(Reuters) - "There is no guarantee that a formal bid will be made."
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Monday, 21 May 2007
UPDATE 1-Nutreco to buy Maple Leaf Foods units for $461 mln
(Reuters) - Nutreco, which produces animal and fish feed and is a major
poultry processor, has been eyeing acquisitions after selling
its Marine Harvest salmon-farming business last year, having
intended to spend the money on acquisitions or dividends.
Maple Leaf Foods' animal nutrition business has a 20 percent
share of the Canadian feed market, with 18 manufacturing plants
employing 1,200 staff, the companies said in a statement.
Read more at Reuters.com Mergers News
poultry processor, has been eyeing acquisitions after selling
its Marine Harvest salmon-farming business last year, having
intended to spend the money on acquisitions or dividends.
Maple Leaf Foods' animal nutrition business has a 20 percent
share of the Canadian feed market, with 18 manufacturing plants
employing 1,200 staff, the companies said in a statement.
Read more at Reuters.com Mergers News
Tata Power Seeks $950 Million Loans for Indonesian Mine Stakes, People Say
(Bloomberg) -- Tata Power Co., India's second-biggest
utility by annual sales, will borrow $950 million to fund its
purchase of stakes in two Indonesian coal mines, according to
three people involved in the transaction.
The Mumbai-based company has hired Calyon to arrange a $600
million loan, which will be secured by the coal mines, and a $350
million loan, guaranteed by Tata Power, said the people who
didn't want to be identified before an announcement by the
borrower. Calyon is marketing the loans to other banks, they said.
Read more at Bloomberg Emerging Markets News
utility by annual sales, will borrow $950 million to fund its
purchase of stakes in two Indonesian coal mines, according to
three people involved in the transaction.
The Mumbai-based company has hired Calyon to arrange a $600
million loan, which will be secured by the coal mines, and a $350
million loan, guaranteed by Tata Power, said the people who
didn't want to be identified before an announcement by the
borrower. Calyon is marketing the loans to other banks, they said.
Read more at Bloomberg Emerging Markets News
Billionaire Couple From Jakarta, Shanghai Imperiled by U.S. Options Probe
(Bloomberg) -- When Sehat Sutardja was a 12-year-old
boy in Jakarta, he dismantled shortwave radios and played with
voltage regulators for fun. Tinkering in his family's parts-
strewn workroom, Sutardja dreamed of designing and building his
own gadgets. His parents fretted that their firstborn son would
become nothing more than a television repairman.
``They wanted me to be a medical doctor,'' says Sutardja,
45, whose black hair is traced with gray.
Read more at Bloomberg Currencies News
boy in Jakarta, he dismantled shortwave radios and played with
voltage regulators for fun. Tinkering in his family's parts-
strewn workroom, Sutardja dreamed of designing and building his
own gadgets. His parents fretted that their firstborn son would
become nothing more than a television repairman.
``They wanted me to be a medical doctor,'' says Sutardja,
45, whose black hair is traced with gray.
Read more at Bloomberg Currencies News
Atlantia, DaimlerChrysler, Endesa, France Telecom: European Equity Preview
(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.2 percent to 393.36. The Dow
Jones Stoxx 50 Index lost 0.3 percent to 3905.70. The Euro Stoxx
50 Index, a benchmark for the 13 nations using the euro, declined
0.3 percent to 4465.54.
Read more at Bloomberg Stocks News
in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.2 percent to 393.36. The Dow
Jones Stoxx 50 Index lost 0.3 percent to 3905.70. The Euro Stoxx
50 Index, a benchmark for the 13 nations using the euro, declined
0.3 percent to 4465.54.
Read more at Bloomberg Stocks News
South Korea's Kospi Index Climbs to a Record; Construction Stocks Advance
(Bloomberg) -- South Korean stocks advanced, lifting
the Kospi index to a second straight record. Daewoo Engineering
& Construction Co. gained after Good Morning Shinhan Securities
Co. said the government's plan to build a new satellite city
will benefit builders.
``The news coming out of the construction sector is pushing
up the stocks these days, like the satellite city plans,'' said
Jeong Gi Won, who helps manage $2.1 billion at Daehan Investment
Trust Management Co. in Seoul. ``Builders have also been winning
more contracts than last year.''
Read more at Bloomberg Stocks News
the Kospi index to a second straight record. Daewoo Engineering
& Construction Co. gained after Good Morning Shinhan Securities
Co. said the government's plan to build a new satellite city
will benefit builders.
``The news coming out of the construction sector is pushing
up the stocks these days, like the satellite city plans,'' said
Jeong Gi Won, who helps manage $2.1 billion at Daehan Investment
Trust Management Co. in Seoul. ``Builders have also been winning
more contracts than last year.''
Read more at Bloomberg Stocks News
China Merchants Bank Wins Government Nod to Buy Control of Fund Venture
(Bloomberg) -- China Merchants Bank Co., the nation's
seventh-largest, won government approval to buy 33.4 percent of
an affiliated fund management venture, allowing it to expand its
sources of income beyond lending.
Merchants Bank will become the largest shareholder in China
Merchants Fund Management Co., the Shenzhen-based company said in
a statement today. China Merchants Securities Co. and ING Groep
NV's asset management arm each own 33.3 percent of the venture.
Read more at Bloomberg Emerging Markets News
seventh-largest, won government approval to buy 33.4 percent of
an affiliated fund management venture, allowing it to expand its
sources of income beyond lending.
Merchants Bank will become the largest shareholder in China
Merchants Fund Management Co., the Shenzhen-based company said in
a statement today. China Merchants Securities Co. and ING Groep
NV's asset management arm each own 33.3 percent of the venture.
Read more at Bloomberg Emerging Markets News
RPT-UPDATE 3-US FDA reviewing risks of Glaxo diabetes drug
(Reuters) - WASHINGTON, May 21 - U.S. regulators are
reviewing the safety of GlaxoSmithKline's Plc's diabetes drug
Avandia but have not yet determined the significance of risks
reported in a study released on Monday, a U.S. Food and Drug
Administration official said.
A study published in the New England Journal of Medicine
said Avandia increased the risk of cardiac-related deaths by 64
percent and heart attacks by 43 percent. Dr. Robert Meyer, head
of the FDA office that reviews diabetes drugs, said other data
contradicted those findings.
Read more at Reuters.com Government Filings News
reviewing the safety of GlaxoSmithKline's Plc's diabetes drug
Avandia but have not yet determined the significance of risks
reported in a study released on Monday, a U.S. Food and Drug
Administration official said.
A study published in the New England Journal of Medicine
said Avandia increased the risk of cardiac-related deaths by 64
percent and heart attacks by 43 percent. Dr. Robert Meyer, head
of the FDA office that reviews diabetes drugs, said other data
contradicted those findings.
Read more at Reuters.com Government Filings News
Yuan Rises Most in More Than a Week Before China's Wu Meets Paulson Today
(Bloomberg) -- The yuan gained the most in more than
a week as China's Vice Premier Wu Yi meets U.S. Treasury
Secretary Henry Paulson in Washington today.
China's currency rose to the highest since the end of a
dollar link in July 2005, climbing past 7.66 for the first time.
The central bank last week allowed wider swings in the yuan to
increase flexibility in the exchange rate, which the U.S. has
said would help narrow the trade gap between the two nations.
Some U.S. lawmakers have threatened retaliatory trade actions in
the absence of quicker yuan appreciation.
Read more at Bloomberg Currencies News
a week as China's Vice Premier Wu Yi meets U.S. Treasury
Secretary Henry Paulson in Washington today.
China's currency rose to the highest since the end of a
dollar link in July 2005, climbing past 7.66 for the first time.
The central bank last week allowed wider swings in the yuan to
increase flexibility in the exchange rate, which the U.S. has
said would help narrow the trade gap between the two nations.
Some U.S. lawmakers have threatened retaliatory trade actions in
the absence of quicker yuan appreciation.
Read more at Bloomberg Currencies News
Japan Shares Advance; Banks Rise on Earnings Expectations, Inpex Gains
(Bloomberg) -- Japanese stocks advanced, led by
banks, after Sumitomo Mitsui Financial Group Inc. forecast
profit will increase for this business year.
Sumitomo Mitsui climbed 2.8 percent after projecting a 22
percent increase in its net income for this business year. NEC
Corp. jumped 6.1 percent, the biggest gain since Oct. 2005,
after saying profit will triple this year.
Read more at Bloomberg Stocks News
banks, after Sumitomo Mitsui Financial Group Inc. forecast
profit will increase for this business year.
Sumitomo Mitsui climbed 2.8 percent after projecting a 22
percent increase in its net income for this business year. NEC
Corp. jumped 6.1 percent, the biggest gain since Oct. 2005,
after saying profit will triple this year.
Read more at Bloomberg Stocks News
China, Indonesia, Singapore, Sri Lanka, Malaysia: Asia Local Bond Preview
(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.
China: U.S. Treasury secretary Henry Paulson will open a
two-day meeting in Washington with China's top economic
officials on May 22. The government will sell 30 billion yuan
($3.9 billion) of seven-year bonds tomorrow. It last sold
similar-maturity debt on February 5 at a 2.93 percent yield.
State-owned China Development Bank yesterday said it will sell
$630 million worth of five-year, U.S. dollar-denominated bonds.
Read more at Bloomberg Bonds News
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.
China: U.S. Treasury secretary Henry Paulson will open a
two-day meeting in Washington with China's top economic
officials on May 22. The government will sell 30 billion yuan
($3.9 billion) of seven-year bonds tomorrow. It last sold
similar-maturity debt on February 5 at a 2.93 percent yield.
State-owned China Development Bank yesterday said it will sell
$630 million worth of five-year, U.S. dollar-denominated bonds.
Read more at Bloomberg Bonds News
Japan's Government Bonds May Rise as Yields Near 1-Month High Lure Buyers
(Bloomberg) -- Japan's 10-year government bonds may
gain, ending a two-day slide, on speculation yields near the
highest in a month will attract investors.
Bonds maturing in 10 years or more handed investors a
higher return than debt due in 10 years less so far in 2007,
according to an index compiled by Merrill Lynch & Co. Japanese
bonds may also rise after U.S. Treasuries gained yesterday for
the first time in seven days.
Read more at Bloomberg Bonds News
gain, ending a two-day slide, on speculation yields near the
highest in a month will attract investors.
Bonds maturing in 10 years or more handed investors a
higher return than debt due in 10 years less so far in 2007,
according to an index compiled by Merrill Lynch & Co. Japanese
bonds may also rise after U.S. Treasuries gained yesterday for
the first time in seven days.
Read more at Bloomberg Bonds News
BA eyes all business-class U.S.-Europe flights
(Reuters) - BA, Britain's flag carrier, is mulling the upscale move
after start-up airlines such as Eos pioneered business-class
only flights between London and New York in 2005.
"That is something we are looking at, but it hasn't been
finally decided," BA Chief Executive Willie Walsh told
investors and reporters at a meeting in New York on Monday,
when asked about business-class-only services.
Read more at Reuters.com Government Filings News
after start-up airlines such as Eos pioneered business-class
only flights between London and New York in 2005.
"That is something we are looking at, but it hasn't been
finally decided," BA Chief Executive Willie Walsh told
investors and reporters at a meeting in New York on Monday,
when asked about business-class-only services.
Read more at Reuters.com Government Filings News
AWB, BHP Billiton, Sigma and Woodside May Move: Australian Equity Preview
(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.
The S&P/ASX 200 Index futures contract due in June rose 0.3
percent to 6391 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index fell 0.2 percent in New York.
Read more at Bloomberg Stocks News
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.
The S&P/ASX 200 Index futures contract due in June rose 0.3
percent to 6391 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index fell 0.2 percent in New York.
Read more at Bloomberg Stocks News
On2 Technologies to acquire Hantro Products
(Reuters) - The acquisition would accelerate the deployment of On2's
technology on semiconductor chipsets that power mobile and
embedded devices, the company said.
Hantro stockholders would own about 12 percent of the
combined company on a pro forma basis after the transaction
closes, On2 said in a statement.
Read more at Reuters.com Mergers News
technology on semiconductor chipsets that power mobile and
embedded devices, the company said.
Hantro stockholders would own about 12 percent of the
combined company on a pro forma basis after the transaction
closes, On2 said in a statement.
Read more at Reuters.com Mergers News
Impac to buy Pinnacle in mortgage lender merger
(Reuters) - Orlando, Florida-based Pinnacle lists more than 440 loan
officers on its Web site. The firm was founded in 1988.
Impac, a real estate investment trust, specializes in
"Alt-A," short for "Alternative-A," loans, which often go to
borrowers who cannot fully document income or assets. Pinnacle
specializes in Alt-A and prime loans, Impac said.
Read more at Reuters.com Bonds News
officers on its Web site. The firm was founded in 1988.
Impac, a real estate investment trust, specializes in
"Alt-A," short for "Alternative-A," loans, which often go to
borrowers who cannot fully document income or assets. Pinnacle
specializes in Alt-A and prime loans, Impac said.
Read more at Reuters.com Bonds News
American Science, LifePoint Hospitals, MGM Mirage: 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.
American Science & Engineering Inc. (ASEI US) rose $2.87,
or 6 percent, to $50.85 in trading after the official close of
U.S. exchanges. The maker of X-ray systems used to detect
explosives said excluding some items, it earned 83 cents a share
in the fourth quarter. That topped the 80 cent average estimate
from seven analysts in a Bloomberg survey.
Read more at Bloomberg Stocks News
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.
American Science & Engineering Inc. (ASEI US) rose $2.87,
or 6 percent, to $50.85 in trading after the official close of
U.S. exchanges. The maker of X-ray systems used to detect
explosives said excluding some items, it earned 83 cents a share
in the fourth quarter. That topped the 80 cent average estimate
from seven analysts in a Bloomberg survey.
Read more at Bloomberg Stocks News
Asian Energy Stocks Rise in U.S. Trading, Led by Cnooc; The9 Shares Jump
(Bloomberg) -- Asian energy stocks including Cnooc
Ltd. rose in U.S. trading as crude oil climbed above $66 a
barrel.
The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, was unchanged at 161.67.
Read more at Bloomberg Stocks News
Ltd. rose in U.S. trading as crude oil climbed above $66 a
barrel.
The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, was unchanged at 161.67.
Read more at Bloomberg Stocks News
Alltel, Amazon, FX Energy, Williams, Antigenics: U.S. Equity Movers Final
(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Shares
prices are as of 4 p.m. New York time.
Alltel Corp. (AT US) rose $4.39, or 6.7 percent, to $69.60.
Goldman Sachs Group Inc. and TPG Inc. agreed to buy Alltel for
about $24.7 billion in the largest leveraged buyout of a
telecommunications company. Investors will get $71.50 a share,
the mobile-phone company said. The offer is 9.6 percent more than
Alltel's last closing price. Including debt, the bid values
Alltel at $27.5 billion.
Read more at Bloomberg Stocks News
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Shares
prices are as of 4 p.m. New York time.
Alltel Corp. (AT US) rose $4.39, or 6.7 percent, to $69.60.
Goldman Sachs Group Inc. and TPG Inc. agreed to buy Alltel for
about $24.7 billion in the largest leveraged buyout of a
telecommunications company. Investors will get $71.50 a share,
the mobile-phone company said. The offer is 9.6 percent more than
Alltel's last closing price. Including debt, the bid values
Alltel at $27.5 billion.
Read more at Bloomberg Stocks News
Soybeans Match Highest Closing Price Since June 2004 on Dry U.S. Weather
(Bloomberg) -- Soybean futures rose in Chicago,
matching the highest closing price since June 2004, on concern
that dry weather in the eastern Midwest will harm the second-
biggest U.S. crop.
Dry conditions that have created moderate to extreme
drought from Alabama to North Carolina may move west in the next
month, increasing stress on newly planted crops in Ohio and
elsewhere that are already short of moisture, said Drew Lerner,
president of World Weather Inc. in Kansas City, Kansas.
Read more at Bloomberg Commodities News
matching the highest closing price since June 2004, on concern
that dry weather in the eastern Midwest will harm the second-
biggest U.S. crop.
Dry conditions that have created moderate to extreme
drought from Alabama to North Carolina may move west in the next
month, increasing stress on newly planted crops in Ohio and
elsewhere that are already short of moisture, said Drew Lerner,
president of World Weather Inc. in Kansas City, Kansas.
Read more at Bloomberg Commodities News
Hard to change mortgages to stop defaults-investors
(Reuters) - NEW YORK, May 21 - Little can be done to change the terms of subprime mortgages to prevent foreclosure because of the way loans that were packaged and sold to Wall Street investors, mortgage industry executives said Monday.
Despite calls by lawmakers and regulators for mortgage investors to help borrowers facing foreclosure, the current standards for mortgage finance are just not flexible enough, Michael Marriott, a co-head of Credit Suisse's mortgage group told a mortgage conference.
Read more at Reuters.com Bonds News
Despite calls by lawmakers and regulators for mortgage investors to help borrowers facing foreclosure, the current standards for mortgage finance are just not flexible enough, Michael Marriott, a co-head of Credit Suisse's mortgage group told a mortgage conference.
Read more at Reuters.com Bonds News
CHRONOLOGY - EMI's many attempts at a deal
(Reuters) - The two companies have tried to combine on several
occasions in a series of bids and counterbids, but it has not
been clear whether any deal would get regulatory approval as
the European Commission continues to examine a separate measure
by Sony-BMG.
2000 - EMI and Warner first try and merge.
Read more at Reuters.com Mergers News
occasions in a series of bids and counterbids, but it has not
been clear whether any deal would get regulatory approval as
the European Commission continues to examine a separate measure
by Sony-BMG.
2000 - EMI and Warner first try and merge.
Read more at Reuters.com Mergers News
BOC's Dodge says IMF should step up surveillance
(Reuters) - "It would be tremendously helpful to the global economy if
the Fund were to return to its original role of serving as a
table for discussion," he said.
Dodge also talked about the stalled World Trade
Organization talks, decrying the risk of protectionism and
saying the United States needed to show leadership.
Read more at Reuters.com Bonds News
the Fund were to return to its original role of serving as a
table for discussion," he said.
Dodge also talked about the stalled World Trade
Organization talks, decrying the risk of protectionism and
saying the United States needed to show leadership.
Read more at Reuters.com Bonds News
Duquesne Light declares special pro rata dividend
(Reuters) - The companies expect to close the merger on May 31.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
U.S. slashes forecast for Mexican oil output
(Reuters) - Falling production at Mexico's giant Cantarell oil field,
one of the largest in the world, is being only partially
replaced by new developments.
Mexico pumped 3.185 million bpd in April, down from the
average 3.256 million bpd produced in 2006, state oil company
Pemex said on Monday.
Read more at Reuters.com Bonds News
one of the largest in the world, is being only partially
replaced by new developments.
Mexico pumped 3.185 million bpd in April, down from the
average 3.256 million bpd produced in 2006, state oil company
Pemex said on Monday.
Read more at Reuters.com Bonds News
U.S. Global Investors sees copper correction
(Reuters) - "I think that short-term, copper can go through a big correction," he told the Reuters Global Mining and Steel Summit.
"Copper had a huge move on our mathematical models and is due for a correction. And then you want to be long," said Holmes, whose San Antonio-Texas-based fund controls about $5 billion in investments and has extensive holdings in mining companies.
Read more at Reuters.com Hot Stocks News
"Copper had a huge move on our mathematical models and is due for a correction. And then you want to be long," said Holmes, whose San Antonio-Texas-based fund controls about $5 billion in investments and has extensive holdings in mining companies.
Read more at Reuters.com Hot Stocks News
Glaxo's Avandia raises heart-death risk: study
(Reuters) - The news about Avandia, also known as rosiglitazone, triggered a freefall in GSK's shares, which closed off more than 5 percent on the London Stock Exchange. The stock slide continued on the New York Stock Exchange, falling $3.67 per share, or more than 6 percent.
Glaxo said it strongly disagreed with the conclusions of the report, which was based on an analysis of other studies.
Read more at Reuters.com Business News
Glaxo said it strongly disagreed with the conclusions of the report, which was based on an analysis of other studies.
Read more at Reuters.com Business News
TREASURIES-Bonds flat, digest China's Blackstone deal
(Reuters) - NEW YORK, May 21 - U.S. government bond prices
were flat on Monday on concerns China's investment in the
private equity firm Blackstone Group may signal the country
will buy fewer Treasuries and more stocks.
Blackstone Group said China's investment agency planned to
take a stake worth $3 billion, or 10 percent, as it seeks
higher returns in booming private equity. China is the
second-largest holder of U.S. government bonds after Japan.
Read more at Reuters.com Bonds News
were flat on Monday on concerns China's investment in the
private equity firm Blackstone Group may signal the country
will buy fewer Treasuries and more stocks.
Blackstone Group said China's investment agency planned to
take a stake worth $3 billion, or 10 percent, as it seeks
higher returns in booming private equity. China is the
second-largest holder of U.S. government bonds after Japan.
Read more at Reuters.com Bonds News
Brazil to Convert 53 Percent of Cane Crop Into Ethanol, Association Says
(Bloomberg) -- Brazil, the world's biggest sugar
producer, will turn 53 percent of its cane into ethanol this
year, an industry leader said.
Brazil will produce as much as 19 billion liters (5 billion
gallons) of ethanol during the current crop year, Eduardo
Carvalho, head of Brazil's Center-South Sugar and Ethanol
Industry Association, said today at a conference in Sao Paulo.
Read more at Bloomberg Energy News
producer, will turn 53 percent of its cane into ethanol this
year, an industry leader said.
Brazil will produce as much as 19 billion liters (5 billion
gallons) of ethanol during the current crop year, Eduardo
Carvalho, head of Brazil's Center-South Sugar and Ethanol
Industry Association, said today at a conference in Sao Paulo.
Read more at Bloomberg Energy News
EMI agrees to $4.7 bln offer from Terra Firma
(Reuters) - LONDON, May 21 - British music company EMI .
EMI shares closed 9.3 percent higher at 271 pence, indicating investors thought a higher counterbid was possible.
Read more at Reuters.com Mergers News
EMI shares closed 9.3 percent higher at 271 pence, indicating investors thought a higher counterbid was possible.
Read more at Reuters.com Mergers News
US commercial real estate growth slows in Q1 -NAR
(Reuters) - The modest uptick suggested steady absorption of industrial
and office space in the next six to nine months with slightly
higher completions of office, warehouse, retail and hotel
buildings, the association said.
A combination of positive factors including rising
industrial output and steady job growth led to the index's rise
in the first quarter, said Lawrence Yun, the Washington-based
group's senior economist.
Read more at Reuters.com Economic News
and office space in the next six to nine months with slightly
higher completions of office, warehouse, retail and hotel
buildings, the association said.
A combination of positive factors including rising
industrial output and steady job growth led to the index's rise
in the first quarter, said Lawrence Yun, the Washington-based
group's senior economist.
Read more at Reuters.com Economic News
Coffee in New York Rises on Concern Cool Weather May Harm Crop in Brazil
(Bloomberg) -- Coffee in New York rose on concern
that cooler weather forecast for key growing regions in Brazil,
the biggest producer, will harm trees entering the low-production
period of a two-year cycle.
Temperatures that have been running in the normal 55-to-59
degree Fahrenheit range or slightly higher may drop later this
week below 50 degrees (10 Celsius), according to Meteorlogix LLC
in Woborn, Massachusetts. Still, the private forecaster does not
expect any freezing temperatures, which can damage trees.
Read more at Bloomberg Commodities News
that cooler weather forecast for key growing regions in Brazil,
the biggest producer, will harm trees entering the low-production
period of a two-year cycle.
Temperatures that have been running in the normal 55-to-59
degree Fahrenheit range or slightly higher may drop later this
week below 50 degrees (10 Celsius), according to Meteorlogix LLC
in Woborn, Massachusetts. Still, the private forecaster does not
expect any freezing temperatures, which can damage trees.
Read more at Bloomberg Commodities News
Blockbuster, Netflix Duel for Movie-Rental Customers; Short Sellers Profit
(Bloomberg) -- Blockbuster Inc. and Netflix Inc.
shares tumbled in the past month, rewarding so-called short
sellers who bet that the companies' push for new movie-rental
customers would drive up costs, slash prices and erode profits.
Shares of Blockbuster, the world's largest brick-and-mortar
rental chain, and Netflix, the No. 1 provider of mail-order
rentals, were among the most shorted last month, U.S. exchange
data show. About a third of Blockbuster's float, or shares
available for trading, was borrowed and sold to profit from
falling prices. Traders sold short 20 percent of Netflix.
Read more at Bloomberg Stocks News
shares tumbled in the past month, rewarding so-called short
sellers who bet that the companies' push for new movie-rental
customers would drive up costs, slash prices and erode profits.
Shares of Blockbuster, the world's largest brick-and-mortar
rental chain, and Netflix, the No. 1 provider of mail-order
rentals, were among the most shorted last month, U.S. exchange
data show. About a third of Blockbuster's float, or shares
available for trading, was borrowed and sold to profit from
falling prices. Traders sold short 20 percent of Netflix.
Read more at Bloomberg Stocks News
Moody's may raise Williams' debt on asset sales
(Reuters) - "The review for upgrade reflects the positive benefits
Williams receives from exiting its power business, which
include improved leverage and lower volatility of cash flow and
earnings," Moody's said in a statement.
"The power business creates additional volatility from its
power sales contracts and hedging transactions, which requires
Williams to maintain substantial liquidity for letters of
credit and other adequate assurance," Moody's said.
Read more at Reuters.com Bonds News
Williams receives from exiting its power business, which
include improved leverage and lower volatility of cash flow and
earnings," Moody's said in a statement.
"The power business creates additional volatility from its
power sales contracts and hedging transactions, which requires
Williams to maintain substantial liquidity for letters of
credit and other adequate assurance," Moody's said.
Read more at Reuters.com Bonds News
Web Sites Ordered to Pay $3.6 Million in Energy-Trading Scam, CFTC Says
(Bloomberg) -- A U.S. federal court ordered two Web
sites to pay $3.6 million for bilking investors by posing as an
energy-trading exchange and a broker, the U.S. Commodity Futures
Trading Commission said.
The sites, which used the names York Commodities and the
American Energy Exchange, were ordered by a U.S. District Court
in Manhattan to reimburse investors almost $3.3 million and pay
$390,000 in fines, the Washington-based CFTC said today.
Read more at Bloomberg Energy News
sites to pay $3.6 million for bilking investors by posing as an
energy-trading exchange and a broker, the U.S. Commodity Futures
Trading Commission said.
The sites, which used the names York Commodities and the
American Energy Exchange, were ordered by a U.S. District Court
in Manhattan to reimburse investors almost $3.3 million and pay
$390,000 in fines, the Washington-based CFTC said today.
Read more at Bloomberg Energy News
CORRECTED: Daimler bears $1 bln Chrysler pension risk
(Reuters) - "We have said that with the closing of the transaction, the topic of pension obligations is settled. If there is something coming, then we know what is coming," he said, adding that the agreement was based on PBGC's model, which calculates risks in the event that the pension plan were terminated immediately.
Daimler said it was not taking a provision for the risk because it did not expect this hypothetical case to occur.
Read more at Reuters.com Mergers News
Daimler said it was not taking a provision for the risk because it did not expect this hypothetical case to occur.
Read more at Reuters.com Mergers News
Finland's Patria wins large order in S.Africa
(Reuters) - Finnish defence group Patria said on Monday it had won an order from South Africa to supply the state-owned weapons group Denel with 264 combat vehicle platforms, without disclosing the exact value of the deal.
The first vehicles will be manufactured in Finland, after which production will gradually be transferred to South Africa, said Patria, which is 27 percent owned by the European aerospace firm EADS.
Read more at Reuters Africa
The first vehicles will be manufactured in Finland, after which production will gradually be transferred to South Africa, said Patria, which is 27 percent owned by the European aerospace firm EADS.
Read more at Reuters Africa
Bear Stearns buys power assets from Williams
(Reuters) - Williams shares rose 4.7 percent to $30.30 in pre-market
trading. Bear Stearns expects the transaction to close the
quarter ending Nov. 30 and boost its fiscal 2008 earnings.
Read more at Reuters.com Mergers News
trading. Bear Stearns expects the transaction to close the
quarter ending Nov. 30 and boost its fiscal 2008 earnings.
Read more at Reuters.com Mergers News
Countrywide chief decries subprime regulation
(Reuters) - "It's better for the crooks," Mozilo told Reuters before
speaking at a Mortgage Bankers Association conference in
Manhattan. "It's only the good people who have to comply.
Regulation, in my opinion, has caused part of the problem. When
they attacked the pay option and interest-only loans, that
really put a dent in a lot of the product, which is perfectly
good product."
Mozilo, leader of the largest U.S. mortgage lender, set the
tone for a conference whose membership is smarting from the
excesses of the subprime sector. Some of the largest subprime
lenders have gone out of business amid falling property values
and a rising wave of delinquencies and foreclosures.
Read more at Reuters.com Bonds News
speaking at a Mortgage Bankers Association conference in
Manhattan. "It's only the good people who have to comply.
Regulation, in my opinion, has caused part of the problem. When
they attacked the pay option and interest-only loans, that
really put a dent in a lot of the product, which is perfectly
good product."
Mozilo, leader of the largest U.S. mortgage lender, set the
tone for a conference whose membership is smarting from the
excesses of the subprime sector. Some of the largest subprime
lenders have gone out of business amid falling property values
and a rising wave of delinquencies and foreclosures.
Read more at Reuters.com Bonds News
Alltel, DreamWorks, Cytyc, Virgin Media, Lowe's, USG: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:30 a.m. New York time.
Alltel Corp. (AT US) rose $5, or 7.7 percent, to $70.21 and
traded as high as $70.45. Goldman Sachs Group Inc. and TPG Inc.
agreed to buy Alltel for about $24.7 billion in the largest
leveraged buyout of a telecommunications company. Investors will
get $71.50 a share, the mobile-phone company said in a statement.
The offer is 9.6 percent more than Alltel's last closing price
and exceeds the $70 a share expected by Michael Nelson, an
analyst at Stanford Group Co. Including debt, the bid values
Alltel at $27.5 billion.
Read more at Bloomberg Stocks News
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:30 a.m. New York time.
Alltel Corp. (AT US) rose $5, or 7.7 percent, to $70.21 and
traded as high as $70.45. Goldman Sachs Group Inc. and TPG Inc.
agreed to buy Alltel for about $24.7 billion in the largest
leveraged buyout of a telecommunications company. Investors will
get $71.50 a share, the mobile-phone company said in a statement.
The offer is 9.6 percent more than Alltel's last closing price
and exceeds the $70 a share expected by Michael Nelson, an
analyst at Stanford Group Co. Including debt, the bid values
Alltel at $27.5 billion.
Read more at Bloomberg Stocks News
EADS-Led Group to Build Abu Dhabi Satellite System for 5 Billion Dirhams
(Bloomberg) -- A group led by a European Aeronautic,
Defence & Space Co. unit won a bid to build a 5 billion-dirham
($1.4 billion) satellite communications system in Abu Dhabi.
The EADS Astrium-led group includes Alenia Space, a unit of
top Italian defense contractor Finmeccanica SpA, and Thales SA,
Europe's largest defense-electronics company, Al Yah Satellite
Communications Co., part of Abu Dhabi's state-run investment
unit, said in an e-mailed statement today.
Read more at Bloomberg Emerging Markets News
Defence & Space Co. unit won a bid to build a 5 billion-dirham
($1.4 billion) satellite communications system in Abu Dhabi.
The EADS Astrium-led group includes Alenia Space, a unit of
top Italian defense contractor Finmeccanica SpA, and Thales SA,
Europe's largest defense-electronics company, Al Yah Satellite
Communications Co., part of Abu Dhabi's state-run investment
unit, said in an e-mailed statement today.
Read more at Bloomberg Emerging Markets News
UPDATE 1-Russia may strip TNK-BP of Kovykta before June
(Reuters) - "The inspection will take a couple of days and we will check
only one thing - whether they comply with production
obligations. The results of the inspection seem obvious to me,"
Deputy Head of the agency Oleg Mitvol told Reuters.
"Then the documents will go to Rosnedra
and be put in for the next commission on licence withdrawal. So
it could happen before June," he said.
Read more at Reuters.com Government Filings News
only one thing - whether they comply with production
obligations. The results of the inspection seem obvious to me,"
Deputy Head of the agency Oleg Mitvol told Reuters.
"Then the documents will go to Rosnedra
and be put in for the next commission on licence withdrawal. So
it could happen before June," he said.
Read more at Reuters.com Government Filings News
Saks posts lower profit but sales improve
(Reuters) - The operator of Saks Fifth Avenue stores said earnings came to $11 million, or 7 cents a diluted share, for the first quarter ended May 5, compared with $77.9 million, or 57 cents a share, a year earlier.
) Keywords: SAKS RESULTS/
Read more at Reuters.com Market News
) Keywords: SAKS RESULTS/
Read more at Reuters.com Market News
Technology IPOs set to top last year: JPMorgan
(Reuters) - Ronald Pillar says the market is still selective in terms
of which companies it will support, compared with the bubble
era of the late 1990s.
"Companies are a lot more mature and a lot of the
venture-backed companies realize that is not the ultimate liquidity event," said Pillar.
"If they want to go public they have to make sure they create
value over time and accrete price over time."
Read more at Reuters.com Mergers News
of which companies it will support, compared with the bubble
era of the late 1990s.
"Companies are a lot more mature and a lot of the
venture-backed companies realize that is not the ultimate liquidity event," said Pillar.
"If they want to go public they have to make sure they create
value over time and accrete price over time."
Read more at Reuters.com Mergers News
Blackstone sets IPO as China to take stake
(Reuters) - In a filing with the U.S. Securities and Exchange Commission, Blackstone said it planned to offer 133.3 million common units at $29 and $31 each, generating proceeds of $3.87 billion to $4.13 billion.
Blackstone said an additional 20 million units might be offered, making the possible maximum IPO size to $4.75 billion. The China stake would be at a 4.5 percent discount to the IPO price. Beijing would hold its shares for at least four years.
Read more at Reuters.com Mergers News
Blackstone said an additional 20 million units might be offered, making the possible maximum IPO size to $4.75 billion. The China stake would be at a 4.5 percent discount to the IPO price. Beijing would hold its shares for at least four years.
Read more at Reuters.com Mergers News
EIB plans to issue $3 bln 10-yr bond -lead
(Reuters) - Goldman Sachs, JP Morgan and Merrill Lynch are managing the
sale.
The EIB is rated triple-A by Moody's Investors Service,
Standard & Poor's and Fitch Ratings.
Read more at Reuters.com Bonds News
sale.
The EIB is rated triple-A by Moody's Investors Service,
Standard & Poor's and Fitch Ratings.
Read more at Reuters.com Bonds News
UK real estate agent Foxtons sold for $770 million
(Reuters) - The sale, which includes mortgage adviser Alexander Hall Associates, was for about 390 million pounds , people familiar with the situation said. Foxtons' U.S. business is not part of the deal.
The transaction marks the first acquisition for BC Partners since last August and comes as UK mortgage lending slowed in April following four interest rate rises since August to 5.5 percent.
Read more at Reuters.com Mergers News
The transaction marks the first acquisition for BC Partners since last August and comes as UK mortgage lending slowed in April following four interest rate rises since August to 5.5 percent.
Read more at Reuters.com Mergers News
Thai Stock Index Declines From Five-Month High; Advanced Info, True Fall
(Bloomberg) -- Thai stocks dropped from a five-month
high. Advanced Info Service Pcl and True Corp. fell on concern
they will pay higher fees to the government after lawmakers ruled
their extended mobile-phone concessions broke rules.
``The impact from the news will be short,'' said Aekpittaya
Iemkongaek, an investment strategist at BFIT Securities Co. in
Bangkok. Declines will be limited because regulators have ``not
finished yet'' with setting a final ruling on changes in
concessions, he said.
Read more at Bloomberg Stocks News
high. Advanced Info Service Pcl and True Corp. fell on concern
they will pay higher fees to the government after lawmakers ruled
their extended mobile-phone concessions broke rules.
``The impact from the news will be short,'' said Aekpittaya
Iemkongaek, an investment strategist at BFIT Securities Co. in
Bangkok. Declines will be limited because regulators have ``not
finished yet'' with setting a final ruling on changes in
concessions, he said.
Read more at Bloomberg Stocks News
U.K. Pound Declines as Industry Survey Shows House Price Gains are Slowing
(Bloomberg) -- The U.K. pound dropped after an
industry survey showed house-price inflation slowed this month,
easing pressure on the Bank of England to keep raising interest
rates this year.
The pound fell for a fourth week against the dollar last
week, its longest losing run in 15 months, as investors scaled
back expectations for rate increases this year. Futures traders
decreased their bets for a third week that the pound will gain
against the U.S. dollar, figures from the Washington-based
Commodity Futures Trading Commission show.
Read more at Bloomberg Currencies News
industry survey showed house-price inflation slowed this month,
easing pressure on the Bank of England to keep raising interest
rates this year.
The pound fell for a fourth week against the dollar last
week, its longest losing run in 15 months, as investors scaled
back expectations for rate increases this year. Futures traders
decreased their bets for a third week that the pound will gain
against the U.S. dollar, figures from the Washington-based
Commodity Futures Trading Commission show.
Read more at Bloomberg Currencies News
Daimler bears $1 bln Chrysler pension risk
(Reuters) - "We have said that with the closing of the transaction, the topic of pension obligations is settled. If there is something coming, then we know what is coming," he said, adding that the agreement was based on PBGC's model, which calculates risks in the event that the pension plan were terminated immediately.
"We take provisions for the hypothetical case it would be terminated," the Daimler spokesman continued.
Read more at Reuters.com Business News
"We take provisions for the hypothetical case it would be terminated," the Daimler spokesman continued.
Read more at Reuters.com Business News
Elan shares jump on new trial for Alzheimer's drug
(Reuters) - The decision to push ahead with Phase III tests was reached taking into account the seriousness of the disease and a review of interim data from Phase II studies, Elan and Wyeth added.
"No conclusion about the Phase II study can be drawn until the study is completed and the final data are analyzed and released in 2008," they added.
Read more at Reuters.com Hot Stocks News
"No conclusion about the Phase II study can be drawn until the study is completed and the final data are analyzed and released in 2008," they added.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Goldman enters investment venture with Japan's SBI
(Reuters) - TOKYO, May 21 - U.S.-based investment bank Goldman
Sachs Group in assets
within three years.
Read more at Reuters.com Mergers News
Sachs Group in assets
within three years.
Read more at Reuters.com Mergers News
China shares rise, hit record despite rate hike
(Reuters) - SHANGHAI - China's bullish stock market shrugged off the central bank's most aggressive monetary tightening this year, hitting a fresh all-time high on Monday as individual investors poured money into shares.
But some fund managers and analysts said the market might be storing up trouble for the future, as a continued climb could leave stocks vulnerable to a bigger pull-back or prompt Chinese authorities to take more steps to cool the bull run.
Read more at Reuters.com Hot Stocks News
But some fund managers and analysts said the market might be storing up trouble for the future, as a continued climb could leave stocks vulnerable to a bigger pull-back or prompt Chinese authorities to take more steps to cool the bull run.
Read more at Reuters.com Hot Stocks News
Shanghai Copper Rises From Eight-Week Low Following Gains in China Shares
(Bloomberg) -- Shanghai copper futures rose from an
eight-week low as gains in China's stock market underscored
investors' confidence in growth of the world's biggest consumer
of the metal even after the central bank raised interest rates.
Chinese shares rallied on speculation that economic
expansion will not be derailed by the People's Bank of China
raising its one-year benchmark lending rate by 0.18 percentage
point to an eight-year high of 6.57 percent. Copper prices also
benefited from an unexpected rise in U.S. consumer confidence.
Read more at Bloomberg Commodities News
eight-week low as gains in China's stock market underscored
investors' confidence in growth of the world's biggest consumer
of the metal even after the central bank raised interest rates.
Chinese shares rallied on speculation that economic
expansion will not be derailed by the People's Bank of China
raising its one-year benchmark lending rate by 0.18 percentage
point to an eight-year high of 6.57 percent. Copper prices also
benefited from an unexpected rise in U.S. consumer confidence.
Read more at Bloomberg Commodities News
Shanghai Zendai Plans Its First Dollar Bond Sale After China Lending Curbs
(Bloomberg) -- Shanghai Zendai Property Ltd., which
develops real estate in China, hired Merrill Lynch & Co. to
manage a $150 million bond sale to expand in China, according to
an e-mail sent to investors.
The Hong Kong-listed developer plans to meet investors in
Hong Kong on May 23, in Singapore May 24 and May 25, before
moving to Europe on May 29 to sell the five-year, fixed-rate
notes, according to the e-mail. It will be the company's first
dollar-denominated bond sale.
Read more at Bloomberg Bonds News
develops real estate in China, hired Merrill Lynch & Co. to
manage a $150 million bond sale to expand in China, according to
an e-mail sent to investors.
The Hong Kong-listed developer plans to meet investors in
Hong Kong on May 23, in Singapore May 24 and May 25, before
moving to Europe on May 29 to sell the five-year, fixed-rate
notes, according to the e-mail. It will be the company's first
dollar-denominated bond sale.
Read more at Bloomberg Bonds News
Germany's DAX Index Stocks Increase, Led by Bayer, Siemens, Commerzbank
(Bloomberg) -- German stocks gained, led by Bayer AG,
Siemens AG and Commerzbank AG.
The benchmark DAX Index increased 17.45, or 0.2 percent, to
7624.99 as of 9:11 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies added 0.2 percent.
Read more at Bloomberg Stocks News
Siemens AG and Commerzbank AG.
The benchmark DAX Index increased 17.45, or 0.2 percent, to
7624.99 as of 9:11 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies added 0.2 percent.
Read more at Bloomberg Stocks News
European Financial Stocks Advance on Takeovers; Capitalia, BHP Shares Rise
(Bloomberg) -- European financial stocks rose after
Italy's UniCredit SpA agreed to buy Capitalia SpA for 21.8
billion euros ($29.5 billion), sparking speculation of more
takeovers in the financial services industry.
Friends Provident Plc advanced after the Observer reported
Axa SA may consider a bid for the U.K. insurer. BHP Billiton Ltd.
and Rio Tinto Group rose on higher metal prices.
Read more at Bloomberg Stocks News
Italy's UniCredit SpA agreed to buy Capitalia SpA for 21.8
billion euros ($29.5 billion), sparking speculation of more
takeovers in the financial services industry.
Friends Provident Plc advanced after the Observer reported
Axa SA may consider a bid for the U.K. insurer. BHP Billiton Ltd.
and Rio Tinto Group rose on higher metal prices.
Read more at Bloomberg Stocks News
U.K. House Prices Increase at Slowest Pace Since December, Rightmove Says
(Bloomberg) -- U.K. house prices rose this month at
the slowest pace since December as Britons rushed to list their
homes for sale to avoid the cost of new property-advertising
rules, Rightmove Plc said.
Asking prices climbed 0.4 percent to an average 237,361
pounds ($468,000), compared with a gain of 3.6 percent in April,
Rightmove, the U.K.'s biggest real-estate Web site, said in a
statement today. On the year, the rate of price increases slowed
to 13 percent from 15 percent the previous month.
Read more at Bloomberg Bonds News
the slowest pace since December as Britons rushed to list their
homes for sale to avoid the cost of new property-advertising
rules, Rightmove Plc said.
Asking prices climbed 0.4 percent to an average 237,361
pounds ($468,000), compared with a gain of 3.6 percent in April,
Rightmove, the U.K.'s biggest real-estate Web site, said in a
statement today. On the year, the rate of price increases slowed
to 13 percent from 15 percent the previous month.
Read more at Bloomberg Bonds News
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