(Bloomberg) -- Japanese stocks rose, with the Topix index posting the largest gain since March. Property developers such as Mitsui Fudosan Co. and steelmakers including JFE Holdings Inc. paced advances on speculation their profits will expand this fiscal year.
Gauges tracking real estate stocks and steelmakers were the best performers in the Topix, gaining 4.6 percent and 4 percent respectively. Sumitomo Realty & Development Co. jumped 7.5 percent and Nippon Steel Corp. advanced 5.1 percent.
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Sunday, May 6, 2007
UPDATE 1-Rheinmetall EBIT jumps in Q1, gives new outlook
(Reuters) - Thanks to a significant improvement in its defence business, earnings before interest and taxes rose to 44 million euros, beating the average estimate of 41 million euros from a Reuters poll of 13 analysts.
"Based on sustained solid operating performance by its two sectors, Automotive and Defence, Rheinmetall expects to close fiscal 2007 with broadly improved earnings," it said in a statement.
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"Based on sustained solid operating performance by its two sectors, Automotive and Defence, Rheinmetall expects to close fiscal 2007 with broadly improved earnings," it said in a statement.
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Datasul, Grupo Mexico, Lojas Renner May Be Active: Latin Equity Preview
(Bloomberg) -- The following stocks may make significant gains or losses in Brazil and Mexico today. Symbols are in parentheses after the company name, and stock prices are from the last session. In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
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Brazil
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Highlights-Officials' remarks on future ADB role
(Reuters) - Following are some government officials' remarks on the ADB's future role, made during the agency's May 4-7 annual meeting in Kyoto, western Japan:
PHILIPPINES - MARGARITO TEVES, FINANCE SECRETARY
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PHILIPPINES - MARGARITO TEVES, FINANCE SECRETARY
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European 10-Year Bond Yields May Hold Near The Highest Since 2004 on Rates
(Bloomberg) -- European 10-year bond yields may hold near their highest since August 2004 as speculation the European Central Bank will this week signal an increase in interest rates in June are already reflected in current prices.
Ten-year bund yields have risen 28 basis points since the ECB raised borrowing costs in March as traders boosted bets on two more increases this year. Policy makers may hold rates at the May 10 meeting and flag a move next month. President Jean-Claude Trichet has said he's comfortable with investors' expectations the ECB will lift rates a quarter-point to 4 percent in June.
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Ten-year bund yields have risen 28 basis points since the ECB raised borrowing costs in March as traders boosted bets on two more increases this year. Policy makers may hold rates at the May 10 meeting and flag a move next month. President Jean-Claude Trichet has said he's comfortable with investors' expectations the ECB will lift rates a quarter-point to 4 percent in June.
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Growth in Philippine Farm Output Slows to 3.6 Percent in the First Quarter
(Bloomberg) -- Philippine agriculture output, which accounts for about a fifth of the country's economy, grew 3.6 percent in the first quarter compared with 3.9 percent a year earlier, Agriculture Secretary Arthur Yap said.
Fisheries output gained 8.5 percent, unmilled rice expanded 1.69 percent and corn grew 11.4 percent, Yap told reporters in Manila today, without immediately providing volumes.
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Fisheries output gained 8.5 percent, unmilled rice expanded 1.69 percent and corn grew 11.4 percent, Yap told reporters in Manila today, without immediately providing volumes.
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BAE in final talks to buy Armor Holdings: paper
(Reuters) - is a leading maker of armor for U.S. troops and Humvees, were being made and it was still possible the transaction could fall apart, the Journal said, citing unnamed sources.
The deal would give Armor shareholders about $88 a share, about 7 percent premium to the company's stock price on Friday on the New York Stock Exchange, the paper said.
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The deal would give Armor shareholders about $88 a share, about 7 percent premium to the company's stock price on Friday on the New York Stock Exchange, the paper said.
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UPDATE 1-Goldman to buy S.Korea asset manager from Macquarie
(Reuters) - The deal, whose value was not disclosed, underscores growing interest from global financial services firms in South Korea's $250 billion asset management sector on the back of rising individual wealth and mandatory pension savings.
The announcement comes after Reuters said on April 25 that the U.S. investment bank was finalising talks to buy the asset manager, quoting two sources familiar with the situation.
Read more at Reuters.com Mergers News
The announcement comes after Reuters said on April 25 that the U.S. investment bank was finalising talks to buy the asset manager, quoting two sources familiar with the situation.
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Australia's Macquarie raises offer for Alinta
(Reuters) - Macquarie's first A$15.45 a share bid was rejected by the Alinta board in March in favor of Babcock's lower A$7.4 billion cash and stock proposal, because of reservations about the value of Macquarie's offer of shares in a new company.
Macquarie said in a statement on Monday its revised takeover proposal to Alinta gives shareholders three options: all cash, all shares or a combination. The bank also said it would make an unspecified equity commitment.
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Macquarie said in a statement on Monday its revised takeover proposal to Alinta gives shareholders three options: all cash, all shares or a combination. The bank also said it would make an unspecified equity commitment.
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Asian stocks rise; Japan govt bonds, dollar slip
(Reuters) - But increasing appetite for riskier assets like stocks left Japanese government bonds languishing as investors returned to their desks from the Golden Week holiday, when Japanese financial markets were shut on Thursday and Friday.
The dollar slipped against the yen after last week's soft U.S. payrolls report reinforced expectations for the Federal Reserve to lower interest rates later this year.
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The dollar slipped against the yen after last week's soft U.S. payrolls report reinforced expectations for the Federal Reserve to lower interest rates later this year.
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Japan's Stocks Climb, Led by Canon, on U.S. Interest-Rate Cut Expectations
(Bloomberg) -- Japanese stocks advanced, led by exporters including Canon Inc., on speculation that slowing U.S. jobs growth and wage increases will prompt the Federal Reserve to cut borrowing costs in Japan's biggest overseas market.
Key indexes headed for their biggest gain since April 4 with Canon climbing 2.2 percent, the most since April 16.
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Key indexes headed for their biggest gain since April 4 with Canon climbing 2.2 percent, the most since April 16.
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Japan's Hiroshima Bank, Jupiter Rise After Shares Included in MSCI Indexes
(Bloomberg) -- Shares of Hiroshima Bank Ltd. and Nomura Real Estate Holdings Inc. climbed after they were among nine companies selected to join MSCI Barra's equity benchmarks, according to an annual review announcement on the index provider's Web site on May 3. Japan's markets were closed for a holiday on May 4.
Uniden Corp. led declines among the nine companies scheduled to be deleted from the gauges.
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Uniden Corp. led declines among the nine companies scheduled to be deleted from the gauges.
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South Korea Stocks Rise to Record; Hyundai Heavy Leads Shipbuilder's Gains
(Bloomberg) -- South Korean stocks advanced to a high for the third day. Hyundai Heavy Industries Co. led on new ship orders and after ship prices gained to a record, raising speculation shipbuilders' profits will continue to increase.
The Kospi index added 11.56, or 0.7 percent, to 1579.29 as of 9:22 a.m. in Seoul. The Kosdaq climbed 1 percent to 700.59. Kospi 200 futures expiring in June gained 0.6 percent to 203.80, while the underlying index rose 0.8 percent to 203.07.
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The Kospi index added 11.56, or 0.7 percent, to 1579.29 as of 9:22 a.m. in Seoul. The Kosdaq climbed 1 percent to 700.59. Kospi 200 futures expiring in June gained 0.6 percent to 203.80, while the underlying index rose 0.8 percent to 203.07.
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South Korea Stocks Rise to Record; Samsung Electronics, Hyundai Heavy Gain
(Bloomberg) -- South Korea's Kospi index advanced 8.06, or 0.5 percent, to 1575.80 as of 9:02 a.m. in Seoul. The Kosdaq added 1 percent to 700.44.
Samsung Electronics Co. and Hyundai Heavy Industries Co. led gains.
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Samsung Electronics Co. and Hyundai Heavy Industries Co. led gains.
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New Zealand Dollar Weakens After Wages Data Dim Prospect of Higher Rates
(Bloomberg) -- New Zealand's dollar fell after a government report showed wages accelerated less than economists expected in the first quarter, diminishing prospects of another interest-rate increase this year.
Wages for non-government workers, excluding overtime, increased 0.7 percent from the fourth quarter, according to Statistics New Zealand in Wellington. The median of 11 economists forecast an increase of 0.8 percent in the first quarter. Rising salaries encourage consumers to spend more, buoying demand and increasing the likelihood of rate rises, which have helped the local dollar gain almost 15 percent in the past 12 months.
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Wages for non-government workers, excluding overtime, increased 0.7 percent from the fourth quarter, according to Statistics New Zealand in Wellington. The median of 11 economists forecast an increase of 0.8 percent in the first quarter. Rising salaries encourage consumers to spend more, buoying demand and increasing the likelihood of rate rises, which have helped the local dollar gain almost 15 percent in the past 12 months.
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Mexico's Cemex eases conditions for Rinker bid
(Reuters) - It also announced shareholders could keep Rinker's final A$0.25 cents a share dividend, irrespective of when they accepted Cemex's offer, and said Perpetual Group planned to accept the offer on Monday for its 10.5 percent stake.
Rinker has recommended the revised $15.85 a share bid.
Read more at Reuters.com Mergers News
Rinker has recommended the revised $15.85 a share bid.
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New Zealand Dollar May Rise; Rising Wages May Fan Inflation, Higher Rates
(Bloomberg) -- New Zealand's dollar may extend its gains on speculation a government report today will show companies had to pay more to attract workers in the first quarter, adding to the case for another interest rate rise.
Ordinary time wages for non-government workers rose 0.8 percent in the first quarter for an annual increase of 3.3 percent, according to a Bloomberg survey of 11 economists. Statistics New Zealand publishes the figures at 10:45 a.m. in Wellington. Higher wages may fan inflation, necessitating the need for higher interest rates, which attract investors to the nation's assets.
Read more at Bloomberg Currencies News
Ordinary time wages for non-government workers rose 0.8 percent in the first quarter for an annual increase of 3.3 percent, according to a Bloomberg survey of 11 economists. Statistics New Zealand publishes the figures at 10:45 a.m. in Wellington. Higher wages may fan inflation, necessitating the need for higher interest rates, which attract investors to the nation's assets.
Read more at Bloomberg Currencies News
Buffett to pay CIO candidates for performance
(Reuters) - Buffett, 76, said he has received some 600 to 700 applicants to become CIO, and on Saturday said he might choose as many as four candidates.
Referring to the money manager William Ruane, a friend and Columbia University classmate who died in 2005, Buffett said he might "find three of what look like to me like young Bill Ruanes," and award each $2 billion to $3 billion to invest.
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Referring to the money manager William Ruane, a friend and Columbia University classmate who died in 2005, Buffett said he might "find three of what look like to me like young Bill Ruanes," and award each $2 billion to $3 billion to invest.
Read more at Reuters.com Business News
World Bank to meet this week on Wolfowitz future
(Reuters) - The bank's board of shareholder nations will meet as soon as Tuesday, possibly followed by a second meeting, to decide whether Paul Wolfowitz will be forced out or given the chance to negotiate his departure, according to board sources who declined to be identified.
According to the sources, it is virtually impossible for Wolfowitz to stay on as president for the rest of his term because of the damage to the bank's credibility and its ability to be effective in its mission to reduce global poverty.
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According to the sources, it is virtually impossible for Wolfowitz to stay on as president for the rest of his term because of the damage to the bank's credibility and its ability to be effective in its mission to reduce global poverty.
Read more at Reuters.com Bonds News
McDermott shares could rise to the mid-60s - Barron's
(Reuters) - Trading for almost 16 times analysts' projected 2008 earnings forecasts the stock is a relatively inexpensive play on the upturn in energy, oil and gas exploration, said the report.
"Both bidding activity and industry fundamentals suggest the company has several years of robust earnings performance ahead of it," says Stephen Gengaro, an analyst with Jefferies & Company, according to the article.
Read more at Reuters.com Market News
"Both bidding activity and industry fundamentals suggest the company has several years of robust earnings performance ahead of it," says Stephen Gengaro, an analyst with Jefferies & Company, according to the article.
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UPDATE 1-PBOC's Zhou says concerned about stock bubble
(Reuters) - China's stock market is up more than 40 percent since the start of the year, and the valuations of many equities are high compared with international benchmarks and historical levels.
Asked if he was concerned about the build-up of a bubble in China's stock market, Zhou said, "Yes."
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Asked if he was concerned about the build-up of a bubble in China's stock market, Zhou said, "Yes."
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Kenya bank governor sees growth 8 pct in 2008
(Reuters) - Kenya's new central bank governor forecast economic growth of 8 percent by 2008 and defended the shilling's recent strong rise, saying it was underpinned by a financial boom over the past three years.
East Africa's biggest economy expanded by more than 6 percent in 2006, up from 5.8 percent growth in 2005, according to government data. The finance minister in February forecast growth of at least 6 percent in 2007.
Read more at Reuters Africa
East Africa's biggest economy expanded by more than 6 percent in 2006, up from 5.8 percent growth in 2005, according to government data. The finance minister in February forecast growth of at least 6 percent in 2007.
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Egypt's CASE 30 Index Rises for Fourth Day, Led by Orascom Telecom Holding
(Bloomberg) -- Egypt's main index rose for the fourth day. Orascom Telecom Holding SAE, the largest mobile phone company in the Middle East and North Africa, led the advance.
The CASE 30 Index added 0.8 percent to 7566.05 at 10:45 a.m. in Cairo, according to the Web site of the Cairo & Alexandria Stock Exchanges. The Hermes Financial Index, a measure of the 27 most actively traded stocks, gained 0.6 percent to 66,640.86.
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The CASE 30 Index added 0.8 percent to 7566.05 at 10:45 a.m. in Cairo, according to the Web site of the Cairo & Alexandria Stock Exchanges. The Hermes Financial Index, a measure of the 27 most actively traded stocks, gained 0.6 percent to 66,640.86.
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