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GM plans half its cars on ethanol by 2012 - report
2008-02-07 13:39:00
NEW YORK (Reuters) - General Motors Corp is planning for half its cars in the United States to be running on ethanol by 2012, the Associated Press reported. The report quoted GM North America President Troy Clarke at the Chicago Auto Show as saying GM will have 11 ethanol-capable vehicles on the market this year and 15 in 2009. Earlier, start-up biofuel company Coskata Inc, part owned by GM, said it has formed a strategic alliance with ICM Inc to build a commercial plant to mass produce cellulose-based ethanol. The plant is due to open in late 2010.
More About: Cars , Ethanol , Report , Plans , Half

India gold futures steady ahead of ECB, UK rate meets
2008-02-07 13:38:00
MUMBAI (Reuters) - India 's gold futures were little changed on Thursday as overseas markets remained nearly flat ahead of interest rate decisions by the Bank of England and European Central Bank, but analysts said an upside is likely as the metal was finding support at dips. "Gold is being driven by currencies in the last few days... there should be some new direction in the evening after the rate decisions," said an analyst at IL&FS Investsmart Commodities Ltd. Policymakers in both the central bank will meet on Thursday to decide on interest rates. Rate changes may move the dollar, which in turn could move gold as the two usually have an inverse relationship with investors choosing one over the other. Another analyst, Harish Galipelli, head of research at Karvy Comtrade Ltd said an upside bias was expected as gold had recovered sharply from its dips the previous day. Gold has eased since its rally to a lifetime high of $936.50 an ounce on Feb 1, but analysts said...
More About: Futures , Ahead

Bangladesh to import 500,000 tonnes of rice from India
2008-02-07 13:38:00
DHAKA (Reuters) - Bangladesh said on Thursday it will import 500,000 tonnes of non-basmati parboiled rice at an average price of $399 a tonne from India in a state-to-state deal. The cargo will start reaching Bangladesh by the end of the month and the shipment is expected to be completed by late March. "India's West Bengal Essential Commodities Supply Corporation Limited will supply a total 500,000 tonnes of non-basmati parboiled rice with average price at $399 per tonne, cif," Food Secretary Mohammad Ayub Miah told Reuters. "The Indian rice will be carried by sea, rail and road transports."
More About: Rice , Import

Softbank says Microsoft bid for Yahoo raises value
2008-02-07 13:38:00
TOKYO (Reuters) - Japanese telecom and Internet group Softbank Corp's president, Masayoshi Son, said on Thursday Microsoft Corp's $44.6 billion bid for Yahoo Inc could raise the value of the Yahoo brand. Softbank holds a 3.9 percent stake in Yahoo Inc and a 41 percent stake in Yahoo Japan.
More About: Yahoo!

ArcelorMittal to invest $20 bln in India - executive
2008-02-07 13:38:00
NEW DELHI (Reuters) - ArcelorMittal, the world's top steelmaker, will invest $20 billion over the next 10 years in two steel plants in India , Sudhir Maheshwari, executive vice-president for finance, said. The company had identified sites for the plants and was discussing sourcing for iron ore with the state governments, he said. He said a licence for coal mining was expected within a few months.
More About: Executive , Invest

ArcelorMittal in metals JV with Indian, German cos
2008-02-07 13:38:00
NEW DELHI (Reuters) - ArcelorMittal, the world top steelmaker, will jointly invest 500 million rupees with German 's Auerhammer Metallwerk and India's Shivalik Bimetal Controls in a plant in India, the firms said on Thursday. The three companies have formed a joint venture to manufacture flat metal products in India, which would be marketed globally, they said in a joint statement.
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Japan stocks up; Softbank jumps but exporters dip
2008-02-07 13:38:00
By Aiko Hayashi TOKYO (Reuters) - Japan ese stocks rose on Thursday, buoyed by Softbank Corp after Deutsche Securities initiated coverage of the stock with a "buy" rating, but some exporters were hurt by growing U.S. recession fears. A series of earnings outlook cuts by Japanese companies also put a lid on stock gains. Taiyo Yuden Co Ltd tumbled more than 7 percent after the electronic parts maker cut its full-year earnings forecasts, which prompted Goldman Sachs to downgrade the stock to "neutral" from "buy" and slash its target price to 1,300 yen from 1,800 yen. Katsuhiko Kodama, senior strategist at Toyo Securities, said investors started picking up shares after the Nikkei average broke below 13,000 earlier, the first time in two weeks. "But the market is still not in a position to keep rising. Instead it's seeking to cement a double bottom," he said. "First and foremost, the problems in the United States must be solved&...
More About: Stocks

India sees 07/08 GDP growth at 8.7 percent
2008-02-07 13:38:00
NEW DELHI (Reuters) - India 's economy is expected to expand at 8.7 percent, in line with expectations, in fiscal 2007/08, slower than the previous year as the impact of tight monetary policy dents consumer demand, an official estimate showed on Thursday. The estimate, the first official one for the financial year ending on March 31, matched a Reuters poll of analysts which pegged growth at 8.7 percent. The central bank has forecast that the economy, Asia's third largest, would expand by 8.5 percent this fiscal year, slower than 9.6 percent in 2006/07, which was its strongest pace in 18 years. The central statistics office said manufacturing output growth was estimated at an annual 9.4 percent compared with 12 percent the previous year.
More About: Growth , Sees

Ranbaxy gets tentative FDA OK for esomeprazole
2008-02-07 13:38:00
MUMBAI (Reuters) - Indian drugmaker Ranbaxy Laboratories Ltd said on Thursday it had received tentative approval for esomeprazole magnesium delayed release capsules from the U.S. Food and Drug Administration. The drug, a generic equivalent of AstraZeneca's Nexium, is indicated in the treatment of heartburn and gastroesophageal reflux disease, it said in a statement. Nexium had annual sales of $5.5 billion, it said. Ranbaxy said it believes it has first-to-file status on the drug, which will potentially give it 180 days of marketing exclusivity when the patent on Nexium expires.

Japan stocks flat, caution prevails
2008-02-07 13:28:00
TOKYO (Reuters) - Japan ese stocks were flat on Thursday as investors remained cautious about the outlook for the U.S. economy and Japanese corporate earnings. As of 0002 GMT, the benchmark Nikkei average was flat at 13,101.63. The broader TOPIX index was also flat at 1,297.89.
More About: Stocks , Flat

Aditya Birla to raise Grasim stake - paper
2008-02-07 13:28:00
MUMBAI (Reuters) - India's Aditya Birla Group intends to raise its stake in diversified firm Grasim Industries Ltd to 40 percent from 26 percent, the Economic Times reported on Thursday, quoting the group's chairman. Kumar Mangalam Birla told the newspaper the move was in line with a strategy to own at least 40 percent in all group firms. He did not give a time frame. A group spokeswoman said in July last year that Birla was looking to take the group's holding in aluminium maker Hindalco Industries Ltd to 40 percent from around 25 percent. Another group firm Aditya Birla Nuvo said in January it planned to issue 20.5 million warrants to the founders on a preferential basis.
More About: Paper

Fed wrestles with growth, inflation worries
2008-02-07 13:28:00
By Steven C. Johnson NEW YORK, Feb 6 (Reuters) - Federal Reserve officials on Wednesday expressed concern about a possible U.S. recession but warned that the central bank cannot let down its guard when it comes to fighting inflation. "Right now, we're concerned about growth," Richmond Federal Reserve Bank President Jeffrey Lacker told students and faculty at Marshall University's Lewis College of Business in Huntington, West Virginia. While inflation risks have risen over the past six to eight weeks, the economy will manage to grow at a sluggish rate of about 0.5 percent in the first half of the year, Lacker said. Since September, the Fed has cut benchmark interest rates by 2.25 percentage points to 3 percent to help the economy weather a deep housing slump and a global credit crunch. Philadelphia Fed President Charles Plosser said in a speech to the Rotary Club of Birmingham, Alabama, the Fed's aggressive rate cuts will help the economy to return to trend growth o...
More About: Inflation , Growth

BSE Sensex to fall 2nd day on weak global cues
2008-02-07 13:28:00
MUMBAI (Reuters) - Indian shares are set to extend losses on Thursday, weighed down by a gloomy outlook for the U.S. economy that kept global equity markets under pressure. By 0336 GMT, Tokyo was down 0.3 percent and Sydney fell 0.74 percent, after the Dow Jones index dropped 0.5 percent on Wednesday as Federal Reserve officials cast doubt on prospects of further interest rate cuts. Markets in China, Hong Kong, Indonesia, Malaysia, Singapore, South Korea and Taiwan are closed until next week for the Lunar New Year holidays. "The market should open on the lower side and volatility is likely to remain," said Vinod Bansal, director at Ficuswealth, a New Delhi-based investment advisory firm. The 30-share BSE index fell 2.81 percent to 18,139.49 on Wednesday. It is now 14.5 percent below a life high of 21,206.77 hit on Jan. 10. The broader 50-share NSE index ended down 2.94 percent at 5,322.55. The Nifty February futures ended 3.36 percent down at 5,296.75, widening the di...
More About: Global , Sensex , Fall

Ford exec says hopes Tata talks concluded soon
2008-02-07 13:28:00
CHICAGO (Reuters) - A senior executive at Ford Motor Co said on Wednesday that he hopes in-depth talks with India's Tata Motors Ltd over the sale of Ford's Jaguar and Land Rover brands will be concluded soon. Mark Fields, president of the company's North American operations, told reporters on the sidelines of the Chicago Auto Show that he hoped "detailed discussions" with India's top vehicle maker over the sale of the two luxury brands would be concluded "in the relatively near term." Fields said Ford expects U.S. auto industry sales of 16 million units in 2008 -- including light and heavy vehicles -- with the second half stronger than the first half of the year. He added that he hopes U.S. Federal Reserve rate cuts and a potential government economic stimulus plan would have an impact on U.S. auto sales in the second half of the year.
More About: Hopes

Platinum bullish near record, gold below $900
2008-02-07 13:28:00
TOKYO (Reuters) - Platinum held near a record on Thursday as concerns over supply problems in South Africa attracted strong demand from investors, with the strength in Tokyo platinum futures providing additional support. -- Spot gold slipped below $900 an ounce, but it stayed near the psychological level after strongly rebounding the previous day. -- By 0105 GMT, gold was trading at $897.75/899.25 an ounce, down from $900.40/901.10 late in New York on Wednesday, when it rose as high as $907.20. -- Platinum was at $1,811/1,821 an ounce, little changed from Wednesday's level of $1,810/1,815 and not far away from a record high of $1,819 reached the previous day. -- The white precious metal has been drawing huge fund inflows due to concerns over supplies. -- South Africa's government appealed to mining companies for help in cutting power consumption on Tuesday to ease a power crisis caused by the failure of electricity generation to match economic growth. -- The distant...
More About: Gold , Bullish , Record

DEALTALK-What should Yahoo do?
2008-02-07 13:28:00
By Megan Davies NEW YOR (Reuters) - Yahoo Inc could throw up a series of defenses against a proposed takeover by Microsoft Corp in next few weeks, but most say the likely outcome will be a higher price from the software giant and a deal. Fighting Microsoft's $31-a-share offer in a friendly way could see Yahoo argue the bid, made Friday, undervalues the Internet company, which could ultimately lead to talks and a higher bid from Microsoft. Or Yahoo could take an aggressive stand with the aim of staying independent, arguing a deal with the software giant could create a clash of cultures and fail antitrust tests. Yahoo has said it has not decided whether to accept or rebuff the overture. "The best strategy would be to try to find some thought of a competing bid," said Joel Greenberg, partner and co-chair of Kaye Scholer LLP's Corporate and Finance Department. "Any suggestion that there's someone else out there is the best possible way to increase the price." ...
More About: Yahoo!

GLOBAL MARKETS - Asia stocks dip; earnings, slowing U.S. weigh
2008-02-07 13:28:00
By Naomi Tajitsu TOKYO (Reuters) - Asia n stocks edged lower on Thursday, taking their lead from U.S. share markets, with investors also fretting over Japanese firms such as electronics giant Sony cutting their profit forecasts as U.S. consumers spend less. Supply problems in South Africa kept platinum prices near their record of $1,819 an ounce earlier this week, but oil dipped below $87 a barrel to near their lowest since last October on signs of weaker demand in the United States, the world's top consumer. Japan's benchmark Nikkei stock index slipped 0.8 percent as banks such as Mitsubishi UFJ Financial Group, down 3.9 percent, struggled. Losses in BHP Billiton Ltd led a near-2 percent slide in Australian shares. Lunar New Year holidays brought trading in much of Asia to a halt, with markets in China, Hong Kong, South Korea, Taiwan, Singapore, Malaysia and Indonesia closed until next week. Tokyo shares took a cue from Wall Street's 65 point drop on Wednesday, but were also...
More About: Stocks , Markets , Global , Earnings

Global demand lifts wheat to record highs
2008-02-07 13:28:00
By K.T. Arasu and Sybille de La Hamaide CHICAGO/PARIS (Reuters) - From Asia to Europe to the United States, wheat prices soared on Wednesday as demand from countries needing the grain to make bread, noodles and pastries remained robust, with U.S. values climbing to record highs. Prices for rice, the staple in Asia, at the Chicago Board of Trade hit an all-time high. Soyoil, widely used in cooking, and soymeal, a protein-rich animal feed, surged by the daily trading limits amid across-the-board buying by investors. Coming off a banner year amid burgeoning investments by managed money, grain futures at the world's largest grain exchange have been building on the gains of 2007 supported by fundamental factors like tight supplies and strong exports. Wheat gave signal of the day's bull run by rising sharply in Asian trade. European wheat prices rose to their highest levels in more than four months. "Wheat shot out of the box limit-up and that took everything else up. Speculat...
More About: Global , Record , Demand

Rupee climbs as dollar crunch eases
2008-02-07 13:28:00
MUMBAI (Reuters) - The Indian rupee inched higher on Thursday, as the market liquidated some long dollar positions in the absence of strong cues from many Asian markets that were closed for a public holiday. At 10 a.m., the partially convertible rupee was at 39.47/48 per dollar, gaining from its previous close of 39.515/525, a session where it hit a two-week low of 39.69. "In the past two-three days there has been a dollar shortage but today cash conditions have improved," said a senior dealer with a private bank. Lunar New Year holidays brought trading in much of Asia to a halt, with markets in China, Hong Kong, South Korea, Singapore, Malaysia and Indonesia closed until next week. The lack of overseas cues from Asia had crimped currency trading volumes, local dealers said. India's benchmark share index was trading weaker for the second straight day, taking direction from weak global markets that were concerned about a gloomy economic outlook for the United State...
More About: Dollar , Rupee , Crunch

U.S. STOCKS - Market briefly turns lower as financials drag
2008-02-07 13:16:00
NEW YORK (Reuters) - U.S. stocks briefly turned negative and then rebounded in choppy trading on Wednesday after a drop in shares of financial companies offset optimism from Walt Disney Co's profit. The Dow Jones industrial average was up 27.64 points, or 0.23 percent, at 12,292.77. The Standard & Poor's 500 Index was up 3.55 points, or 0.27 percent, at 1,340.19. The Nasdaq Composite Index was up 9.93 points, or 0.43 percent, at 2,319.50.
More About: Stocks , Market , Drag , Lower

U.S. STOCKS - Market advances on Disney, productivity data
2008-02-07 13:16:00
By Ellis Mnyandu NEW YORK (Reuters) - U.S. stocks rose on Wednesday after results from Walt Disney Co and Time Warner Inc suggested that fallout from the housing slump may not spread too far beyond the financial sector. A Labor Department report showing a rise in worker productivity and a less-than-expected increase in an inflation measure during last year's fourth quarter also lifted sentiment. Shares of Disney jumped more than 6 percent, while Time Warner shares rose more than 5 percent. Other advancing shares included manufacturers, such as Caterpillar Inc, which had been among Tuesday's biggest decliners as recession worries mounted. "I think the productivity numbers really started this advance. It's the first time we've gotten some positive economic news in a while," said Stephen Massocca, co-chief executive at San Francisco-based investment bank Pacific Growth Equities. "Disney earnings obviously helped too. But I think the stagflation concern is ta...
More About: Stocks , Market , Data , Productivity

Oil extends slump as U.S. fuel stocks rise
2008-02-07 13:16:00
NEW YORK (Reuters) - Oil prices fell below $87 on Wednesday, extending this month's losses to more than 5 percent, after a government report showed a surprisingly big build in U.S. petroleum stockpiles. Oil prices have already been under heavy selling pressure since hitting a record $100 in early January amid intensifying signs the economy of the world's biggest energy consumer is falling into recession. "The U.S. economy just attracts more bad news and demonstrates its fragility," said Robert Laughlin of MF Global. "For oil, demand will slip and prices should come under renewed pressure in the short term." U.S. crude fell $1.50 to $86.91 a barrel by 1815 GMT, adding to losses of nearly 2 percent the previous session. London Brent crude dropped 85 cents to $87.97. A report from the U.S. Energy Information Administration on Wednesday showed commercial crude stockpiles rose 7 million barrels last week against analyst expectations for a 2.6 million barrel buil...
More About: Stocks , Fuel , Rise , Slump , Lump

"Euros Accepted" signs pop up in New York City
2008-02-07 13:16:00
NEW YORK (Reuters) - In the latest example that the U.S. dollar just ain't what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise. "We had decided that money is money and we'll take it and just do the exchange whenever we can with our bank," Robert Chu, owner of East Village Wines, told Reuters television. The increasingly weak U.S. dollar, once considered the king among currencies, has brought waves of European tourists to New York with money to burn and looking to take advantage of hugely favorable exchange rates. "We didn't realize we would take so much in and there were that many people traveling or having euros to bring in. But some days, you'd be surprised at how many euros you get," Chu said. "Now we have to get familiar with other currencies and the (British) pound and the Canadian dollars we take," he said. While shops in many U.S. towns on the Canadian border...
More About: Signs , New York City

Rupee up on exporter buys, IPO outflows wane
2008-02-07 13:16:00
MUMBAI (Reuters) - The rupee recovered from a two-week low to end higher on Wednesday, as exporters aggressively sold dollar holdings, offsetting waning outflows linked to a recent share offering, dealers said. The partially convertible rupee ended at 39.515/525 per dollar, climbing smartly off an early low of 39.69, its weakest since Jan. 22. It ended at 39.555/565 on Tuesday. "Outflows from the very large IPO have finally tapered off. Demand for the dollar has been met," said Pradeep Khanna, head of currency trading at HSBC. Last month, Reliance Power raised a record $3 billion through an initial share sale that generated sizable foreign interest. The IPO had received bids worth $190 billion and the company is in the process of refunding part of the cash. Rebates worth about $2.5 billion have left India so far, dealers said. Foreigners bought $1.3 billion of Indian shares in the three days to Feb. 5, data released by the Securities and Exchange Board of India sh...
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Sugar traders say bigger market surplus possible
2008-02-07 13:16:00
By David Brough DUBAI (Reuters) - Forecasts for a near-flat global sugar balance in 2008/09 may need to be revised if growers respond to rising prices by planting more sugar cane or beet. Traders attending the Feb. 3-5 Dubai 2008 sugar conference, a gathering of 400 leading industry participants, said a price rally since the start of the year could set off planting of sugar instead of alternative crops. Massive sugar stocks in India and expectations of record cane output in Brazil as new cane-derived ethanol biofuel mills come onstream, would add to the weight of supply. Kingsman SA, an organiser of the Dubai event, on Tuesday released a 2008/09 forecast for a 1-million-tonne global sugar surplus, down from a 9.4-million-tonne surplus in 2007/08. Tom McNeill, Kingsman SA senior partner, said the present high sugar price was not a disincentive to production. Peter Baron, Executive Director of the International Sugar Organization (ISO), said the growers' response to sugar pr...
More About: Market , Surplus

Yahoo CEO says no decision yet on Microsoft bid
2008-02-07 13:16:00
SAN FRANCISCO (Reuters) - Yahoo Inc Chief Executive Jerry Yang told employees in an e-mail that no decision has been made about Microsoft Corp's bid to buy the company for $44.6 billion. Yang said in the message, which was filed with the U.S. Securities and Exchange Commission, the Yahoo board is evaluating various potential strategic alternatives and has hired "top advisors" to assist it through the process. The e-mail, addressed to "yahoos" and written in lower case letters, said: "as we've said, no decision has been made about microsoft's proposal. our board is thoughtfully evaluating a wide range of potential strategic alternatives in what is a complex and evolving landscape."
More About: Decision , Yahoo!

Nasdaq, S&P gain 1 pct on positive earnings
2008-02-07 13:16:00
NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with gains on the Nasdaq and S&P 500 topping 1 percent, after Walt Disney Co and Time Warner Inc posted quarterly results that suggested that fallout from the housing slump may not spread too far beyond the financial sector. The Dow Jones industrial average was up 105.92 points, or 0.86 percent, at 12,371.05. The Standard & Poor's 500 Index was up 13.30 points, or 1.00 percent, at 1,349.94. The Nasdaq Composite Index was up 23.89 points, or 1.03 percent, at 2,333.46.
More About: Earnings , Positive

U.S. STOCKS - Market rises on Disney, Time Warner results
2008-02-07 13:16:00
By Ellis Mnyandu NEW YORK (Reuters) - U.S. stocks rose on Wednesday as encouraging profits from Walt Disney Co and Time Warner Inc reassured investors that earnings growth outside the financial sector remained strong. The market also got a boost from a report that showed U.S. productivity in the fourth quarter rose at a stronger-than-expected pace and growth in labor costs, an inflation measure, was restrained. Shares of Disney jumped more than 4 percent, making the media and entertainment company the Dow's biggest gainer. Investors also snapped up shares of manufacturers, including General Electric Co, which were among Tuesday's biggest losers. The Dow Jones industrial average was up 11.46 points, or 0.09 percent, at 12,276.59. The Standard & Poor's 500 Index was up 1.15 points, or 0.09 percent, at 1,337.79. The Nasdaq Composite Index was up 0.04 points, or 0.00 percent, at 2,309.61. Disney shares rose to $31.20 on the New York Stock Exchange, while GE climbed 0....
More About: Stocks , Market , Results

Oil falls to $87 on large U.S. fuel stocks build
2008-02-07 13:16:00
By Randy Fabi LONDON (Reuters) - Oil fell to $87 on Wednesday after a larger-than-expected build in U.S. crude stocks and growing fears of a U.S. recession. U.S. light crude for March delivery fell $1.31 to $87.10 a barrel by 1548 GMT, adding to losses of nearly 2 percent the previous session. London Brent crude dropped 85 cents to $87.97. U.S. crude stocks rose 7 million barrels last week, the Energy Information Administration said, surpassing analysts' expectations for a 2.6 million barrel build. Gasoline supplies climbed 3.6 million barrels to their highest level since February 1994, while distillates rose 100,000 barrels, the EIA said. "These numbers are all bearish," said Tim Evans, analyst at Citigroup Futures Research. "Inventories were up across the board, implied demand looked terrible." Fears the U.S. will slide into a full-blown recession in the wake of a housing slump and the resulting credit crunch have dampened the outlook for global ener...
More About: Stocks , Fuel , Build , Falls , Large

Germany's SAP sees India growth on robust economy
2008-02-07 13:16:00
BANGALORE (Reuters) - German software firm SAP AG sees better growth in India , as small and medium-sized firms and public sector companies spend more on technology in a booming economy, its India business unit head said on Wednesday. "In the next three years, we will be one of the top five revenue producing regions in the world. We expect to have a very large growth rate going forward," Ranjan Das, president and chief executive of SAP's Indian subcontinent business told reporters. "Lot of the growth in India has come from expansion of the Indian economy itself." The Indian economy, Asia's third-largest, has grown at an average 8.8 percent in the past four years and is poised to grow at a similar pace in the current financial year that ends in March. India is the fastest growing geographic location for SAP worldwide. The company does not disclose the revenue contribution of India to its global sales. SAP and other multinationals such as IBM, Microsoft an...
More About: Economy , Germany , Growth , Sees