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Forex – Dollar firm after Lacker comments

Sam Allcock
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0

ONDON (Thomson Financial) – The dollar remained relatively firm against its major rivals as the market scaled back its expectations for an imminent interest rate cut from the US Federal Reserve.

Those expectations were diminished overnight when Jeffrey Lacker, a non-voting Fed official, said upside risks to inflation remain and that he is comfortable with interest rates at 5.25 pct at the moment.

‘US bond yields have moved higher inspired by hawkish comments by Lacker,’ said Ian Stannard, currency strategist at BNP Paribas.

With no major US economic data until tomorrow’s durable goods news, analysts said the dollar is likely to retain a solid tone through the day.

‘Although we don’t see a sustainable dollar rally for now, the dollar may be able to defend its position today,’ said Gavin Friend, currency strategist at Commerzbank Corporates & Markets.

Elsewhere, attention will focus on the US/China talks in Washington and what tone US Treasury Secretary Hank Paulson takes with regard to last week’s recent move to widen the yuan’s fluctuation band against the dollar.

Any comments from the Chinese on the pace of yuan reform will be crucial and whether they manage to stave off rising protectionist sentiment in the US.

Before then, the pound is likely to be in focus with the publication of the minutes to the last rate-setting meeting at the Bank of England.

The vote is expected to have been 8-1 in favour of the quarter point rise in the base rate to 5.50 pct, with David Blanchflower voting to keep rates unchanged.

However, sterling markets will be interested to see if there was much or any discussion on the possibility of raising rates 50 basis points to 5.75 pct, and whether any of the nine members voted for this.

The quarterly Inflation Report, released since the rate rise, indicated that interest rates are likely to have to reach 5.75 pct if inflation is to be brought down to the bank’s 2.0 pct target.

London 0822 BST Sydney 1:56 pm (0356 GMT)

US dollar

yen 121.71 up from 121.69

sfr 1.2280 down from 1.2294

Euro

usd 1.3445 down from 1.3454

yen 163.65 down from 163.73

sfr 1.6511 down from 1.6541

stg 0.6808 down from 0.6813

Sterling

usd 1.9753 up from 1.9745

yen 240.34 up from 240.30

sfr 2.4245 down from 2.4276

Australian dollar

usd 0.8213 up from 0.8207

stg 0.4157 up from 0.4152

yen 99.95 up from 99.850

pan.pylas@thomson.com

pp/lam

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

Australian shares close lower on profit taking – UPDATE

Sam Allcock
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0

SYDNEY (XFN-ASIA) – Share prices ended down as investors locked in profits following yesterday’s run into record territory, dealers said.

They said selling was focused on the banks while resource and energy stocks gained after metal and oil prices rose in overnight trading, cushioning the market from a greater retreat.

The S&P;/ASX 200 closed down 30.2 points or 0.47 pct at 6,338.8, falling from yesterday’s record finish of 6,369.0.

The All Ordinaries index lost 22.3 points to close at 6,350.2, also down from its previous record close of 6,372.4 set yesterday.

AWB retreated again after the federal government announced the company would not continue marketing Australian wheat in offshore markets from March 2008. Yesterday, further class action was filed against the AWB in the US alleging violations of anti-trust and racketeering laws.

AWB shares slumped 0.37 aud or 10.00 pct to finish at 3.33 aud.

However, Queensland Cotton Holdings surged after the company received a 149.8 mln aud takeover offer from France’s Louis Dreyfus Commodities, countering a 134 mln aud offer from Singapore-based agricultural products supplier Olam International.

Queensland Cotton shares jumped 0.36 or 7.05 pct to close at 5.47.

AIM Resources soared after reporting positive first drilling results on its Mumbwa copper-gold joint venture with BHP Billiton in Zambia. AIM Resources’ shares surged 0.095 or 45.24 pct to end at 0.135.

A total of 1.96 bln shares worth 5.99 bln aud was traded, with falls outnumbering rises 654 to 606 while 374 stocks were unchanged.

The S&P;/ASX200 June futures contract was up 1.0 point at 6,371.0.

The 10-year bond yield fell 0.0055 to 5.972 pct while 90-day bills were up 0.007 at 6.357 pct.

Aequs Securities head of institutional trading Ric Klusmam said profit-taking set in during afternoon trading.

‘There has been a bit of a sell-off, particularly in the banks, but that’s only after a very strong run,’ Klusman said.

He said overnight rises in oil, gold and base metal prices saw support for the resources sector which meant the market’s overall losses were limited.

‘It was a fairly ordinary day with a few highlights – ABC Learning jumped after its earnings upgrade and Leighton was strong again, hitting another record high,’ Klusman said.

He said merger and acquisition talk continued, with Foster’s again being talked about as a potential target even though the brewing and wine group’s share price fell today.

Klusman said Qantas defied gravity, making further gains even though the airline company’s chairman Margaret Jackson warned yesterday that the share price could fall if hedge funds, which bought the stock during a failed takeover attempt by the Airline Partners Australia consortium, exit the stock.

He said investors were buying on expectations that Qantas could to return up to 2.2 bln aud to investors.

‘They are talking about a capital return but on the other hand, Qantas has a big capex program ahead of it – they are buying a lot of planes,’ Klusman said.

National Australia Bank fell 0.31 to close at 42.78, Commonwealth Bank dropped 0.48 to 54.95, ANZ retreated 0.31 to 29.62 and Westpac shed 0.27 to 26.70.

Macquarie Bank was down 2.30 at 94.70.

QBE lost 0.13 to 32.32, AMP also fell 0.13 to 10.27, IAG shed 0.12 to 6.04 and Suncorp was down 0.16 at 21.68.

News Corp regained 0.13 to 28.98 and its non-voting stock rose 0.19 to 27.04.

Telstra eased 0.05 to 4.80, its T3 receipts were also down 0.05 at 3.34 while SingTel slipped 0.03 to 2.77.

BHP climbed 0.19 to 31.37 and Rio Tinto advanced 0.31 to 92.60.

Alumina added 0.04 to 7.62, Jubilee Mines rose 0.20 to 18.88, Kagara Zinc jumped 0.57 to 6.75 but Zinifex fell 0.10 to 17.60.

Newcrest was up 0.10 at 22.34 but Lihir Gold fell 0.06 to 3.17 and Oxiana eased 0.03 to 3.27.

Paladin advanced 0.49 to 9.25, Summit gained 0.30 to 5.55 and ERA rose 0.32 to 25.06.

Woodside climbed 0.40 to 43.70, Santos rose 0.21 to 12.95, Oil Search added 0.02 to 4.02 and Roc Oil gained 0.05 to 3.53.

James Hardie lost 0.19 to 8.90 while Rinker added 0.04 to 19.36.

Qantas gained 0.05 to 5.32, Virgin Blue rose 0.04 to 2.59 and Air New Zealand added 0.03 to 2.49.

Woolworths dropped 0.21 to 28.50, Coles fell 0.10 to 17.60 and Wesfarmers lost 0.39 to 38.27.

Foster’s retreated 0.08 to 6.34 but Lion Nathan rose 0.09 to 9.17.

CSL climbed 0.21 to 96.14 while Cochlear shed 0.94 to 61.96.

APN added 0.02 to 5.80, PBL was up 0.01 at 20.93 but Seven Network slipped 0.11 to 11.40.

ABC Learning jumped 0.47 or 6.66 pct to 7.53 after an earnings outlook upgrade.

(1 usd = 1.22 aud)

paul.daniel@xfn.com

BA orders 8 Airbus A320 aircraft for delivery between 2008 and 2010

Sam Allcock
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0

LONDON (Thomson Financial) – British Airways has ordered 8 new Airbus A320 aircraft for delivery between 2008 and 2010.

The airline said the order is the first step towards a single short-haul fleet across its network.

BA also said it will upgrade its Gatwick short-haul fleet by replacing the oldest 14 Boeing 737s with Airbus A319 aircraft.

‘We have made considerable progress at Gatwick, particularly on costs,’ said chief executive Willie Walsh. ‘Gatwick is an important part of our short-haul strategy and replacing the older Boeing 737 fleet with Airbus aircraft will give us flexibility across both airports This is the first step towards a single short-haul fleet.’

paul.sandle@thomson.com

ps/ic

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

Sprint Nextel pays $57M to settle

ABC Staff
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0

KANSAS CITY, Mo. (AP) – Sprint Nextel will pay $57 million to settle a class-action lawsuit claiming it targeted older workers during layoffs, the wireless company said Friday.
The settlement, included in a motion filed in U.S. District Court in Kansas, would cover 1,697 former employees who were laid off between Oct. 1, 2001, and March 31, 2003.
Sprint Nextel Corp., based in Reston, Va., with operational headquarters in Overland Park, Kan., acknowledges no wrongdoing in the settlement.
‘We elected to settle this case so that we can continue to focus on the business,’ said company spokesman Matt Sullivan.
It’s the company’s second settlement on age discrimination claims in a year. Sprint agreed last May to pay $5.5 million to 462 former employees in a lawsuit filed in federal court in Atlanta.
Under the newest agreement, 11 people who have served as lead plaintiffs in the case would receive an average of $155,000 each.
The plaintiff’s attorneys would receive $19.4 million in fees, plus an additional $1.65 million to cover the process of confirming the settlement.
The remaining 1,686 plaintiffs would split the leftover $34.3 million, or an average of $20,332 apiece.
‘Because of the risks involved, this is a way to allow the folks we represent to resolve this and move forward with their careers,’ said Dennis Egan, an attorney for the plaintiffs.
U.S. District Judge John Lungstrum still must decide if the agreement is reasonable. If so, notices of the proposed settlement would go to plaintiffs and a final hearing would be scheduled to hear concerns from plaintiffs and potentially approve the agreement.
The suit, filed in 2003, claims then-Sprint Corp. illegally moved employees 40 and over to positions that were then eliminated as part of the company’s downsizing efforts.
Federal age discrimination laws forbid employers from targeting older workers disproportionately during layoffs.
In the settlement, both sides said the case has been a paperwork nightmare, generating more than 1.5 million pages of documents and 20 discs of computerized records and 500 depositions.
Shares of Sprint Nextel were up 26 cents at $20.78 in afternoon trading Friday on the New York Stock Exchange, where they have traded in a 52-week range of $15.92 to $23.21.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Alcatel-Lucent loses employee data

Sam Allcock
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0

MURRAY HILL, N.J. (AP) – Telecom and networking equipment maker Alcatel-Lucent said Thursday that a computer disk containing personal information about Lucent employees, retirees and their dependents was lost.

The disk was prepared by Hewitt Associates for delivery by UPS to Aon Corp., another vendor, and was lost or stolen some time between April 5 and May 3.

The disk included Lucent employees’ names, addresses, Social Security numbers, birth dates and salary information.

The company said the disk did not include customer information.

‘We recognize that we have a responsibility to carefully protect this type of information and deeply regret this loss,’ said Frank D’Amelio, chief administrative officer for Alcatel-Lucent.

Shares of Alcatel-Lucent were trading at $13.31 in the after-hours session, up a penny from Thursday’s closing price of $13.30.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

TUI buys Tuscany property for tourist resort; to invest 3-digit mln eur sum

Sam Allcock
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0

FRANKFURT (Thomson Financial) – TUI AG said it is buying an 11 square kilometer property in the Tuscany region of Italy that includes a number of old buildings, a medieval castle, a hotel, and an 18-hole golf course to create a holiday resort.

TUI said it will invest a ‘medium triple-digit mln eur figure’ into the resort, which is already accounted for in its mid-term investment plan for its hotel division, according to a statement.

The resort, to be called ‘Toscana Resort Castelfalfi,’ will be 85 pct owned by TUI and 15 pct-owned by the property’s previous owner, whose name the company did not disclose in its statement.

TUI plans to refurbish buildings including a church and the castle as well as add a ‘wellness area,’ restaurants and boutiques.

The company also plans to maintain and restore local agriculture by tending to vineyards and olive plantations in and around the resort, which is part of the town of Montaione near Florence, Siena and Pisa.

TUI aims to secure regulatory approval to add three hotels in the resort as well as villas and apartments.

maria.sheahan@thomson.com

mas/ejp

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The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

Mexican airlines look at Ark.

ABC Staff
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0

LITTLE ROCK (AP) – Two Mexican airlines wanting to reach a growing immigrant population in Arkansas and neighboring states may soon add direct flights to Little Rock.

Aeromexico and Mexicana, two of Mexico’s largest airlines, are in discussions to fly in and out of Little Rock National Airport, said airport spokesman Philip Launius. The hope, Launius said, is that the airport would be the central hub for travel to Mexico from Arkansas, Louisiana, Missouri and Tennessee.

‘One of the Japanese steel company executives described Arkansas as being the navel of NAFTA,’ Launius said, referring to the North American Free Trade Agreement. ‘It’s about equidistant between the industrial part of eastern Canada and Mexico.’

Discussions between the airport and two airlines have been ongoing for about a year, Launius said, as officials offer the airlines statistics on the state’s Hispanic immigrant population, one of the fastest growing in the nation. U.S. Census Bureau statistics show that at least 130,000 Hispanics live in Arkansas, the majority of those from Mexico. But demographers and state officials believe that number may be much higher because illegal immigrants typically shy away from census counters.

But immigrant travelers and visiting family members wouldn’t be the only ones traveling between Arkansas and Mexico. State statistics show Mexico was Arkansas’ second-largest export destination, with $415 million worth of goods heading there in 2005. Canada was No. 1 with more than $1 billion.

‘It’s got both a corporate and a leisure component,’ Launius said. ‘We are really excited. Of course, that gives you international status in terms of an airport. It’s stepping up to a higher plane.’

Dallas-Fort Worth International Airport, more than 300 miles away from Little Rock, is now the closest hub for direct flights from Mexico for Mexicana. The airport once had direct flights from Aeromexico as well, but the airline left, an airport official said.

Memphis International Airport in Tennessee, about 150 miles away from Little Rock, has one direct flight to Cancun on Northwest Airlines.

Bruce Hicks, a U.S.-based spokesman for Aeromexico, said he had heard nothing about the negotiations. Officials with Mexicana could not be immediately reached for comment Friday.

Launius said Little Rock’s new Mexican consulate, which opened last month, has been providing extra leverage in the negotiations.

The Little Rock airport sees about 2.5 million passengers a year. If the airlines agree to fly to Little Rock, Launius said the airport would need to build a facility for U.S. Customs and Border Protection agents to do inspections of incoming passengers.

While the airport has only a single concourse, Launius said the airport could use a ‘swing gate’ to move international passengers through inspections. Customs agents now have a small outpost at the airport to inspect cargo and private aircraft that land at the airfield, he said.

But even if Aeromexico and Mexicana back out of talks, Launius said that might be enough for roughly 10 new discount carriers in the country to take a look at Little Rock.

‘It’s not on the cusp of occurring, but the discussions have all been very positive. It is something that is continuing,’ he said. ‘We are judging by the questions they are asking that there is real interest.’

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Halliburton opens Russia training center

Sam Allcock
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0

HOUSTON (AP) – Energy industry service provider Halliburton Co. said Friday it opened a new training center for employees in Russia as part of a larger strategy to grow its business in that country and the surrounding region.

The new center is operated through an agreement with the Tyumen State Oil and Gas University and is already training students from five countries: Kazakhstan, the Netherlands, Norway, Russia and the United Kingdom.

‘Halliburton understands the importance of hiring and training its work force in locations where resources already exist, in terms of both personnel and oil and gas,’ said Halliburton Vice President Lawrence Pope in a statement.

The company now has 12 training centers worldwide.

Shares of Halliburton Co. rose 28 cents Friday to $33.09 in midday trading.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Peruvian group suing Oxy over pollution

Sam Allcock
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0

LOS ANGELES (AP) – Members of an indigenous group in Peru are suing Occidental Petroleum Corp., claiming the company’s oil production operations in the Andean nation resulted in toxic levels of pollution that left many people sick or at risk of serious illness.

The complaint, filed Thursday in Los Angeles County Superior Court, was brought by 25 Achuar Indians who claim they suffered health problems from cancer to lead poisoning due to exposure to contaminants from Occidental’s oil production operation.

The group also blames the death of one of the plaintiffs’ children on the company’s actions.

A call to Los Angeles-based Occidental seeking comment was not immediately returned.

The suit seeks class-action status and unspecified compensatory and punitive damages.

‘With this lawsuit, I am here demanding Oxy clean up and compensate for the contamination it left in the Rio Corrientes region,’ Apu Tomas Maynas Carijano, the lead plaintiff, said in a statement. ‘We can no longer eat the fish or drink the water. Our children are guaranteed death unless Oxy acts now.’

The group is native to Peru’s Upper Corrientes Basin. They claim the region gradually became contaminated by pollutants over the three decades since Occidental first established operations there.

According to the lawsuit, Occidental discharged millions of gallons of water used to process crude oil back into local waterways, flooding rivers with heavy metals, radioactive compounds and other harmful compounds.

The crude oil processing also released gasses that have contributed to air pollution and acid rain, the group claims.

The Achuar’s land was also exposed to contamination from chemical waste, which the company stored in unlined earthen pits, according to the lawsuit.

Government health studies have found that Achuar Indians in the zone suffer high blood concentrations of cadmium and lead — a problem that Peruvian officials have said goes back to the 1970s when Occidental operated in the region.

The company pumped oil in Peru’s northern jungle until 1999, when its operations were bought by the Argentine-run company Pluspetrol.

Last year, that company signed an agreement with the Peruvian government to stop dumping contaminated oil waste by July 2008 after two weeks of protests by an Indian group.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Budapest shares close up in thin trade ahead of US rate decision UPDATE

Sam Allcock
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0

BUDAPEST (Thomson Financial) – Budapest shares closed up in line with major European markets after yesterday’s bout of profit taking, but with trade thin ahead of this afternoon’s interest rate decision in the US, and gains limited after US markets opened down, dealers said.

The BUX index of leading Hungarian shares closed up 0.67 pct at 25,842.87. Trading volume was around two thirds of the daily average.

The Hungarian forint was down as the euro rose 0.30 pct to 246.99 forints and the US dollar ticked up 0.10 pct to 182.30 forints.

Magyar Telekom, due to report a decline in first quarter profit tomorrow, finished up 0.87 pct at 1,045 forints, after falling over 2 pct yesterday.

The two pharmaceutical stocks, Richter and Egis, recovered some ground lost yesterday after the companies posted first quarter results below market expectation.

Richter was up 0.77 pct to 37,145 forints, while Egis was up 0.87 pct to 19,790 forints after falling nearly 7 pct yesterday.

Banks were broadly positive, with OTP up 0.52 pct at 9,777 forints after yesterday’s losses, and state-controlled mortgage bank FHB gaining 1.79 pct to 2,275 forints.

FHB is expected to post a decline in first quarter profits on Friday as its key mortgage business is hit by increased competition in the Hungarian mortgage market.

However, the bank’s stock is being supported by the government’s intention to sell its controlling stake, which is expected to happen later this year.

Oil stock MOL finished the day up but eased off an intra-day peak after a key US report showed motor fuel stocks increased.

MOL has also been associated with a 150 mln usd purchase of Croatia’s Tifon, the third largest petrol station operator in the country.

MOL stock closed up 0.78 pct at 22,575 forints.

edward.krudy@thomson.com

ek1/cml

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Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

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