(Reuters) - Treasury prices were little changed on Monday, keeping bond investors nervous as JGB prices have been showing strong correlation with Treasuries.
At the same time, expectations of buying from Japanese institutional investors underpinned sentiment for JGBs, traders said.
Read more at Reuters.com Bonds News
Monday, April 9, 2007
UPDATE 1-Witness in Black trial hammered on disclosures
(Reuters) - CHICAGO, April 9 - Defense lawyers at the fraud trial of former media baron Conrad Black and three others produced documents on Monday that a prosecution witness agreed showed payments at the heart of the case had been publicly disclosed.
Fred Creasey, the former comptroller who oversaw the finances for Black's media empire, said that company documents filed with the U.S. Securities and Exchange Commission did include millions of dollars in so-called non-compete payments to company executives.
Read more at Reuters.com Bonds News
Fred Creasey, the former comptroller who oversaw the finances for Black's media empire, said that company documents filed with the U.S. Securities and Exchange Commission did include millions of dollars in so-called non-compete payments to company executives.
Read more at Reuters.com Bonds News
Wolfowitz accepts responsibility for promotion
(Reuters) - The bank's staff association last week questioned Shaha Riza's promotion and pay increases, and the bank's board said on Friday they would look into whether the actions possibly violated the bank's staff rules.
Wolfowitz told the bank's staff in an e-mail that he would ensure the board has access to the facts in the case "in a manner that also respects the bank's rules concerning the right of every staff member to the confidentiality of his or her records."
Read more at Reuters.com Business News
Wolfowitz told the bank's staff in an e-mail that he would ensure the board has access to the facts in the case "in a manner that also respects the bank's rules concerning the right of every staff member to the confidentiality of his or her records."
Read more at Reuters.com Business News
UPDATE 1-Mexico's Walmex March same-store sales up 6.7 pct
(Reuters) - Same-store sales, which measure revenues only at stores open at least a year, rose 6.7 percent last month, compared with a 2.3 percent gain in March of 2006.
Walmex said on Monday that its same-store sales during the year's first quarter rose 5.9 percent compared with the same period a year ago.
Read more at Reuters.com Market News
Walmex said on Monday that its same-store sales during the year's first quarter rose 5.9 percent compared with the same period a year ago.
Read more at Reuters.com Market News
Mexico's Walmex March same-store sales up 6.7 pct
(Reuters) - Walmex said same-store sales during the year's first quarter rose 5.9 percent compared with the same period a year ago.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Orexigen sets IPO at 6 mln shares, $11-$13 each
(Reuters) - It is seeking a Nasdaq listing under the symbol "OREX" .
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
UPDATE 2-Dow Chemical denies buyout talk; shares slip
(Reuters) - NEW YORK, April 9 - Dow Chemical Co. , responding to a British newspaper report that a consortium was preparing a $50 billion bid for the company, said on Monday it has had no discussion about a leveraged buyout.
The statement sent Dow shares down 1.1 percent to $46.10 in after-hours trading, after they had risen 4.9 percent to $46.63 during trading on the New York Stock Exchange.
Read more at Reuters.com Mergers News
The statement sent Dow shares down 1.1 percent to $46.10 in after-hours trading, after they had risen 4.9 percent to $46.63 during trading on the New York Stock Exchange.
Read more at Reuters.com Mergers News
Saskpool extends deadline for Agricore offer
(Reuters) - Saskpool, Canada's No. 2 grain handler, is offering C$8 cash and 0.95 shares, for Agricore, the No. 1 handler.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Johns Hopkins probes official on student loan fees
(Reuters) - Ellen Frishberg, director of student financial services at Johns Hopkins' main campus, received $43,000 of consulting payments from CIT unit Student Loan Xpress, and $22,000 of tuition payments for a doctoral program she was enrolled at, the university said, citing information it received from CIT.
CIT earlier said on Monday it placed three top executives at Student Loan Xpress, including the unit's chief executive, on paid leave. A CIT spokesman later on Monday declined to comment beyond the company's earlier statement.
Read more at Reuters.com Government Filings News
CIT earlier said on Monday it placed three top executives at Student Loan Xpress, including the unit's chief executive, on paid leave. A CIT spokesman later on Monday declined to comment beyond the company's earlier statement.
Read more at Reuters.com Government Filings News
Take-Two says finance chief resigns
(Reuters) - It said a search for a permanent CFO is under way.
Winters' departure comes after the company's board was replaced and its chief executive ousted by investors owning 46 percent of the company.
Read more at Reuters.com Business News
Winters' departure comes after the company's board was replaced and its chief executive ousted by investors owning 46 percent of the company.
Read more at Reuters.com Business News
GLOBAL MARKETS-U.S. stocks flat, oil drops and bonds firm
(Reuters) - NEW YORK, April 9 - U.S. stocks struggled to finish in a stalemate on Monday as worries about earnings tempered optimism over strong job growth, falling oil prices and talk of what could be the biggest leveraged buyout ever.
Government bonds held firm after trimming some of Friday's losses in the wake of a surprisingly strong March employment report, but benchmark yields remained near their highest since mid-February. Stock markets were closed on Friday.
Read more at Reuters.com Bonds News
Government bonds held firm after trimming some of Friday's losses in the wake of a surprisingly strong March employment report, but benchmark yields remained near their highest since mid-February. Stock markets were closed on Friday.
Read more at Reuters.com Bonds News
ManTech to buy SRS Technologies
(Reuters) - ManTech did not provide the financial terms, but said the deal was expected to add to its earnings in late 2007.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
ManTech to buy SRS Technologies for $195 mln in cash
(Reuters) - April 9 - Defense technology company ManTech International Corp. said it agreed to acquire privately held SRS Technologies Inc. for $195 million in cash.
SRS specializes in defense-related technologies like space-based radar and communication as well as chemical, biological, conventional and nuclear weapons detection.
Read more at Reuters.com Mergers News
SRS specializes in defense-related technologies like space-based radar and communication as well as chemical, biological, conventional and nuclear weapons detection.
Read more at Reuters.com Mergers News
US investigates Land Rover drive shaft complaints
(Reuters) - No crashes or injuries were reported, the agency said in documents showing that it had opened a review of 2002-04 Land Rover, Range Rover SUVs. An estimated 33,000 vehicles could be affected.
A drive shaft transfers power from the transmission to the axle while differentials provide proper torque to individual wheels and allow them to rotate at different speeds.
Read more at Reuters.com Government Filings News
A drive shaft transfers power from the transmission to the axle while differentials provide proper torque to individual wheels and allow them to rotate at different speeds.
Read more at Reuters.com Government Filings News
Boston Scientific notifies doctors of ICD battery issue
(Reuters) - Accelerated battery depletion was found in 19 of about 73,000 devices, the company said.
Boston Scientific bought Guidant last year for $27 billion to acquire its portfolio of devices used to control and restore heart rhythms, including its implantable cardioverter defibrillators, or ICDs. But high-profile recalls of some of the devices have depressed sales.
Read more at Reuters.com Government Filings News
Boston Scientific bought Guidant last year for $27 billion to acquire its portfolio of devices used to control and restore heart rhythms, including its implantable cardioverter defibrillators, or ICDs. But high-profile recalls of some of the devices have depressed sales.
Read more at Reuters.com Government Filings News
US STOCKS-Indexes end near flat on earnings concerns
(Reuters) - Based on the latest available data, the Dow Jones industrial average was up 8.86 points, or 0.07 percent, to end unofficially at 12,569.06. The Standard & Poor's 500 Index was up just 0.79 of a point, or 0.05 percent, to finish unofficially at 1,444.55. The Nasdaq Composite Index was down 2.16 points, or 0.09 percent, at 2,469.18.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Bank of America names private wealth chief
(Reuters) - The bank on Monday said Sevilla-Sacasa "recently" replaced Peter Scaturro as U.S. Trust's chief executive.
Scaturro had been expected to lead the new private wealth unit, which will serve very affluent clients, but Bank of America last week said he would instead depart when the $3.3 billion transaction closes. The bank did not give a reason.
Read more at Reuters.com Business News
Scaturro had been expected to lead the new private wealth unit, which will serve very affluent clients, but Bank of America last week said he would instead depart when the $3.3 billion transaction closes. The bank did not give a reason.
Read more at Reuters.com Business News
TREASURIES-Bond prices steady in range-bound trade
(Reuters) - An unexpectedly robust snapshot of the labor market released on Friday suggested the Federal Reserve would not consider reducing interest rates until at least the second half of the year, sending Treasuries sharply lower.
On Monday, the market seemed to have found a footing, with benchmark 10-year notes unchanged in price for a yield of 4.76 percent, just below the six-week high the yield hit on Friday.
Read more at Reuters.com Bonds News
On Monday, the market seemed to have found a footing, with benchmark 10-year notes unchanged in price for a yield of 4.76 percent, just below the six-week high the yield hit on Friday.
Read more at Reuters.com Bonds News
UPDATE 1-US military drafts anti-predatory lending rules
(Reuters) - WASHINGTON, April 9 - The U.S. Defense Department will propose curbing lending practices it considers predatory, such as payday loans, car title lending and tax refund anticipation loans, to military service members and their families, a draft of the proposal showed.
"A major concern of the department has been the debt trap some forms of credit can present for service members and their families already burdened with debt and recurring bills," the Pentagon said in its proposal.
Read more at Reuters.com Bonds News
"A major concern of the department has been the debt trap some forms of credit can present for service members and their families already burdened with debt and recurring bills," the Pentagon said in its proposal.
Read more at Reuters.com Bonds News
Oil tumbles as Iran tensions ease
(Reuters) - U.S. crude fell $1.62 to $62.66 a barrel. London Brent crude was down 93 cents at $67.31.
Brent maintained a premium of more than $4 over U.S. crude partly due to relatively high supplies of U.S. crude at the key Cushing, Oklahoma supply hub.
Read more at Reuters.com Hot Stocks News
Brent maintained a premium of more than $4 over U.S. crude partly due to relatively high supplies of U.S. crude at the key Cushing, Oklahoma supply hub.
Read more at Reuters.com Hot Stocks News
Emerging debt-Spreads narrow to record low on US data
(Reuters) - Spreads touched 155 basis points over Treasuries, the narrowest level on record according to JP Morgan's Emerging Markets Bond Index Plus benchmark.
On Friday the U.S. government reported a stronger-than-expected reading on March non-farm payrolls, suggesting that economic growth may not be slowing as much as originally thought, and dampened expectations the Federal Reserve will cut interest rates any time soon.
Read more at Reuters.com Bonds News
On Friday the U.S. government reported a stronger-than-expected reading on March non-farm payrolls, suggesting that economic growth may not be slowing as much as originally thought, and dampened expectations the Federal Reserve will cut interest rates any time soon.
Read more at Reuters.com Bonds News
U.S. winter wheat farmers fret after weekend freeze
(Reuters) - But that changed over the weekend when unseasonable freezing temperatures blanketed the U.S. Plains and Midwest winter wheat growing areas, killing off some of the rapidly maturing plants.
"Before this happened we were looking at a really big, big crop. Now we're not going to have that," said Kansas Association of Wheat Growers-Kansas Wheat Commission spokesman Aaron Harries.
Read more at Reuters.com Bonds News
"Before this happened we were looking at a really big, big crop. Now we're not going to have that," said Kansas Association of Wheat Growers-Kansas Wheat Commission spokesman Aaron Harries.
Read more at Reuters.com Bonds News
Inverness says Biosite fails to respond to acquisition proposal
(Reuters) - Beckman said last month it would acquire Biosite for $85 per share.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Berkshire Hathaway buys into two other rails
(Reuters) - NEW YORK, April 9 - Warren Buffett's Berkshire Hathaway Inc. , which built a 10.9 percent stake in Burlington Northern Santa Fe Corp. , has acquired stakes in two other rail companies, CNBC television said on Monday.
Citing an interview with the billionaire investor, CNBC said Omaha, Nebraska-based Berkshire spent $700 million on one of the additional rail investments and slightly less on the other.
Read more at Reuters.com Bonds News
Citing an interview with the billionaire investor, CNBC said Omaha, Nebraska-based Berkshire spent $700 million on one of the additional rail investments and slightly less on the other.
Read more at Reuters.com Bonds News
Lawrence Smith to replace Trott on FASB
(Reuters) - After his 25-year career at KPMG, Smith joined the FASB staff in August 2002 as director of technical application and implementation activities. He also served as chairman of the board's Emerging Issues Task Force.
The Financial Accounting Foundation oversees the FASB's administration and finances and makes board appointment decisions.
Read more at Reuters.com Government Filings News
The Financial Accounting Foundation oversees the FASB's administration and finances and makes board appointment decisions.
Read more at Reuters.com Government Filings News
U.S. mortgage bond prepayments increase in March
(Reuters) - Overall fixed-rate agency prepayment speeds rose by 15 percent in March, with the paydowns increasing to $40 billion from $34.5 billion, JPMorgan said in a report issued late last week.
Net fixed-rate, mortgage-backed securities issuance was about $25 billion, the company said in a research report.
Read more at Reuters.com Economic News
Net fixed-rate, mortgage-backed securities issuance was about $25 billion, the company said in a research report.
Read more at Reuters.com Economic News
MedImmune sees 1st-quarter profit nearly tripling
(Reuters) - Geoff Meacham, an analyst at JP Morgan, said MedImmune has historically had a number of problems with Synagis in connection with reimbursement and prior authorization.
"As such, we suspect the first-quarter strength has more to do with inventory stocking rather than resolution of these intermediate to longer term issues," he said in a research report.
Read more at Reuters.com Business News
"As such, we suspect the first-quarter strength has more to do with inventory stocking rather than resolution of these intermediate to longer term issues," he said in a research report.
Read more at Reuters.com Business News
Citigroup in talks to buy Pandit's Old Lane: sources
(Reuters) - Citi declined to comment. Old Lane didn't return calls.
The talks are complicated since they involve an acquisition and management changes and can still break down, sources said. There is some speculation Citi wants to work out a deal before it reports first-quarter results next Monday or holds its annual meeting next Tuesday.
Read more at Reuters.com Business News
The talks are complicated since they involve an acquisition and management changes and can still break down, sources said. There is some speculation Citi wants to work out a deal before it reports first-quarter results next Monday or holds its annual meeting next Tuesday.
Read more at Reuters.com Business News
IMF's Rato says imbalances talks "satisfactory'
(Reuters) - The countries are expected to issue a statement on the secret talks at meetings of finance ministers in Washington this weekend.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-Global junk bond default rate at decade low-Moody's
(Reuters) - A weaker economy and record issuance of very low-rated debt are expected to drive defaults modestly higher, however, Moody's said in a statement. The global default rate is expected to rise to 2.7 percent by the end of 2007 and to 3.5 percent a year from now, Moody's said.
The long-term average is about 5.1 percent.
Read more at Reuters.com Bonds News
The long-term average is about 5.1 percent.
Read more at Reuters.com Bonds News
UPDATE 1-Great-West Lifeco to buy U.S. health administrator
(Reuters) - TORONTO, April 9 - Great-West Lifeco Inc. said on Monday its U.S. unit will buy an 80-percent stake in Benefit Management Corp., a U.S. third-party health plan administrator.
The financial details of the transaction were not disclosed.
Read more at Reuters.com Mergers News
The financial details of the transaction were not disclosed.
Read more at Reuters.com Mergers News
Group eyes $50 billion bid for Dow Chemical
(Reuters) - Dow's shares closed down 35 cents at $44.47 on the New York Stock Exchange on Thursday.
At least half of the capital is being provided by investors from Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman, with the rest contributed by a number of U.S. buyout firms including Kohlberg Kravis Roberts , it said.
Read more at Reuters.com Business News
At least half of the capital is being provided by investors from Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman, with the rest contributed by a number of U.S. buyout firms including Kohlberg Kravis Roberts , it said.
Read more at Reuters.com Business News
Freddie Mac sells $4.0 bln in bills
(Reuters) - The six-month bills were priced at 97.4323 and have a money market yield of 5.213 percent.
Settlement is April 10.
Read more at Reuters.com Bonds News
Settlement is April 10.
Read more at Reuters.com Bonds News
UPDATE 1-Marathon sees 1st-qtr oil and gas sales dip
(Reuters) - The company said it expects to report that production sold in the first quarter was about 338,000 barrels of oil equivalent per day . The company sold 348,000 boepd in the same period in 2006 and 357,000 boepd in the fourth quarter.
It said the prices it received for crude oil and other liquid hydrocarbons in January and February fell marginally from the average fourth quarter level in the United States, while international prices dipped about $6 per barrel.
Read more at Reuters.com Market News
It said the prices it received for crude oil and other liquid hydrocarbons in January and February fell marginally from the average fourth quarter level in the United States, while international prices dipped about $6 per barrel.
Read more at Reuters.com Market News
Rogers Communications' unit to buy TV stations
(Reuters) - CTVglobemedia earlier agreed to divest the assets as part of its purchase of CHUM.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
US STOCKS-Futures climb on employment report, M&A news
(Reuters) - NEW YORK, April 9 - U.S. stocks were poised to rally on Monday after a long holiday weekend on signs of stronger-than-expected job growth last month and a report of a possible $50 billion leveraged buyout offer for Dow Chemical Co.
U.S. stock markets were closed on Good Friday, so investors will have the first opportunity to react to Friday's news from the Labor Department that U.S. employers added 180,000 new jobs in March, implying the economy remains durable despite a slowdown in housing.
Read more at Reuters.com Bonds News
U.S. stock markets were closed on Good Friday, so investors will have the first opportunity to react to Friday's news from the Labor Department that U.S. employers added 180,000 new jobs in March, implying the economy remains durable despite a slowdown in housing.
Read more at Reuters.com Bonds News
AMD sees revenue below Wall Street view
(Reuters) - The company said it plans to reduce 2007 capital expenditures by about $500 million, cut discretionary expenses and limit hiring to critical positions.
Analysts on average had expected AMD to report revenue of $1.54 billion, according to Reuters Estimates. The company is due to report financial results on April 19.
Read more at Reuters.com Business News
Analysts on average had expected AMD to report revenue of $1.54 billion, according to Reuters Estimates. The company is due to report financial results on April 19.
Read more at Reuters.com Business News
US futures climb on employment report, M&A news
(Reuters) - U.S. stocks were poised to rally on Monday after a long holiday weekend on signs of stronger-than-expected job growth last month and a report of a possible $50 billion leveraged buyout offer for Dow Chemical Co.
U.S. stock markets were closed on Good Friday, so investors will have the first opportunity to react to Friday's news from the Labor Department that U.S. employers added 180,000 new jobs in March, implying the economy remains durable despite a slowdown in housing.
Read more at Reuters Africa
U.S. stock markets were closed on Good Friday, so investors will have the first opportunity to react to Friday's news from the Labor Department that U.S. employers added 180,000 new jobs in March, implying the economy remains durable despite a slowdown in housing.
Read more at Reuters Africa
Herbalife says talks with Whitney terminated
(Reuters) - In a statement on Monday, Herbalife said the board also terminated the special committee.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-Berkshire Hathaway buys into two other rails-CNBC
(Reuters) - Citing an interview with the billionaire investor, CNBC said Omaha, Nebraska-based Berkshire spent $700 million on one of the additional rail investments and slightly less on the other.
It was not immediately clear in which other railroads Berkshire invested. The insurance and investment company was not immediately available for comment.
Read more at Reuters.com Government Filings News
It was not immediately clear in which other railroads Berkshire invested. The insurance and investment company was not immediately available for comment.
Read more at Reuters.com Government Filings News
Medimmune sees profit nearly tripling
(Reuters) - Analysts on average had expected 51 cents a share, according to Reuters Estimates.
MedImmune said its first-quarter revenue was expected to rise by 11 percent to 12 percent, with net sales growth of 9 percent to 10 percent for Synagis.
Read more at Reuters.com Business News
MedImmune said its first-quarter revenue was expected to rise by 11 percent to 12 percent, with net sales growth of 9 percent to 10 percent for Synagis.
Read more at Reuters.com Business News
Berkshire Hathaway buys into two other rails: CNBC
(Reuters) - In a regulatory filing on Friday, Berkshire said it had bought a 10.9 percent stake in Burlington Northern.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
International Rectifier says probe finds accounting errors
(Reuters) - The company does not expect to file its quarterly report for the quarter ended March 31 until the investigation is complete.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
RPT-US STOCKS-Indexes set to rise on jobs data, M&A talk
(Reuters) - NEW YORK, April 9 - U.S. stocks pointed to a higher market open on Monday as traders get the first opportunity to react to data showing stronger-than-expected job growth last month, putting to rest concerns about the economy.
In addition, several takeover deals were in the works, including a newspaper report that Dow Chemical Co. may be the target of the biggest leveraged buyout ever.
Read more at Reuters.com Bonds News
In addition, several takeover deals were in the works, including a newspaper report that Dow Chemical Co. may be the target of the biggest leveraged buyout ever.
Read more at Reuters.com Bonds News
Group eyes $50 billion bid for Dow Chem
(Reuters) - Dow's shares closed down 35 cents at $44.47 on the New York Stock Exchange on Thursday.
At least half of the capital is being provided by investors from Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman, with the rest contributed by a number of U.S. buyout firms including Kohlberg Kravis Roberts , it said.
Read more at Reuters.com Business News
At least half of the capital is being provided by investors from Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman, with the rest contributed by a number of U.S. buyout firms including Kohlberg Kravis Roberts , it said.
Read more at Reuters.com Business News
U.S. probe could jeopardize ABN-Barclays deal: report
(Reuters) - Barclays does not want to inherit the risk of a criminal probe, these people said in the Journal.
The exact operations under investigation by the Justice Department are not clear, the Journal said.
Read more at Reuters.com Business News
The exact operations under investigation by the Justice Department are not clear, the Journal said.
Read more at Reuters.com Business News
Coles shareholder backs Wesfarmers bid
(Reuters) - SYDNEY, April 9 - Privately-owned Hedley Group, which has a stake in Australian retailer Coles Group Ltd. , has given its backing to Wesfarmers Ltd.'s A$19.7 billion takeover bid for Coles.
Hedley Group said late on Sunday it agreed to vote its 17.9 million Coles shares -- around 1.5 percent of Coles' stock -- in support of Perth-based Wesfarmers' proposed deal, increasing the building supplies-to-power conglomerate's voting control to 12.8 percent.
Read more at Reuters.com Bonds News
Hedley Group said late on Sunday it agreed to vote its 17.9 million Coles shares -- around 1.5 percent of Coles' stock -- in support of Perth-based Wesfarmers' proposed deal, increasing the building supplies-to-power conglomerate's voting control to 12.8 percent.
Read more at Reuters.com Bonds News
Asian shares rally on strong U.S. job data
(Reuters) - The better-than-expected U.S. data lifted the dollar, calming fears over the U.S. economy -- particularly in its housing sector -- which rocked global markets in early March.
Japanese government bond futures fell to three-month lows after the data pushed back views that the U.S. Federal Reserve will cut interest rates any time soon.
Read more at Reuters.com Hot Stocks News
Japanese government bond futures fell to three-month lows after the data pushed back views that the U.S. Federal Reserve will cut interest rates any time soon.
Read more at Reuters.com Hot Stocks News
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