(Bloomberg) -- Japanese stocks dropped after the Federal Reserve said interest rates may have to rise to tame inflation. Toyota Motor Corp. and Canon Inc. led declines by companies that rely on the U.S. market for profits.
``The Fed's comments were not good for the market because the economic recovery might be slowing down and on the other hand, the inflation risk remains,'' said Masaki Iso, who oversees about $7.3 billion as head of Japanese equities at Yasuda Asset Management Co. in Tokyo. ``These comments cooled down market sentiment,'' causing shares to be sold.
Read more at Bloomberg
Wednesday, April 11, 2007
HSBC, Ryanair, SABMiller, SMG, Pearson, Tesco: U.K., Irish Equity Preview
(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from yesterday's close.
The benchmark FTSE 100 Index fell 4.50 to close at 6413.30 in London as 34 stocks rose, 66 fell and two were unchanged. The FTSE All-Share Index fell 3.25, or 0.1 percent, to 3340.59.
Read more at Bloomberg
The benchmark FTSE 100 Index fell 4.50 to close at 6413.30 in London as 34 stocks rose, 66 fell and two were unchanged. The FTSE All-Share Index fell 3.25, or 0.1 percent, to 3340.59.
Read more at Bloomberg
Latin Stocks Fall on U.S. Rate, Growth Concern; Petrobras and Walmex Slide
(Bloomberg) -- Latin stocks fell for the first time in two weeks on concern that higher interest rates and a slower economy in the U.S. will reduce the allure of emerging market equities, which rely on exports to the world's largest economy.
The Morgan Stanley Capital International index of Latin American shares fell 0.7 percent to 3,267.75 after trading at a record for the past week. Brazil's state-controlled oil company, Petroleo Brasileiro SA, led the decline.
Read more at Bloomberg
The Morgan Stanley Capital International index of Latin American shares fell 0.7 percent to 3,267.75 after trading at a record for the past week. Brazil's state-controlled oil company, Petroleo Brasileiro SA, led the decline.
Read more at Bloomberg
Euro strides to two-year peak vs dollar before ECB
(Reuters) - The euro surged to a two-year peak against the dollar and an all-time high against the yen on Thursday on hopes the European Central Bank will signal that interest rates need to rise further later in the session.
Traders were caught off guard by the euro's sudden jump to as high as $1.3469 before the ECB's expected decision to keep rates on hold, which was driven in part by a spike up in the single currency to a nine-year high against the Swiss franc.
Read more at Reuters Africa
Traders were caught off guard by the euro's sudden jump to as high as $1.3469 before the ECB's expected decision to keep rates on hold, which was driven in part by a spike up in the single currency to a nine-year high against the Swiss franc.
Read more at Reuters Africa
Investment funds eye France's Valeo-newspaper
(Reuters) - Les Echos said PAI planned an offer of between 40 and 44 euros. It said PAI had no comment.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Nestle confirms $5.5 bln Gerber buy from Novartis
(Reuters) - Gerber, a household name in the United States, will generate an estimated $1.95 billion in net proceeds from sales in 2007, Nestle said.
Although Nestle is the world's biggest maker of infant nutritional products, it had lacked a baby food brand in the U.S. and has been keen to buy Gerber for more than a decade.
Read more at Reuters.com Business News
Although Nestle is the world's biggest maker of infant nutritional products, it had lacked a baby food brand in the U.S. and has been keen to buy Gerber for more than a decade.
Read more at Reuters.com Business News
UPDATE 1-Russia's Evraz in talks to buy IPSCO - report
(Reuters) - It quoted two businessmen familiar with Evraz shareholders as saying the firm's managers held talks with Ipsco executives about a takeover bid a few weeks ago. A banker close to Evraz management told the newspaper talks were still going on.
The main owners of Evraz, Russia's top steel maker by domestic output, are billionaires Alexander Abramov and Alexander Frolov. Last year Russia's richest man, Chelsea soccer club owner Roman Abramovich, bought a 41 percent stake in Evraz.
Read more at Reuters.com Mergers News
The main owners of Evraz, Russia's top steel maker by domestic output, are billionaires Alexander Abramov and Alexander Frolov. Last year Russia's richest man, Chelsea soccer club owner Roman Abramovich, bought a 41 percent stake in Evraz.
Read more at Reuters.com Mergers News
Gasoline stockpiles fall again: EIA
(Reuters) - Indeed, supply worries pushed U.S. gasoline futures on the New York Mercantile Exchange up 4.7 cents to $2.17 per gallon, their loftiest level in eight months, Wednesday morning.
Commercial gasoline inventories dropped 5.5 million barrels to 199.7 million barrels in the week ended April 6, due in part to strong demand and a decline in imports, according to the weekly report from the U.S. Energy Information Administration.
Read more at Reuters.com Business News
Commercial gasoline inventories dropped 5.5 million barrels to 199.7 million barrels in the week ended April 6, due in part to strong demand and a decline in imports, according to the weekly report from the U.S. Energy Information Administration.
Read more at Reuters.com Business News
US STOCKS-Indexes drop on earnings, economic concerns
(Reuters) - The losses put the Dow on track to snap a string of eight straight sessions of positive finishes.
The Dow Jones industrial average was down 88.50 points, or 0.70 percent, at 12,485.35. The Standard & Poor's 500 Index was down 8.52 points, or 0.59 percent, at 1,439.87. The Nasdaq Composite Index was down 17.99 points, or 0.73 percent, at 2,459.62.
Read more at Reuters.com Bonds News
The Dow Jones industrial average was down 88.50 points, or 0.70 percent, at 12,485.35. The Standard & Poor's 500 Index was down 8.52 points, or 0.59 percent, at 1,439.87. The Nasdaq Composite Index was down 17.99 points, or 0.73 percent, at 2,459.62.
Read more at Reuters.com Bonds News
New York seeks probe of Wal-Mart for surveillance
(Reuters) - NEW YORK, April 11 - New York City is seeking a probe of Wal-Mart Stores Inc. over the retailer's reported surveillance of shareholders who submitted proxy petitions that could potentially disrupt the company's annual meeting.
New York City Comptroller William C. Thompson Jr. sent letters to the U.S. Attorney General's office and the Securities and Exchange Commission, asking for an investigation into the world's largest retailer for what he called "ill-considered and possibly illegal surveillance operations."
Read more at Reuters.com Government Filings News
New York City Comptroller William C. Thompson Jr. sent letters to the U.S. Attorney General's office and the Securities and Exchange Commission, asking for an investigation into the world's largest retailer for what he called "ill-considered and possibly illegal surveillance operations."
Read more at Reuters.com Government Filings News
Canada says IMF reform talks going reasonably well
(Reuters) - He said it might be a case of moving two steps forward and one step back but the talks were going reasonably well. However, he said Canadian Finance Minister Jim Flaherty believed it was important to agree on an integrated package -- for instance, not just taking quota change without surveillance reform, and vice versa.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 2-PPR sticks to bid in face of Puma investor demands
(Reuters) - Jochen Zeitz, chief executive of the German sportswear maker, told shareholders at Puma's annual general meeting on Wednesday the 5.3 billion-euro offer of 330 euros per share was not only fair but final.
"I have no information that the price will change," he said.
Read more at Reuters.com Mergers News
"I have no information that the price will change," he said.
Read more at Reuters.com Mergers News
Banks' results may sag
(Reuters) - "It's a very difficult operating environment right now," said Michael Nix, a portfolio manager at Greenwood Capital Associates LLC in Greenwood, South Carolina.
Banks are struggling with narrowing lending margins, rising defaults and mortgage problems after the five-year housing boom ended and borrowers began missing more payments. Buffalo's M&T Bank Corp. said all of these would hurt results.
Read more at Reuters.com Business News
Banks are struggling with narrowing lending margins, rising defaults and mortgage problems after the five-year housing boom ended and borrowers began missing more payments. Buffalo's M&T Bank Corp. said all of these would hurt results.
Read more at Reuters.com Business News
CVC drops plan to bid for Sainsbury
(Reuters) - CVC confirmed the consortium -- which included Blackstone Group and Texas Pacific Group -- put forward a cash offer and stub equity partial alternative to Sainsbury.
Texas Pacific and Blackstone pulled out of the consortium looking at Sainsbury on Tuesday, leaving CVC alone in the potential 10.1 billion pound deal which had been rejected by the food retailer's founding family.
Read more at Reuters.com Business News
Texas Pacific and Blackstone pulled out of the consortium looking at Sainsbury on Tuesday, leaving CVC alone in the potential 10.1 billion pound deal which had been rejected by the food retailer's founding family.
Read more at Reuters.com Business News
US STOCKS-Indexes dip on slowing earnings worry
(Reuters) - NEW YORK, April 11 - U.S. stocks dipped on Wednesday on worries about the outlook for corporate results despite strong earnings from aluminum company Alcoa Inc.
The decline threatened to halt the Dow industrials' string of eight straight sessions of positive finishes.
Read more at Reuters.com Bonds News
The decline threatened to halt the Dow industrials' string of eight straight sessions of positive finishes.
Read more at Reuters.com Bonds News
Panel view on Merck pain drug key for Novartis too
(Reuters) - LONDON, April 11 - A keenly awaited U.S. panel hearing on Merck & Co. Inc.'s pain reliever Arcoxia will be important also for Swiss rival Novartis AG , according to industry analysts.
More than two years after Merck was forced to pull Vioxx from the market because of cardiovascular side effects, both firms are trying to get newer drugs in the same Cox-2 inhibitor class approved in the United States.
Read more at Reuters.com Government Filings News
More than two years after Merck was forced to pull Vioxx from the market because of cardiovascular side effects, both firms are trying to get newer drugs in the same Cox-2 inhibitor class approved in the United States.
Read more at Reuters.com Government Filings News
IMF lowers U.S. growth forecast, no recession seen
(Reuters) - In its twice-yearly World Economic Outlook, the IMF lowered the forecast it made in September for 2007 expansion in U.S. gross domestic product to 2.2 percent from 2.9 percent.
It said GDP growth should pick up to 2.8 percent in 2008.
Read more at Reuters.com Business News
It said GDP growth should pick up to 2.8 percent in 2008.
Read more at Reuters.com Business News
Turkish economy braces for post-election uncertainty
(Reuters) - Turkey's parliament, where Erdogan's AK Party has a big majority, will elect the successor to incumbent Ahmet Necdet Sezer, a staunch secularist, who retires in May.
The absence from government of the charismatic Erdogan, an ex-Islamist opposed by Turkey's secular elite, could mean fewer votes for the AK Party in general elections due later this year and thus boost the risks of a coalition government.
Read more at Reuters.com Economic News
The absence from government of the charismatic Erdogan, an ex-Islamist opposed by Turkey's secular elite, could mean fewer votes for the AK Party in general elections due later this year and thus boost the risks of a coalition government.
Read more at Reuters.com Economic News
IMF says Japan on correct monetary policy path
(Reuters) - "We think that their priorities are exactly right. They are focused on fiscal consolidation, on improving public finances, and at the same time they are trying to nurture their economic recovery," he added.
"We think Japan has tremendous fundamentals...and with the current stance of fiscal and monetary policy we are quite optimistic that growth will be sustained in Japan," Johnson said.
Read more at Reuters.com Bonds News
"We think Japan has tremendous fundamentals...and with the current stance of fiscal and monetary policy we are quite optimistic that growth will be sustained in Japan," Johnson said.
Read more at Reuters.com Bonds News
Washington Post unit buys online high school
(Reuters) - Sagemont Virtual, based in south Florida, has been offering courses since 2001. Virtual Sage has developed about 200 online high school courses and is developing college-level courses as well.
The management team of Sagemont Virtual and Virtual Sage will remain in place under Kaplan's ownership.
Read more at Reuters.com Mergers News
The management team of Sagemont Virtual and Virtual Sage will remain in place under Kaplan's ownership.
Read more at Reuters.com Mergers News
UPDATE 1-Canada March housing starts rise, miss estimates
(Reuters) - The number of starts was up from a revised 196,000 units in February, but fell short of consensus expectations of analysts who had called for 215,000 starts.
Urban single-family dwellings climbed 6.2 percent to 85,200 units, while urban multiples, which include condominiums and apartments, rose 12 percent to an annual rate of 92,700 in March.
Read more at Reuters.com Economic News
Urban single-family dwellings climbed 6.2 percent to 85,200 units, while urban multiples, which include condominiums and apartments, rose 12 percent to an annual rate of 92,700 in March.
Read more at Reuters.com Economic News
Poland to Relax Laws on Immigration After a Million Poles Left Country
(Bloomberg) -- The Polish government plans as early as next month to relax laws that limit the number of foreigners working in the country after more than a million Poles left to seek better-paid jobs elsewhere in the European Union.
People from countries neighboring Poland to the east will be allowed to work in any sector of the economy for up to three months a year without a permit, Janusz Grzyb, deputy director of the Labor Ministry's migration department, said in a telephone interview today. Companies in the agriculture and building sectors will be allowed to hire people from countries that do not border Poland, he added.
Read more at Bloomberg
People from countries neighboring Poland to the east will be allowed to work in any sector of the economy for up to three months a year without a permit, Janusz Grzyb, deputy director of the Labor Ministry's migration department, said in a telephone interview today. Companies in the agriculture and building sectors will be allowed to hire people from countries that do not border Poland, he added.
Read more at Bloomberg
IMF raises Africa's 2007 GDP growth forecast
(Reuters) - Africa's economic growth will likely accelerate in 2007, outpacing the global economy, but armed conflict and political instability undermine prospects in some countries, the International Monetary Fund said on Wednesday.
In its twice-annual World Economic Outlook, the IMF pegged Africa's real gross domestic product growth at 6.2 percent for this year, revised up from its September forecast for 5.9 percent growth and well above last year's pace of 5.5 percent. For 2008, the IMF expects growth to slow to 5.8 percent.
Read more at Reuters Africa
In its twice-annual World Economic Outlook, the IMF pegged Africa's real gross domestic product growth at 6.2 percent for this year, revised up from its September forecast for 5.9 percent growth and well above last year's pace of 5.5 percent. For 2008, the IMF expects growth to slow to 5.8 percent.
Read more at Reuters Africa
US STOCKS-Futures edge up on Alcoa earnings
(Reuters) - NEW YORK, April 11 - U.S. stock futures pointed to a slightly higher market open on Wednesday after Alcoa Inc. began the first-quarter earnings season with strong results, but the Dow industrials may struggle to advance after eight straight days of gains.
Shares of Alcoa, the world's largest aluminum company, rose after it said on Tuesday that profit beat Wall Street estimates. Alcoa stock was up 2 percent to $35.61 in trading before the opening bell. For details, see [ID:nN10420894].
Read more at Reuters.com Bonds News
Shares of Alcoa, the world's largest aluminum company, rose after it said on Tuesday that profit beat Wall Street estimates. Alcoa stock was up 2 percent to $35.61 in trading before the opening bell. For details, see [ID:nN10420894].
Read more at Reuters.com Bonds News
RPT-UPDATE 1-Sterling Financial to buy North Valley Bancorp
(Reuters) - In a regulatory filing, Sterling said the deal will add to earnings in 2008 and forecast 2008 pro-forma net income of $154.5 million, which includes North Valley results.
The acquisition is expected to close in the third quarter and the company sees cost saving opportunities from redundant back office operations.
Read more at Reuters.com Bonds News
The acquisition is expected to close in the third quarter and the company sees cost saving opportunities from redundant back office operations.
Read more at Reuters.com Bonds News
Euro-zone membership worthwhile despite pain-IMF
(Reuters) - "Successful transitions into the euro area provide the best route to deal with potential currency mismatches that have arisen in economies from the rapid increase in foreign currency lending," the IMF said in the latest edition of its semi-annual World Economic Outlook.
"Considerable dangers would also arise from trying to make do with a slow track of sluggish reforms and hesitant steps toward currency union," it said.
Read more at Reuters.com Bonds News
"Considerable dangers would also arise from trying to make do with a slow track of sluggish reforms and hesitant steps toward currency union," it said.
Read more at Reuters.com Bonds News
Palladium hits 11-month highs, gold off 6-week peak
(Reuters) - Other precious metals also advanced from the close in New York, with platinum matching Tuesday's five-month peak and gold and silver trading near their six-week highs.
"In general, the metals are in an uptrend at the moment and so is palladium. It's technical because it is just in the middle of a trading range. It's easier for palladium to have more gains than other metals," Wolfgang Wrzesniok-Rossbach, head of marketing and sales at Germany's Heraeus, said.
Read more at Reuters.com Hot Stocks News
"In general, the metals are in an uptrend at the moment and so is palladium. It's technical because it is just in the middle of a trading range. It's easier for palladium to have more gains than other metals," Wolfgang Wrzesniok-Rossbach, head of marketing and sales at Germany's Heraeus, said.
Read more at Reuters.com Hot Stocks News
Gold Fields CEO says "not approached" about bid
(Reuters) - "We have been aware of a rumour, but we have not been approached and frankly we never, ever comment on any unsubstantiated rumours, and at this stage it's unsubstantiated," Ian Cockerill told Reuters.
Bloomberg News reported that U.S. financier Edward Pastorini may lead a bid for Gold Fields Ltd, the world's fourth biggest gold producer.
Read more at Reuters.com Mergers News
Bloomberg News reported that U.S. financier Edward Pastorini may lead a bid for Gold Fields Ltd, the world's fourth biggest gold producer.
Read more at Reuters.com Mergers News
UniCredit drops out of Berlin bank auction-sources
(Reuters) - By John O'Donnell
FRANKFURT, April 11 - UniCredit has dropped out of an auction for a Berlin community lender in the face of competition from state-owned banks determined to stop it from falling into private hands, sources close to the matter said.
Read more at Reuters.com Mergers News
FRANKFURT, April 11 - UniCredit has dropped out of an auction for a Berlin community lender in the face of competition from state-owned banks determined to stop it from falling into private hands, sources close to the matter said.
Read more at Reuters.com Mergers News
Irate Japan shareholders to fight buyout in court
(Reuters) - TOKYO, April 11 - A group of angry shareholders in Japan will take a popular restaurant chain to court this week in a case likely to heighten scrutiny of the growing number of buyouts here. Management buyouts in Japan have gone from next to nothing five years ago to $6 billion worth of deals in 2006 as more companies go private to avoid hostile takeovers or restructure without the intrusion of short-term investors.
The upsurge in this market is creating a windfall for bankers and investment funds orchestrating deals, but it has angered retail investors who have been forced to sell shares at a loss.
Read more at Reuters.com Mergers News
The upsurge in this market is creating a windfall for bankers and investment funds orchestrating deals, but it has angered retail investors who have been forced to sell shares at a loss.
Read more at Reuters.com Mergers News
Target sees April same-store sales down 2-4 pct
(Reuters) - Earlier, Target said that same-store sales rose 12 percent in March, in line with its expectations, driven by the earlier Easter holiday. Target also said it still expects same-store sales for March and April combined to be up 4 percent to 6 percent from a year earlier.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Ford Q1 China retail vehicle sales up 16.4 pct
(Reuters) - SHANGHAI, April 11 - Ford Motor Co. said on Wednesday its China retail vehicle sales rose 16.4 percent in the first quarter from a year earlier, lagging the overall market's 22.2 percent growth according to industry figures.
Total sales in China came to 42,746 units during the period, with sales of Ford brand vehicles, both locally produced and imported, reaching 38,576 units, up 15.1 percent from the year-ago level.
Read more at Reuters.com Market News
Total sales in China came to 42,746 units during the period, with sales of Ford brand vehicles, both locally produced and imported, reaching 38,576 units, up 15.1 percent from the year-ago level.
Read more at Reuters.com Market News
Target same-store sales up, April to slip
(Reuters) - Target issued its sales a day earlier than usual, ahead of a meeting with analysts on Wednesday afternoon. Most major U.S. retailers plan to report March sales results on Thursday.
Target's sales for the five weeks ended April 7 jumped 16.8 percent to $5.59 billion.
Read more at Reuters.com Market News
Target's sales for the five weeks ended April 7 jumped 16.8 percent to $5.59 billion.
Read more at Reuters.com Market News
Target March same-store sales up 12 percent
(Reuters) - Target also said it still expects same-store sales for March and April combined to be up 4 percent to 6 percent from a year earlier.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Takeda says not in talks now with Abbott over TAP
(Reuters) - Takeda has long had its eye on gaining full control of TAP Pharmaceutical Products Inc., its venture with Abbott, but has been at odds with Abbott over the price.
Speculation has mounted recently, however, that a TAP buyout could happen this business year on reported comments by Abbott Chief Executive Miles White that the atmosphere may be right for Abbott to sell, and on co-marketing agreements between TAP and Takeda's wholly owned North American unit.
Read more at Reuters.com Business News
Speculation has mounted recently, however, that a TAP buyout could happen this business year on reported comments by Abbott Chief Executive Miles White that the atmosphere may be right for Abbott to sell, and on co-marketing agreements between TAP and Takeda's wholly owned North American unit.
Read more at Reuters.com Business News
China-U.S. trade volley unlikely to become trade war
(Reuters) - A spokesman for China's Commerce Ministry lashed out at the two World Trade Organization cases -- on intellectual property rights and on market access for films, music and other media -- for the second day in a row, saying they would "seriously undermine" bilateral trade ties.
The official China Daily and Xinhua news agency both issued scathing editorials, saying the move was at odds with a consensus the two sides had reached on how to handle tensions. A top U.S. trade official had said on Tuesday the step signaled the relationship was maturing.
Read more at Reuters.com Business News
The official China Daily and Xinhua news agency both issued scathing editorials, saying the move was at odds with a consensus the two sides had reached on how to handle tensions. A top U.S. trade official had said on Tuesday the step signaled the relationship was maturing.
Read more at Reuters.com Business News
Japan spring retail JGB sale sags on low coupons
(Reuters) - Japanese retail investors shied away from JGBs, while they continued to be lured to investment trusts and foreign assets that offer better returns.
Long-term yields have dropped as consumer inflation has fallen back to virtually zero, even as the BOJ has raised interest rates.
Read more at Reuters.com Bonds News
Long-term yields have dropped as consumer inflation has fallen back to virtually zero, even as the BOJ has raised interest rates.
Read more at Reuters.com Bonds News
JGBs surge on Treasuries, weak machinery data
(Reuters) - Japan's core machinery orders fell 5.2 percent in February from January, below a consensus forecast for a 0.2 percent drop. The data cast some doubt on the outlook for capital spending.
"Machinery order data encouraged market participants to buy back JGBs, especially after a fall in U.S. bond yields overnight," said Masuhisa Kobayashi, chief JGB strategist at Barclays Capital.
Read more at Reuters.com Bonds News
"Machinery order data encouraged market participants to buy back JGBs, especially after a fall in U.S. bond yields overnight," said Masuhisa Kobayashi, chief JGB strategist at Barclays Capital.
Read more at Reuters.com Bonds News
UPDATE 1-SAfrica's Mittal to appeal competition body ruling
(Reuters) - The Tribunal ruled last month that Mittal SA, which is 52 percent owned by Arcelor Mittal , contravened a section of the Competition Act by "charging an excessive price for its flat steel products to the detriment of consumers".
The Tribunal said that although it was empowered to penalise Mittal SA, it would postpone considering remedies against the company until it heard further evidence.
Read more at Reuters.com Government Filings News
The Tribunal said that although it was empowered to penalise Mittal SA, it would postpone considering remedies against the company until it heard further evidence.
Read more at Reuters.com Government Filings News
Voestalpine signs deal for 20.95 pct Boehler stake
(Reuters) - A dividend of 2.05 euros payable on May 18 would still go toward the sellers, it added.
Voestalpine said earlier it would launch a public bid for the same price on April 16. Its "white knight" bid had shelved an offer by private equity firm CVC Capital Partners [CVC.UL], which sparked fierce political resistance.
Read more at Reuters.com Mergers News
Voestalpine said earlier it would launch a public bid for the same price on April 16. Its "white knight" bid had shelved an offer by private equity firm CVC Capital Partners [CVC.UL], which sparked fierce political resistance.
Read more at Reuters.com Mergers News
Telecom Italia's list of contenders narrows
(Reuters) - Following a request by Italy's bourse regulator Consob, most of Telecom Italia's top shareholders said their stakes were unchanged despite the intense trading in the stock last week when 20 percent of the capital exchanged hands.
Italy's second-largest bank Intesa Sanpaolo and merchant bank Mediobanca confirmed reports they were in talks with other investors to buy a stake in Olimpia to counter an interest by AT&T and America Movil .
Read more at Reuters.com Mergers News
Italy's second-largest bank Intesa Sanpaolo and merchant bank Mediobanca confirmed reports they were in talks with other investors to buy a stake in Olimpia to counter an interest by AT&T and America Movil .
Read more at Reuters.com Mergers News
UPDATE 1-France's Edmond de Rothschild eyes China fund stake
(Reuters) - SHANGHAI, April 11 - French private bank La Compagnie Financiere Edmond de Rothschild Banque is in talks on buying a minority stake in a Chinese fund management company as it aims to expand in the country's capital markets, two sources familiar with the situation said on Wednesday.
LCF Edmond de Rothschild, one of the oldest private banks in Europe, has been in discussions with Shanghai-based Zhonghai Fund Management Co. on a possible deal since last year, although no agreement has been signed yet, the sources said.
Read more at Reuters.com Mergers News
LCF Edmond de Rothschild, one of the oldest private banks in Europe, has been in discussions with Shanghai-based Zhonghai Fund Management Co. on a possible deal since last year, although no agreement has been signed yet, the sources said.
Read more at Reuters.com Mergers News
UPDATE 3-Japan machinery orders fall, but steady trend seen
(Reuters) - TOKYO, April 11 - Machinery orders at Japanese companies fell more than expected in February from the previous month, but the data did little to change the view that corporate investment remains strong.
Core private-sector machinery orders, a key gauge of corporate capital spending in the coming six to nine months, fell 5.2 percent in February from January, data showed on Wednesday.
Read more at Reuters.com Economic News
Core private-sector machinery orders, a key gauge of corporate capital spending in the coming six to nine months, fell 5.2 percent in February from January, data showed on Wednesday.
Read more at Reuters.com Economic News
Alcoa profit rises; sees aluminum demand growth
(Reuters) - And Chief Executive Officer Alain Belda said the company expects more of the same as world demand for aluminum, much of it driven by China, continues to grow.
"Our markets remain robust, with Europe stronger than the U.S. and China continuing at a torrid pace," he told Wall Street analysts on a conference call.
Read more at Reuters.com Business News
"Our markets remain robust, with Europe stronger than the U.S. and China continuing at a torrid pace," he told Wall Street analysts on a conference call.
Read more at Reuters.com Business News
Apollo to buy Xstrata aluminum unit for $1.15 bln
(Reuters) - Xstrata acquired the aluminum business through its purchase of Canadian miner Falconbridge last year and had been conducting a review to decide whether to use it as a platform to build a bigger aluminum operation or sell it.
"Our review concluded that these assets do not provide Xstrata with the necessary scale or upstream exposure to represent a suitable entry point from which to build a world-class aluminum business," Chief Executive Mick Davis said in a statement.
Read more at Reuters.com Business News
"Our review concluded that these assets do not provide Xstrata with the necessary scale or upstream exposure to represent a suitable entry point from which to build a world-class aluminum business," Chief Executive Mick Davis said in a statement.
Read more at Reuters.com Business News
Rand steady before rates decicision
(Reuters) - South Africa's rand was steady against the dollar on Wednesday and market players said it would remain range-bound before Thursday's Monetary Policy Committee (MPC) decision on interest rates.
The rand was trading at 7.1535 to the dollar at 0625 GMT, not far off a New York close of 7.1550 on Tuesday.
Read more at Reuters Africa
The rand was trading at 7.1535 to the dollar at 0625 GMT, not far off a New York close of 7.1550 on Tuesday.
Read more at Reuters Africa
Apollo to buy Xstrata aluminium unit for $1.15 bln
(Reuters) - Anglo-Swiss miner Xstrata Plc said on Wednesday it was selling its aluminium business to private equity firm Apollo Management for $1.15 billion cash.
Xstrata acquired the aluminium business through its purchase of Canadian miner Falconbridge last year and had been conducting a review to decide whether to use it as a platform to build a bigger aluminium operation or sell it.
Read more at Reuters Africa
Xstrata acquired the aluminium business through its purchase of Canadian miner Falconbridge last year and had been conducting a review to decide whether to use it as a platform to build a bigger aluminium operation or sell it.
Read more at Reuters Africa
European shares up as oil supports; M&A in focus
(Reuters) - European shares rose in early trade on Wednesday after U.S. shares rallied overnight and oil prices inched above $62 a barrel, with focus on merger and acquisition activity amid a thin agenda for corporate news.
The pan-European FTSEurofirst 300 index gained 0.2 percent to 1,551.24 points at 0803 GMT, having returned to levels seen before European shares were hit by a global stock market sell-off in February.
Read more at Reuters Africa
The pan-European FTSEurofirst 300 index gained 0.2 percent to 1,551.24 points at 0803 GMT, having returned to levels seen before European shares were hit by a global stock market sell-off in February.
Read more at Reuters Africa
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