Rand steady, could test 7.05/dollar

(Reuters) - South Africa's rand was steady against the dollar on Tuesday, and traders said the currency could test firmer levels in the session because of positive sentiment toward emerging markets.

At 0630 GMT, the rand stood at 7.1025 versus the dollar, not far from its New York close of 7.105 on Monday.


Read more at Reuters Africa

UPDATE 1-Tesco year profit tops 2.5 bln stg, ups cash return

(Reuters) - Britain's biggest retailer said on Tuesday it expected to return at least 3 billion pounds to investors, up from 1.5 billion previously.

With private equity firms targeting several of Britain's retailers for possible takeover, in part because of their rich asset base, companies are under pressure to extract value from the big rise in value of commercial properties.


Read more at Reuters.com Market News

Palm Oil Futures Decline in Malaysia on Concerns Recent Rally Was Overdone

(Bloomberg) -- Palm oil futures declined as some investors sold the commodity on concerns that the rally to the highest in more than eight years yesterday was overdone.

Palm oil futures rose 7.2 percent in the two weeks before today as Malaysia, the world's largest producer of the tropical oil, reported unexpectedly strong growth in exports this month.


Read more at Bloomberg Commodities News

South Korean Stocks Fall From Record, as Exporters Decline on Strong Won

(Bloomberg) -- South Korean stocks slid from a record. Exporters led by LG.Philips LCD Co. fell after the won appreciated against the dollar to its highest level in more than three months, raising speculation the value of overseas earnings will drop.

``The exchange rate is around the 930's now, so we're also watching its effect on exporters,'' said Kim Jun Ki, who manages about $1.1 billion in equities at Hanwha Investment Trust Management Co. in Seoul. ``There's a little concern earnings recoveries could get delayed a bit.''


Read more at Bloomberg Stocks News

UPDATE 1-U.S. approves Novartis' Reclast for bone disease

(Reuters) - Novartis said Reclast, or zoledronic acid, had won U.S. approval as the first new treatment in nearly a decade for patients with the disease, which affects about one million people in the United States and around four million worldwide.

The medicine is now approved in more than 50 countries for Paget's disease, Novartis said.


Read more at Reuters.com Government Filings News

Cerberus group's plan to buy Delphi hits hurdle: WSJ

(Reuters) - Cerberus has expressed concerns to the union, United Auto Workers, General Motors and Delphi about the auto parts maker's profitability a few years from now, when new hires's pay increases, the Journal reported.

The burden of keeping negotiations at Delphi going has fallen on GM, the paper said, adding that it could force GM to further subsidize wages and benefits for new and future employees at Delphi.


Read more at Reuters.com Mergers News

U.S. Consumer Prices Probably Increased in March as Gasoline Costs Jumped

(Bloomberg) -- A jump in fuel costs last month probably contributed to the biggest increase in U.S. consumer prices in almost a year, keeping the Federal Reserve on guard against a pickup in inflation.

Prices rose 0.6 percent, the most since April 2006, after a 0.4 percent February increase, based on the median forecast of economists surveyed by Bloomberg News ahead of a Labor Department report today. Core prices, which exclude food and energy, rose 0.2 percent for a second month, the survey showed.


Read more at Bloomberg Currencies News