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. That ruling was designed to curb the nation’s fast-rising currency. “As of now...
AFX TOP STORIES Global 1605 GMT
April 18, 2007 on 6:42 pm | 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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Don’t Wait for Perfect Prices »Viacom (VIAB) is “money in the bank,” Jim Cramer said Friday on CNBC’s Stop Trading! segment. Cramer said Viacom reported a good quarter this week that was overshadowed by the hand-wringing over liquidity and subprime lending and the yen carry trade. But better yet, Cramer added, CEO Philippe Dauman admitted on the conference call that the first quarter is looking even better than the fourth quarter was — a slip-up that Cramer said justifies buying the stock up 71 cents...
HE WAS an 18-year-old marine headed to war. She was an attractive young woman sending him off with pictures and lingerie. Or so each one thought. In reality, they were two middle-aged people carrying on an internet fantasy based on seemingly harmless lies. When a truthful 22-year-old was drawn in, their cyber escape turned deadly. “When you’re on the internet talking, you haven’t got a clue who that is on the other end,” Sheriff’s Lieutenant Ron Kenyon...
AFX TOP STORIES Global 1605 GMT
March 30, 2007 on 6:22 pm | In Currency |
LONDON (AFX) - Here are the top stories on AFX News
Italy’s Prodi wins second confidence vote
ROME (AFX) - Italy’s centre-left government easily won a vote of confidence today in the lower house of parliament, formally ending a political crisis sparked by last week’s resignation of Prime Minister Romano Prodi.
The centre-left prevailed in the Chamber of Deputies by 342 to 253, with two abstentions by far-left members.
Bayer to cut 6,100 jobs worldwide including 1,500 in Germany
FRANKFURT (AFX) - BAYER AG said its Bayer HealthCare AG business is to cut 6,100 jobs worldwide, including 1,500 in Germany, as part of a plan to generate synergies from the integration of Schering AG.
The company said 3,150 jobs are to be shed in Europe; 1,000 in the US; 750 in the Asia, Pacific and Japan region; and 1,200 in Latin America and Canada.
Cegedim to buy Dendrite for $751 million
NEW YORK (AP) - Cegedim SA, a French maker of software for pharmaceutical companies, said Friday it is buying Dendrite International Inc., which provides sales and marketing services for pharmaceutical companies, for about $751 million in cash.
The $16 per share offer represents a 40 percent premium over Bedminster, N.J.-based Dendrite’s average closing share price from Feb. 1 to March 1 and a a 25 percent premium over Thursday’s closing price of $12.79.
Aker Kvaerner to restructure operations into five global businesses
OSLO (AFX) - Aker Kvaerner ASA said it is to restructure its business by transforming its existing six divisions into “five global business areas”, in a bid to both increase transparency and optimise the efficiency of its overall operations.
The Norwegian engineering firm said that by combining specialised units which work within the same market segments, the company will be able to increase overall capacity and improve its product offering.
EADS unit Airbus could get cash injection from French regional authorities
PARIS (AFX) - The presidents of eight French socialist regional councils yesterday signalled their intention of investing in Airbus’ parent company EADS following the announcement of the Power8 restructuring plan for the ailing aircraft unit.
In a letter addressed to French prime minister Dominique de Villepin, the presidents of eight councils including Midi-Pyrenees, Ile-de-France, and Provence-Cote d’Azur, all of which have a socialist majority, criticised the planned 4,300 French job cuts, and asked for details on how they could take a stake in EADS’ capital.
Lenovo recalls 205,000 laptop batteries
RALEIGH, North Carolina (AP) - Chinese PC maker Lenovo Inc. recalled about 205,000 laptop computer batteries made by Japan’s Sanyo Electric Co., warning that they could overheat and cause a fire.
The worldwide battery recall announced Thursday was the second for the company in the past six months and comes as Lenovo, the world’s No. 3 computer maker, tries to gain ground on its better-known competitors.
Adecco CFO says 1.5 bln eur earmarked for potential acquisitions
ZURICH (AFX) - Temporary employment group Adecco SA said it has a war chest of 1.5 bln eur for potential acquisitions for the coming years, CFO Dominik de Daniel said at the company’s presentation of fourth-quarter and full-year results.
De Daniel emphatically ruled out the possibility of a capital increase to finance acquisitions.
Bodycote rejects Sulzer’s 325 pence a share offer, says it undervalues co
LONDON (AFX) - The board of UK group Bodycote International PLC has rejected a cash offer of 325 pence per share from Swiss engineering firm Sulzer AG.
Bodycote, which is being advised by Lehman Brothers and Credit Suisse, said it considered Sulzer’s proposal but rejected it because it undervalued the company.
Linde 2006 net income up to $2.4 billion
WIESBADEN, Germany (AP) - Linde AG, the world’s largest maker of industrial gases, said Friday that 2006 net income more than tripled after restructuring the business.
Net income rose to euro1.8 billion (US$2.4 billion) in fiscal 2006 from 515 million in the previous year, the company said in a statement. Sales gained 31 percent to euro30.8 billion (US$40.7 billion).
United Business Media FY pretax pre-ex up 5.5 pct, will pay special div of 72p
LONDON (AFX) - United Business Media PLC, the UK publishing and exhibition group, posted a 5.5 pct rise in pretax pre-exceptional profit for 2006 and announced it will pay a special dividend of 72 pence a share this month.
Pretax profit before amortisation and exceptional items increased to 160.5 mln stg from 152.1 mln stg in 2005. Deutsche Bank had forecast pretax profit of 157 mln stg. Continuing revenue grew 16.6 pct to 739.1 mln stg.
Tognum IPO to raise more than 1.4 bln eur - report
FRANKFURT (AFX) - The planned IPO of German engine manufacturer Tognum could raise more than 1.4 bln eur, Financial Times Deutschland reported, citing people familiar with the situation.
Swedish private equity firm and majority stakeholder EQT said on Monday that a final decision about the public listing is to be made in the course of this year, the report added.
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Buyers, Walk Away Now »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...