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17/04/08

Thomson Reuters debuts amid global market jitters

LONDON/NEW YORK (Reuters) - Thomson Reuters Corp debuted on Thursday as a top global information company, hoping a portfolio of products from financial to legal and health-care will help it ride out a financial industry downturn. Shares of the company, formed by Thomson Corp's more than $16 billion cash and stock purchase of Reuters Group Plc, were to start trading in London, Toronto and New York.

Oil hovers near record as dollar, U.S. fuel stocks fall

SINGAPORE (Reuters) - Oil held below $115 a barrel on Thursday after hitting a record high, as the dollar's extended slump and a big fall in U.S. gasoline stockpiles just weeks ahead of the summer driving season attracted fresh fund buying. U.S. crude for May delivery dipped 24 cents to $114.69 a barrel by 3:18 a.m. EDT after hitting $115.21 a barrel in early electronic trade, its third consecutive high. Prices gained $1.14 on Wednesday, taking this year's gains to nearly 20 percent.

Toronto stocks vault sharply higher on resources

TORONTO (Reuters) - The Toronto Stock Exchange's main index closed at its highest level in more than five months on Wednesday, buoyed by rising resources and big gains by fertilizer companies after a surge in the price of potash exports to China. Potash Corp of Saskatchewan and Agrium helped yank the index higher after Chinese importers agreed to pay more than triple what they did a year ago to reserve potash supplies.

Bank of Canada's Carney sees strengths in economy

OTTAWA (Reuters) - Bank of Canada Governor Mark Carney said on Wednesday there could be a marked decline in commodity prices that will hurt Canada's economy, but he will also consider the economy's strengths when setting interest rates. "The Canadian economy is a very diverse economy. We're not just a commodity economy at all," Carney said.

IBM raises full year earnings target

SAN FRANCISCO (Reuters) - IBM posted stronger-than-expected quarterly results on Wednesday and raised its 2008 outlook, boosting the shares 2.7 percent and sending an encouraging signal about technology earnings in the face of a weak U.S. economy. International Business Machines Corp's technology services, consulting and software revenues were particularly strong and investors expressed relief a day after microchip maker Intel Corp also gave an upbeat outlook for the year.

JPMorgan selling $6 billion in preferred shares: report

NEW YORK (Reuters) - JPMorgan Chase & Co is to sell $6 billion in non-cumulative perpetual preferred shares, according to a report in International Financing Review, a Thomson publication. Pricing could be decided on Wednesday. The shares are expected to pay a fixed 7.9 percent dividend for 10 years and a floating rate after that date.

Yahoo closer to Google ad outsourcing deal: report

SAN FRANCISCO (Reuters) - Yahoo Inc is looking to turn over Web search advertising to Google Inc following a successful test using Google's service to deliver ads alongside its Web search results, the Wall Street Journal reported on Wednesday, citing unnamed sources. Spokesmen for Google and Yahoo declined to comment.

Roche sales, stock hit by Tamiflu slump

ZURICH (Reuters) - Roche Holding AG missed forecasts with a meager 2 percent increase in first-quarter sales in local currencies, hit by plunging Tamiflu revenue and a slowing pace of growth for cancer drugs. Its stock fell 3.5 percent to 164.60 Swiss francs by 3:15 a.m. EDT on Thursday, falling faster than a 0.8 percent drop in the European pharmaceuticals sector and hitting its lowest level in nearly three years.

China agrees to pay triple for potash fertilizer

WINNIPEG, Manitoba (Reuters) - Chinese fertilizer importers agreed on Wednesday to pay more than triple what they did a year ago to get hold of tight supplies of potash, sending the shares of global fertilizer makers to record levels. China, the world's biggest import market for the nutrient, which is used to boost crop yields, will pay $650 to $670 a tonne for product delivered to its ports, analysts estimated.

Dollar closes higher, but shy of parity

TORONTO (Reuters) - The Canadian dollar shot higher against a weaker U.S. dollar on Wednesday and even came close to hitting parity for the first time in nearly a month, amid lofty commodity prices and rallying equity markets. Domestic bond prices fell as the latest piece of Canadian data beat estimates while corporate earnings out of the United States comforted investors, who decided to unload secure assets like government debt in favor of stocks.

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