Friday, July 27, 2007
Bally noteholders agree to Chapter 11 reorg. plan
(Reuters) - The shareholders -- four private equity funds -- have
outlined a different restructuring plan for the ailing company
and had agreed to complete due diligence by July 20, the
Chicago-based company said earlier.
Bally said health club operations and memberships will
remain unaffected through the process.
Read more at Reuters.com Bonds News
outlined a different restructuring plan for the ailing company
and had agreed to complete due diligence by July 20, the
Chicago-based company said earlier.
Bally said health club operations and memberships will
remain unaffected through the process.
Read more at Reuters.com Bonds News
UPDATE 1-Centerra Gold profit falls as production slips
(Reuters) - Centerra earned $18.6 million, or 9 cents a share, compared
with a profit of $29 million, or 13 cents a share, in the
year-before period.
Analysts polled by Reuters had expected, on average, profit
of 3 cents a share.
Read more at Reuters.com Market News
with a profit of $29 million, or 13 cents a share, in the
year-before period.
Analysts polled by Reuters had expected, on average, profit
of 3 cents a share.
Read more at Reuters.com Market News
S&P cuts WCI Communities' rating by three notches
(Reuters) - "The same negative macro pressures that have
hampered efforts to sell the company outright will make it
increasingly difficult for the company to market its homes,"
S&P said.
S&P cut WCI's rating to "CCC-plus," seven steps below
investment grade, from "B-plus." The rating remains under
review for another downgrade, S&P said.
Read more at Reuters.com Bonds News
hampered efforts to sell the company outright will make it
increasingly difficult for the company to market its homes,"
S&P said.
S&P cut WCI's rating to "CCC-plus," seven steps below
investment grade, from "B-plus." The rating remains under
review for another downgrade, S&P said.
Read more at Reuters.com Bonds News
Kraft profit seen lower as new investors watch
(Reuters) - Activist investors Nelson Peltz and Carl Icahn both have purchased stakes in the No. 1 U.S. packaged food maker and the Wall Street Journal reported on Thursday that Warren Buffett's Berkshire Hathaway Inc also has bought a small stake.
Kraft shares are down about 7.5 percent this year, compared with a 2.5 percent increase in the Standard & Poor's packaged foods index .
Read more at Reuters.com Business News
Kraft shares are down about 7.5 percent this year, compared with a 2.5 percent increase in the Standard & Poor's packaged foods index .
Read more at Reuters.com Business News
Bonds soar as stocks dive on credit worries
(Reuters) - However, profit-taking and fatigue after Thursday's rally prevented Treasuries from tapping a strong flight-to-quality bid from the distressed equity market, analysts said.
Data showing the U.S. economy grew at a surprisingly strong rate in the second quarter of 2007 only briefly calmed fears of a slump following this week's turmoil in global financial markets. See for details.
Read more at Reuters.com Bonds News
Data showing the U.S. economy grew at a surprisingly strong rate in the second quarter of 2007 only briefly calmed fears of a slump following this week's turmoil in global financial markets. See for details.
Read more at Reuters.com Bonds News
US STOCKS-Wall St ends sharply lower on credit concerns
(Reuters) - The Dow Jones industrial average was down 207.53
points, or 1.54 percent, at 13,266.04. The Standard & Poor's
500 Index was down 23.67 points, or 1.60 percent, at
1,458.99. The Nasdaq Composite Index was down 37.10
points, or 1.43 percent, at 2,562.24.
Read more at Reuters.com Bonds News
points, or 1.54 percent, at 13,266.04. The Standard & Poor's
500 Index was down 23.67 points, or 1.60 percent, at
1,458.99. The Nasdaq Composite Index was down 37.10
points, or 1.43 percent, at 2,562.24.
Read more at Reuters.com Bonds News
Calpine mulls alternative reorganization moves
(Reuters) - Calpine was working with investment banker Miller Buckfire
& Co. "to gauge potential investors' interest" in sponsoring a
guaranteed distribution plan, according to the filing.
Such a plan would "not compromise" Calpine's balance sheet
on emergence from bankruptcy, the company said.
Read more at Reuters.com Bonds News
& Co. "to gauge potential investors' interest" in sponsoring a
guaranteed distribution plan, according to the filing.
Such a plan would "not compromise" Calpine's balance sheet
on emergence from bankruptcy, the company said.
Read more at Reuters.com Bonds News
UPDATE 1-Bancroft branch to vote against Murdoch bid -WSJ
(Reuters) - The newspaper also reported that the Denver branch of the
family, which holds 9.1 percent of Dow Jones's voting stock and
supports the News Corp deal, wants Murdoch to raise his
$60-per-share bid.
The Denver trust has argued that shareholders who own
super-voting Class B shares should get a 10 percent to 20
percent premium.
Read more at Reuters.com Mergers News
family, which holds 9.1 percent of Dow Jones's voting stock and
supports the News Corp deal, wants Murdoch to raise his
$60-per-share bid.
The Denver trust has argued that shareholders who own
super-voting Class B shares should get a 10 percent to 20
percent premium.
Read more at Reuters.com Mergers News
Janus shares rise on fund inflows after 6-year gap
(Reuters) - The gains came even as the S&P 500 and Dow Jones industrial average indices were down about 1 percent on worries about tightening credit markets. The S&P Asset Management and Custody Banks index was down 1.6 percent.
Janus reported on Thursday its core funds attracted $1.5 billion in long-term net inflows in the second-quarter, the first quarterly net inflows since 2001. It also posted a 57 percent jump in second-quarter profit, beating analysts' expectations.
Read more at Reuters.com Hot Stocks News
Janus reported on Thursday its core funds attracted $1.5 billion in long-term net inflows in the second-quarter, the first quarterly net inflows since 2001. It also posted a 57 percent jump in second-quarter profit, beating analysts' expectations.
Read more at Reuters.com Hot Stocks News
US audit watchdog finds faults with KPMG work
(Reuters) - "In addition, the deficiencies included failures by the
firm to perform, or perform sufficiently, certain necessary
audit procedures," the agency said in its report.
It cited cases with seven unnamed companies that ranged
from a failure to obtain sufficient competent matter to support
its audit opinion, to a failure to test whether certain data
the company provided was complete, accurate and relevant.
Read more at Reuters.com Government Filings News
firm to perform, or perform sufficiently, certain necessary
audit procedures," the agency said in its report.
It cited cases with seven unnamed companies that ranged
from a failure to obtain sufficient competent matter to support
its audit opinion, to a failure to test whether certain data
the company provided was complete, accurate and relevant.
Read more at Reuters.com Government Filings News
Economy moving toward sustained growth: Paulson
(Reuters) - "We're seeing risk being repriced and a different perspective on risk," Paulson said, but he said the U.S. and global economies remained healthy.
Paulson said parts of the U.S. economy, particularly the housing sector, had been booming at a pace that couldn't last and that was changing.
Read more at Reuters.com Bonds News
Paulson said parts of the U.S. economy, particularly the housing sector, had been booming at a pace that couldn't last and that was changing.
Read more at Reuters.com Bonds News
Ford shares up on forecasts for faster turnaround
(Reuters) - Johnson is now forecasting a narrower 2007 loss for Ford of 62 cents per share from his earlier estimate of a loss of $1.77. He expects Ford to lose 23 cents a share in 2008.
Ford on Thursday posted a profit of $750 million, its first in two years, on improved auto business and cost-cutting in its troubled U.S. operations.
Read more at Reuters.com Hot Stocks News
Ford on Thursday posted a profit of $750 million, its first in two years, on improved auto business and cost-cutting in its troubled U.S. operations.
Read more at Reuters.com Hot Stocks News
Sara Lee recalls bread that may have metal pieces
(Reuters) - The bakery is still operating using bagged whole-wheat flour that does not require sifting, Goldman said,
The bread subject to recall is sold in Mississippi and Alabama, most of Arkansas, far southeastern Missouri, western Georgia, southwestern Tennessee, southeastern Louisiana and the panhandle of Florida, Sara Lee said..
Read more at Reuters.com Bonds News
The bread subject to recall is sold in Mississippi and Alabama, most of Arkansas, far southeastern Missouri, western Georgia, southwestern Tennessee, southeastern Louisiana and the panhandle of Florida, Sara Lee said..
Read more at Reuters.com Bonds News
UPDATE 2-Mexico holds rate steady despite higher inflation
(Reuters) - MEXICO CITY, July 27 - Mexico's central bank held
the key overnight interest rate steady at 7.25 percent on
Friday, but warned that it would boost rates if necessary just
days after reporting that inflation had nudged into its danger
zone.
The bank said it sees inflation, which has been stubbornly
trending higher, closing in on its long-term 3 percent target
by the end of 2008 even though food prices are still volatile.
Read more at Reuters.com Bonds News
the key overnight interest rate steady at 7.25 percent on
Friday, but warned that it would boost rates if necessary just
days after reporting that inflation had nudged into its danger
zone.
The bank said it sees inflation, which has been stubbornly
trending higher, closing in on its long-term 3 percent target
by the end of 2008 even though food prices are still volatile.
Read more at Reuters.com Bonds News
Lead Heads for Largest Weekly Loss Since 1988 in London; Nickel Declines
(Bloomberg) -- Lead headed for its biggest weekly
drop since at least 1988 after traders judged that last week's
record high no longer reflected the outlook for supply. Nickel
also declined, while copper rose.
Lead surged more than 15 percent last week after an
explosion cut output at Doe Run Resources Corp.'s Herculaneum
smelter on July 13. The smelter will resume full production next
month and lost supply is likely to be small, said analysts
including Stephen Briggs at Societe Generale in London.
Read more at Bloomberg Commodities News
drop since at least 1988 after traders judged that last week's
record high no longer reflected the outlook for supply. Nickel
also declined, while copper rose.
Lead surged more than 15 percent last week after an
explosion cut output at Doe Run Resources Corp.'s Herculaneum
smelter on July 13. The smelter will resume full production next
month and lost supply is likely to be small, said analysts
including Stephen Briggs at Societe Generale in London.
Read more at Bloomberg Commodities News
Colombia's Peso Strengthens as Central Bank Expected to Boost Lending Rate
(Bloomberg) -- Colombia's peso strengthened before
announcement of a central bank lending rate decision, expected
to push the benchmark borrowing cost to an almost six-year high.
Policy makers in Bogota may boost the overnight interbank
rate a quarter-percentage point to 9.25 percent today, according
to 17 of 31 economists in a Bloomberg survey. The other 14
economists expect the rate to remain unchanged.
Read more at Bloomberg Currencies News
announcement of a central bank lending rate decision, expected
to push the benchmark borrowing cost to an almost six-year high.
Policy makers in Bogota may boost the overnight interbank
rate a quarter-percentage point to 9.25 percent today, according
to 17 of 31 economists in a Bloomberg survey. The other 14
economists expect the rate to remain unchanged.
Read more at Bloomberg Currencies News
Rwanda's GDP to grow by 7 pct in 2007 - finmin
(Reuters) - Rwanda's economy is expected to grow by 7.0 percent in 2007 compared with 6 percent last year due to improved agricultural production, the country's finance minister said on Friday.
"The second quarter has seen impressive results in agriculture. All these point to a GDP growth of about 7 percent for this year," Finance and Economic Planning Minister James Musoni told Reuters in an interview, adding that the service and industry sectors had also improved.
Read more at Reuters Africa
"The second quarter has seen impressive results in agriculture. All these point to a GDP growth of about 7 percent for this year," Finance and Economic Planning Minister James Musoni told Reuters in an interview, adding that the service and industry sectors had also improved.
Read more at Reuters Africa
US STOCKS-Wall St falls as credit worries persist
(Reuters) - NEW YORK, July 27 - U.S. stocks fell on Friday as
investors remained jittery about the worsening climate for
financing corporate takeovers and about subprime mortgage
losses dragging on the economy.
The underlying tone remained cautious on Wall Street a day
after U.S. equities suffered the second worst decline this
year, wiping out more than $300 billion in the S&P 500's
value.
Read more at Reuters.com Bonds News
investors remained jittery about the worsening climate for
financing corporate takeovers and about subprime mortgage
losses dragging on the economy.
The underlying tone remained cautious on Wall Street a day
after U.S. equities suffered the second worst decline this
year, wiping out more than $300 billion in the S&P 500's
value.
Read more at Reuters.com Bonds News
KfW Sells First Bonds Denominated in Thai Baht to Attract Asian Investors
(Bloomberg) -- KfW Group, the German government-
owned finance agency, sold its first bonds in Thai baht to
attract new investors in Asia.
Deutsche Bank AG arranged the sale of 3 billion baht ($100.8
million) of the three-year bonds to Thai pension funds, insurance
companies and banks, according to a press statement from KfW in
Frankfurt.
Read more at Bloomberg Bonds News
owned finance agency, sold its first bonds in Thai baht to
attract new investors in Asia.
Deutsche Bank AG arranged the sale of 3 billion baht ($100.8
million) of the three-year bonds to Thai pension funds, insurance
companies and banks, according to a press statement from KfW in
Frankfurt.
Read more at Bloomberg Bonds News
UPDATE 1-Buffett cuts PetroChina stake, sells 17 mln shares
(Reuters) - Buffett's stake in the total company, taking into account
the untradable shares held by PetroChina's parent, China
national Petroleum Corporation, amounts to about 1.29 percent
after the share sale.
Buffett, the world's second-richest person, sold the shares
on July 12 at between HK$12.44 and HK$12.46 each, the HKEX Web
Site showed.
Read more at Reuters.com Mergers News
the untradable shares held by PetroChina's parent, China
national Petroleum Corporation, amounts to about 1.29 percent
after the share sale.
Buffett, the world's second-richest person, sold the shares
on July 12 at between HK$12.44 and HK$12.46 each, the HKEX Web
Site showed.
Read more at Reuters.com Mergers News
Baker Hughes seeing some improvement in Canada
(Reuters) - Still, he said while the second half of the year in that
market will be better, it will still be soft compared with the
same period a year earlier.
The company also told analysts that prices are holding up
in most of its U.S. markets.
Read more at Reuters.com Market News
market will be better, it will still be soft compared with the
same period a year earlier.
The company also told analysts that prices are holding up
in most of its U.S. markets.
Read more at Reuters.com Market News
Sepracor results miss, cuts 2007 outlook
(Reuters) - The Marlborough, Massachusetts-based drug company said net profit fell to $6.1 million, or 5 cents a share, from $11 million, or 10 cents a share, a year ago.
Revenue rose 5 percent to $278.1 million. Analysts, on average, expected revenue of $327.2 million.
Read more at Reuters.com Hot Stocks News
Revenue rose 5 percent to $278.1 million. Analysts, on average, expected revenue of $327.2 million.
Read more at Reuters.com Hot Stocks News
Sudan assigns Chinese CNPC offshore oil block
(Reuters) - Sudan has signed a deal with Chinese state oil firm China National Petroleum Corp. (CNPC) to take a majority stake in its Block 13 exploration site, off the coast of the Red Sea, a senior Sudanese oil official said on Friday.
CNPC has a 40 percent stake, 15 percent for both Indonesian state firm and Sudanese state oil firm Sudapet.
Read more at Reuters Africa
CNPC has a 40 percent stake, 15 percent for both Indonesian state firm and Sudanese state oil firm Sudapet.
Read more at Reuters Africa
Hungarian Forint Poised for Weekly Slide as Investors Flee Riskier Assets
(Bloomberg) -- The Hungarian forint posted its
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.
The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.
Read more at Bloomberg Currencies News
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.
The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.
Read more at Bloomberg Currencies News
UPDATE 2-Ingersoll-Rand 2nd-quarter profit meets forecast
(Reuters) - NEW YORK, July 27 - Industrial conglomerate Ingersoll-Rand Co. Ltd. , in the midst of remaking its portfolio of businesses, reported higher quarterly profit on Friday, reflecting a large gain from discontinued operations.
The company also disclosed it received a notice from the U.S. Internal Revenue Service, proposing adjustments to its past tax filings, and said it would contest the proposed adjustments.
Read more at Reuters.com Mergers News
The company also disclosed it received a notice from the U.S. Internal Revenue Service, proposing adjustments to its past tax filings, and said it would contest the proposed adjustments.
Read more at Reuters.com Mergers News
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