Wednesday, April 11, 2012

Reuters: Market News: CORRECTED-Valero Quebec refinery finds, cleans small spill

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CORRECTED-Valero Quebec refinery finds, cleans small spill
Apr 11th 2012, 17:55

Wed Apr 11, 2012 1:55pm EDT

NEW YORK, April 11 (Reuters) - Valero Energy Corp. said on Wednesday a small spill near its 265,000-barrel-per-day Jean Gaulin refinery in Quebec City, Montreal has been cleaned up and all material has been recovered, although it is not clear if the refinery was the cause of the spill Refinery employees at the plant noticed a sheen on Tuesday on the St. Lawrence, which runs by the plant and alerted officials. The sheen was contained by booms and all product was estimated at 3 gallons, according to a spokesman for Valero.

"The cause is under investigation, and there is no indication whether the product came from the refinery or another nearby source," said Bill Day,, a spokesman for the company.

Day said refinery production was not affected.

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Reuters: Market News: UPDATE 1-US seeks voluntary antibiotic limits in livestock

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UPDATE 1-US seeks voluntary antibiotic limits in livestock
Apr 11th 2012, 17:53

Wed Apr 11, 2012 1:53pm EDT

By Anna Yukhananov

WASHINGTON, April 11 (Reuters) - U.S. regulators on W ednesday asked food producers to voluntarily stop using antibiotics in livestock to promote growth, as part of an effort to prevent the rise of drug-resistant "superbugs."

The FDA said antibiotics should only be used under the supervision of a veterinarian to prevent or treat illnesses in animals used for food production. It asked companies to start phasing out the use of antibiotics for non-medical purposes, and said that process could take three years.

The move to limit antibiotics could affect large meat producers like Tyson Foods Inc, Cargill Inc and Hormel Foods Corp. Chickens, for example, are usually raised in large numbers indoors, and anbiotics are often used in their feed.

Environmental advocacy groups have long argued that using common antibiotics like tetracyclines and penicillin in animal feed has contributed to the rise of antibiotic-resistant bacteria, known as "superbugs." Some groups said the FDA should make limits on antibiotics mandatory, not voluntary.

Scientists say overuse of antibiotics -- whether in people or animals -- can lead to bacterial resistance as resistant strains become dominant. Perhaps the most publicized antibiotic-resistant bacteria are the methicillin-resistant staphylococcus bugs known as MRSA.

"The new strategy will ensure farmers and veterinarians can care for animals while ensuring the medicines people need remain safe and effective," FDA Commissioner Margaret Hamburg said in a statement.

Michael Taylor, deputy FDA commissioner for foods, said veterinary oversight should ensure that antibiotics are used properly and only when necessary, limiting resistance. Food producers have not had to consult veterinarians, since common antibiotics have long been available without a prescription.

A federal judge last month ordered the FDA to start proceedings to withdraw approval for the non-therapeutic use of common antibiotics in animal feed, based on a lawsuit filed by environmental groups.

Wednesday's announcement was based on draft rules for antibiotics that the FDA issued in May 2010, and was unrelated to the court ruling, the agency said.

The court's decision would have made the withdrawal mandatory, and some groups criticized the FDA for trusting companies to stop overusing antibiotics on their own.

"This is not an issue where trust should be the measure," said Richard Wood, chair of a coalition of environmental and other groups called Keep Antibiotics Working that pushes for measures to combat antibiotic resistance.

"This is an issue where the measure is whether or not the FDA has fulfilled its authority of protecting public health."

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Reuters: Market News: UPDATE 2-Telus dual-share merger opposed by big shareholder

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UPDATE 2-Telus dual-share merger opposed by big shareholder
Apr 11th 2012, 16:56

Wed Apr 11, 2012 12:56pm EDT

TORONTO, April 11 (Reuters) - A plan by Telus Corp, Canada's third largest wireless carrier, to discard its dual-share structure faces opposition from its largest shareholder.

Mason Capital Management LLC, a New York-based investor, said on Tuesday it has advised Telus that it intends to vote against the proposal.

Shareholders will vote on the proposal to convert Telus's non voting shares into voting shares on a one-for-one basis at the company's annual meeting on May 9. Two-thirds of shareholders in each class must vote in favor for the proposal to be adopted.

An affirmative vote would lead to Telus listing its shares on the New York Stock Exchange in addition to the Toronto Stock Exchange.

Announcing the proposal in February, Telus said the move would increase liquidity and remove a historical discount on the non-voting shares, which are entitled to the same dividend payout as the voting shares.

It also said it was good corporate governance to allow all shareholders to get one vote for one share.

A source at Telus said on Wednesday that the company believes that Mason's opposition stems from its strategy of trading on the spread between the two types of shares, an arbitrage that would be eliminated if the proposal goes through.

Mason was not immediately available to comment. In a filing to Canadian regulators on Tuesday, It said it held 18.7 percent of Telus's outstanding common shares at the end of March as well as a much smaller share of the non voting stock.

Mason also said it had also borrowed a much larger number of non voting shares.

The hedge fund stands to benefit if it can block the proposal, which would likely lead to a fall in the price of the non voting stock, which Mason could then buy cheaply to pay back the borrowed non voting shares.

Telus's dual share structure was designed to comply with laws limiting foreign control of Canadian telecom companies at a time when U.S.-based Verizon Communications Inc was a major investor.

Foreign investors cannot own more than one-third of Telus's voting shares. In March, the company said foreigners owned 24 percent of its voting shares, but that if it fulfilled all pending orders the level would exceed the legal limit.

The rules blocking foreign ownership in Canadian telecoms were modified in March to allow foreign control of smaller operators, but that move does not directly affect Telus.

Telus's common shares fell slightly on Wednesday to C$57.18. They have gained more than 13 percent in the last six months but are only up 1.2 percent since the start of the year. The non voting shares were at C$55.79, up 2.8 percent since the start of the year.

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Reuters: Market News: US Cash Crude-West Texas grades up, Gulf Coast weaker

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US Cash Crude-West Texas grades up, Gulf Coast weaker
Apr 11th 2012, 17:01

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Wed Apr 11, 2012 1:01pm EDT

 * LLS, Mars weaken on narrower transatlantic spread     * WTS up $1 at $7 under, and at $5.05 under for June     * Analysts cited new pipelines to Gulf Coast      By Bruce Nichols         HOUSTON, April 11 (Reuters) - U.S. Gulf Coast cash crude premiums weakened on Wednesday as the transatlantic spread narrowed an additional dollar, but West Texas grades bounced back from recent lows.       A draw in U.S. fuel stocks reported by the government on Wednesday d rove futures up, with Brent up less than U.S. crude on concern about the strength of global demand, analysts said.              Gulf Coast cash crudes weakened on the narrower arb, but West Texas crudes rebounded amid news of another pipeline connection to the Gulf Coast. [ID: nL2E8FB5N8]       The transatlantic spread has narrowed to less than $18 in favor of Brent from more than $20 last Thursday.         Light Louisiana Sweet sold for $20 a barrel over West Texas Intermediate, 55 cents weaker than late deals Tuesday. Mars sour t raded for a premium of $12.80, down 90 cents.            West Texas Sour sold for a discount to WTI of $7 for May and $5.05 for June, and traders said WTI at Midland  also was bidding and offering. WTS sold for $8 under Tuesday.        Sunoco Logistics announced another pipeline realignment to bring Permian Basin crude to the Coast, this one to Nederland, Texas, after another to Houston started last week.             "The West Texas grades are a lot stronger the second half of the year, so some of it has to be these new pipeline links to Gulf Coast refineries," sa id trading consultant John Troland.       Other market sources said the weakness in Midland grades, which hit $9 under WTI and lower, was overdone and due for a rebound.             On futures markets at about 12:30 p.m. CDT (1630 GMT), May WTI was up more than $1.50 at about $102.50 a barrel. May Brent had climbed about 50 cents to about $120.30.           The transatlantic spread narrowed to about $17.80 in favor of Brent from $18.86 at settlement Tuesday. Stronger WTI against Brent tends to weaken Gulf Coast crudes. 
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Reuters: Market News: WRAPUP 6-Syria pledges dawn truce, if rebels hold fire

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WRAPUP 6-Syria pledges dawn truce, if rebels hold fire
Apr 11th 2012, 17:01

Wed Apr 11, 2012 1:01pm EDT

* Syria promises ceasefire by dawn deadline on Thursday

* West says Assad is flouting international peace plan

* Mortars pound Homs district, troops raid homes in Deraa

By Mariam Karouny and Douglas Hamilton

BEIRUT, April 11 (Reuters) - Syria promised to observe a U.N.-backed ceasefire starting on Thursday, but its forces kept up fierce attacks on opposition neighbourhoods in the hours before the deadline.

A Syrian defence ministry source quoted on state television on Wednesday said the army would halt operations on Thursday morning, but would confront "any assault" by armed groups.

The report made no mention, however, of withdrawing troops from urban areas - something that was supposed to start on Tuesday under a peace plan agreed with international envoy Kofi Annan. And even as the ceasefire pledge was being broadcast, activists were reporting more tanks moving in to a major city.

A spokesman for Annan, mandated by the United Nations and Arab League, said the Syrian government had given the former U.N. secretary general an assurance it would stop fighting by the dawn deadline he has set for a cessation of hostilities.

But he also stressed that troops should pull back.

Quoting from a letter to Annan from the Syrian foreign ministry, the envoy's spokesman Ahmad Fawzi said the government had undertaken "to cease all military fighting throughout Syrian territory as of 6 a.m. (0300 GMT) tomorrow, Thursday, 12 April, 2012, while reserving the right to respond proportionately to any attacks carried out by armed terrorist groups against civilians, government forces or public and private property".

Russia, a powerful defender of President Bashar al-Assad against Western and Arab pressure, pointedly said that the rebels battling to oust him must honour the ceasefire too.

Insurgents, who lack a clearly coordinated command structure, have previously said they will stop shooting if Syrian forces pull back and observe the truce as promised. But few in the Syrian opposition believe Assad has any intention of complying with Annan's plan to end 13 months of bloodshed.

"Annan, this is your ceasefire," ran the sarcastic voiceover on an activist video that showed a shopping mall engulfed in flames after it was hit in bombardment of the Juret al-Shayah district of Homs. Sniper fire cracked out in the background.

At least 12 people were killed on Wednesday, activists said.

Western powers, too, have scorned Assad's truce pledges, but so far lack an effective policy to curb the bloodshed, given their own aversion to military intervention and the resistance of Russia and China to any U.N. Security Council action.

"Far from fulfilling their commitment, the regime has cynically exploited the window of diplomatic negotiations to crack down even harder on its own people," British Prime Minister David Cameron said during a visit to Indonesia.

MORTAR BARRAGE

Activist videos posted on YouTube showed bombs crashing into the Khalidiya district of Homs.

Spouts of pulverised debris burst high into the air with each impact and plumes of dust and smoke drifted over the rooftops. The videos could not be verified and the Syrian government bars most independent media from the country.

The Syrian Observatory for Human Rights (SOHR) said three people were killed in Homs. Shelling killed a man, woman and child in Qusair near the border with Lebanon. Three people were killed near Damascus, the British-based opposition group said.

"Mortar fire started at 7 this morning. I can hear one explosion every five minutes," said activist Waleed al-Fares in Homs, where bombardment killed at least 26 people on Tuesday.

If Assad fails to respect a ceasefire, the world should unite against him, using an arms embargo and other sanctions, the main opposition group said, hours before the truce deadline.

"The chances that by tomorrow the regime will implement or abide by the ceasefire are weak, as we all know," Syrian National Council spokeswoman Basma Kodmani said.

"We would like to see a unanimous decision by members of the Security Council that sends an ultimatum to the regime with a deadline that is not too far down the road that says on such and such a date enforcement measures will intervene," she said.

U.N. action would need the support of Russia and China, which have blocked previous Security Council draft resolutions on Syria, citing concerns about a Libya-style intervention that would breach Syrian sovereignty.

U.S. Secretary of State Hillary Clinton said she would meet Russian Foreign Minister Sergei Lavrov on Wednesday to seek a policy change from one of Assad's few foreign friends.

"We will have another go at trying to persuade the Russians that the situation is deteriorating and the likelihood of regional conflict and civil war is increasing," she said.

China expressed "deep worries" about the violence in Syria and called for all sides to respect a ceasefire.

Turkey, hosting nearly 25,000 Syrian refugees, said Foreign Minister Ahmet Davutoglu would speak with counterparts from the Group of Eight major nations on Wednesday by telephone.

Ankara has urged the Security Council to adopt a resolution that would protect the Syrian people, saying Damascus had not kept its troop withdrawal pledge and had increased the violence.

Annan said his plan, endorsed by the Council, must be given a chance to work: "If everyone respects it, I think by 6 in the morning on Thursday we shall see improved conditions on the ground," he said in Tehran, where he was asking Syria's staunchest regional ally to support his efforts.

But the Syrian military has stayed on the offensive, pursuing assaults on several anti-Assad strongholds, instead of pulling back, as Annan's plan required them to do on Tuesday.

His spokesman Fawzi said on Wednesday the envoy would continue to press for all six points of his plan to be honoured, including "Item 2" - requiring troops to leave towns and cities.

An activist in the city of Hama said at least 20 armoured vehicles had newly moved into two central neighbourhoods, while an opposition supporter in Rastan, between Hama and Homs, said heavy shelling of the town began after the announcement by the Syrian government that it would respect the ceasefire.

The SOHR said two people were killed in army raids in Deir al-Zor in the Euphrates river valley far to the east. Artillery shelled the Jebel Akrad area in the coastal province of Latakia.

In Deraa, cradle of the revolt against four decades of Assad family rule, activists said troops backed by armoured vehicles had flooded the city and were making house-to-house raids.

Activist Omar al-Hariri said he had never seen so many troops: "The army is exploiting the ceasefire to arrest more dissidents than ever and security forces are burning houses."

"PART OF THE SOLUTION"

Annan, at a news conference with Iranian Foreign Minister Ali Akbar Salehi, urged Iran to help resolve the violence and warned of "unimaginable consequences" if it worsened further.

Salehi said Syrians should be able to have free elections contested by political parties, but reiterated Iran's opposition to any outside interference in Syria's affairs and made clear the Islamic Republic wanted Assad to stay in charge.

"The opportunity must be given to the Syrian government to make changes, under the leadership of Bashar al-Assad," he said.

Iran has unstintingly backed Syria, the only Arab nation to support Iran in its 1980-88 war with Iraq and the conduit for Iranian arms to Lebanon's Shi'ite Muslim Hezbollah movement.

Syria, where Assad's Shi'ite-rooted Alawite minority dominates a Sunni Muslim majority, has become an arena for a sectarian-tinged regional contest between Shi'ite Iran and Sunni Arab rivals aligned with the West and led by Saudi Arabia.

For now, no end to Syria's agony is in sight.

Assad's forces have killed more than 9,000 people in the past year, according to a U.N. estimate. Damascus says rebels have killed more than 2,600 soldiers and security personnel.

"This is a decisive moment," Cameron said, adding - in remarks clearly pointed at Moscow and Beijing - that the Security Council now had "a clear responsibility" to throw its weight behind Annan's plan and insist it is implemented.

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Reuters: Market News: TEXT-S&P raises Citibank Uruguay ratings to 'BBB-/A-3'

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TEXT-S&P raises Citibank Uruguay ratings to 'BBB-/A-3'
Apr 11th 2012, 16:53

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Wed Apr 11, 2012 12:53pm EDT

 April 11 - Overview              -- On April 3, 2012, we raised our sovereign credit rating on Uruguay to    'BBB-/A-3' from 'BB+/B'.              -- We are raising our global scale counterparty credit ratings on   Citibank Uruguay to 'BBB-/A-3' from 'BB+/B', while affirming the national        scale counterparty credit rating at 'uyAAA'.          -- The outlook is stable, reflecting our expectation that Citibank will     continue to benefit from its privileged position as a branch of New York-based   Citibank.                 Rating Action    On April 11, 2012, Standard & Poor's Ratings Services raised its global scale    counterparty credit ratings on Citibank N.A. (Uruguay Branch) to 'BBB-/A-3'      from 'BB+/B', while affirming the national scale counterparty credit rating at   'uyAAA'. The outlooks are stable.                 Rationale        The rating action on Citibank Uruguay followed our April 3, 2012, upgrade of     the Oriental Republic of Uruguay to 'BBB-/A-3' from 'BB+/B'. We based our        rating action on Uruguay on the country's sound economic growth prospects and    improving external and fiscal indicators, as foreign direct investment has       strengthened and improved its economic diversification. Prudent economic         policies in recent years, backed by a broad political consensus, have allowed    Uruguay to grow rapidly and reduce its main credit vulnerabilities. Per capita   real GDP growth averaged about 6% between 2006 and 2011. In contrast with much   of South America, Uruguay has managed to grow rapidly over the past decade       without significantly improving its trade policies.               Standard & Poor's ratings on Citibank Uruguay reflect sovereign risk and the     bank's status as a branch of New York-based Citibank N.A. (A/Negative/A-1). We   assume that, in a stressed scenario, without the sovereign's direct      intervention, the parent company would ensure full and timely payment of its     Uruguayan branch's obligations.           We cap our global scale ratings on Citibank Uruguay with the sovereign credit    ratings on Uruguay. The national scale ratings on the bank exclude sovereign     intervention risk and reflect the bank's position relative to other financial    institutions in that country.             Outlook          The stable outlook on Citibank Uruguay reflects that on the sovereign.            Related Criteria And Research         -- Banks: Rating Methodology And Assumptions, Nov. 9, 2011       -- Group Rating Methodology And Assumptions, Nov.9, 2011             Ratings List              Upgraded                                                 To                 From  Citibank N.A. (Uruguay Branch)    Counterparty Credit Rating             BBB-/Stable/A-3    BB+/Stable/B   Certificate Of Deposit                 BBB-/A-3           BB+/B                  Ratings Affirmed                  Citibank N.A. (Uruguay Branch)    Counterparty Credit Rating        National Scale                        uyAAA/Stable/--           Complete ratings information is available to subscribers of RatingsDirect on     the Global Credit Portal at www.globalcreditportal.com. All ratings affected     by this rating action can be found on Standard & Poor's public Web site at       www.standardandpoors.com. Use the Ratings search box located in the left         column. 
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Reuters: Market News: RASPADSKAYAOAO/BRIEF (URGENT)

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RASPADSKAYAOAO/BRIEF (URGENT)
Apr 11th 2012, 16:58

April 11 | Wed Apr 11, 2012 12:58pm EDT

April 11 (Reuters) - Raspadskaya OAO : * Moodys changes raspadskayas outlook to stable from negative; (p)b1 assigned

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Reuters: Market News: Iran tensions to boost Gulf arms sales -Lockheed

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Iran tensions to boost Gulf arms sales -Lockheed
Apr 11th 2012, 15:55

ABU DHABI, April 11 | Wed Apr 11, 2012 11:55am EDT

ABU DHABI, April 11 (Reuters) - U.S. weapons maker Lockheed Martin expects more sales of anti-missile interception systems in the Gulf in a regional military buildup sparked by growing tensions with Iran, a company executive said on Wednesday.

Lockheed, fresh from a $3.6 billion deal to sell its Theater High Altitude Area Defense (THAAD) system to the United Arab Emirates in December, is in talks with other Gulf states to promote the advanced systems, said Dennis Cavin, a Lockheed vice president for army and missile defence programmes.

"We are in discussions with the other (Gulf) nations through government-to-government relations," Cavin said on the sidelines of a conference in Abu Dhabi.

"All the GCC (Gulf Cooperation Council) countries have expressed an interest in the THAAD."

Gulf countries are spending billion of dollars on defence procurement amid increasing tensions with Iran over its nuclear programme. Iran has repeatedly denied charges by the United States and its allies that it is seeking to develop nuclear weapons and said it is for power generation.

Talks between Iran and world powers over the dispute are due to resume on April 14 in Istanbul, after collapsing more than a year ago.

Tehran has threatened to target Israel and U.S. bases in the Gulf if it is attacked and also to close the Strait of Hormuz, through which a third of the world's sea-borne oil traffic passes daily.

MORE DEALS

The UAE deal was the first foreign sale of THAAD, the only system designed to destroy short- and intermediate-range ballistic missiles both inside and outside the earth's atmosphere.

Cavin said Lockheed looked to leverage its experience with the UAE to offer the systems to other U.S. allies and partner countries in the region.

"I can't tell you who is the closest to making the next procurement, but I feel very optimistic that as long as the threat continues to evolve, there will be many opportunities to provide the capabilities," he said.

The UAE deal followed a $1.7 billion direct commercial contract to upgrade Saudi Arabia's Patriot missiles and a sale of 209 advanced Patriot missiles to Kuwait, valued at roughly $900 million.

Last year, the Obama administration also announced it had sealed a deal to sell $29.4 billion in advanced Boeing Co F-15 fighter jets to Saudi Arabia, the priciest single U.S. arms sale yet.

The ongoing build-up of Saudi Arabia as a counterweight to Iran is projected to total as much as $60 billion over 10 to 15 years, including the F-15s, three types of helicopters and advanced missiles, bombs and other hardware and services.

Cavin said there has been a "dramatic improvement" in relationships within the GCC and in countries' partnering with the U.S. government to build a fully integrated air missile defence architecture.

"We are not there yet ... but everybody acknowledges that it's something that needs to be done quickly," he said.

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Reuters: Market News: Watson, Actavis aim for deal by end-April -sources

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Watson, Actavis aim for deal by end-April -sources
Apr 11th 2012, 15:59

By Frank Siebelt and Philipp Halstrick

FRANKFURT, April 11 | Wed Apr 11, 2012 11:59am EDT

FRANKFURT, April 11 (Reuters) - Watson Pharmaceuticals Inc is on track to announce a deal to buy Actavis for around $6 billion by the end of April, creating one of the world's biggest producers of generic drugs, sources familiar with the matter said on Wednesday.

While negotiations are complex, there are no major hurdles in sight that would stop the two sides from reaching agreement, two people briefed on the situation said.

Reuters first reported on March 21 that Watson was close to buying Actavis, an unlisted Swiss-based firm, in a potential 5.0-5.5 billion euros ($6.5-7.2 billion) deal. Since then some sources have said the price may be nearer 4.5 billion euros.

The prospect of such a deal has been welcomed by Watson investors, who believe it would help the U.S. group to compete more effectively against rivals like Teva Pharmaceutical Industries Ltd and Novartis AG unit Sandoz.

The deal would also get Deutsche Bank AG out of a hole, since the German bank was left holding billions of euros of Actavis debt after a leveraged buyout in 2007 by Icelandic tycoon Bjorgolfur Thor Bjorgolfsson.

Watson, Actavis and Deutsche Bank have all declined to comment on the talks.

The generics sector has seen a wave of M&A in recent years because Western governments are putting pressure on the industry to provide drugs at the lowest possible price, which favours large players who can produce at low costs.

Targeting Actavis is a bold move for Watson, whose previous acquisitions include the $1.75 billion purchase of Arrow Group in 2009, which established a foothold for the company in Europe, and the $1.9 billion purchase of Andrx Corp in 2006.

The purchase of Actavis would be far larger but could be made to work since there would be scope for significant synergies, including the possible closure of some manufacturing capacity in the United States.

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Reuters: Market News: UPDATE 2-At least one injured at GM lab near Detroit

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UPDATE 2-At least one injured at GM lab near Detroit
Apr 11th 2012, 15:59

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Wed Apr 11, 2012 11:59am EDT

 * GM says lab work not related to the Chevy Volt     * GM Technical Center is sprawling campus     * Five receive medical attention, one taken to hospital       April 11 (Reuters) - At least one person was injured Wednesday morning at a laboratory at the General Motors Co  Technical Center in Warren, Michigan, the company said.             A statement from the automaker said an "incident" occurred at 8:45 a.m. EDT (1245 GMT) at the Alternative Energy Center at the GM Tech Center, which is in suburban Detroit.            Local media reports said there had been an explosion, but GM declined to confirm that.            GM said that five people had received medical attention at the Tech Center, and one of them was taken to a local hospital. The condition of that person was not immediately known.      A source at GM who requested anonymity said the incident had occurred in an auto battery lab and that a few hundred workers in the building were evacuated as a precaution.      GM said in a statement, "The incident was unrelated to the Chevrolet Volt or any other production vehicle. The incident was related to extreme testing on a prototype battery."          "This is in no way, shape or form connected to the Volt," said the GM source, referring to the plug-in electric hybrid that has been highlighted as a centerpiece in GM's push for more fuel-efficient cars and trucks.      The Volt has a different battery than the one that was being tested on Wednesday morning, the GM source said.             Last November, the National Highway Traffic Safety Administration opened an investigation into the safety of the Volt's battery pack after its own tests uncovered fire risks. By January, NHTSA closed its probe without finding any defects and said it was satisfied with GM's fix to better protect its lithium-ion battery pack.            The Tech Center, a sprawling campus of research and office buildings, is GM's largest research center in North America.         The local fire department in Warren responded to the incident and was clearing the scene around 10 a.m. EDT (1400 GMT) on Wednesday, GM spokesman Kevin Kelly said.            "The incident is contained," Kelly said.         The incident remains under investigation by GM and Warren officials, the company's statement said.             Two years ago, GM said it was nearly doubling the size of its battery labs at the GM Tech Center, to 63,000 square feet. 
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Reuters: Market News: UPDATE 1-Spain fires back at Italy, says EU should be supportive

Reuters: Market News
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UPDATE 1-Spain fires back at Italy, says EU should be supportive
Apr 11th 2012, 15:59

Wed Apr 11, 2012 11:59am EDT

* Rajoy-EU leaders should adopt more cautious talk on Spain

* Govt sources-Europe should show more backing for reforms

* European Commission wants details about regions' budgets

By Julien Toyer and Paul Day

MADRID, April 11 (Reuters) - Spanish Prime Minister Mariano Rajoy rounded on his Italian counterpart Mario Monti on Wednesday by calling on European leaders to be more careful when they talk about Spain as it struggles to show markets it can control its finances.

Several Spanish government sources also told Reuters Madrid expected more backing over its ambitious reform agenda from Europe, especially the European Central Bank.

Reports in Italian and Spanish newspapers - quoting Monti as saying Spain's financial problems were the main reason for renewed tensions on debt markets in Europe - irritated Spain. . Monti's office, however, denied the comments.

"I wish to say the following with regard to some statements which have been made in the EU, and more explicitly last night by some EU leaders," Rajoy told parliamentarians from his governing People's Party, falling short of mentioning Monti by name.

"We hope that they assume their responsibilities and are more cautious in their statements. We don't talk about other countries. We wish other EU and euro zone countries the best. What is good for Spain is good for the euro zone."

Italian newspaper Corriere della Sera on Wednesday said Monti told aides during a visit to the Middle East that Italy was "paying on the rebound for the Spanish crisis".

Monti already caused unease in Madrid three weeks ago after publicly expressing concern about Spain's public finances.

Italy's one-year borrowing costs doubled at a sale of short-term bills on Wednesday, mirroring fresh doubts about weaker euro zone countries and highlighting market nerves ahead of a more challenging auction of three-year bonds on Thursday.

The Spanish government sources said Spain needed more support from its partners for what it had already done.

"Spain has done its part of the job. Now Europe has to do its part of the job as well," a source in Rajoy's office said.

The source was referring to the possibility of building stronger EU institutions and firewalls to protect Spain from markets turbulences.

Madrid has repeatedly ruled out applying for any kind of financial aid from Europe.

Another source close to the Spanish government also said the centre-right government needed more support from its European partners.

The source said the ECB should be allowed to act as a lender of last resort for the euro zone's 17 members, banned by EU treaties.

DETAILS ON REGIONS

ECB Executive Board member Benoit Coeure said on Wednesday that what was happening in Spain, where sovereign debt yields have spiked back to 6 percent amid concerns over the country's ability to cut its deficit, did not reflect the fundamentals.

He added that the Frankfurt-based institution, which has injected about 1 trillion euros ($1.31 trillion) into the financial system since December, still had its bond-buying program as an option to intervene in support of Spain.

In a sign of increased support from EU partners, Germany and France, the two heavyweights of the euro zone, praised Madrid for its "huge efforts" to reform the economy and regretted they were not recognized by investors.

Since December, Madrid has announced several key reforms aiming at cleaning up the balance sheet of its banks, reducing an unemployment rate currently close to 23 percent and improving controls over the spending of its indebted regions.

It also announced late March cuts of 27 billion euros to its central government budget and said on Monday it would save an extra 10 billion euros a year by reforming its health and education systems.

The European Commission welcomed these new austerity measures and said it had a positive view on the country's 2012 budget draft.

However, it said it now needed more information on the autonomous regions' budget plans before providing a full assessment and make recommendations to the Spanish authorities.

"We expect this information by the end of this month, as well as the national reform program, not only from Spain but from the 26 other members of the Union," a Commission's spokesman said on Wednesday.

The Spanish government source said the details would be sent to the Commission by the end of the week, probably after Rajoy meets key region leaders of his party on Saturday.

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Reuters: Market News: ICICIBankUK/BRIEF (URGENT)

Reuters: Market News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
ICICIBankUK/BRIEF (URGENT)
Apr 11th 2012, 15:54

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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Reuters: Market News: Telus dual-share merger opposed by big shareholder

Reuters: Market News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Telus dual-share merger opposed by big shareholder
Apr 11th 2012, 15:00

TORONTO, April 11 | Wed Apr 11, 2012 11:00am EDT

TORONTO, April 11 (Reuters) - Telus Corp, Canada's third largest wireless carrier, faces opposition from its largest shareholder to a plan to discard its dual-share structure.

Mason Capital Management LLC, a New York-based investor, has advised Telus that it intends to vote against the proposal, it said in an alternative monthly report A LTERNATIVE TO WHAT? f iled with Canadian regulators on Tuesday.

A vote on management's proposal to convert its non-voting shares into voting shares on a one-for-one basis is due to take place at Telus' annual shareholder meeting on May 9.

Mason said it held 18.7 percent of Telus' outstanding common shares at the end of March. It held a much smaller number of non-voting shares.

Telus' dual share structure was designed to comply with laws limiting foreign control of Canadian telecom companies at a time when U.S.-based Verizon Communications Inc was a major investor.

Telus is restricted from allowing foreign investors to own more than 33.3 percent of its voting shares. In March, it said foreigners owned 24 percent of its voting shares but that if it fulfilled all pending orders the level would exceed legal levels.

The rules blocking foreign ownership were modified in March to allow foreign control of smaller operators, a move that does not directly affect Telus.

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Reuters: Market News: Fed's George- need higher capital levels for banks

Reuters: Market News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Fed's George- need higher capital levels for banks
Apr 11th 2012, 14:58

NEW YORK, April 11 | Wed Apr 11, 2012 10:58am EDT

NEW YORK, April 11 (Reuters) - The recent financial crisis has shown that financial institutions need higher capital levels, Kansas City Federal Reserve President Esther George said on Wednesday.

George said the leverage ratio is one buffer in the financial system that is historically there to absorb losses, and that there must be an emphasis on leverage "no matter how difficult and costly."

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Reuters: Market News: UPDATE 2-Out of crisis, Czech govt cements austerity drive

Reuters: Market News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
UPDATE 2-Out of crisis, Czech govt cements austerity drive
Apr 11th 2012, 15:00

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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Reuters: Market News: Russia says Syria ceasefire success in opposition's hands

Reuters: Market News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Russia says Syria ceasefire success in opposition's hands
Apr 11th 2012, 14:59

MOSCOW, April 11 | Wed Apr 11, 2012 10:59am EDT

MOSCOW, April 11 (Reuters) - The Syrian government's pledge to stop army operations on Thursday morning means the opposition must now also honour the ceasefire, Russia's deputy foreign minister said on Wednesday.

"The Syrian government has declared it will cease fire as of 6 a.m. on April 12. Now it's up to the armed opposition," Deputy Foreign Minister Gennady Gatilov said on Twitter. "Those are the conditions of the Annan plan."

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Reuters: Market News: Viterra shareholders vote on Glencore takeover May 29

Reuters: Market News
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Viterra shareholders vote on Glencore takeover May 29
Apr 11th 2012, 14:00

Wed Apr 11, 2012 10:00am EDT

* Takeover needs Canada, Australia government approval

* Glencore to buy Canada's top grain handler

April 11 (Reuters) - Shareholders in Viterra Inc will vote on May 29 on whether to approve a C$6.1 billion ($6.1 billion) friendly takeover of Canada's biggest grain handler by Swiss-based commodities trader Glencore International PLC .

The vote will be taken at a special shareholder meeting in Calgary, Alberta, a Viterra spokeswoman said.

The deal's completion requires approval of two-thirds of the votes cast by shareholders or their proxies. If it gets a green light, it is expected to close in Viterra's third quarter, ending July 31.

Alberta Investment Management Corp, Viterra's biggest shareholder with a 16.5 percent stake, has already agreed to support the takeover.

Glencore said on March 20 it had reached a deal to buy Viterra and sell off some parts of it to Canada's Richardson International Ltd and Agrium Inc, giving Glencore a huge new presence in the grain industry.

With U.S. grains and energy trader Gavilon Group also on the block, the North American grain industry is poised for its biggest consolidation wave since the late 1990s as a boom in Asia's population and increased use of corn to make biofuels tighten global grain supplies and boost demand.

The deal still needs regulatory approval in Canada and Australia. Because it is a foreign takeover, the Canadian government must decide if it is of "net benefit" to the country.

Prime Minister Stephen Harper noted Glencore's global marketing reach in comments on March 26 that signaled Ottawa has little appetite for blocking the deal.

The takeover also requires a review by Canada's Competition Bureau. The arm's-length bureau consults with various industry players when considering a transaction's impact on competition, spokesman Greg Scott said last week.

He could not say how long the review might take.

Viterra shares in Toronto were unchanged at C$15.96 in early trading on Wednesday and have hovered around that level since Glencore said it would pay C$16.25 a share for the company. Glencore shares were up 0.7 percent in London.

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