(Bloomberg) -- South Korea's won slumped in the week, the biggest drop since August, after the government and central bank yesterday jointly said they will take action to stem gains if needed. Bonds dropped on better prospects for the economy.
The won has slumped more than 1 percent since 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
Thursday, 17 May 2007
Galiform, GKN, Ladbrokes and Vodafone: U.K., Irish Stock Market Preview
(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from yesterday's market close.
The benchmark FTSE 100 Index rose 19.80, or 0.3 percent, to close at 6579.30 in London as 49 stocks rose, 50 fell and 3 were unchanged. The FTSE All-Share Index gained 10.29, or 0.3 percent, to 3420.60.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index rose 19.80, or 0.3 percent, to close at 6579.30 in London as 49 stocks rose, 50 fell and 3 were unchanged. The FTSE All-Share Index gained 10.29, or 0.3 percent, to 3420.60.
Read more at Bloomberg Stocks News
Rand softer as dollar ticks up
(Reuters) - South Africa's rand was softer versus the dollar on Thursday as the U.S. currency made a slight comeback, but traders said the rand was likely to hold its ground for the rest of the session.
The rand was trading at 6.97 against the dollar at 0640 GMT, slightly down from its New York close of 6.9675 on Wednesday.
Read more at Reuters Africa
The rand was trading at 6.97 against the dollar at 0640 GMT, slightly down from its New York close of 6.9675 on Wednesday.
Read more at Reuters Africa
Oil rises towards $69, US gasoline worries linger
(Reuters) - Oil climbed towards $69 a barrel on Thursday, supported by refinery closures that are cutting gasoline supplies in top consumer the United States just ahead of the summer driving season.
London Brent crude, currently seen as more representative of the global oil market, rose 69 cents to $68.66 a barrel by 0854
Read more at Reuters Africa
London Brent crude, currently seen as more representative of the global oil market, rose 69 cents to $68.66 a barrel by 0854
Read more at Reuters Africa
Angloplat hopes to avoid strike
(Reuters) - Anglo Platinum Ltd., the world's biggest platinum producer, said it hoped to reach a deal in pay talks with unions and so avoid a strike.
"We have already seen some strikes in the industry but we hope that we would be able to come to an agreement and avoid any industrial action to the benefit of both the unions and ourselves," Ralph Havenstein, chief executive officer of the South Africa based company, told Reuters.
Read more at Reuters Africa
"We have already seen some strikes in the industry but we hope that we would be able to come to an agreement and avoid any industrial action to the benefit of both the unions and ourselves," Ralph Havenstein, chief executive officer of the South Africa based company, told Reuters.
Read more at Reuters Africa
China scours for metals to cut out middleman LME
(Reuters) - China is roaming the world to source metals directly from Africa and elsewhere in order to cut out the middleman -- the London Metal Exchange (LME), an expert on China said on Thursday.
The most important reason behind China's booming interest in the African continent was its aim avoid key commodity markets, the Director at the Centre of Chinese Studies, Martyn Davies, of Stellenbosch University in South Africa, said.
Read more at Reuters Africa
The most important reason behind China's booming interest in the African continent was its aim avoid key commodity markets, the Director at the Centre of Chinese Studies, Martyn Davies, of Stellenbosch University in South Africa, said.
Read more at Reuters Africa
Rio Tinto to join BP to build low CO2 power plants
(Reuters) - Rio Tinto, the world's second-largest mining group, is to join oil major BP Plc to develop power generation plants whose CO2 emissions will be pumped underground to help curb global warming.
The companies said on Thursday Rio will pay BP $32 million for a 50 percent stake in a new company, to be called Hydrogen Energy, into which BP will fold its existing carbon capture and storage (CCS) operations.
Read more at Reuters Africa
The companies said on Thursday Rio will pay BP $32 million for a 50 percent stake in a new company, to be called Hydrogen Energy, into which BP will fold its existing carbon capture and storage (CCS) operations.
Read more at Reuters Africa
Pakistan, Undeterred by Riots and Bombings, to Market Bonds Next Week
(Bloomberg) -- Pakistan's government, undeterred by riots and bombings, is to market bonds to international investors next week, tapping demand for riskier, higher-yielding debt.
Government officials, led by State Bank of Pakistan governor Shamshad Akhtar and Nawid Ahsan, Secretary General at Pakistan's Ministry of Finance, will hold investor presentations in Singapore on May 21 and in Hong Kong the next day. They will market the securities in Europe and the U.S., according to an e- mail sent to investors by one of the sale's arrangers.
Read more at Bloomberg Bonds News
Government officials, led by State Bank of Pakistan governor Shamshad Akhtar and Nawid Ahsan, Secretary General at Pakistan's Ministry of Finance, will hold investor presentations in Singapore on May 21 and in Hong Kong the next day. They will market the securities in Europe and the U.S., according to an e- mail sent to investors by one of the sale's arrangers.
Read more at Bloomberg Bonds News
U.S. Treasuries May Gain as Yields at One-Month High Spur Investor Demand
(Bloomberg) -- U.S. Treasury notes may rise for the first time in six days on speculation 10-year yields at their highest in a month will attract some investors.
The yield climbed to 4.76 percent yesterday, a level seen only three times in the past three months. Investors from Asia have tended to increase purchases as the yield approached 4.75 percent over the past few days, said Adam MacKillop, a U.S. fixed-income trader at Barclays Capital Japan Ltd. in Tokyo.
Read more at Bloomberg Bonds News
The yield climbed to 4.76 percent yesterday, a level seen only three times in the past three months. Investors from Asia have tended to increase purchases as the yield approached 4.75 percent over the past few days, said Adam MacKillop, a U.S. fixed-income trader at Barclays Capital Japan Ltd. in Tokyo.
Read more at Bloomberg Bonds News
Brazil Banks Double Security Spending to Fend Off Violent, Costly Heists
(Bloomberg) -- Sao Paulo schoolgirl Priscila Aprigio da Silva's dreams of becoming a nurse ended on Feb. 28 when she was caught in a shootout between police and bank robbers.
Now paraplegic from a bullet wound, 13-year-old da Silva is among the casualties of violent heists that have forced Banco Itau Holding Financeira SA, Banco Bradesco SA and other Brazilian banks to double spending on security over the past three years to 6 billion reais ($3.1 billion).
Read more at Bloomberg Currencies News
Now paraplegic from a bullet wound, 13-year-old da Silva is among the casualties of violent heists that have forced Banco Itau Holding Financeira SA, Banco Bradesco SA and other Brazilian banks to double spending on security over the past three years to 6 billion reais ($3.1 billion).
Read more at Bloomberg Currencies News
Harvard Gave Former President Summers $2 Million Severance, Filings Show
(Bloomberg) -- Harvard University gave then-president Lawrence Summers a severance package valued at about $2 million when he surrendered the office last year.
The Ivy League school also paid $55.2 million in fiscal 2006 to the investment firm run by former endowment manager Jack Meyer, according to Internal Revenue Service documents released today. His Convexity Capital Management LP oversees bond portfolios for Harvard, the world's richest university with a $29.2 billion endowment.
Read more at Bloomberg Exclusive News
The Ivy League school also paid $55.2 million in fiscal 2006 to the investment firm run by former endowment manager Jack Meyer, according to Internal Revenue Service documents released today. His Convexity Capital Management LP oversees bond portfolios for Harvard, the world's richest university with a $29.2 billion endowment.
Read more at Bloomberg Exclusive News
Foreclosures Spur States, Led by Ohio, to Rescue Homeowners From Defaults
(Bloomberg) -- Willis Blackshear combs through Ohio mortgage filings looking for time bombs to defuse.
The Montgomery County recorder, who oversees real estate filings in Dayton, is searching for loans with balloon payments, or interest rates that may soon rise to unaffordable levels. He has found more than 3,100 in Montgomery where 540,000 residents possessed the state's second-highest foreclosure rate last year.
Read more at Bloomberg Exclusive News
The Montgomery County recorder, who oversees real estate filings in Dayton, is searching for loans with balloon payments, or interest rates that may soon rise to unaffordable levels. He has found more than 3,100 in Montgomery where 540,000 residents possessed the state's second-highest foreclosure rate last year.
Read more at Bloomberg Exclusive News
Gold Rises in Asia After Dollar Gains Against Yen; Tokyo Futures Decline
(Bloomberg) -- Gold rose in Asia as a gain in the value of the U.S. dollar against the Japanese yen sparked buying in the dollar-denominated gold for immediate delivery and selling in yen-denominated gold futures in Tokyo.
The Japanese yen is heading for a fourth weekly decline against the dollar as signs of weakening growth are likely to keep the Bank of Japan from lifting borrowing costs anytime soon. Declines in the yen have made some gold futures contracts traded in Japanese yen on the Tokyo Commodity Exchange more expensive than the gold for immediate delivery traded in U.S. dollars.
Read more at Bloomberg Commodities News
The Japanese yen is heading for a fourth weekly decline against the dollar as signs of weakening growth are likely to keep the Bank of Japan from lifting borrowing costs anytime soon. Declines in the yen have made some gold futures contracts traded in Japanese yen on the Tokyo Commodity Exchange more expensive than the gold for immediate delivery traded in U.S. dollars.
Read more at Bloomberg Commodities News
South Korean Chipmaker Stocks Fall on DRAM Concern; LG Electronics Rises
(Bloomberg) -- South Korean stocks retreated from a record. Samsung Electronics Co. declined after Citigroup Inc. forecast ``more pain before gain'' for chipmakers, saying there was ``no hint of a recovery in June'' for prices of dynamic random access memory, or DRAM.
Spot prices for the benchmark 512-megabit DRAM chip fell 3.9 percent yesterday to $1.75 a chip, according to Dramexchange.com, Asia's biggest spot market for chips. Prices have plunged 71 percent this year.
Read more at Bloomberg Stocks News
Spot prices for the benchmark 512-megabit DRAM chip fell 3.9 percent yesterday to $1.75 a chip, according to Dramexchange.com, Asia's biggest spot market for chips. Prices have plunged 71 percent this year.
Read more at Bloomberg Stocks News
Precision Castparts May Be Added to S&P 500 Index, Wachovia Analyst Says
(Bloomberg) -- Precision Castparts Corp., a maker of metal forgings used in jet engines, may replace MedImmune Inc. in the Standard & Poor's 500 Index, according to an analyst at Wachovia Capital Markets LLC.
Precision Castparts ``could be added to the benchmark S&P 500 index in the near term,'' analyst Gary Liebowitz wrote in a note to investors.
Read more at Bloomberg Stocks News
Precision Castparts ``could be added to the benchmark S&P 500 index in the near term,'' analyst Gary Liebowitz wrote in a note to investors.
Read more at Bloomberg Stocks News
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