $8 million to
third-quarter revenue and slightly reduce its earnings per
share.
In a conference call with analysts, Chief Executive Peter
Altabef said he expects the company to enter into the
acquisition contract in August.
Read more at Reuters.com Mergers News
Lehman Brothers Offers New Muni Derivatives for Institutional Investors
(Bloomberg) -- Lehman Brothers Holdings Inc.
tomorrow will introduce derivatives that track the value of
benchmark five- and 10-year municipal bonds, in an effort to
provide a way for investors to protect against price swings.
The Lehman Municipal Index Swap, comprised of general
obligation bonds rated AA- or better, will also allow investors
to bet on the performance of municipal bonds relative to taxable
yields without buying tax-exempt debt. Currently, municipal
investors use the Securities Industry and Financial Markets
Association Municipal Swap Index or Thomson Financial's
Municipal Market Data index.
Read more at Bloomberg Bonds News
tomorrow will introduce derivatives that track the value of
benchmark five- and 10-year municipal bonds, in an effort to
provide a way for investors to protect against price swings.
The Lehman Municipal Index Swap, comprised of general
obligation bonds rated AA- or better, will also allow investors
to bet on the performance of municipal bonds relative to taxable
yields without buying tax-exempt debt. Currently, municipal
investors use the Securities Industry and Financial Markets
Association Municipal Swap Index or Thomson Financial's
Municipal Market Data index.
Read more at Bloomberg Bonds News
Oil Rises Above $78, One-Year High, as U.S. Refiners May Boost Operations
(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production in preparation for
the winter.
Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. World demand climbs to an annual
peak as refineries begin to make fuels for use in the fall and
winter. A government report tomorrow may show U.S. oil supplies
fell for a fourth week, according to a Bloomberg News survey.
Read more at Bloomberg Commodities News
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production in preparation for
the winter.
Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. World demand climbs to an annual
peak as refineries begin to make fuels for use in the fall and
winter. A government report tomorrow may show U.S. oil supplies
fell for a fourth week, according to a Bloomberg News survey.
Read more at Bloomberg Commodities News
Resources lead S.African stock market firmer
(Reuters) - Resource shares continued to lead South African shares to higher ground on Tuesday, with heavyweight miners Anglo American and rival BHP Billiton leading the march.
"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.
Read more at Reuters Africa
"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.
Read more at Reuters Africa
IAC sees profits flat in third quarter
(Reuters) - "Given the challenges of the first half, it's a virtual certainty that we won't tally the year at the double-digit rate we had aspired to," IAC Chief Financial Officer Thomas McInerney said on a conference call with analysts. McInerney said HSN's gross margins are expected to decline in the third quarter from a year ago, due to inventory levels, but the drop should be smaller than in the second quarter.
He said that a decline in second-quarter U.S. sales for IAC's Ticketmaster box office service isn't expected to continue in the third quarter.
Read more at Reuters.com Bonds News
He said that a decline in second-quarter U.S. sales for IAC's Ticketmaster box office service isn't expected to continue in the third quarter.
Read more at Reuters.com Bonds News
Fitch cuts MGIC, puts Radian on negative watch
(Reuters) - Fitch also could downgrade Radian Group's "A" long-term
debt ratings and "AA" insurer strength ratings of all Radian
mortgage and financial guaranty subsidiaries. Radian Group has
$750 million of senior notes outstanding.
The action came after MGIC and Radian said they could be
forced to write down the entire value of their $1.034 billion
investment in C-BASS, which invests in the credit risk of
subprime residential mortgages.
Read more at Reuters.com Bonds News
debt ratings and "AA" insurer strength ratings of all Radian
mortgage and financial guaranty subsidiaries. Radian Group has
$750 million of senior notes outstanding.
The action came after MGIC and Radian said they could be
forced to write down the entire value of their $1.034 billion
investment in C-BASS, which invests in the credit risk of
subprime residential mortgages.
Read more at Reuters.com Bonds News
RLPC-UPDATE 1-Myers Industries postpones $950 mln LBO financing
(Reuters) - Already this week, CW Media, Integra Telecom and Stoneridge
have been forced to postpone their financings due to weak debt
market conditions.
The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.
Read more at Reuters.com Bonds News
have been forced to postpone their financings due to weak debt
market conditions.
The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.
Read more at Reuters.com Bonds News
UPDATE 1-Nelnet agrees to a $2 mln settlement with New York
(Reuters) - Cuomo, as part of his sweeping probe into the $85 billion a
year student loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.
Read more at Reuters.com Bonds News
year student loan business, had accused Nelnet of making
payments to college alumni groups in exchange for getting loan
referrals. As part of the settlement, Nelnet agreed to stop
making these payments and to adopt other reforms.
Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.
Read more at Reuters.com Bonds News
UPDATE 1-FirstService reports higher profit, ups outlook
(Reuters) - The company also raised its outlook for fiscal 2008.
The real estate and property services company earned a net
profit of $18.1 million, or 61 cents a share, in the three
months ended June 30, up from C$12.8 million, or 43 cents a
share, in the same quarter last year.
Read more at Reuters.com Market News
The real estate and property services company earned a net
profit of $18.1 million, or 61 cents a share, in the three
months ended June 30, up from C$12.8 million, or 43 cents a
share, in the same quarter last year.
Read more at Reuters.com Market News
Japan's MUFG, Mizuho banks post Q1 falls, keep f'casts
(Reuters) - By David Dolan
TOKYO, July 31 - Japan's two largest banks, Mitsubishi UFJ and Mizuho Financial , posted sharp falls in first-quarter profit on Tuesday, as the nation's lenders struggle to benefit from economic recovery.
Read more at Reuters.com Market News
TOKYO, July 31 - Japan's two largest banks, Mitsubishi UFJ and Mizuho Financial , posted sharp falls in first-quarter profit on Tuesday, as the nation's lenders struggle to benefit from economic recovery.
Read more at Reuters.com Market News
UPDATE 1-Bemis 2nd-quarter profit climbs, lowers forecast
(Reuters) - Quarterly net income was $49.5 million, or 47 cents a
share, compared with $48.9 million, or 46 cents per share, in
the year-ago period, the Neenah, Wisconsin-based company said.
The company's quarterly results for the year-ago period
included restructuring and related charges totaling 5 cents a
share.
Read more at Reuters.com Market News
share, compared with $48.9 million, or 46 cents per share, in
the year-ago period, the Neenah, Wisconsin-based company said.
The company's quarterly results for the year-ago period
included restructuring and related charges totaling 5 cents a
share.
Read more at Reuters.com Market News
UPDATE 1-India's Tata Motors Q1 net up 22 pct
(Reuters) - MUMBAI, July 31 - India Tata Motors Ltd.
, reported a 22 percent rise in quarterly standalone
net profit, as foreign exchange gains, cost-cutting and strong
sales of light trucks and passenger vehicles helped offset high
input costs.
Managing Director Ravi Kant did not comment on whether the
New York-listed company , India's largest vehicle maker,
was bidding for Ford Motor's Jaguar and Land Rover
brands.
Read more at Reuters.com Market News
, reported a 22 percent rise in quarterly standalone
net profit, as foreign exchange gains, cost-cutting and strong
sales of light trucks and passenger vehicles helped offset high
input costs.
Managing Director Ravi Kant did not comment on whether the
New York-listed company , India's largest vehicle maker,
was bidding for Ford Motor's Jaguar and Land Rover
brands.
Read more at Reuters.com Market News
Coventry Health profit rises on cost management
(Reuters) - NEW YORK, July 31 - U.S. health insurer Coventry Health Care Inc. on Tuesday posted a 12 percent rise in quarterly profit, boosted by better management of medical costs and an increase in Medicare membership.
Second-quarter net income rose to $151.3 million, or 96 cents per share, compared with $135.5 million, or 84 cents, a year earlier.
Read more at Reuters.com Market News
Second-quarter net income rose to $151.3 million, or 96 cents per share, compared with $135.5 million, or 84 cents, a year earlier.
Read more at Reuters.com Market News
Sonic Automotive profit doubles, shares rise 5 pct
(Reuters) - DETROIT, July 31 - Sonic Automotive Inc. , the No. 3 U.S. auto dealership chain, on Tuesday said second-quarter earnings more than doubled on improved profit margins and raised its full-year outlook, pushing its shares up 5 percent.
The Charlotte, North Carolina-based company posted net income of $26.37 million, or 57 cents per share, compared with $12.19 million, or 29 cents per share, a year earlier. Earnings from continuing operations were 65 cents per share.
Read more at Reuters.com Market News
The Charlotte, North Carolina-based company posted net income of $26.37 million, or 57 cents per share, compared with $12.19 million, or 29 cents per share, a year earlier. Earnings from continuing operations were 65 cents per share.
Read more at Reuters.com Market News
Agco profits beats forecasts, raises estimates
(Reuters) - CHICAGO, July 31 - Agricultural equipment maker Agco Corp. said on Tuesday that its quarterly earnings surged a stronger-than-expected 56 percent, helped by robust sales in South America, especially Brazil.
The company also raised its guidance for the full year, sending its shares higher in early trading.
Read more at Reuters.com Market News
The company also raised its guidance for the full year, sending its shares higher in early trading.
Read more at Reuters.com Market News
Hilton profit rises ahead of Blackstone deal
(Reuters) - NEW YORK, July 31 - Hilton Hotels Corp , which is being acquired by private equity firm Blackstone Group , posted a better-than-expected 15 percent rise in quarterly profit on Tuesday, helped by higher room rates.
The strong earnings, fueled by robust demand from business and leisure travelers, highlights the continuing boom in the lodging industry, which has made hotel companies sought-after assets.
Read more at Reuters.com Market News
The strong earnings, fueled by robust demand from business and leisure travelers, highlights the continuing boom in the lodging industry, which has made hotel companies sought-after assets.
Read more at Reuters.com Market News
UPDATE 1-MCG Capital posts higher Q2 profit; shares rise
(Reuters) - Shares of the Arlington, Virginia-based company were
trading up almost 6 percent at $14.27 in morning trade on the
Nasdaq. The shares have fallen 34 percent since the begining of
the year before Tuesday's gains.
The main positives for the quarter include
higher-than-expected dividend income, higher-than-expected net
interest margin and $8.6 million of net gains on portfolio
investments, BMO Capital Markets analyst David Chiaverini wrote
in a research note.
Read more at Reuters.com Market News
trading up almost 6 percent at $14.27 in morning trade on the
Nasdaq. The shares have fallen 34 percent since the begining of
the year before Tuesday's gains.
The main positives for the quarter include
higher-than-expected dividend income, higher-than-expected net
interest margin and $8.6 million of net gains on portfolio
investments, BMO Capital Markets analyst David Chiaverini wrote
in a research note.
Read more at Reuters.com Market News
CBS quarterly earnings drop; tv, radio revenue off
(Reuters) - CBS, which runs the most-watched U.S. television network, reported second-quarter net earnings of $404 million, or 55 cents a share, compared with $781.7 million, or $1.02, a year earlier.
Year-ago earnings included income from discontinued operations of $291.9 million, reflecting a gain on the sale of its Paramount Parks. It also had a tax benefit.
Read more at Reuters.com Market News
Year-ago earnings included income from discontinued operations of $291.9 million, reflecting a gain on the sale of its Paramount Parks. It also had a tax benefit.
Read more at Reuters.com Market News
UPDATE 2-Pilgrim's Pride 3rd-qtr profit shatters view
(Reuters) - CHICAGO, July 31 - Top U.S. chicken producer Pilgrim's Pride Corp. on Tuesday reported a much larger-than-expected quarterly profit due to higher chicken prices and strong demand, sending its shares higher.
The company also raised its estimate of cost savings from its purchase in December of smaller rival Gold Kist Inc. to about $150 million by January 2008 from its previous forecast of $100 million.
Read more at Reuters.com Market News
The company also raised its estimate of cost savings from its purchase in December of smaller rival Gold Kist Inc. to about $150 million by January 2008 from its previous forecast of $100 million.
Read more at Reuters.com Market News
Home prices fell in May: S&P/Case-Shiller
(Reuters) - The composite month-over-month Standard & Poor's/Case-Shiller Home Price Index of 20 metro areas also showed a 0.2 percent drop, to a 200.04 reading, or a 2.8 percent year-over-year loss.
"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC, in the release.
Read more at Reuters.com Business News
"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC, in the release.
Read more at Reuters.com Business News
Qatar Was OPEC's Wealthiest Per-Capita Exporter Last Year; Nigeria Poorest
(Bloomberg) -- Qatar earned $28,576 per citizen last
year from oil and gas exports, while Nigeria, Africa's most
populous nation, made $391, annual OPEC data shows.
The range reflects large differences in populations among
members of the Organization of Petroleum Exporting Countries.
Nigeria's petroleum-export revenue of $52.5 billion was twice that
of the tiny Persian Gulf emirate.
Read more at Bloomberg Energy News
year from oil and gas exports, while Nigeria, Africa's most
populous nation, made $391, annual OPEC data shows.
The range reflects large differences in populations among
members of the Organization of Petroleum Exporting Countries.
Nigeria's petroleum-export revenue of $52.5 billion was twice that
of the tiny Persian Gulf emirate.
Read more at Bloomberg Energy News
Turkish June Foreign Trade Gap Widens for Second Month on Material Imports
(Bloomberg) -- Turkey's trade deficit widened 18
percent in June from a year earlier, the second consecutive
increase, as industry drew in raw materials for manufacture of
products to export.
The trade gap grew to $5.5 billion from a revised $4.7
billion in the year-earlier period, the statistics agency in
Ankara said on its Web site today. The deficit was forecast to be
$4.8 billion, according to the median estimate of 13 economists
surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
percent in June from a year earlier, the second consecutive
increase, as industry drew in raw materials for manufacture of
products to export.
The trade gap grew to $5.5 billion from a revised $4.7
billion in the year-earlier period, the statistics agency in
Ankara said on its Web site today. The deficit was forecast to be
$4.8 billion, according to the median estimate of 13 economists
surveyed by Bloomberg.
Read more at Bloomberg Emerging Markets News
Corn, Soybeans May Rise as Condition of U.S. Crops Decline; Wheat May Fall
(Bloomberg) -- Corn and soybeans may rise in Chicago
after a government report said warm, dry weather caused U.S.
crops to deteriorate for the fourth straight week. Wheat may fall
as harvesting speeds up, increasing supplies.
An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 62 percent a week
earlier, the U.S. Department of Agriculture said yesterday. About
58 percent of soybeans got the top ratings as of July 29, down
from 61 percent a week earlier.
Read more at Bloomberg Commodities News
after a government report said warm, dry weather caused U.S.
crops to deteriorate for the fourth straight week. Wheat may fall
as harvesting speeds up, increasing supplies.
An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 62 percent a week
earlier, the U.S. Department of Agriculture said yesterday. About
58 percent of soybeans got the top ratings as of July 29, down
from 61 percent a week earlier.
Read more at Bloomberg Commodities News
U.S., China Start Food, Drug Safety Talks, Aim for Agreement by End-2007
(Bloomberg) -- The U.S. said it aims to reach
agreements with China on food and drug safety by December as a
U.S. delegation arrived in Beijing for talks to head off further
trade friction over the Asian nation's food exports.
A team led by U.S. Health and Human Services Department
Chief of Staff Rich McKeown will focus on developing joint plans
with China to address the safety of food, livestock feed, drugs
and medical devices, U.S. Health and Human Services Secretary
Michael Leavitt said in a statement sent by e-mail.
Read more at Bloomberg Commodities News
agreements with China on food and drug safety by December as a
U.S. delegation arrived in Beijing for talks to head off further
trade friction over the Asian nation's food exports.
A team led by U.S. Health and Human Services Department
Chief of Staff Rich McKeown will focus on developing joint plans
with China to address the safety of food, livestock feed, drugs
and medical devices, U.S. Health and Human Services Secretary
Michael Leavitt said in a statement sent by e-mail.
Read more at Bloomberg Commodities News
NAPM-Milwaukee says purchasing index down in July
(Reuters) - New orders were down 15 points to 60 while production
slumped 18 points to 54. Supplier lead times rose 12 points to
50 and order backlogs dropped 18 points, also to 50.
Capital equipment spending held steady at 67.
Read more at Reuters.com Bonds News
slumped 18 points to 54. Supplier lead times rose 12 points to
50 and order backlogs dropped 18 points, also to 50.
Capital equipment spending held steady at 67.
Read more at Reuters.com Bonds News
Company default risk index rises modestly-Kamakura
(Reuters) - High-grade corporate bond spreads widened 28 basis points
in July to 128 basis points. High-yield spreads widened 126
basis points to 424 basis points in July, according to Merrill
Lynch & Co. data.
"Credit spreads continue to widen but the Kamakura troubled
company index shows that actual default rates remain very low
by historical standards," Warren Sherman, the company's
president, said in a statement.
Read more at Reuters.com Bonds News
in July to 128 basis points. High-yield spreads widened 126
basis points to 424 basis points in July, according to Merrill
Lynch & Co. data.
"Credit spreads continue to widen but the Kamakura troubled
company index shows that actual default rates remain very low
by historical standards," Warren Sherman, the company's
president, said in a statement.
Read more at Reuters.com Bonds News
TREASURIES-Bonds fall as stocks surge on confidence data
(Reuters) - Treasuries were little moved by tame inflation data and
news that business activity in the U.S. Midwest region
unexpectedly slowed sharply in July, as investors focused on
the stock market where stocks gained for a second day.
Rebounding stock markets reversed recent flight-to-quality
flows into Treasuries that had pushed benchmark 10-year
Treasury yields to two-month lows on Friday.
Read more at Reuters.com Bonds News
news that business activity in the U.S. Midwest region
unexpectedly slowed sharply in July, as investors focused on
the stock market where stocks gained for a second day.
Rebounding stock markets reversed recent flight-to-quality
flows into Treasuries that had pushed benchmark 10-year
Treasury yields to two-month lows on Friday.
Read more at Reuters.com Bonds News
Mexico stocks jump and peso firms aided by US data
(Reuters) - The benchmark IPC stock index moved up to 31,132
points, an increase of 0.75 percent. The peso currency
also firmed by 0.19 percent to 10.93 per dollar.
In debt trading, the price of the benchmark 10-year
government peso bond gained 0.248 point to bid
101.958, with a yield of 7.68 percent.
Read more at Reuters.com Bonds News
points, an increase of 0.75 percent. The peso currency
also firmed by 0.19 percent to 10.93 per dollar.
In debt trading, the price of the benchmark 10-year
government peso bond
101.958, with a yield of 7.68 percent.
Read more at Reuters.com Bonds News
S.Africa worried GMO labels could raise food prices
(Reuters) - South Africa is resisting labelling its genetically modified foods because of fears it could raise prices and make food less available for consumers, a senior health official told the country's parliament on Tuesday.
The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.
Read more at Reuters Africa
The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.
Read more at Reuters Africa
Monday, July 30, 2007
WRAPUP 1-LatAm markets breathe easier, helped by Wall St
(Reuters) - Equity markets posted the largest gains, with Brazilian
stocks rallying more than 3 percent after losses of almost 8
percent last week. Mexican and Argentine stocks followed suit,
with gains of more than 1.5 percent each.
"For me, this is only an adjustment. It is not a sign that
the upward trend is back, we can't affirm that yet," said Nami
Neneas, head of equities at Banif brokerage in Sao Paulo.
Read more at Reuters.com Bonds News
stocks rallying more than 3 percent after losses of almost 8
percent last week. Mexican and Argentine stocks followed suit,
with gains of more than 1.5 percent each.
"For me, this is only an adjustment. It is not a sign that
the upward trend is back, we can't affirm that yet," said Nami
Neneas, head of equities at Banif brokerage in Sao Paulo.
Read more at Reuters.com Bonds News
UPDATE 1-CB Richard Ellis second-quarter earnings soar
(Reuters) - CB Richard Ellis posted a second-quarter net profit of $141.1
million, or 59 cents per share, compared with $64.3 million, or 27
cents per share, in the year-ago quarter.
Excluding items, the Los Angeles-based company posted a profit
of $157.3 million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.
Read more at Reuters.com Market News
million, or 59 cents per share, compared with $64.3 million, or 27
cents per share, in the year-ago quarter.
Excluding items, the Los Angeles-based company posted a profit
of $157.3 million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.
Read more at Reuters.com Market News
RPT-CB Richard Ellis second-quarter earnings soar
(Reuters) - Excluding items, the company posted a profit of $157.3
million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.
Read more at Reuters.com Market News
million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.
Read more at Reuters.com Market News
UDR posts higher quarterly FFO
(Reuters) - Analysts were expecting FFO of 45 cents cents a share,
according to Reuters Estimates.
FFO removes the profit-reducing effect that depreciation --
a noncash accounting item -- has on earnings.
Read more at Reuters.com Market News
according to Reuters Estimates.
FFO removes the profit-reducing effect that depreciation --
a noncash accounting item -- has on earnings.
Read more at Reuters.com Market News
U.S. vehicles rank bottom in world fuel efficiency
(Reuters) - The report comes as the House of Representatives will debate energy legislation this week, and some lawmakers want to tack on language to significantly increase the miles American cars and trucks travel on a gallon a gasoline.
U.S. fuel-efficiency requirements for passenger cars have been stuck at 27.5 miles per gallon since 1985, while the standard for pickups, minivans and other light trucks will increase from 20.7 mpg in 2004 to 24 mpg in 2011.
Read more at Reuters.com Business News
U.S. fuel-efficiency requirements for passenger cars have been stuck at 27.5 miles per gallon since 1985, while the standard for pickups, minivans and other light trucks will increase from 20.7 mpg in 2004 to 24 mpg in 2011.
Read more at Reuters.com Business News
UPDATE 1-Texas Roadhouse quarterly net income rises
(Reuters) - The company posted second-quarter earnings of $9.3 million,
or 12 cents a share, compared with $8.8 million, or 12 cents a
share, last year.
Total revenue was $181 million for the period, compared
with $146.7 million last year.
Read more at Reuters.com Market News
or 12 cents a share, compared with $8.8 million, or 12 cents a
share, last year.
Total revenue was $181 million for the period, compared
with $146.7 million last year.
Read more at Reuters.com Market News
US CREDIT-Spreads likely to stay shakey after whipsaw
(Reuters) - Analysts were hesitant to call a top or bottom to the
market on Monday though, after benchmark spreads whipsawed
through one of their largest one day moves in history, hitting
mutli-year wides early in the day, only to end the day
tighter.
The investment grade credit derivative index jumped around
20 basis points in early trade to more than 100 basis points,
its widest level since the index's inception in 2004, before
whipping back to around 73 basis points, around 8 basis points
tighter on the day.
Read more at Reuters.com Bonds News
market on Monday though, after benchmark spreads whipsawed
through one of their largest one day moves in history, hitting
mutli-year wides early in the day, only to end the day
tighter.
The investment grade credit derivative index jumped around
20 basis points in early trade to more than 100 basis points,
its widest level since the index's inception in 2004, before
whipping back to around 73 basis points, around 8 basis points
tighter on the day.
Read more at Reuters.com Bonds News
UPDATE 1-Sun Micro posts 4th-qtr profit vs loss
(Reuters) - The stock rose 12 percent to $5.47 in extended trading
following the earnings report after closing down 0.6 percent at
$4.89 on Nasdaq.
Earnings of 9 cents per share beat the analysts' average
estimate of 5 cents per share. Net income was $329 million in
the fourth quarter ended June 30, compared with a year-earlier
net loss of $301 million, or 9 cents per share.
Read more at Reuters.com Market News
following the earnings report after closing down 0.6 percent at
$4.89 on Nasdaq.
Earnings of 9 cents per share beat the analysts' average
estimate of 5 cents per share. Net income was $329 million in
the fourth quarter ended June 30, compared with a year-earlier
net loss of $301 million, or 9 cents per share.
Read more at Reuters.com Market News
Dollar Drops Versus Euro as Stock Rally Eases Concern Over Credit Risks
(Bloomberg) -- The dollar fell the most in almost
three weeks against the euro as a rebound in U.S. stocks eased
concern over credit risks.
The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets. The
Standard & Poor's 500 Index rose from its steepest weekly decline
since September 2002. Treasuries fell amid reduced need for the
safety of government debt.
Read more at Bloomberg Currencies News
three weeks against the euro as a rebound in U.S. stocks eased
concern over credit risks.
The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets. The
Standard & Poor's 500 Index rose from its steepest weekly decline
since September 2002. Treasuries fell amid reduced need for the
safety of government debt.
Read more at Bloomberg Currencies News
CommScope quarterly profit up on bandwidth demand
(Reuters) - Analysts, on average, were looking for earnings per share
of 76 cents on revenue of $505.8 million, according to Reuters
Estimates. In late June, CommScope raised its second-quarter
revenue forecast to $500 million to $510 million, from $490
million to $510 million.
CommScope said last month it plans to buy rival
communications equipment maker Andrew Corp. for about
$2.6 billion in a bid to cut manufacturing costs and strengthen
its position with service provider clients.
Read more at Reuters.com Market News
of 76 cents on revenue of $505.8 million, according to Reuters
Estimates. In late June, CommScope raised its second-quarter
revenue forecast to $500 million to $510 million, from $490
million to $510 million.
CommScope said last month it plans to buy rival
communications equipment maker Andrew Corp. for about
$2.6 billion in a bid to cut manufacturing costs and strengthen
its position with service provider clients.
Read more at Reuters.com Market News
Oxford Industries quarterly net profit falls
(Reuters) - Consolidated net sales for the fourth quarter were $287.2
million compared with $287.6 million, a year ago.
Read more at Reuters.com Market News
million compared with $287.6 million, a year ago.
Read more at Reuters.com Market News
U.S. Treasury raises quarterly borrowing estimate
(Reuters) - "The increase in borrowing is primarily the result of higher outlays, lower net issuance of state and local government series securities and adjustments in quarterly cash balances," Treasury said in an announcement of its anticipated borrowing needs.
During the April-June second quarter, Treasury said it paid down $139 billion, finishing on June 30 with a cash balance of $25 billion. That was $6 billion less than Treasury estimated in April that it would pay down -- a difference it said was "primarily the result of slightly lower receipts."
Read more at Reuters.com Business News
During the April-June second quarter, Treasury said it paid down $139 billion, finishing on June 30 with a cash balance of $25 billion. That was $6 billion less than Treasury estimated in April that it would pay down -- a difference it said was "primarily the result of slightly lower receipts."
Read more at Reuters.com Business News
Treasuries Decline Most in Two Weeks as U.S. Stocks Rebound From Last Week
(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.
A gauge of momentum suggested that a rally that sent yields
to the lowest since May 17 was poised to stall. U.S. government
debt last week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy.
Treasury volatility was near the highest since March 2005.
Read more at Bloomberg Bonds News
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.
A gauge of momentum suggested that a rally that sent yields
to the lowest since May 17 was poised to stall. U.S. government
debt last week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy.
Treasury volatility was near the highest since March 2005.
Read more at Bloomberg Bonds News
UPDATE 3-U.S. foreclosures jump, trending higher-RealtyTrac
(Reuters) - Foreclosure filings in the first half spiked from the same
period last year to 925,986 as many overstretched borrowers
have been caught between rising interest rates and falling home
prices. The Federal Reserve has cited the faltering housing
market as the biggest risk to economic growth.
The foreclosure filings were also up more than 30 percent
from the previous six-month period, at a rate of one filing for
every 134 U.S. households, said RealtyTrac, an online
marketplace for foreclosure properties.
Read more at Reuters.com Economic News
period last year to 925,986 as many overstretched borrowers
have been caught between rising interest rates and falling home
prices. The Federal Reserve has cited the faltering housing
market as the biggest risk to economic growth.
The foreclosure filings were also up more than 30 percent
from the previous six-month period, at a rate of one filing for
every 134 U.S. households, said RealtyTrac, an online
marketplace for foreclosure properties.
Read more at Reuters.com Economic News
Bobcat to stay on in North Dakota-governor
(Reuters) - Earlier, the state's U.S. senators, Democrats Byron Dorgan
and Kent Conrad, said they would meet with representatives of
Doosan next week.
Dorgan said in a statement he was "concerned about the risk
of U.S. manufacturing being moved to low-wage manufacturing
facilities in Asian countries."
Read more at Reuters.com Bonds News
and Kent Conrad, said they would meet with representatives of
Doosan next week.
Dorgan said in a statement he was "concerned about the risk
of U.S. manufacturing being moved to low-wage manufacturing
facilities in Asian countries."
Read more at Reuters.com Bonds News
UPDATE 3-Jarden profit rises, but shares fall on view
(Reuters) - NEW YORK, July 30 - Small appliance and consumer
goods maker Jarden Corp. said on Monday its quarterly
profit rose on strong sales but issued a cautious outlook for
the rest of the year, sending shares down over 7 percent.
While Jarden did not lower any of its specific outlook
numbers, it will be "somewhat cautious" for the rest of the
year and not "... overly aggressive on inventory positions and
things like that" due to weaker consumer spending, Chief
Executive Martin Franklin said on a conference call.
Read more at Reuters.com Mergers News
goods maker Jarden Corp. said on Monday its quarterly
profit rose on strong sales but issued a cautious outlook for
the rest of the year, sending shares down over 7 percent.
While Jarden did not lower any of its specific outlook
numbers, it will be "somewhat cautious" for the rest of the
year and not "... overly aggressive on inventory positions and
things like that" due to weaker consumer spending, Chief
Executive Martin Franklin said on a conference call.
Read more at Reuters.com Mergers News
US STOCKS-S&P, Nasdaq gain 1 pct as financials, energy advance
(Reuters) - The Dow Jones industrial average was up 124.78
points, or 0.94 percent, at 13,390.25. The Standard & Poor's
500 Index was up 18.22 points, or 1.25 percent, at
1,477.17. The Nasdaq Composite Index was up 28.54
points, or 1.11 percent, at 2,590.78.
Read more at Reuters.com Bonds News
points, or 0.94 percent, at 13,390.25. The Standard & Poor's
500 Index was up 18.22 points, or 1.25 percent, at
1,477.17. The Nasdaq Composite Index was up 28.54
points, or 1.11 percent, at 2,590.78.
Read more at Reuters.com Bonds News
Copper Gains as Dollar Drops, Making Metal Priced in U.S. Currency Cheaper
(Bloomberg) -- Copper rose more than 1 percent in
New York on speculation that a weaker dollar will encourage
buyers holding other currencies to purchase the metal.
The dollar dropped the most in more than two weeks against
the euro. A change in exchange rates makes copper, traded in
dollars, more or less expensive for buyers using other
currencies. The metal has gained 25 percent this year, while the
dollar is down 3.7 percent against the euro.
Read more at Bloomberg Commodities News
New York on speculation that a weaker dollar will encourage
buyers holding other currencies to purchase the metal.
The dollar dropped the most in more than two weeks against
the euro. A change in exchange rates makes copper, traded in
dollars, more or less expensive for buyers using other
currencies. The metal has gained 25 percent this year, while the
dollar is down 3.7 percent against the euro.
Read more at Bloomberg Commodities News
Critics of new Alaska oil tax call for revamp
(Reuters) - Some Alaska lawmakers say the tax system, which charges against the net profits oil companies make in Alaska instead of their overall production, cheats the state out of around $1 billion per year and may have been the product of corruption.
"This issue is also one of sovereignty," said state Rep. Les Gara, an Anchorage Democrat and longtime critic of the new tax system. "By letting the companies manipulate their profit numbers, you let them control the amount they can skate on in terms of tax payments."
Read more at Reuters.com Bonds News
"This issue is also one of sovereignty," said state Rep. Les Gara, an Anchorage Democrat and longtime critic of the new tax system. "By letting the companies manipulate their profit numbers, you let them control the amount they can skate on in terms of tax payments."
Read more at Reuters.com Bonds News
Treasuries Decline Most in Two Weeks as U.S. Stocks Rebound From Sell-Off
(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.
A gauge of momentum shows 10-year note yields were poised
to rise after dropping more than half a percentage point since
peaking at 5.327 percent on June 13. U.S. government debt last
week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy.
Read more at Bloomberg Bonds News
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.
A gauge of momentum shows 10-year note yields were poised
to rise after dropping more than half a percentage point since
peaking at 5.327 percent on June 13. U.S. government debt last
week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy.
Read more at Bloomberg Bonds News
Coffee Rises in New York on Forecasts for Cold in Brazil's Growing Areas
(Bloomberg) -- Coffee rose in New York on
speculation that colder-than-normal weather in Brazil, the
world's largest producer, may develop into a crop-damaging
frost.
Temperatures may fall to 42 degrees Fahrenheit (6 degrees
Celsius) through Aug. 1 in Brazil's major coffee-growing
regions, according to Meteorlogix LLC in Woburn, Massachusetts.
Cold air moved into the coffee belt today, and a separate high-
pressure ridge may bring lower-than-normal temperatures into
southern Brazil on Aug. 5, the private forecaster said.
Read more at Bloomberg Commodities News
speculation that colder-than-normal weather in Brazil, the
world's largest producer, may develop into a crop-damaging
frost.
Temperatures may fall to 42 degrees Fahrenheit (6 degrees
Celsius) through Aug. 1 in Brazil's major coffee-growing
regions, according to Meteorlogix LLC in Woburn, Massachusetts.
Cold air moved into the coffee belt today, and a separate high-
pressure ridge may bring lower-than-normal temperatures into
southern Brazil on Aug. 5, the private forecaster said.
Read more at Bloomberg Commodities News
Tyson posts quarterly profit, raises outlook
(Reuters) - CHICAGO, July 30 - Meat company Tyson Foods Inc. on Monday reported a higher-than-expected quarterly profit and raised its earning estimate for the fiscal year.
For the third quarter ended on June 30, Tyson earned $111 million, or 31 cents per share, compared with a year-earlier loss of $52 million, or 15 cents per share.
Read more at Reuters.com Market News
For the third quarter ended on June 30, Tyson earned $111 million, or 31 cents per share, compared with a year-earlier loss of $52 million, or 15 cents per share.
Read more at Reuters.com Market News
GMAC posts smaller profit as ResCap weighs
(Reuters) - Its Residential Capital LLC unit posted a net loss of $254
million, compared with a profit of $548 million a year earlier.
Year-earlier results included a $259 million one-time gain.
GM last November sold a 51 percent stake in GMAC for $14
billion to a group led by private equity firm Cerberus Capital
Management. The automaker kept the remaining 49 percent.
Read more at Reuters.com Bonds News
million, compared with a profit of $548 million a year earlier.
Year-earlier results included a $259 million one-time gain.
GM last November sold a 51 percent stake in GMAC for $14
billion to a group led by private equity firm Cerberus Capital
Management. The automaker kept the remaining 49 percent.
Read more at Reuters.com Bonds News
Mexican stocks extend gains, America Movil leads
(Reuters) - The benchmark IPC stock index surged 2.50 percent to
30,989 points and the peso currency was stable
at 10.963 per dollar.
In debt trading, the price of the benchmark government
10-year peso bond rose 0.247 points to bid 101.648,
with a yield of 7.73 percent.
Read more at Reuters.com Bonds News
30,989 points and the peso currency
at 10.963 per dollar.
In debt trading, the price of the benchmark government
10-year peso bond
with a yield of 7.73 percent.
Read more at Reuters.com Bonds News
Wheat Futures Decline as Spring Harvest Gets Under Way in Northern Plains
(Bloomberg) -- Wheat fell the most in two weeks in
Chicago as U.S. farmers begin harvesting a spring crop that may
yield more bushels than normal.
About 2 percent of spring wheat, grown mostly in the
northern Great Plains including North Dakota and Minnesota, was
harvested as of July 22. The government will update that figure
today. Some fields may yield as much as 95 bushels an acre, or
almost three times the five-year average, said Vince Boddicker,
manager of Farmers Trading Co. in Mitchell, South Dakota.
Read more at Bloomberg Commodities News
Chicago as U.S. farmers begin harvesting a spring crop that may
yield more bushels than normal.
About 2 percent of spring wheat, grown mostly in the
northern Great Plains including North Dakota and Minnesota, was
harvested as of July 22. The government will update that figure
today. Some fields may yield as much as 95 bushels an acre, or
almost three times the five-year average, said Vince Boddicker,
manager of Farmers Trading Co. in Mitchell, South Dakota.
Read more at Bloomberg Commodities News
Currency Option Volatility Edges Higher as Credit Risk Measures Increase
(Bloomberg) -- Option volatility on most major
exchange rates edged higher as investors demand safer assets and
indicators of corporate bond risk surged.
The perceived risk of owning European corporate bonds
soared to the highest in at least three years after Germany's
IKB Deutsche Industriebank AG reported losses on U.S. subprime
mortgages, credit-default swap prices show.
Read more at Bloomberg Currencies News
exchange rates edged higher as investors demand safer assets and
indicators of corporate bond risk surged.
The perceived risk of owning European corporate bonds
soared to the highest in at least three years after Germany's
IKB Deutsche Industriebank AG reported losses on U.S. subprime
mortgages, credit-default swap prices show.
Read more at Bloomberg Currencies News
Soybeans Rise in Chicago on Risk Fungal Disease May Threaten Midwest Crops
(Bloomberg) -- Soybean prices in Chicago rose on
speculation a deadly fungus threatens to spread into the
Midwest, damaging the second-biggest U.S. crop.
Asian soybean rust was confirmed last week in two counties
in southern Oklahoma, the most northern infestation of the
disease, which can destroy as much as 80 percent of infected
fields. Iowa State University said in a report last week there
is a 40 percent chance in the next 30 days that the fungus will
reach Iowa, the biggest grower.
Read more at Bloomberg Commodities News
speculation a deadly fungus threatens to spread into the
Midwest, damaging the second-biggest U.S. crop.
Asian soybean rust was confirmed last week in two counties
in southern Oklahoma, the most northern infestation of the
disease, which can destroy as much as 80 percent of infected
fields. Iowa State University said in a report last week there
is a 40 percent chance in the next 30 days that the fungus will
reach Iowa, the biggest grower.
Read more at Bloomberg Commodities News
UPDATE 3-Verizon quarterly net rises but margins disappoint
(Reuters) - NEW YORK, July 30 - Verizon Communications Inc. said on Monday its second-quarter profit rose, helped by growth in wireless and high-speed Internet subscribers.
The No. 2 U.S. phone company said net profit rose 4.5 percent to $1.68 billion, or 58 cents per share, from $1.61 billion, or 55 cents per share, a year earlier.
Read more at Reuters.com Mergers News
The No. 2 U.S. phone company said net profit rose 4.5 percent to $1.68 billion, or 58 cents per share, from $1.61 billion, or 55 cents per share, a year earlier.
Read more at Reuters.com Mergers News
U.S. online help-wanted ads fall in July: report
(Reuters) - A year ago, the figure was 3.41 million.
"The monthly decline in July in large part reflects the July 4th holiday week when ad volume dropped," said Gad Levanon, economist at the Conference Board.
Read more at Reuters.com Economic News
"The monthly decline in July in large part reflects the July 4th holiday week when ad volume dropped," said Gad Levanon, economist at the Conference Board.
Read more at Reuters.com Economic News
Chile retail sales accelerate to 6.5 pct in June
(Reuters) - "The result, which implies an acceleration in the growth
rate and in retail sales, is associated with strength in
consumer spending and sustained growth."
CNC said despite the pickup, growth in the first half of
the year was below that of last year's 3.5 percent
Read more at Reuters.com Economic News
rate and in retail sales, is associated with strength in
consumer spending and sustained growth."
CNC said despite the pickup, growth in the first half of
the year was below that of last year's 3.5 percent
Read more at Reuters.com Economic News
Canada homeowners less sensitive to rates-study
(Reuters) - "Recent financial innovation is playing a prominent role in
redefining the consumer and housing cycle in Canada and thereby
making the Bank of Canada's job more difficult," Derek Holt,
assistant chief economist at RBC, wrote in the report.
Ottawa began deregulating the mortgage insurance market
last year -- a latecomer to the process compared to other
countries. In June 2006, the national housing agency began
offering mortgage insurance for interest-only loans and for
amortizations of up to 35 years. Bank of Canada Governor David
Dodge initially opposed the changes, saying they could drive up
prices further in the already overheated housing market.
Read more at Reuters.com Bonds News
redefining the consumer and housing cycle in Canada and thereby
making the Bank of Canada's job more difficult," Derek Holt,
assistant chief economist at RBC, wrote in the report.
Ottawa began deregulating the mortgage insurance market
last year -- a latecomer to the process compared to other
countries. In June 2006, the national housing agency began
offering mortgage insurance for interest-only loans and for
amortizations of up to 35 years. Bank of Canada Governor David
Dodge initially opposed the changes, saying they could drive up
prices further in the already overheated housing market.
Read more at Reuters.com Bonds News
Hedge fund Citadel takes over Sowood's credit fund
(Reuters) - Sowood, which managed roughly $3 billion for prominent
clients such as Harvard University, lost 8 percent in July and
5 percent in June, leaving the Boston-based hedge fund with
losses of 10 percent, a person familiar with the fund's
operations told Reuters on Friday.
Read more at Reuters.com Bonds News
clients such as Harvard University, lost 8 percent in July and
5 percent in June, leaving the Boston-based hedge fund with
losses of 10 percent, a person familiar with the fund's
operations told Reuters on Friday.
Read more at Reuters.com Bonds News
Union ratifies deal needed for Goodyear unit sale
(Reuters) - The union said local members at four plants accepted the agreement last week and the main union resolved remaining issues with Carlyle over the weekend related to establishing a secure trust for retiree health care.
The contract runs five years and is similar to a deal the union reached with Goodyear before the tiremaker agreed to sell the unit to Carlyle for $1.48 billion. Goodyear has said it expects to complete the sale in the third quarter.
Read more at Reuters.com Mergers News
The contract runs five years and is similar to a deal the union reached with Goodyear before the tiremaker agreed to sell the unit to Carlyle for $1.48 billion. Goodyear has said it expects to complete the sale in the third quarter.
Read more at Reuters.com Mergers News
Deripaska company says not bidding for Ford brands
(Reuters) - "There is no interest from my company or from our subsidiary
Gaz in any of these brands," said a spokesman for Russian
Machines, the engineering and automotive arm of Deripaska's
Basic Element group, on Monday.
The comment came as some potential bidders that had
expressed interest in the units earlier in July start several
weeks of due diligence.
Read more at Reuters.com Mergers News
Gaz in any of these brands," said a spokesman for Russian
Machines, the engineering and automotive arm of Deripaska's
Basic Element group, on Monday.
The comment came as some potential bidders that had
expressed interest in the units earlier in July start several
weeks of due diligence.
Read more at Reuters.com Mergers News
European Chemical Stocks Gain, Led by Imperial Chemicals; UBS, 3i Slide
(Bloomberg) -- European chemical stocks rose after
Imperial Chemical Industries Plc rejected a sweetened bid from
Akzo Nobel NV and Linde AG, the largest maker of industrial
gases, reported earnings that topped analysts' estimates.
UBS AG and 3i Group Plc led declines by financial companies
after IKB Deutsche Industriebank AG of Germany said profit will
be ``significantly'' lower than forecast, hit by the U.S.
subprime mortgage rout.
Read more at Bloomberg Stocks News
Imperial Chemical Industries Plc rejected a sweetened bid from
Akzo Nobel NV and Linde AG, the largest maker of industrial
gases, reported earnings that topped analysts' estimates.
UBS AG and 3i Group Plc led declines by financial companies
after IKB Deutsche Industriebank AG of Germany said profit will
be ``significantly'' lower than forecast, hit by the U.S.
subprime mortgage rout.
Read more at Bloomberg Stocks News
RadioShack posts profit but sales weaken
(Reuters) - Sales fell 15 percent to $934.8 million, short of analysts' estimates of $983.6 million. Sales at stores open at least a year, a key measure of retail performance, dropped 8.9 percent. RadioShack cited weaker wireless sales and the closure of 481 stores in 2006.
"The wireless business is actually doing very well in general for the wireless carriers" such as Cingular, Fitch's Co said. "RadioShack can't seem to attract the customers into the stores to sign up."
Read more at Reuters.com Business News
"The wireless business is actually doing very well in general for the wireless carriers" such as Cingular, Fitch's Co said. "RadioShack can't seem to attract the customers into the stores to sign up."
Read more at Reuters.com Business News
UPDATE 1-Charles Evans to replace Moskow at Chicago Fed
(Reuters) - Evans, 49, becomes the ninth Chicago Fed president. He
succeeds Michael Moskow, who is retiring on Aug. 31.
Evans will vote on U.S. interest-rate policy at the final
three Federal Open Market Committee meetings of 2007.
Read more at Reuters.com Bonds News
succeeds Michael Moskow, who is retiring on Aug. 31.
Evans will vote on U.S. interest-rate policy at the final
three Federal Open Market Committee meetings of 2007.
Read more at Reuters.com Bonds News
Lone Star extends tender offer for Accredited Home
(Reuters) - NEW YORK, July 30 - Private equity firm Lone Star, which agreed to acquire Accredited Home Lenders Holding Co. in June, said on Monday it was extending its tender offer by 10 business days for all outstanding shares of the struggling subprime mortgage lender's common stock.
The date has been extended till Aug. 14 because Accredited Home had not obtained regulatory approvals required to close the tender offer by the previous deadline of July 27, Lone Star said.
Read more at Reuters.com Government Filings News
The date has been extended till Aug. 14 because Accredited Home had not obtained regulatory approvals required to close the tender offer by the previous deadline of July 27, Lone Star said.
Read more at Reuters.com Government Filings News
Oliver Press picks up 12 pct in Emageon, seeks strategic options
(Reuters) - Emageon could not be immediately reached for comment.
Shares of Birmingham, Alabama-based Emageon were trading up
2.5 percent at $9.05 in late morning trade on the Nasdaq.
Read more at Reuters.com Mergers News
Shares of Birmingham, Alabama-based Emageon were trading up
2.5 percent at $9.05 in late morning trade on the Nasdaq.
Read more at Reuters.com Mergers News
CORRECTED-(OFFICIAL)-Fitch release on Doral Financial
(Reuters) - July 20 - Fitch Ratings has affirmed and removed all of
Doral Financial Corporation's ratings from Rating
Watch Negative and DRL's Rating Outlook is Positive. Fitch
currently rates DRL's long-term Issuer Default Rating
'CCC'. The Support Rating Floor for DRL and its principal
subsidiary remains unchanged at No Floor . Please see a
complete list of affected ratings at the end of this release.
DRL's Positive Rating Outlook is driven by the closing of
the equity sale and the payment of a significant impending debt
maturity. On July 19, DRL announced that it had received all
regulatory approvals and closed the equity sale of a 90% stake
to Bear Stearns Merchant Banking for $610 million. In addition,
DRL announced today that they have paid the impending $625
million debt maturity.
Read more at Reuters.com Bonds News
Doral Financial Corporation's ratings from Rating
Watch Negative and DRL's Rating Outlook is Positive. Fitch
currently rates DRL's long-term Issuer Default Rating
'CCC'. The Support Rating Floor for DRL and its principal
subsidiary remains unchanged at No Floor . Please see a
complete list of affected ratings at the end of this release.
DRL's Positive Rating Outlook is driven by the closing of
the equity sale and the payment of a significant impending debt
maturity. On July 19, DRL announced that it had received all
regulatory approvals and closed the equity sale of a 90% stake
to Bear Stearns Merchant Banking for $610 million. In addition,
DRL announced today that they have paid the impending $625
million debt maturity.
Read more at Reuters.com Bonds News
European Carbon Emissions Permits Climb After Rise in German Power Prices
(Bloomberg) -- European Union carbon dioxide
permits rose to the highest in almost three weeks, following
rising energy prices including German electricity.
Permits for December 2008 gained for a fifth day, climbing
as much as 50 cents, or 2.5 percent, to 20.80 euros ($28.43) a
metric ton on the European Climate Exchange in Amsterdam. They
traded at 20.65 euros at 3:23 p.m. local time.
Read more at Bloomberg Energy News
permits rose to the highest in almost three weeks, following
rising energy prices including German electricity.
Permits for December 2008 gained for a fifth day, climbing
as much as 50 cents, or 2.5 percent, to 20.80 euros ($28.43) a
metric ton on the European Climate Exchange in Amsterdam. They
traded at 20.65 euros at 3:23 p.m. local time.
Read more at Bloomberg Energy News
Berkshire Hills sees earnings below estimates
(Reuters) - Shares of the company were down almost 2 percent at $27.43 in morning trade on the Nasdaq.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Libya sees enhanced oil round - Gaddafi son
(Reuters) - Libya plans an enhanced oil recovery round to develop its output, Libyan leader Muammar Gaddafi's son Saif al-islam said on Monday, referring to a investment opportunity long sought by Western multinationals.
"We are now ready to launch ...another round for enhanced recovery also -- that's a new one," Saif al-Islam told Reuters in an interview during a visit to France.
Read more at Reuters Africa
"We are now ready to launch ...another round for enhanced recovery also -- that's a new one," Saif al-Islam told Reuters in an interview during a visit to France.
Read more at Reuters Africa
Treasuries Fall as Yields Near Lowest in Two Months Fail to Attract Buyers
(Bloomberg) -- Treasuries declined as 10-year note
yields near the lowest level in more than two months failed to
attract buyers.
A gauge of momentum shows 10-year yields are poised to rise
after dropping more than half a percentage point since peaking
at 5.327 percent on June 13. U.S. government debt rose last week
for a third straight week on bets rising defaults on home loans
to people with poor credit histories will hurt the economy.
Read more at Bloomberg Bonds News
yields near the lowest level in more than two months failed to
attract buyers.
A gauge of momentum shows 10-year yields are poised to rise
after dropping more than half a percentage point since peaking
at 5.327 percent on June 13. U.S. government debt rose last week
for a third straight week on bets rising defaults on home loans
to people with poor credit histories will hurt the economy.
Read more at Bloomberg Bonds News
UPDATE 5-Nippon Steel, JFE report strong Q1 profit gains
(Reuters) - TOKYO, July 30 - Nippon Steel Corp and
JFE Holdings Inc. on Monday booked strong quarterly
profits on higher prices, raising prospects Japan's top two
steel makers' earnings could gain further momentum this year.
But high raw materials and depreciation costs look to limit
growth at Sumitomo Metal Industries Ltd. and Kobe Steel
Ltd., which rely less on booming car sheet production
than the bigger two rivals.
Read more at Reuters.com Market News
JFE Holdings Inc. on Monday booked strong quarterly
profits on higher prices, raising prospects Japan's top two
steel makers' earnings could gain further momentum this year.
But high raw materials and depreciation costs look to limit
growth at Sumitomo Metal Industries Ltd. and Kobe Steel
Ltd., which rely less on booming car sheet production
than the bigger two rivals.
Read more at Reuters.com Market News
Pound Falls Against Euro, Pares Gains Versus Yen on Carry Trade Unwinding
(Bloomberg) -- The pound declined to a two-week low
against the euro and traded near the weakest versus the yen in
almost two months on speculation investors will unwind carry
trades after the risk of holding corporate debt surged.
The U.K. currency has dropped more than 3 percent against
the yen in July, heading for its biggest monthly decline since
August 2006. Widening losses on securities backed by subprime
mortgages prompted traders to reduce investment in high-yielding
currencies such as the pound using funds borrowed in Japan. U.K.
interest rates are the highest among Group of Seven economies.
Read more at Bloomberg Currencies News
against the euro and traded near the weakest versus the yen in
almost two months on speculation investors will unwind carry
trades after the risk of holding corporate debt surged.
The U.K. currency has dropped more than 3 percent against
the yen in July, heading for its biggest monthly decline since
August 2006. Widening losses on securities backed by subprime
mortgages prompted traders to reduce investment in high-yielding
currencies such as the pound using funds borrowed in Japan. U.K.
interest rates are the highest among Group of Seven economies.
Read more at Bloomberg Currencies News
US STOCKS-Indexes rise after last week's sell-off
(Reuters) - The Dow Jones industrial average was up 43.09
points, or 0.32 percent, at 13,308.56. The Standard & Poor's
500 Index was up 4.69 points, or 0.32 percent, at
1,463.64. The Nasdaq Composite Index was up 8.45
points, or 0.33 percent, at 2,570.69.
Read more at Reuters.com Bonds News
points, or 0.32 percent, at 13,308.56. The Standard & Poor's
500 Index was up 4.69 points, or 0.32 percent, at
1,463.64. The Nasdaq Composite Index was up 8.45
points, or 0.33 percent, at 2,570.69.
Read more at Reuters.com Bonds News
New York Mortgage confirms trust preferred dividend payment
(Reuters) - The real estate investment trust said it has no outstanding warehouse lines, and it exited the mortgage lending business in March.
On July 3, the company had said it will not pay a dividend in the second quarter.
Read more at Reuters.com Bonds News
On July 3, the company had said it will not pay a dividend in the second quarter.
Read more at Reuters.com Bonds News
FTSE 100 Index Stocks Advance, Led by HSBC, Imperial Chemicals, Vedanta
(Bloomberg) -- U.K. stocks rose for the first time
in five days, led by HSBC Holdings Plc after Europe's largest
bank reported profit that topped analysts' estimates.
Imperial Chemicals Industries Plc also gained, while BHP
Billiton Ltd. led shares of mining companies higher.
Read more at Bloomberg Stocks News
in five days, led by HSBC Holdings Plc after Europe's largest
bank reported profit that topped analysts' estimates.
Imperial Chemicals Industries Plc also gained, while BHP
Billiton Ltd. led shares of mining companies higher.
Read more at Bloomberg Stocks News
UPDATE 2-KPN to buy Getronics for $1 bln, core profit flat
(Reuters) - AMSTERDAM, July 30 - Telecoms group KPN
agreed to buy struggling information technology services company
Getronics for 766 million euros , making it
the Dutch market leader in IT services.
KPN , which also beat analysts' expectations by
posting flat second-quarter core earnings on Monday, said the
cash takeover offer at 6.25 euros per Getronics share was part
of a strategy to move from providing communications links to
more value-added services in the business market.
Read more at Reuters.com Bonds News
agreed to buy struggling information technology services company
Getronics for 766 million euros , making it
the Dutch market leader in IT services.
KPN , which also beat analysts' expectations by
posting flat second-quarter core earnings on Monday, said the
cash takeover offer at 6.25 euros per Getronics share was part
of a strategy to move from providing communications links to
more value-added services in the business market.
Read more at Reuters.com Bonds News
Europe Government Bonds Slide on Speculation ECB to Indicate Higher Rates
(Bloomberg) -- European bonds fell on speculation
the European Central Bank will this week reiterate its preference
for higher interest rates as economic growth in the region
maintains momentum.
Ten-year German bunds, Europe's benchmark, declined for the
first day in five on speculation policy makers will leave rates
at a six-year high of 4 percent at their Aug. 3 meeting and
signal increases are likely by year-end. Debt also slid on views
the longest weekly rally since March last week drove yields too
low for the outlook for borrowing costs.
Read more at Bloomberg Bonds News
the European Central Bank will this week reiterate its preference
for higher interest rates as economic growth in the region
maintains momentum.
Ten-year German bunds, Europe's benchmark, declined for the
first day in five on speculation policy makers will leave rates
at a six-year high of 4 percent at their Aug. 3 meeting and
signal increases are likely by year-end. Debt also slid on views
the longest weekly rally since March last week drove yields too
low for the outlook for borrowing costs.
Read more at Bloomberg Bonds News
M'bishi Motors swings to first Q1 profit in 5 yrs
(Reuters) - Net loss nearly halved to 8.23 billion from 15.11 billion yen, as revenue jumped 30 percent to 630.79 billion yen, aided by a 6-yen rise in the dollar and 18-yen rise in the euro.
But the Tokyo-based automaker kept its interim and annual forecasts unchanged citing risks from rising commodity prices and other unknowns.
Read more at Reuters.com Market News
But the Tokyo-based automaker kept its interim and annual forecasts unchanged citing risks from rising commodity prices and other unknowns.
Read more at Reuters.com Market News
European Stocks Advance, Led by Imperial Chemicals, Linde; IKB Tumbles
(Bloomberg) -- European stocks rose for the first
time in five days, led by Imperial Chemical Industries Plc after
the company rejected a bid from Dutch rival Akzo Nobel NV.
Linde AG, the world's largest maker of industrial gases,
also gained after reporting earnings that topped analysts'
estimates. BHP Billiton Ltd. and Rio Tinto Group led mining
shares higher as copper increased.
Read more at Bloomberg Stocks News
time in five days, led by Imperial Chemical Industries Plc after
the company rejected a bid from Dutch rival Akzo Nobel NV.
Linde AG, the world's largest maker of industrial gases,
also gained after reporting earnings that topped analysts'
estimates. BHP Billiton Ltd. and Rio Tinto Group led mining
shares higher as copper increased.
Read more at Bloomberg Stocks News
Platinum Futures Fall Daily Limit in Tokyo on Rising Yen, Demand Concern
(Bloomberg) -- Platinum futures in Tokyo declined
by the daily limit to a two-month low as a rising yen against
the dollar reduced the value of yen-denominated futures, and
amid concern that platinum usage in autocatalysts may decline.
The yen rose to the highest in more than three months
versus the dollar on July 27 as a fall in stocks caused traders
to repay Japanese currency loans used to fund high-yielding
investments.
Read more at Bloomberg Commodities News
by the daily limit to a two-month low as a rising yen against
the dollar reduced the value of yen-denominated futures, and
amid concern that platinum usage in autocatalysts may decline.
The yen rose to the highest in more than three months
versus the dollar on July 27 as a fall in stocks caused traders
to repay Japanese currency loans used to fund high-yielding
investments.
Read more at Bloomberg Commodities News
UPDATE 1-KPN to bid for Getronics, reports Q2 results
(Reuters) - KPN will spend an additional 415 million euros on buying
back Getronics' outstanding convertible bonds maturing in 2008,
2010 and 2014 as well as preference shares, Chief Financial
Officer Marcel Smits said.
KPN, which also announced second quarter results early, said
the takeover, unanimously supported by Getronics' management and
supervisory boards, was part of its strategy to move from
providing communications links to more value-added services.
Read more at Reuters.com Mergers News
back Getronics' outstanding convertible bonds maturing in 2008,
2010 and 2014 as well as preference shares, Chief Financial
Officer Marcel Smits said.
KPN, which also announced second quarter results early, said
the takeover, unanimously supported by Getronics' management and
supervisory boards, was part of its strategy to move from
providing communications links to more value-added services.
Read more at Reuters.com Mergers News
Rand steady; eyes equities, euro
(Reuters) - South Africa's rand firmed against the dollar on Monday and looked set to take direction from equities and the euro, traders said.
At 0638 GMT, the rand stood at 7.09 versus the dollar, about 0.3 percent firmer than its New York close of 7.1125 on Friday. Traders said the local unit would probably trade in the 7.02 - 7.13 range in the session.
Read more at Reuters Africa
At 0638 GMT, the rand stood at 7.09 versus the dollar, about 0.3 percent firmer than its New York close of 7.1125 on Friday. Traders said the local unit would probably trade in the 7.02 - 7.13 range in the session.
Read more at Reuters Africa
European stocks tick up in early trade; miners help
(Reuters) - European stocks rose in early trade on Monday as gains in miners and chemicals group ICI offset fears over the impact of a credit crunch on liquidity and mergers and acquisitions.
BHP Billiton gained 2.1 percent and Rio Tinto rose 1.5 percent, helped by gains in Australian trading.
Read more at Reuters Africa
BHP Billiton gained 2.1 percent and Rio Tinto rose 1.5 percent, helped by gains in Australian trading.
Read more at Reuters Africa
U.K. Stocks Rise for First Time in Five Days; ICI, BHP Billiton Pace Gains
(Bloomberg) -- U.K. stocks rose for the first time
in five days. Imperial Chemical Industries Plc and BHP Billiton
Ltd. paced the advance.
The benchmark FTSE 100 Index added 12.9, or 0.2 percent, to
6228.1 at 8:30 a.m. in London. The FTSE All-Share Index gained
0.3 percent to 3218.95. Ireland's ISEQ Index rallied 0.3 percent
to 8378.62.
Read more at Bloomberg Stocks News
in five days. Imperial Chemical Industries Plc and BHP Billiton
Ltd. paced the advance.
The benchmark FTSE 100 Index added 12.9, or 0.2 percent, to
6228.1 at 8:30 a.m. in London. The FTSE All-Share Index gained
0.3 percent to 3218.95. Ireland's ISEQ Index rallied 0.3 percent
to 8378.62.
Read more at Bloomberg Stocks News
Kookmin Bank's Second-Quarter Profit Plunges to $256 Million on Back Taxes
(Bloomberg) -- Kookmin Bank, South Korea's largest,
said second-quarter profit fell 70 percent because of back taxes
related to the 2003 takeover of its credit-card unit.
Net income fell to 236.3 billion won ($256 million) from 777
billion won a year earlier, the Seoul-based company said in
regulatory filing today. Kookmin was expected to earn 672 billion
won, according to the average of six analyst estimates
compiled by Bloomberg.
Read more at Bloomberg Emerging Markets News
said second-quarter profit fell 70 percent because of back taxes
related to the 2003 takeover of its credit-card unit.
Net income fell to 236.3 billion won ($256 million) from 777
billion won a year earlier, the Seoul-based company said in
regulatory filing today. Kookmin was expected to earn 672 billion
won, according to the average of six analyst estimates
compiled by Bloomberg.
Read more at Bloomberg Emerging Markets News
U.S. Treasuries Decline as Rebound in Global Stocks Dims Allure of Debt
(Bloomberg) -- U.S. 10-year Treasuries fell for the
first time in a week as a rebound in global stock markets reduced
the appeal of fixed-income securities.
Treasuries declined as Asian shares rebounded from a slump
after higher profits at Japanese companies helped ease concerns a
U.S. housing slowdown would crimp the economy. U.S. notes snapped
four days of gains that had been driven by investors seeking the
relative safety of government debt as equity markets dropped.
Read more at Bloomberg Bonds News
first time in a week as a rebound in global stock markets reduced
the appeal of fixed-income securities.
Treasuries declined as Asian shares rebounded from a slump
after higher profits at Japanese companies helped ease concerns a
U.S. housing slowdown would crimp the economy. U.S. notes snapped
four days of gains that had been driven by investors seeking the
relative safety of government debt as equity markets dropped.
Read more at Bloomberg Bonds News
Insurer Beazley makes record H1 pretax profit
(Reuters) - It made 60.2 million pounds in the first six months of this year, more than double its profit of 28.3 million pounds during the same period last year.
Its profits were boosted by 25.2 million pounds released from reserves that were no longer needed to pay claims, more than double the amount it released from reserves during the first half of 2006.
Read more at Reuters.com Market News
Its profits were boosted by 25.2 million pounds released from reserves that were no longer needed to pay claims, more than double the amount it released from reserves during the first half of 2006.
Read more at Reuters.com Market News
UPDATE 1-India's i-flex Q1 net up, but firm rupee weighs
(Reuters) - BANGALORE, July 30 - India's i-flex solutions
ltd. said on Monday its April-June net profit rose
4.6 percent, as the banking software maker gained from rising
orders, but a strong rupee was a concern.
The company, majority owned by U.S. business software firm
Oracle Corp. , was winning large deals from banks
looking to cut costs, Chief Financial Officer Makarand Padalkar
said.
"The business momentum is very, very strong, both on our
strength and Oracle's. There are number of large engagements
which are in progress," Padalkar told Reuters in a telephone
interview from the company's Mumbai headquarters.
Read more at Reuters.com Market News
ltd. said on Monday its April-June net profit rose
4.6 percent, as the banking software maker gained from rising
orders, but a strong rupee was a concern.
The company, majority owned by U.S. business software firm
Oracle Corp. , was winning large deals from banks
looking to cut costs, Chief Financial Officer Makarand Padalkar
said.
"The business momentum is very, very strong, both on our
strength and Oracle's. There are number of large engagements
which are in progress," Padalkar told Reuters in a telephone
interview from the company's Mumbai headquarters.
Read more at Reuters.com Market News
Sunday, July 29, 2007
Kuwait Says Currency Peg Gives It `Flexibility' in Setting Exchange Rate
(Bloomberg) -- Kuwait's decision to peg the dinar to
a basket of currencies gives it flexibility in setting its
exchange rate, Kuwait News Agency reported, citing central bank
governor Sheikh Salem Abdul Aziz al-Sabah.
Markets needed time to adequately absorb the new currency
arrangement that was adopted on May 20, KUNA reported, citing the
governor. The central bank has sufficient expertise in managing a
currency basket to boost monetary stability and confidence in the
dinar, he said, the state news agency reported.
Read more at Bloomberg Currencies News
a basket of currencies gives it flexibility in setting its
exchange rate, Kuwait News Agency reported, citing central bank
governor Sheikh Salem Abdul Aziz al-Sabah.
Markets needed time to adequately absorb the new currency
arrangement that was adopted on May 20, KUNA reported, citing the
governor. The central bank has sufficient expertise in managing a
currency basket to boost monetary stability and confidence in the
dinar, he said, the state news agency reported.
Read more at Bloomberg Currencies News
Europe Bonds Fall on Concern Recent Gains Aren't Justified By Rising Rates
(Bloomberg) -- European bonds fell on speculation
the longest run of weekly gains in five months isn't justified
by expectations for higher interest rates in the euro region.
The yield on the German 10-year bund, Europe's benchmark,
rose 2 basis points to 4.33 percent as of 7:21 a.m. in London,
after reaching 4.30 percent last week, its lowest since mid-May.
The price of the 4.25 percent security due July 2017 fell 0.16,
or 1.6 euros per 1,000-euro ($1,364) face amount, to 99.34.
Read more at Bloomberg Bonds News
the longest run of weekly gains in five months isn't justified
by expectations for higher interest rates in the euro region.
The yield on the German 10-year bund, Europe's benchmark,
rose 2 basis points to 4.33 percent as of 7:21 a.m. in London,
after reaching 4.30 percent last week, its lowest since mid-May.
The price of the 4.25 percent security due July 2017 fell 0.16,
or 1.6 euros per 1,000-euro ($1,364) face amount, to 99.34.
Read more at Bloomberg Bonds News
Atos, Cap Gemini, France Telecom, NicOx and Steria: French Equity Preview
(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange. Symbols are in parentheses
after company names. Prices are from the last close.
August futures on the benchmark CAC 40 Index slipped 10 to
5641 at 8:13 a.m. in Paris.
Read more at Bloomberg Stocks News
fall on the Paris stock exchange. Symbols are in parentheses
after company names. Prices are from the last close.
August futures on the benchmark CAC 40 Index slipped 10 to
5641 at 8:13 a.m. in Paris.
Read more at Bloomberg Stocks News
South Africa eyes import tariff cuts to aid manufacturing
(Reuters) - South African President Thabo Mbeki said on Sunday his government may cut tariffs on some imported equipment and goods in a bid to boost the manufacturing sector and make it more competitive internationally.
In a briefing to discuss the outcome of a mid-year meeting of his cabinet and other senior officials, Mbeki said a healthier manufacturing sector was critical to the government's efforts to narrow the country's trade deficit.
Read more at Reuters Africa
In a briefing to discuss the outcome of a mid-year meeting of his cabinet and other senior officials, Mbeki said a healthier manufacturing sector was critical to the government's efforts to narrow the country's trade deficit.
Read more at Reuters Africa
MegaFon stake dispute may be near end - Vedomosti
(Reuters) - Vedomosti said representatives of Alfa and IPOC were nearing an agreement under which both sides would withdraw their claims against one another, an unidentified source close to MegaFon told the paper.
Sources close to IPOC and Alfa confirmed the intention to sign an agreement, but the paper said some details remained to be worked out.
Read more at Reuters.com Mergers News
Sources close to IPOC and Alfa confirmed the intention to sign an agreement, but the paper said some details remained to be worked out.
Read more at Reuters.com Mergers News
KPN to bid for Getronics, reports Q2 results
(Reuters) - KPN's second-quarter earnings before interest, tax,
depreciation and amortisation were flat at 1.28 billion
euros and compared with an average forecast of 1.23 billion in a
Reuters poll of 12 analysts.
Read more at Reuters.com Mergers News
depreciation and amortisation were flat at 1.28 billion
euros and compared with an average forecast of 1.23 billion in a
Reuters poll of 12 analysts.
Read more at Reuters.com Mergers News
Asian Stocks Rebound From 1-Month Low; JFE, Nippon Steel Rise, Sony Falls
(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.
Sony Corp., the maker of Cyber-shot cameras and PlayStation 3
consoles, and James Hardie Industries NV, the biggest supplier of
home siding in the U.S., led declines after a report showed a
decline in U.S. housing investment.
Read more at Bloomberg Stocks News
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.
Sony Corp., the maker of Cyber-shot cameras and PlayStation 3
consoles, and James Hardie Industries NV, the biggest supplier of
home siding in the U.S., led declines after a report showed a
decline in U.S. housing investment.
Read more at Bloomberg Stocks News
India's Central Bank May Keep Benchmark Rate Unchanged as Inflation Slows
(Bloomberg) -- India's central bank will probably
keep its benchmark interest rate unchanged for a second quarter
as slower credit growth helps curb inflation.
Reserve Bank of India Governor Yaga Venugopal Reddy will
leave the overnight lending rate at 7.75 percent, according to
all 19 analysts in a Bloomberg News survey. The quarterly
monetary policy statement is due at noon in Mumbai tomorrow.
Read more at Bloomberg Emerging Markets News
keep its benchmark interest rate unchanged for a second quarter
as slower credit growth helps curb inflation.
Reserve Bank of India Governor Yaga Venugopal Reddy will
leave the overnight lending rate at 7.75 percent, according to
all 19 analysts in a Bloomberg News survey. The quarterly
monetary policy statement is due at noon in Mumbai tomorrow.
Read more at Bloomberg Emerging Markets News
Yen rises, risk aversion overshadows Japan election
(Reuters) - But the yen gave up some gains as overall losses in Asian equities turned out to be limited, and as Japanese investors and other market players seized on the rise as an opportunity to sell the low-yielding yen for higher-yielding currencies.
"A lot of people are wanting to sell on any rallies," said Luke Waddington, head of forex trading at Royal Bank of Scotland in Tokyo.
Read more at Reuters.com Hot Stocks News
"A lot of people are wanting to sell on any rallies," said Luke Waddington, head of forex trading at Royal Bank of Scotland in Tokyo.
Read more at Reuters.com Hot Stocks News
Verizon May Say Today Earnings Rose as Fiber-Optic Network Pared Loss
(Bloomberg) -- Verizon Communications Inc.'s $22.9
billion gamble on a new fiber-optic network may have started to
pay off in the second quarter as new customers and reduced
expenses pared the project's losses.
Net income of the second-largest U.S. phone company
probably rose to $1.69 billion, or 58 cents a share, from $1.61
billion, or 55 cents, a year ago, according to the average of 13
analysts' estimates in a Bloomberg survey. Sales may have
increased 5.1 percent to $23 billion.
Read more at Bloomberg Stocks News
billion gamble on a new fiber-optic network may have started to
pay off in the second quarter as new customers and reduced
expenses pared the project's losses.
Net income of the second-largest U.S. phone company
probably rose to $1.69 billion, or 58 cents a share, from $1.61
billion, or 55 cents, a year ago, according to the average of 13
analysts' estimates in a Bloomberg survey. Sales may have
increased 5.1 percent to $23 billion.
Read more at Bloomberg Stocks News
Atos, Danone, Euler Hermes, Lectra and Natixis: French Equity Preview
(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange tomorrow. Symbols are in
parentheses after company names. Prices are from the last close.
The benchmark CAC 40 Index lost 31.09, or 0.6 percent, to
5643.96. The broader SBF 120 Index also fell 0.6 percent.
Read more at Bloomberg Stocks News
fall on the Paris stock exchange tomorrow. Symbols are in
parentheses after company names. Prices are from the last close.
The benchmark CAC 40 Index lost 31.09, or 0.6 percent, to
5643.96. The broader SBF 120 Index also fell 0.6 percent.
Read more at Bloomberg Stocks News
ABN AMRO reports Q2, says is neutral on bids
(Reuters) - ABN said it was currently not in the position to recommend the offers from Barclays or the RBS-led consortium, which also includes Belgian-Dutch Fortis and Spain's Santander.
ABN had a net profit of 1.13 billion euros in the second quarter, compared with 1.216 billion euros a year earlier and the 1 billion euros average forecast in a Reuters survey of five analysts.
Read more at Reuters.com Business News
ABN had a net profit of 1.13 billion euros in the second quarter, compared with 1.216 billion euros a year earlier and the 1 billion euros average forecast in a Reuters survey of five analysts.
Read more at Reuters.com Business News
Mitsubishi Electric profit up, raises H1 outlook
(Reuters) - The announcement sent shares of Mitsubishi Electric up 6.9
percent to 1,232 yen as of 0426 GMT, while the benchmark Nikkei
average fell 0.8 percent.
Few analysts give estimates for Mitsubishi Electric's first
quarter earnings, but the result compares with Mitsubishi UFJ
Securities' estimate for a 41 billion yen profit.
Read more at Reuters.com Market News
percent to 1,232 yen as of 0426 GMT, while the benchmark Nikkei
average fell 0.8 percent.
Few analysts give estimates for Mitsubishi Electric's first
quarter earnings, but the result compares with Mitsubishi UFJ
Securities' estimate for a 41 billion yen profit.
Read more at Reuters.com Market News
Gold, Silver Little Changed After Drop on Concern Global Growth May Slow
(Bloomberg) -- Gold was little changed in Asia after
the biggest weekly decline in almost two months on concern that
global economic growth may slow, reducing the metal's appeal as a
hedge against inflation. Silver was also little changed.
Gold fell 3.3 percent last week amid a $2.1 trillion world
stock market rout and concern that U.S. subprime mortgage losses
may slow economic growth, reducing inflation. Investors usually
buy gold at time of rising raw material prices to preserve wealth.
Read more at Bloomberg Commodities News
the biggest weekly decline in almost two months on concern that
global economic growth may slow, reducing the metal's appeal as a
hedge against inflation. Silver was also little changed.
Gold fell 3.3 percent last week amid a $2.1 trillion world
stock market rout and concern that U.S. subprime mortgage losses
may slow economic growth, reducing inflation. Investors usually
buy gold at time of rising raw material prices to preserve wealth.
Read more at Bloomberg Commodities News
IKB Deutsche Cuts Profit Forecast Amid Rout in the U.S. Subprime Mortgages
(Bloomberg) -- IKB Deutsche Industriebank AG, a
German lender that invested in U.S. subprime mortgages, said its
profit will be ``significantly'' lower than forecast as fallout
from the deteriorating North American home-loan market spreads.
``IKB is no longer in a position to maintain its earnings
forecast of 280 million euros ($382 million),'' the Dusseldorf-
based bank said in a statement distributed on the DGAP newswire.
Chief Executive Officer Stefan Ortseifen resigned and will be
replaced by Guenther Braeunig, the statement said.
Read more at Bloomberg Bonds News
German lender that invested in U.S. subprime mortgages, said its
profit will be ``significantly'' lower than forecast as fallout
from the deteriorating North American home-loan market spreads.
``IKB is no longer in a position to maintain its earnings
forecast of 280 million euros ($382 million),'' the Dusseldorf-
based bank said in a statement distributed on the DGAP newswire.
Chief Executive Officer Stefan Ortseifen resigned and will be
replaced by Guenther Braeunig, the statement said.
Read more at Bloomberg Bonds News
New Zealand Dollar Is Overvalued, Will Decline, Agriculture Minister Says
(Bloomberg) -- The New Zealand dollar, the best
performer of 16 major currencies against the dollar in the past
year, is over-valued and will eventually decline, Agriculture
Minister Jim Anderton said today.
``There is no question it is overvalued,'' Anderton said in
e-mailed notes for a speech in Christchurch. ``A lot of the hot
money coming in here thinking it won't decline, will eventually
get burned because the dollar will, sooner or later, return to
more normal levels.''
Read more at Bloomberg Commodities News
performer of 16 major currencies against the dollar in the past
year, is over-valued and will eventually decline, Agriculture
Minister Jim Anderton said today.
``There is no question it is overvalued,'' Anderton said in
e-mailed notes for a speech in Christchurch. ``A lot of the hot
money coming in here thinking it won't decline, will eventually
get burned because the dollar will, sooner or later, return to
more normal levels.''
Read more at Bloomberg Commodities News
UPDATE 1-Japan Fast Retailing to open big London Uniqlo shop
(Reuters) - Fast Retailing, one of Japan's largest retailers with a
nationwide chain of more than 700 Uniqlo shops, has pledged to
invest up to 400 billion yen over the next three
years on mergers and acquisitions in a bid to double annual
sales to 1 trillion yen by 2010.
The clothing retailer unveiled a $900 million bid for Jones
Apparel Group's upscale clothing chain Barney's New York
Inc. in early July.
Read more at Reuters.com Mergers News
nationwide chain of more than 700 Uniqlo shops, has pledged to
invest up to 400 billion yen over the next three
years on mergers and acquisitions in a bid to double annual
sales to 1 trillion yen by 2010.
The clothing retailer unveiled a $900 million bid for Jones
Apparel Group's upscale clothing chain Barney's New York
Inc. in early July.
Read more at Reuters.com Mergers News
Deutsche Bank Payday Burgeons With Trading Bets Against Subprime Mortgages
(Bloomberg) -- Deutsche Bank AG analyst Eugene Xu
recognized a financial train wreck in the making two years ago
when he predicted ``quite probable'' losses from the least
creditworthy home loans in America's runaway property market.
Now Germany's largest bank is poised to reap a bonanza of at
least $270 million and as much as $540 million from a strategy
that enabled its traders to sell subprime mortgage loans with
derivatives contracts that appreciated as the U.S. housing market
suffered its worst slump in 16 years.
Read more at Bloomberg Bonds News
recognized a financial train wreck in the making two years ago
when he predicted ``quite probable'' losses from the least
creditworthy home loans in America's runaway property market.
Now Germany's largest bank is poised to reap a bonanza of at
least $270 million and as much as $540 million from a strategy
that enabled its traders to sell subprime mortgage loans with
derivatives contracts that appreciated as the U.S. housing market
suffered its worst slump in 16 years.
Read more at Bloomberg Bonds News
Nikkei hits 4-month low on election
(Reuters) - The defeat of Japanese Prime Minister Shinzo Abe's ruling camp in upper house elections left political uncertainties, while drops in U.S. stocks on credit concerns put a lid on the overall market.
The Nikkei gave up 172.64 points to 17,111.17, after earlier falling to 17,042.66, the lowest level since April 2. The broader TOPIX index declined 0.72 percent to 1,687.39.
Read more at Reuters.com Hot Stocks News
The Nikkei gave up 172.64 points to 17,111.17, after earlier falling to 17,042.66, the lowest level since April 2. The broader TOPIX index declined 0.72 percent to 1,687.39.
Read more at Reuters.com Hot Stocks News
China's 2007 Steel Production May Rise by 14 Percent, Industry Guild Says
(Bloomberg) -- China, producer of one third of the
world's steel, may increase output of the metal by 14 percent
this year, the China Iron and Steel Association said.
Production may reach 480 million tons this year, the
association said in a statement in Beijing. That compares with
its previous forecast of 475 million tons.
Read more at Bloomberg Emerging Markets News
world's steel, may increase output of the metal by 14 percent
this year, the China Iron and Steel Association said.
Production may reach 480 million tons this year, the
association said in a statement in Beijing. That compares with
its previous forecast of 475 million tons.
Read more at Bloomberg Emerging Markets News
Doosan Infracore to Acquire Ingersoll-Rand's Bobcat Unit for $4.9 Billion
(Bloomberg) -- Doosan Infracore Co., South Korea's
largest maker of construction machinery, agreed to buy Ingersoll-
Rand Co.'s Bobcat and other units for $4.9 billion, the biggest
overseas acquisition by a South Korean company.
The company will buy the Bobcat compact-equipment unit,
and the Utility Equipment and Attachments divisions, Incheon,
South Korea-based Doosan Infracore said in an e-mailed statement
today. Ingersoll-Rand has its headquarters in Bermuda.
Read more at Bloomberg Emerging Markets News
largest maker of construction machinery, agreed to buy Ingersoll-
Rand Co.'s Bobcat and other units for $4.9 billion, the biggest
overseas acquisition by a South Korean company.
The company will buy the Bobcat compact-equipment unit,
and the Utility Equipment and Attachments divisions, Incheon,
South Korea-based Doosan Infracore said in an e-mailed statement
today. Ingersoll-Rand has its headquarters in Bermuda.
Read more at Bloomberg Emerging Markets News
Tunisia Central Bank, Kingboard, Hong Long, Sri Lanka: Asia Bond Alert
(Bloomberg) -- PT Mobile-8 Telecom, an Indonesian
mobile-phone operator that counts Qualcomm Inc. as an investor,
and Hong Long Holdings Ltd., a Chinese developer, are among
borrowers seeking to sell at least $5.6 billion of bonds in Asia,
according to data compiled by Bloomberg.
Governments and companies in Asia sold $43.8 billion of
debt denominated in dollars, euros and yen this year, up from
$38.2 billion a year earlier, Bloomberg data show. Sales of
Samurai bonds, yen debt sold by foreign entities in Japan, rose
to 1.4 trillion yen ($11.8 billion), from 741 billion yen in the
whole of 2006.
Read more at Bloomberg Bonds News
mobile-phone operator that counts Qualcomm Inc. as an investor,
and Hong Long Holdings Ltd., a Chinese developer, are among
borrowers seeking to sell at least $5.6 billion of bonds in Asia,
according to data compiled by Bloomberg.
Governments and companies in Asia sold $43.8 billion of
debt denominated in dollars, euros and yen this year, up from
$38.2 billion a year earlier, Bloomberg data show. Sales of
Samurai bonds, yen debt sold by foreign entities in Japan, rose
to 1.4 trillion yen ($11.8 billion), from 741 billion yen in the
whole of 2006.
Read more at Bloomberg Bonds News
JGB futures fall from 2-mth high on rate jitters
(Reuters) - The Nikkei share average was down 1.1 percent by late
morning.
A slump in Tokyo share prices in the past week along with a
plunge in global equity markets has stirred doubts about a BOJ
interest rate increase next month, driving benchmark JGB yields
to two-month lows.
Read more at Reuters.com Bonds News
morning.
A slump in Tokyo share prices in the past week along with a
plunge in global equity markets has stirred doubts about a BOJ
interest rate increase next month, driving benchmark JGB yields
to two-month lows.
Read more at Reuters.com Bonds News
Iran Doesn't Back OPEC Output Increase in September, Ministry Agency Says
(Bloomberg) -- Iran, the second-largest producer in
OPEC, doesn't support an increase in oil production at the
group's next meeting because high prices are being caused by
geopolitical issues and U.S. gasoline shortages, Shana reported.
Iran won't favor a production increase if the oil market
situation remains the same, the Tehran-based oil ministry press
agency said, citing Oil Minister Kazem Vaziri-Hamaneh.
Read more at Bloomberg Energy News
OPEC, doesn't support an increase in oil production at the
group's next meeting because high prices are being caused by
geopolitical issues and U.S. gasoline shortages, Shana reported.
Iran won't favor a production increase if the oil market
situation remains the same, the Tehran-based oil ministry press
agency said, citing Oil Minister Kazem Vaziri-Hamaneh.
Read more at Bloomberg Energy News
China Yangtze Power Profit Jumps 72 Percent on Output, Sale of Bank Stake
(Bloomberg) -- China Yangtze Power Co., operator of
the world's biggest hydropower project, said first-half profit
jumped 72 percent after the company sold shares in a bank and as
electricity output rose.
Net income surged to 2.25 billion yuan ($298 million), or
0.268 yuan a share, from 1.31 billion yuan, or 0.16 yuan, a year
earlier, Yangtze Power said in a statement to Shanghai's stock
exchange today. Sales rose 12 percent to 3.4 billion yuan.
Read more at Bloomberg Energy News
the world's biggest hydropower project, said first-half profit
jumped 72 percent after the company sold shares in a bank and as
electricity output rose.
Net income surged to 2.25 billion yuan ($298 million), or
0.268 yuan a share, from 1.31 billion yuan, or 0.16 yuan, a year
earlier, Yangtze Power said in a statement to Shanghai's stock
exchange today. Sales rose 12 percent to 3.4 billion yuan.
Read more at Bloomberg Energy News
RWE Reports Lignite-Fired Power-Plant Shutdowns, Reduced Nuclear Capacity
(Bloomberg) -- RWE AG, Germany's second-largest
utility, reported shutdowns at three lignite-fired power plants
and a capacity reduction at a nuclear plant.
RWE's 289-megawatt Neurath B lignite-fired plant stopped on
July 27, the Essen, Germany-based company said today on its Web
site. Neurath B is expected to remain halted for between six days
and eight days, the company said.
Read more at Bloomberg Energy News
utility, reported shutdowns at three lignite-fired power plants
and a capacity reduction at a nuclear plant.
RWE's 289-megawatt Neurath B lignite-fired plant stopped on
July 27, the Essen, Germany-based company said today on its Web
site. Neurath B is expected to remain halted for between six days
and eight days, the company said.
Read more at Bloomberg Energy News
Japan Stocks Fall on U.S. Subprime Concern, Ruling Party's Election Defeat
(Bloomberg) -- Japanese stocks dropped after a
report on economic growth in the U.S. showed residential
investment slumping as the subprime problem worsens, pointing to
a weaker outlook for Japan's largest overseas market.
Toyota Motor Corp. and Canon Inc. led exporters lower after
the yen advanced to the highest against the dollar in more than
three months, reducing the value of their overseas sales.
Read more at Bloomberg Stocks News
report on economic growth in the U.S. showed residential
investment slumping as the subprime problem worsens, pointing to
a weaker outlook for Japan's largest overseas market.
Toyota Motor Corp. and Canon Inc. led exporters lower after
the yen advanced to the highest against the dollar in more than
three months, reducing the value of their overseas sales.
Read more at Bloomberg Stocks News
Crude Oil Falls From One-Year High as Sliding Equities Weigh on Confidence
(Bloomberg) -- Crude oil fell from a one-year high
in New York as sliding world equity markets weighed on investor
confidence.
A two-day slump on world equity markets pushed the Standard
& Poor's 500 index to its lowest in 3 1/2 months and knocked
$2.1 trillion off the value of global shares last week. Oil
climbed to within 1 cent of a record close on July 27 after a
report showed the U.S. economy, the world's biggest consumer,
expanded by 3.4 percent in the second quarter.
Read more at Bloomberg Energy News
in New York as sliding world equity markets weighed on investor
confidence.
A two-day slump on world equity markets pushed the Standard
& Poor's 500 index to its lowest in 3 1/2 months and knocked
$2.1 trillion off the value of global shares last week. Oil
climbed to within 1 cent of a record close on July 27 after a
report showed the U.S. economy, the world's biggest consumer,
expanded by 3.4 percent in the second quarter.
Read more at Bloomberg Energy News
Australia's Dollar Declines as Investors Shun Higher-Yielding Securities
(Bloomberg) -- The Australian dollar fell to the
weakest in a month against the U.S. currency and a two-month low
versus the yen as a slide in stocks eroded investor confidence to
buy higher-yielding assets with loans from Japan.
The currency fell for a third day as a 4.2 percent loss in
the Dow Jones Industrial Average last week led a worldwide slump
in shares. The local dollar this month reached an 18-year high
against its U.S. counterpart and the strongest in 16 years versus
the yen as rising equities encouraged investors to put on so-
called carry trades, in which they take advantage of Australia's
higher interest rates with borrowed money from Japan.
Read more at Bloomberg Currencies News
weakest in a month against the U.S. currency and a two-month low
versus the yen as a slide in stocks eroded investor confidence to
buy higher-yielding assets with loans from Japan.
The currency fell for a third day as a 4.2 percent loss in
the Dow Jones Industrial Average last week led a worldwide slump
in shares. The local dollar this month reached an 18-year high
against its U.S. counterpart and the strongest in 16 years versus
the yen as rising equities encouraged investors to put on so-
called carry trades, in which they take advantage of Australia's
higher interest rates with borrowed money from Japan.
Read more at Bloomberg Currencies News
Japan's Stocks May Drop on U.S. Subprime Concern, Stronger Yen, LDP Defeat
(Bloomberg) -- Japanese stocks may drop after a
report on economic growth in the U.S. showed residential
investment slumping as the subprime problem worsens, pointing to a
weaker outlook for Japan's largest overseas market.
Toyota Motor Corp. and Sony Corp. may lead exporters lower
after the yen advanced to the highest against the dollar in more
than three months, reducing the value of their overseas sales.
Read more at Bloomberg Stocks News
report on economic growth in the U.S. showed residential
investment slumping as the subprime problem worsens, pointing to a
weaker outlook for Japan's largest overseas market.
Toyota Motor Corp. and Sony Corp. may lead exporters lower
after the yen advanced to the highest against the dollar in more
than three months, reducing the value of their overseas sales.
Read more at Bloomberg Stocks News
New Zealand Dollar Falls to Four-Week Low, Investors Avoid Carry Trade
(Bloomberg) -- The New Zealand dollar fell to a
four-week low as falling global stock markets and U.S. subprime
mortgage losses prompted investors to avoid riskier assets.
The currency, known as the kiwi, is a favorite for the
carry trade, where investors borrow cheaply in yen to put their
funds in countries that offer higher yields. New Zealand's
record 8.25 percent benchmark interest rate is 7.75 percentage
points more than Japan's, luring traders to the higher returns
offered by the nation's fixed income assets.
Read more at Bloomberg Currencies News
four-week low as falling global stock markets and U.S. subprime
mortgage losses prompted investors to avoid riskier assets.
The currency, known as the kiwi, is a favorite for the
carry trade, where investors borrow cheaply in yen to put their
funds in countries that offer higher yields. New Zealand's
record 8.25 percent benchmark interest rate is 7.75 percentage
points more than Japan's, luring traders to the higher returns
offered by the nation's fixed income assets.
Read more at Bloomberg Currencies News
Amazon.com, Brown Shoe, Deckers, NetGear, Rambus: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.
Amazon.com Inc. (AMZN US): Shares of the world's biggest
online retailer are too expensive after this past week's
increase, and expansion plans threaten its profit margins,
Barron's said, citing no one. Amazon stock rose 3 cents to
$84.04 on July 27.
Read more at Bloomberg Stocks News
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.
Amazon.com Inc. (AMZN US): Shares of the world's biggest
online retailer are too expensive after this past week's
increase, and expansion plans threaten its profit margins,
Barron's said, citing no one. Amazon stock rose 3 cents to
$84.04 on July 27.
Read more at Bloomberg Stocks News
Union ratifies trash collection contract in Calif
(Reuters) - The contract includes "strong wage and pension increases
and protection from future cost increases in health care," the
group said.
Read more at Reuters.com Bonds News
and protection from future cost increases in health care," the
group said.
Read more at Reuters.com Bonds News
Paulson's Yuan Appreciation Anticipated by Pictet, Western Asset's Trades
(Bloomberg) -- Investors from Switzerland to
California are banking on U.S. Treasury Secretary Henry Paulson
convincing China to let its yuan appreciate more than 5 percent
in coming months.
Western Asset Management Co. in Pasadena and Pictet Asset
Management in Geneva are buying contracts tied to the future
value of the yuan, driving the price so high that the currency
must strengthen at least 5.5 percent in the next 12 months
before they see any profit. The so-called non-deliverable
forwards are rising at the fastest pace in two years.
Read more at Bloomberg Currencies News
California are banking on U.S. Treasury Secretary Henry Paulson
convincing China to let its yuan appreciate more than 5 percent
in coming months.
Western Asset Management Co. in Pasadena and Pictet Asset
Management in Geneva are buying contracts tied to the future
value of the yuan, driving the price so high that the currency
must strengthen at least 5.5 percent in the next 12 months
before they see any profit. The so-called non-deliverable
forwards are rising at the fastest pace in two years.
Read more at Bloomberg Currencies News
In China, Paulson eyes debate shift to environment
(Reuters) - Aiming to keep his strategic economic dialogue with China
on track amid controversies over Chinese product and food
safety and currency legislation gaining momentum in the U.S.
Congress, Paulson will visit Qinghai lake in western China on
Monday before meeting President Hu Jintao and Vice Premier Wu
Yi on Tuesday and Wednesday.
The lake and surrounding glacial watershed are threatened
by global warming and encroaching desert, with Paulson saying
the area was a strong symbol of the need for U.S.-China
cooperation on environmental issues.
Read more at Reuters.com Bonds News
on track amid controversies over Chinese product and food
safety and currency legislation gaining momentum in the U.S.
Congress, Paulson will visit Qinghai lake in western China on
Monday before meeting President Hu Jintao and Vice Premier Wu
Yi on Tuesday and Wednesday.
The lake and surrounding glacial watershed are threatened
by global warming and encroaching desert, with Paulson saying
the area was a strong symbol of the need for U.S.-China
cooperation on environmental issues.
Read more at Reuters.com Bonds News
Porsche not planning now to raise VW stake: paper
(Reuters) - The federal law guarantees special rights for the German state of Lower Saxony, where VW's headquarters in Wolfsburg are located, as a shareholder as well as preventing any one individual investor from exercising more than 20 percent of their voting rights.
Wolfgang Porsche did not deny that the Porsche and Piech families who control the sports car maker were immune to the idea of controlling VW itself, effectively founded in 1937 by Beetle designer and family patriarch Ferdinand Porsche.
Read more at Reuters.com Business News
Wolfgang Porsche did not deny that the Porsche and Piech families who control the sports car maker were immune to the idea of controlling VW itself, effectively founded in 1937 by Beetle designer and family patriarch Ferdinand Porsche.
Read more at Reuters.com Business News
RPT-Bay Street Week Ahead - Offshore sirens beckon
(Reuters) - VANCOUVER, British Columbia, July 29 - As foreign
takeovers and private equity buyouts strip the Toronto Stock
Exchange of some of its biggest names, institutional investors
are increasingly shifting their gaze outside Canada.
Those investors with mandates to invest domestically, such
as "pure" Canadian mutual funds, say they might at some point
ask their fundholders to let them rejig their limits so that
they too can follow their peers to greater choice offshore.
Read more at Reuters.com Mergers News
takeovers and private equity buyouts strip the Toronto Stock
Exchange of some of its biggest names, institutional investors
are increasingly shifting their gaze outside Canada.
Those investors with mandates to invest domestically, such
as "pure" Canadian mutual funds, say they might at some point
ask their fundholders to let them rejig their limits so that
they too can follow their peers to greater choice offshore.
Read more at Reuters.com Mergers News
UPDATE 9-Japan PM says to stay despite huge election defeat
(Reuters) - TOKYO, July 29 - Japanese Prime Minister Shinzo
Abe's conservative ruling camp suffered a devastating defeat in
upper house elections on Sunday, but the 52-year-old conservative
said he intended to stay in his post despite the drubbing.
"I am determined to carry out my promises although the
situation is severe," Abe said, after acknowledging that he was
responsible for the huge loss.
Read more at Reuters.com Bonds News
Abe's conservative ruling camp suffered a devastating defeat in
upper house elections on Sunday, but the 52-year-old conservative
said he intended to stay in his post despite the drubbing.
"I am determined to carry out my promises although the
situation is severe," Abe said, after acknowledging that he was
responsible for the huge loss.
Read more at Reuters.com Bonds News
Egypt's El Sewedy H1 net profit rises 32 pct
(Reuters) - Egypt's El Sewedy Cables posted a 32 percent rise in consolidated net profit to 337 million Egyptian pounds in the first half of 2007, the stock exchange said on Sunday.
Net profit in the year-ago period was 256 million pounds.
Read more at Reuters Africa
Net profit in the year-ago period was 256 million pounds.
Read more at Reuters Africa
Saturday, July 28, 2007
Shanghai Auto tie-up may create Chinese car champion
(Reuters) - Shanghai Automotive Co. said on Friday that parent groups of the two companies had signed a letter of intent to discuss ways of achieving a "complete union" between the firms through business cooperation and restructuring.
China's central government and local authorities are pushing the tie-up as a way to build Shanghai Auto into a comprehensive auto maker that can compete with European, Japanese and U.S. giants at home and eventually overseas, industry sources and analysts said.
Read more at Reuters.com Business News
China's central government and local authorities are pushing the tie-up as a way to build Shanghai Auto into a comprehensive auto maker that can compete with European, Japanese and U.S. giants at home and eventually overseas, industry sources and analysts said.
Read more at Reuters.com Business News
France's Renault, India's Bajaj in initial talks
(Reuters) - "If concluded favourably, this could lead to a long-term
partnership between Renault and Bajaj for the development of the
business so conceived," it said.
On Thursday, a Renault spokeswoman said the company had
contacted Bajaj about a $3,000 car but no decision had been
taken.
Read more at Reuters.com Mergers News
partnership between Renault and Bajaj for the development of the
business so conceived," it said.
On Thursday, a Renault spokeswoman said the company had
contacted Bajaj about a $3,000 car but no decision had been
taken.
Read more at Reuters.com Mergers News
U.S. Stocks Drop, Giving S&P 500 Worst Weekly Loss Since 2002; Alcoa Falls
(Bloomberg) -- U.S. stocks tumbled, giving the
Standard & Poor's 500 Index its steepest weekly drop in 4 1/2
years, after turmoil among borrowers prompted investors to flee
riskier assets.
The S&P 500 lost the most since September 2002, while the
Dow Jones Industrial Average's weekly slump was the biggest since
March 2003. Chrysler and Alliance Boots Plc failed to find buyers
for $20 billion of buyout loans, fueling concern the engine that
drove stocks to all-time highs -- a record pace of takeovers --
will sputter.
Read more at Bloomberg Stocks News
Standard & Poor's 500 Index its steepest weekly drop in 4 1/2
years, after turmoil among borrowers prompted investors to flee
riskier assets.
The S&P 500 lost the most since September 2002, while the
Dow Jones Industrial Average's weekly slump was the biggest since
March 2003. Chrysler and Alliance Boots Plc failed to find buyers
for $20 billion of buyout loans, fueling concern the engine that
drove stocks to all-time highs -- a record pace of takeovers --
will sputter.
Read more at Bloomberg Stocks News
Friday, July 27, 2007
UPDATE 1-GE finds improper revenue booking at rail unit
(Reuters) - In a filing with the U.S. Securities and Exchange
Commission, GE said it discovered the improprieties after the
SEC requested information into transactions at the rail unit
between 2000 and 2003.
"Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the years 2000
through 2003 rather than in the first quarter of the following
year," the company said in an SEC filing.
Read more at Reuters.com Market News
Commission, GE said it discovered the improprieties after the
SEC requested information into transactions at the rail unit
between 2000 and 2003.
"Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the years 2000
through 2003 rather than in the first quarter of the following
year," the company said in an SEC filing.
Read more at Reuters.com Market News
Mexican stocks rebound after heavy losses
(Reuters) - The benchmark IPC stock index added 1.27 percent to
reach 30,371 points in late afternoon trading.
The peso firmed 0.28 percent to close at
10.96 per dollar after the Mexican central bank kept interest
rates steady at a monthly monetary policy review.
Read more at Reuters.com Bonds News
reach 30,371 points in late afternoon trading.
The peso
10.96 per dollar after the Mexican central bank kept interest
rates steady at a monthly monetary policy review.
Read more at Reuters.com Bonds News
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