(Reuters) - Base metals prices were steady in light trade on Wednesday, after copper jumped nearly 3 percent in the previous session on robust U.S. data and a strike by mineworkers in Peru.
Copper for delivery in three months on the London Metal Exchange was at $7,945 a tonne at 0330 GMT, down $41 from the previous close when prices rallied 2.9 percent.
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Tuesday, May 1, 2007
Gold firmer on higher oil, Tokyo futures drop
(Reuters) - Gold rose on Wednesday on a rebound in crude oil, while Tokyo futures shrugged off a weaker yen and dropped on position-squaring ahead of a four-day holiday weekend.
The new benchmark gold futures for April 2008 delivery on the Tokyo Commodity Exchange ended the morning session down 7 yen per gram at 2,629 yen. It had traded in range of 2,626 to 2,631 yen.
Read more at Reuters Africa
The new benchmark gold futures for April 2008 delivery on the Tokyo Commodity Exchange ended the morning session down 7 yen per gram at 2,629 yen. It had traded in range of 2,626 to 2,631 yen.
Read more at Reuters Africa
Lonmin H1 profit down, maintains year guidance
(Reuters) - South Africa-focused miner Lonmin Plc said on Wednesday it still expected full-year sales of 980,000 to 1 million ounces of platinum, as it posted an 18 percent fall in underlying first-half profit.
Lonmin said in a statement it made a pretax profit before exceptional items of $235 million in the six months to end-March, on turnover down 11 percent to $631 million. The interim dividend was raised 22 percent to 55 cents.
Read more at Reuters Africa
Lonmin said in a statement it made a pretax profit before exceptional items of $235 million in the six months to end-March, on turnover down 11 percent to $631 million. The interim dividend was raised 22 percent to 55 cents.
Read more at Reuters Africa
Allianz First-Quarter Profit Surges 80% on Asset Sale Gains in Germany
(Bloomberg) -- Allianz SE, Europe's biggest insurer, said first-quarter profit surged 80 percent, boosted by gains from the sale of shareholdings in Germany.
Net income climbed to 3.2 billion euros ($4.35 billion) from 1.78 billion euros in the year-ago period, Munich-based Allianz said in a statement distributed by the DGAP newswire today. That beat the 2.4 billion-euro median estimate of 16 analysts surveyed by Bloomberg via telephone and e-mail.
Read more at Bloomberg Stocks News
Net income climbed to 3.2 billion euros ($4.35 billion) from 1.78 billion euros in the year-ago period, Munich-based Allianz said in a statement distributed by the DGAP newswire today. That beat the 2.4 billion-euro median estimate of 16 analysts surveyed by Bloomberg via telephone and e-mail.
Read more at Bloomberg Stocks News
European Bonds May Slide Before EU Manufacturing, German Jobless Reports
(Bloomberg) -- European bonds may fall before reports that are forecast to show that manufacturing growth in the euro region probably picked up and unemployment in Germany held near the lowest in almost five years.
Bonds rose earlier this week, with benchmark 10-year bund yields falling from their highest since August 2005, as technical charts suggested recent declines may have gone too far and that yields already reflect the outlook for interest-rate increases. Economic reports today may reinforce investors' views the European Central Bank may raise borrowing costs twice more this year.
Read more at Bloomberg Bonds News
Bonds rose earlier this week, with benchmark 10-year bund yields falling from their highest since August 2005, as technical charts suggested recent declines may have gone too far and that yields already reflect the outlook for interest-rate increases. Economic reports today may reinforce investors' views the European Central Bank may raise borrowing costs twice more this year.
Read more at Bloomberg Bonds News
Hyundai Motor's Profit Unexpectedly Falls for Fifth Quarter on Sales Slump
(Bloomberg) -- Hyundai Motor Co., South Korea's biggest automaker, posted an unexpected 10 percent fall in first- quarter profit, the fifth straight decline, as a stronger won compounded a slump in sales of Sonata sedans and other models.
Net income was 307.4 billion won ($330 million) in the three months ended March 31, compared with 342.4 billion won a year earlier, the Seoul-based automaker said in a statement today. That was less than the 363.9 billion won median estimate in a Bloomberg News survey of nine analysts. Sales fell 2.6 percent to 6.68 trillion won.
Read more at Bloomberg Emerging Markets News
Net income was 307.4 billion won ($330 million) in the three months ended March 31, compared with 342.4 billion won a year earlier, the Seoul-based automaker said in a statement today. That was less than the 363.9 billion won median estimate in a Bloomberg News survey of nine analysts. Sales fell 2.6 percent to 6.68 trillion won.
Read more at Bloomberg Emerging Markets News
Rents Peak in U.S. Housing Market Glut; New York Landlords Escape Drop
(Bloomberg) -- The glut of U.S. properties for sale is about to hit the rental market.
A record number of homeowners who can't sell condominiums and houses are competing for tenants with the country's biggest apartment owners led by Chicago-based Equity Residential, said Jack McCabe, the founder of Deerfield Beach, Florida-based McCabe Research & Consulting LLC. Rents in metropolitan New York, where demand for housing exceeds supply, may be the only place where rents increase, albeit at a slower pace, he said.
Read more at Bloomberg Currencies News
A record number of homeowners who can't sell condominiums and houses are competing for tenants with the country's biggest apartment owners led by Chicago-based Equity Residential, said Jack McCabe, the founder of Deerfield Beach, Florida-based McCabe Research & Consulting LLC. Rents in metropolitan New York, where demand for housing exceeds supply, may be the only place where rents increase, albeit at a slower pace, he said.
Read more at Bloomberg Currencies News
South African Housing Gap Sparks Anger, Violence as Squatters Seize Homes
(Bloomberg) -- Sello Timothy Mbamba's dream of owning his own home came true -- and for more than a year he's been too afraid to move in.
Mbamba was one of more than 100 people who won government funding to build one-bedroom houses at Olievenhoutbosch, 19 miles northwest of Johannesburg. When the house was completed 18 months ago, people who were still living in shacks accused him of leapfrogging over them and threatened his family.
Read more at Bloomberg Emerging Markets News
Mbamba was one of more than 100 people who won government funding to build one-bedroom houses at Olievenhoutbosch, 19 miles northwest of Johannesburg. When the house was completed 18 months ago, people who were still living in shacks accused him of leapfrogging over them and threatened his family.
Read more at Bloomberg Emerging Markets News
Shinhan Card of South Korea Hires Four Banks to Sell $400 Million of Bonds
(Bloomberg) -- Shinhan Card Co., a credit card unit of South Korea's second-largest financial-services company, hired four banks to sell $400 million of bonds, according to an e-mail sent to investors.
Shinhan Card engaged ABN Amro Holding NV, Bank of America Corp., BNP Paribas SA and Goldman Sachs Group Inc. to sell the five-year securities, according to the e-mail. Shinhan will meet investors in Asia and Europe next week for the sale of the senior unsecured notes, the e-mail shows.
Read more at Bloomberg Bonds News
Shinhan Card engaged ABN Amro Holding NV, Bank of America Corp., BNP Paribas SA and Goldman Sachs Group Inc. to sell the five-year securities, according to the e-mail. Shinhan will meet investors in Asia and Europe next week for the sale of the senior unsecured notes, the e-mail shows.
Read more at Bloomberg Bonds News
Rents Peak in U.S. Housing Market Glut; New York Landlords Escape Decline
(Bloomberg) -- The glut of U.S. properties for sale is about to hit the rental market.
A record number of homeowners who can't sell condominiums and houses are competing for tenants with the country's biggest apartment owners led by Chicago-based Equity Residential, said Jack McCabe, the founder of Deerfield Beach, Florida-based McCabe Research & Consulting LLC. Rents in metropolitan New York, where demand for housing exceeds supply, may be the only place where rents increase, albeit at a slower pace, he said.
Read more at Bloomberg Bonds News
A record number of homeowners who can't sell condominiums and houses are competing for tenants with the country's biggest apartment owners led by Chicago-based Equity Residential, said Jack McCabe, the founder of Deerfield Beach, Florida-based McCabe Research & Consulting LLC. Rents in metropolitan New York, where demand for housing exceeds supply, may be the only place where rents increase, albeit at a slower pace, he said.
Read more at Bloomberg Bonds News
Japanese Shares Climb, Reversing Losses; Steelmakers Gain, Toyota Slides
(Bloomberg) -- Japanese stocks advanced, led by steelmakers, on speculation rising prices for their products signal profit will increase and after the Nikkei newspaper reported the domestic economy will continue to expand.
Nippon Steel Corp. gained 1.1 percent and JFE Holdings Inc. jumped 2.4 percent.
Read more at Bloomberg Stocks News
Nippon Steel Corp. gained 1.1 percent and JFE Holdings Inc. jumped 2.4 percent.
Read more at Bloomberg Stocks News
Dow Jones Drops After Bancroft Family Rejects Takeover: U.S. After-Hours
(Bloomberg) -- Dow Jones & Co. fell in extended U.S. trading after the owner of the Wall Street Journal said Bancroft family members who control more than 50 percent of the company's voting shares will reject a $5 billion takeover bid by Rupert Murdoch's News Corp.
Shares of the New York-based publisher declined 64 cents, or 1.1 percent, to $55.56 as of 5:11 p.m. in New York. Director Michael B. Elefante told the board of the family's decision, Dow Jones said in a statement. News Corp., the third-largest U.S. media company, announced its $60-a-share bid today.
Read more at Bloomberg Stocks News
Shares of the New York-based publisher declined 64 cents, or 1.1 percent, to $55.56 as of 5:11 p.m. in New York. Director Michael B. Elefante told the board of the family's decision, Dow Jones said in a statement. News Corp., the third-largest U.S. media company, announced its $60-a-share bid today.
Read more at Bloomberg Stocks News
South Korean Won Weakens to Two-Week Low as Yield Premium of Debt Narrows
(Bloomberg) -- South Korea's won fell to the lowest in two weeks as the extra yield investors get for buying the nation's bonds compared with U.S. Treasuries narrowed.
Yields on U.S. government debt rose yesterday after a report showed manufacturing growth accelerated in the world's biggest economy and before a report today that may show factory orders quickened in March. The won dropped 0.5 percent since the central bank April 26 said the current-account deficit widened to the most in almost a year.
Read more at Bloomberg Emerging Markets News
Yields on U.S. government debt rose yesterday after a report showed manufacturing growth accelerated in the world's biggest economy and before a report today that may show factory orders quickened in March. The won dropped 0.5 percent since the central bank April 26 said the current-account deficit widened to the most in almost a year.
Read more at Bloomberg Emerging Markets News
Pound Gains Versus Euro as Report Shows Retail Spending Rose in April
(Bloomberg) -- The U.K. pound rose against the euro as a report showed retail spending gained last month, stoking expectations the Bank of England will have to keep raising interest rates to cut above-target inflation.
The pound gained for a third day against the dollar as the Confederation of British Industry said its retail index rose to the highest in two years. The currency snapped a four-day losing streak against the euro yesterday after a separate report showed inflation will exceed the BOE's target for another year.
Read more at Bloomberg Currencies News
The pound gained for a third day against the dollar as the Confederation of British Industry said its retail index rose to the highest in two years. The currency snapped a four-day losing streak against the euro yesterday after a separate report showed inflation will exceed the BOE's target for another year.
Read more at Bloomberg Currencies News
Duke Cheating Scandal Shows Failure of Post-Enron Business Ethics Class
(Bloomberg) -- The cheating episode at Duke University may cause academics to conclude the post-Enron emphasis on teaching ethics in graduate business schools is a failure.
Thirty-four first-year master's of business administration students at Duke's Fuqua School of Business were disciplined in the program's largest cheating scandal. Nine students face expulsion for collaborating on a take-home test, violating the professor's rules.
Read more at Bloomberg Exclusive News
Thirty-four first-year master's of business administration students at Duke's Fuqua School of Business were disciplined in the program's largest cheating scandal. Nine students face expulsion for collaborating on a take-home test, violating the professor's rules.
Read more at Bloomberg Exclusive News
Saudi Aramco Raises Propane, Butane Prices 5.7 Percent for Loading in May
(Bloomberg) -- Saudi Aramco, the world's largest state oil company, raised prices of liquefied petroleum gas for loading in May by as much as 5.7 percent from a month ago, a company official said.
The company raised prices of propane to $560 a metric ton from $530 in April and increased butane prices to $575 a ton from $545 a ton in April, said the official who asked not to be identified.
Read more at Bloomberg Energy News
The company raised prices of propane to $560 a metric ton from $530 in April and increased butane prices to $575 a ton from $545 a ton in April, said the official who asked not to be identified.
Read more at Bloomberg Energy News
Cell Genesys files for $150 mln debt, stock shelf
(Reuters) - Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Indonesian Bonds, Rupiah Gain as Inflation Slower Than Economists Forecast
(Bloomberg) -- Indonesian bonds and the rupiah rose after inflation unexpectedly slowed in April, spurring speculation of more capital inflows as overseas investors buy local bonds.
Consumer prices rose 6.3 percent from a year earlier, compared with 6.5 percent in March, according to the Central Statistics Bureau. That's lower than the median 6.5 percent forecast of 21 economists surveyed by Bloomberg. An easing of cost pressures will allow Bank Indonesia to resume cutting interest rates when policy makers meet on May 8.
Read more at Bloomberg Bonds News
Consumer prices rose 6.3 percent from a year earlier, compared with 6.5 percent in March, according to the Central Statistics Bureau. That's lower than the median 6.5 percent forecast of 21 economists surveyed by Bloomberg. An easing of cost pressures will allow Bank Indonesia to resume cutting interest rates when policy makers meet on May 8.
Read more at Bloomberg Bonds News
Turkish Stocks Extend Drop on Citigroup Downgrade: World's Biggest Mover
(Bloomberg) -- Turkish stocks dropped after Citigroup Inc. recommended investors sell shares on concern a row between the army and the government over the country's next president may fuel political instability.
Turkiye Is Bankasi AS, the biggest bank, and Turkiye Garanti Bankasi AS, the third-largest, led the retreat. Stocks yesterday had their steepest decline in two months after the military, which has forced four governments from power since 1960, signaled it may block the government's presidential candidate because of his Islamist past.
Read more at Bloomberg Stocks News
Turkiye Is Bankasi AS, the biggest bank, and Turkiye Garanti Bankasi AS, the third-largest, led the retreat. Stocks yesterday had their steepest decline in two months after the military, which has forced four governments from power since 1960, signaled it may block the government's presidential candidate because of his Islamist past.
Read more at Bloomberg Stocks News
Indonesia Swaps 1.44 Trillion Rupiah of Bonds to Reduce Financing Costs
(Bloomberg) -- Indonesia bought back 1.44 trillion rupiah ($158.6 million) of local-currency bonds maturing from 2008 to 2012 and sold the same amount of longer-term notes to lower its interest costs, the Ministry of Finance said.
The government sold 10.25 percent bonds due in July 2022 at a price of 100.55 and a yield of 10.174 percent, the ministry said in a statement in Jakarta today. Investors submitted bids of 4.78 trillion rupiah for the debt on offer.
Read more at Bloomberg Bonds News
The government sold 10.25 percent bonds due in July 2022 at a price of 100.55 and a yield of 10.174 percent, the ministry said in a statement in Jakarta today. Investors submitted bids of 4.78 trillion rupiah for the debt on offer.
Read more at Bloomberg Bonds News
UPDATE 1-Tower Semi Q1 loss narrows, sees higher Q2 revs
(Reuters) - Quarterly net loss was $37.4 million, or 36 cents per share, compared with a loss of $45.1 million, or 63 cents per share, a year earlier.
Sales in the quarter rose to $55.6 million from $35.9 million a year earlier.
Read more at Reuters.com Market News
Sales in the quarter rose to $55.6 million from $35.9 million a year earlier.
Read more at Reuters.com Market News
Ahern Finds `World's Best Economy' Doesn't Guarantee Irish Election Win
(Bloomberg) -- Irish Prime Minister Bertie Ahern may find that what he likes to call ``the world's best economy'' isn't enough to guarantee him a third five-year term.
While polls show Ahern remains personally popular, his government has been beset by financial scandals and charges that it is squandering the fruits of its economic boom by failing to fix Ireland's roads, schools and hospitals. The government coalition, led by Ahern's Fianna Fail party, began the campaign for May 24 elections trailing the opposition, according to a poll published last week by the Irish Times newspaper.
Read more at Bloomberg Exclusive News
While polls show Ahern remains personally popular, his government has been beset by financial scandals and charges that it is squandering the fruits of its economic boom by failing to fix Ireland's roads, schools and hospitals. The government coalition, led by Ahern's Fianna Fail party, began the campaign for May 24 elections trailing the opposition, according to a poll published last week by the Irish Times newspaper.
Read more at Bloomberg Exclusive News
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