(Reuters) - Dana said on Wednesday that the deal comprises interests in eight production sharing contracts with 13 producing fields, adding around 12,500 barrels of oil per day to Dana's output.
"This deal will deliver a significant reserves and production growth step for Dana and strategically, the acquisition fits closely with our previous Egyptian transactions," Chief Executive Tom Cross said in a statement.
Read more at Reuters.com Mergers News
Tuesday, April 17, 2007
Marlborough's Hargreave Ignores Urge to Sell as Fund's Stocks Get Pricey
(Bloomberg) -- Marlborough Fund Managers' Special Situations Fund has beaten 99 percent of its U.K. peers because manager Giles Hargreave has learned to ignore the inner voice that says ``sell.''
Hargreave holds onto shares for as long as they're rising, resisting the urge to bail out when they get more expensive. During the five years he has had shares of Charter Plc, the world's biggest maker of welding gear, they have advanced more than fivefold.
Read more at Bloomberg Stocks News
Hargreave holds onto shares for as long as they're rising, resisting the urge to bail out when they get more expensive. During the five years he has had shares of Charter Plc, the world's biggest maker of welding gear, they have advanced more than fivefold.
Read more at Bloomberg Stocks News
Tata Steel shares fall on equity dilution fears
(Reuters) - At 11 a.m. , the stock was down 4.6 percent at 504.20 rupees in a Mumbai market that was up 0.9 percent.
"The stock is reacting because of higher-than-expected equity dilution, which would be anywhere between 40-46 percent," said Hitesh Agrawal, a steel analyst at Mumbai-based Angel Broking.
Read more at Reuters.com Hot Stocks News
"The stock is reacting because of higher-than-expected equity dilution, which would be anywhere between 40-46 percent," said Hitesh Agrawal, a steel analyst at Mumbai-based Angel Broking.
Read more at Reuters.com Hot Stocks News
UPDATE 2-Roche Q1 sales up 16 pct, raises outlook
(Reuters) - ZURICH, April 18 - Fast-selling cancer drugs boosted first-quarter sales at Roche Holding AG by 16 percent to 11.4 billion Swiss francs , the Swiss drugmaker said, raising its outlook for the full year.
Sales in its all-important pharmaceutical division rose by 18 percent to 9.14 billion francs, the world's largest maker of cancer drugs said on Wednesday, driven by new uses of its top cancer treatments Avastin, Herceptin, Xeloda and MabThera.
Read more at Reuters.com Market News
Sales in its all-important pharmaceutical division rose by 18 percent to 9.14 billion francs, the world's largest maker of cancer drugs said on Wednesday, driven by new uses of its top cancer treatments Avastin, Herceptin, Xeloda and MabThera.
Read more at Reuters.com Market News
PRESS DIGEST - New York Times business news - April 18
(Reuters) - * Chinese companies are finding their fastest growth in the world's rapidly growing economies, not the United States.
* Yahoo Inc.'s earnings are down 11 percent. Revenue and income were below expectations, suggesting that an overhaul of the search advertising system has yet to deliver.
Read more at Reuters.com Mergers News
* Yahoo Inc.'s earnings are down 11 percent. Revenue and income were below expectations, suggesting that an overhaul of the search advertising system has yet to deliver.
Read more at Reuters.com Mergers News
Merrill May Report Record First-Quarter Profit on Investment-Banking Gains
(Bloomberg) -- Merrill Lynch & Co., the world's biggest brokerage, may report record first-quarter earnings as revenue from share sales and advising on takeovers outweighs any from subprime mortgages.
Stock-underwriting fees probably rose more than 50 percent as New York-based Merrill became the world's top manager of initial public offerings for the first time since 2004, data compiled by Bloomberg show. The firm helped arrange $173 billion of mergers in the quarter, including the leveraged buyout of Equity Office Properties Trust, which paid Merrill $30 million.
Read more at Bloomberg Currencies News
Stock-underwriting fees probably rose more than 50 percent as New York-based Merrill became the world's top manager of initial public offerings for the first time since 2004, data compiled by Bloomberg show. The firm helped arrange $173 billion of mergers in the quarter, including the leveraged buyout of Equity Office Properties Trust, which paid Merrill $30 million.
Read more at Bloomberg Currencies News
Australia's Dollar Trades Near 17-Year High as Yield Advantage Increases
(Bloomberg) -- The Australian dollar traded near a 17-year high as a widening yield advantage over the U.S. attracted investors to the nation's assets.
The local dollar advanced for a seventh day, the longest winning streak in four months as Australia's yield advantage on three-month deposits over the U.S. widened to the most in two weeks. Australia's dollar has gained against 15 of the 16 most- traded currencies this year on rising odds the central bank will increase rates and on surging commodity prices.
Read more at Bloomberg Currencies News
The local dollar advanced for a seventh day, the longest winning streak in four months as Australia's yield advantage on three-month deposits over the U.S. widened to the most in two weeks. Australia's dollar has gained against 15 of the 16 most- traded currencies this year on rising odds the central bank will increase rates and on surging commodity prices.
Read more at Bloomberg Currencies News
Wheat Climbs to Seven-Week High After Midwest Freeze Damages U.S. Crops
(Bloomberg) -- Wheat rose to a seven-week high in Chicago after a government report showed freezing weather damaged some of the crop in the U.S., the world's largest exporter of the grain.
About 55 percent of the winter-wheat crop was in good or excellent condition on April 15, down from 64 percent a week earlier, the U.S. Department of Agriculture said yesterday in a report. Temperatures dropped into the upper teens for several hours on April 7 and 8. Damage occurs if temperatures fall below 28 degrees Fahrenheit (minus 2 Celsius) for two hours.
Read more at Bloomberg Commodities News
About 55 percent of the winter-wheat crop was in good or excellent condition on April 15, down from 64 percent a week earlier, the U.S. Department of Agriculture said yesterday in a report. Temperatures dropped into the upper teens for several hours on April 7 and 8. Damage occurs if temperatures fall below 28 degrees Fahrenheit (minus 2 Celsius) for two hours.
Read more at Bloomberg Commodities News
US STOCKS-Blue chips gain on profits, Dow record in view
(Reuters) - NEW YORK, April 17 - The Dow industrials rose on Tuesday, helped by solid profits at companies such as Johnson & Johnson and data showing tamer core inflation in March.
The Nasdaq edged lower, with results expected this week from some key technology companies.
Read more at Reuters.com Bonds News
The Nasdaq edged lower, with results expected this week from some key technology companies.
Read more at Reuters.com Bonds News
UPDATE 1-U.S. university gunman described as "loner"
(Reuters) - Before committing the worst shooting rampage in modern U.S. history on Monday, Cho Seung-Hui left a rambling note lashing out at "rich kids," "debauchery" and "deceitful charlatans" on campus, the Chicago Tribune reported on Tuesday.
"You caused me to do this," Cho wrote, ABC News quoted law enforcement sources as saying.
Read more at Reuters.com Bonds News
"You caused me to do this," Cho wrote, ABC News quoted law enforcement sources as saying.
Read more at Reuters.com Bonds News
Affordable Residential to sell real estate unit
(Reuters) - "I would say that there are clearly two different investor groups in the stock," Adornato said. "No. 1 are traditional real estate investors. Those investors can no longer justify owning the stock, since the company will no longer own and operate real estate."
The second group are hedge funds who entered the stock during bad times a few years ago and were pleased when investor Gerald Ford assumed the chairmanship and took control of the company, which will now focus on its insurance operations.
Read more at Reuters.com Business News
The second group are hedge funds who entered the stock during bad times a few years ago and were pleased when investor Gerald Ford assumed the chairmanship and took control of the company, which will now focus on its insurance operations.
Read more at Reuters.com Business News
24/7 Real Media, Adtran, American Greetings, Telik: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 1:10 p.m. in New York.
24/7 Real Media Inc. (TFSM US) fell $1.14, or 12 percent, to the day's low of $8.35. The provider of Internet advertising services was cut to ``sector perform'' from ``top pick'' at RBC Capital Markets on expectations of a ``weak'' first quarter and problems related to the introduction of Open AdStream in Europe.
Read more at Bloomberg Stocks News
24/7 Real Media Inc. (TFSM US) fell $1.14, or 12 percent, to the day's low of $8.35. The provider of Internet advertising services was cut to ``sector perform'' from ``top pick'' at RBC Capital Markets on expectations of a ``weak'' first quarter and problems related to the introduction of Open AdStream in Europe.
Read more at Bloomberg Stocks News
Powerful US gun lobby has no comment about shooting
(Reuters) - The shootings were likely to renew the debate over gun control and gun rights that has surfaced regularly over many decades. Some foreign commentators were already blaming the lack of gun control laws on leading to the deaths.
The Gun Owners of America, another major U.S. gun lobby group, issued a statement saying the shooting showed that gun bans were the problem and Americans should have the right to carry arms to defend themselves.
Read more at Reuters.com Bonds News
The Gun Owners of America, another major U.S. gun lobby group, issued a statement saying the shooting showed that gun bans were the problem and Americans should have the right to carry arms to defend themselves.
Read more at Reuters.com Bonds News
Tesco "increasingly encouraged" by U.S. prospects
(Reuters) - Announcing a record 2.5 billion pound yearly profit, Leahy said Tesco's decision to open smaller convenience stores with a focus on their "green" credentials could work to its advantage in the world's most competitive retail market.
"I think it's well timed as California reassesses its consumption in the light of climate change and people in the United States are looking are looking for an alternative to big box retailers," Leahy told reporters.
Read more at Reuters.com Business News
"I think it's well timed as California reassesses its consumption in the light of climate change and people in the United States are looking are looking for an alternative to big box retailers," Leahy told reporters.
Read more at Reuters.com Business News
South African Rand Advances to Highest in Three Months as Gold Prices Rise
(Bloomberg) -- The South African rand advanced to its strongest in more than three months as gold, the nation's single largest source of foreign exchange, touched an 11-month high, boosting demand for the currency.
The rand appreciated with other emerging market currencies as prospects for faster growth boosted demand for high-yielding assets. Gold accounts for about 13 percent of exports in Africa's largest economy and the rand often moves in tandem with the precious metal.
Read more at Bloomberg Currencies News
The rand appreciated with other emerging market currencies as prospects for faster growth boosted demand for high-yielding assets. Gold accounts for about 13 percent of exports in Africa's largest economy and the rand often moves in tandem with the precious metal.
Read more at Bloomberg Currencies News
Brazil's Lula preparing tax proposal - finance min
(Reuters) - He said the government is discussing the tax reform with Brazilian governors and groups, including business leaders.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Paramount to recall 6,000 Shrek Ears Headbands - CPSC
(Reuters) - Paramount, which produces and distributes filmed entertainment, makes the product under contract with DreamWorks Animation SKG .
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
More investors overweight U.S. Treasuries - survey
(Reuters) - Last week, the release of minutes of the Fed's March policy meeting and remarks from Fed officials showed that concerns about elevated inflation were greater than worries about the risk to growth from the housing sector slowdown.
Worries over the Fed's stand against inflation were overshadowed by a flat reading on core producer prices in March on Friday and a surprisingly steep decline of an index on U.S. home builder confidence on Monday.
Read more at Reuters.com Bonds News
Worries over the Fed's stand against inflation were overshadowed by a flat reading on core producer prices in March on Friday and a surprisingly steep decline of an index on U.S. home builder confidence on Monday.
Read more at Reuters.com Bonds News
Catalina to be acquired by private equity firm for $32.50/shr
(Reuters) - Catalina said it terminated its earlier merger deal with ValueAct and paid $8.44 million termination fee as required by the terms of that agreement.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Oil Rises Above $64 on Signs U.S. Gasoline Supplies Fell for 10th Week
(Bloomberg) -- Crude oil rose above $64 a barrel in New York on speculation that an Energy Department report tomorrow will show that U.S. gasoline stockpiles fell for a 10th week.
Gasoline supplies likely declined 1.63 million barrels in the week ended April 13, according to the median of forecasts by 10 analysts surveyed by Bloomberg News. Inventories plunged 12 percent to 199.7 million barrels in the previous nine weeks. U.S. refiners ramp up operations at this time of year as they prepare for increasing oil demand.
Read more at Bloomberg Commodities News
Gasoline supplies likely declined 1.63 million barrels in the week ended April 13, according to the median of forecasts by 10 analysts surveyed by Bloomberg News. Inventories plunged 12 percent to 199.7 million barrels in the previous nine weeks. U.S. refiners ramp up operations at this time of year as they prepare for increasing oil demand.
Read more at Bloomberg Commodities News
Constellation cuts 2008 EPS view, cites JV with Punch Taverns
(Reuters) - However, the company said its adjusted earnings outlook for the year remained unchanged at $1.30 to $1.40.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
TREASURIES-Relief bounce follows tame inflation gain
(Reuters) - Nyk yield Three-month bills 4.87 4.995 Six-month bills 4.86 5.064 Two-year note 99-20/32 4.711 Five-year note 99-13/32 4.633 10-year note 99-11/32 4.708 30-year bond 98-04/32 4.869
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Core inflation muted, homebuilding up
(Reuters) - The Labor Department said its monthly Consumer Price Index climbed 0.6 percent after a 0.4 percent February rise. But so-called core prices that exclude food and energy were up only 0.1 percent after larger gains of 0.2 percent in February and 0.3 percent in January.
Economist David Sloan of 4CAST Ltd. in New York said core prices now seemed to be on a downward trend that was encouraging.
Read more at Reuters.com Bonds News
Economist David Sloan of 4CAST Ltd. in New York said core prices now seemed to be on a downward trend that was encouraging.
Read more at Reuters.com Bonds News
UPDATE 1-U.S. industrial output fell 0.2 percent in March
(Reuters) - WASHINGTON, April 17 - U.S. industrial production unexpectedly fell 0.2 percent in March as utility output retreated sharply from robust February gains fueled by cold weather, a Federal Reserve report showed on Tuesday.
The Federal Reserve said utility output fell 7.0 percent in March after a 7.6 percent gain in February, more than offsetting a healthy 0.7 percent March gain in manufacturing output.
Read more at Reuters.com Economic News
The Federal Reserve said utility output fell 7.0 percent in March after a 7.6 percent gain in February, more than offsetting a healthy 0.7 percent March gain in manufacturing output.
Read more at Reuters.com Economic News
Baan founder gets $80 mln funding for latest firm
(Reuters) - Cordys said the investment marks one of the largest single such deals for a so-called business process management software vendor competing in a $1 billion market, which is estimated to grow to $2.6 billion by 2011.
Baan started Cordys in the Netherlands in 2001, about four years after he left Baan, which was among the first European technology companies to get U.S. venture capital backing.
Read more at Reuters.com Mergers News
Baan started Cordys in the Netherlands in 2001, about four years after he left Baan, which was among the first European technology companies to get U.S. venture capital backing.
Read more at Reuters.com Mergers News
REFILE-UPDATE 1- JoS. A. Bank Clothiers 2006 earnings rise
(Reuters) - Shares of the company rose more than 8 percent to $36.35 in early electronic trade on the Nasdaq.
The men's clothing retailer reported earnings of $2.36 per share, or $43.2 million, for 2006, compared with $1.95, or $35.3 million, in the previous year.
Read more at Reuters.com Market News
The men's clothing retailer reported earnings of $2.36 per share, or $43.2 million, for 2006, compared with $1.95, or $35.3 million, in the previous year.
Read more at Reuters.com Market News
UPDATE 1-Charles Schwab quarterly profit rises 12 pct
(Reuters) - Net income rose to $273 million, or 22 cents a share, from $243 million, or 19 cents, a year earlier. The results matched analysts' average forecast, according to Reuters Estimates.
Revenue at the San Francisco-based company rose 9 percent to $1.15 billion, adjusted to reflect the pending sale of its U.S. Trust unit to Bank of America Corp. .
Read more at Reuters.com Market News
Revenue at the San Francisco-based company rose 9 percent to $1.15 billion, adjusted to reflect the pending sale of its U.S. Trust unit to Bank of America Corp. .
Read more at Reuters.com Market News
Boston Scientific wins approval for heart-device wire
(Reuters) - The approval comes a day after Boston Scientific said it resolved Food and Drug Administration concerns tied to its manufacturing plant for heart-rhythm devices, paving the way for the company to gain product approvals.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
Canada's Dollar is Little Changed After Factory Shipments Drop in February
(Bloomberg) -- Canada's dollar traded at the highest in more than four months as a report showed factory shipments fell as much as analysts had expected in February.
The Canadian currency has gained 2 percent this month against the U.S. dollar on evidence of economic strength and on gains in commodities, which account for 54 percent of the nation's exports.
Read more at Bloomberg Currencies News
The Canadian currency has gained 2 percent this month against the U.S. dollar on evidence of economic strength and on gains in commodities, which account for 54 percent of the nation's exports.
Read more at Bloomberg Currencies News
UPDATE 1-Wells Fargo profit rises 11 pct
(Reuters) - Net income for the San Francisco-based company rose to $2.24 billion, or 66 cents per share, from $2.02 billion, or 60 cents, a year earlier.
Analysts on average forecast profit of 65 cents per share, according to Reuters Estimates.
Read more at Reuters.com Bonds News
Analysts on average forecast profit of 65 cents per share, according to Reuters Estimates.
Read more at Reuters.com Bonds News
US STOCKS-Futures rise after tame core CPI data
(Reuters) - Dow Jones industrial average futures were 23 points higher and Nasdaq 100 futures rose 3.50 points.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Con-way, KeyCorp, Solarfun Power Holdings, Vonage: 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. in New York.
Black & Decker Corp. (BDK): The biggest U.S. maker of power tools, said first-quarter profit exceeded its forecast on an increase in orders. Shares rose 54 cents to $83.72 in regular trading yesterday.
Read more at Bloomberg Stocks News
Black & Decker Corp. (BDK): The biggest U.S. maker of power tools, said first-quarter profit exceeded its forecast on an increase in orders. Shares rose 54 cents to $83.72 in regular trading yesterday.
Read more at Bloomberg Stocks News
S.African white maize dips on rain, firm rand
(Reuters) - South African white maize futures dipped on Tuesday after rain fell and the rand strengthened.
The most active July white maize contract ended 1.16 percent weaker at 1,710 rand a tonne.
Read more at Reuters Africa
The most active July white maize contract ended 1.16 percent weaker at 1,710 rand a tonne.
Read more at Reuters Africa
UPDATE 1-TD Ameritrade posts lower earnings, cuts estimate
(Reuters) - The company also lowered its expected earnings for fiscal 2007, citing recent market activity and reduced trading volume. The brokerage's shares fell 6 percent in premarket trading.
TD Ameritrade, formed last year when Ameritrade Holding bought TD Waterhouse USA from Toronto-Dominion Bank , said net income for the second quarter ended March 31 fell to $141.1 million, or 23 cents a share, from $172.8 million, or 30 cents a share a year before.
Read more at Reuters.com Market News
TD Ameritrade, formed last year when Ameritrade Holding bought TD Waterhouse USA from Toronto-Dominion Bank , said net income for the second quarter ended March 31 fell to $141.1 million, or 23 cents a share, from $172.8 million, or 30 cents a share a year before.
Read more at Reuters.com Market News
GM Europe to build new compact in four plants
(Reuters) - GM Europe President Carl-Peter Forster made the announcement in Brussels. The company said the Antwerp plant would lose the equivalent of an entire production shift, corresponding to about 1,400 jobs, but will continue to assemble vehicles there.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Futures slip before CPI, Coca-Cola up
(Reuters) - Shares of Coca-Cola, a Dow component, rose 1.5 percent before the bell after the world's largest beverage company reported a quarterly profit that beat Wall Street estimates.
Other earnings due on Tuesday include Dow components Intel Corp. , Johnson & Johnson and International Business Machines Corp..
Read more at Reuters.com Bonds News
Other earnings due on Tuesday include Dow components Intel Corp. , Johnson & Johnson and International Business Machines Corp..
Read more at Reuters.com Bonds News
Dow Jones 1st-qtr profit falls, revenue rises
(Reuters) - Revenue rose 17.9 percent to $507.2 million.
Dow Jones publishes The Wall Street Journal and Barron's.
Read more at Reuters.com Business News
Dow Jones publishes The Wall Street Journal and Barron's.
Read more at Reuters.com Business News
China Properties Hires Merrill Lynch to Handle Its 1st Overseas Bond Sale
(Bloomberg) -- China Properties Group Ltd., a developer of real estate in Shanghai, hired Merrill Lynch & Co. to raise $300 million from its first overseas bond sale, according to an e-mail sent to investors.
The developer, which raised HK$1.62 billion ($207 million) from an initial public offering in Hong Kong in February, plans to use the proceeds to buy land and invest in new property projects, according to the e-mail from Merrill.
Read more at Bloomberg Bonds News
The developer, which raised HK$1.62 billion ($207 million) from an initial public offering in Hong Kong in February, plans to use the proceeds to buy land and invest in new property projects, according to the e-mail from Merrill.
Read more at Bloomberg Bonds News
Comstar reports Q4 loss after taking charges
(Reuters) - MOSCOW, April 17 - Russian fixed-line operator Comstar reported on Tuesday a fourth-quarter loss of $63.1 million after taking charges linked to a management incentive scheme and an acquisition.
The results marked continuing earnings volatility at Comstar since it raised nearly $1 billion in an IPO on the London Stock Exchange a year ago, as the company restructured its operations and brought in new management.
Read more at Reuters.com Mergers News
The results marked continuing earnings volatility at Comstar since it raised nearly $1 billion in an IPO on the London Stock Exchange a year ago, as the company restructured its operations and brought in new management.
Read more at Reuters.com Mergers News
Coca-Cola reports higher first-quarter profit
(Reuters) - Excluding a charge, the company earned 56 cents per share.
Coca-Cola, like rival PepsiCo Inc. , has seen a slowdown in sales in mature markets such as North America as increasingly health-conscious consumers opt for bottled water or tea.
Read more at Reuters.com Market News
Coca-Cola, like rival PepsiCo Inc. , has seen a slowdown in sales in mature markets such as North America as increasingly health-conscious consumers opt for bottled water or tea.
Read more at Reuters.com Market News
UPDATE 1-Qiao Xing Mobile files for IPO of 16.7 mln shares
(Reuters) - Qiao Xing Mobile said in a registration statement with the U.S. Securities and Exchange Commission that it expected to receive $133.9 million in net proceeds from the IPO. It plans to use the proceeds to repay shareholder loans; make loans or capital contributions to CEC Telecom Co. Ltd., its 93.4 percent-owned subsidiary; and for general corporate purposes.
Qiao Xing Mobile plans to sell 12.5 million shares, and stockholders plan to sell an additional 4.2 million, the filing said.
Read more at Reuters.com Government Filings News
Qiao Xing Mobile plans to sell 12.5 million shares, and stockholders plan to sell an additional 4.2 million, the filing said.
Read more at Reuters.com Government Filings News
Wall St set to ease ahead of results, key data
(Reuters) - Investors might also be cautious before key inflation data and a slew of earnings reports.
Among the main companies to report this session are Coca-Cola , Dow Jones & Co. , Intel , Yahoo and Johnson & Johnson .
Read more at Reuters.com Bonds News
Among the main companies to report this session are Coca-Cola , Dow Jones & Co. , Intel , Yahoo and Johnson & Johnson .
Read more at Reuters.com Bonds News
FACTBOX-Major shootings inside schools or universities
(Reuters) - March 1996 - BRITAIN - A gunman burst into a primary school in Dunblane in Scotland and shot dead 16 children and their teacher before killing himself.
March 1997 - YEMEN - A man with an assault rifle attacked hundreds of pupils at two schools in Sanaa, killing six children and two others. He was sentenced to death the next day.
Read more at Reuters.com Bonds News
March 1997 - YEMEN - A man with an assault rifle attacked hundreds of pupils at two schools in Sanaa, killing six children and two others. He was sentenced to death the next day.
Read more at Reuters.com Bonds News
Gold Declines in London From Near 11-Month High; Silver and Platinum Fall
(Bloomberg) -- Gold prices declined in London as some investors deemed excessive a rally that took the metal close to an 11-month high. Silver, platinum and palladium also dropped.
Gold's 14-day relative strength index, which traders use to measure the momentum of price movements, was at 67.3 today and at 70.1 yesterday. A reading higher than 70 typically signals prices will decline. Gold, which generally moves in the opposite direction of the dollar, touched $691.26 yesterday, the highest since May 18, 2006, as the dollar fell to a two-year low against the euro on speculation European economic growth will outpace that of the U.S.
Read more at Bloomberg Commodities News
Gold's 14-day relative strength index, which traders use to measure the momentum of price movements, was at 67.3 today and at 70.1 yesterday. A reading higher than 70 typically signals prices will decline. Gold, which generally moves in the opposite direction of the dollar, touched $691.26 yesterday, the highest since May 18, 2006, as the dollar fell to a two-year low against the euro on speculation European economic growth will outpace that of the U.S.
Read more at Bloomberg Commodities News
GLOBAL MARKETS-Stocks, currencies draw breath before data
(Reuters) - LONDON, April 17 - World markets paused for breath ahead of a torrent of data on Tuesday, with shares slipping back from record highs and the euro holding near a two-year peak against the dollar.
Among the wave of indicators due for publication are British inflation at 0830 GMT -- expected to reinforce expectations of an interest rate rise next month -- Germany's ZEW survey of investor confidence at 0900 GMT, and U.S. inflation and housing starts at 1230 GMT.
Read more at Reuters.com Bonds News
Among the wave of indicators due for publication are British inflation at 0830 GMT -- expected to reinforce expectations of an interest rate rise next month -- Germany's ZEW survey of investor confidence at 0900 GMT, and U.S. inflation and housing starts at 1230 GMT.
Read more at Reuters.com Bonds News
ABN set to extend talks with Barclays -sources
(Reuters) - That appears likely to slip, possibly into next week, due to consortium of other possible rival bidders, the sources said. A holding statement may to be released on Tuesday or Wednesday confirming the extension of talks.
Talks on a complex deal have been clouded by the emergence of interest from a consortium of Britain's Royal Bank of Scotland , Spain's Santander and Dutch-Belgian group Fortis which said on Friday it wanted access to ABN's books and management.
Read more at Reuters.com Mergers News
Talks on a complex deal have been clouded by the emergence of interest from a consortium of Britain's Royal Bank of Scotland , Spain's Santander and Dutch-Belgian group Fortis which said on Friday it wanted access to ABN's books and management.
Read more at Reuters.com Mergers News
International Power rises on Suez bid talk-traders
(Reuters) - At 0751 GMT, International Power shares were at 425 pence. Suez stock was down 0.3 percent at 40.97 euros.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Powerfuel Plans to Build 900-Megawatt, Coal-Fired Power Plant in Yorkshire
(Bloomberg) -- Powerfuel, the U.K.-based coal-mining company, plans to build a 900-megawatt, coal-fired power plant in Hatfield, in northern England, that will use Royal Dutch Shell Plc gasification technology and carbon capture.
Construction will take three to four years and may involve building a pipeline to transport carbon dioxide to storage sites in the North Sea, Powerfuel said in an e-mailed statement.
Read more at Bloomberg Energy News
Construction will take three to four years and may involve building a pipeline to transport carbon dioxide to storage sites in the North Sea, Powerfuel said in an e-mailed statement.
Read more at Bloomberg Energy News
European Stocks Retreat, Paced by BHP Billiton, Nestle; Debenhams Slumps
(Bloomberg) -- European stocks fell from a 6 1/2- year high, tracking declines in Asian equities. BHP Billiton Ltd. and Nestle SA paced the slide.
Debenhams Plc slumped after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates. Pirelli & C. SpA slid after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder. Tesco Plc fell after the retailer posted a 20 percent gain in full-year profit.
Read more at Bloomberg Stocks News
Debenhams Plc slumped after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates. Pirelli & C. SpA slid after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder. Tesco Plc fell after the retailer posted a 20 percent gain in full-year profit.
Read more at Bloomberg Stocks News
France raps EU executive over ex-colony trade deals
(Reuters) - France, the European Union's agricultural powerhouse, accused the EU executive on Monday of disturbing the balance of Europe's sugar and banana markets by proposing free-trade deals with its former colonies.
In a note read out to EU farm ministers, France said the European Commission's offer to open EU markets to all products from African, Caribbean and Pacific (ACP) countries, with no duties or quotas, would also undermine recent policy reform.
Read more at Reuters Africa
In a note read out to EU farm ministers, France said the European Commission's offer to open EU markets to all products from African, Caribbean and Pacific (ACP) countries, with no duties or quotas, would also undermine recent policy reform.
Read more at Reuters Africa
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