Most Federal Reserve districts reported modest expansion in economic activity in recent weeks, but several regions noted some slowing, the U.S. central bank said in its “beige book” released Wednesday. The New York district characterized growth as well maintained but with a few signs of deceleration, the Fed said. St. Louis said that activity increased more slowly than in the previous period, Boston reported some softening, and Dallas said economic activity continued to decelerate....
AFX TOP STORIES Global 1105 GMT
May 9, 2007 on 9:12 pm | In Currency |
LONDON (AFX) - Here are the top stories on AFX News
US Feb existing home sales near 3-year high but prices continue falling
LONDON (AFX) - Existing home sales in the US picked up in February, recording their largest gain in nearly three years even as house prices continued to fall, the National Association of Realtors said.
Sales were up 3.9 pct to reach 6.69 mln units in February. The rise was the biggest since March 2004. Markets had been predicting a fall to 6.30 mln units.
Judge rules against Vonage on patents
ALEXANDRIA, Va. (AP) - A federal judge on Friday issued a permanent injunction against Internet phone carrier Vonage for use of rival Verizon Communications Inc.’s patents.
Judge Claude Hilton said that an injunction, which followed a jury’s decision earlier this month that Vonage had infringed on three Verizon patents, is required because simply providing monetary damages “does not prevent continued erosion of the client base of the plaintiff.”
Enel says it, Acciona in advanced talks on Endesa bid; no deal yet
MILAN (AFX) - Enel SpA said it and Acciona SA are in advanced talks to make a joint offer for Endesa SA if the bid by E.ON AG for the Spanish energy group fails.
The company said that talks with Acciona are progressing “positively” but no agreement has been reached. Enel added that the operation would only unfold if E.On AG does not obtain 50 pct of Endesa’s capital in public bid currently underway.
Axa to pay 1.15 bln eur for stake in for BMPS bancassurance, pensions activities
PARIS (AFX) - Axa said it has agreed a partnership with Banca Monte dei Paschi di Siena SpA (BMPS) covering bancassurance and pensions activities in Italy, and will pay 1.15 bln eur to acquire 50 pct of certain BMPS assets as well as management rights over the insurance and pension assets.
Axa said it will acquire 50 pct of MPS Vita (life insurance), MPS Danni (non-life insurance) and the BMPS pension funds business.
GE to launch 90.14 bln yen friendly takeover of Japan’s Sanyo Electric Credit
TOKYO (XFN-ASIA) - General Electric Co, through its wholly-owned subsidiary STV Partners, will launch a friendly takeover bid for Sanyo Electric Credit by acquiring a majority stake for 90.14 bln yen, Sanyo Electric Credit said in a statement.
STV Partners will offer 3,250 yen each to acquire 27.735 mln Sanyo Electric Credit shares between March 26 and May 9.
Airline Partners Australia seeks alternatives for Qantas after Balanced’s move
SYDNEY (XFN-ASIA) - The Macquarie Bank Ltd-led Airline Partners of Australia (APA) consortium bidding for Qantas Airways Ltd said it is considering a range of alternatives after fund manager Balanced Equity Management rejected APA’s 5.45 aud a share offer.
APA did not add to the statement but the proposed ownership structure, should APA succeed in gaining control of the Australian flag carrier, has some flexibility to allow parties other than the consortium members to have an investment in the airline.
Citigroup faction urging CEO to make rival bid for ABN Amro - report
LONDON (AFX) - Citigroup Inc chairman and CEO Charles Prince is under pressure from a faction within his company to make a rival bid to UK?s Barclays PLC for ABN Amro Holding NV, the Wall Street Journal said, citing sources familiar with the matter.
The newspaper said any deal would give Citigroup a stronger presence in continental Europe, noting the two banks have complementary businesses in the US and Latin America.
Genentech still sees 25-30 pct non-GAAP FY EPS, sees ‘flat’ Q1 sales
LONDON (AFX) - Biotechnology company Genentech Inc reiterated it expects 25-30 pct growth in non-GAAP full-year earnings per share, but warned it sees first-quarter US product sales “essentially flat” compared with the final quarter of last year.
The company said in a statement after hosting its annual analysts meeting it is still aiming to meet its Horizon 2010 financial goals, to achieve a compound annual non-GAAP EPS growth rate of 25 pct and to achieve cumulative free cash flow of 12 bln usd by 2010.
TNK-BP to bid for 9.44 pct of Rosneft
MOSCOW (AFX) - TNK-BP will bid for a 9.44 pct stake in Russian state oil company Rosneft, which is up for sale as part of the auction next Tuesday of assets in bankrupt Yukos, a company spokesman said.
“We are interested in the assets and we expect to participate in the auction,” spokesman Peter Henshaw told Agence France-Presse.
TD Banknorth to cut jobs, close banks
PORTLAND, Maine (AP) - TD Banknorth Inc. said Friday it will cut 400 jobs and close or consolidate 24 branches as part of a plan to reduce operating expenses by at least 5 percent.
The Portland, Maine, company said the job cuts would occur over the next several months. The 400 jobs represent about 5 percent of the company’s staff of 8,700 at the end of December.
Euro zone Jan current account surplus 2.7 bln eur vs 2.0 bln in Dec
FRANKFURT (AFX) - The euro zone seasonally adjusted current account surplus rose to 2.7 bln eur in January from a revised 2.0 bln eur in December, the European Central Bank said.
Economists were looking for a January surplus of 2.5 bln eur.
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South Korea, U.S. Finishing Trade Round »South Korea, U.S. Finishing Trade Round South Korea, U.S. Enter Final Day of ‘Decisive’ Free Trade Round By KELLY OLSEN The Associated Press SEOUL, South Korea - U.S. and South Korean negotiators entered their final day of free trade talks Monday, what is expected to be the end of formal negotiations aimed at concluding a landmark deal by the end of March. Kim Jong-hoon, Seoul’s chief negotiator, said Sunday that some areas such as automobiles, pharmaceuticals and U.S. antidumping...
Updated from 4:19 p.m. EST Stocks in New York overcame an ugly start to finish only modestly lower Thursday as an upbeat factory report helped entice buyers to the market. The major indices dropped sharply at the open after new selloffs overseas and found enough strength to ever-so-briefly edge in to positive territory late in the day. After a short stay in the green however, shares retreated back below the flat line. The Dow Jones Industrial Average finished with a loss of 34.29 points,...
AFX TOP STORIES Global 1105 GMT
April 24, 2007 on 9:32 pm | In Currency |
LONDON (AFX) - Here are the top stories on AFX News
ECB’s Stark continues to see price risks in euro area
FRANKFURT (AFX) - European Central Bank board member Juergen Stark told Die Welt although Euro zone inflation will probably slow this year, medium-term price developments remain a concern.
“There is a good chance that the annual average rate of inflation this year will be below that seen in previous years,” Stark told the newspaper.
Munich Re posts record FY profit on favourable climatic environment
MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.
The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.
Agfa-Gevaert FY net profit 15.0 mln eur vs net loss 19.3 mln eur
BRUSSELS (AFX) - Belgian imaging technology company Agfa-Gevaert NV posted full-year net profit of 15.0 mln eur, well above analysts’ expectations who had predicted a net loss of 47.6-99.0 mln eur, against a loss of 19.3 mln eur in 2005.
Sales for the full year came in at 3.401 bln eur against 3.308 bln eur in 2005, also outstripping analysts’ expectations at 3.249-3.391 bln eur.
HBOS FY pretax profits up 19 pct, ahead of forecasts
LONDON (AFX) - UK bank HBOS PLC unveiled a better-than-expected 19 pct increase in full-year profit, helped by strong sales of savings and investment products, and a robust performance from its international division.
HBOS, the UK’s fourth-biggest bank, said pretax profit for the year to Dec 31 2006 came in at 5.706 bln stg, up from 4.8 bln stg last year. Analysts had expected profit fo 5.430 bln stg, according to a consensus forecast supplied by the company.
Australia’s Centro acquires US property trust New Plan for 3.4 bln usd
SYDNEY (XFN-ASIA) - Centro Properties Group and Centro Retail Trust have agreed to buy US-listed real estate investment trust New Plan Excel Realty Trust Inc for about 3.4 bln usd, Centro said in a statement.
Centro said it will pay cash of 33.15 usd a share cash for New Plan, which specializes in convenience retail property. Its portfolio comprises 467 properties, including 453 shopping centers in 38 US states and 14 other real estate assets.
Michael Page FY pretax up 47 pct; confident of further progress in 2007
LONDON (AFX) - Michael Page International PLC, the UK’s second largest recruitment firm, met expectations with a 47 pct jump in full-year pretax profits boosted by record revenues, and said it is confident of further progress in 2007.
The company also said it is well-positioned in all its markets and is particularly excited about the opportunities in North America.
Holcim FY net, opg beat forecasts as construction sector remains dynamic
JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.
Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.
Barratt H1 pretax profit up 10 pct to 180.2 mln stg from 163.9 mln stg
LONDON (AFX) - Housebuilder Barratt Developments PLC has seen pretax profits grow 10 pct to 180.2 mln stg in the half year to Dec 31.
The company, which has recently bought Wilson Bowden PLC, grew turnover marginally by 2 pct to 1.19 bln stg, and will give an interim dividend of 11.4 pence, up 10 pct from last year.
UCB FY net down 50 pct, beating expectations; sees major earnings growth this yr
BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.
It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.
UK Feb consumer confidence index down 1 point to -8 - GfK/NOP
LONDON (AFX) - Consumer confidence fell slightly in February as Britons became more pessimistic about the UK’s general economic situation, a leading pollster found today.
In its monthly survey, GfK/NOP said its main headline consumer confidence index fell one point to -8 from -7 in January, whereas analysts polled by AFX News were not expecting any change in the index.
SKorea Jan industrial output up 7.4 pct; at lower end of mkt consensus
SEOUL (XFN-ASIA) - Industrial output expanded 7.4 pct year-on-year in January backed by stronger production of semiconductor chips, machinery and chemical products, the National Statistical Office said.
The indicator accelerated from a 3.0 pct rise a month earlier when output suffered due to fewer working days in the month and the base effect from strong output a year earlier.
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Asian economic and corporate news summary »BEIJING (XFN-ASIA) - A summary of Asian economic and corporate news at 0535 GMT JAPAN: -Jan core CPI flat yr-on-yr, matching forecast -Jan unemployment rate 4.0 pct, unchanged from Dec -Jan household spending up 0.6 pct yr-on-yr, 1st rise in 13 mths -Japan monetary base down 21.1 pct in Feb, down for 12th straight month -Jan employee average pay down 1.4 pct, overtime pay down 0.7 pct yr-on-yr -Japan denies reported offer of compromise with China on disputed gas fields SOUTH...
Intervention by the competition authorities into fees charged by banks will have long-term consequences, the incoming head of the banking industry’s lobby group has predicted. As the high street banks prepare to report record profits, rumours are mounting that they may impose fees for current accounts following a series of investigations by the Office of Fair Trading and the Competition Commission. Angela Knight, chief executive designate of the British Bankers’ Association,...
AFX TOP STORIES Global 1105 GMT
April 18, 2007 on 8:22 am | In Currency |
LONDON (AFX) - Here are the top stories on AFX News
US jobless rate drops but job growth slows
WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.
The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.
EADS reports $1.01 billion loss in 4Q
MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”
The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.
Brevan Howard Macro raises 770 mln eur in IPO
LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.
The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.
Japan’s Aeon, Daiei form alliance to create country’s largest retail group
TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.
By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.
Procter & Gamble affirms 3Q guidance
CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.
For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.
AGF board backs Allianz buyout offer
PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.
It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”
DaimlerChrysler has no plans to spin off commercial vehicles
FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.
“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.
Breeden rejects Applebees’ seat offer
OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.
Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.
Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer
AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.
If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.
Converium is open to a bidder other than Scor - chairman
LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium
s chairman in an interview.
EU SUMMIT Leaders reach deal on fighting climate change
BRUSSELS (AFX) - EU leaders agreed to adopt binding targets on future use of renewable energy, overcoming the main obstacle to an ambitious plan to fight global warming.
The overall accord became possible once leaders agreed to a binding target of a 20 pct share of renewable energies in overall EU energy consumption by 2020, which had been the main stumbling block.
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Oil Futures Climb to $62 »Maybe it’s self-serving for a writer to say, but words sometimes speak louder than actions. Words, rather than actions, are certainly at the crux of this week’s stock market volatility. And words could well be at the crux of why there may be more drama to come. To recap, China’s stock market crashed overnight Monday because officials had uttered some words about squashing speculation. Back on this side of the planet, strategists and analysts say that until Tuesday, they couldn’t...
Miner CVRD (RIO) is worth buying because it now has “a monopoly on nickel,” Jim Cramer said Wednesday on CNBC’s “Stop Trading!” segment. Cramer said the market hates miners right now but makes an exception for the Brazilian metals giant because of its strong position in a crucial material. Cramer said CVRD’s position in nickel is not unlike Nelson Bunker Hunt’s failed effort 27 years ago to corner the silver market, except that CVRD “has got the...
AFX TOP STORIES Global 1105 GMT
March 30, 2007 on 6:22 pm | In Currency |
LONDON (AFX) - Here are the top stories on AFX News
UK Jan manufacturing output unexpectedly drops monthly 0.2 pct
LONDON (AFX) - UK manufacturing output unexpectedly dropped in January though the wider measure of industrial production rose slightly as the Buzzard oil field came on stream, official figures showed.
The Office for National Statistics reported that manufacturing output, which accounts for 14.7 pct of the UK economy, fell by 0.2 pct in January from the previous month, below expectations for a 0.2 pct rise.
EADS reports $1.01 billion loss in 4Q
MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”
The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.
Brevan Howard Macro raises 770 mln eur in IPO
LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.
The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.
Japan’s Aeon, Daiei form alliance to create country’s largest retail group
TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.
By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.
DaimlerChrysler has no plans to spin off commercial vehicles
FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.
“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.
Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer
AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.
If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.
Telecom Italia sees sales up 1-2 pct/year in 2007-09, vs 3-4 pct seen before
MILAN (AFX) - Telecom Italia SpA said it expects its group sales to rise 1.0-2.0 pct per year in the period 2007-2009 compared to the 3.0-4.0 pct per year growth target provided last year in the group’s previous 2006-2008 plan.
In its new 2007-2009 business plan, Telecom Italia said it expects EBITDA margins to decline by 2.5 and 2.0 percentage points in 2007 and remain broadly unchanged in the following years.
Converium is open to a bidder other than Scor - chairman
LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium
s chairman in an interview.
German Jan trade surplus 16.2 bln eur vs 11.1 bln in Dec
FRANKFURT (AFX) - Germany’s trade surplus in January rose to 16.2 bln eur from an upwardly revised 11.1 bln in December and from 12.4 bln in January last year, according to unadjusted provisional figures from the Federal Statistics Office.
Economists polled by AFX News had forecast the trade surplus would widen to 14.0 bln eur in January.
French Jan trade deficit 2.760 bln eur vs revised Dec deficit 2.584 bln
PARIS (AFX) - French provisional, seasonally-adjusted trade figures for January showed a deficit of 2.760 bln eur compared with a deficit of 2.584 bln in December, revised from a deficit of 2.922 bln eur reported originally.
Economists had expected a deficit in January of around 2.7 bln eur.
Akzo Nobel expects Organon IPO on March 27
AMSTERDAM (AFX) - Akzo Nobel NV expects the IPO for Organon BioSciences to go ahead on March 27, with book-building expected to start on Monday, Organon CEO Toon Wilderbeek said.
Wilderbeek did not give an indication about the share price or how much money Organon hopes to raise through the IPO, but said Akzo Nobel expects to make the price public on Monday.
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French Treasury to create new 30-year euro zone indexed bond »PARIS (AFX) - The French Treasury said it is to create a new 30-year ‘OATei’ bond indexed on the euro zone harmonised inflation consumer price (HICP) index. The maturity date of the new bond will be July 25, 2040. The treasury said the bond will be launched in the coming days, subject to market conditions. It said due to this operation, the next auction of indexed-linked bonds will take place on Thursday 19 April. paris@afxnews.com mrg/jlc COPYRIGHT Copyright AFX...
The Canadian Imperial Bank of Commerce said higher earnings at both its retail operations and its wealth management businesses helped it post a 32.8 per cent increase in its bottom line. CIBC made $770 million, or $2.11 per share, in its first quarter,up from $580 million, or $1.62 a share, a year earlier. “Our first-quarter results were strong, and reflect continued progress against our priorities and objective of consistent and sustainable performance,” president and CEO Gerald...
AFX TOP STORIES Global 1105 GMT
March 2, 2007 on 8:03 am | In Currency |
LONDON (AFX) - Here are the top stories on AFX News
Deutsche Telekom Q4 adj EBITDA drops 12.5 pct as weak domestic ops weigh
FRANKFURT (AFX) - Deutsche Telekom AG’s adjusted fourth-quarter EBITDA fell 12.5 pct as the German telecoms giant continued to struggle with weak business in its home market.
EBITDA adjusted for special factors in the three months to Dec 31 was 4.548 bln eur, down from 5.199 bln in the same period a year earlier, the Bonn-based company said. This fell short of the 4.650 bln consensus forecast of analysts polled by AFX News.
Swiss Re FY net beats forecasts; launches 6 bln sfr buyback, hikes div
ZURICH (AFX) - Swiss Re reported a forecast-beating full year net profit of 4.560 bln sfr, up from 2.304 bln a year earlier, citing a disciplined underwriting approach in its property & casualty business lines, consistent returns from the life & health segment and a rising contribution from its financial services.
Analysts polled by AFX News forecast net profit to reach 3.268-3.882 bln sfr or 3.641 bln on average.
Aviva FY pretax operating profit on EEV basis up 12 pct
LONDON (AFX) - Aviva PLC, the UK’s largest insurer, reported full-year pretax operating profit on an European Embedded Value basis rose 12 pct to 3.245 bln stg.
The result was below consensus analyst forecasts of 3.31 bln stg.
Telefonica FY net up 40.2 pct at 6.233 bln eur vs 4.446 bln; in line
MADRID (AFX) - Telefonica SA said net profit grew 40.2 pct to 6.233 bln eur in the full year to December from 4.446 bln a year earlier, in line with analysts’ forecasts for 4.113-6.898 bln, on revenues of 52.901 bln, up from 37.383 bln.
In a statement, the telecos giant said operating income before depreciation and amortisation (OIBDA) rose to 19.126 bln eur from 15.056 bln, also in line with forecasts for 13.913-20.876 bln.
Australia’s Maquarie’s says Boart Longyear IPO to raise 2.25-2.65 bln aud
SYDNEY (XFN-ASIA) - Macquarie Bank Ltd said its partly owned oil drilling services company Boart Longyear Ltd plans to raise 2.25-2.65 bln aud from an initial public share offering (IPO) in Australia.
It said the indicative pricing for the shares is 1.76-2.10 aud, and the firm’s market value on listing is expected to be up to 3.12 bln aud.
Fortis to buy 50.48 pct of Pacific Century Insurance for 3.53 bln hkd
- (adds quotes from company officials)
HONG KONG (XFN-ASIA) - Fortis Insurance International has agreed to buy a 50.48 pct stake in Hong Kong’s Pacific Century Insurance Co Ltd for 3.53 bln hkd, according to a joint statement by the two firms.
Albert Frere to raise Lafarge stake to 20 pct to fend off predators - report
PARIS (AFX) - Albert Frere’s holding company Groupe Bruxelles Lambert (GBL) will raise its stake in Lafarge to 20 pct in 2007 in order to fend off potential takeover bids by the KKR private equity fund or Lafarge’s rivals Cemex in Mexico and Holcim in Switzerland, French weekly Challenges reported without citing sources.
According to the report, GBL will initially raise its stake to 20 pct and then gradually increase its holding to over 30 pct in the next three years.
Allianz plans to enter Japanese life insurance market in 2008
FRANKFURT (AFX) - Allianz SE is planning to enter the Japanese life insurance market next year, a company spokeswoman said, confirming Japanese media reports.
“We are currently launching a 100 pct Allianz unit (in Japan),” she said, adding that business operations are to begin there in 2008.
Merck sees 2008/09 EBIT margin unchanged vs 2007/8
FRANKFURT (AFX) - Merck KGaA said it expects its 2008/09 EBIT margin for its five divisions -
Ethicals, Serono, Consumer Health Care, Liquid Crystals and Performance Life Science - to be unchanged from its expectations for 2007/08.
Thailand to allow foreign investment hedge against forex fluctuations
BANGKOK (XFN-ASIA) - The Bank of Thailand will allow foreign investors to hedge their investments against future currency fluctuations amid tough capital control measures in the country, the central bank said.
At the same time, the BoT also said it will not yet abolish a December ruling which mandates that 30 pct of all incoming investment must be held by financial institutions for up to one year.
UK Feb manufacturing PMI 55.4, highest since July 2004 - sources
LONDON (AFX) - UK manufacturing sector activity rose to its highest level in two and a half years in February, coming in well above analysts’ expectations, sources said of a key survey.
They said the Chartered Institute of Purchasing and Supply’s purchasing managers index jumped to 55.4 in February, its highest level since July 2004, from an upwardly revised 53.2 in January.
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Cramer’s ‘Mad Money’ Recap: Three Dot-Coms for Right Now »To see the full “Mad Money” Recap, please click here. Here’s what Jim Cramer had to say about some of the stocks that callers offered up during the “Mad Money Lightning Round” Monday evening: Greif (GEF) : “The kind of company that looks so much like it could be taken out in a private-equity deal. … But, I can’t recommend that at its 52-week high. You need a pullback before you can back the truck* up. It is very thinly traded.” ...