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.


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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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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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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.


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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."


Read more at Reuters.com Bonds News

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

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.


Read more at Bloomberg Stocks News