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26/01/07

Congo state gold miner wants Moto deals reviewed

KINSHASA (Reuters) - Democratic Republic of Congo's state-owned gold company OKIMO has called for contracts with Canada-listed Moto Goldmines and its subsidiaries to be canceled or revisited, CEO Victor Kasongo said on Friday. Beginning 2003, OKIMO entered into seven lease agreements and one technical assistance contract with Moto Goldmines in the vast Moto gold fields in the northeast of Democratic Republic of Congo, near the border with Uganda.

Pengrowth to spend C$275 mln in capex in 2007

TORONTO (Reuters) - Pengrowth Energy Trust said on Friday it plans to spend C$275 million ($233 million) in capital expenditures in 2007, as well as a one-time expenditure of C$25 million for new office space. The company, which has been buying major assets over the past year, also said it expects to sell in the first half of 2007, non-core legacy assets and assets added through recent acquisitions. It expects the proceeds from the sale to be in the range of C$300 million to C$450 million.

Gienow names Mike Lefroy as CEO

TORONTO (Reuters) - Gienow Windows & Doors Income Fund said on Friday Mike Lefroy will be the fund's president and chief executive starting May 1 as it continues to explore strategic and financial alternatives. Lefroy will replace David Munro, who will continue his role as chairman of the board.

Microsoft net profit tops forecasts

SEATTLE (Reuters) - Microsoft Corp's quarterly profit beat Wall Street expectations on Thursday, driven by sales of server software and Xbox 360 game consoles, and the company raised its full-year profit target. Shares of the world's largest software maker rose nearly 2 percent in after-hours trade to $31.02, approaching a year high touched earlier this month.

Jacuzzi shareholders approve takeover by Apollo Management

(Reuters) - Jacuzzi Brands Inc. said its stockholders approved its merger with private equity firm Apollo Management L.P. The deal is expected to close in early to mid-February 2007, the maker of whirlpool baths said in a statement.

Branson eyeing $3 billion Macau casino and resort

HONG KONG (Reuters) - Sir Richard Branson's Virgin Group is close to securing a 20-hectare site in Macau to build a $3 billion casino complex which could add to the city's rise as the world's gambling capital, a newspaper reported on Friday. The flamboyant British entrepreneur whose business empire ranges from airlines to music and mobile phones, is close to acquiring the site in the Chinese special administrative region, the Financial Times reported.

S.Korea's Kia posts Q4 loss on won, costs

SEOUL (Reuters) - Kia Motors Corp. <000270.KS>, South Korea's No.2 auto maker, said on Friday it turned to a quarterly loss, hit by a stronger won and higher marketing costs. Earnings for Kia, the affiliate of top South Korean auto maker Hyundai Motor Co. <005380.KS> are expected to improve this year, helped by lower raw material costs and as production ramps up from its recently-opened Slovakia plant, lessening currency-related risk.

U.S. investor fuels concern on China stocks

SHANGHAI (Reuters) - Jim Rogers, a prominent U.S. fund manager, has fueled concern about a bull run in China's stock market, analysts said, by suggesting in a TV interview this week that stocks may have become overvalued. Long a prominent China bull, Rogers told China's state-run CCTV in an interview on Wednesday there were signs that the market was overheated and this may not be the best time to buy stocks.

Michelin wins 10-year $1.7 billion US military contract

NEW YORK (Reuters) - The U.S. military has awarded Michelin a 10-year $1.7 billion contract to provide tires for all its wheeled vehicles used around the world, the French tire-maker said on Thursday. The contract from the Defense Supply Center in Columbus, Ohio is in addition to a recently awarded contract worth more than $700 million for U.S. military aircraft tires, Michelin said.

Stocks edge up after durables, Caterpillar

NEW YORK (Reuters) - U.S. stocks were set to rebound from steep losses and open slightly higher on Friday after a stronger-than-expected forecast from heavy equipment maker Caterpillar Inc. and data showing orders for durable goods above economists' expectations. The December report on orders for durables -- manufactured goods intended to last several years -- suggested the economy was not slowing as fast as some had feared, analysts said.

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