(Bloomberg) -- Platinum was little changed in Asia and may gain as traders said the drop to a two-week low yesterday in New York on a strengthening dollar went too far, given investor and industrial demand for the metal. Palladium gained.
Prices for platinum for delivery in April 2008 jumped to a record high earlier this week in Tokyo amid speculation supply increases may fail to keep pace with rising demand for its use in vehicle emission-control systems. A rally in the dollar to a two- month high against the yen helped push the metal down in New York yesterday, creating a buying opportunity, said Kazuhiko Saito, a trader at Interes Capital Management in Tokyo.
Read more at Bloomberg Commodities News
Thursday, May 17, 2007
Hong Kong's Hang Seng Index Retreats From Record; China Life, Sinopec Fall
(Bloomberg) -- Hong Kong's Hang Seng Index retreated from a record after Li Ka-shing said mainland equities are too expensive, heightening concern China's shares are headed for a slump that will have a knock-on effect on the city's stocks.
Chinese companies including China Life Insurance Co. and China Petroleum & Chemical Corp. were among the biggest contributors to today's decline in the Hang Seng Index.
Read more at Bloomberg Stocks News
Chinese companies including China Life Insurance Co. and China Petroleum & Chemical Corp. were among the biggest contributors to today's decline in the Hang Seng Index.
Read more at Bloomberg Stocks News
GM Says Proton Talks Continue, 7 Weeks After Malaysian Government Deadline
(Bloomberg) -- General Motors Corp., the largest U.S. automaker, is still in talks about investing in unprofitable carmaker Proton Holdings Bhd., almost seven weeks after the Malaysian government's deadline for a decision passed.
``GM is still interested and talks continue,'' spokesman Rob Leggat said in an e-mailed response to Bloomberg News questions. The talks are ``preliminary,'' he added. Proton spokeswoman Faridah Idris declined to comment.
Read more at Bloomberg Emerging Markets News
``GM is still interested and talks continue,'' spokesman Rob Leggat said in an e-mailed response to Bloomberg News questions. The talks are ``preliminary,'' he added. Proton spokeswoman Faridah Idris declined to comment.
Read more at Bloomberg Emerging Markets News
Anti-mining lobby poses political risk to miners
(Reuters) - An intensifying anti-mining lobby in South America could hurt smaller exploration firms and metal producers, industry representatives told the World Mining Investment Congress on Wednesday.
"Anti-mining NGOs (non-governmental organisations) are a particular problem in South America right now," Stephen Kay of the small mining firm International Minerals Corporation said.
Read more at Reuters Africa
"Anti-mining NGOs (non-governmental organisations) are a particular problem in South America right now," Stephen Kay of the small mining firm International Minerals Corporation said.
Read more at Reuters Africa
Shanghai copper, zinc limit down on oversupply
(Reuters) - Shanghai copper and zinc fell by their 4-percent daily limits on Thursday, weighed down by losses in London futures, and signs that China may be oversupplied with the metals.
Shanghai August copper was 64,290 yuan a tonne at the close, down 2,680 yuan from Wednesday's settlement. July zinc in Shanghai closed down 1,275 yuan at 30,520 yuan.
Read more at Reuters Africa
Shanghai August copper was 64,290 yuan a tonne at the close, down 2,680 yuan from Wednesday's settlement. July zinc in Shanghai closed down 1,275 yuan at 30,520 yuan.
Read more at Reuters Africa
Zimbabwe April inflation races to 3,713.9 pct yr/yr
(Reuters) - Zimbabwe's annual inflation shot to a record 3,713.9 percent in April compared to 2,200.2 percent in March, official data showed on Thursday, reflecting a crisis which has left the country with the fastest rising prices in the world.
Critics blame President Robert Mugabe's government for the severe economic crisis also dramatised in high unemployment and chronic shortages of food, fuel and foreign currency and in collapsing services.
Read more at Reuters Africa
Critics blame President Robert Mugabe's government for the severe economic crisis also dramatised in high unemployment and chronic shortages of food, fuel and foreign currency and in collapsing services.
Read more at Reuters Africa
Gold steadies in quiet trade, vulnerable
(Reuters) - Gold steadied on Thursday after falling to a six-week low in the previous session on fund liquidation, and analysts said the metal could slip further.
Spot gold was traded at $661.50/662.05 an ounce by 1102 GMT, against $661.60/663.10 late in New York on Wednesday, when it fell as low as $659.40.
Read more at Reuters Africa
Spot gold was traded at $661.50/662.05 an ounce by 1102 GMT, against $661.60/663.10 late in New York on Wednesday, when it fell as low as $659.40.
Read more at Reuters Africa
New S.Africa container terminal ready by 2009 - minister
(Reuters) - A new eight billion rand government-owned container terminal on South Africa's eastern coast should be operational by 2009, Public Enterprises Minister Alec Erwin said on Thursday.
In a media briefing in Cape Town, Erwin said the facility at Coega, located near Port Elizabeth, could have four landing berths and handle six million containers per year, double the capacity originally forecast.
Read more at Reuters Africa
In a media briefing in Cape Town, Erwin said the facility at Coega, located near Port Elizabeth, could have four landing berths and handle six million containers per year, double the capacity originally forecast.
Read more at Reuters Africa
Supply hurdles to keep metal prices firm - conference
(Reuters) - With mining firms discovering deposits in more remote areas production hurdles, such as health problems and corruption, will underpin future metal prices, mining firms and organisations said on Thursday.
Depletion of resources in developed countries force firms to explore new regions, increasing the risks and creating supply difficulties for mining firms, they said.
Read more at Reuters Africa
Depletion of resources in developed countries force firms to explore new regions, increasing the risks and creating supply difficulties for mining firms, they said.
Read more at Reuters Africa
Wage Growth in U.K. Slowed in the Quarter Through April, Pay Group Reports
(Bloomberg) -- U.K. wage growth slowed in the quarter through April as government workers got the smallest pay rises since 1998, a report by Industrial Relations Services showed.
Workers' representatives agreed to a median 3 percent gain in salaries, down from 3.5 percent in the three months through March, the Surrey, England-based research group said today. The data covers 184 settlements, 141 of which showed higher pay.
Read more at Bloomberg Bonds News
Workers' representatives agreed to a median 3 percent gain in salaries, down from 3.5 percent in the three months through March, the Surrey, England-based research group said today. The data covers 184 settlements, 141 of which showed higher pay.
Read more at Bloomberg Bonds News
Korean Won Drops to One-Month Low as Officials Say May Sell; Peso Rises
(Bloomberg) -- South Korea's won dropped to a one- month low after the government and central bank said this week they will take action to stem the currency's gain if needed.
The won is set for its worst two-day decline since March 5 after Ahn Byung Chan, the central bank's top currency official, said May 16 the won is ``highly overvalued'' and Korea will respond to speculation. This quarter's 0.8 percent rise in the exchange rate versus a 2.9 percent fall in the yen, may hurt exports, which account for 40 percent of South Korea's economy.
Read more at Bloomberg Currencies News
The won is set for its worst two-day decline since March 5 after Ahn Byung Chan, the central bank's top currency official, said May 16 the won is ``highly overvalued'' and Korea will respond to speculation. This quarter's 0.8 percent rise in the exchange rate versus a 2.9 percent fall in the yen, may hurt exports, which account for 40 percent of South Korea's economy.
Read more at Bloomberg Currencies News
Credit Suisse Recommends Buying Put Options on British Pound Versus Dollar
(Bloomberg) -- Investors should use options to bet the dollar will extend gains against the British currency as U.S. economic growth accelerates, Credit Suisse said.
The dollar will likely strengthen as signs of faster growth discourage the Federal Reserve from lowering interest rates and makes U.S. assets more attractive. The dollar has gained 2 percent against the pound since hitting a 25-year low on April 18.
Read more at Bloomberg Currencies News
The dollar will likely strengthen as signs of faster growth discourage the Federal Reserve from lowering interest rates and makes U.S. assets more attractive. The dollar has gained 2 percent against the pound since hitting a 25-year low on April 18.
Read more at Bloomberg Currencies News
Platinum Futures Fall to Two-Week Low as Dollar Gains; Palladium Rises
(Bloomberg) -- Platinum in New York fell to a two- week low as the rising dollar reduced the appeal of the precious metal as an alternative investment. Palladium futures rose.
The dollar today reached the highest in almost three months against the yen and strengthened versus the euro after a government report pointed to resilience in the U.S. labor market. Before today, platinum had climbed 16 percent this year, partly on speculation of rising investor demand.
Read more at Bloomberg Commodities News
The dollar today reached the highest in almost three months against the yen and strengthened versus the euro after a government report pointed to resilience in the U.S. labor market. Before today, platinum had climbed 16 percent this year, partly on speculation of rising investor demand.
Read more at Bloomberg Commodities News
Russia Will Increase Oil Exports to China by at Least 5 Percent in 2007
(Bloomberg) -- Russia will increase crude oil exports to China by at least 5 percent this year, a government official said.
Russia exported 13 million metric tons of crude oil to China in 2006, Sergey Tsyplakov, trade representative of the Russian Federation in China, said at a press conference in Beijing today. Russia's crude oil exports to China rose 7.4 percent to 4 million tons in the first quarter, he said.
Read more at Bloomberg Energy News
Russia exported 13 million metric tons of crude oil to China in 2006, Sergey Tsyplakov, trade representative of the Russian Federation in China, said at a press conference in Beijing today. Russia's crude oil exports to China rose 7.4 percent to 4 million tons in the first quarter, he said.
Read more at Bloomberg Energy News
Valentino Fashion Shares Jump to Record on Speculation of Bidding Contest
(Bloomberg) -- Valentino Fashion Group SpA shares rose to a record on speculation buyout firms Carlyle Group and Permira Advisers LLP will compete to buy the Italian company famous for designing dresses worn by Sophia Loren.
London-based Permira, which offered 35.65 euros a share ($48) for almost a third of the fashion house yesterday, said it will offer 35 euros a share for the rest of the stock. Reuters reported Carlyle would bid 36 euros a share for the whole company, which would value Milan-based Valentino at almost 2.7 billion euros.
Read more at Bloomberg Stocks News
London-based Permira, which offered 35.65 euros a share ($48) for almost a third of the fashion house yesterday, said it will offer 35 euros a share for the rest of the stock. Reuters reported Carlyle would bid 36 euros a share for the whole company, which would value Milan-based Valentino at almost 2.7 billion euros.
Read more at Bloomberg Stocks News
Autodesk, CalAmp, Intuit, Sonic Solutions, Trump: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges tomorrow. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
Autodesk Inc. (ADSK US) rose 54 cents, or 1.2 percent, to $43.84 in trading after the official close of U.S. exchanges. The maker of software for architects and designers predicted revenue of as much as $2.15 billion this year. That topped the average estimate of $2.10 billion from analysts surveyed by Bloomberg.
Read more at Bloomberg Stocks News
Autodesk Inc. (ADSK US) rose 54 cents, or 1.2 percent, to $43.84 in trading after the official close of U.S. exchanges. The maker of software for architects and designers predicted revenue of as much as $2.15 billion this year. That topped the average estimate of $2.10 billion from analysts surveyed by Bloomberg.
Read more at Bloomberg Stocks News
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