Bank Hapoalim, Leumi Shares Downgraded at Deutsche Bank on Growth Outlook

(Bloomberg) -- Bank Hapoalim Ltd. and Bank Leumi Le-
Israel Ltd., Israel's two largest banks, had their share ratings
lowered to ``hold'' from ``buy'' at Deutsche Bank AG, citing
prospects for slowing income growth.

Shares of Hapoalim, Israel's No. 1 lender, will probably
trade at 23.3 shekels in the next 12 months, down from a previous
forecast of 26.6 shekels, Dan Harverd, an analyst at Deutsche
Bank in Tel Aviv, said in an e-mailed report today. Harverd
reiterated his 18-shekel share-price estimate for Bank Leumi.


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South Africa's First-Quarter Current Account Deficit Narrows to 7% of GDP

(Bloomberg) -- South Africa's current account
deficit narrowed less than expected in the first quarter,
reaching 7 percent of gross domestic product, threatening to
undermine the rand.

The shortfall in the trade of goods and services abroad
narrowed from 7.8 percent of GDP in the fourth quarter, the
Pretoria-based central bank said in its Quarterly Bulletin
today. The gap was expected to reach 6.6 percent, according to
the median estimate of 12 economists surveyed by Bloomberg.


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Siemens CFO sees no share buybacks in short term

(Reuters) - Siemens also has "multiple options" for convertible bonds,
according to the slides.




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S.Africa Q1 household spending eases to 7.5 pct

(Reuters) - South Africa's household spending slowed slightly to 7.5 percent in the first quarter of the year while consumer debt levels reached record highs, the reserve bank said on Thursday.

Household spending eased from 7.75 percent year-on-year in the fourth quarter of 2006, while consumer indebtedness increased to a record 76 percent of disposable income in the first three months of this year from 73.75 in Q4 2006.


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Albert Frere Maneuver in Bertelsmann Deal Gets Henry Kravis Fraternal Nod

(Bloomberg) -- Albert Frere had a good excuse for
his limp the day in 1988 he met French executive Jean
Peyrelevade for the first time. A wounded boar had attacked him
during a weekend hunting expedition in the Ardennes forest of
southern Belgium, leaving a gash in Frere's leg that took 25
stitches to close. ``He was on his back kicking it in the
muzzle,'' says Peyrelevade, recounting Frere's explanation for
the leg wound.

Frere, now 81, is still hunting both boar and European
corporations. In more than half a century, he has turned a
family business selling nails and chains into an empire with
assets valued at more than 24 billion euros ($32 billion). In
the past year, he and his partners earned more than 2 billion
euros by selling their stake in Bertelsmann AG, Europe's largest
media company. Frere's holding companies are now poised to
profit from the pending merger of French utility Suez SA, in
which Frere and his partners are the largest shareholders, and
government-controlled Gaz de France SA.


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Hong Kong Stocks Rise for Fifth Day, Reaching Record; China Mobile Gains

(Bloomberg) -- Hong Kong's stocks rose for a fifth
day, the longest run of gains in two months, after China's
government said it will allow mainland brokerages to buy
overseas shares for the first time. China Mobile Ltd. led gains.

``The impact is going to be huge as more money will be
coming to Hong Kong,'' said Renault Kam, a director of Atlantis
Investment Management Ltd., which oversees $3 billion in Asia.
Mainland companies listed in the city are likely to benefit the
most, as investors would ``rather buy shares of companies with
backgrounds they know about.''


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HSBC Plans to Refocus on Emerging Markets, New Asia Chief Executive Says

(Bloomberg) -- HSBC Holdings Plc, the world's
third-largest bank by market value, will step up expansion in
emerging markets such as India after mounting mortgage defaults
at its U.S. unit crimped profit, the company's incoming Asia
chief said.

``We're going to have a finance-led emerging markets
focus,'' shifting away from developed markets, said Sandy
Flockhart in a phone interview from Johannesburg. Flockhart, who
takes over HSBC's Asia operations next month, said he plans to
increase hiring in countries including India and China.


Read more at Bloomberg Emerging Markets News