(Reuters) - The decision by the 9th U.S. Circuit Court of Appeals was the latest in a long dispute on what tuna sold in the United States can be labeled "dolphin safe" -- a designation that means tuna is fished using practices that protect dolphins.
Previous such decisions angered Mexican and South American fishing industries.
Read more at Reuters.com Business News
Friday, April 27, 2007
1-cent option plan reduces payment deals-SEC
(Reuters) - Quoting options in one-cent increments has given investors better choices on prices and significantly narrowed bid/ask spreads, according to preliminary data, said Elizabeth King, associate director in the market regulation division at the U.S. Securities and Exchange Commission.
Options continue to be quoted in nickels and dimes and prior to the pilot, several exchanges offered programs where customers could obtain price improvements in one-cent increments.
Read more at Reuters.com Government Filings News
Options continue to be quoted in nickels and dimes and prior to the pilot, several exchanges offered programs where customers could obtain price improvements in one-cent increments.
Read more at Reuters.com Government Filings News
Countrywide CEO gets $43 mln pay, $79 mln gain
(Reuters) - Mozilo, 68, also had a $72.21 million gain from the exercise of 2,355,769 stock options, and a $6.66 million gain from the vesting of 170,002 shares.
Compensation is based on salary, bonus, the value of stock options and other awards granted during the year, and incentives and perks. Countrywide disclosed Mozilo's pay package in a U.S. Securities and Exchange Commission filing.
Read more at Reuters.com Government Filings News
Compensation is based on salary, bonus, the value of stock options and other awards granted during the year, and incentives and perks. Countrywide disclosed Mozilo's pay package in a U.S. Securities and Exchange Commission filing.
Read more at Reuters.com Government Filings News
RBC says inflation could force Canada rate move
(Reuters) - Lifting interest rates at a time when the United States could start cutting them would certainly boost the Canadian currency further, but the Bank of Canada may have little choice, as hikes may be needed to keep inflation around the bank's 2 percent target.
"The might... be wary of turning hawkish in the wake of the big ... selloff in USD/CAD that will pose another intense challenge to Canadian manufacturers," RBC strategist David Watt said in a note.
Read more at Reuters.com Bonds News
"The might... be wary of turning hawkish in the wake of the big ... selloff in USD/CAD that will pose another intense challenge to Canadian manufacturers," RBC strategist David Watt said in a note.
Read more at Reuters.com Bonds News
Chile's CMPC plans $250 mln investments in 2007
(Reuters) - CMPC said on Thursday its first-quarter revenue was 360.59 billion pesos, compared to 292.48 billion in the same period last year.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Baidu, Goodyear, Metabolix, Sun-Times, Synchronoss: 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 11:40 a.m. in New York.
Avid Technology Inc. (AVID US) fell $4.57, or 12 percent, to $34.09 and traded as low as $33.60. The maker of sound- and video-editing systems said it broke even in the fiscal first quarter. Seven analysts polled by Bloomberg, on average, estimated profit of 20 cents a share.
Read more at Bloomberg Stocks News
Avid Technology Inc. (AVID US) fell $4.57, or 12 percent, to $34.09 and traded as low as $33.60. The maker of sound- and video-editing systems said it broke even in the fiscal first quarter. Seven analysts polled by Bloomberg, on average, estimated profit of 20 cents a share.
Read more at Bloomberg Stocks News
GE should spin off NBC, other units: Citigroup
(Reuters) - As a stand-alone company, NBC would be better able to explore acquisitions or sell itself to a larger media company, he said.
"GE stock has basically gone sideways for five years despite solid underlying execution," Sprague said in a research report. "We believe GE's size and complexity is working against investor interest in the stock and has contributed to further valuation erosion."
Read more at Reuters.com Business News
"GE stock has basically gone sideways for five years despite solid underlying execution," Sprague said in a research report. "We believe GE's size and complexity is working against investor interest in the stock and has contributed to further valuation erosion."
Read more at Reuters.com Business News
Polish Zloty Has Longest Run of Weekly Gains in Six Years on Rate View
(Bloomberg) -- The Polish zloty had its longest run of weekly gains against the euro in almost six years on speculation the central bank will raise interest rates for a second time in three years.
The currency has risen more than 2 percent this week after the National Bank of Poland raised borrowing costs to curb inflation stoked by faster economic expansion. Central banker Dariusz Filar yesterday said the economy probably grew 7 percent in the first quarter, the quickest pace for more than a decade, prompting traders to increase bets on higher rates.
Read more at Bloomberg Currencies News
The currency has risen more than 2 percent this week after the National Bank of Poland raised borrowing costs to curb inflation stoked by faster economic expansion. Central banker Dariusz Filar yesterday said the economy probably grew 7 percent in the first quarter, the quickest pace for more than a decade, prompting traders to increase bets on higher rates.
Read more at Bloomberg Currencies News
Freddie Mac to sell $5 billion bills on Monday
(Reuters) - -- $2.5 billion of three-month bills due July 30, 2007 to be sold Monday and settle Tuesday;
-- $1.5 billion of six-month bills due Oct. 29, 2007 to be sold Monday and settle Tuesday; and.
Read more at Reuters.com Bonds News
-- $1.5 billion of six-month bills due Oct. 29, 2007 to be sold Monday and settle Tuesday; and.
Read more at Reuters.com Bonds News
U.S. Treasuries Advanced as Economic Growth Slowed in the First Quarter
(Bloomberg) -- Treasuries rose after a government report showed the world's largest economy expanded at the slowest pace in four years during the first quarter.
Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Gains were limited as an inflation measure watched by the Federal Reserve accelerated.
Read more at Bloomberg Bonds News
Gross domestic product grew at a 1.3 percent annual rate, the Commerce Department in Washington said. Gains were limited as an inflation measure watched by the Federal Reserve accelerated.
Read more at Bloomberg Bonds News
Oil Is Steady as Government Report Shows U.S. Economic Growth Is Slowing
(Bloomberg) -- Crude oil was little changed in New York after a government report showed that economic growth in the U.S., the biggest energy consumer, is slowing.
The U.S. economy expanded at 1.3 percent in the first quarter, the slowest pace in four years, the Commerce Department reported today in Washington. Economists expected a 1.8 percent gain in GDP last quarter, according to the median estimate of 83 forecasts in a Bloomberg News survey. The U.S. consumes 25 percent of global crude-oil production.
Read more at Bloomberg Energy News
The U.S. economy expanded at 1.3 percent in the first quarter, the slowest pace in four years, the Commerce Department reported today in Washington. Economists expected a 1.8 percent gain in GDP last quarter, according to the median estimate of 83 forecasts in a Bloomberg News survey. The U.S. consumes 25 percent of global crude-oil production.
Read more at Bloomberg Energy News
Oil Is Little Changed as Report Shows U.S. Economy Slowed in First Quarter
(Bloomberg) -- Crude oil was little changed in New York after a government report showed that economic growth in the U.S., the biggest energy consumer, is slowing.
The U.S. economy expanded at 1.3 percent in the first quarter, the slowest pace in four years, the Commerce Department reported today in Washington. Economists expected a 1.8 percent gain in GDP last quarter, according to the median estimate of 83 forecasts in a Bloomberg News survey. The U.S. consumes 25 percent of global crude-oil production.
Read more at Bloomberg Commodities News
The U.S. economy expanded at 1.3 percent in the first quarter, the slowest pace in four years, the Commerce Department reported today in Washington. Economists expected a 1.8 percent gain in GDP last quarter, according to the median estimate of 83 forecasts in a Bloomberg News survey. The U.S. consumes 25 percent of global crude-oil production.
Read more at Bloomberg Commodities News
Dendreon Short Sellers Bet Prostate Cancer Drug Won't Win U.S. Approval
(Bloomberg) -- Dendreon Corp. shares are being sold short at a record pace as some investors bet the company's experimental prostate cancer drug will fail to win approval from U.S. regulators.
About 44 percent of Dendreon shares in mid-April were borrowed stock sold short, in anticipation of being replaced at a lower price, according to Nasdaq Stock Market data compiled by Bloomberg. That's a big bet against a stock that has tripled since March 29, when advisers to the Food and Drug Administration recommended the medicine.
Read more at Bloomberg Exclusive News
About 44 percent of Dendreon shares in mid-April were borrowed stock sold short, in anticipation of being replaced at a lower price, according to Nasdaq Stock Market data compiled by Bloomberg. That's a big bet against a stock that has tripled since March 29, when advisers to the Food and Drug Administration recommended the medicine.
Read more at Bloomberg Exclusive News
Dresdner outlook now positive, was stable-S&P
(Reuters) - "The outlook revision reflects the expectation that Dresdner's stand-alone creditworthiness will strengthen as it improves its moderate financial performance in coming years through gradually rising revenues, a stable cost base, and below-average risk provisioning needs," S&P said in a statement.
However the bank's operating performance is still significantly reliant on capital market conditions and the structurally more difficult German banking market, the ratings agency added.
Read more at Reuters.com Bonds News
However the bank's operating performance is still significantly reliant on capital market conditions and the structurally more difficult German banking market, the ratings agency added.
Read more at Reuters.com Bonds News
Gauge of U.S. economy rose in latest week: ECRI
(Reuters) - The rise was due to higher stock prices, improved housing activity and lower interest rates, although the strength was offset in part by lower money supply, it group said.
The index's annualized growth rate rose to 4.0 percent from 3.6 percent the prior week.
Read more at Reuters.com Bonds News
The index's annualized growth rate rose to 4.0 percent from 3.6 percent the prior week.
Read more at Reuters.com Bonds News
UPDATE 1-Unicredit sees May sale of Polish BPH branches
(Reuters) - Unicredit, which took control of BPH last year after buying Germany's HVB, said earlier on Friday it had entered into exclusive talks with GE Money for the sale of the bank branches in Poland.
"The operational integration of the banks may take a few months, but the formal end of the sale and the signature of the contract may occur in May," said Andrea Moneta, a senior Unicredit offical in charge of Poland.
Read more at Reuters.com Mergers News
"The operational integration of the banks may take a few months, but the formal end of the sale and the signature of the contract may occur in May," said Andrea Moneta, a senior Unicredit offical in charge of Poland.
Read more at Reuters.com Mergers News
Blackstone, Cerberus Clash in Detroit as Buyout Firms Invade Auto Industry
(Bloomberg) -- The decision had been made. DaimlerChrysler AG's management in Stuttgart, Germany, weary of the struggle to keep its U.S.-based Chrysler unit in the black, was ready to sell. In March, Chrysler Chief Executive Officer Thomas LaSorda organized separate daylong briefings for prospective buyers. They continued their discussions during steak and seafood dinners at the Walter P. Chrysler Museum in Auburn Hills, Michigan -- in a gallery decorated with World War II jeeps.
LaSorda's guests weren't from Toyota Motor Corp. or General Motors Corp. They were Neil Simpkins of Blackstone Group LP and Lenard Tessler of Cerberus Capital Management LP, New York-based private equity firms that have been involved in some of the biggest leveraged buyouts of the past decade.
Read more at Bloomberg Exclusive News
LaSorda's guests weren't from Toyota Motor Corp. or General Motors Corp. They were Neil Simpkins of Blackstone Group LP and Lenard Tessler of Cerberus Capital Management LP, New York-based private equity firms that have been involved in some of the biggest leveraged buyouts of the past decade.
Read more at Bloomberg Exclusive News
U.S. April consumer sentiment at 7-month low-UMich
(Reuters) - April's final result was the lowest since 85.4 in September 2006 but was up from the 85.3 preliminary April reading. The median forecast among analysts polled by Reuters was 85.2. The 54 forecasts ranged from 84.0 to 88.8.
The survey showed increased inflation expectations among consumers, who also fretted over rising gasoline prices and troubles in the housing market. However, the stock market's recent stellar performance did cheer some.
Read more at Reuters.com Bonds News
The survey showed increased inflation expectations among consumers, who also fretted over rising gasoline prices and troubles in the housing market. However, the stock market's recent stellar performance did cheer some.
Read more at Reuters.com Bonds News
Canada's Dollar Reaches 7-Month High on Manufacturing Outlook, U.S. Growth
(Bloomberg) -- Canada's dollar approached a seven- month high, after a government survey showed factories expect increased production in the second quarter, while the U.S. reported less-than-expected growth in the first three months.
Canada's currency is headed for its sixth straight weekly gain after a quarterly survey of 3,000 managers by Statistics Canada in Ottawa showed 22 percent of manufacturers predicted higher output, a 4 percentage point rise from January.
Read more at Bloomberg Currencies News
Canada's currency is headed for its sixth straight weekly gain after a quarterly survey of 3,000 managers by Statistics Canada in Ottawa showed 22 percent of manufacturers predicted higher output, a 4 percentage point rise from January.
Read more at Bloomberg Currencies News
UPDATE 1-RSC Holdings almost doubles IPO to $575 mln
(Reuters) - The Scottsdale, Arizona-based company said Deutsche Bank Securities, Morgan Stanley and Lehman Brothers are underwriting the IPO.
The filing did not reveal how many shares the company planned to sell or the expected price of the shares.
Read more at Reuters.com Bonds News
The filing did not reveal how many shares the company planned to sell or the expected price of the shares.
Read more at Reuters.com Bonds News
Morocco plans second $1.7 bln port in Tangier
(Reuters) - Morocco plans to build a new 14 billion dirham port in Tangier to supplement another new port opening in July that will be used to capacity within eight years, government officials said on Friday.
The project was endorsed by King Mohammed at a meeting of top government officials late on Thursday, they added.
Read more at Reuters Africa
The project was endorsed by King Mohammed at a meeting of top government officials late on Thursday, they added.
Read more at Reuters Africa
UPDATE 1-Simon Property quarterly FFO up 9.3 percent
(Reuters) - Simon said first-quarter FFO rose 9.3 percent to $392.4 million, or $1.37 per share, from $358.9 million, or $1.26, a year earlier.
Analysts' average forecast was FFO of $1.30 a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts' average forecast was FFO of $1.30 a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Chevron's Earnings Rise 18 Percent on Asset-Sale Gain, Refining Margins
(Bloomberg) -- Chevron Corp., the second-biggest U.S. oil company, said first-quarter earnings rose 18 percent on a gain from an asset sale and wider profit margins on gasoline and diesel.
Net income rose to $4.72 billion, or $2.18 a share, from $4 billion, or $1.80, a year earlier, the San Ramon, California- based company said today in a statement. Revenue slid 12 percent to $48.2 billion on an accounting change.
Read more at Bloomberg Energy News
Net income rose to $4.72 billion, or $2.18 a share, from $4 billion, or $1.80, a year earlier, the San Ramon, California- based company said today in a statement. Revenue slid 12 percent to $48.2 billion on an accounting change.
Read more at Bloomberg Energy News
Poor U.S. growth sends dollar to record euro low
(Reuters) - Wall Street looked set for a poor start after the Commerce Department said weaker exports and a steady slide in spending on homebuilding had helped slow U.S. economic growth to its softest pace in four years.
Gross domestic product or GDP, which measures total goods and services output within U.S. borders, increased at a weaker-than-expected 1.3 percent annual rate in the three months from January through March.
Read more at Reuters.com Bonds News
Gross domestic product or GDP, which measures total goods and services output within U.S. borders, increased at a weaker-than-expected 1.3 percent annual rate in the three months from January through March.
Read more at Reuters.com Bonds News
UPDATE 1-FLIR Systems Q1 earnings more than double
(Reuters) - The thermal imaging and infra-red camera maker raised its 2007 earnings forecast to $1.58 to $1.63 a share from its earlier view of $1.48 to $1.53 a share.
It now expects 2007 revenue of $690 million to $710 million, up from its earlier forecast of $670 million to $680 million.
Read more at Reuters.com Market News
It now expects 2007 revenue of $690 million to $710 million, up from its earlier forecast of $670 million to $680 million.
Read more at Reuters.com Market News
Tyco starts buying back debt
(Reuters) - Tyco also said it expects subsidiary Tyco International Group to tender for all of its outstanding euro- and pound-denominated debt, worth about $1.9 billion, from April 30.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
UPDATE 1-CTC Media profits ahead in Q1, reiterates guidance
(Reuters) - Operating revenues gained 31.4 percent to $104.1 million and earnings before interest, taxes, depreciation and amortisation gained 20.3 percent to $44.3 million, the company said in a statement.
Net income under U.S. GAAP was up 24.1 percent to $28.1 million while diluted earnings per share gained 20 percent to 18 U.S. cents, according to unaudited results.
Read more at Reuters.com Market News
Net income under U.S. GAAP was up 24.1 percent to $28.1 million while diluted earnings per share gained 20 percent to 18 U.S. cents, according to unaudited results.
Read more at Reuters.com Market News
UPDATE 1-Lance posts Q1 profit, raises 2007 earnings range view
(Reuters) - The Charlotte, North Carolina-based company raised its 2007 earnings outlook range, while reaffirming its net sales view of $750 to $775 million for the full year..
It now expects 2007 earnings of 84 cents to 90 cents a share, up from its prior forecast range of 80 cents to 88 cents a share.
Read more at Reuters.com Market News
It now expects 2007 earnings of 84 cents to 90 cents a share, up from its prior forecast range of 80 cents to 88 cents a share.
Read more at Reuters.com Market News
J.C. Penney, Target Lead Rebound in Corporate Bond Sales as Profits Rise
(Bloomberg) -- J.C. Penney Co., the third-biggest U.S. department-store chain, and discounter Target Corp. led borrowers selling $23.8 billion of bonds this week as issuance accelerated amid gains in corporate profits.
Sales rose from $14.7 billion last week, according to data compiled by Bloomberg. J.C. Penney and Target each sold $1 billions of bonds. For Plano, Texas-based J.C. Penney, the offering was its largest in a decade.
Read more at Bloomberg Bonds News
Sales rose from $14.7 billion last week, according to data compiled by Bloomberg. J.C. Penney and Target each sold $1 billions of bonds. For Plano, Texas-based J.C. Penney, the offering was its largest in a decade.
Read more at Bloomberg Bonds News
UPDATE 1-Brookfield Properties FFO rises 25 pct
(Reuters) - Brookfield said its funds from operations were $129 million, or 48 cents a share, up from $103 million, or 44 cents a share in the same quarter of 2006.
Analysts were expecting FFO of 48 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts were expecting FFO of 48 cents a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Indonesia Permits Import of Additional 47,050 Metric Tons of White Sugar
(Bloomberg) -- Indonesia has issued permits to import another 47,050 metric tons of white sugar to meet demand, a government official said.
That brings the total this year to 232,563 tons of the sweetener, said Alberth Yusuf Tubogu, import director at the Ministry of Trade, in an interview in Jakarta.
Read more at Bloomberg Commodities News
That brings the total this year to 232,563 tons of the sweetener, said Alberth Yusuf Tubogu, import director at the Ministry of Trade, in an interview in Jakarta.
Read more at Bloomberg Commodities News
Uganda prepares to double Nile hydropower
(Reuters) - Splashing the riverbanks with foam as they whoosh through central Uganda, the Bujagali Falls near the Nile's source are a challenge to local fishermen and thrill-seeking white-water rafters alike.
But Uganda's government has other ideas for this powerful jet of water: it wants to harness it for electricity.
Read more at Reuters Africa
But Uganda's government has other ideas for this powerful jet of water: it wants to harness it for electricity.
Read more at Reuters Africa
Copper Declines in London as Chinese Supply Increases; Lead, Nickel Gain
(Bloomberg) -- Copper was poised to snap seven consecutive weeks of gains in London on speculation that demand growth will slow due to rising supply in China, the world's largest user of the metal. Lead and nickel gained.
Stockpiles monitored by the Shanghai Futures Exchange rose to 67,820 metric tons, the highest since December 2005, according to exchange data released today. That may slow imports into the nation this quarter, said Tobias Merath, an analyst at Credit Suisse Group in Zurich.
Read more at Bloomberg Commodities News
Stockpiles monitored by the Shanghai Futures Exchange rose to 67,820 metric tons, the highest since December 2005, according to exchange data released today. That may slow imports into the nation this quarter, said Tobias Merath, an analyst at Credit Suisse Group in Zurich.
Read more at Bloomberg Commodities News
FACTBOX-Dutch rules for unsolicited approaches
(Reuters) - The regulation was translated by Reuters. It should not be viewed as an official translation.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Copper Stockpiles Drop to Lowest in Almost Five Months on London Exchange
(Bloomberg) -- Copper stockpiles monitored by the London Metal Exchange dropped to the lowest in almost five months.
Copper inventories fell 2,050 metric tons, or 1.3 percent, to 159,125 tons, the exchange said today in a report. That's the lowest since Dec. 1.
Read more at Bloomberg Commodities News
Copper inventories fell 2,050 metric tons, or 1.3 percent, to 159,125 tons, the exchange said today in a report. That's the lowest since Dec. 1.
Read more at Bloomberg Commodities News
Indian Rupee Heads for Strongest Week in 14 Months on Stocks, Higher Yield
(Bloomberg) -- India's rupee headed for its biggest weekly gain since December 2005, on optimism the nation's rising stocks and relatively high interest rates will attract increased investment from abroad.
The rupee climbed to the strongest in nine years yesterday as the benchmark stock index reached the highest in more than two months. The average daily investment in local equities by overseas funds is five times more this month than in March, as companies including Infosys Technologies Ltd. and Bharti Airtel Ltd. reported better-than-expected profits for last quarter.
Read more at Bloomberg Currencies News
The rupee climbed to the strongest in nine years yesterday as the benchmark stock index reached the highest in more than two months. The average daily investment in local equities by overseas funds is five times more this month than in March, as companies including Infosys Technologies Ltd. and Bharti Airtel Ltd. reported better-than-expected profits for last quarter.
Read more at Bloomberg Currencies News
UPDATE 1-Acer seeks M&A, expects flat Q2 sales
(Reuters) - "It will be just a small case and we will not spend too much money," Acer Chairman J.T. Wang said during a company event.
"Anything we spend will get gains very soon."
Read more at Reuters.com Market News
"Anything we spend will get gains very soon."
Read more at Reuters.com Market News
Merck and Schering, Buoyed by Medicare, May Lead Stock Advances in 2007
(Bloomberg) -- Pharmaceutical stocks are headed for their biggest annual gain since 2000 after a new U.S. drug insurance program and industrywide job cuts helped profits beat analysts' estimates.
The 14-member Standard and Poor's 500 Pharmaceuticals Index added 8.4 percent since Jan. 1, led by a 35 percent rise by Schering-Plough Corp. and a 31 percent advance by King Pharmaceuticals Inc. The eight largest U.S. drugmakers beat first-quarter earnings estimates this month and half raised their forecasts, a trend analysts say may continue through 2007.
Read more at Bloomberg Stocks News
The 14-member Standard and Poor's 500 Pharmaceuticals Index added 8.4 percent since Jan. 1, led by a 35 percent rise by Schering-Plough Corp. and a 31 percent advance by King Pharmaceuticals Inc. The eight largest U.S. drugmakers beat first-quarter earnings estimates this month and half raised their forecasts, a trend analysts say may continue through 2007.
Read more at Bloomberg Stocks News
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