(Reuters) - The result for the telecom group was in line with an average forecast of 7.06 billion crowns in a Reuters poll of 16 analysts, whose estimates ranged between 7.06 billion and 7.55 billion crowns.
"We expect growth in reported revenues of between 3 percent and 5 percent," Telenor ASA said in a statement, adjusting an earlier forecast of 0-5 percent growth this year.
Read more at Reuters.com Market News
Thursday, May 3, 2007
Mexico's Currency Surges to Three-Month High, Peso Bonds Rise on U.S. Gain
(Bloomberg) -- Mexico's peso held at its highest level in more than three months on signs of economic strength in the U.S., the biggest market for Mexican exports.
Peso-denominated bonds gained for the first time in four trading days as U.S. reports showed productivity increased more than forecast last quarter and service industries strengthened in April. The U.S. buys about 80 percent of Mexico's exports.
Read more at Bloomberg Currencies News
Peso-denominated bonds gained for the first time in four trading days as U.S. reports showed productivity increased more than forecast last quarter and service industries strengthened in April. The U.S. buys about 80 percent of Mexico's exports.
Read more at Bloomberg Currencies News
`Love Train' Brings Flock of Single Women to New Zealand's Lonely Farmers
(Bloomberg) -- New Zealand's ``Love Train'' was filled last month with 300 single women in $300 gowns heading to a muddy field in Middlemarch, a hamlet of sheep, cattle and lonely farmers.
The train left the southern city of Dunedin for a party to introduce the bachelorettes to rural bachelors. Social change during the past 50 years has seen more New Zealand women migrate to cities for education and careers, and men now account for 80 percent of the population in some remote areas.
Read more at Bloomberg Exclusive News
The train left the southern city of Dunedin for a party to introduce the bachelorettes to rural bachelors. Social change during the past 50 years has seen more New Zealand women migrate to cities for education and careers, and men now account for 80 percent of the population in some remote areas.
Read more at Bloomberg Exclusive News
April U.S. Job Gain Was Probably Smallest in Two Years, Jobless Rate Rose
(Bloomberg) -- The U.S. economy last month probably added the fewest jobs in two years as homebuilders and manufacturers fired workers, economists said before a government report today.
The projected 100,000 increase in payrolls would follow a 180,000 gain in March, according to the median estimate of 85 economists surveyed by Bloomberg News. The jobless rate is forecast to rise to 4.5 percent from the prior month's 4.4 percent, which matched a five-year low.
Read more at Bloomberg Bonds News
The projected 100,000 increase in payrolls would follow a 180,000 gain in March, according to the median estimate of 85 economists surveyed by Bloomberg News. The jobless rate is forecast to rise to 4.5 percent from the prior month's 4.4 percent, which matched a five-year low.
Read more at Bloomberg Bonds News
Taiwan Stocks Advance, Inotera Memories, Wistron Corp Climb on MSCI Move
(Bloomberg) -- Taiwan's shares rose the most in seven weeks after Inotera Memories Inc. and Wistron Corp. were among 12 local companies added to Morgan Stanley Capital International indexes. Mediatek Inc. rose to a record after Credit Suisse Group and Citigroup Inc. raised their price estimates for the stock.
Taiwan companies accounted for a fifth of the 60 additions to MSCI Barra's series of indexes announced yesterday, higher than any other country. Five local companies will be deleted, out of 64. More than $3 trillion in funds are benchmarked worldwide to the MSCI measures.
Read more at Bloomberg Stocks News
Taiwan companies accounted for a fifth of the 60 additions to MSCI Barra's series of indexes announced yesterday, higher than any other country. Five local companies will be deleted, out of 64. More than $3 trillion in funds are benchmarked worldwide to the MSCI measures.
Read more at Bloomberg Stocks News
NABE economists bet on April payrolls at 98,000
(Reuters) - NABE said 15 panelists formed the estimate through a "pari-mutuel" betting process in which they placed tickets on a range of possible outcomes.
The distribution of bets also implied a 34 percent chance that April payrolls will be below 75,000 and a 44 percent chance for a number above 100,000.
Read more at Reuters.com Economic News
The distribution of bets also implied a 34 percent chance that April payrolls will be below 75,000 and a 44 percent chance for a number above 100,000.
Read more at Reuters.com Economic News
Saigon Petroleum Buys Gasoline, Gasoil for June at Premiums to Benchmarks
(Bloomberg) -- Vietnam's Saigon Petroleum bought gasoline and gasoil at premiums for delivery in June, said a trader involved in the transactions.
Saigon Petroleum bought a 10,000 metric ton cargo of 92-RON gasoline for delivery between June 15 and June 19 at a premium of about $2.20 a barrel to benchmark prices.
Read more at Bloomberg Energy News
Saigon Petroleum bought a 10,000 metric ton cargo of 92-RON gasoline for delivery between June 15 and June 19 at a premium of about $2.20 a barrel to benchmark prices.
Read more at Bloomberg Energy News
Productivity solid, labor cost rise slight
(Reuters) - In a sign of a solid labor market, another report on Thursday showed a surprising drop in unemployment claims.
Analysts were expecting business productivity, a measure of how much any given worker can produce in an hour, to rise by 1 percent in the first quarter.
Read more at Reuters.com Economic News
Analysts were expecting business productivity, a measure of how much any given worker can produce in an hour, to rise by 1 percent in the first quarter.
Read more at Reuters.com Economic News
Canadian Stocks Gain on LionOre, Ipsco Takeover Offers; TSX Shares Slide
(Bloomberg) -- Canadian stocks gained for a second day as takeover offers for LionOre Mining International Ltd. and Ipsco Inc. signaled demand for commodity-producing assets with prices for metals such as nickel near record highs.
Gains in the market were limited as TSX Group Inc. dropped the most in 11 months after some of the biggest Canadian banks said they plan to start a new stock trading system next year that will compete with TSX Group's Toronto Stock Exchange.
Read more at Bloomberg Stocks News
Gains in the market were limited as TSX Group Inc. dropped the most in 11 months after some of the biggest Canadian banks said they plan to start a new stock trading system next year that will compete with TSX Group's Toronto Stock Exchange.
Read more at Bloomberg Stocks News
Productivity grows at surprising clip
(Reuters) - Productivity advanced by 2.1 percent in the fourth quarter of last year, revised up from the previously reported 1.6 percent gain.
Unit labor costs grew by 0.6 percent in the first three months of the year, well below the 4 percent rise analysts were expecting. It was the weakest showing since labor costs fell 2.5 percent in the second quarter of 2006.
Read more at Reuters.com Business News
Unit labor costs grew by 0.6 percent in the first three months of the year, well below the 4 percent rise analysts were expecting. It was the weakest showing since labor costs fell 2.5 percent in the second quarter of 2006.
Read more at Reuters.com Business News
Nokia CEO says Qualcomm can't set industry rules
(Reuters) - "It's completely clear that we cannot give one company, in this case Qualcomm, a chance to dictate rules for the whole industry. The issue is not Qualcomm versus Nokia, it's more about Qualcomm versus the rest of the industry," he said.
A major cross-licensing agreement over technology patents between Qualcomm and Nokia expired partly last month, and their increasingly bitter battle is worrying investors and the industry on both sides of the Atlantic.
Read more at Reuters.com Business News
A major cross-licensing agreement over technology patents between Qualcomm and Nokia expired partly last month, and their increasingly bitter battle is worrying investors and the industry on both sides of the Atlantic.
Read more at Reuters.com Business News
REFILE-UBS moves to close hedge fund as Q1 net profit falls
(Reuters) - ZURICH, May 3 - Swiss bank UBS , below the 3.40 billion franc average forecast in a Reuters poll, and comparing with 3.50 billion francs in the first quarter of 2006.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
EDO reports first-quarter profit
(Reuters) - Revenue more than doubled to $255.4 million.
Analysts were expecting profit of 24 cents per share on revenue of $211.9 million, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts were expecting profit of 24 cents per share on revenue of $211.9 million, according to Reuters Estimates.
Read more at Reuters.com Market News
UPDATE 1-Patterson-UTI quarterly profit falls 27 percent
(Reuters) - The Snyder, Texas-based company said first-quarter profit was $116 million, or 73 cents per share, compared with $159 million, or 91 cents per share, a year earlier.
Analysts had, on average, expected earnings of 71 percent per share, according to data compiled by Reuters Estimates.
Read more at Reuters.com Market News
Analysts had, on average, expected earnings of 71 percent per share, according to data compiled by Reuters Estimates.
Read more at Reuters.com Market News
OM Group posts first quarter profit
(Reuters) - Quarterly income from continuing operations was a loss of 63 cents a share.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Gildan's profit drops on charges, to split stock
(Reuters) - The company, which also announced a 2-for-1 stock split, earned $21.1 million, or 35 cents a share, for the period ended April 1, down from a profit of $31 million, or 51 cents a share, a year earlier.
The results were hurt by a restructuring charge of $16.4 million after-tax, or 27 cents per share, related to the closure of Canadian and Mexican manufacturing facilities.
Read more at Reuters.com Market News
The results were hurt by a restructuring charge of $16.4 million after-tax, or 27 cents per share, related to the closure of Canadian and Mexican manufacturing facilities.
Read more at Reuters.com Market News
Armstrong World Industries posts first-quarter profit
(Reuters) - The Lancaster, Pennsylvania-based company started trading in October on the New York Stock Exchange after it received loans sufficient to fund distributions under its bankruptcy reorganization plan and for fees and expenses.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Stantec's first-quarter profit jumps 35 percent
(Reuters) - The engineering firm said it earned C$15.4 million , or 33 Canadian cents a share, up from C$11.4 million, or 25 Canadian cents a share, in the year earlier period.
Gross revenue climbed 16.7 percent to C$216.3 million, while net revenue increased 17.9 percent to C$192.3 million.
Read more at Reuters.com Market News
Gross revenue climbed 16.7 percent to C$216.3 million, while net revenue increased 17.9 percent to C$192.3 million.
Read more at Reuters.com Market News
Slovakia's Koruna Gains Versus Euro; Turkey Sets Provisional Election Date
(Bloomberg) -- Slovakia's koruna led gains in eastern European currencies as Turkey set a provisional date for an election, encouraging investors to return to emerging markets.
The Slovak currency may snap a monthlong losing streak and reverse losses made earlier in the week after Turkey's Supreme Election Board today said a vote may take place July 22. The koruna appreciated alongside other eastern European currencies such as the Polish zloty and Hungarian forint.
Read more at Bloomberg Currencies News
The Slovak currency may snap a monthlong losing streak and reverse losses made earlier in the week after Turkey's Supreme Election Board today said a vote may take place July 22. The koruna appreciated alongside other eastern European currencies such as the Polish zloty and Hungarian forint.
Read more at Bloomberg Currencies News
Dollar Rises Versus Euro, Reaches Two-Month High Against Yen on Services
(Bloomberg) -- The dollar rose against the euro and advanced to a two-month high versus the yen after a private report showed U.S. services industries advanced last month at a faster pace than economists forecast.
The services report, following data over the past two days showing strength in manufacturing, may reduce the likelihood of a cut in borrowing costs by the Federal Reserve.
Read more at Bloomberg Currencies News
The services report, following data over the past two days showing strength in manufacturing, may reduce the likelihood of a cut in borrowing costs by the Federal Reserve.
Read more at Bloomberg Currencies News
MTN boosts subscribers on Iran launch
(Reuters) - Sub-Saharan Africa's biggest cell phone operator, MTN, reported an 11 percent rise in quarterly subscribers on Thursday thanks to strong growth in Nigeria and the launch of a network in Iran.
But while the subscriber figures beat market expectations, investors sold the stock after MTN said average revenue per user in its home market of South Africa fell 10 percent to 148 rand.
Read more at Reuters Africa
But while the subscriber figures beat market expectations, investors sold the stock after MTN said average revenue per user in its home market of South Africa fell 10 percent to 148 rand.
Read more at Reuters Africa
Norilsk bids $4.8 bln for Canada's LionOre
(Reuters) - Russia's Norilsk Nickel, the world's largest nickel miner, on Thursday bid $4.8 billion to take over Canada's LionOre, topping a rival offer by Xstrata.
Norilsk said it had offered 21.50 Canadian dollars a share for LionOre, the world's No.10 nickel miner, which has operations in Botswana, South Africa and Australia and produced 34,000 tonnes of the metal last year.
Read more at Reuters Africa
Norilsk said it had offered 21.50 Canadian dollars a share for LionOre, the world's No.10 nickel miner, which has operations in Botswana, South Africa and Australia and produced 34,000 tonnes of the metal last year.
Read more at Reuters Africa
UPDATE 1-Wild Oats quarterly profit falls due to deal costs
(Reuters) - In February, Whole Foods signed a deal to buy Wild Oats for about $565 million, in an effort to gain better leverage against larger traditional grocers, who have started to sell more organic items.
Profit was $1.6 million, or 5 cents per share, compared with a profit of $2.9 million, or 10 cents per share, a year earlier.
Read more at Reuters.com Mergers News
Profit was $1.6 million, or 5 cents per share, compared with a profit of $2.9 million, or 10 cents per share, a year earlier.
Read more at Reuters.com Mergers News
ECB plans new oversight for card payment services
(Reuters) - "The proposed framework applies to all CPSs providing card payment services, including debit and/or credit cards," the central bank added in a statement.
The bank will consult on the proposal until Aug. 2.
Read more at Reuters.com Government Filings News
The bank will consult on the proposal until Aug. 2.
Read more at Reuters.com Government Filings News
Philippines Plans to Cut Borrowing by 17 Percent in 2008 as Deficits End
(Bloomberg) -- The Philippines, which aims to end a decade of budget deficits next year, has cut its total borrowing program for 2008 by 17 percent, the Department of Finance said.
Local and overseas borrowing will fall to 325.57 billion pesos ($6.8 billion) from this year's plan of 390.7 billion pesos, the department said in a statement in Manila. Thirty percent of next year's borrowings will be in foreign loans and the sale of overseas debt, compared with a projected ratio of 33 percent this year.
Read more at Bloomberg Bonds News
Local and overseas borrowing will fall to 325.57 billion pesos ($6.8 billion) from this year's plan of 390.7 billion pesos, the department said in a statement in Manila. Thirty percent of next year's borrowings will be in foreign loans and the sale of overseas debt, compared with a projected ratio of 33 percent this year.
Read more at Bloomberg Bonds News
Deutsche Bank Offers First Exchange-Traded Funds on Credit Derivatives
(Bloomberg) -- Deutsche Bank AG, Germany's biggest bank, is offering the first exchange-traded funds based on European credit-default swap indexes, the bank said today.
The contracts will be based on three iTraxx indexes of credit default swaps on European companies, Frankfurt-based Deutsche Bank said in an e-mailed statement. The ETFs will allow investors to bet on a company's ability to pay its debt.
Read more at Bloomberg Bonds News
The contracts will be based on three iTraxx indexes of credit default swaps on European companies, Frankfurt-based Deutsche Bank said in an e-mailed statement. The ETFs will allow investors to bet on a company's ability to pay its debt.
Read more at Bloomberg Bonds News
Dow Theory Sends `Buy' Signal for U.S. Stocks as Transport Shares Advance
(Bloomberg) -- The oldest gauge of U.S. transportation stocks reached a record last week, with a boost from Warren Buffett. For Keith Wirtz at Fifth Third Asset Management, it's a sign more gains are ahead for the overall market.
Wirtz adheres to a 19th-century indicator developed by Wall Street Journal co-founder Charles Dow. When Dow Jones & Co.'s transportation and industrial averages set records at the same time -- as they did April 25 -- a healthy economy and rising market will follow, Dow's theory goes.
Read more at Bloomberg Exclusive News
Wirtz adheres to a 19th-century indicator developed by Wall Street Journal co-founder Charles Dow. When Dow Jones & Co.'s transportation and industrial averages set records at the same time -- as they did April 25 -- a healthy economy and rising market will follow, Dow's theory goes.
Read more at Bloomberg Exclusive News
Business Objects sells 450 mln euros of debt
(Reuters) - It said Swiss investment bank UBS was sole bookrunner for the offering.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Title insurer First American Q1 profit up 24 pct
(Reuters) - Excluding items, profit per share dipped to 68 cents from 69 cents, First American said. Revenue increased 6 percent to $2.11 billion.
Analysts on average expected profit of 80 cents on revenue of $2.03 billion, according to Reuters Estimates.
Read more at Reuters.com Bonds News
Analysts on average expected profit of 80 cents on revenue of $2.03 billion, according to Reuters Estimates.
Read more at Reuters.com Bonds News
US Q1 productivity growth grew 1.7 pct
(Reuters) - Productivity advanced by 2.1 percent in the fourth quarter of last year, revised up from the previously reported 1.6 percent gain.
Unit labor costs grew by 0.6 percent in the first three months of the year, well below the 4 percent rise analysts were expecting. It was the weakest showing since labor costs fell 2.5 percent in the second quarter of 2006.
Read more at Reuters.com Economic News
Unit labor costs grew by 0.6 percent in the first three months of the year, well below the 4 percent rise analysts were expecting. It was the weakest showing since labor costs fell 2.5 percent in the second quarter of 2006.
Read more at Reuters.com Economic News
Platinum Climbs to Highest in a Week on Dollar's Drop; Palladium Rises
(Bloomberg) -- Platinum rose to a one-week high in London as declines in the dollar spurred demand from manufacturers. Palladium rose a second day.
Platinum has climbed 14 percent this year as the dollar declined about 2 percent against a basket of six currencies including the euro, yen and the pound. Automobile companies account for more than half of platinum demand, used in catalytic converters to reduce harmful emissions.
Read more at Bloomberg Commodities News
Platinum has climbed 14 percent this year as the dollar declined about 2 percent against a basket of six currencies including the euro, yen and the pound. Automobile companies account for more than half of platinum demand, used in catalytic converters to reduce harmful emissions.
Read more at Bloomberg Commodities News
NLMK-Duferko to pay $211.6 mln for US Winner Steel
(Reuters) - NLMK and Duferco are now discussing with U.S. steel services firm Esmark the possibility of granting it a six-months option to acquire up to 50 percent of Winner Steel at NLMK-Duferco cost plus agreed interest, it said.
Pennsylvania-based Winner Steel is one of the largest U.S. independent galvanised steel producers with combined annual capacity of around 1.2 million tonnes. The deal is expected to be completed in June 2007, the statement said.
Read more at Reuters.com Mergers News
Pennsylvania-based Winner Steel is one of the largest U.S. independent galvanised steel producers with combined annual capacity of around 1.2 million tonnes. The deal is expected to be completed in June 2007, the statement said.
Read more at Reuters.com Mergers News
Worker Productivity Growth in U.S. Faded in First Quarter, Economists Say
(Bloomberg) -- U.S. worker productivity last quarter probably grew at a slower pace and labor costs climbed, raising concern inflation will be slow to recede, economists said before a government report today.
Productivity, a measure of how much an employee produces for each hour of work, rose at an annual rate of 0.7 percent, compared with a 1.6 percent increase in the fourth quarter, according to the median forecast of 72 economists in a Bloomberg News survey. Labor costs adjusted for productivity probably rose at a 3.8 percent pace after a 6.6 percent fourth-quarter jump.
Read more at Bloomberg Currencies News
Productivity, a measure of how much an employee produces for each hour of work, rose at an annual rate of 0.7 percent, compared with a 1.6 percent increase in the fourth quarter, according to the median forecast of 72 economists in a Bloomberg News survey. Labor costs adjusted for productivity probably rose at a 3.8 percent pace after a 6.6 percent fourth-quarter jump.
Read more at Bloomberg Currencies News
IBasis quarterly revenue rises
(Reuters) - One analyst expected revenue of $132.7 million for the quarter, according to Reuters Estimates.
The company gave selected financial results as it is in the process of restating certain prior results following a stock options review.
Read more at Reuters.com Government Filings News
The company gave selected financial results as it is in the process of restating certain prior results following a stock options review.
Read more at Reuters.com Government Filings News
Nigeria forex reserves rise to $43.2 bln in April
(Reuters) - Nigerian foreign exchange reserves climbed to $43.2 billion in April versus $42.51 billion a month earlier, the central bank said on Wednesday.
The reserves, which are slightly below their record level of $43.6 billion set in January, could finance 40 months of imports to Africa's most populous nation and top oil producer.
Read more at Reuters Africa
The reserves, which are slightly below their record level of $43.6 billion set in January, could finance 40 months of imports to Africa's most populous nation and top oil producer.
Read more at Reuters Africa
Gold Fields Q3 adjusted EPS falls, costs weigh
(Reuters) - South African gold miner Gold Fields Ltd on Thursday posted lower-than-expected third-quarter adjusted earnings per share and forecast marginal growth in output in the current quarter, weakening its shares.
Apart from its South African Driefontein mine, output fell at all its seven other operations on lower grades, volume and a slow start up after the Christmas break in South Africa, while Choco (in Venezuela) 10 suffered water shortages, the firm said.
Read more at Reuters Africa
Apart from its South African Driefontein mine, output fell at all its seven other operations on lower grades, volume and a slow start up after the Christmas break in South Africa, while Choco (in Venezuela) 10 suffered water shortages, the firm said.
Read more at Reuters Africa
Lead hits high, copper up on supply threats
(Reuters) - Copper traded above $8,000 a tonne on Thursday, buoyed by positive data and threats to supply, while lead set a new record high, traders and analysts said.
"Copper inventories continue to decline...we see that miners everywhere in the world are scrambling to pull more metal out of the ground," Sean Corrigan of Diapason Commodities Management said.
Read more at Reuters Africa
"Copper inventories continue to decline...we see that miners everywhere in the world are scrambling to pull more metal out of the ground," Sean Corrigan of Diapason Commodities Management said.
Read more at Reuters Africa
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