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25/02/08

Auckland Airport changes advice on Canadian bid

WELLINGTON (Reuters) - New Zealand's Auckland International Airport Ltd said investors should sell into a NZ$1.4 billion ($1.1 billion) partial takeover offer from a Canadian state fund after a sharp fall in the company's share price. However, Auckland Airport, the country's main international gateway, said a majority of the board still recommended voting against the Canada Pension Plan Investment Board's NZ$3.6555 per share bid for 40 percent, saying the company is worth more in the long term.

Insurer rescue hopes lift global shares

HONG KONG (Reuters) - Asian shares rallied on Monday, sending the Nikkei to a six-week closing high, after talk of a rescue for a U.S. bond insurer eased worries about credit-related losses in the global financial sector. But U.S. recession fears remained in place, pressuring the dollar against other currencies, while geopolitical concerns in Iran and Turkey lifted oil prices above $99 a barrel.

Toronto stocks propelled higher by banks and oils

TORONTO (Reuters) - The Toronto Stock Exchange's main index finished higher on Friday thanks to a late-day rally by financial shares and gains by the energy sector. After a see-saw session, the index climbed strongly higher shortly before the close amid reports that banks were close to an agreement on a rescue plan for U.S. bond insurer Ambac Financial Group Inc . A source said the deal could be announced early next week.

Temasek may sell stake in Indonesian bank - WSJ

SINGAPORE (Reuters) - Singapore state investor Temasek is close to a decision to sell its stake in Indonesia's sixth-biggest lender Bank Internasional Indonesia Tbk in a deal estimated to be worth more than $700 million, the Wall Street Journal reported on Monday. Citing unidentified people familiar with the situation, the newspaper said Temasek was looking at starting the sale process.

Weak retail sales point to soft Dec growth

OTTAWA (Reuters) - Retail sales outside the auto sector disappointed in December, adding to a string of gloomy data suggesting weaker-than-expected economic growth at year-end. Statistics Canada said on Friday that total retail sales climbed 0.6 percent in the month due to a surge in new car deals.

Rogers profit surges, but wary of U.S. economy

TORONTO (Reuters) - Rogers Communications Inc reported a 44-percent rise in fourth-quarter profit on Friday as growth in its wireless subscriber base and higher revenue from mobile-phone users helped results. Despite the solid results, Rogers, Canada's biggest wireless carrier and cable-TV company, will move to rein in costs and tighten its spending as it keeps a close eye on the woes of the U.S. economy, Chief Executive Ted Rogers said.

Safe haven success won't come easy

OTTAWA (Reuters) - Investors unable to stomach a fitful market and unsettled by economic worries might seek refuge in recession-resistant consumer stocks, but success in this safe-haven strategy won't come easy. Profit hinges on tough scrutiny and sifting through lean offerings to unearth the best bargains with the most potential, while weeding out those stocks too badly damaged by rough competition or a poor business strategy.

Pioneer to stop making 42-inch plasma panels-report

TOKYO (Reuters) - Pioneer Corp will stop making 42-inch plasma panels and instead buy panels in that size and smaller from Panasonic maker Matsushita Electric Industrial or Hitachi Ltd to turn around its loss-making flat TV business, the Asahi newspaper said. Japanese consumer and auto electronics maker Pioneer will end output of such panels at a plant in Kagoshima prefecture in southern Japan as early as by March 2009, the paper said in the report on Saturday.

Mexico lifts ban on Canadian cattle imports

MEXICO CITY (Reuters) - Mexico in March will lift a ban on Canadian cattle imports that dates to a 2003 outbreak of mad cow disease in Canada. "Beginning in March, Mexico will be able to import dairy and beef cattle from Canada that are younger than 30 months," Mexico's Agriculture Ministry said in a statement on Saturday.

China eyes slower money, credit growth in 2008

BEIJING (Reuters) - China's money and credit growth will slow this year as the central bank implements a battery of tightening measures to achieve its primary goal of taming inflation, a senior central bank official said on Sunday. Yi Gang, vice governor of the People's Bank of China (PBOC), told a financial forum that growth in the broad M2 measure of money supply would ease to around 16 percent from 16.7 percent in 2007.

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