(Bloomberg) -- Asian stocks fell after Samsung Electronics Co.'s earnings missed analyst estimates and Seven & I Holdings Co. reported profit lower than the company's forecast.
``With earnings announcements coming into high gear, the outlook for the coming year is unclear and there's the strong possibility that we'll have conservative company forecasts,'' said Mitsushige Akino, who oversees $468 million in assets at Ichiyoshi Investment Management Co.
Read more at Bloomberg Stocks News
Thursday, April 12, 2007
Japan March aluminium stocks fall 18 pct m/m
(Reuters) - Estimated aluminium stocks at the Japanese ports of Yokohama, Nagoya and Osaka fell 18 percent month-on-month to 201,500 tonnes as of the end of March, trading firm Marubeni Corp. said on Friday.
The decline in stocks to the lowest level since November 2002 was due partly to a delay in the arrival of shipments into April --- 18,000 tonnes from Brazil and 11,000 tonnes from South Africa, a company official said.
Read more at Reuters Africa
The decline in stocks to the lowest level since November 2002 was due partly to a delay in the arrival of shipments into April --- 18,000 tonnes from Brazil and 11,000 tonnes from South Africa, a company official said.
Read more at Reuters Africa
US Bain Capital will not up S.Africa's Edcon bid
(Reuters) - U.S. private equity firm Bain Capital LLC reiterated on Thursday it will not raise it $3.50 billion bid for South Africa's largest fashion retailer Edcon after a prominent fund manager called the offer 50 percent too low.
"There was a globally run auction to find buyers, it was announced in the press and ran for four months, during which no new bidders surfaced," Bain Capital Managing Director Dwight Poler told Reuters.
Read more at Reuters Africa
"There was a globally run auction to find buyers, it was announced in the press and ran for four months, during which no new bidders surfaced," Bain Capital Managing Director Dwight Poler told Reuters.
Read more at Reuters Africa
European Bonds Poised for Fourth Weekly Loss on Prospect of Higher Rates
(Bloomberg) -- European government bonds are poised for a fourth week of losses as traders add to bets that central bank policy makers will lift interest rates as much as half a percentage point this year.
Two-year benchmark note yields rose to the highest in almost five years yesterday after European Central Bank President Jean-Claude Trichet said current borrowing costs were fuelling economic growth. The ECB left rates unchanged at 3.75 percent as expected by all 37 economists surveyed by Bloomberg.
Read more at Bloomberg Bonds News
Two-year benchmark note yields rose to the highest in almost five years yesterday after European Central Bank President Jean-Claude Trichet said current borrowing costs were fuelling economic growth. The ECB left rates unchanged at 3.75 percent as expected by all 37 economists surveyed by Bloomberg.
Read more at Bloomberg Bonds News
ANA to sell hotels to Morgan Stanley for Y281 bln
(Reuters) - TOKYO, April 13 - Morgan Stanley will buy 13 hotels from Japanese airline All Nippon Airways Co. Ltd. for an estimated 280 billion yen to become the largest hotel owner in Japan, financial sources said on Friday.
The deal is set to be one of the biggest single-asset property transactions in Asia and comes amid increasingly fierce competition for commercial property in Japan.
Read more at Reuters.com Mergers News
The deal is set to be one of the biggest single-asset property transactions in Asia and comes amid increasingly fierce competition for commercial property in Japan.
Read more at Reuters.com Mergers News
UPDATE 2-Rite Aid profit falls, sees Coutu deal closing May
(Reuters) - CHICAGO, April 12 - Rite Aid Corp. , the third-largest U.S. drugstore chain, posted a lower quarterly profit on Thursday, weighed down by special charges.
The company also said it expects to complete its acquisition of the Brooks and Eckerd drugstore chains from Canada's Jean Coutu Group Inc. by the end of May, pending final regulatory approval by the Federal Trade Commission and other conditions.
Read more at Reuters.com Bonds News
The company also said it expects to complete its acquisition of the Brooks and Eckerd drugstore chains from Canada's Jean Coutu Group Inc. by the end of May, pending final regulatory approval by the Federal Trade Commission and other conditions.
Read more at Reuters.com Bonds News
Sprint shares up after report of activist investor
(Reuters) - The report, citing unnamed sources, said Whitworth, in meetings with Sprint management, had called for several changes at the company, including a pullback in capital spending and a potential sale of its fiber-optic long-distance network.
Sprint and Relational Investors could not be reached for comment.
Read more at Reuters.com Business News
Sprint and Relational Investors could not be reached for comment.
Read more at Reuters.com Business News
U.S. ex-car retail sales increase 0.3 pct in March
(Reuters) - SpendingPulse's "core" gauge on retail sales climbed 0.2 percent last month, a tad higher than the 0.1 percent rise in February.
The core sales reading excludes autos, gasoline and building materials.
Read more at Reuters.com Bonds News
The core sales reading excludes autos, gasoline and building materials.
Read more at Reuters.com Bonds News
Euro Advances to Two-Year High Versus Dollar on Bets ECB to Increase Rates
(Bloomberg) -- The euro rose to a two-year high against the dollar on speculation the European Central Bank will raise interest rates further after its president, Jean-Claude Trichet, said borrowing costs are fueling economic growth.
The European currency earlier rose to a record against the yen after the ECB held its benchmark interest rate at 3.75 percent, increasing bets the fastest economic growth in six years will lead to as many as two more increases this year. Then yen gained on speculation its weakness will be discussed at tomorrow's meeting of the Group of Seven in Washington.
Read more at Bloomberg Currencies News
The European currency earlier rose to a record against the yen after the ECB held its benchmark interest rate at 3.75 percent, increasing bets the fastest economic growth in six years will lead to as many as two more increases this year. Then yen gained on speculation its weakness will be discussed at tomorrow's meeting of the Group of Seven in Washington.
Read more at Bloomberg Currencies News
European Bond Yields Rise To Highest in Five Years After Trichet Comments
(Bloomberg) -- Government bond yields rose to the highest in almost five years after European Central Bank President Jean-Claude Trichet today signaled interest rates need to go higher.
Bonds fell after Trichet said the current level of interest rates was fuelling economic growth. Policy makers left the benchmark rate unchanged at 3.75 percent today as expected by all 37 economists surveyed by Bloomberg. Bonds have fallen this week as traders added to bets that the ECB will lift rates as much as another half a percentage point this year.
Read more at Bloomberg Bonds News
Bonds fell after Trichet said the current level of interest rates was fuelling economic growth. Policy makers left the benchmark rate unchanged at 3.75 percent today as expected by all 37 economists surveyed by Bloomberg. Bonds have fallen this week as traders added to bets that the ECB will lift rates as much as another half a percentage point this year.
Read more at Bloomberg Bonds News
UPDATE 1-ECtel sees Q1 revenue below Wall St. view; shares fall
(Reuters) - The provider of integrated revenue management systems to telecommunication companies said the lower-than-expected revenue was due to delays in anticipated orders from some east European countries. It also said a large order from a European customer got postponed.
ECtel expects revenue of $3.4 million to $3.6 million for the quarter. Analysts' are expecting revenue of $7.5 million, according to Reuters Estimates.
Read more at Reuters.com Market News
ECtel expects revenue of $3.4 million to $3.6 million for the quarter. Analysts' are expecting revenue of $7.5 million, according to Reuters Estimates.
Read more at Reuters.com Market News
U.S. Treasuries Rise as Investors Are Skeptical Regarding Fed Rate Boost
(Bloomberg) -- U.S. Treasuries rose as traders said yields close to the highest levels in almost two months attracted investors skeptical of the Federal Reserve's forecast that additional interest-rate increases may ``prove necessary.''
An unexpected increase in the number of Americans filing new claims for unemployment insurance benefits last week bolstered the view that job creation may slow as a slump in residential real estate ripples through the economy. Treasury prices climbed even as dealers prepared to underwrite an auction of inflation- protected 10-year notes.
Read more at Bloomberg Bonds News
An unexpected increase in the number of Americans filing new claims for unemployment insurance benefits last week bolstered the view that job creation may slow as a slump in residential real estate ripples through the economy. Treasury prices climbed even as dealers prepared to underwrite an auction of inflation- protected 10-year notes.
Read more at Bloomberg Bonds News
UPDATE 3-Vimpelcom Q4 net profit hit by tax dispute charge
(Reuters) - MOSCOW, April 12 - Vimpelcom , Russia's No.2 mobile phone company, said on Thursday that its fourth quarter earnings were $198.0 million, falling short of market expectations.
The earnings, to U.S. GAAP, were down from $268.4 million in the preceding quarter and below an average forecast of $238.2 million in a Reuters poll of 10 analysts.
Read more at Reuters.com Market News
The earnings, to U.S. GAAP, were down from $268.4 million in the preceding quarter and below an average forecast of $238.2 million in a Reuters poll of 10 analysts.
Read more at Reuters.com Market News
West Marine Q1 same-store sales fall
(Reuters) - Analysts on average were expecting the company to post revenue of $128.4 million for the first quarter, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-DOR BioPharma rejects Cell Therapeutics buyout offer
(Reuters) - In a filing with the U.S. Securities and Exchange Commission, the biopharmaceutical company said it will continue to consider offers from interested parties.
Back in January Cell Therapeutics made an unsolicited offer where it would issue 29 million shares to DOR shareholders, representing 19.9 percent of its outstanding stock.
Read more at Reuters.com Government Filings News
Back in January Cell Therapeutics made an unsolicited offer where it would issue 29 million shares to DOR shareholders, representing 19.9 percent of its outstanding stock.
Read more at Reuters.com Government Filings News
S.Africa c.bank keeps repo rate steady at 9.0 pct
(Reuters) - South Africa's central bank held its repo rate steady at 9.0 percent on Thursday, in line with expectations.
Reserve Bank Governor Tito Mboweni told a televised press conference an unchanged stance continued to be appropriate despite a deterioration in the inflation outlook.
Read more at Reuters Africa
Reserve Bank Governor Tito Mboweni told a televised press conference an unchanged stance continued to be appropriate despite a deterioration in the inflation outlook.
Read more at Reuters Africa
UPDATE 1-WTO sees trade growth slowing to 6 pct in 2007
(Reuters) - In their first forecast for 2007, WTO economists said the outlook was based on expectations that the world economy would expand some 3 percent this year, below last year's 3.7 percent.
World trade growth in 2006 was above the previous WTO forecast for 7 percent and the second highest figure since 2000, reflecting stronger than expected economic growth in Japan and Europe, the Geneva-based trade body said in a report.
Read more at Reuters.com Economic News
World trade growth in 2006 was above the previous WTO forecast for 7 percent and the second highest figure since 2000, reflecting stronger than expected economic growth in Japan and Europe, the Geneva-based trade body said in a report.
Read more at Reuters.com Economic News
Dow Chemical fires executive, board member
(Reuters) - Dow has recently been the subject of leveraged buyout rumors.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
US STOCKS-Wall St indexes drop on rate worries
(Reuters) - The Dow Jones industrial average was down 20.32 points, or 0.16 percent, at 12,464.30. The Standard & Poor's 500 Index was down 1.29 points, or 0.09 percent, at 1,437.58. The Nasdaq Composite Index was down 3.43 points, or 0.14 percent, at 2,455.88.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
South African Central Bank Leaves Benchmark Lending Rate at 9 Percent
(Bloomberg) -- South Africa's central bank left its benchmark interest rate unchanged for a second consecutive meeting as four interest rate increases since June helped curb inflation.
The Reserve Bank kept the repurchase rate at 9 percent, Governor Tito Mboweni said in a televised speech in Pretoria today. That was in line with the forecasts of 10 of the 13 economists surveyed by Bloomberg. The rest had expected a half- point increase.
Read more at Bloomberg Emerging Markets News
The Reserve Bank kept the repurchase rate at 9 percent, Governor Tito Mboweni said in a televised speech in Pretoria today. That was in line with the forecasts of 10 of the 13 economists surveyed by Bloomberg. The rest had expected a half- point increase.
Read more at Bloomberg Emerging Markets News
UPDATE 1-Mothers Work March same-store sales rise 3.6 pct
(Reuters) - The Philadelphia-based company said March net sales rose 4.2 percent to $59.1 million due to an increase in same-store sales, and increased sales from its licensed relationship and marketing partnerships.
Easter fell on April 8 this year compared with April 16 last year, so sales of Easter-related items came largely during the company's March sales period.
Read more at Reuters.com Market News
Easter fell on April 8 this year compared with April 16 last year, so sales of Easter-related items came largely during the company's March sales period.
Read more at Reuters.com Market News
Nordstrom March same-store sales up 15 pct
(Reuters) - Wall Street, on average, had been expecting Nordstrom to post a same-store sales increase of 8.6 percent, according to a Reuters survey.
The Seattle-based retailer said preliminary data indicated total sales for the five weeks ended April 7 rose 14.2 percent to $803.2 million.
Read more at Reuters.com Market News
The Seattle-based retailer said preliminary data indicated total sales for the five weeks ended April 7 rose 14.2 percent to $803.2 million.
Read more at Reuters.com Market News
UPDATE 1-Gottschalks
(Reuters) - The company said total sales for the period rose 5.3 percent to $58.9 million from $56.0 million in the year-ago period.
The best performing merchandise areas in March were shoes, dresses, special sizes and children's, the company's statement added.
Read more at Reuters.com Market News
The best performing merchandise areas in March were shoes, dresses, special sizes and children's, the company's statement added.
Read more at Reuters.com Market News
UPDATE 1-Pacific Sunwear March same-store sales rise
(Reuters) - Analysts, on average, had been expecting a 3.5 percent rise in same-store sales, according to a Reuters survey.
" were positive in all regions with the greatest strength in California," Chief Financial Officer Gerry Chaney said in a recorded call.
Read more at Reuters.com Market News
" were positive in all regions with the greatest strength in California," Chief Financial Officer Gerry Chaney said in a recorded call.
Read more at Reuters.com Market News
UPDATE 1-Stein Mart March same-store sales rise
(Reuters) - The apparel retailer, however, remains cautious about April sales given the shift of Easter sales to March and continuing cooler-than-normal weather in most of the country.
Stein Mart still expects same-store sales to increase in the low, single-digits for the first quarter, which would produce earnings of 21 cents to 23 cents a share for the period.
Read more at Reuters.com Market News
Stein Mart still expects same-store sales to increase in the low, single-digits for the first quarter, which would produce earnings of 21 cents to 23 cents a share for the period.
Read more at Reuters.com Market News
Saks March same-store sales rise 10.1 pct
(Reuters) - The company said owned sales totaled $284.3 million for the five weeks ended April 7, up 12.1 percent compared with $253.7 million a year ago.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Kohl's March same-store sales 16.8 percent
(Reuters) - Menomonee Falls, Wisconsin-based Kohl's said total sales for the five weeks ended April 7 rose 25.4 percent from the year-earlier period to $1.58 billion.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Federated March same-store sales rise
(Reuters) - Cincinnati, Ohio-based Federated said total sales were $2.29 billion for the five weeks ended April 7, up 1.5 percent from the year-ago period.
Unseasonably cold weather also hurt sales of spring merchandise, the retailer said, adding that it expects total sales for first quarter to be at the low end of its previous forecast, which called for sales of $6 billion to $6.1 billion.
Read more at Reuters.com Market News
Unseasonably cold weather also hurt sales of spring merchandise, the retailer said, adding that it expects total sales for first quarter to be at the low end of its previous forecast, which called for sales of $6 billion to $6.1 billion.
Read more at Reuters.com Market News
Family Dollar March same-store sales up 5.8 pct
(Reuters) - CHICAGO, April 12 - Discount store chain Family Dollar Stores Inc. said on Thursday that sales at stores open at least a year rose 5.8 percent in March, driven by strong sales of toys, food and apparel.
Analysts, on average, had been expecting a same-store sales increase of 3.7 percent, according to a Reuters survey, while the company had forecast a rise of 2 percent to 4 percent.
Read more at Reuters.com Market News
Analysts, on average, had been expecting a same-store sales increase of 3.7 percent, according to a Reuters survey, while the company had forecast a rise of 2 percent to 4 percent.
Read more at Reuters.com Market News
M/I Homes new contracts, deliveries fall in 1st qtr
(Reuters) - Backlog units at March 31 were 1,761 with an average sale price of $335,000 and a total value of $589 million.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-J.C. Penney March same-store sales up 10.6 pct
(Reuters) - Analysts on average had expected a rise of 7.7 percent, according to a Reuters survey.
The Plano, Texas-based company said total department store sales rose 13.3 percent to $1.44 billion in the five weeks ended April 7, while catalog and Internet sales were down 1.1 percent.
Read more at Reuters.com Market News
The Plano, Texas-based company said total department store sales rose 13.3 percent to $1.44 billion in the five weeks ended April 7, while catalog and Internet sales were down 1.1 percent.
Read more at Reuters.com Market News
Fastenal Q1 earnings rise
(Reuters) - In the year-ago period, the company reported earnings of 32 cents a share, on net sales of $431.7 million.
For the latest first quarter, analysts on average expected the company to earn 35 cents a share, before exceptional items, on revenue of $489.2 million, according to Reuters Estimates.
Read more at Reuters.com Market News
For the latest first quarter, analysts on average expected the company to earn 35 cents a share, before exceptional items, on revenue of $489.2 million, according to Reuters Estimates.
Read more at Reuters.com Market News
U.S. retailers get Easter lift, but grim April looms
(Reuters) - But what the calendar gave retailers in March, it will probably take away in April as many chains warned that comparable-store sales results will suffer this month. Some retailers also noted continued softness in sales of home goods amid the weaker U.S. housing market.
Wal-Mart Stores Inc. , the world's largest retailer, posted a better-than-expected 4 percent rise in March sales at U.S. stores open at least a year, above the 1.9 percent increase analysts expected, according to a Reuters survey. Wal-Mart said sales were strong in food and pharmacy, but soft in home and apparel.
Read more at Reuters.com Market News
Wal-Mart Stores Inc. , the world's largest retailer, posted a better-than-expected 4 percent rise in March sales at U.S. stores open at least a year, above the 1.9 percent increase analysts expected, according to a Reuters survey. Wal-Mart said sales were strong in food and pharmacy, but soft in home and apparel.
Read more at Reuters.com Market News
KAR Holdings, Cimarex Planning to Sell Debt: U.S. Corporate Bond Alert
(Bloomberg) -- Cimarex Energy Co., a Denver-based oil and gas company, and Argentina are among borrowers planning to sell at least $19.3 billion of bonds in the U.S., according to data compiled by Bloomberg.
This week borrowers have sold $4.64 billion of debt securities, compared with $15.2 billion in the same period last week. Sales year-to-date total about $343.1 billion, up from $310.6 billion a year ago.
Read more at Bloomberg Bonds News
This week borrowers have sold $4.64 billion of debt securities, compared with $15.2 billion in the same period last week. Sales year-to-date total about $343.1 billion, up from $310.6 billion a year ago.
Read more at Bloomberg Bonds News
Cell Therapeutics, Novartis, Pier 1, Qwest, RIM, SAIC: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed yesterday. Stock symbols are in parentheses after company names. Share prices are as of 8:10 a.m. New York time.
Advanced Magnetics Inc. (AMAG US): The company reported positive results from two additional human studies of its intravenous iron replacement therapy. Both clinical trials of ferumoxytol had statistically significant results, the drugmaker said. The shares fell 17 cents to $65.11.
Read more at Bloomberg Stocks News
Advanced Magnetics Inc. (AMAG US): The company reported positive results from two additional human studies of its intravenous iron replacement therapy. Both clinical trials of ferumoxytol had statistically significant results, the drugmaker said. The shares fell 17 cents to $65.11.
Read more at Bloomberg Stocks News
MedImmune up as sources say Goldman hired
(Reuters) - Based on Wednesday's closing price, the company has a market capitalization of about $8.8 billion. Its stock has not traded above $39 since August 2003.
Read more at Reuters.com Hot Stocks News
Read more at Reuters.com Hot Stocks News
Crude Oil Climbs After IEA Says OPEC Has Cut Prodcution to Two-Year Low
(Bloomberg) -- Oil rose after the International Energy Agency said OPEC had cut supplies to a two-year low to reduce global stockpiles.
March crude output by the Organization of Petroleum Exporting Countries, the producer of about 41 percent of the world's oil, dropped by 165,000 barrels to 30.1 million barrels a day, the lowest since January 2005, according to the IEA, the adviser to fuel consuming nations. A drop in U.S. gasoline stockpiles before the summer driving season begins also propped up prices.
Read more at Bloomberg Commodities News
March crude output by the Organization of Petroleum Exporting Countries, the producer of about 41 percent of the world's oil, dropped by 165,000 barrels to 30.1 million barrels a day, the lowest since January 2005, according to the IEA, the adviser to fuel consuming nations. A drop in U.S. gasoline stockpiles before the summer driving season begins also propped up prices.
Read more at Bloomberg Commodities News
Nordic Next-Year Power Advances to Highest in Almost Two Weeks on Carbon
(Bloomberg) -- Nordic power prices for next year rose to their highest in almost two weeks as carbon-emissions costs increased and German 2008 power traded near a two-week high. Nordic contracts for this year also rose.
Electricity for 2008 on the Nord Pool ASA exchange advanced 20 cents, or 0.5 percent, to 42.70 euros ($57.50) a megawatt-hour at 10:42 a.m. Oslo time. That's the highest since March 30.
Read more at Bloomberg Energy News
Electricity for 2008 on the Nord Pool ASA exchange advanced 20 cents, or 0.5 percent, to 42.70 euros ($57.50) a megawatt-hour at 10:42 a.m. Oslo time. That's the highest since March 30.
Read more at Bloomberg Energy News
Regis says Q3 same-store sales flat
(Reuters) - Consolidated revenue were $655 million in the latest quarter, compared with $604 million a year ago.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Philippine Stocks Tumble; PLDT, SM Prime Slump: World's Biggest Mover
(Bloomberg) -- Philippine stocks fell with the index posting its biggest loss in almost a month after the Federal Reserve said U.S. interest rates may have to rise to curb inflation even as the economy shows signs of slowing.
Philippine Long Distance Telephone Co. and SM Prime Holdings Inc. led declines on concern higher interest rates in the U.S. will attract investors away from emerging market equities.
Read more at Bloomberg Stocks News
Philippine Long Distance Telephone Co. and SM Prime Holdings Inc. led declines on concern higher interest rates in the U.S. will attract investors away from emerging market equities.
Read more at Bloomberg Stocks News
UPDATE 2-Risk of U.S. slowdown from subprime woes-Bank of Spain
(Reuters) - Any steeper-than-expected U.S. slowdown would hit both world economic growth and financial markets, Vinals said in a speech, adding that this potential negative effect would be exaggerated by the size of global economic imbalances.
The outlook for the global economy over the next two years is likely to be moderating but growing more sustainably, Vinals said, adding that interest rates had become less accommadative in 2006.
Read more at Reuters.com Bonds News
The outlook for the global economy over the next two years is likely to be moderating but growing more sustainably, Vinals said, adding that interest rates had become less accommadative in 2006.
Read more at Reuters.com Bonds News
IEA Says OPEC Output Fell Last Month to Two-Year Low, Threatening Stocks
(Bloomberg) -- The International Energy Agency, an adviser to 26 nations, said OPEC production last month fell to a two-year low, threatening to reduce oil inventories ahead of peak summer demand.
March crude output by the Organization of Petroleum Exporting Countries, the producer of about 41 percent of the world's oil, dropped by 165,000 barrels a day, the Paris-based IEA said today in a monthly report.
Read more at Bloomberg Energy News
March crude output by the Organization of Petroleum Exporting Countries, the producer of about 41 percent of the world's oil, dropped by 165,000 barrels a day, the Paris-based IEA said today in a monthly report.
Read more at Bloomberg Energy News
U.K. FTSE 100 Index Drops, Led by FirstGroup, Sainsbury; SABMiller Climbs
(Bloomberg) -- U.K. stocks fell, led by train operators including FirstGroup Plc after the Times newspaper said the government may consider bringing train services and rail tracks back under state control.
J Sainsbury Plc declined for a third day after CVC Capital Partners Ltd. yesterday scrapped a 10 billion-pound ($19.7 billion) offer for the supermarket chain. SABMiller Plc gained as the brewer of Pilsner Urquell reported rising sales of beer.
Read more at Bloomberg Stocks News
J Sainsbury Plc declined for a third day after CVC Capital Partners Ltd. yesterday scrapped a 10 billion-pound ($19.7 billion) offer for the supermarket chain. SABMiller Plc gained as the brewer of Pilsner Urquell reported rising sales of beer.
Read more at Bloomberg Stocks News
Reuters Summit-UPDATE 1-Ferrell plans new Asian property fund
(Reuters) - SINGAPORE, April 12 - Ferrell Asset Management plans to launch a 500 million euro property fund to lure European and Middle Eastern investors into the fast rising luxury housing and commercial markets in Singapore.
David Lee, managing director and founder of Singapore-based Ferrell, said on Thursday he was talking to investors about the new fund, which will likely double the firm's assets under management.
Read more at Reuters.com Bonds News
David Lee, managing director and founder of Singapore-based Ferrell, said on Thursday he was talking to investors about the new fund, which will likely double the firm's assets under management.
Read more at Reuters.com Bonds News
Nestle to buy Gerber for $5.5 billion
(Reuters) - Nestle said on Thursday the cash transaction would give its growing nutrition division -- which includes infant formula, baby food, medical nutrition and weight management -- annual sales of about 10 billion Swiss francs .
Gerber, a household name in the U.S. growing at an annual rate of 8 percent, will generate an estimated $1.95 billion in sales in 2007 and will improve Nestle's operating profit margin immediately, the Swiss-based company said.
Read more at Reuters.com Business News
Gerber, a household name in the U.S. growing at an annual rate of 8 percent, will generate an estimated $1.95 billion in sales in 2007 and will improve Nestle's operating profit margin immediately, the Swiss-based company said.
Read more at Reuters.com Business News
IEA Sees Angola, Saudi Arabia Raising OPEC Capacity by 2.6 Million Barrels
(Bloomberg) -- The International Energy Agency, an adviser to 26 nations, said OPEC will add 2.6 million barrels of daily oil capacity by the end of next year, led by increases from Angola and Saudi Arabia.
The Organization of Petroleum Exporting Countries' capacity is expanding even as it restricts output, boosting oil prices to more than $60 a barrel. OPEC's 10 members subject to production cuts pumped 26.5 million barrels of oil a day in March, 1.2 million barrels less than last September, before supply cuts that helped lift oil prices, the IEA said in a monthly report.
Read more at Bloomberg Emerging Markets News
The Organization of Petroleum Exporting Countries' capacity is expanding even as it restricts output, boosting oil prices to more than $60 a barrel. OPEC's 10 members subject to production cuts pumped 26.5 million barrels of oil a day in March, 1.2 million barrels less than last September, before supply cuts that helped lift oil prices, the IEA said in a monthly report.
Read more at Bloomberg Emerging Markets News
IMF approves new Kenya funds, graft still concern
(Reuters) - The International Monetary Fund (IMF) will give Kenya nearly $57 million after waiving several requirements including on reserve money levels and the declaration of assets by senior civil servants.
In its latest review of east Africa's biggest economy, seen by Reuters on Thursday, the Fund said Kenya's macroeconomic performance had improved markedly since 2004 as prudent policies contained domestic debt and increased financial reserves.
Read more at Reuters Africa
In its latest review of east Africa's biggest economy, seen by Reuters on Thursday, the Fund said Kenya's macroeconomic performance had improved markedly since 2004 as prudent policies contained domestic debt and increased financial reserves.
Read more at Reuters Africa
ECB Is Poised to Keep Interest Rates Unchanged, Gauge Pace of Inflation
(Bloomberg) -- The European Central Bank will probably keep interest rates unchanged today and await evidence that inflation is picking up before signaling another increase, a survey of economists shows.
ECB policy makers meeting in Frankfurt will leave the benchmark refinancing rate at 3.75 percent, according to all 43 economists surveyed by Bloomberg News. In June, the bank will raise the rate for the eighth time since late 2005, to 4 percent, a separate survey shows.
Read more at Bloomberg Bonds News
ECB policy makers meeting in Frankfurt will leave the benchmark refinancing rate at 3.75 percent, according to all 43 economists surveyed by Bloomberg News. In June, the bank will raise the rate for the eighth time since late 2005, to 4 percent, a separate survey shows.
Read more at Bloomberg Bonds News
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